News Release
Personal Income and Outlays, July 2007
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James E. Rankin: (202) 606-5301 (Personal Income) BEA 07-39
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: JULY 2007
Personal income increased $61.9 billion, or 0.5 percent, and disposable personal income (DPI)
increased $57.3 billion, or 0.6 percent, in July, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $37.8 billion, or 0.4 percent. In June, personal
income increased $45.7 billion, or 0.4 percent, DPI increased $36.5 billion, or 0.4 percent, and PCE
increased $16.1 billion, or 0.2 percent, based on revised estimates.
2007
Mar. Apr. May June July
(Percent change from preceding month)
Personal income, current dollars 0.8 -0.1 0.4 0.4 0.5
Disposable personal income:
Current dollars 0.8 -0.1 0.4 0.4 0.6
Chained (2000) dollars 0.4 -0.4 -0.1 0.2 0.5
Personal consumption expenditures:
Current dollars 0.2 0.6 0.6 0.2 0.4
Chained (2000) dollars -0.2 0.3 0.1 0.0 0.3
This news release presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for January through March 2007 (first quarter). These
estimates reflect newly available first-quarter wage and salary tabulations from the quarterly census
of employment and wages from the Bureau of Labor Statistics.
Wages and salaries
Private wage and salary disbursements increased $26.9 billion in July, compared with an
increase of $28.7 billion in June. Goods-producing industries' payrolls increased $1.2 billion,
compared with an increase of $5.2 billion; manufacturing payrolls increased $1.9 billion, compared
with an increase of $4.2 billion. Services-producing industries' payrolls increased $25.7 billion,
compared with an increase of $23.5 billion. Government wage and salary disbursements increased
$1.9 billion, compared with an increase of $3.8 billion.
Other personal income
Supplements to wages and salaries increased $6.3 billion in July, compared with an increase of
$5.6 billion in June.
Proprietors' income increased $5.2 billion in July, in contrast to a decrease of $1.6 billion in
June. Farm proprietors' income decreased less than $0.1 billion, compared with a decrease of $2.7
billion. Nonfarm proprietors' income increased $5.2 billion, compared with an increase of $1.1
billion.
Rental income of persons decreased $1.7 billion in July, in contrast to an increase of $4.4
billion in June. Personal income receipts on assets (personal interest income plus personal dividend
income) increased $16.2 billion, compared with an increase of $8.8 billion. Personal current transfer
receipts increased $11.0 billion, in contrast to a decrease of $0.1 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $3.8 billion in July, the same increase as in June.
Personal current taxes and disposable personal income
Personal current taxes increased $4.6 billion in July, compared with an increase of $9.2 billion
in June. Disposable personal income (DPI) -- personal income less personal current taxes --
increased $57.3 billion, or 0.6 percent, in July, compared with an increase of $36.5 billion, or 0.4
percent, in June.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $37.1 billion in July, compared with an increase of $26.0 billion in June. PCE increased
$37.8 billion, compared with an increase of $16.1 billion.
Personal saving -- DPI less personal outlays -- was $72.2 billion in July, compared with $52.0
billion in June. Personal saving as a percentage of disposable personal income was 0.7 percent in
July, compared with 0.5 percent in June. Saving from current income may be near zero or negative
when outlays are financed by borrowing (including borrowing financed through credit cards or home
equity loans), by selling investments or other assets, or by using savings from previous periods. For
more information, see the FAQs on "Personal Saving" on BEA's Web site. For a comparison of
personal saving in BEA's national income and product accounts with personal saving in the Federal
Reserve Board's flow of funds accounts and data on changes in net worth (which helped finance
negative saving), go to /bea/dn/nipaweb/Nipa-Frb.asp.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in July, compared
with an increase of 0.2 percent in June.
Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in July, compared
with an increase of less than 0.1 percent in June. Purchases of durable goods increased 0.5 percent,
in contrast to a decrease of 1.8 percent. Purchases of nondurable goods increased 0.4 percent,
compared with an increase of 0.1 percent. Purchases of services increased 0.2 percent, compared
with an increase of 0.3 percent.
PCE price index -- The PCE price index increased 0.1 percent in July, compared with an
increase of 0.2 percent in June. The PCE price index, excluding food and energy, increased 0.1
percent, compared with an increase of 0.2 percent.
Revisions
Estimates for personal income and DPI have been revised for January through June;
estimates for PCE have been revised for April through June. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for May and
June -- revised and as published in last month's release -- are shown below.
For January through June, the revisions to wages and salaries reflect the incorporation of the
most recently available BLS tabulations of first-quarter private wages and salaries from the quarterly
census of employment and wages. Revisions to personal current taxes and to contributions for
government social insurance reflect the revisions to wages and salaries.
Change from preceding month
May June
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.................... 50.5 48.2 0.4 0.4 51.7 45.7 0.4 0.4
Disposable personal income:
Current dollars.................... 41.1 40.2 0.4 0.4 42.1 36.5 0.4 0.4
Chained (2000) dollars............. -6.6 -6.4 -0.1 -0.1 23.4 18.1 0.3 0.2
Personal consumption expenditures:
Current dollars.................... 62.5 53.8 0.6 0.6 11.1 16.1 0.1 0.2
Chained (2000) dollars............. 13.5 6.9 0.2 0.1 -2.4 1.3 0.0 0.0
BEA's national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov.
By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and
announcements.
* * *
Next release -- Personal Income and Outlays for August will be released on
September 28, 2007, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\r\ May 07\r\ Jun 07\r\ Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 11,272.9 11,375.5 11,467.5 11,564.7 11,557.5 11,605.7 11,651.4 11,713.3
Compensation of employees, received...... 7,646.4 7,712.1 7,761.5 7,821.1 7,817.3 7,848.0 7,886.0 7,921.0
Wage and salary disbursements.......... 6,193.0 6,248.4 6,291.2 6,343.6 6,336.2 6,361.9 6,394.3 6,423.1
Private industries................... 5,153.6 5,200.7 5,239.1 5,288.5 5,277.1 5,300.0 5,328.7 5,355.6
Goods-producing industries......... 1,199.2 1,203.4 1,205.9 1,217.3 1,220.8 1,224.2 1,229.4 1,230.6
Manufacturing.................... 747.4 750.9 754.4 760.8 763.5 764.4 768.6 770.5
Services-producing industries...... 3,954.4 3,997.2 4,033.2 4,071.2 4,056.3 4,075.8 4,099.3 4,125.0
Trade, transportation, and
utilities....................... 1,006.3 1,014.9 1,018.2 1,027.0 1,026.7 1,030.4 1,038.1 1,041.5
Other services-producing
industries...................... 2,948.1 2,982.3 3,015.1 3,044.2 3,029.5 3,045.4 3,061.1 3,083.5
Government........................... 1,039.4 1,047.7 1,052.1 1,055.1 1,059.2 1,061.8 1,065.6 1,067.5
Supplements to wages and salaries...... 1,453.5 1,463.7 1,470.3 1,477.5 1,481.0 1,486.1 1,491.7 1,498.0
Employer contributions for employee
pension and insurance funds......... 990.6 995.7 999.3 1,002.7 1,007.3 1,010.8 1,014.6 1,019.1
Employer contributions for government
social insurance.................... 462.9 468.0 471.0 474.8 473.8 475.3 477.2 478.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,019.4 1,019.8 1,029.6 1,032.9 1,030.3 1,030.7 1,029.1 1,034.3
Farm................................... 25.0 27.2 29.5 30.5 27.0 23.9 21.2 21.2
Nonfarm................................ 994.5 992.6 1,000.1 1,002.3 1,003.3 1,006.8 1,007.9 1,013.1
Rental income of persons with capital
consumption adjustment.................. 50.0 51.2 53.0 55.4 57.8 60.6 65.0 63.3
Personal income receipts on assets....... 1,837.2 1,859.5 1,882.5 1,906.6 1,915.7 1,924.8 1,933.6 1,949.8
Personal interest income............... 1,095.3 1,110.7 1,126.1 1,141.5 1,142.3 1,143.1 1,143.9 1,152.3
Personal dividend income............... 741.9 748.8 756.4 765.0 773.4 781.7 789.7 797.5
Personal current transfer receipts....... 1,669.5 1,696.4 1,710.4 1,725.3 1,711.4 1,719.8 1,719.7 1,730.7
Government social benefits to persons.. 1,639.1 1,668.8 1,682.8 1,697.6 1,683.7 1,692.0 1,691.8 1,702.8
Old-age, survivors, disability, and
health insurance benefits........... 986.2 990.0 1,000.5 1,007.8 1,010.2 1,022.7 1,026.7 1,028.1
Government unemployment insurance
benefits............................ 31.2 31.6 31.9 31.9 31.9 31.6 31.5 31.5
Other................................ 621.8 647.3 650.3 657.9 641.6 637.8 633.6 643.2
Other current transfer receipts, from
business (net)........................ 30.4 27.6 27.6 27.7 27.7 27.8 27.9 27.9
Less: Contributions for government social
insurance............................... 949.7 963.5 969.5 976.6 975.1 978.2 982.0 985.8
Less: Personal current taxes............... 1,418.6 1,440.8 1,454.2 1,469.1 1,474.6 1,482.6 1,491.8 1,496.4
Equals: Disposable personal income......... 9,854.4 9,934.7 10,013.3 10,095.5 10,082.9 10,123.1 10,159.6 10,216.9
Less: Personal outlays..................... 9,820.0 9,878.8 9,927.9 9,945.7 10,017.9 10,081.6 10,107.6 10,144.7
Personal consumption expenditures........ 9,434.2 9,497.5 9,550.8 9,573.0 9,633.2 9,687.0 9,703.1 9,740.9
Durable goods.......................... 1,064.4 1,075.6 1,072.7 1,073.6 1,069.0 1,087.0 1,068.5 1,072.1
Nondurable goods....................... 2,738.5 2,741.1 2,751.0 2,786.1 2,794.5 2,838.0 2,838.6 2,851.7
Services............................... 5,631.3 5,680.8 5,727.1 5,713.4 5,769.7 5,762.0 5,796.0 5,817.2
Personal interest payments\1\............ 253.3 248.3 243.3 238.3 247.5 256.8 266.1 264.7
Personal current transfer payments....... 132.5 133.0 133.7 134.4 137.2 137.8 138.4 139.0
To government.......................... 81.8 82.7 83.4 84.1 84.7 85.3 85.9 86.5
To the rest of the world (net)......... 50.6 50.4 50.4 50.4 52.5 52.5 52.5 52.5
Equals: Personal saving.................... 34.4 55.9 85.4 149.8 65.0 41.5 52.0 72.2
Personal saving as a percentage of
disposable personal income.............. .3 .6 .9 1.5 .6 .4 .5 .7
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,538.4 8,583.9 8,627.7 8,659.9 8,624.8 8,618.4 8,636.5 8,677.9
Per capita:
Current dollars...................... 32,719 32,963 33,202 33,451 33,384 33,491 33,585 33,746
Chained (2000) dollars............... 28,350 28,481 28,608 28,694 28,556 28,513 28,550 28,662
Population (midperiod, thousands)\3\..... 301,183 301,389 301,583 301,799 302,028 302,262 302,507 302,761
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2007.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 I 06 II 06 III 06 IV 06 I 07\r\ II 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,301.1 10,983.4 10,787.1 10,915.5 11,030.9 11,200.2 11,469.2 11,604.9
Compensation of employees, received...... 7,024.6 7,440.8 7,348.7 7,371.9 7,442.5 7,599.9 7,764.9 7,850.4
Wage and salary disbursements.......... 5,667.9 6,018.2 5,945.6 5,958.4 6,015.8 6,153.0 6,294.4 6,364.1
Private industries................... 4,686.9 4,997.6 4,941.1 4,944.6 4,988.8 5,115.7 5,242.7 5,301.9
Goods-producing industries......... 1,098.7 1,166.8 1,161.3 1,155.9 1,158.5 1,191.4 1,208.9 1,224.8
Manufacturing.................... 704.1 731.0 732.9 723.3 724.3 743.3 755.4 765.5
Services-producing industries...... 3,588.3 3,830.8 3,779.9 3,788.6 3,830.3 3,924.4 4,033.9 4,077.1
Trade, transportation, and
utilities....................... 937.0 985.1 971.7 980.9 985.8 1,002.2 1,020.0 1,031.8
Other services-producing
industries...................... 2,651.2 2,845.7 2,808.1 2,807.8 2,844.5 2,922.2 3,013.8 3,045.4
Government........................... 980.9 1,020.6 1,004.4 1,013.8 1,027.0 1,037.2 1,051.7 1,062.2
Supplements to wages and salaries...... 1,356.8 1,422.6 1,403.1 1,413.5 1,426.7 1,446.9 1,470.5 1,486.3
Employer contributions for employee
pension and insurance funds......... 927.7 970.7 955.2 965.5 975.4 986.7 999.2 1,010.9
Employer contributions for government
social insurance.................... 429.1 451.8 447.9 448.0 451.3 460.2 471.3 475.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 969.9 1,006.7 1,000.1 1,013.5 1,003.6 1,009.8 1,027.4 1,030.1
Farm................................... 30.8 19.4 20.8 14.6 18.1 23.9 29.1 24.1
Nonfarm................................ 939.1 987.4 979.3 998.9 985.5 985.8 998.3 1,006.0
Rental income of persons with capital
consumption adjustment.................. 42.9 54.5 59.0 55.4 52.9 50.9 53.2 61.1
Personal income receipts on assets....... 1,617.8 1,796.5 1,725.6 1,795.7 1,828.1 1,836.6 1,882.9 1,924.7
Personal interest income............... 1,018.9 1,100.2 1,065.7 1,112.7 1,119.7 1,102.8 1,126.1 1,143.1
Personal dividend income............... 598.9 696.3 659.9 682.9 708.4 733.8 756.8 781.6
Personal current transfer receipts....... 1,520.7 1,612.5 1,572.5 1,599.1 1,630.6 1,647.7 1,710.7 1,717.0
Government social benefits to persons.. 1,483.1 1,585.3 1,546.9 1,573.3 1,603.2 1,618.0 1,683.1 1,689.2
Old-age, survivors, disability, and
health insurance benefits........... 845.3 946.4 917.4 940.1 956.1 972.0 999.4 1,019.9
Government unemployment insurance
benefits............................ 31.3 29.9 30.2 29.2 30.0 30.3 31.8 31.7
Other................................ 606.4 609.0 599.3 603.9 617.1 615.7 651.8 637.6
Other current transfer receipts, from
business (net)........................ 37.6 27.2 25.7 25.9 27.4 29.7 27.6 27.8
Less: Contributions for government social
insurance............................... 874.8 927.6 918.8 920.1 926.8 944.6 969.8 978.4
Less: Personal current taxes............... 1,209.1 1,354.3 1,318.6 1,342.6 1,355.2 1,401.0 1,454.7 1,483.0
Equals: Disposable personal income......... 9,092.0 9,629.1 9,468.5 9,572.9 9,675.8 9,799.2 10,014.5 10,121.9
Less: Personal outlays..................... 9,047.4 9,590.3 9,384.0 9,542.9 9,677.1 9,757.2 9,917.5 10,069.0
Personal consumption expenditures........ 8,707.8 9,224.5 9,034.7 9,183.9 9,305.7 9,373.7 9,540.5 9,674.4
Durable goods.......................... 1,023.9 1,048.9 1,042.6 1,042.8 1,053.8 1,056.5 1,074.0 1,074.8
Nondurable goods....................... 2,516.2 2,688.0 2,622.1 2,692.2 2,732.4 2,705.4 2,759.4 2,823.7
Services............................... 5,167.8 5,487.6 5,370.0 5,448.9 5,519.5 5,611.8 5,707.1 5,775.9
Personal interest payments\1\............ 217.7 238.0 227.1 231.0 242.3 251.6 243.3 256.8
Personal current transfer payments....... 121.8 127.8 122.2 128.0 129.1 131.8 133.7 137.8
To government.......................... 74.5 78.9 76.9 78.1 79.6 81.2 83.4 85.3
To the rest of the world (net)......... 47.3 48.9 45.3 49.9 49.5 50.6 50.4 52.5
Equals: Personal saving.................... 44.6 38.8 84.5 30.0 -1.4 42.0 97.0 52.8
Personal saving as a percentage of
disposable personal income.............. .5 .4 .9 .3 .0 .4 1.0 .5
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,147.9 8,396.9 8,344.2 8,348.6 8,384.5 8,510.7 8,623.9 8,626.5
Per capita:
Current dollars...................... 30,616 32,115 31,693 31,970 32,231 32,561 33,206 33,487
Chained (2000) dollars............... 27,436 28,005 27,930 27,881 27,930 28,280 28,595 28,539
Population (midperiod, thousands)\3\..... 296,972 299,833 298,754 299,432 300,196 300,950 301,590 302,266
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2007.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\r\ May 07\r\ Jun 07\r\ Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 85.6 102.6 92.0 97.2 -7.2 48.2 45.7 61.9
Compensation of employees, received...... 49.5 65.7 49.4 59.6 -3.8 30.7 38.0 35.0
Wage and salary disbursements.......... 42.8 55.4 42.8 52.4 -7.4 25.7 32.4 28.8
Private industries................... 40.6 47.1 38.4 49.4 -11.4 22.9 28.7 26.9
Goods-producing industries......... 9.7 4.2 2.5 11.4 3.5 3.4 5.2 1.2
Manufacturing.................... 6.2 3.5 3.5 6.4 2.7 .9 4.2 1.9
Services-producing industries...... 31.0 42.8 36.0 38.0 -14.9 19.5 23.5 25.7
Trade, transportation, and
utilities....................... 2.1 8.6 3.3 8.8 -.3 3.7 7.7 3.4
Other services-producing
industries...................... 28.8 34.2 32.8 29.1 -14.7 15.9 15.7 22.4
Government........................... 2.1 8.3 4.4 3.0 4.1 2.6 3.8 1.9
Supplements to wages and salaries...... 6.8 10.2 6.6 7.2 3.5 5.1 5.6 6.3
Employer contributions for employee
pension and insurance funds......... 3.9 5.1 3.6 3.4 4.6 3.5 3.8 4.5
Employer contributions for government
social insurance.................... 3.0 5.1 3.0 3.8 -1.0 1.5 1.9 1.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 12.3 .4 9.8 3.3 -2.6 .4 -1.6 5.2
Farm................................... .9 2.2 2.3 1.0 -3.5 -3.1 -2.7 .0
Nonfarm................................ 11.6 -1.9 7.5 2.2 1.0 3.5 1.1 5.2
Rental income of persons with capital
consumption adjustment.................. -1.1 1.2 1.8 2.4 2.4 2.8 4.4 -1.7
Personal income receipts on assets....... .6 22.3 23.0 24.1 9.1 9.1 8.8 16.2
Personal interest income............... -7.4 15.4 15.4 15.4 .8 .8 .8 8.4
Personal dividend income............... 8.0 6.9 7.6 8.6 8.4 8.3 8.0 7.8
Personal current transfer receipts....... 29.8 26.9 14.0 14.9 -13.9 8.4 -.1 11.0
Government social benefits to persons.. 29.1 29.7 14.0 14.8 -13.9 8.3 -.2 11.0
Old-age, survivors, disability, and
health insurance benefits........... 19.3 3.8 10.5 7.3 2.4 12.5 4.0 1.4
Government unemployment insurance
benefits............................ 2.3 .4 .3 .0 .0 -.3 -.1 .0
Other................................ 7.6 25.5 3.0 7.6 -16.3 -3.8 -4.2 9.6
Other current transfer receipts, from
business (net)........................ .8 -2.8 .0 .1 .0 .1 .1 .0
Less: Contributions for government social
insurance............................... 5.7 13.8 6.0 7.1 -1.5 3.1 3.8 3.8
Less: Personal current taxes............... 18.8 22.2 13.4 14.9 5.5 8.0 9.2 4.6
Equals: Disposable personal income......... 66.9 80.3 78.6 82.2 -12.6 40.2 36.5 57.3
Less: Personal outlays..................... 80.9 58.8 49.1 17.8 72.2 63.7 26.0 37.1
Personal consumption expenditures........ 78.5 63.3 53.3 22.2 60.2 53.8 16.1 37.8
Durable goods.......................... 11.1 11.2 -2.9 .9 -4.6 18.0 -18.5 3.6
Nondurable goods....................... 49.3 2.6 9.9 35.1 8.4 43.5 .6 13.1
Services............................... 18.2 49.5 46.3 -13.7 56.3 -7.7 34.0 21.2
Personal interest payments\1\............ 1.7 -5.0 -5.0 -5.0 9.2 9.3 9.3 -1.4
Personal current transfer payments....... .7 .5 .7 .7 2.8 .6 .6 .6
To government.......................... .6 .9 .7 .7 .6 .6 .6 .6
To the rest of the world (net)......... .0 -.2 .0 .0 2.1 .0 .0 .0
Equals: Personal saving.................... -13.9 21.5 29.5 64.4 -84.8 -23.5 10.5 20.2
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 28.8 45.5 43.8 32.2 -35.1 -6.4 18.1 41.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2007.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 I 06 II 06 III 06 IV 06 I 07\r\ II 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 573.9 682.3 219.7 128.4 115.4 169.3 269.0 135.7
Compensation of employees, received...... 353.2 416.2 190.4 23.2 70.6 157.4 165.0 85.5
Wage and salary disbursements.......... 273.4 350.3 167.7 12.8 57.4 137.2 141.4 69.7
Private industries................... 235.5 310.7 154.5 3.5 44.2 126.9 127.0 59.2
Goods-producing industries......... 49.5 68.1 41.7 -5.4 2.6 32.9 17.5 15.9
Manufacturing.................... 17.2 26.9 24.5 -9.6 1.0 19.0 12.1 10.1
Services-producing industries...... 186.1 242.5 113.0 8.7 41.7 94.1 109.5 43.2
Trade, transportation, and
utilities....................... 38.4 48.1 20.8 9.2 4.9 16.4 17.8 11.8
Other services-producing
industries...................... 147.6 194.5 92.1 -.3 36.7 77.7 91.6 31.6
Government........................... 37.8 39.7 13.0 9.4 13.2 10.2 14.5 10.5
Supplements to wages and salaries...... 79.9 65.8 22.7 10.4 13.2 20.2 23.6 15.8
Employer contributions for employee
pension and insurance funds......... 59.2 43.0 10.6 10.3 9.9 11.3 12.5 11.7
Employer contributions for government
social insurance.................... 20.8 22.7 12.1 .1 3.3 8.9 11.1 4.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 58.3 36.8 7.5 13.4 -9.9 6.2 17.6 2.7
Farm................................... -6.5 -11.4 -7.4 -6.2 3.5 5.8 5.2 -5.0
Nonfarm................................ 64.8 48.3 14.9 19.6 -13.4 .3 12.5 7.7
Rental income of persons with capital
consumption adjustment.................. -75.5 11.6 -.3 -3.6 -2.5 -2.0 2.3 7.9
Personal income receipts on assets....... 185.7 178.7 16.1 70.1 32.4 8.5 46.3 41.8
Personal interest income............... 123.8 81.3 -7.6 47.0 7.0 -16.9 23.3 17.0
Personal dividend income............... 61.9 97.4 23.7 23.0 25.5 25.4 23.0 24.8
Personal current transfer receipts....... 98.2 91.8 36.3 26.6 31.5 17.1 63.0 6.3
Government social benefits to persons.. 87.0 102.2 41.1 26.4 29.9 14.8 65.1 6.1
Old-age, survivors, disability, and
health insurance benefits........... 57.3 101.1 57.9 22.7 16.0 15.9 27.4 20.5
Government unemployment insurance
benefits............................ -4.7 -1.4 -1.3 -1.0 .8 .3 1.5 -.1
Other................................ 34.4 2.6 -15.5 4.6 13.2 -1.4 36.1 -14.2
Other current transfer receipts, from
business (net)........................ 11.2 -10.4 -4.7 .2 1.5 2.3 -2.1 .2
Less: Contributions for government social
insurance............................... 46.0 52.8 30.3 1.3 6.7 17.8 25.2 8.6
Less: Personal current taxes............... 162.8 145.2 67.6 24.0 12.6 45.8 53.7 28.3
Equals: Disposable personal income......... 411.1 537.1 152.1 104.4 102.9 123.4 215.3 107.4
Less: Personal outlays..................... 548.2 542.9 138.3 158.9 134.2 80.1 160.3 151.5
Personal consumption expenditures........ 511.9 516.7 135.4 149.2 121.8 68.0 166.8 133.9
Durable goods.......................... 40.0 25.0 36.9 .2 11.0 2.7 17.5 .8
Nondurable goods....................... 172.5 171.8 30.8 70.1 40.2 -27.0 54.0 64.3
Services............................... 299.5 319.8 67.6 78.9 70.6 92.3 95.3 68.8
Personal interest payments\1\............ 26.4 20.3 4.5 3.9 11.3 9.3 -8.3 13.5
Personal current transfer payments....... 9.7 6.0 -1.5 5.8 1.1 2.7 1.9 4.1
To government.......................... 5.6 4.4 .7 1.2 1.5 1.6 2.2 1.9
To the rest of the world (net)......... 4.2 1.6 -2.3 4.6 -.4 1.1 -.2 2.1
Equals: Personal saving.................... -137.1 -5.8 13.7 -54.5 -31.4 43.4 55.0 -44.2
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 139.0 249.0 98.2 4.4 35.9 126.2 113.2 2.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2007.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\r\ May 07\r\ Jun 07\r\ Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .8 .9 .8 .8 -.1 .4 .4 .5
Compensation of employees, received...... .7 .9 .6 .8 .0 .4 .5 .4
Wage and salary disbursements.......... .7 .9 .7 .8 -.1 .4 .5 .5
Supplements to wages and salaries...... .5 .7 .4 .5 .2 .3 .4 .4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1.2 .0 1.0 .3 -.2 .0 -.2 .5
Rental income of persons with capital
consumption adjustment.................. -2.1 2.4 3.3 4.6 4.3 4.9 7.2 -2.7
Personal income receipts on assets....... .0 1.2 1.2 1.3 .5 .5 .5 .8
Personal interest income............... -.7 1.4 1.4 1.4 .1 .1 .1 .7
Personal dividend income............... 1.1 .9 1.0 1.1 1.1 1.1 1.0 1.0
Personal current transfer receipts....... 1.8 1.6 .8 .9 -.8 .5 .0 .6
Less: Contributions for government social
insurance............................... .6 1.5 .6 .7 -.2 .3 .4 .4
Less: Personal current taxes............... 1.3 1.6 .9 1.0 .4 .5 .6 .3
Equals: Disposable personal income......... .7 .8 .8 .8 -.1 .4 .4 .6
Addenda:
Personal consumption expenditures........ .8 .7 .6 .2 .6 .6 .2 .4
Durable goods.......................... 1.1 1.0 -.3 .1 -.4 1.7 -1.7 .3
Nondurable goods....................... 1.8 .1 .4 1.3 .3 1.6 .0 .5
Services............................... .3 .9 .8 -.2 1.0 -.1 .6 .4
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... .3 .5 .5 .4 -.4 -.1 .2 .5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2007.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 I 06 II 06 III 06 IV 06 I 07\r\ II 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.9 6.6 8.6 4.8 4.3 6.3 10.0 4.8
Compensation of employees, received...... 5.3 5.9 11.1 1.3 3.9 8.7 9.0 4.5
Wage and salary disbursements.......... 5.1 6.2 12.1 .9 3.9 9.4 9.5 4.5
Supplements to wages and salaries...... 6.3 4.8 6.8 3.0 3.8 5.8 6.7 4.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.4 3.8 3.0 5.5 -3.9 2.5 7.2 1.0
Rental income of persons with capital
consumption adjustment.................. -63.8 27.2 -1.8 -22.4 -16.7 -14.0 19.2 74.5
Personal income receipts on assets....... 13.0 11.0 3.8 17.3 7.4 1.9 10.5 9.2
Personal interest income............... 13.8 8.0 -2.8 18.9 2.5 -5.9 8.7 6.2
Personal dividend income............... 11.5 16.3 15.8 14.7 15.8 15.1 13.1 13.8
Personal current transfer receipts....... 6.9 6.0 9.8 6.9 8.1 4.3 16.2 1.5
Less: Contributions for government social
insurance............................... 5.5 6.0 14.4 .6 3.0 7.9 11.1 3.6
Less: Personal current taxes............... 15.6 12.0 23.4 7.5 3.8 14.2 16.2 8.0
Equals: Disposable personal income......... 4.7 5.9 6.7 4.5 4.4 5.2 9.1 4.4
Addenda:
Personal consumption expenditures........ 6.2 5.9 6.2 6.8 5.4 3.0 7.3 5.7
Durable goods.......................... 4.1 2.4 15.5 .1 4.3 1.0 6.8 .3
Nondurable goods....................... 7.4 6.8 4.9 11.1 6.1 -3.9 8.2 9.7
Services............................... 6.2 6.2 5.2 6.0 5.3 6.9 7.0 4.9
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 1.7 3.1 4.9 .2 1.7 6.2 5.4 .1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2007.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Dec 06 Jan 07 Feb 07 Mar 07 Apr 07\r\ May 07\r\ Jun 07\r\ Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,174.4 8,206.1 8,229.3 8,211.7 8,240.1 8,247.0 8,248.3 8,273.5
Durable goods............................ 1,211.0 1,225.3 1,220.8 1,223.4 1,220.8 1,243.3 1,221.2 1,227.1
Nondurable goods......................... 2,388.2 2,386.1 2,385.2 2,388.4 2,379.6 2,386.3 2,387.7 2,396.7
Services................................. 4,599.1 4,620.7 4,646.4 4,625.1 4,662.1 4,646.4 4,661.7 4,672.8
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 40.2 31.7 23.2 -17.6 28.4 6.9 1.3 25.2
Durable goods............................ 17.1 14.3 -4.5 2.6 -2.6 22.5 -22.1 5.9
Nondurable goods......................... 25.4 -2.1 -.9 3.2 -8.8 6.7 1.4 9.0
Services................................. 2.0 21.6 25.7 -21.3 37.0 -15.7 15.3 11.1
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .5 .4 .3 -.2 .3 .1 .0 .3
Durable goods............................ 1.4 1.2 -.4 .2 -.2 1.8 -1.8 .5
Nondurable goods......................... 1.1 -.1 .0 .1 -.4 .3 .1 .4
Services................................. .0 .5 .6 -.5 .8 -.3 .3 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 I 06 II 06 III 06 IV 06 I 07 II 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,803.6 8,044.1 7,961.9 8,009.3 8,063.8 8,141.2 8,215.7 8,245.2
Durable goods............................ 1,137.4 1,180.5 1,167.8 1,170.2 1,186.3 1,197.6 1,223.2 1,228.4
Nondurable goods......................... 2,255.4 2,337.7 2,312.3 2,325.6 2,343.9 2,368.8 2,386.6 2,384.5
Services................................. 4,427.3 4,545.5 4,501.0 4,531.6 4,554.0 4,595.5 4,630.7 4,656.7
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 242.2 240.5 85.0 47.4 54.5 77.4 74.5 29.5
Durable goods............................ 52.6 43.1 44.0 2.4 16.1 11.3 25.6 5.2
Nondurable goods......................... 77.8 82.3 25.5 13.3 18.3 24.9 17.8 -2.1
Services................................. 116.3 118.2 23.5 30.6 22.4 41.5 35.2 26.0
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.2 3.1 4.4 2.4 2.8 3.9 3.7 1.4
Durable goods............................ 4.9 3.8 16.6 .8 5.6 3.9 8.8 1.7
Nondurable goods......................... 3.6 3.6 4.5 2.3 3.2 4.3 3.0 -.3
Services................................. 2.7 2.7 2.1 2.7 2.0 3.7 3.1 2.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Dec 06 Jan 07 Feb 07 Mar 07 Apr 07\r\ May 07\r\ Jun 07\r\ Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 115.417 115.740 116.064 116.582 116.910 117.464 117.641 117.741
Durable goods............................ 87.895 87.779 87.862 87.754 87.559 87.421 87.485 87.360
Nondurable goods......................... 114.669 114.876 115.337 116.647 117.438 118.930 118.885 118.984
Services................................. 122.453 122.951 123.266 123.538 123.765 124.018 124.339 124.498
Addenda:
PCE excluding food and energy............ 113.182 113.572 113.773 113.846 113.961 114.092 114.265 114.414
Market-based PCE\1\...................... 113.726 114.039 114.397 114.981 115.320 115.907 116.055 116.136
Market-based PCE excluding food
and energy\1\........................... 110.602 110.992 111.212 111.278 111.364 111.449 111.585 111.721
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .3 .3 .3 .4 .3 .5 .2 .1
Durable goods............................ -.4 -.1 .1 -.1 -.2 -.2 .1 -.1
Nondurable goods......................... .8 .2 .4 1.1 .7 1.3 .0 .1
Services................................. .3 .4 .3 .2 .2 .2 .3 .1
Addenda:
PCE excluding food and energy............ .1 .3 .2 .1 .1 .1 .2 .1
Market-based PCE\1\...................... .4 .3 .3 .5 .3 .5 .1 .1
Market-based PCE excluding food
and energy\1\........................... .1 .4 .2 .1 .1 .1 .1 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\r\ May 07\r\ Jun 07\r\ Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 2.9 3.0 3.3 3.7 3.3 3.5 3.2 3.8
Personal consumption expenditures.......... 3.3 3.4 3.2 3.0 3.0 3.0 2.8 2.5
Durable goods............................ 5.8 4.3 5.3 4.7 3.8 6.9 4.3 2.7
Nondurable goods......................... 4.5 3.1 3.0 3.4 2.3 2.6 2.7 2.1
Services................................. 2.3 3.3 2.9 2.4 3.2 2.4 2.6 2.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2007.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Dec 06 Jan 07 Feb 07 Mar 07 Apr 07\r\ May 07\r\ Jun 07\r\ Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.3 2.1 2.3 2.5 2.3 2.4 2.3 2.1
Durable goods............................ -1.7 -1.8 -1.6 -1.6 -1.9 -2.0 -1.6 -1.8
Nondurable goods......................... 2.1 1.4 1.9 2.6 2.2 2.5 2.2 1.8
Services................................. 3.2 3.3 3.3 3.3 3.2 3.2 3.1 3.0
Addenda:
PCE excluding food and energy............ 2.3 2.4 2.5 2.3 2.1 2.0 1.9 1.9
Market-based PCE\1\...................... 2.1 1.9 2.2 2.4 2.2 2.3 2.2 2.0
Market-based PCE excluding food
and energy\1\........................... 2.0 2.2 2.3 2.1 1.9 1.8 1.7 1.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.