EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 28, 2008 James E. Rankin: (202) 606-5301 (Personal Income)BEA 08-13 Michael Armah: (202) 606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: FEBRUARY 2008 Personal income increased $56.0 billion, or 0.5 percent, and disposable personal income (DPI) increased $48.7 billion, or 0.5 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $12.0 billion, or 0.1 percent. In January, personal income increased $30.4 billion, or 0.3 percent, DPI increased $43.7 billion, or 0.4 percent, and PCE increased $42.0 billion, or 0.4 percent, based on revised estimates. Real disposable income increased 0.3 percent in February, compared with an increase of 0.1 percent in January. Real PCE was unchanged in February; and increased 0.1 percent in January. 2007 2008 Oct. Nov. Dec. Jan. Feb. (Percent change from preceding month) Personal income, current dollars 0.2 0.3 0.4 0.3 0.5 Disposable personal income: Current dollars 0.2 0.3 0.4 0.4 0.5 Chained (2000) dollars 0.0 -0.3 0.2 0.1 0.3 Personal consumption expenditures: Current dollars 0.3 1.0 0.2 0.4 0.1 Chained (2000) dollars 0.1 0.3 -0.1 0.1 0.0 Compensation of employees Private wage and salary disbursements increased $14.8 billion in February, compared with an increase of $21.9 billion in January. The January change in private wages and salaries reflected an adjustment of $15.0 billion (at an annual rate) for large bonus payments. This type of irregular payment is not accounted for in the primary monthly source data for wages and salaries. The adjustment to January wages was based on data from state governments and from other sources. (The $15.0 billion adjustment is also reflected in the February estimate and a similar adjustment will be made to March.) Goods-producing industries' payrolls increased $2.7 billion in February, compared with an increase of $1.1 billion in January; manufacturing payrolls increased $2.2 billion, compared with an increase of $1.7 billion. Services-producing industries' payrolls increased $12.0 billion, compared with an increase of $20.9 billion. Government wage and salary disbursements increased $5.8 billion in February, compared with an increase of $10.7 billion in January. Pay raises for federal civilian personnel added $0.9 billion to the change in government payrolls in February; pay raises for federal civilian and military personnel had added $7.2 billion to government payrolls in January. Employer contributions for employee pension and insurance funds increased $4.7 billion in February, compared with an increase of $5.8 billion in January. Employer contributions for government social insurance increased $1.2 billion in February, compared with an increase of $6.1 billion in January. The January increase reflected an increase in the tax rate paid by employers to state unemployment insurance funds and an increase in the social security taxable wage base (from $97,500 to $102,000); together, these changes added $4.0 billion to the January change. (Changes in employer contributions for government social insurance do not affect personal income, because employer contributions for government social insurance are also included in total contributions for government social insurance, which is a subtraction in the calculation of personal income.) Other personal income Proprietors' income decreased $5.8 billion in February, in contrast to an increase of $5.6 billion in January. Farm proprietors' income decreased $3.2 billion, compared with a decrease of $3.4 billion. Nonfarm proprietors' income decreased $2.7 billion, in contrast to an increase of $9.0 billion in January. Rental income of persons decreased $4.0 billion in February, compared with a decrease of $3.9 billion in January. Personal income receipts on assets (personal interest income plus personal dividend income) increased $4.0 billion, compared with an increase of $3.0 billion. Personal current transfer receipts increased $38.2 billion in February, in contrast to a decrease of $4.7 billion in January. The changes in personal current transfer receipts primarily reflect the pattern of federal Medicare part D prescription drug payments, which were $46.4 billion in February, $17.2 billion in January, $39.1 billion in December, and $35.3 billion in November. These payments were reduced in $27.1 billion in January, $8.5 billion in December, and $8.7 billion in November to recover overpayments that were made in 2006. The January change in current transfer receipts reflected 2.3-percent cost-of-living adjustments to social security benefits and to several other federal transfer payment programs; together, these changes added $15.5 billion to the January change. The January change in current transfer receipts was also reduced by lump-sum social security benefits payments, which had added $6.9 billion to December benefit payments; these benefit payments resulted from a recalculation of the earnings base underlying the benefits for recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.6 billion in February, compared with an increase of $14.1 billion in January. The January increase reflected increases in both employer and personal contributions for government social insurance. As noted above, employer contributions were boosted $4.0 billion in January by increases in unemployment-insurance rates and in the social security taxable wage base. The January increase in personal contributions for government social insurance reflected an increase in the monthly premium paid by participants in the supplementary medical insurance program (Medicare part B) and in the increase in the social security taxable wage base; these changes added $5.0 billion to January personal contributions. Personal current taxes and disposable personal income Personal current taxes increased $7.3 billion in February, in contrast to a decrease of $13.3 billion in January. Federal net nonwithheld income taxes (payments of estimated taxes plus final settlements less refunds) reduced the January change by $23.2 billion, based on federal budget projections of lower final settlements and higher refunds for 2008. Indexation provisions of current tax law reduced federal withheld income taxes by $4.1 billion in January. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $48.7 billion, or 0.5 percent, in February, compared with an increase of $43.7 billion, or 0.4 percent, in January. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $15.8 billion in February, compared with an increase of $45.8 billion in January. PCE increased $12.0 billion, compared with an increase of $42.0 billion. Personal saving -- DPI less personal outlays -- was a positive $27.1 billion in February, in contrast to a negative $5.7 billion in January. Personal saving as a percentage of disposable personal income was a positive 0.3 percent in February, in contrast to a negative 0.1 percent in January. Negative personal saving reflects personal outlays that exceed disposable personal income. 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 help finance consumption), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in February, compared with an increase of 0.1 percent in January. Real PCE -- PCE adjusted to remove price changes -- was unchanged in February; real PCE increased 0.1 percent in January. Purchases of durable goods increased 0.2 percent in February, in contrast to a decrease of 0.8 percent in January. Purchases of nondurable goods decreased 0.1 percent in February, the same decrease as in January. Purchases of services increased less than 0.1 percent in February, compared with an increase of 0.4 percent in January. PCE prices -- The price index for PCE increased 0.1 percent in February, compared with an increase of 0.3 percent in January. Prices, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent. Revisions Estimates have been revised for October 2007 through January 2008. Changes in personal income, current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for December and January -- revised and as published in last month's release -- are shown below. Change from preceding month December January Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars..................... 54.0 52.5 0.5 0.4 32.2 30.4 0.3 0.3 Disposable personal income: Current dollars..................... 46.0 46.0 0.4 0.4 46.6 43.7 0.4 0.4 Chained (2000) dollars.............. 11.4 14.5 0.1 0.2 7.1 10.6 0.1 0.1 Personal consumption expenditures: Current dollars..................... 32.0 22.5 0.3 0.2 39.9 42.0 0.4 0.4 Chained (2000) dollars.............. 0.7 -4.3 0.0 -0.1 2.6 10.2 0.0 0.1 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 -- May 1, 2008 at 8:30 A.M. EDT for Personal Income and Outlays for March. Table 1.--Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Jul 07 Aug 07 Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\r\ Feb 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,683.7 11,735.9 11,785.5 11,814.7 11,851.3 11,903.8 11,934.2 11,990.2 Compensation of employees, received...... 7,853.7 7,876.4 7,918.1 7,927.1 7,958.7 7,985.7 8,030.3 8,056.7 Wage and salary disbursements.......... 6,358.6 6,376.8 6,412.9 6,417.3 6,443.8 6,466.1 6,498.7 6,519.3 Private industries................... 5,290.8 5,303.1 5,335.7 5,336.4 5,359.5 5,377.2 5,399.1 5,413.9 Goods-producing industries......... 1,215.8 1,217.1 1,219.6 1,216.9 1,221.1 1,219.0 1,220.1 1,222.8 Manufacturing.................... 755.1 754.9 754.2 752.2 755.3 753.3 755.0 757.2 Services-producing industries...... 4,075.0 4,086.0 4,116.0 4,119.5 4,138.5 4,158.2 4,179.1 4,191.1 Trade, transportation, and utilities....................... 1,031.9 1,031.3 1,036.9 1,036.1 1,038.0 1,042.9 1,044.5 1,045.8 Other services-producing industries...................... 3,043.2 3,054.7 3,079.1 3,083.4 3,100.5 3,115.3 3,134.6 3,145.3 Government........................... 1,067.7 1,073.7 1,077.2 1,080.9 1,084.3 1,088.9 1,099.6 1,105.4 Supplements to wages and salaries...... 1,495.1 1,499.6 1,505.2 1,509.8 1,514.9 1,519.6 1,531.5 1,537.4 Employer contributions for employee pension and insurance funds......... 1,019.2 1,022.8 1,026.2 1,030.7 1,034.3 1,037.7 1,043.5 1,048.2 Employer contributions for government social insurance.................... 476.0 476.8 479.0 479.1 480.6 481.9 488.0 489.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,051.3 1,050.7 1,043.9 1,050.6 1,059.8 1,057.4 1,063.0 1,057.2 Farm................................... 36.2 38.7 41.0 42.1 43.7 45.7 42.3 39.1 Nonfarm................................ 1,015.1 1,012.0 1,002.9 1,008.5 1,016.1 1,011.7 1,020.7 1,018.0 Rental income of persons with capital consumption adjustment.................. 66.9 68.3 70.1 74.0 77.8 81.6 77.7 73.7 Personal income receipts on assets....... 1,959.0 1,976.3 1,993.2 1,996.5 1,999.9 2,003.1 2,006.1 2,010.1 Personal interest income............... 1,161.5 1,171.1 1,180.8 1,177.0 1,173.2 1,169.4 1,168.0 1,166.6 Personal dividend income............... 797.5 805.1 812.4 819.5 826.6 833.7 838.1 843.4 Personal current transfer receipts....... 1,733.2 1,746.6 1,747.1 1,754.0 1,746.0 1,769.5 1,764.8 1,803.0 Government social benefits to persons.. 1,705.4 1,718.6 1,719.0 1,725.9 1,717.9 1,741.4 1,736.7 1,774.9 Old-age, survivors, disability, and health insurance benefits........... 1,027.6 1,038.7 1,037.4 1,035.8 1,027.1 1,045.3 1,031.0 1,064.5 Government unemployment insurance benefits............................ 31.5 32.1 31.5 31.5 32.3 33.3 33.4 34.6 Other................................ 646.2 647.7 650.2 658.5 658.5 662.7 672.3 675.7 Other current transfer receipts, from business (net)........................ 27.9 28.0 28.0 28.1 28.1 28.2 28.1 28.1 Less: Contributions for government social insurance............................... 980.4 982.3 986.9 987.4 990.8 993.6 1,007.7 1,010.3 Less: Personal current taxes............... 1,484.3 1,488.7 1,496.3 1,501.1 1,508.3 1,514.7 1,501.4 1,508.7 Equals: Disposable personal income......... 10,199.4 10,247.2 10,289.2 10,313.6 10,343.1 10,389.1 10,432.8 10,481.5 Less: Personal outlays..................... 10,153.7 10,198.3 10,250.6 10,280.9 10,373.0 10,392.8 10,438.6 10,454.4 Personal consumption expenditures........ 9,742.0 9,783.1 9,832.0 9,865.9 9,960.7 9,983.2 10,025.2 10,037.2 Durable goods.......................... 1,063.4 1,085.8 1,095.7 1,092.8 1,083.0 1,071.7 1,064.3 1,067.3 Nondurable goods....................... 2,854.3 2,830.6 2,854.0 2,868.4 2,920.2 2,924.8 2,941.1 2,934.0 Services............................... 5,824.3 5,866.7 5,882.3 5,904.7 5,957.5 5,986.7 6,019.8 6,035.9 Personal interest payments\1\............ 272.9 275.8 278.7 275.6 272.5 269.5 272.9 276.3 Personal current transfer payments....... 138.7 139.3 140.0 139.4 139.7 140.1 140.5 140.9 To government.......................... 86.5 87.1 87.8 88.1 88.5 88.9 89.3 89.7 To the rest of the world (net)......... 52.2 52.2 52.2 51.2 51.2 51.2 51.2 51.2 Equals: Personal saving.................... 45.7 48.9 38.5 32.7 -29.9 -3.7 -5.7 27.1 Personal saving as a percentage of disposable personal income.............. .4 .5 .4 .3 -.3 .0 -.1 .3 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,660.3 8,702.5 8,713.5 8,710.3 8,680.5 8,695.0 8,705.6 8,735.8 Per capita: Current dollars...................... 33,753 33,880 33,988 34,039 34,110 34,236 34,356 34,494 Chained (2000) dollars............... 28,660 28,773 28,783 28,748 28,627 28,653 28,668 28,749 Population (midperiod, thousands)\3\..... 302,178 302,450 302,728 302,989 303,228 303,457 303,670 303,867 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.--Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007\r\ III 06 IV 06 I 07 II 07 III 07 IV 07\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 10,983.4 11,659.5 11,030.9 11,200.2 11,469.2 11,577.3 11,735.0 11,856.6 Compensation of employees, received...... 7,440.8 7,851.7 7,442.5 7,599.9 7,764.9 7,801.9 7,882.7 7,957.2 Wage and salary disbursements.......... 6,018.2 6,359.6 6,015.8 6,153.0 6,294.4 6,318.9 6,382.7 6,442.4 Private industries................... 4,997.6 5,291.8 4,988.8 5,115.7 5,242.7 5,256.9 5,309.8 5,357.7 Goods-producing industries......... 1,166.8 1,214.5 1,158.5 1,191.4 1,208.9 1,212.6 1,217.5 1,219.0 Manufacturing.................... 731.0 754.5 724.3 743.3 755.4 754.1 754.7 753.6 Services-producing industries...... 3,830.8 4,077.3 3,830.3 3,924.4 4,033.9 4,044.3 4,092.3 4,138.7 Trade, transportation, and utilities....................... 985.1 1,031.5 985.8 1,002.2 1,020.0 1,033.7 1,033.3 1,039.0 Other services-producing industries...................... 2,845.7 3,045.8 2,844.5 2,922.2 3,013.8 3,010.6 3,059.0 3,099.7 Government........................... 1,020.6 1,067.8 1,027.0 1,037.2 1,051.7 1,061.9 1,072.9 1,084.7 Supplements to wages and salaries...... 1,422.6 1,492.1 1,426.7 1,446.9 1,470.5 1,483.0 1,500.0 1,514.8 Employer contributions for employee pension and insurance funds......... 970.7 1,016.8 975.4 986.7 999.2 1,010.9 1,022.7 1,034.3 Employer contributions for government social insurance.................... 451.8 475.3 451.3 460.2 471.3 472.1 477.3 480.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,006.7 1,042.6 1,003.6 1,009.8 1,027.4 1,038.4 1,048.7 1,055.9 Farm................................... 19.4 36.2 18.1 23.9 29.1 33.1 38.6 43.8 Nonfarm................................ 987.4 1,006.4 985.5 985.8 998.3 1,005.3 1,010.0 1,012.1 Rental income of persons with capital consumption adjustment.................. 54.5 65.4 52.9 50.9 53.2 62.1 68.4 77.8 Personal income receipts on assets....... 1,796.5 1,947.2 1,828.1 1,836.6 1,882.9 1,930.0 1,976.2 1,999.8 Personal interest income............... 1,100.2 1,154.7 1,119.7 1,102.8 1,126.1 1,148.4 1,171.1 1,173.2 Personal dividend income............... 696.3 792.5 708.4 733.8 756.8 781.6 805.0 826.6 Personal current transfer receipts....... 1,612.5 1,731.7 1,630.6 1,647.7 1,710.7 1,717.1 1,742.3 1,756.5 Government social benefits to persons.. 1,585.3 1,703.8 1,603.2 1,618.0 1,683.1 1,689.4 1,714.4 1,728.4 Old-age, survivors, disability, and health insurance benefits........... 946.4 1,022.5 956.1 972.0 999.4 1,020.1 1,034.6 1,036.1 Government unemployment insurance benefits............................ 29.9 31.9 30.0 30.3 31.8 31.7 31.7 32.4 Other................................ 609.0 649.4 617.1 615.7 651.8 637.6 648.1 659.9 Other current transfer receipts, from business (net)........................ 27.2 27.9 27.4 29.7 27.6 27.8 28.0 28.1 Less: Contributions for government social insurance............................... 927.6 979.0 926.8 944.6 969.8 972.2 983.2 990.6 Less: Personal current taxes............... 1,354.3 1,482.5 1,355.2 1,401.0 1,454.7 1,477.6 1,489.8 1,508.0 Equals: Disposable personal income......... 9,629.1 10,177.0 9,675.8 9,799.2 10,014.5 10,099.7 10,245.2 10,348.6 Less: Personal outlays..................... 9,590.3 10,134.1 9,677.1 9,757.2 9,917.5 10,069.2 10,200.9 10,348.9 Personal consumption expenditures........ 9,224.5 9,734.2 9,305.7 9,373.7 9,540.5 9,674.0 9,785.7 9,936.6 Durable goods.......................... 1,048.9 1,078.2 1,053.8 1,056.5 1,074.0 1,074.7 1,081.6 1,082.5 Nondurable goods....................... 2,688.0 2,833.2 2,732.4 2,705.4 2,759.4 2,822.7 2,846.3 2,904.5 Services............................... 5,487.6 5,822.8 5,519.5 5,611.8 5,707.1 5,776.5 5,857.8 5,949.7 Personal interest payments\1\............ 238.0 262.8 242.3 251.6 243.3 259.5 275.8 272.5 Personal current transfer payments....... 127.8 137.1 129.1 131.8 133.7 135.7 139.3 139.7 To government.......................... 78.9 86.1 79.6 81.2 83.4 85.3 87.1 88.5 To the rest of the world (net)......... 48.9 51.1 49.5 50.6 50.4 50.5 52.2 51.2 Equals: Personal saving.................... 38.8 42.9 -1.4 42.0 97.0 30.5 44.4 -.3 Personal saving as a percentage of disposable personal income.............. .4 .4 .0 .4 1.0 .3 .4 .0 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,396.9 8,654.4 8,384.5 8,510.7 8,623.9 8,607.1 8,692.1 8,695.2 Per capita: Current dollars...................... 32,183 33,689 32,299 32,626 33,270 33,480 33,874 34,128 Chained (2000) dollars............... 28,064 28,649 27,989 28,336 28,650 28,532 28,739 28,676 Population (midperiod, thousands)\3\..... 299,199 302,087 299,568 300,351 301,004 301,667 302,452 303,225 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Jul 07 Aug 07 Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\r\ Feb 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 57.2 52.2 49.6 29.2 36.6 52.5 30.4 56.0 Compensation of employees, received...... 21.4 22.7 41.7 9.0 31.6 27.0 44.6 26.4 Wage and salary disbursements.......... 14.4 18.2 36.1 4.4 26.5 22.3 32.6 20.6 Private industries................... 11.4 12.3 32.6 .7 23.1 17.7 21.9 14.8 Goods-producing industries......... -.3 1.3 2.5 -2.7 4.2 -2.1 1.1 2.7 Manufacturing.................... -.9 -.2 -.7 -2.0 3.1 -2.0 1.7 2.2 Services-producing industries...... 11.7 11.0 30.0 3.5 19.0 19.7 20.9 12.0 Trade, transportation, and utilities....................... -11.0 -.6 5.6 -.8 1.9 4.9 1.6 1.3 Other services-producing industries...................... 22.8 11.5 24.4 4.3 17.1 14.8 19.3 10.7 Government........................... 3.0 6.0 3.5 3.7 3.4 4.6 10.7 5.8 Supplements to wages and salaries...... 7.0 4.5 5.6 4.6 5.1 4.7 11.9 5.9 Employer contributions for employee pension and insurance funds......... 4.7 3.6 3.4 4.5 3.6 3.4 5.8 4.7 Employer contributions for government social insurance.................... 2.4 .8 2.2 .1 1.5 1.3 6.1 1.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.2 -.6 -6.8 6.7 9.2 -2.4 5.6 -5.8 Farm................................... 1.8 2.5 2.3 1.1 1.6 2.0 -3.4 -3.2 Nonfarm................................ 8.4 -3.1 -9.1 5.6 7.6 -4.4 9.0 -2.7 Rental income of persons with capital consumption adjustment.................. .4 1.4 1.8 3.9 3.8 3.8 -3.9 -4.0 Personal income receipts on assets....... 17.5 17.3 16.9 3.3 3.4 3.2 3.0 4.0 Personal interest income............... 9.7 9.6 9.7 -3.8 -3.8 -3.8 -1.4 -1.4 Personal dividend income............... 7.8 7.6 7.3 7.1 7.1 7.1 4.4 5.3 Personal current transfer receipts....... 12.8 13.4 .5 6.9 -8.0 23.5 -4.7 38.2 Government social benefits to persons.. 12.9 13.2 .4 6.9 -8.0 23.5 -4.7 38.2 Old-age, survivors, disability, and health insurance benefits........... .3 11.1 -1.3 -1.6 -8.7 18.2 -14.3 33.5 Government unemployment insurance benefits............................ .0 .6 -.6 .0 .8 1.0 .1 1.2 Other................................ 12.5 1.5 2.5 8.3 .0 4.2 9.6 3.4 Other current transfer receipts, from business (net)........................ .0 .1 .0 .1 .0 .1 -.1 .0 Less: Contributions for government social insurance............................... 5.2 1.9 4.6 .5 3.4 2.8 14.1 2.6 Less: Personal current taxes............... -1.8 4.4 7.6 4.8 7.2 6.4 -13.3 7.3 Equals: Disposable personal income......... 59.0 47.8 42.0 24.4 29.5 46.0 43.7 48.7 Less: Personal outlays..................... 41.7 44.6 52.3 30.3 92.1 19.8 45.8 15.8 Personal consumption expenditures........ 36.4 41.1 48.9 33.9 94.8 22.5 42.0 12.0 Durable goods.......................... -5.2 22.4 9.9 -2.9 -9.8 -11.3 -7.4 3.0 Nondurable goods....................... 18.9 -23.7 23.4 14.4 51.8 4.6 16.3 -7.1 Services............................... 22.8 42.4 15.6 22.4 52.8 29.2 33.1 16.1 Personal interest payments\1\............ 2.8 2.9 2.9 -3.1 -3.1 -3.0 3.4 3.4 Personal current transfer payments....... 2.3 .6 .7 -.6 .3 .4 .4 .4 To government.......................... .6 .6 .7 .3 .4 .4 .4 .4 To the rest of the world (net)......... 1.7 .0 .0 -1.0 .0 .0 .0 .0 Equals: Personal saving.................... 17.3 3.2 -10.4 -5.8 -62.6 26.2 -2.0 32.8 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 40.4 42.2 11.0 -3.2 -29.8 14.5 10.6 30.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007\r\ III 06 IV 06 I 07 II 07 III 07 IV 07\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 682.3 676.1 115.4 169.3 269.0 108.1 157.7 121.6 Compensation of employees, received...... 416.2 410.9 70.6 157.4 165.0 37.0 80.8 74.5 Wage and salary disbursements.......... 350.3 341.4 57.4 137.2 141.4 24.5 63.8 59.7 Private industries................... 310.7 294.2 44.2 126.9 127.0 14.2 52.9 47.9 Goods-producing industries......... 68.1 47.7 2.6 32.9 17.5 3.7 4.9 1.5 Manufacturing.................... 26.9 23.5 1.0 19.0 12.1 -1.3 .6 -1.1 Services-producing industries...... 242.5 246.5 41.7 94.1 109.5 10.4 48.0 46.4 Trade, transportation, and utilities....................... 48.1 46.4 4.9 16.4 17.8 13.7 -.4 5.7 Other services-producing industries...................... 194.5 200.1 36.7 77.7 91.6 -3.2 48.4 40.7 Government........................... 39.7 47.2 13.2 10.2 14.5 10.2 11.0 11.8 Supplements to wages and salaries...... 65.8 69.5 13.2 20.2 23.6 12.5 17.0 14.8 Employer contributions for employee pension and insurance funds......... 43.0 46.1 9.9 11.3 12.5 11.7 11.8 11.6 Employer contributions for government social insurance.................... 22.7 23.5 3.3 8.9 11.1 .8 5.2 3.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 36.8 35.9 -9.9 6.2 17.6 11.0 10.3 7.2 Farm................................... -11.4 16.8 3.5 5.8 5.2 4.0 5.5 5.2 Nonfarm................................ 48.3 19.0 -13.4 .3 12.5 7.0 4.7 2.1 Rental income of persons with capital consumption adjustment.................. 11.6 10.9 -2.5 -2.0 2.3 8.9 6.3 9.4 Personal income receipts on assets....... 178.7 150.7 32.4 8.5 46.3 47.1 46.2 23.6 Personal interest income............... 81.3 54.5 7.0 -16.9 23.3 22.3 22.7 2.1 Personal dividend income............... 97.4 96.2 25.5 25.4 23.0 24.8 23.4 21.6 Personal current transfer receipts....... 91.8 119.2 31.5 17.1 63.0 6.4 25.2 14.2 Government social benefits to persons.. 102.2 118.5 29.9 14.8 65.1 6.3 25.0 14.0 Old-age, survivors, disability, and health insurance benefits........... 101.1 76.1 16.0 15.9 27.4 20.7 14.5 1.5 Government unemployment insurance benefits............................ -1.4 2.0 .8 .3 1.5 -.1 .0 .7 Other................................ 2.6 40.4 13.2 -1.4 36.1 -14.2 10.5 11.8 Other current transfer receipts, from business (net)........................ -10.4 .7 1.5 2.3 -2.1 .2 .2 .1 Less: Contributions for government social insurance............................... 52.8 51.4 6.7 17.8 25.2 2.4 11.0 7.4 Less: Personal current taxes............... 145.2 128.2 12.6 45.8 53.7 22.9 12.2 18.2 Equals: Disposable personal income......... 537.1 547.9 102.9 123.4 215.3 85.2 145.5 103.4 Less: Personal outlays..................... 542.9 543.8 134.2 80.1 160.3 151.7 131.7 148.0 Personal consumption expenditures........ 516.7 509.7 121.8 68.0 166.8 133.5 111.7 150.9 Durable goods.......................... 25.0 29.3 11.0 2.7 17.5 .7 6.9 .9 Nondurable goods....................... 171.8 145.2 40.2 -27.0 54.0 63.3 23.6 58.2 Services............................... 319.8 335.2 70.6 92.3 95.3 69.4 81.3 91.9 Personal interest payments\1\............ 20.3 24.8 11.3 9.3 -8.3 16.2 16.3 -3.3 Personal current transfer payments....... 6.0 9.3 1.1 2.7 1.9 2.0 3.6 .4 To government.......................... 4.4 7.2 1.5 1.6 2.2 1.9 1.8 1.4 To the rest of the world (net)......... 1.6 2.2 -.4 1.1 -.2 .1 1.7 -1.0 Equals: Personal saving.................... -5.8 4.1 -31.4 43.4 55.0 -66.5 13.9 -44.7 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 249.0 257.5 35.9 126.2 113.2 -16.8 85.0 3.1 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Jul 07 Aug 07 Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\r\ Feb 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .5 .4 .4 .2 .3 .4 .3 .5 Compensation of employees, received...... .3 .3 .5 .1 .4 .3 .6 .3 Wage and salary disbursements.......... .2 .3 .6 .1 .4 .3 .5 .3 Supplements to wages and salaries...... .5 .3 .4 .3 .3 .3 .8 .4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.0 -.1 -.6 .6 .9 -.2 .5 -.5 Rental income of persons with capital consumption adjustment.................. .6 2.1 2.7 5.5 5.2 5.0 -4.8 -5.3 Personal income receipts on assets....... .9 .9 .9 .2 .2 .2 .2 .2 Personal interest income............... .8 .8 .8 -.3 -.3 -.3 -.1 -.1 Personal dividend income............... 1.0 1.0 .9 .9 .9 .8 .5 .6 Personal current transfer receipts....... .7 .8 .0 .4 -.5 1.3 -.3 2.2 Less: Contributions for government social insurance............................... .5 .2 .5 .0 .3 .3 1.4 .3 Less: Personal current taxes............... -.1 .3 .5 .3 .5 .4 -.9 .5 Equals: Disposable personal income......... .6 .5 .4 .2 .3 .4 .4 .5 Addenda: Personal consumption expenditures........ .4 .4 .5 .3 1.0 .2 .4 .1 Durable goods.......................... -.5 2.1 .9 -.3 -.9 -1.0 -.7 .3 Nondurable goods....................... .7 -.8 .8 .5 1.8 .2 .6 -.2 Services............................... .4 .7 .3 .4 .9 .5 .6 .3 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... .5 .5 .1 .0 -.3 .2 .1 .3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007\r\ III 06 IV 06 I 07 II 07 III 07 IV 07\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 6.6 6.2 4.3 6.3 10.0 3.8 5.6 4.2 Compensation of employees, received...... 5.9 5.5 3.9 8.7 9.0 1.9 4.2 3.8 Wage and salary disbursements.......... 6.2 5.7 3.9 9.4 9.5 1.6 4.1 3.8 Supplements to wages and salaries...... 4.8 4.9 3.8 5.8 6.7 3.4 4.7 4.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 3.8 3.6 -3.9 2.5 7.2 4.4 4.0 2.8 Rental income of persons with capital consumption adjustment.................. 27.2 19.9 -16.7 -14.0 19.2 85.9 47.1 67.1 Personal income receipts on assets....... 11.0 8.4 7.4 1.9 10.5 10.4 9.9 4.9 Personal interest income............... 8.0 5.0 2.5 -5.9 8.7 8.2 8.2 .7 Personal dividend income............... 16.3 13.8 15.8 15.1 13.1 13.8 12.5 11.2 Personal current transfer receipts....... 6.0 7.4 8.1 4.3 16.2 1.5 6.0 3.3 Less: Contributions for government social insurance............................... 6.0 5.5 3.0 7.9 11.1 1.0 4.6 3.0 Less: Personal current taxes............... 12.0 9.5 3.8 14.2 16.2 6.5 3.3 5.0 Equals: Disposable personal income......... 5.9 5.7 4.4 5.2 9.1 3.4 5.9 4.1 Addenda: Personal consumption expenditures........ 5.9 5.5 5.4 3.0 7.3 5.7 4.7 6.3 Durable goods.......................... 2.4 2.8 4.3 1.0 6.8 .3 2.6 .3 Nondurable goods....................... 6.8 5.4 6.1 -3.9 8.2 9.5 3.4 8.4 Services............................... 6.2 6.1 5.3 6.9 7.0 5.0 5.7 6.4 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... 3.1 3.1 1.7 6.2 5.4 -.8 4.0 .1 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jul 07 Aug 07 Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\r\ Feb 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,272.0 8,308.4 8,326.4 8,332.2 8,359.6 8,355.3 8,365.5 8,365.5 Durable goods............................ 1,217.2 1,247.3 1,261.2 1,257.2 1,248.6 1,238.7 1,228.8 1,231.3 Nondurable goods......................... 2,398.8 2,389.7 2,402.0 2,406.0 2,407.6 2,398.8 2,396.6 2,393.1 Services................................. 4,676.3 4,698.3 4,693.8 4,698.5 4,728.7 4,739.9 4,758.5 4,760.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 21.8 36.4 18.0 5.8 27.4 -4.3 10.2 .0 Durable goods............................ -4.2 30.1 13.9 -4.0 -8.6 -9.9 -9.9 2.5 Nondurable goods......................... 13.7 -9.1 12.3 4.0 1.6 -8.8 -2.2 -3.5 Services................................. 10.4 22.0 -4.5 4.7 30.2 11.2 18.6 1.7 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .3 .4 .2 .1 .3 -.1 .1 .0 Durable goods............................ -.4 2.5 1.1 -.3 -.7 -.8 -.8 .2 Nondurable goods......................... .6 -.4 .5 .2 .1 -.4 -.1 -.1 Services................................. .2 .5 -.1 .1 .6 .2 .4 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007\r\ III 06 IV 06 I 07 II 07 III 07 IV 07\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,044.1 8,277.8 8,063.8 8,141.2 8,215.7 8,244.3 8,302.2 8,349.1 Durable goods............................ 1,180.5 1,235.4 1,186.3 1,197.6 1,223.2 1,228.4 1,241.9 1,248.1 Nondurable goods......................... 2,337.7 2,392.8 2,343.9 2,368.8 2,386.6 2,383.8 2,396.8 2,404.2 Services................................. 4,545.5 4,674.8 4,554.0 4,595.5 4,630.7 4,656.7 4,689.5 4,722.4 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 240.5 233.7 54.5 77.4 74.5 28.6 57.9 46.9 Durable goods............................ 43.1 54.9 16.1 11.3 25.6 5.2 13.5 6.2 Nondurable goods......................... 82.3 55.1 18.3 24.9 17.8 -2.8 13.0 7.4 Services................................. 118.2 129.3 22.4 41.5 35.2 26.0 32.8 32.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 3.1 2.9 2.8 3.9 3.7 1.4 2.8 2.3 Durable goods............................ 3.8 4.7 5.6 3.9 8.8 1.7 4.5 2.0 Nondurable goods......................... 3.6 2.4 3.2 4.3 3.0 -.5 2.2 1.2 Services................................. 2.7 2.8 2.0 3.7 3.1 2.3 2.8 2.8 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jul 07 Aug 07 Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\r\ Feb 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2000=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 117.776 117.755 118.087 118.412 119.158 119.488 119.844 119.988 Durable goods............................ 87.363 87.044 86.865 86.927 86.736 86.514 86.613 86.680 Nondurable goods......................... 118.989 118.451 118.813 119.219 121.286 121.923 122.715 122.601 Services................................. 124.557 124.877 125.329 125.680 125.995 126.312 126.515 126.808 Addenda: PCE excluding food and energy............ 114.457 114.645 114.946 115.188 115.403 115.618 115.871 116.000 Market-based PCE\1\...................... 116.173 116.053 116.333 116.665 117.498 117.853 118.203 118.322 Market-based PCE excluding food and energy\1\........................... 111.768 111.876 112.105 112.338 112.554 112.778 113.000 113.096 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .0 .3 .3 .6 .3 .3 .1 Durable goods............................ -.1 -.4 -.2 .1 -.2 -.3 .1 .1 Nondurable goods......................... .1 -.5 .3 .3 1.7 .5 .6 -.1 Services................................. .2 .3 .4 .3 .3 .3 .2 .2 Addenda: PCE excluding food and energy............ .2 .2 .3 .2 .2 .2 .2 .1 Market-based PCE\1\...................... .1 -.1 .2 .3 .7 .3 .3 .1 Market-based PCE excluding food and energy\1\........................... .1 .1 .2 .2 .2 .2 .2 .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 ----------------------------------------------------------------------------------------------------------------------------------- Jul 07 Aug 07 Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\r\ Feb 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 3.6 4.0 3.4 2.7 2.0 1.8 1.4 1.3 Personal consumption expenditures.......... 2.5 3.2 3.2 2.7 2.8 2.2 1.9 1.7 Durable goods............................ 1.9 6.2 6.0 5.8 4.6 2.3 .3 .9 Nondurable goods......................... 2.2 2.0 2.6 2.1 1.9 .4 .4 .3 Services................................. 2.7 3.2 3.0 2.4 2.9 3.1 3.0 2.4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jul 07 Aug 07 Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\r\ Feb 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.1 1.8 2.5 3.0 3.6 3.5 3.5 3.4 Durable goods............................ -1.8 -2.2 -1.9 -1.8 -1.7 -1.6 -1.3 -1.3 Nondurable goods......................... 1.8 1.0 2.8 4.4 6.6 6.3 6.8 6.3 Services................................. 3.1 3.0 3.1 3.2 3.2 3.2 2.9 2.9 Addenda: PCE excluding food and energy............ 2.0 1.9 1.9 2.0 2.1 2.2 2.0 2.0 Market-based PCE\1\...................... 2.0 1.7 2.3 3.0 3.7 3.6 3.7 3.4 Market-based PCE excluding food and energy\1\........................... 1.8 1.6 1.6 1.7 1.9 2.0 1.8 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.