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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 28, 2011 BEA 11-53 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 2011 Personal income increased $17.3 billion, or 0.1 percent, and disposable personal income (DPI) increased $12.9 billion, or 0.1 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $68.7 billion, or 0.6 percent. In August, personal income decreased $13.6 billion, or 0.1 percent, DPI decreased $12.8 billion, or 0.1 percent, and PCE increased $24.2 billion, or 0.2 percent, based on revised estimates. Real disposable income decreased 0.1 percent in September, compared with a decrease of 0.4 percent in August. Real PCE increased 0.5 percent, compared with a decrease of less than 0.1 percent. 2011 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. 0.3 0.2 0.1 -0.1 0.1 0.2 0.0 0.1 0.3 0.0 -0.3 -0.1 -0.4 0.1 -0.1 0.2 0.0 -0.2 -0.1 0.9 0.5 0.2 0.0 0.6 0.5 ________________________ NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $17.9 billion in September, in contrast to a decrease of $9.8 billion in August. Goods-producing industries' payrolls increased $1.6 billion, in contrast to a decrease of $3.5 billion; manufacturing payrolls decreased $1.1 billion, compared with a decrease of $4.3 billion. Services-producing industries' payrolls increased $16.3 billion, in contrast to a decrease of $6.3 billion. Government wage and salary disbursements decreased $0.7 billion, in contrast to an increase of $1.3 billion. -more- -3- Other personal income Supplements to wages and salaries increased $2.9 billion in September, compared with an increase of $1.5 billion in August. Proprietors' income increased $2.3 billion in September, compared with an increase of $8.4 billion in August. Farm proprietors' income increased $1.3 billion, compared with an increase of $1.2 billion. Nonfarm proprietors' income increased $1.0 billion, compared with an increase of $7.1 billion. Rental income of persons increased $5.8 billion in September, compared with an increase of $5.6 billion in August. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $9.2 billion, compared with a decrease of $11.5 billion. Personal current transfer receipts increased $0.6 billion in September, in contrast to a decrease of $9.7 billion in August. Government social benefits to persons for Medicaid decreased $5.3 billion, compared with a decrease of $14.2 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $2.2 billion in September, in contrast to a decrease of $0.7 billion in August. Personal current taxes and disposable personal income Personal current taxes increased $4.5 billion in September, in contrast to a decrease of $0.8 billion in August. Disposable personal income (DPI) -- personal income less personal current taxes -increased $12.9 billion, or 0.1 percent, in September, in contrast to a decrease of $12.8 billion, or 0.1 percent in August. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $72.1 billion in September, compared with an increase of $27.6 billion in August. PCE increased $68.7 billion, compared with an increase of $24.2 billion. Personal saving -- DPI less personal outlays -- was $419.8 billion in September, compared with $479.1 billion in August. Personal saving as a percentage of disposable personal income was 3.6 percent in September, compared with 4.1 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 0.1 percent in September, compared with a decrease of 0.4 percent in August. Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in September, in contrast to a decrease of less than 0.1 percent in August. Purchases of durable goods increased 2.6 percent, in contrast to a decrease of 1.0 percent. Purchases of motor vehicles and parts accounted for more than half of the increase in September, and more than accounted for the decrease in August. Purchases of nondurable goods increased 0.5 percent in September, in contrast to a decrease of 0.1 percent in August. Purchases of services increased 0.1 percent, the same increase as in August. PCE price index -- The price index for PCE increased 0.2 percent in September, compared with an increase of 0.3 percent in August. The PCE price index, excluding food and energy, decreased less than 0.1 percent, in contrast to an increase of 0.2 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) 17.1 6.9 0.1 0.1 -7.3 -13.6 -0.1 -0.1 14.4 -24.7 3.1 -35.6 0.1 -0.2 0.0 -0.3 -5.0 -29.2 -12.8 -38.1 0.0 -0.3 -0.1 -0.4 Personal consumption expenditures: Current dollars 76.6 Chained (2005) dollars 32.8 96.0 48.9 0.7 0.4 0.9 0.5 22.7 -3.0 24.2 -3.8 0.2 0.0 0.2 0.0 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 23, 2011 at 8:30 A.M. EST for Personal Income and Outlays for October Release Dates for 2012 December 2011.. January 30 January 2012….. March 1 February 2012… March 30 March 2012…… April 30 April 2012…June 1 May 2012… June 29 June 2012… July 31 July 2012…. August 30 -more- August 2012…… September 28 September 2012.. October 29 October 2012….. November 30 November 2012.. December 21 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2011 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 ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ 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 3 ............................................................ 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 4 .......................................................... Disposable personal income: Total, billions of chained (2005) dollars 4 ....................................... Per capita: Current dollars............................................................................ Chained (2005) dollars ............................................................... Population (midperiod, thousands) 5................................................. March April May June July r August r September p 12,850.6 8,177.6 6,582.9 5,391.9 1,090.2 698.0 4,301.6 1,035.5 3,266.1 1,191.0 1,594.7 12,909.7 8,213.9 6,614.8 5,422.8 1,099.4 705.9 4,323.4 1,042.5 3,280.8 1,192.0 1,599.1 12,962.2 8,244.2 6,641.6 5,449.1 1,105.6 709.3 4,343.5 1,051.4 3,292.1 1,192.5 1,602.6 12,997.2 8,268.4 6,662.3 5,470.2 1,110.5 713.2 4,359.7 1,050.7 3,309.0 1,192.1 1,606.1 13,018.5 8,274.7 6,666.8 5,475.7 1,109.9 711.9 4,365.8 1,053.7 3,312.0 1,191.1 1,607.9 13,025.4 8,300.0 6,690.3 5,500.3 1,115.9 717.5 4,384.4 1,055.6 3,328.8 1,190.0 1,609.7 13,011.8 8,292.9 6,681.7 5,490.5 1,112.4 713.2 4,378.1 1,051.9 3,326.2 1,191.3 1,611.2 13,029.1 8,313.1 6,699.0 5,508.4 1,114.0 712.1 4,394.4 1,055.9 3,338.5 1,190.6 1,614.1 1,103.0 491.7 1,105.0 494.1 1,106.9 495.7 1,108.7 497.4 1,110.4 497.4 1,110.8 498.8 1,112.7 498.5 1,114.6 499.4 1,097.1 66.1 1,031.1 1,103.1 69.2 1,033.9 1,105.9 68.3 1,037.6 1,106.6 67.3 1,039.3 1,107.2 66.4 1,040.7 1,110.7 67.7 1,043.1 1,119.1 68.9 1,050.2 1,121.4 70.2 1,051.2 384.9 1,780.2 1,004.7 775.4 2,322.9 2,284.0 701.4 547.9 430.7 116.4 60.6 427.0 38.9 400.3 1,779.2 1,006.4 772.8 2,330.1 2,290.7 705.1 551.1 429.0 114.5 62.4 428.6 39.3 398.3 1,791.8 1,011.1 780.6 2,342.7 2,303.2 713.1 553.1 433.3 110.8 63.1 429.8 39.4 396.8 1,802.6 1,015.9 786.7 2,346.4 2,307.0 711.4 553.9 438.5 106.4 61.8 435.0 39.4 395.7 1,812.6 1,020.7 791.9 2,352.7 2,313.3 712.1 554.7 440.5 109.3 63.6 433.3 39.3 401.1 1,805.0 1,007.2 797.7 2,336.0 2,296.4 715.2 555.8 421.4 104.7 64.0 435.3 39.6 406.7 1,793.5 993.8 799.8 2,326.3 2,287.0 716.1 558.1 407.2 102.1 65.4 438.1 39.3 412.5 1,784.3 980.3 804.0 2,326.9 2,287.6 717.7 559.5 401.9 104.1 65.7 438.7 39.3 912.1 1,367.1 11,483.5 10,908.1 10,577.7 3,603.3 1,162.6 2,440.7 6,974.4 160.3 170.1 96.6 73.5 575.4 916.8 1,377.7 11,532.1 10,969.3 10,639.2 3,627.4 1,161.0 2,466.4 7,011.9 159.8 170.2 96.7 73.5 562.8 920.5 1,391.5 11,570.8 10,998.0 10,669.6 3,647.1 1,157.7 2,489.4 7,022.5 157.9 170.5 96.9 73.5 572.8 923.7 1,403.0 11,594.2 11,016.7 10,690.1 3,625.5 1,144.4 2,481.1 7,064.7 155.9 170.6 97.1 73.5 577.5 924.3 1,408.9 11,609.6 10,993.2 10,668.4 3,595.6 1,129.3 2,466.3 7,072.8 154.0 170.9 97.3 73.5 616.3 927.5 1,412.7 11,612.7 11,093.3 10,764.4 3,643.3 1,154.2 2,489.1 7,121.1 157.1 171.8 97.5 74.3 519.4 926.8 1,411.9 11,599.9 11,120.9 10,788.6 3,644.9 1,141.4 2,503.5 7,143.7 160.2 172.1 97.8 74.3 479.1 929.0 1,416.4 11,612.8 11,193.0 10,857.3 3,696.9 1,166.1 2,530.8 7,160.4 163.3 172.4 98.1 74.3 419.8 5.0 4.9 5.0 5.0 5.3 4.5 4.1 3.6 9,337.7 9,346.8 9,350.1 9,361.1 9,386.1 9,371.4 9,343.3 9,342.5 10,185.5 10,188.3 10,187.6 10,190.2 10,216.6 10,181.0 10,142.9 10,137.3 36,842 32,678 311,696 36,977 32,668 311,870 37,080 32,648 312,049 37,132 32,636 312,240 37,158 32,700 312,440 37,142 32,563 312,654 37,075 32,418 312,878 37,088 32,376 313,113 p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2009 2010 2010 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 ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ 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 3 ............................................................ 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 4 .......................................................... Disposable personal income: Total, billions of chained (2005) dollars 4 ....................................... Per capita: Current dollars............................................................................ Chained (2005) dollars ............................................................... Population (midperiod, thousands) 5................................................. 2011 III IV I II III 11,930.2 7,801.4 6,270.3 5,095.0 1,063.4 660.9 4,031.7 989.6 3,042.0 1,175.3 1,531.1 12,373.5 7,971.4 6,408.2 5,217.4 1,059.2 674.2 4,158.2 1,006.0 3,152.2 1,190.8 1,563.1 12,325.6 7,960.0 6,399.8 5,203.5 1,058.6 673.6 4,144.9 1,004.5 3,140.4 1,196.3 1,560.2 12,453.2 8,022.2 6,454.5 5,264.7 1,070.5 682.2 4,194.2 1,015.9 3,178.3 1,189.9 1,567.7 12,577.6 8,050.8 6,477.0 5,288.4 1,070.8 685.5 4,217.6 1,016.1 3,201.5 1,188.6 1,573.7 12,846.9 8,172.5 6,578.2 5,387.1 1,092.3 700.4 4,294.7 1,034.4 3,260.3 1,191.1 1,594.4 12,992.6 8,262.4 6,656.9 5,465.0 1,108.7 711.5 4,356.3 1,051.9 3,304.4 1,191.9 1,605.5 13,022.1 8,302.0 6,690.4 5,499.7 1,114.1 714.3 4,385.6 1,054.5 3,331.2 1,190.6 1,611.6 1,073.1 458.0 1,089.9 473.2 1,087.6 472.6 1,092.0 475.7 1,096.8 476.9 1,103.0 491.4 1,108.7 496.9 1,112.7 498.9 941.2 39.2 902.0 1,036.4 52.2 984.2 1,025.6 45.8 979.7 1,057.0 58.3 998.7 1,081.5 60.1 1,021.4 1,095.6 66.1 1,029.5 1,106.5 67.3 1,039.2 1,117.1 68.9 1,048.2 305.9 1,707.7 1,108.9 598.8 2,138.1 2,099.9 664.5 493.8 374.1 130.6 51.5 385.4 38.2 350.2 1,721.2 1,003.4 717.7 2,281.2 2,242.9 690.2 518.4 405.4 138.7 57.9 432.4 38.3 349.1 1,724.5 1,014.1 710.4 2,252.1 2,214.1 688.3 511.5 389.8 137.4 57.3 429.9 38.0 352.8 1,723.4 983.9 739.4 2,289.4 2,251.4 693.9 521.4 405.2 135.8 59.0 436.1 37.9 354.8 1,743.5 989.6 753.9 2,341.2 2,301.9 699.9 535.3 439.8 128.7 59.4 438.7 39.3 385.0 1,777.2 1,004.7 772.5 2,328.1 2,288.6 703.1 547.8 432.1 117.5 61.3 426.9 39.5 396.9 1,802.3 1,015.9 786.4 2,347.3 2,307.9 712.2 553.9 437.4 108.8 62.8 432.7 39.4 406.8 1,794.3 993.8 800.5 2,329.7 2,290.3 716.3 557.8 410.1 103.6 65.0 437.4 39.4 964.1 1,141.4 10,788.8 10,236.3 9,866.1 3,197.5 1,029.6 2,167.8 6,668.7 213.7 156.5 89.1 67.4 552.6 986.8 1,193.9 11,179.7 10,586.9 10,245.5 3,387.0 1,085.5 2,301.5 6,858.5 173.4 168.0 95.1 72.9 592.8 985.7 1,175.4 11,150.2 10,527.0 10,184.8 3,340.1 1,071.7 2,268.3 6,844.7 174.4 167.8 94.8 72.9 623.3 991.5 1,212.8 11,240.4 10,614.8 10,276.6 3,386.5 1,087.5 2,299.0 6,890.1 168.1 170.1 95.8 74.3 625.6 994.1 1,240.9 11,336.7 10,748.6 10,417.1 3,483.4 1,124.7 2,358.7 6,933.7 162.7 168.9 96.5 72.5 588.1 911.5 1,365.9 11,481.0 10,902.1 10,571.7 3,592.2 1,154.5 2,437.8 6,979.4 160.3 170.1 96.6 73.5 578.9 922.8 1,401.1 11,591.5 11,002.6 10,676.0 3,622.7 1,143.8 2,478.9 7,053.3 155.9 170.7 97.1 73.5 588.9 927.8 1,413.6 11,608.5 11,135.7 10,803.4 3,661.7 1,153.9 2,507.8 7,141.7 160.2 172.1 97.8 74.3 472.7 5.1 5.3 5.6 5.6 5.2 5.0 5.1 4.1 8,969.7 9,083.0 9,086.5 9,145.7 9,166.7 9,329.8 9,365.7 9,352.4 9,882.7 10,061.6 10,057.8 10,114.4 10,152.0 10,183.2 10,198.1 10,153.7 35,088 32,141 307,483 36,051 32,446 310,106 36,001 32,473 309,724 36,208 32,581 310,438 36,436 32,628 311,140 36,834 32,670 311,696 37,123 32,661 312,243 37,102 32,452 312,882 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2011 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 ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ 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 3 ............................................................ 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 4 ................................................................ Disposable personal income, billions of chained (2005) dollars 4..... March April May July r June August r September p 70.3 51.4 46.1 45.4 2.8 0.5 42.4 10.2 32.2 0.8 5.3 59.1 36.3 31.9 30.9 9.2 7.9 21.8 7.0 14.7 1.0 4.4 52.5 30.3 26.8 26.3 6.2 3.4 20.1 8.9 11.3 0.5 3.5 35.0 24.2 20.7 21.1 4.9 3.9 16.2 –0.7 16.9 –0.4 3.5 21.3 6.3 4.5 5.5 –0.6 –1.3 6.1 3.0 3.0 –1.0 1.8 6.9 25.3 23.5 24.6 6.0 5.6 18.6 1.9 16.8 –1.1 1.8 –13.6 –7.1 –8.6 –9.8 –3.5 –4.3 –6.3 –3.7 –2.6 1.3 1.5 17.3 20.2 17.3 17.9 1.6 –1.1 16.3 4.0 12.3 –0.7 2.9 2.1 3.2 2.0 2.4 1.9 1.6 1.8 1.7 1.7 0.0 0.4 1.4 1.9 –0.3 1.9 0.9 10.5 3.1 7.5 6.0 3.1 2.8 2.8 –0.9 3.7 0.7 –1.0 1.7 0.6 –0.9 1.4 3.5 1.3 2.4 8.4 1.2 7.1 2.3 1.3 1.0 15.2 8.0 1.6 6.3 –8.3 –7.1 –1.4 3.6 –5.8 –5.1 –0.4 2.1 –1.2 15.4 –1.0 1.7 –2.6 7.2 6.7 3.7 3.2 –1.7 –1.9 1.8 1.6 0.4 –2.0 12.6 4.7 7.8 12.6 12.5 8.0 2.0 4.3 –3.7 0.7 1.2 0.1 –1.5 10.8 4.8 6.1 3.7 3.8 –1.7 0.8 5.2 –4.4 –1.3 5.2 0.0 –1.1 10.0 4.8 5.2 6.3 6.3 0.7 0.8 2.0 2.9 1.8 –1.7 –0.1 5.4 –7.6 –13.5 5.8 –16.7 –16.9 3.1 1.1 –19.1 –4.6 0.4 2.0 0.3 5.6 –11.5 –13.4 2.1 –9.7 –9.4 0.9 2.3 –14.2 –2.6 1.4 2.8 –0.3 5.8 –9.2 –13.5 4.2 0.6 0.6 1.6 1.4 –5.3 2.0 0.3 0.6 0.0 6.4 14.3 56.0 79.3 79.7 57.3 22.7 34.6 22.4 –0.5 0.1 0.0 0.0 –23.2 4.7 10.6 48.6 61.2 61.5 24.1 –1.6 25.7 37.5 –0.5 0.1 0.1 0.0 –12.6 3.7 13.8 38.7 28.7 30.4 19.7 –3.3 23.0 10.6 –1.9 0.3 0.2 0.0 10.0 3.2 11.5 23.4 18.7 20.5 –21.6 –13.3 –8.3 42.2 –2.0 0.1 0.2 0.0 4.7 0.6 5.9 15.4 –23.5 –21.7 –29.9 –15.1 –14.8 8.1 –1.9 0.3 0.2 0.0 38.8 3.2 3.8 3.1 100.1 96.0 47.7 24.9 22.8 48.3 3.1 0.9 0.2 0.8 –96.9 –0.7 –0.8 –12.8 27.6 24.2 1.6 –12.8 14.4 22.6 3.1 0.3 0.3 0.0 –40.3 2.2 4.5 12.9 72.1 68.7 52.0 24.7 27.3 16.7 3.1 0.3 0.3 0.0 –59.3 32.7 9.2 9.1 2.8 3.3 –0.7 11.0 2.6 25.0 26.4 –14.7 –35.6 –28.1 –38.1 –0.8 –5.6 p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. 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 2009 2010 2010 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 ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ 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 3 ............................................................ 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 4 ................................................................ Disposable personal income, billions of chained (2005) dollars 4..... 2011 III IV I II III –530.0 –271.9 –280.6 –311.8 –144.3 –80.0 –167.3 –60.1 –107.3 31.2 8.6 443.3 170.0 137.9 122.4 –4.2 13.3 126.5 16.4 110.2 15.5 32.0 187.9 107.5 98.2 90.5 21.7 18.3 68.9 17.1 51.7 7.7 9.3 127.6 62.2 54.7 61.2 11.9 8.6 49.3 11.4 37.9 –6.4 7.5 124.4 28.6 22.5 23.7 0.3 3.3 23.4 0.2 23.2 –1.3 6.0 269.3 121.7 101.2 98.7 21.5 14.9 77.1 18.3 58.8 2.5 20.7 145.7 89.9 78.7 77.9 16.4 11.1 61.6 17.5 44.1 0.8 11.1 29.5 39.6 33.5 34.7 5.4 2.8 29.3 2.6 26.8 –1.3 6.1 20.7 –12.1 16.8 15.2 4.2 5.1 4.4 3.1 4.8 1.2 6.2 14.5 5.7 5.5 4.0 2.0 –156.7 –12.6 –144.1 95.2 13.0 82.2 43.9 1.2 42.6 31.4 12.5 19.0 24.5 1.8 22.7 14.1 6.0 8.1 10.9 1.2 9.7 10.6 1.6 9.0 74.3 –457.7 –273.1 –184.6 258.9 257.5 59.0 32.2 35.9 79.7 6.5 44.3 1.4 44.3 13.5 –105.5 118.9 143.1 143.0 25.7 24.6 31.3 8.1 6.4 47.0 0.1 5.0 31.2 –12.0 43.2 10.0 10.0 9.7 5.9 3.2 –15.4 1.5 5.1 0.0 3.7 –1.1 –30.2 29.0 37.3 37.3 5.6 9.9 15.4 –1.6 1.7 6.2 –0.1 2.0 20.1 5.7 14.5 51.8 50.5 6.0 13.9 34.6 –7.1 0.4 2.6 1.4 30.2 33.7 15.1 18.6 –13.1 –13.3 3.2 12.5 –7.7 –11.2 1.9 –11.8 0.2 11.9 25.1 11.2 13.9 19.2 19.3 9.1 6.1 5.3 –8.7 1.5 5.8 –0.1 9.9 –8.0 –22.1 14.1 –17.6 –17.6 4.1 3.9 –27.3 –5.2 2.2 4.7 0.0 –23.2 –294.3 –235.7 –195.9 –169.4 –184.2 –79.3 –105.0 14.9 –31.9 5.5 4.2 1.2 –39.7 22.7 52.5 390.9 350.6 379.4 189.5 55.9 133.7 189.8 –40.3 11.5 6.0 5.5 40.2 9.7 29.0 158.9 69.8 81.1 2.0 13.7 –11.8 79.1 –13.9 2.6 1.4 1.0 89.2 5.8 37.4 90.2 87.8 91.8 46.4 15.8 30.7 45.4 –6.3 2.3 1.0 1.4 2.3 2.6 28.1 96.3 133.8 140.5 96.9 37.2 59.7 43.6 –5.4 –1.2 0.7 –1.8 –37.5 –82.6 125.0 144.3 153.5 154.6 108.8 29.8 79.1 45.7 –2.4 1.2 0.1 1.0 –9.2 11.3 35.2 110.5 100.5 104.3 30.5 –10.7 41.1 73.9 –4.4 0.6 0.5 0.0 10.0 5.0 12.5 17.0 133.1 127.4 39.0 10.1 28.9 88.4 4.3 1.4 0.7 0.8 –116.2 –742.6 –236.8 113.3 178.9 153.1 135.3 59.2 56.6 21.0 37.6 163.1 31.2 35.9 14.9 –13.3 –44.4 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. 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 2011 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.................................................................................. 0.6 0.6 0.7 0.3 0.5 0.4 0.5 0.3 0.4 0.4 0.4 0.2 0.3 0.3 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.3 0.4 0.1 –0.1 –0.1 –0.1 0.1 0.1 0.2 0.3 0.2 1.0 4.1 0.4 0.2 0.8 –0.4 0.7 1.1 0.5 0.5 4.0 –0.1 0.2 –0.3 0.3 0.5 0.8 0.4 0.2 –0.5 0.7 0.5 1.0 0.5 0.4 1.0 0.3 0.1 –0.4 0.6 0.5 0.8 0.2 0.4 0.8 0.2 0.1 –0.3 0.6 0.5 0.7 0.3 0.1 0.4 0.1 0.3 1.4 –0.4 –1.3 0.7 –0.7 0.3 0.3 0.0 0.8 1.4 –0.6 –1.3 0.3 –0.4 –0.1 –0.1 –0.1 0.2 1.4 –0.5 –1.4 0.5 0.0 0.2 0.3 0.1 0.8 1.6 2.0 1.4 0.3 0.6 0.7 –0.1 1.1 0.5 0.3 0.5 –0.3 0.9 0.2 0.2 –0.6 –1.2 –0.3 0.6 –0.2 –0.8 –1.3 –0.6 0.1 0.9 1.3 2.2 0.9 0.7 0.2 0.0 –1.1 0.6 0.3 0.6 1.4 2.2 1.1 0.2 –0.2 –0.3 –0.3 –0.4 0.0 –0.1 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. 0.4 0.1 0.1 0.0 0.0 0.0 0.1 0.0 0.3 0.3 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2009 2010 2010 II 2011 III IV I II III Based on current-dollar measures Personal income.......................................................................... Compensation of employees, received ...................................... Wage and salary disbursements ............................................ Supplements to wages and salaries....................................... Proprietors’ income with inventory valuation and capital consumption adjustments....................................................... Rental income of persons with capital consumption adjustment Personal income receipts on assets .......................................... Personal interest income ........................................................ Personal dividend income....................................................... Personal current transfer receipts .............................................. Less: Contributions for government social insurance, domestic Less: Personal current taxes ..................................................... Equals: Disposable personal income........................................ Addenda: Personal consumption expenditures .......................................... Goods ..................................................................................... Durable goods ..................................................................... Nondurable goods ............................................................... Services.................................................................................. –4.3 –3.4 –4.3 0.6 3.7 2.2 2.2 2.1 6.3 5.6 6.4 2.4 4.2 3.2 3.5 1.9 4.1 1.4 1.4 1.6 8.8 6.2 6.4 5.4 4.6 4.5 4.9 2.8 0.9 1.9 2.0 1.5 –14.3 32.1 –21.1 –19.8 –23.6 13.8 –2.3 –20.5 –2.1 10.1 14.5 0.8 –9.5 19.9 6.7 2.4 4.6 3.6 19.1 5.9 7.6 –4.6 28.5 1.8 4.0 10.5 5.9 12.8 4.3 –0.3 –11.4 17.4 6.8 2.4 13.4 3.3 9.6 2.4 4.7 2.3 8.1 9.4 1.1 9.6 3.5 5.3 38.6 8.0 6.3 10.2 –2.2 –29.3 46.8 5.2 4.0 13.0 5.8 4.5 7.4 3.3 5.1 10.7 3.9 3.9 10.3 –1.8 –8.4 7.3 –3.0 2.2 3.6 0.6 –1.7 –5.4 –7.1 –4.6 0.2 3.8 5.9 5.4 6.2 2.8 3.2 0.2 5.3 –2.0 4.8 3.7 5.7 6.0 5.5 2.7 5.6 11.9 14.4 10.8 2.6 6.1 13.1 11.0 14.1 2.7 4.0 3.4 –3.7 6.9 4.3 4.9 4.4 3.6 4.7 5.1 1.8 1.2 0.4 0.6 –0.1 –1.7 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. –7.6 –2.3 1.3 1.8 1.7 5.6 0.7 2.3 0.2 1.5 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2011 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 ..................................................................................... 9,382.1 3,355.3 1,285.2 2,079.3 6,034.2 9,399.5 3,351.0 1,284.1 2,076.2 6,055.2 9,394.2 3,348.0 1,277.3 2,078.8 6,052.7 9,395.7 3,328.4 1,261.1 2,073.2 6,072.6 9,388.4 3,317.3 1,242.1 2,077.7 6,075.7 9,437.3 3,338.6 1,270.4 2,075.6 6,103.6 9,433.5 3,326.3 1,258.1 2,073.6 6,111.5 9,477.8 3,364.4 1,290.5 2,083.8 6,119.1 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 33.5 28.3 22.4 8.5 6.4 17.4 –4.3 –1.1 –3.1 21.0 –5.3 –3.0 –6.8 2.6 –2.5 1.5 –19.6 –16.2 –5.6 19.9 –7.3 –11.1 –19.0 4.5 3.1 48.9 21.3 28.3 –2.1 27.9 –3.8 –12.3 –12.3 –2.0 7.9 44.3 38.1 32.4 10.2 7.6 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 0.8 1.8 0.4 0.1 0.2 –0.1 –0.1 –0.1 0.3 –0.1 –0.1 –0.5 0.1 0.0 0.0 –0.6 –1.3 –0.3 0.3 –0.1 –0.3 –1.5 0.2 0.1 0.5 0.6 2.3 –0.1 0.5 0.0 –0.4 –1.0 –0.1 0.1 0.5 1.1 2.6 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 2009 2010 2010 II 2011 III IV I II III 9,376.7 3,344.4 1,277.4 2,075.4 6,039.1 9,392.7 3,331.2 1,260.2 2,076.6 6,067.0 9,449.5 3,343.1 1,273.0 2,077.7 6,111.4 16.0 –13.2 –17.2 1.2 27.9 56.8 11.9 12.8 1.1 44.4 0.7 –1.6 –5.3 0.2 1.9 2.4 1.4 4.1 0.2 3.0 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,037.5 3,098.0 1,108.3 1,983.4 5,935.5 9,220.9 3,230.7 1,188.3 2,041.3 5,991.8 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –174.2 –94.9 –63.5 –35.7 –81.5 183.4 132.7 80.0 57.9 56.3 9,186.9 3,202.9 1,169.3 2,030.8 5,984.3 9,247.1 3,240.8 1,194.1 2,045.8 6,008.1 9,328.4 3,306.0 1,242.4 2,067.4 6,027.5 Change from preceding period in billions of chained (2005) dollars 65.7 29.6 21.8 9.7 36.9 60.2 37.9 24.8 15.0 23.8 81.3 65.2 48.3 21.6 19.4 48.3 38.4 35.0 8.0 11.6 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –1.9 –3.0 –5.4 –1.8 –1.4 2.0 4.3 7.2 2.9 0.9 2.9 3.8 7.8 1.9 2.5 2.6 4.8 8.8 3.0 1.6 3.6 8.3 17.2 4.3 1.3 2.1 4.7 11.7 1.6 0.8 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2011 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 ....................... 112.747 107.396 90.438 117.389 115.584 113.194 108.254 90.394 118.801 115.801 113.580 108.935 90.619 119.756 116.026 113.780 108.929 90.720 119.681 116.341 113.637 108.391 90.897 118.711 116.413 114.066 109.129 90.837 119.932 116.673 114.368 109.582 90.703 120.742 116.892 114.559 109.887 90.337 121.458 117.019 110.974 116.089 137.557 112.514 110.421 111.112 117.106 142.690 112.984 110.539 111.329 117.595 145.959 113.402 110.767 111.622 118.000 144.180 113.580 111.049 111.804 118.171 137.723 113.452 111.299 112.038 118.603 141.641 113.894 111.517 112.227 119.315 143.369 114.241 111.741 112.224 119.944 146.365 114.493 111.780 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 ....................... 0.4 0.8 0.2 1.0 0.2 0.4 0.8 0.0 1.2 0.2 0.3 0.6 0.2 0.8 0.2 0.2 0.0 0.1 –0.1 0.3 –0.1 –0.5 0.2 –0.8 0.1 0.4 0.7 –0.1 1.0 0.2 0.3 0.4 –0.1 0.7 0.2 0.2 0.3 –0.4 0.6 0.1 0.2 0.8 3.5 0.5 0.2 0.1 0.9 3.7 0.4 0.1 0.2 0.4 2.3 0.4 0.2 0.3 0.3 –1.2 0.2 0.3 0.2 0.1 –4.5 –0.1 0.2 0.2 0.4 2.8 0.4 0.2 0.2 0.6 1.2 0.3 0.2 0.0 0.5 2.1 0.2 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 2011 February Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... March 2.7 2.9 5.9 12.8 2.8 1.4 April 2.4 2.6 4.5 9.3 2.3 1.7 May 1.8 2.5 4.7 9.2 2.6 1.4 July r June 1.2 2.2 4.0 7.8 2.2 1.4 1.2 2.0 3.4 6.3 1.9 1.4 August r 0.8 2.4 3.9 7.1 2.4 1.7 September p 0.1 1.9 2.5 5.9 0.9 1.7 0.2 2.2 3.1 6.8 1.4 1.8 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2011 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 1.8 2.1 –1.8 4.0 1.6 2.0 3.0 –1.8 5.4 1.5 2.4 3.9 –1.4 6.5 1.6 2.6 4.4 –1.0 7.1 1.7 2.6 4.5 –0.5 7.0 1.7 2.8 4.7 –0.2 7.2 1.8 2.9 4.8 –0.5 7.4 1.9 2.9 4.9 –0.7 7.7 2.0 1.1 2.4 11.9 1.7 0.9 1.0 3.1 16.5 2.1 1.0 1.2 3.3 19.8 2.5 1.1 1.3 3.6 21.9 2.7 1.3 1.4 3.9 20.8 2.8 1.4 1.6 4.3 20.2 2.9 1.5 1.7 4.8 19.6 3.0 1.6 1.6 5.1 20.7 3.1 1.6 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.