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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, NOVEMBER 1, 2010 BEA 10-51 James Rankin: (202) 606-5301 Kyle Brown: (202) 606-5302 (Personal Income) (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2010 Personal income decreased $16.8 billion, or 0.1 percent, and disposable personal income (DPI) decreased $20.3 billion, or 0.2 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $17.3 billion, or 0.2 percent. In August, personal income increased $54.4 billion, or 0.4 percent, DPI increased $47.9 billion, or 0.4 percent, and PCE increased $52.5 billion, or 0.5 percent, based on revised estimates. Real disposable income decreased 0.3 percent in September, in contrast to an increase of 0.2 percent in August. Real PCE increased 0.1 percent, compared with an increase of 0.3 percent. 2010 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. 0.4 0.0 0.2 0.4 -0.1 0.4 0.4 0.0 0.2 0.0 -0.2 0.4 0.2 -0.2 -0.3 0.2 0.3 0.0 0.1 0.5 0.2 0.5 0.3 0.2 0.1 ______________________ 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- The September change in personal income reflects provisions of unemployment compensation legislation, which had boosted emergency government unemployment benefits (within current transfer receipts) in August. Excluding emergency government unemployment insurance benefits, which are discussed more fully below, personal income increased $8.7 billion, or 0.1 percent, in September, following an increase of $33.9 billion, or 0.3 percent, in August. Wages and salaries Private wage and salary disbursements increased $3.3 billion in September, compared with an increase of $23.6 billion in August. Goods-producing industries' payrolls decreased $1.6 billion, in contrast to an increase of $6.7 billion; manufacturing payrolls decreased $1.0 billion, in contrast to an increase of $2.3 billion. Services-producing industries' payrolls increased $5.0 billion, compared with an increase of $16.8 billion. Government wage and salary disbursements decreased $4.8 billion, compared with a decrease of $8.2 billion. -more- -3- Other personal income Supplements to wages and salaries increased $2.4 billion in September, compared with an increase of $4.2 billion in August. Proprietors' income increased $5.6 billion in September, compared with an increase of $10.5 billion in August. Farm proprietors' income increased $4.8 billion, the same increase as in August. Nonfarm proprietors' income increased $0.9 billion in September, compared with an increase of $5.7 billion in August. Rental income of persons increased $3.7 billion in September, compared with an increase of $3.1 billion in August. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $5.7 billion, compared with a decrease of $10.7 billion. Personal current transfer receipts decreased $21.5 billion in September, in contrast to an increase of $35.1 billion in August. The September change reflected the effects of unemployment compensation legislation, which reduced emergency unemployment insurance benefits by $25.5 billion at an annual rate in September, after boosting benefits by $20.5 billion in August. Contributions for government social insurance -- a subtraction in calculating personal income -decreased $0.1 billion in September, in contrast to an increase of $3.0 billion in August. Personal current taxes and disposable personal income Personal current taxes increased $3.5 billion in September, compared with an increase of $6.5 billion in August. Disposable personal income (DPI) -- personal income less personal current taxes -decreased $20.3 billion, or 0.2 percent, in September, in contrast to an increase of $47.9 billion, or 0.4 percent in August. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $14.1 billion in September, compared with an increase of $49.2 billion in August. PCE increased $17.3 billion, compared with an increase of $52.5 billion. Personal saving -- DPI less personal outlays -- was $607.6 billion in September, compared with $642.0 billion in August. Personal saving as a percentage of disposable personal income was 5.3 percent in September, compared with 5.6 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. -more- -4- Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.3 percent in September, in contrast to an increase of 0.2 percent in August. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in September, compared with an increase of 0.3 percent in August. Purchases of durable goods increased 0.8 percent, compared with an increase of less than 0.1 percent. Purchases of nondurable goods decreased 0.2 percent, in contrast to an increase of 0.8 percent. 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 0.2 percent in August. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared with an increase of 0.1 percent. 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) Personal Income: Current dollars August Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) 22.0 19.1 0.2 0.2 59.3 54.4 0.5 0.4 5.7 -17.8 2.2 -19.4 0.0 -0.2 0.0 -0.2 52.0 22.9 47.9 23.5 0.5 0.2 0.4 0.2 Personal consumption expenditures: Current dollars 41.4 Chained (2005) dollars 16.5 47.1 23.1 0.4 0.2 0.5 0.2 41.3 15.4 52.5 29.3 0.4 0.2 0.5 0.3 Disposable personal income: Current dollars Chained (2005) dollars -more- -5- BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release – November 24, 2010, 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 2010 March April May June July r 12,337.2 7,851.0 6,284.8 5,099.7 1,028.8 651.0 4,070.8 986.4 3,084.4 1,185.2 1,566.1 12,389.4 7,868.3 6,298.1 5,110.5 1,030.3 651.3 4,080.2 989.6 3,090.6 1,187.6 1,570.2 12,443.6 7,899.1 6,325.0 5,134.9 1,035.4 654.8 4,099.5 995.8 3,103.6 1,190.1 1,574.1 12,488.2 7,934.7 6,356.0 5,160.1 1,050.0 666.8 4,110.1 998.6 3,111.5 1,195.9 1,578.7 12,489.7 7,927.2 6,346.6 5,153.2 1,039.3 658.4 4,113.9 996.0 3,117.9 1,193.4 1,580.6 12,508.8 7,955.6 6,371.1 5,179.2 1,046.2 663.8 4,133.0 1,001.7 3,131.2 1,191.9 1,584.5 12,563.2 7,975.2 6,386.5 5,202.8 1,052.9 666.1 4,149.8 1,004.2 3,145.6 1,183.7 1,588.7 12,546.4 7,976.1 6,385.0 5,206.1 1,051.3 665.1 4,154.8 1,006.5 3,148.2 1,178.9 1,591.1 1,095.8 470.3 1,098.5 471.7 1,100.7 473.3 1,103.1 475.6 1,105.5 475.1 1,107.8 476.7 1,110.2 478.4 1,112.9 478.2 1,028.0 36.8 991.2 292.5 1,916.1 1,208.7 707.4 2,236.3 2,199.7 1,190.7 138.2 870.8 36.6 986.7 1,133.6 11,203.6 10,602.9 10,229.9 3,375.3 1,052.2 2,323.1 6,854.6 203.8 169.2 98.5 70.7 600.6 5.4 1,037.2 36.2 1,001.0 298.0 1,903.8 1,204.7 699.0 2,271.4 2,234.7 1,195.9 156.8 882.1 36.7 989.3 1,137.4 11,252.1 10,654.6 10,279.7 3,417.9 1,089.0 2,328.9 6,861.8 205.2 169.7 99.0 70.7 597.4 5.3 1,049.2 37.6 1,011.6 298.1 1,911.1 1,205.0 706.0 2,279.0 2,242.3 1,207.9 137.2 897.2 36.7 992.9 1,135.0 11,308.6 10,652.6 10,275.2 3,396.4 1,078.1 2,318.3 6,878.8 205.6 171.7 99.5 72.2 656.0 5.8 1,051.7 38.9 1,012.7 298.8 1,915.0 1,205.3 709.7 2,285.4 2,248.4 1,207.9 137.1 903.4 37.0 997.4 1,139.7 11,348.5 10,670.4 10,292.1 3,374.8 1,074.6 2,300.1 6,917.3 206.0 172.3 100.1 72.2 678.1 6.0 1,048.3 40.3 1,008.0 299.6 1,917.3 1,205.6 711.8 2,293.8 2,256.5 1,208.6 136.1 911.9 37.2 996.5 1,137.2 11,352.5 10,668.1 10,288.8 3,361.2 1,069.5 2,291.7 6,927.6 206.5 172.8 100.6 72.2 684.4 6.0 1,049.9 45.0 1,004.9 302.1 1,907.4 1,194.4 713.1 2,293.6 2,256.2 1,219.5 121.6 915.1 37.4 999.9 1,154.1 11,354.7 10,711.4 10,335.9 3,384.2 1,081.0 2,303.1 6,951.7 202.7 172.8 101.2 71.6 643.4 5.7 1,060.4 49.8 1,010.6 305.2 1,896.7 1,183.2 713.5 2,328.7 2,291.4 1,221.5 147.5 922.4 37.3 1,002.9 1,160.6 11,402.6 10,760.6 10,388.4 3,416.7 1,081.5 2,335.1 6,971.7 198.8 173.4 101.8 71.6 642.0 5.6 1,066.0 54.6 1,011.5 308.9 1,891.0 1,172.0 719.0 2,307.2 2,270.2 1,229.3 120.7 920.1 37.0 1,002.8 1,164.1 11,382.3 10,774.7 10,405.7 3,426.3 1,089.6 2,336.7 6,979.4 195.0 174.0 102.4 71.6 607.6 5.3 9,111.8 9,112.9 9,157.5 9,200.0 9,205.5 9,203.6 9,203.4 9,200.0 10,106.5 10,134.3 10,188.1 10,233.1 10,249.7 10,230.3 10,253.8 10,227.1 36,244 32,695 309,119 36,378 32,764 309,312 36,537 32,917 309,509 36,642 33,040 309,718 36,627 33,069 309,946 36,606 32,981 310,185 36,731 33,030 310,439 36,634 32,916 310,702 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 2008 2009 2009 II Personal income.................................................................................... Compensation of employees, received ........................................... Wage and salary disbursements ................................................... Private industries........................................................................... Goods-producing industries ....................................................... Manufacturing ......................................................................... Services-producing industries.................................................... Trade, transportation, and utilities........................................... Other services-producing industries ....................................... Government................................................................................... Supplements to wages and salaries............................................. Employer contributions for employee pension and insurance funds .......................................................................................... Employer contributions for government social insurance .............. Proprietors’ income with inventory valuation and capital consumption adjustments............................................................. Farm ................................................................................................. Nonfarm............................................................................................ Rental income of persons with capital consumption adjustment. Personal income receipts on assets ................................................ Personal interest income .................................................................. Personal dividend income................................................................. Personal current transfer receipts ................................................... Government social benefits to persons ............................................ Old-age, survivors, disability, and health insurance benefits ......... Government unemployment insurance benefits ............................ Other ............................................................................................. Other current transfer receipts, from business (net) ......................... Less: Contributions for government social insurance, domestic Less: Personal current taxes ............................................................... Equals: Disposable personal income.................................................. Less: Personal outlays ......................................................................... Personal consumption expenditures .................................................... Goods ............................................................................................... Durable goods ............................................................................... Nondurable goods ......................................................................... Services............................................................................................ Personal interest payments 1 ............................................................... Personal current transfer payments ..................................................... To government .................................................................................. To the rest of the world (net) ............................................................. Equals: Personal saving ....................................................................... Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ................................................................. Disposable personal income: Total, billions of chained (2005) dollars 2 .......................................... Per capita: Current dollars............................................................................... Chained (2005) dollars .................................................................. Population (midperiod, thousands) 3.................................................... III 2010 IV I II III 12,391.1 8,065.8 6,559.0 5,415.1 1,207.6 741.2 4,207.4 1,050.9 3,156.6 1,144.0 1,506.8 12,174.9 7,806.7 6,274.1 5,100.5 1,064.0 661.5 4,036.6 990.5 3,046.1 1,173.6 1,532.6 12,203.4 7,819.0 6,287.7 5,111.4 1,063.0 659.1 4,048.5 989.9 3,058.5 1,176.2 1,531.4 12,164.0 7,798.7 6,263.9 5,088.3 1,046.7 649.8 4,041.6 986.9 3,054.7 1,175.6 1,534.8 12,239.0 7,831.4 6,284.9 5,110.0 1,046.1 658.3 4,064.0 988.2 3,075.7 1,174.9 1,546.5 12,350.3 7,858.1 6,291.4 5,105.9 1,032.2 652.6 4,073.7 988.0 3,085.8 1,185.5 1,566.7 12,473.8 7,920.3 6,342.5 5,149.4 1,041.6 660.0 4,107.8 996.8 3,111.0 1,193.1 1,577.8 12,539.5 7,968.9 6,380.9 5,196.0 1,050.2 665.0 4,145.9 1,004.2 3,141.7 1,184.8 1,588.1 1,036.6 470.1 1,072.0 460.6 1,069.9 461.5 1,074.0 460.8 1,084.0 462.5 1,095.8 470.9 1,103.1 474.7 1,110.3 477.8 1,102.0 50.8 1,051.2 222.0 2,109.3 1,314.7 794.6 1,879.2 1,842.6 1,068.3 50.7 723.6 36.7 987.2 1,438.2 10,952.9 10,505.0 10,104.5 3,379.5 1,083.5 2,296.0 6,725.0 246.2 154.3 89.7 64.6 447.9 4.1 1,011.9 30.5 981.5 274.0 1,919.7 1,222.3 697.4 2,132.8 2,096.8 1,164.5 128.6 803.7 36.0 970.3 1,140.0 11,034.9 10,379.6 10,001.3 3,230.7 1,026.5 2,204.2 6,770.6 216.8 161.4 95.0 66.5 655.3 5.9 1,000.5 28.0 972.5 269.4 1,925.9 1,229.5 696.4 2,160.2 2,124.1 1,158.2 127.7 838.1 36.1 971.6 1,112.5 11,090.9 10,297.4 9,920.1 3,175.4 1,004.7 2,170.7 6,744.7 218.4 158.9 94.3 64.6 793.5 7.2 1,006.4 28.0 978.4 279.1 1,891.1 1,213.3 677.8 2,159.3 2,123.4 1,172.6 145.0 805.9 35.8 970.6 1,117.0 11,047.0 10,423.6 10,040.7 3,276.1 1,045.2 2,231.0 6,764.6 220.9 161.9 95.6 66.3 623.4 5.6 1,022.1 36.2 985.9 282.8 1,889.2 1,205.8 683.4 2,188.2 2,152.5 1,188.8 143.4 820.2 35.8 974.8 1,117.2 11,121.7 10,505.7 10,131.5 3,312.9 1,043.9 2,269.0 6,818.6 207.8 166.4 97.0 69.5 616.0 5.5 1,030.7 36.8 994.0 292.7 1,911.1 1,208.7 702.4 2,245.5 2,208.9 1,191.3 146.1 871.5 36.6 987.8 1,134.7 11,215.6 10,603.9 10,230.8 3,380.0 1,060.7 2,319.3 6,850.9 203.8 169.2 98.5 70.7 611.8 5.5 1,049.7 38.9 1,010.8 298.8 1,914.4 1,205.3 709.2 2,286.1 2,249.1 1,208.1 136.8 904.2 37.0 995.6 1,137.3 11,336.5 10,663.7 10,285.4 3,377.5 1,074.1 2,303.4 6,907.9 206.0 172.3 100.1 72.2 672.8 5.9 1,058.8 49.8 1,009.0 305.4 1,898.4 1,183.2 715.2 2,309.8 2,272.6 1,223.5 129.9 919.2 37.2 1,001.9 1,159.6 11,379.9 10,748.9 10,376.7 3,409.0 1,084.1 2,325.0 6,967.6 198.8 173.4 101.8 71.6 631.0 5.5 9,638.5 9,191.1 9,230.2 9,128.7 9,109.7 9,111.7 9,187.6 9,202.4 10,042.9 10,099.8 10,193.0 10,079.7 10,080.4 10,113.3 10,223.6 10,237.1 35,931 32,946 304,831 35,888 32,847 307,483 36,115 33,191 307,101 35,888 32,746 307,815 36,049 32,673 308,521 36,282 32,717 309,120 36,602 33,009 309,724 36,657 32,976 310,442 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2010 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 12.9 –4.0 –6.5 –7.9 –8.6 –4.6 0.7 –1.5 2.2 1.5 2.4 52.2 17.3 13.3 10.8 1.5 0.3 9.4 3.2 6.2 2.4 4.1 54.2 30.8 26.9 24.4 5.1 3.5 19.3 6.2 13.0 2.5 3.9 44.6 35.6 31.0 25.2 14.6 12.0 10.6 2.8 7.9 5.8 4.6 1.5 –7.5 –9.4 –6.9 –10.7 –8.4 3.8 –2.6 6.4 –2.5 1.9 19.1 28.4 24.5 26.0 6.9 5.4 19.1 5.7 13.3 –1.5 3.9 54.4 19.6 15.4 23.6 6.7 2.3 16.8 2.5 14.4 –8.2 4.2 –16.8 0.9 –1.5 3.3 –1.6 –1.0 5.0 2.3 2.6 –4.8 2.4 2.7 –0.3 2.7 1.4 2.2 1.6 2.4 2.3 2.4 –0.5 2.3 1.6 2.4 1.7 2.7 –0.2 1.0 –0.6 1.5 5.1 2.8 –3.9 6.7 7.6 7.6 3.4 –5.1 9.2 0.0 –0.6 0.5 12.4 48.9 47.1 28.5 11.2 17.3 18.5 1.3 0.5 0.6 0.0 –36.6 9.2 –0.6 9.8 5.5 –12.3 –4.0 –8.4 35.1 35.0 5.2 18.6 11.3 0.1 2.6 3.8 48.5 51.7 49.8 42.6 36.8 5.8 7.2 1.4 0.5 0.5 0.0 –3.2 12.0 1.4 10.6 0.1 7.3 0.3 7.0 7.6 7.6 12.0 –19.6 15.1 0.0 3.6 –2.4 56.5 –2.0 –4.5 –21.5 –10.9 –10.6 17.0 0.4 2.0 0.5 1.5 58.6 2.5 1.3 1.1 0.7 3.9 0.3 3.7 6.4 6.1 0.0 –0.1 6.2 0.3 4.5 4.7 39.9 17.8 16.9 –21.6 –3.5 –18.2 38.5 0.4 0.6 0.6 0.0 22.1 –3.4 1.4 –4.7 0.8 2.3 0.3 2.1 8.4 8.1 0.7 –1.0 8.5 0.2 –0.9 –2.5 4.0 –2.3 –3.3 –13.6 –5.1 –8.4 10.3 0.5 0.5 0.5 0.0 6.3 1.6 4.7 –3.1 2.5 –9.9 –11.2 1.3 –0.2 –0.3 10.9 –14.5 3.2 0.2 3.4 16.9 2.2 43.3 47.1 23.0 11.5 11.4 24.1 –3.8 0.0 0.6 –0.6 –41.0 10.5 4.8 5.7 3.1 –10.7 –11.2 0.4 35.1 35.2 2.0 25.9 7.3 –0.1 3.0 6.5 47.9 49.2 52.5 32.5 0.5 32.0 20.0 –3.9 0.6 0.6 0.0 –1.4 5.6 4.8 0.9 3.7 –5.7 –11.2 5.5 –21.5 –21.2 7.8 –26.8 –2.3 –0.3 –0.1 3.5 –20.3 14.1 17.3 9.6 8.1 1.6 7.7 –3.8 0.6 0.6 0.0 –34.4 1.3 7.2 1.1 27.8 44.6 53.8 42.5 45.0 5.5 16.6 –1.9 –19.4 –0.2 23.5 –3.4 –26.7 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2009 II Personal income.................................................................................. Compensation of employees, received ......................................... Wage and salary disbursements ................................................. Private industries......................................................................... Goods-producing industries ..................................................... Manufacturing ....................................................................... Services-producing industries.................................................. Trade, transportation, and utilities......................................... Other services-producing industries ..................................... Government................................................................................. Supplements to wages and salaries........................................... Employer contributions for employee pension and insurance funds ........................................................................................ Employer contributions for government social insurance ............ Proprietors’ income with inventory valuation and capital consumption adjustments........................................................... Farm ............................................................................................... Nonfarm.......................................................................................... Rental income of persons with capital consumption adjustment Personal income receipts on assets .............................................. Personal interest income ................................................................ Personal dividend income............................................................... Personal current transfer receipts ................................................. Government social benefits to persons .......................................... Old-age, survivors, disability, and health insurance benefits ....... Government unemployment insurance benefits .......................... Other ........................................................................................... Other current transfer receipts, from business (net) ....................... Less: Contributions for government social insurance, domestic Less: Personal current taxes ............................................................. Equals: Disposable personal income................................................ Less: Personal outlays ....................................................................... Personal consumption expenditures .................................................. Goods ............................................................................................. Durable goods ............................................................................. Nondurable goods ....................................................................... Services.......................................................................................... Personal interest payments 1 ............................................................. Personal current transfer payments ................................................... To government ................................................................................ To the rest of the world (net) ........................................................... Equals: Personal saving ..................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ................................................................. Disposable personal income, billions of chained (2005) dollars 2 ...... III 2010 IV I II III 478.8 203.6 137.3 82.4 –5.8 –11.0 88.1 5.7 82.5 55.0 66.4 –216.2 –259.1 –284.9 –314.6 –143.6 –79.7 –170.8 –60.4 –110.5 29.6 25.8 110.2 41.3 27.7 18.9 –37.2 –19.5 56.2 –7.1 63.2 8.6 13.7 –39.4 –20.3 –23.8 –23.1 –16.3 –9.3 –6.9 –3.0 –3.8 –0.6 3.4 75.0 32.7 21.0 21.7 –0.6 8.5 22.4 1.3 21.0 –0.7 11.7 111.3 26.7 6.5 –4.1 –13.9 –5.7 9.7 –0.2 10.1 10.6 20.2 123.5 62.2 51.1 43.5 9.4 7.4 34.1 8.8 25.2 7.6 11.1 65.7 48.6 38.4 46.6 8.6 5.0 38.1 7.4 30.7 –8.3 10.3 56.1 10.2 35.4 –9.5 9.7 4.1 4.1 –0.7 10.0 1.7 11.8 8.4 7.3 3.8 7.2 3.1 11.6 13.0 –1.4 78.3 52.3 49.6 2.7 160.7 154.7 65.1 18.4 71.2 6.2 27.7 –50.5 529.3 296.1 298.2 21.8 –75.9 97.8 276.4 –14.7 12.6 7.3 5.3 233.2 –90.1 –20.3 –69.7 52.0 –189.6 –92.4 –97.2 253.6 254.2 96.2 77.9 80.1 –0.7 –16.9 –298.2 82.0 –125.4 –103.2 –148.8 –57.0 –91.8 45.6 –29.4 7.1 5.3 1.9 207.4 –18.2 –1.6 –16.5 4.7 –46.8 –11.0 –35.8 136.5 136.9 19.6 29.5 87.7 –0.4 7.4 –100.9 211.1 5.8 7.1 17.0 –7.5 24.5 –9.9 –1.7 0.4 1.2 –0.8 205.3 5.9 0.0 5.9 9.7 –34.8 –16.2 –18.6 –0.9 –0.7 14.4 17.3 –32.2 –0.3 –1.0 4.5 –43.9 126.2 120.6 100.7 40.5 60.3 19.9 2.5 3.0 1.3 1.7 –170.1 15.7 8.2 7.5 3.7 –1.9 –7.5 5.6 28.9 29.1 16.2 –1.6 14.3 0.0 4.2 0.2 74.7 82.1 90.8 36.8 –1.3 38.0 54.0 –13.1 4.5 1.4 3.2 –7.4 8.6 0.6 8.1 9.9 21.9 2.9 19.0 57.3 56.4 2.5 2.7 51.3 0.8 13.0 17.5 93.9 98.2 99.3 67.1 16.8 50.3 32.3 –4.0 2.8 1.5 1.2 –4.2 19.0 2.1 16.8 6.1 3.3 –3.4 6.8 40.6 40.2 16.8 –9.3 32.7 0.4 7.8 2.6 120.9 59.8 54.6 –2.5 13.4 –15.9 57.0 2.2 3.1 1.6 1.5 61.0 9.1 10.9 –1.8 6.6 –16.0 –22.1 6.0 23.7 23.5 15.4 –6.9 15.0 0.2 6.3 22.3 43.4 85.2 91.3 31.5 10.0 21.6 59.7 –7.2 1.1 1.7 –0.6 –41.8 –18.0 168.7 –447.4 56.9 –68.5 146.1 –101.5 –113.3 –19.0 0.7 2.0 32.9 75.9 110.3 14.8 13.5 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2010 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................................................................................... 0.1 –0.1 –0.1 0.2 0.4 0.2 0.2 0.3 0.4 0.4 0.4 0.2 0.4 0.5 0.5 0.3 0.0 –0.1 –0.1 0.1 0.2 0.4 0.4 0.2 0.4 0.2 0.2 0.3 –0.1 0.0 0.0 0.2 0.1 1.8 0.1 –0.3 1.0 0.3 –0.1 0.0 0.1 0.9 1.9 –0.6 –0.3 –1.2 1.6 0.3 0.3 0.4 1.2 0.0 0.4 0.0 1.0 0.3 0.4 –0.2 0.5 0.2 0.3 0.2 0.0 0.5 0.3 0.5 0.4 0.4 –0.3 0.3 0.1 0.0 0.3 0.4 –0.1 –0.2 0.0 0.2 0.8 –0.5 –0.9 0.2 0.0 0.3 1.5 0.0 1.0 1.0 –0.6 –0.9 0.1 1.5 0.3 0.6 0.4 0.5 1.2 –0.3 –0.9 0.8 –0.9 0.0 0.3 –0.2 0.5 0.9 1.1 0.8 0.3 0.5 1.3 3.5 0.2 0.1 0.0 –0.6 –1.0 –0.5 0.2 0.2 –0.6 –0.3 –0.8 0.6 0.0 –0.4 –0.5 –0.4 0.1 0.5 0.7 1.1 0.5 0.3 0.5 1.0 0.0 1.4 0.3 0.2 0.3 0.7 0.1 0.1 0.0 –0.2 0.0 0.2 0.0 –0.3 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts .......... Real disposable personal income ............................................... 0.0 0.1 0.0 0.3 0.5 0.5 0.5 0.4 0.1 0.2 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 2009 II III 2010 IV I 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.................................................................................. 4.0 2.6 2.1 4.6 –1.7 –3.2 –4.3 1.7 3.7 2.1 1.8 3.7 –1.3 –1.0 –1.5 0.9 2.5 1.7 1.3 3.1 3.7 1.4 0.4 5.3 4.1 3.2 3.3 2.9 2.1 2.5 2.4 2.6 1.1 54.5 2.5 3.9 0.3 9.4 2.9 –3.4 5.1 –8.2 23.4 –9.0 –7.0 –12.2 13.5 –1.7 –20.7 0.7 –6.9 7.3 –9.2 –3.5 –18.2 29.8 3.1 –29.4 8.0 2.4 15.3 –7.0 –5.2 –10.2 –0.2 –0.4 1.6 –1.6 6.4 5.4 –0.4 –2.5 3.3 5.5 1.7 0.1 2.7 3.4 14.7 4.7 1.0 11.6 10.9 5.4 6.4 3.4 7.6 8.7 0.7 –1.1 3.9 7.4 3.2 0.9 4.4 3.5 9.0 –3.3 –7.1 3.5 4.2 2.5 8.1 1.5 3.0 0.7 –6.6 4.4 4.3 –1.0 –4.4 –5.3 –4.0 0.7 0.3 2.2 –3.0 4.7 –0.6 5.0 13.3 17.1 11.6 1.2 3.7 4.6 –0.5 7.0 3.2 4.0 8.3 6.6 9.2 1.9 2.1 –0.3 5.1 –2.7 3.4 3.6 3.8 3.8 3.8 3.5 0.0 1.3 0.8 4.4 0.2 0.5 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. –0.2 1.7 –4.6 0.6 –0.7 5.9 –1.1 –4.4 –0.2 0.0 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2010 February March April May July r June August r September p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,228.2 3,193.0 1,131.0 2,057.7 6,034.6 9,258.6 3,233.3 1,169.2 2,064.0 6,026.7 9,257.2 3,223.7 1,159.1 2,063.4 6,034.4 9,280.5 3,221.8 1,158.2 2,062.3 6,058.9 9,289.3 3,222.3 1,156.2 2,064.4 6,066.9 9,312.4 3,231.9 1,171.8 2,060.5 6,080.6 9,341.7 3,249.2 1,172.0 2,076.6 6,093.2 9,349.6 3,253.8 1,181.8 2,072.8 6,096.6 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 38.9 33.1 14.5 19.0 7.2 30.4 40.3 38.2 6.3 –7.9 –1.4 –9.6 –10.1 –0.6 7.7 23.3 –1.9 –0.9 –1.1 24.5 8.8 0.5 –2.0 2.1 8.0 23.1 9.6 15.6 –3.9 13.7 29.3 17.3 0.2 16.1 12.6 7.9 4.6 9.8 –3.8 3.4 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.4 1.0 1.3 0.9 0.1 0.3 1.3 3.4 0.3 –0.1 0.0 –0.3 –0.9 0.0 0.1 0.3 –0.1 –0.1 –0.1 0.4 0.1 0.0 –0.2 0.1 0.1 0.2 0.3 1.3 –0.2 0.2 0.3 0.5 0.0 0.8 0.2 0.1 0.1 0.8 –0.2 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 2008 2009 2009 II III 2010 IV I II III 9,225.4 3,195.4 1,138.9 2,053.5 6,029.6 9,275.7 3,222.6 1,157.8 2,063.4 6,053.4 9,334.6 3,245.0 1,175.2 2,070.0 6,090.1 50.3 27.2 18.9 9.9 23.8 58.9 22.4 17.4 6.6 36.7 2.2 3.4 6.8 1.9 1.6 2.6 2.8 6.1 1.3 2.5 Billions of chained (2005) dollars Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... 9,265.0 3,180.3 1,136.4 2,041.2 6,082.3 9,153.9 3,117.4 1,094.6 2,017.4 6,032.7 Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... –24.5 –81.3 –62.2 –23.1 54.0 –111.1 –62.9 –41.8 –23.8 –49.6 9,117.0 3,084.0 1,068.2 2,008.3 6,027.7 9,161.6 3,138.2 1,118.3 2,016.9 6,020.7 9,182.9 3,151.8 1,115.1 2,032.3 6,028.7 Change from preceding period in billions of chained (2005) dollars –37.1 –11.7 –8.4 –3.7 –25.9 44.6 54.2 50.1 8.6 –7.0 21.3 13.6 –3.2 15.4 8.0 42.5 43.6 23.8 21.2 0.9 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... –0.3 –2.5 –5.2 –1.1 0.9 –1.2 –2.0 –3.7 –1.2 –0.8 –1.6 –1.5 –3.1 –0.7 –1.7 2.0 7.2 20.1 1.7 –0.5 0.9 1.7 –1.1 3.1 0.5 1.9 5.7 8.8 4.2 0.1 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2010 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: PCE excluding food and energy.................................................. Food 1 ......................................................................................... Energy goods and services 2 ...................................................... Market-based PCE 3 ................................................................... Market-based PCE excluding food and energy 3 ........................ 110.858 105.716 93.013 112.903 113.589 111.032 105.714 93.126 112.838 113.856 111.000 105.364 93.001 112.360 113.994 110.902 104.755 92.775 111.537 114.169 110.762 104.318 92.488 111.016 114.186 110.993 104.719 92.243 111.781 114.326 111.206 105.162 92.272 112.458 114.418 111.298 105.309 92.187 112.736 114.480 109.856 113.391 123.286 110.792 109.610 110.030 113.746 123.189 110.906 109.715 110.071 113.989 121.491 110.881 109.776 110.188 113.987 117.572 110.752 109.892 110.255 113.771 114.081 110.655 110.042 110.335 113.836 117.088 110.920 110.138 110.409 113.919 119.843 111.174 110.237 110.435 114.212 120.786 111.259 110.244 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)............................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... Addenda: PCE excluding food and energy.................................................. Food 1 ......................................................................................... Energy goods and services 2 ...................................................... Market-based PCE 3 ................................................................... Market-based PCE excluding food and energy 3 ........................ 0.0 –0.2 –0.2 –0.2 0.2 0.2 0.0 0.1 –0.1 0.2 0.0 –0.3 –0.1 –0.4 0.1 –0.1 –0.6 –0.2 –0.7 0.2 –0.1 –0.4 –0.3 –0.5 0.0 0.2 0.4 –0.3 0.7 0.1 0.2 0.4 0.0 0.6 0.1 0.1 0.1 –0.1 0.2 0.1 0.1 0.1 –0.6 0.0 0.1 0.2 0.3 –0.1 0.1 0.1 0.0 0.2 –1.4 0.0 0.1 0.1 0.0 –3.2 –0.1 0.1 0.1 –0.2 –3.0 –0.1 0.1 0.1 0.1 2.6 0.2 0.1 0.1 0.1 2.4 0.2 0.1 0.0 0.3 0.8 0.1 0.0 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2010 February Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.9 0.7 2.8 4.5 2.0 –0.3 March April 1.0 1.5 5.1 10.0 2.8 –0.2 May 0.6 1.6 5.0 9.8 2.9 –0.1 July r June –0.7 1.8 4.3 8.1 2.5 0.6 1.0 1.9 4.2 7.3 2.9 0.7 August r 1.3 2.0 3.9 6.5 2.7 1.1 September p 1.7 1.4 1.8 –0.4 2.8 1.2 1.6 2.3 4.6 9.6 2.3 1.2 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2010 February Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... March April May July r June August r September p 2.3 3.3 –1.1 5.4 1.8 2.5 3.4 –1.0 5.6 2.0 2.3 2.9 –1.1 4.8 2.0 2.1 2.2 –1.3 3.8 2.0 1.4 0.3 –1.7 1.2 1.9 1.5 0.8 –1.4 1.8 1.9 1.4 0.6 –1.0 1.4 1.8 1.4 0.5 –1.4 1.4 1.8 1.7 –1.0 16.5 2.1 1.4 1.8 –0.5 20.1 2.2 1.3 1.5 0.1 19.7 2.0 1.1 1.5 0.4 15.3 1.8 1.1 1.4 0.2 3.4 1.1 1.1 1.4 0.7 5.5 1.3 1.1 1.3 0.7 3.9 1.2 1.1 1.2 1.3 4.1 1.2 0.9 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
@FedFRASER