EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, MAY 3, 2010 James Rankin: (202)606-5301 (Personal Income)BEA 10-17 Kyle Brown: (202)606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: MARCH 2010 Personal income increased $36.0 billion, or 0.3 percent, and disposable personal income (DPI) increased $32.3 billion, or 0.3 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $58.6 billion, or 0.6 percent. In February, personal income increased $7.1 billion, or 0.1 percent, DPI increased $4.3 billion, or less than 0.1 percent, and PCE increased $56.4 billion, or 0.5 percent, based on revised estimates. Real disposable income increased 0.2 percent in March, compared with an increase of less than 0.1 percent in February. Real PCE increased 0.5 percent, the same increase as in February. 2009 2010 Nov. Dec. Jan. Feb. Mar. (Percent change from preceding month) Personal income, current dollars 0.4 0.4 0.4 0.1 0.3 Disposable personal income: Current dollars 0.4 0.5 -0.2 0.0 0.3 Chained (2005) dollars 0.2 0.3 -0.4 0.0 0.2 Personal consumption expenditures: Current dollars 0.5 0.4 0.3 0.5 0.6 Chained (2005) dollars 0.3 0.2 0.1 0.5 0.5 Wages and salaries Private wage and salary disbursements increased $11.8 billion in March, compared with an increase of $6.8 billion in February. Goods-producing industries' payrolls increased $2.2 billion, in contrast to a decrease of $3.3 billion; manufacturing payrolls increased $0.3 billion, in contrast to a decrease of $1.1 billion. Services-producing industries' payrolls increased $9.6 billion, compared with an increase of $10.0 billion. Government wage and salary disbursements increased $1.8 billion, compared with an increase of $0.9 billion. Other personal income Supplements to wages and salaries increased $3.2 billion in March, compared with an increase of $3.0 billion in February. Proprietors' income increased $2.7 billion in March, in contrast to a decrease of $3.3 billion in February. Farm proprietors' income decreased $5.2 billion in March, the same decrease as in February. Nonfarm proprietors' income increased $7.9 billion in March, compared with an increase of $2.0 billion in February. Rental income of persons increased $1.9 billion in March, compared with an increase of $1.8 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $8.3 billion, compared with a decrease of $8.4 billion. Personal current transfer receipts increased $24.9 billion in March, compared with an increase of $7.3 billion in February. Emergency unemployment compensation boosted the level of “other” personal current transfer receipts by $12.0 billion at an annual rate in March. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.0 billion in March, compared with an increase of $1.0 billion in February. Personal current taxes and disposable personal income Personal current taxes increased $3.7 billion in March, compared with an increase of $2.8 billion in February. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $32.3 billion, or 0.3 percent, in March, compared with an increase of $4.3 billion, or less than 0.1 percent, in February. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $60.6 billion in March, compared with an increase of $58.3 billion in February. PCE increased $58.6 billion, compared with an increase of $56.4 billion. Personal saving -- DPI less personal outlays -- was $304.0 billion in March, compared with $332.2 billion in February. Personal saving as a percentage of disposable personal income was 2.7 percent in March, compared with 3.0 percent in February. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and PCE price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in March, compared with an increase of less 0.1 percent in February. Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in March, the same increase as in February. Purchases of durable goods increased 3.4 percent in March, compared with an increase of 1.0 percent in February. Purchases of motor vehicles and parts accounted for most of the increase in durable goods in March. Purchases of nondurable goods increased 0.4 percent in March, compared with an increase of 0.7 percent in February. Purchases of services increased less than 0.1 percent, compared with an increase of 0.4 percent. PCE price index -- The price index for PCE increased 0.1 percent in March, compared with an increase of less than 0.1 percent in February. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of less than 0.1 percent. Revisions Estimates have been revised for January and February. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for January and February -- revised and as published in last month's release -- are shown below. Change from preceding month January February Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 30.4 48.0 0.3 0.4 1.2 7.1 0.0 0.1 Disposable personal income: Current dollars -26.0 -20.7 -0.2 -0.2 1.6 4.3 0.0 0.0 Chained (2005) dollars -40.1 -36.2 -0.4 -0.4 1.8 2.9 0.0 0.0 Personal consumption expenditures: Current dollars 38.5 31.2 0.4 0.3 34.7 56.4 0.3 0.5 Chained (2005) dollars 19.6 12.1 0.2 0.1 31.7 50.0 0.3 0.5 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 – May 28, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for April. -more- ________________________ 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- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,011.9 12,028.7 12,049.5 12,095.6 12,148.1 12,196.1 12,203.2 12,239.2 Compensation of employees, received...... 7,762.6 7,749.1 7,762.6 7,776.7 7,780.0 7,828.5 7,839.2 7,856.0 Wage and salary disbursements.......... 6,259.5 6,245.9 6,257.5 6,269.6 6,271.8 6,305.8 6,313.5 6,327.1 Private industries................... 5,073.7 5,061.8 5,070.7 5,081.6 5,081.0 5,107.9 5,114.7 5,126.5 Goods-producing industries......... 1,045.2 1,038.0 1,033.9 1,037.7 1,034.2 1,041.0 1,037.7 1,039.9 Manufacturing.................... 646.2 642.8 642.8 646.5 644.7 649.9 648.8 649.1 Services-producing industries...... 4,028.6 4,023.8 4,036.7 4,043.9 4,046.8 4,067.0 4,077.0 4,086.6 Trade, transportation, and utilities....................... 978.7 978.7 978.1 977.4 976.7 981.9 985.0 987.7 Other services-producing industries...................... 3,049.9 3,045.2 3,058.7 3,066.5 3,070.1 3,085.1 3,092.0 3,098.9 Government........................... 1,185.8 1,184.1 1,186.9 1,188.1 1,190.8 1,197.9 1,198.8 1,200.6 Supplements to wages and salaries...... 1,503.1 1,503.2 1,505.1 1,507.0 1,508.2 1,522.7 1,525.7 1,528.9 Employer contributions for employee pension and insurance funds......... 1,046.2 1,047.2 1,048.6 1,049.7 1,051.0 1,053.3 1,055.8 1,057.9 Employer contributions for government social insurance.................... 456.9 456.0 456.4 457.3 457.2 469.4 470.0 471.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,038.4 1,040.2 1,050.5 1,062.2 1,068.1 1,066.1 1,062.8 1,065.5 Farm................................... 25.8 23.5 29.3 35.2 41.1 35.9 30.7 25.5 Nonfarm................................ 1,012.6 1,016.7 1,021.2 1,027.0 1,027.0 1,030.1 1,032.1 1,040.0 Rental income of persons with capital consumption adjustment.................. 277.9 282.6 285.0 286.7 288.3 290.2 292.0 293.9 Personal income receipts on assets....... 1,763.1 1,763.9 1,776.2 1,788.5 1,800.8 1,792.5 1,784.1 1,775.8 Personal interest income............... 1,234.9 1,228.0 1,231.2 1,234.4 1,237.6 1,238.3 1,238.9 1,239.6 Personal dividend income............... 528.2 535.9 545.0 554.1 563.2 554.2 545.2 536.2 Personal current transfer receipts....... 2,133.7 2,155.3 2,138.7 2,146.8 2,176.2 2,202.2 2,209.5 2,234.4 Government social benefits to persons.. 2,100.9 2,122.4 2,105.8 2,113.8 2,143.3 2,169.0 2,176.2 2,201.0 Old-age, survivors, disability, and health insurance benefits........... 1,162.8 1,176.3 1,175.7 1,181.5 1,187.0 1,185.5 1,188.6 1,193.7 Government unemployment insurance benefits............................ 137.4 138.1 129.9 127.1 143.8 137.2 135.0 146.8 Other................................ 800.7 808.0 800.2 805.2 812.6 846.3 852.7 860.5 Other current transfer receipts, from business (net)........................ 32.8 32.8 32.9 32.9 33.0 33.3 33.3 33.3 Less: Contributions for government social insurance, domestic..................... 963.8 962.3 963.5 965.2 965.3 983.4 984.4 986.4 Less: Personal current taxes............... 1,072.4 1,068.8 1,067.3 1,069.3 1,070.6 1,139.3 1,142.1 1,145.8 Equals: Disposable personal income......... 10,939.5 10,959.8 10,982.2 11,026.3 11,077.5 11,056.8 11,061.1 11,093.4 Less: Personal outlays..................... 10,567.3 10,503.3 10,557.0 10,604.8 10,636.2 10,670.6 10,728.9 10,789.5 Personal consumption expenditures........ 10,197.4 10,132.8 10,188.6 10,241.8 10,278.8 10,310.0 10,366.4 10,425.0 Goods.................................. 3,353.6 3,278.4 3,304.9 3,355.8 3,350.6 3,374.5 3,396.1 3,441.7 Durable goods........................ 1,102.7 1,012.4 1,034.5 1,058.6 1,062.9 1,052.1 1,061.0 1,098.7 Nondurable goods..................... 2,250.8 2,266.0 2,270.3 2,297.3 2,287.6 2,322.5 2,335.1 2,343.0 Services............................... 6,843.8 6,854.5 6,883.7 6,886.0 6,928.2 6,935.5 6,970.3 6,983.3 Personal interest payments\1\............ 215.5 215.6 209.4 203.1 196.9 198.2 199.5 200.8 Personal current transfer payments....... 154.4 154.8 159.1 159.8 160.5 162.4 163.1 163.7 To government.......................... 92.5 92.9 93.8 94.6 95.3 95.9 96.6 97.2 To the rest of the world (net)......... 61.9 61.9 65.3 65.3 65.3 66.5 66.5 66.5 Equals: Personal saving.................... 372.2 456.5 425.2 421.5 441.3 386.2 332.2 304.0 Personal saving as a percentage of disposable personal income.............. 3.4 4.2 3.9 3.8 4.0 3.5 3.0 2.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,013.1 9,000.0 9,010.0 9,027.6 9,034.4 9,038.6 9,037.5 9,039.4 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,981.5 9,990.4 9,984.0 10,005.3 10,036.1 9,999.9 10,002.8 10,022.9 Per capita: Current dollars...................... 35,539 35,576 35,621 35,739 35,880 35,791 35,783 35,865 Chained (2005) dollars............... 32,427 32,429 32,384 32,429 32,507 32,369 32,359 32,405 Population (midperiod, thousands)\3\..... 307,815 308,068 308,304 308,526 308,733 308,930 309,119 309,306 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 IV 08 I 09 II 09 III 09 IV 09 I 10 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,238.8 12,026.1 12,233.5 11,952.7 12,048.8 12,005.2 12,097.7 12,212.8 Compensation of employees, received...... 8,042.4 7,786.6 8,050.3 7,805.8 7,815.9 7,751.4 7,773.1 7,841.2 Wage and salary disbursements.......... 6,545.9 6,284.1 6,543.5 6,307.8 6,313.1 6,249.2 6,266.3 6,315.5 Private industries................... 5,404.6 5,101.7 5,388.6 5,136.0 5,128.8 5,064.3 5,077.8 5,116.4 Goods-producing industries......... 1,206.5 1,063.1 1,192.2 1,107.3 1,067.8 1,042.1 1,035.3 1,039.5 Manufacturing.................... 742.0 658.1 732.2 681.0 662.0 644.9 644.7 649.3 Services-producing industries...... 4,198.1 4,038.6 4,196.5 4,028.8 4,061.0 4,022.2 4,042.5 4,076.9 Trade, transportation, and utilities....................... 1,048.3 986.5 1,039.4 1,002.3 989.3 977.0 977.4 984.9 Other services-producing industries...................... 3,149.8 3,052.1 3,157.1 3,026.5 3,071.7 3,045.2 3,065.1 3,092.0 Government........................... 1,141.3 1,182.4 1,154.9 1,171.8 1,184.4 1,184.8 1,188.6 1,199.1 Supplements to wages and salaries...... 1,496.6 1,502.5 1,506.8 1,498.0 1,502.8 1,502.3 1,506.8 1,525.8 Employer contributions for employee pension and insurance funds......... 1,023.9 1,043.9 1,033.2 1,037.8 1,042.0 1,046.1 1,049.8 1,055.7 Employer contributions for government social insurance.................... 472.7 458.5 473.6 460.2 460.8 456.2 457.0 470.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,106.3 1,041.0 1,083.6 1,037.8 1,028.0 1,037.9 1,060.3 1,064.8 Farm................................... 48.7 29.3 39.0 27.3 28.9 25.8 35.2 30.7 Nonfarm................................ 1,057.5 1,011.7 1,044.5 1,010.5 999.1 1,012.0 1,025.1 1,034.1 Rental income of persons with capital consumption adjustment.................. 210.4 268.1 236.7 245.9 262.0 277.9 286.7 292.0 Personal income receipts on assets....... 1,994.4 1,792.6 1,958.1 1,845.5 1,773.4 1,763.1 1,788.5 1,784.1 Personal interest income............... 1,308.0 1,238.5 1,292.9 1,243.4 1,241.1 1,234.9 1,234.4 1,238.9 Personal dividend income............... 686.4 554.2 665.2 602.1 532.3 528.2 554.1 545.2 Personal current transfer receipts....... 1,875.9 2,104.8 1,898.0 1,987.3 2,140.3 2,137.5 2,153.9 2,215.4 Government social benefits to persons.. 1,843.2 2,072.0 1,865.3 1,954.7 2,107.7 2,104.7 2,121.0 2,182.1 Old-age, survivors, disability, and health insurance benefits........... 1,070.3 1,156.7 1,087.0 1,128.5 1,151.1 1,165.8 1,181.4 1,189.3 Government unemployment insurance benefits............................ 50.6 122.0 70.3 96.2 122.5 135.7 133.6 139.6 Other................................ 722.4 793.3 708.0 730.1 834.1 803.2 806.0 853.2 Other current transfer receipts, from business (net)........................ 32.6 32.7 32.7 32.5 32.7 32.8 32.9 33.3 Less: Contributions for government social insurance, domestic..................... 990.6 966.9 993.3 969.7 970.9 962.5 964.7 984.7 Less: Personal current taxes............... 1,432.4 1,102.5 1,434.3 1,187.3 1,082.6 1,071.0 1,069.1 1,142.4 Equals: Disposable personal income......... 10,806.4 10,923.6 10,799.1 10,765.4 10,966.2 10,934.3 11,028.7 11,070.4 Less: Personal outlays..................... 10,520.0 10,458.7 10,389.9 10,362.3 10,370.5 10,502.8 10,599.3 10,729.7 Personal consumption expenditures........ 10,129.9 10,089.1 10,009.8 9,987.7 9,999.3 10,132.9 10,236.4 10,367.1 Goods.................................. 3,403.2 3,255.2 3,227.5 3,197.7 3,193.8 3,292.3 3,337.1 3,404.1 Durable goods........................ 1,095.2 1,035.0 1,019.9 1,025.2 1,011.5 1,051.3 1,052.0 1,070.6 Nondurable goods..................... 2,308.0 2,220.2 2,207.6 2,172.4 2,182.2 2,241.0 2,285.1 2,333.5 Services............................... 6,726.8 6,833.9 6,782.3 6,790.0 6,805.6 6,840.6 6,899.3 6,963.0 Personal interest payments\1\............ 237.7 213.9 228.8 220.4 216.7 215.5 203.1 199.5 Personal current transfer payments....... 152.3 155.7 151.3 154.2 154.5 154.4 159.8 163.0 To government.......................... 87.9 92.2 89.5 90.4 91.4 92.5 94.5 96.5 To the rest of the world (net)......... 64.5 63.5 61.8 63.8 63.1 61.9 65.3 66.5 Equals: Personal saving.................... 286.4 464.9 409.2 403.1 595.7 431.5 429.3 340.8 Personal saving as a percentage of disposable personal income.............. 2.7 4.3 3.8 3.7 5.4 3.9 3.9 3.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,504.6 9,081.6 9,494.4 9,188.7 9,105.5 9,010.5 9,024.0 9,038.5 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,911.3 9,999.0 9,920.4 9,926.4 10,077.5 9,984.4 10,008.5 10,008.5 Per capita: Current dollars...................... 35,450 35,526 35,304 35,124 35,709 35,522 35,747 35,813 Chained (2005) dollars............... 32,514 32,519 32,431 32,387 32,815 32,436 32,440 32,378 Population (midperiod, thousands)\3\..... 304,831 307,483 305,890 306,496 307,101 307,815 308,521 309,119 ----------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 36.7 16.8 20.8 46.1 52.5 48.0 7.1 36.0 Compensation of employees, received...... 19.9 -13.5 13.5 14.1 3.3 48.5 10.7 16.8 Wage and salary disbursements.......... 17.5 -13.6 11.6 12.1 2.2 34.0 7.7 13.6 Private industries................... 16.3 -11.9 8.9 10.9 -.6 26.9 6.8 11.8 Goods-producing industries......... 1.9 -7.2 -4.1 3.8 -3.5 6.8 -3.3 2.2 Manufacturing.................... .5 -3.4 .0 3.7 -1.8 5.2 -1.1 .3 Services-producing industries...... 14.5 -4.8 12.9 7.2 2.9 20.2 10.0 9.6 Trade, transportation, and utilities....................... 5.1 .0 -.6 -.7 -.7 5.2 3.1 2.7 Other services-producing industries...................... 9.4 -4.7 13.5 7.8 3.6 15.0 6.9 6.9 Government........................... 1.2 -1.7 2.8 1.2 2.7 7.1 .9 1.8 Supplements to wages and salaries...... 2.4 .1 1.9 1.9 1.2 14.5 3.0 3.2 Employer contributions for employee pension and insurance funds......... 1.2 1.0 1.4 1.1 1.3 2.3 2.5 2.1 Employer contributions for government social insurance.................... 1.2 -.9 .4 .9 -.1 12.2 .6 1.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 3.4 1.8 10.3 11.7 5.9 -2.0 -3.3 2.7 Farm................................... -2.4 -2.3 5.8 5.9 5.9 -5.2 -5.2 -5.2 Nonfarm................................ 5.8 4.1 4.5 5.8 .0 3.1 2.0 7.9 Rental income of persons with capital consumption adjustment.................. 4.6 4.7 2.4 1.7 1.6 1.9 1.8 1.9 Personal income receipts on assets....... .8 .8 12.3 12.3 12.3 -8.3 -8.4 -8.3 Personal interest income............... -6.9 -6.9 3.2 3.2 3.2 .7 .6 .7 Personal dividend income............... 7.7 7.7 9.1 9.1 9.1 -9.0 -9.0 -9.0 Personal current transfer receipts....... 10.3 21.6 -16.6 8.1 29.4 26.0 7.3 24.9 Government social benefits to persons.. 10.3 21.5 -16.6 8.0 29.5 25.7 7.2 24.8 Old-age, survivors, disability, and health insurance benefits........... 4.4 13.5 -.6 5.8 5.5 -1.5 3.1 5.1 Government unemployment insurance benefits............................ 5.9 .7 -8.2 -2.8 16.7 -6.6 -2.2 11.8 Other................................ .0 7.3 -7.8 5.0 7.4 33.7 6.4 7.8 Other current transfer receipts, from business (net)........................ .0 .0 .1 .0 .1 .3 .0 .0 Less: Contributions for government social insurance, domestic..................... 2.3 -1.5 1.2 1.7 .1 18.1 1.0 2.0 Less: Personal current taxes............... .7 -3.6 -1.5 2.0 1.3 68.7 2.8 3.7 Equals: Disposable personal income......... 36.0 20.3 22.4 44.1 51.2 -20.7 4.3 32.3 Less: Personal outlays..................... 129.6 -64.0 53.7 47.8 31.4 34.4 58.3 60.6 Personal consumption expenditures........ 129.0 -64.6 55.8 53.2 37.0 31.2 56.4 58.6 Goods.................................. 108.6 -75.2 26.5 50.9 -5.2 23.9 21.6 45.6 Durable goods........................ 64.0 -90.3 22.1 24.1 4.3 -10.8 8.9 37.7 Nondurable goods..................... 44.6 15.2 4.3 27.0 -9.7 34.9 12.6 7.9 Services............................... 20.4 10.7 29.2 2.3 42.2 7.3 34.8 13.0 Personal interest payments\1\............ .2 .1 -6.2 -6.3 -6.2 1.3 1.3 1.3 Personal current transfer payments....... .4 .4 4.3 .7 .7 1.9 .7 .6 To government.......................... .4 .4 .9 .8 .7 .6 .7 .6 To the rest of the world (net)......... .0 .0 3.4 .0 .0 1.2 .0 .0 Equals: Personal saving.................... -93.6 84.3 -31.3 -3.7 19.8 -55.1 -54.0 -28.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -5.5 -13.1 10.0 17.6 6.8 4.2 -1.1 1.9 Disposable personal income, billions of chained (2005) dollars\2\............ .2 8.9 -6.4 21.3 30.8 -36.2 2.9 20.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 IV 08 I 09 II 09 III 09 IV 09 I 10 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 344.7 -212.7 -53.1 -280.8 96.1 -43.6 92.5 115.1 Compensation of employees, received...... 179.7 -255.8 -18.8 -244.5 10.1 -64.5 21.7 68.1 Wage and salary disbursements.......... 137.0 -261.8 -24.2 -235.7 5.3 -63.9 17.1 49.2 Private industries................... 84.8 -302.9 -30.6 -252.6 -7.2 -64.5 13.5 38.6 Goods-producing industries......... -6.4 -143.4 -14.0 -84.9 -39.5 -25.7 -6.8 4.2 Manufacturing.................... -11.5 -83.9 -8.1 -51.2 -19.0 -17.1 -.2 4.6 Services-producing industries...... 91.2 -159.5 -16.5 -167.7 32.2 -38.8 20.3 34.4 Trade, transportation, and utilities....................... 3.6 -61.8 -8.4 -37.1 -13.0 -12.3 .4 7.5 Other services-producing industries...................... 87.6 -97.7 -8.1 -130.6 45.2 -26.5 19.9 26.9 Government........................... 52.2 41.1 6.4 16.9 12.6 .4 3.8 10.5 Supplements to wages and salaries...... 42.8 5.9 5.4 -8.8 4.8 -.5 4.5 19.0 Employer contributions for employee pension and insurance funds......... 30.9 20.0 6.5 4.6 4.2 4.1 3.7 5.9 Employer contributions for government social insurance.................... 11.9 -14.2 -1.1 -13.4 .6 -4.6 .8 13.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 9.9 -65.3 -30.8 -45.8 -9.8 9.9 22.4 4.5 Farm................................... 9.3 -19.4 -10.3 -11.7 1.6 -3.1 9.4 -4.5 Nonfarm................................ .6 -45.8 -20.6 -34.0 -11.4 12.9 13.1 9.0 Rental income of persons with capital consumption adjustment.................. 65.5 57.7 14.5 9.2 16.1 15.9 8.8 5.3 Personal income receipts on assets....... -37.1 -201.8 -43.3 -112.6 -72.1 -10.3 25.4 -4.4 Personal interest income............... 41.6 -69.5 -34.9 -49.5 -2.3 -6.2 -.5 4.5 Personal dividend income............... -78.7 -132.2 -8.5 -63.1 -69.8 -4.1 25.9 -8.9 Personal current transfer receipts....... 157.9 228.9 23.7 89.3 153.0 -2.8 16.4 61.5 Government social benefits to persons.. 155.4 228.8 23.6 89.4 153.0 -3.0 16.3 61.1 Old-age, survivors, disability, and health insurance benefits........... 66.6 86.4 6.5 41.5 22.6 14.7 15.6 7.9 Government unemployment insurance benefits............................ 18.3 71.4 12.6 25.9 26.3 13.2 -2.1 6.0 Other................................ 70.7 70.9 4.5 22.1 104.0 -30.9 2.8 47.2 Other current transfer receipts, from business (net)........................ 2.4 .1 .1 -.2 .2 .1 .1 .4 Less: Contributions for government social insurance, domestic..................... 31.3 -23.7 -1.6 -23.6 1.2 -8.4 2.2 20.0 Less: Personal current taxes............... -58.5 -329.9 -3.0 -247.0 -104.7 -11.6 -1.9 73.3 Equals: Disposable personal income......... 403.3 117.2 -50.2 -33.7 200.8 -31.9 94.4 41.7 Less: Personal outlays..................... 295.7 -61.3 -223.7 -27.6 8.2 132.3 96.5 130.4 Personal consumption expenditures........ 303.5 -40.8 -210.3 -22.1 11.6 133.6 103.5 130.7 Goods.................................. 38.2 -148.0 -235.5 -29.8 -3.9 98.5 44.8 67.0 Durable goods........................ -65.3 -60.2 -68.6 5.3 -13.7 39.8 .7 18.6 Nondurable goods..................... 103.5 -87.8 -166.9 -35.2 9.8 58.8 44.1 48.4 Services............................... 265.4 107.1 25.2 7.7 15.6 35.0 58.7 63.7 Personal interest payments\1\............ -19.1 -23.8 -9.5 -8.4 -3.7 -1.2 -12.4 -3.6 Personal current transfer payments....... 11.3 3.4 -3.9 2.9 .3 -.1 5.4 3.2 To government.......................... 5.6 4.3 1.0 .9 1.0 1.1 2.0 2.0 To the rest of the world (net)......... 5.8 -1.0 -4.9 2.0 -.7 -1.2 3.4 1.2 Equals: Personal saving.................... 107.5 178.5 173.5 -6.1 192.6 -164.2 -2.2 -88.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -140.8 -423.0 52.4 -305.7 -83.2 -95.0 13.5 14.5 Disposable personal income, billions of chained (2005) dollars\2\............ 50.7 87.7 82.1 6.0 151.1 -93.1 24.1 .0 ----------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .3 .1 .2 .4 .4 .4 .1 .3 Compensation of employees, received...... .3 -.2 .2 .2 .0 .6 .1 .2 Wage and salary disbursements.......... .3 -.2 .2 .2 .0 .5 .1 .2 Supplements to wages and salaries...... .2 .0 .1 .1 .1 1.0 .2 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .3 .2 1.0 1.1 .6 -.2 -.3 .3 Rental income of persons with capital consumption adjustment.................. 1.7 1.7 .9 .6 .6 .7 .6 .7 Personal income receipts on assets....... .0 .0 .7 .7 .7 -.5 -.5 -.5 Personal interest income............... -.6 -.6 .3 .3 .3 .1 .1 .1 Personal dividend income............... 1.5 1.5 1.7 1.7 1.6 -1.6 -1.6 -1.6 Personal current transfer receipts....... .5 1.0 -.8 .4 1.4 1.2 .3 1.1 Less: Contributions for government social insurance, domestic..................... .2 -.2 .1 .2 .0 1.9 .1 .2 Less: Personal current taxes............... .1 -.3 -.1 .2 .1 6.4 .2 .3 Equals: Disposable personal income......... .3 .2 .2 .4 .5 -.2 .0 .3 Addenda: Personal consumption expenditures........ 1.3 -.6 .6 .5 .4 .3 .5 .6 Goods.................................. 3.3 -2.2 .8 1.5 -.2 .7 .6 1.3 Durable goods........................ 6.2 -8.2 2.2 2.3 .4 -1.0 .8 3.6 Nondurable goods..................... 2.0 .7 .2 1.2 -.4 1.5 .5 .3 Services............................... .3 .2 .4 .0 .6 .1 .5 .2 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.1 -.1 .1 .2 .1 .0 .0 .0 Real disposable personal income.......... .0 .1 -.1 .2 .3 -.4 .0 .2 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 IV 08 I 09 II 09 III 09 IV 09 I 10 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 2.9 -1.7 -1.7 -8.9 3.3 -1.4 3.1 3.9 Compensation of employees, received...... 2.3 -3.2 -.9 -11.6 .5 -3.3 1.1 3.6 Wage and salary disbursements.......... 2.1 -4.0 -1.5 -13.6 .3 -4.0 1.1 3.2 Supplements to wages and salaries...... 2.9 .4 1.4 -2.3 1.3 -.1 1.2 5.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. .9 -5.9 -10.6 -15.9 -3.7 3.9 8.9 1.7 Rental income of persons with capital consumption adjustment.................. 45.2 27.4 28.8 16.4 28.9 26.7 13.2 7.7 Personal income receipts on assets....... -1.8 -10.1 -8.4 -21.1 -14.7 -2.3 5.9 -1.0 Personal interest income............... 3.3 -5.3 -10.1 -14.5 -.7 -2.0 -.2 1.5 Personal dividend income............... -10.3 -19.3 -5.0 -32.8 -38.9 -3.0 21.1 -6.3 Personal current transfer receipts....... 9.2 12.2 5.1 20.2 34.6 -.5 3.1 11.9 Less: Contributions for government social insurance, domestic..................... 3.3 -2.4 -.6 -9.2 .5 -3.4 .9 8.6 Less: Personal current taxes............... -3.9 -23.0 -.8 -53.1 -30.9 -4.2 -.7 30.4 Equals: Disposable personal income......... 3.9 1.1 -1.8 -1.2 7.7 -1.2 3.5 1.5 Addenda: Personal consumption expenditures........ 3.1 -.4 -8.0 -.9 .5 5.5 4.1 5.2 Goods.................................. 1.1 -4.3 -24.5 -3.7 -.5 12.9 5.6 8.3 Durable goods........................ -5.6 -5.5 -22.9 2.1 -5.2 16.7 .3 7.2 Nondurable goods..................... 4.7 -3.8 -25.3 -6.2 1.8 11.2 8.1 8.8 Services............................... 4.1 1.6 1.5 .5 .9 2.1 3.5 3.7 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -1.5 -4.5 .6 -3.2 -.9 -1.0 .1 .2 Real disposable personal income.......... .5 .9 3.4 .2 6.2 -3.6 1.0 .0 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,304.4 9,236.5 9,262.5 9,293.4 9,312.4 9,324.5 9,374.5 9,419.0 Goods.................................... 3,213.3 3,135.2 3,158.1 3,199.0 3,188.4 3,198.0 3,224.1 3,267.6 Durable goods.......................... 1,180.6 1,081.2 1,103.9 1,130.2 1,137.1 1,133.4 1,144.9 1,184.3 Nondurable goods....................... 2,035.0 2,045.3 2,047.8 2,064.1 2,048.3 2,060.5 2,075.5 2,083.7 Services................................. 6,091.3 6,097.7 6,101.7 6,093.8 6,122.2 6,125.1 6,149.6 6,152.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 87.6 -67.9 26.0 30.9 19.0 12.1 50.0 44.5 Goods.................................... 82.9 -78.1 22.9 40.9 -10.6 9.6 26.1 43.5 Durable goods.......................... 74.2 -99.4 22.7 26.3 6.9 -3.7 11.5 39.4 Nondurable goods....................... 15.4 10.3 2.5 16.3 -15.8 12.2 15.0 8.2 Services................................. 8.5 6.4 4.0 -7.9 28.4 2.9 24.5 3.0 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.0 -.7 .3 .3 .2 .1 .5 .5 Goods.................................... 2.7 -2.4 .7 1.3 -.3 .3 .8 1.3 Durable goods.......................... 6.7 -8.4 2.1 2.4 .6 -.3 1.0 3.4 Nondurable goods....................... .8 .5 .1 .8 -.8 .6 .7 .4 Services................................. .1 .1 .1 -.1 .5 .0 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 IV 08 I 09 II 09 III 09 IV 09 I 10 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,290.9 9,235.1 9,195.3 9,209.2 9,189.0 9,252.6 9,289.5 9,372.7 Goods.................................... 3,206.0 3,144.2 3,110.4 3,129.8 3,105.4 3,159.6 3,181.9 3,229.9 Durable goods.......................... 1,146.3 1,101.4 1,076.8 1,087.2 1,071.7 1,122.7 1,123.7 1,154.2 Nondurable goods....................... 2,057.3 2,037.0 2,026.1 2,035.5 2,025.7 2,033.3 2,053.4 2,073.2 Services................................. 6,083.1 6,087.8 6,080.4 6,076.0 6,078.8 6,090.6 6,105.9 6,142.4 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -23.0 -55.8 -72.4 13.9 -20.2 63.6 36.9 83.2 Goods.................................... -67.7 -61.8 -83.2 19.4 -24.4 54.2 22.3 48.0 Durable goods.......................... -53.6 -44.9 -62.8 10.4 -15.5 51.0 1.0 30.5 Nondurable goods....................... -17.5 -20.3 -25.4 9.4 -9.8 7.6 20.1 19.8 Services................................. 42.3 4.7 8.0 -4.4 2.8 11.8 15.3 36.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.2 -.6 -3.1 .6 -.9 2.8 1.6 3.6 Goods.................................... -2.1 -1.9 -10.0 2.5 -3.1 7.2 2.8 6.2 Durable goods.......................... -4.5 -3.9 -20.3 3.9 -5.6 20.4 .4 11.3 Nondurable goods....................... -.8 -1.0 -4.9 1.9 -1.9 1.5 4.0 3.9 Services................................. .7 .1 .5 -.3 .2 .8 1.0 2.4 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 109.594 109.701 109.994 110.202 110.374 110.566 110.577 110.677 Goods.................................... 104.383 104.584 104.664 104.919 105.103 105.536 105.350 105.344 Durable goods.......................... 93.429 93.647 93.743 93.682 93.501 92.853 92.694 92.792 Nondurable goods....................... 110.618 110.807 110.878 111.305 111.691 112.723 112.521 112.456 Services................................. 112.353 112.410 112.815 112.998 113.164 113.230 113.344 113.500 Addenda: Energy goods and services\1\............. 113.576 114.413 115.181 117.782 118.773 122.215 121.463 121.417 PCE excluding food and energy\2\......... 109.019 109.129 109.412 109.489 109.608 109.612 109.658 109.743 Market-based PCE\3\...................... 109.710 109.826 110.032 110.213 110.348 110.525 110.549 110.662 Market-based PCE excluding food and energy\3\........................... 109.060 109.182 109.361 109.385 109.452 109.406 109.474 109.572 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .3 .1 .3 .2 .2 .2 .0 .1 Goods.................................... .7 .2 .1 .2 .2 .4 -.2 .0 Durable goods.......................... -.5 .2 .1 -.1 -.2 -.7 -.2 .1 Nondurable goods....................... 1.2 .2 .1 .4 .3 .9 -.2 -.1 Services................................. .2 .1 .4 .2 .1 .1 .1 .1 Addenda: Energy goods and services\1\............. 5.0 .7 .7 2.3 .8 2.9 -.6 .0 PCE excluding food and energy\2\......... .1 .1 .3 .1 .1 .0 .0 .1 Market-based PCE\3\...................... .4 .1 .2 .2 .1 .2 .0 .1 Market-based PCE excluding food and energy\3\........................... .1 .1 .2 .0 .1 .0 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.8 1.8 1.4 .6 .6 .0 1.1 1.4 Personal consumption expenditures.......... .3 .0 .6 .8 1.7 1.2 1.7 2.4 Goods.................................... -.2 -.8 1.0 2.2 3.7 2.2 2.6 4.8 Durable goods.......................... 2.0 -3.7 2.1 4.4 6.7 3.5 4.9 10.2 Nondurable goods....................... -1.3 .6 .5 1.1 2.4 1.6 1.6 2.3 Services................................. .5 .4 .3 .2 .7 .8 1.2 1.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... -.6 -.6 .1 1.5 2.1 2.1 1.8 2.0 Goods.................................... -3.6 -3.6 -2.0 1.7 3.7 3.7 2.8 3.0 Durable goods.......................... -2.2 -1.8 -1.5 -1.1 -.9 -1.5 -1.8 -1.7 Nondurable goods....................... -4.3 -4.4 -2.2 3.0 5.9 6.2 5.0 5.2 Services................................. 1.0 .9 1.2 1.3 1.4 1.4 1.4 1.6 Addenda: Energy goods and services\1\............. -23.8 -22.6 -15.2 5.6 18.2 19.5 14.9 18.7 PCE excluding food and energy\2\......... 1.3 1.2 1.4 1.5 1.6 1.5 1.3 1.3 Market-based PCE\3\...................... -.5 -.5 .1 1.6 2.2 2.1 1.8 2.0 Market-based PCE excluding food and energy\3\........................... 1.7 1.6 1.7 1.7 1.6 1.4 1.2 1.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households.