EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, APRIL 29, 2011 BEA 11-20 James Rankin:(202)606-5301 (Personal Income) piniwd@bea.gov Kyle Brown: (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: MARCH 2011 Personal income increased $67.0 billion, or 0.5 percent, and disposable personal income (DPI) increased $64.4 billion, or 0.6 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $60.7 billion, or 0.6 percent. In February, personal income increased $53.1 billion, or 0.4 percent, DPI increased $49.6 billion, or 0.4 percent, and PCE increased $94.4 billion, or 0.9 percent, based on revised estimates. Real disposable income increased 0.1 percent in March, compared with an increase of less than 0.1 percent in February. Real PCE increased 0.2 percent, compared with an increase of 0.5 percent. 2010 2011 Nov. Dec. Jan. Feb. Mar. (Percent change from preceding month) Personal income, current dollars 0.3 0.5 1.1 0.4 0.5 Disposable personal income: Current dollars 0.3 0.5 0.8 0.4 0.6 Chained (2005) dollars 0.2 0.2 0.5 0.0 0.1 Personal consumption expenditures: Current dollars 0.3 0.4 0.5 0.9 0.6 Chained (2005) dollars 0.3 0.1 0.1 0.5 0.2 Wages and salaries Private wage and salary disbursements increased $18.0 billion in March, compared with an increase of $23.9 billion in February. Goods-producing industries' payrolls increased $6.2 billion, compared with an increase of $1.0 billion; manufacturing payrolls increased $5.1 billion, in contrast to a decrease of $0.5 billion. Services-producing industries' payrolls increased $11.8 billion, compared with an increase of $22.9 billion. Government wage and salary disbursements increased $1.2 billion, in contrast to a decrease of $0.4 billion. Other personal income Supplements to wages and salaries increased $4.0 billion in March, compared with an increase of $4.2 billion in February. Proprietors' income increased $4.4 billion in March, compared with an increase of $6.5 billion in February. Farm proprietors' income increased $1.6 billion in March, the same increase as in February. Nonfarm proprietors' income increased $2.9 billion in March, compared with an increase of $4.8 billion in February. Rental income of persons increased $8.7 billion in March, compared with an increase of $8.1 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) increased $8.9 billion, compared with an increase of $7.7 billion. Personal current transfer receipts increased $24.7 billion, compared with an increase of $6.2 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.7 billion in March, compared with an increase of $3.3 billion in February. Personal current taxes and disposable personal income Personal current taxes increased $2.5 billion in March, compared with an increase of $3.6 billion in February. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $64.4 billion, or 0.6 percent, in March, compared with an increase of $49.6 billion, or 0.4 percent in February. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $60.7 billion in March, compared with an increase of $94.4 billion in February. PCE also increased $60.7 billion, compared with an increase of $94.4 billion. Personal saving -- DPI less personal outlays -- was $651.2 billion in March, compared with $647.5 billion in February. Personal saving as a percentage of disposable personal income was 5.5 percent in March, the same as 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 price index Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in March, compared with an increase of less than 0.1 percent in February. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in March, compared with an increase of 0.5 percent in February. Purchases of durable goods increased 0.1 percent, compared with an increase of 1.9 percent. Purchases of nondurable goods decreased 0.3 percent, in contrast to an increase of 0.7 percent. Purchases of services increased 0.4 percent, compared with an increase of 0.2 percent. PCE price index -- The price index for PCE increased 0.4 percent in March, the same increase as in February. The PCE price index, excluding food and energy, increased 0.1 percent in March, compared with an increase of 0.2 percent in February. 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 147.4 146.5 1.2 1.1 38.1 53.1 0.3 0.4 Disposable personal income: Current dollars 92.0 92.7 0.8 0.8 36.0 49.6 0.3 0.4 Chained (2005) dollars 48.7 48.3 0.5 0.5 -9.3 1.3 -0.1 0.0 Personal consumption expenditures: Current dollars 29.5 48.5 0.3 0.5 69.1 94.4 0.7 0.9 Chained (2005) dollars -4.2 11.9 0.0 0.1 23.9 44.9 0.3 0.5 Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released along with estimates for June 2011 on August 2. Personal income, disposable personal income, and their components will be revised back to January 2006, and PCE and personal saving will be revised back to January 2003. The August Survey of Current Business will contain an article that describes the annual revision in detail. 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 27, 2011 at 8:30 A.M. EDT for Personal Income and Outlays for April ________________________ 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. Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,615.3 12,612.3 12,680.3 12,715.8 12,775.8 12,922.3 12,975.4 13,042.4 Compensation of employees, received...... 8,040.9 8,050.9 8,092.4 8,092.8 8,115.8 8,151.6 8,179.4 8,202.5 Wage and salary disbursements.......... 6,448.0 6,455.0 6,491.2 6,489.1 6,508.3 6,531.7 6,555.1 6,574.3 Private industries................... 5,264.0 5,275.0 5,307.1 5,305.0 5,323.1 5,344.9 5,368.8 5,386.8 Goods-producing industries......... 1,068.8 1,070.5 1,072.1 1,071.5 1,073.9 1,086.2 1,087.2 1,093.4 Manufacturing.................... 682.3 684.4 685.1 683.9 686.8 695.3 694.8 699.9 Services-producing industries...... 4,195.2 4,204.6 4,234.9 4,233.6 4,249.2 4,258.7 4,281.6 4,293.4 Trade, transportation, and utilities....................... 1,017.6 1,020.3 1,028.3 1,027.0 1,034.3 1,034.5 1,039.7 1,045.4 Other services-producing industries...................... 3,177.6 3,184.3 3,206.7 3,206.6 3,214.9 3,224.2 3,241.9 3,248.1 Government........................... 1,184.0 1,179.9 1,184.1 1,184.1 1,185.3 1,186.7 1,186.3 1,187.5 Supplements to wages and salaries...... 1,592.9 1,595.9 1,601.2 1,603.7 1,607.4 1,620.0 1,624.2 1,628.2 Employer contributions for employee pension and insurance funds......... 1,110.2 1,112.8 1,115.6 1,118.1 1,120.8 1,124.2 1,126.9 1,129.6 Employer contributions for government social insurance.................... 482.7 483.1 485.6 485.6 486.6 495.7 497.3 498.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,061.3 1,066.7 1,073.5 1,079.5 1,087.4 1,093.1 1,099.6 1,104.0 Farm................................... 48.5 52.6 54.0 55.5 57.0 58.6 60.2 61.8 Nonfarm................................ 1,012.8 1,014.1 1,019.5 1,024.0 1,030.4 1,034.6 1,039.4 1,042.3 Rental income of persons with capital consumption adjustment.................. 303.6 306.7 307.3 308.3 309.5 317.4 325.5 334.2 Personal income receipts on assets....... 1,888.0 1,878.5 1,893.4 1,913.1 1,938.6 1,942.5 1,950.2 1,959.1 Personal interest income............... 1,174.7 1,159.3 1,175.1 1,190.9 1,206.7 1,207.5 1,208.3 1,209.1 Personal dividend income............... 713.3 719.2 718.3 722.2 731.9 735.0 742.0 750.1 Personal current transfer receipts....... 2,332.5 2,321.5 2,330.5 2,339.0 2,343.6 2,342.7 2,348.9 2,373.6 Government social benefits to persons.. 2,295.2 2,284.5 2,291.2 2,300.4 2,305.2 2,304.1 2,311.6 2,335.9 Old-age, survivors, disability, and health insurance benefits........... 1,221.5 1,229.5 1,229.8 1,228.9 1,239.2 1,242.8 1,249.0 1,259.4 Government unemployment insurance benefits............................ 150.5 133.3 128.7 131.1 123.4 122.8 112.8 118.1 Other................................ 923.3 921.6 932.7 940.4 942.6 938.5 949.8 958.4 Other current transfer receipts, from business (net)........................ 37.3 37.0 39.3 38.6 38.4 38.6 37.3 37.8 Less: Contributions for government social insurance, domestic..................... 1,011.0 1,012.0 1,016.9 1,016.9 1,019.1 925.0 928.3 931.0 Less: Personal current taxes............... 1,178.9 1,185.1 1,199.9 1,204.0 1,211.4 1,265.2 1,268.8 1,271.3 Equals: Disposable personal income......... 11,436.4 11,427.3 11,480.4 11,511.8 11,564.4 11,657.1 11,706.7 11,771.1 Less: Personal outlays..................... 10,743.2 10,769.6 10,844.3 10,876.6 10,915.7 10,964.8 11,059.2 11,119.9 Personal consumption expenditures........ 10,373.2 10,403.6 10,477.5 10,511.4 10,552.1 10,600.6 10,695.0 10,755.7 Goods.................................. 3,421.8 3,453.0 3,512.8 3,520.9 3,543.1 3,585.5 3,650.7 3,672.9 Durable goods........................ 1,081.8 1,100.5 1,136.5 1,129.7 1,138.3 1,146.0 1,170.3 1,171.4 Nondurable goods..................... 2,340.0 2,352.5 2,376.3 2,391.2 2,404.8 2,439.5 2,480.4 2,501.5 Services............................... 6,951.4 6,950.6 6,964.7 6,990.5 7,009.0 7,015.2 7,044.3 7,082.8 Personal interest payments\1\............ 197.1 192.5 190.6 188.6 186.7 186.5 186.2 186.0 Personal current transfer payments....... 172.9 173.5 176.3 176.6 176.9 177.7 178.0 178.2 To government.......................... 101.8 102.4 102.7 103.0 103.3 103.6 103.9 104.1 To the rest of the world (net)......... 71.1 71.1 73.6 73.6 73.6 74.1 74.1 74.1 Equals: Personal saving.................... 693.2 657.7 636.1 635.2 648.7 692.3 647.5 651.2 Personal saving as a percentage of disposable personal income.............. 6.1 5.8 5.5 5.5 5.6 5.9 5.5 5.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,252.5 9,253.9 9,288.2 9,306.0 9,332.0 9,432.4 9,435.3 9,434.9 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,290.6 10,275.9 10,302.8 10,323.8 10,344.8 10,393.1 10,394.4 10,409.8 Per capita: Current dollars...................... 36,839 36,780 36,923 36,998 37,143 37,420 37,558 37,742 Chained (2005) dollars............... 33,149 33,074 33,136 33,180 33,226 33,362 33,348 33,377 Population (midperiod, thousands)\3\..... 310,439 310,691 310,927 311,149 311,345 311,521 311,696 311,884 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 IV 09 I 10 II 10 III 10 IV 10 I 11 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,174.9 12,546.7 12,239.0 12,350.3 12,517.1 12,595.5 12,724.0 12,980.0 Compensation of employees, received...... 7,806.7 7,991.1 7,831.4 7,858.1 7,969.9 8,036.2 8,100.3 8,177.8 Wage and salary disbursements.......... 6,274.1 6,405.0 6,284.9 6,291.4 6,388.8 6,443.7 6,496.2 6,553.7 Private industries................... 5,100.5 5,217.9 5,110.0 5,105.9 5,195.7 5,258.5 5,311.7 5,366.9 Goods-producing industries......... 1,064.0 1,056.5 1,046.1 1,032.2 1,054.3 1,067.0 1,072.5 1,088.9 Manufacturing.................... 661.5 673.1 658.3 652.6 672.4 682.0 685.3 696.7 Services-producing industries...... 4,036.6 4,161.5 4,064.0 4,073.7 4,141.4 4,191.4 4,239.2 4,277.9 Trade, transportation, and utilities....................... 990.5 1,010.1 988.2 988.0 1,005.4 1,017.3 1,029.8 1,039.8 Other services-producing industries...................... 3,046.1 3,151.3 3,075.7 3,085.8 3,136.0 3,174.1 3,209.4 3,238.1 Government........................... 1,173.6 1,187.1 1,174.9 1,185.5 1,193.1 1,185.3 1,184.5 1,186.8 Supplements to wages and salaries...... 1,532.6 1,586.1 1,546.5 1,566.7 1,581.1 1,592.4 1,604.1 1,624.1 Employer contributions for employee pension and insurance funds......... 1,072.0 1,106.8 1,084.0 1,095.8 1,103.1 1,110.3 1,118.2 1,126.9 Employer contributions for government social insurance.................... 460.6 479.2 462.5 470.9 478.0 482.2 485.9 497.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,011.9 1,055.0 1,022.1 1,030.7 1,049.7 1,059.5 1,080.2 1,098.9 Farm................................... 30.5 44.9 36.2 36.8 38.9 48.5 55.5 60.2 Nonfarm................................ 981.5 1,010.1 985.9 994.0 1,010.8 1,011.0 1,024.7 1,038.7 Rental income of persons with capital consumption adjustment.................. 274.0 300.9 282.8 292.7 298.8 303.8 308.4 325.7 Personal income receipts on assets....... 1,919.7 1,907.6 1,889.2 1,911.1 1,914.4 1,889.7 1,915.0 1,950.6 Personal interest income............... 1,222.3 1,194.9 1,205.8 1,208.7 1,205.3 1,174.7 1,190.9 1,208.3 Personal dividend income............... 697.4 712.7 683.4 702.4 709.2 715.0 724.2 742.4 Personal current transfer receipts....... 2,132.8 2,296.4 2,188.2 2,245.5 2,286.1 2,316.4 2,337.7 2,355.1 Government social benefits to persons.. 2,096.8 2,259.0 2,152.5 2,208.9 2,249.1 2,279.2 2,298.9 2,317.2 Old-age, survivors, disability, and health insurance benefits........... 1,164.5 1,213.9 1,188.8 1,191.3 1,208.1 1,223.5 1,232.6 1,250.4 Government unemployment insurance benefits............................ 128.6 136.6 143.4 146.1 136.8 135.7 127.7 117.9 Other................................ 803.7 908.6 820.2 871.5 904.2 920.0 938.6 948.9 Other current transfer receipts, from business (net)........................ 36.0 37.4 35.8 36.6 37.0 37.2 38.8 37.9 Less: Contributions for government social insurance, domestic..................... 970.3 1,004.4 974.8 987.8 1,001.9 1,010.2 1,017.6 928.1 Less: Personal current taxes............... 1,140.0 1,166.8 1,117.2 1,134.7 1,149.1 1,178.2 1,205.1 1,268.4 Equals: Disposable personal income......... 11,034.9 11,379.9 11,121.7 11,215.6 11,368.0 11,417.3 11,518.9 11,711.6 Less: Personal outlays..................... 10,379.6 10,720.7 10,505.7 10,603.9 10,663.7 10,736.3 10,878.9 11,048.0 Personal consumption expenditures........ 10,001.3 10,349.1 10,131.5 10,230.8 10,285.4 10,366.3 10,513.6 10,683.8 Goods.................................. 3,230.7 3,425.7 3,312.9 3,380.0 3,377.5 3,419.6 3,525.6 3,636.4 Durable goods........................ 1,026.5 1,089.4 1,043.9 1,060.7 1,074.1 1,087.8 1,134.8 1,162.5 Nondurable goods..................... 2,204.2 2,336.3 2,269.0 2,319.3 2,303.4 2,331.8 2,390.8 2,473.8 Services............................... 6,770.6 6,923.4 6,818.6 6,850.9 6,907.9 6,946.7 6,988.1 7,047.4 Personal interest payments\1\............ 216.8 198.9 207.8 203.8 206.0 197.1 188.6 186.2 Personal current transfer payments....... 161.4 172.7 166.4 169.2 172.3 172.9 176.6 178.0 To government.......................... 95.0 100.8 97.0 98.5 100.1 101.8 103.0 103.9 To the rest of the world (net)......... 66.5 71.9 69.5 70.7 72.2 71.1 73.6 74.1 Equals: Personal saving.................... 655.3 659.2 616.0 611.8 704.3 681.0 640.0 663.6 Personal saving as a percentage of disposable personal income.............. 5.9 5.8 5.5 5.5 6.2 6.0 5.6 5.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,191.1 9,224.8 9,109.7 9,111.7 9,226.6 9,252.1 9,308.7 9,434.2 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,099.8 10,241.4 10,080.4 10,113.3 10,251.9 10,276.6 10,323.8 10,399.1 Per capita: Current dollars...................... 35,888 36,697 36,049 36,282 36,704 36,778 37,021 37,573 Chained (2005) dollars............... 32,847 33,025 32,673 32,717 33,100 33,103 33,181 33,362 Population (midperiod, thousands)\3\..... 307,483 310,106 308,521 309,120 309,724 310,438 311,140 311,700 ----------------------------------------------------------------------------------------------------------------------------------- 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 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 56.5 -3.0 68.0 35.5 60.0 146.5 53.1 67.0 Compensation of employees, received...... 24.2 10.0 41.5 .4 23.0 35.8 27.8 23.1 Wage and salary disbursements.......... 19.8 7.0 36.2 -2.1 19.2 23.4 23.4 19.2 Private industries................... 27.7 11.0 32.1 -2.1 18.1 21.8 23.9 18.0 Goods-producing industries......... 7.1 1.7 1.6 -.6 2.4 12.3 1.0 6.2 Manufacturing.................... 3.0 2.1 .7 -1.2 2.9 8.5 -.5 5.1 Services-producing industries...... 20.6 9.4 30.3 -1.3 15.6 9.5 22.9 11.8 Trade, transportation, and utilities....................... 3.5 2.7 8.0 -1.3 7.3 .2 5.2 5.7 Other services-producing industries...................... 17.1 6.7 22.4 -.1 8.3 9.3 17.7 6.2 Government........................... -7.9 -4.1 4.2 .0 1.2 1.4 -.4 1.2 Supplements to wages and salaries...... 4.4 3.0 5.3 2.5 3.7 12.6 4.2 4.0 Employer contributions for employee pension and insurance funds......... 2.4 2.6 2.8 2.5 2.7 3.4 2.7 2.7 Employer contributions for government social insurance.................... 1.9 .4 2.5 .0 1.0 9.1 1.6 1.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.8 5.4 6.8 6.0 7.9 5.7 6.5 4.4 Farm................................... 4.1 4.1 1.4 1.5 1.5 1.6 1.6 1.6 Nonfarm................................ 6.7 1.3 5.4 4.5 6.4 4.2 4.8 2.9 Rental income of persons with capital consumption adjustment.................. 2.4 3.1 .6 1.0 1.2 7.9 8.1 8.7 Personal income receipts on assets....... -14.8 -9.5 14.9 19.7 25.5 3.9 7.7 8.9 Personal interest income............... -15.4 -15.4 15.8 15.8 15.8 .8 .8 .8 Personal dividend income............... .6 5.9 -.9 3.9 9.7 3.1 7.0 8.1 Personal current transfer receipts....... 37.3 -11.0 9.0 8.5 4.6 -.9 6.2 24.7 Government social benefits to persons.. 37.4 -10.7 6.7 9.2 4.8 -1.1 7.5 24.3 Old-age, survivors, disability, and health insurance benefits........... 2.0 8.0 .3 -.9 10.3 3.6 6.2 10.4 Government unemployment insurance benefits............................ 27.3 -17.2 -4.6 2.4 -7.7 -.6 -10.0 5.3 Other................................ 8.2 -1.7 11.1 7.7 2.2 -4.1 11.3 8.6 Other current transfer receipts, from business (net)........................ -.1 -.3 2.3 -.7 -.2 .2 -1.3 .5 Less: Contributions for government social insurance, domestic..................... 3.4 1.0 4.9 .0 2.2 -94.1 3.3 2.7 Less: Personal current taxes............... 8.2 6.2 14.8 4.1 7.4 53.8 3.6 2.5 Equals: Disposable personal income......... 48.2 -9.1 53.1 31.4 52.6 92.7 49.6 64.4 Less: Personal outlays..................... 47.0 26.4 74.7 32.3 39.1 49.1 94.4 60.7 Personal consumption expenditures........ 51.1 30.4 73.9 33.9 40.7 48.5 94.4 60.7 Goods.................................. 37.8 31.2 59.8 8.1 22.2 42.4 65.2 22.2 Durable goods........................ .6 18.7 36.0 -6.8 8.6 7.7 24.3 1.1 Nondurable goods..................... 37.3 12.5 23.8 14.9 13.6 34.7 40.9 21.1 Services............................... 13.3 -.8 14.1 25.8 18.5 6.2 29.1 38.5 Personal interest payments\1\............ -4.7 -4.6 -1.9 -2.0 -1.9 -.2 -.3 -.2 Personal current transfer payments....... .6 .6 2.8 .3 .3 .8 .3 .2 To government.......................... .6 .6 .3 .3 .3 .3 .3 .2 To the rest of the world (net)......... .0 .0 2.5 .0 .0 .5 .0 .0 Equals: Personal saving.................... 1.2 -35.5 -21.6 -.9 13.5 43.6 -44.8 3.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 2.6 1.4 34.3 17.8 26.0 100.4 2.9 -.4 Disposable personal income, billions of chained (2005) dollars\2\............ 27.2 -14.7 26.9 21.0 21.0 48.3 1.3 15.4 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 IV 09 I 10 II 10 III 10 IV 10 I 11 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -216.2 371.8 75.0 111.3 166.8 78.4 128.5 256.0 Compensation of employees, received...... -259.1 184.4 32.7 26.7 111.8 66.3 64.1 77.5 Wage and salary disbursements.......... -284.9 130.9 21.0 6.5 97.4 54.9 52.5 57.5 Private industries................... -314.6 117.4 21.7 -4.1 89.8 62.8 53.2 55.2 Goods-producing industries......... -143.6 -7.5 -.6 -13.9 22.1 12.7 5.5 16.4 Manufacturing.................... -79.7 11.6 8.5 -5.7 19.8 9.6 3.3 11.4 Services-producing industries...... -170.8 124.9 22.4 9.7 67.7 50.0 47.8 38.7 Trade, transportation, and utilities....................... -60.4 19.6 1.3 -.2 17.4 11.9 12.5 10.0 Other services-producing industries...................... -110.5 105.2 21.0 10.1 50.2 38.1 35.3 28.7 Government........................... 29.6 13.5 -.7 10.6 7.6 -7.8 -.8 2.3 Supplements to wages and salaries...... 25.8 53.5 11.7 20.2 14.4 11.3 11.7 20.0 Employer contributions for employee pension and insurance funds......... 35.4 34.8 10.0 11.8 7.3 7.2 7.9 8.7 Employer contributions for government social insurance.................... -9.5 18.6 1.7 8.4 7.1 4.2 3.7 11.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. -90.1 43.1 15.7 8.6 19.0 9.8 20.7 18.7 Farm................................... -20.3 14.4 8.2 .6 2.1 9.6 7.0 4.7 Nonfarm................................ -69.7 28.6 7.5 8.1 16.8 .2 13.7 14.0 Rental income of persons with capital consumption adjustment.................. 52.0 26.9 3.7 9.9 6.1 5.0 4.6 17.3 Personal income receipts on assets....... -189.6 -12.1 -1.9 21.9 3.3 -24.7 25.3 35.6 Personal interest income............... -92.4 -27.4 -7.5 2.9 -3.4 -30.6 16.2 17.4 Personal dividend income............... -97.2 15.3 5.6 19.0 6.8 5.8 9.2 18.2 Personal current transfer receipts....... 253.6 163.6 28.9 57.3 40.6 30.3 21.3 17.4 Government social benefits to persons.. 254.2 162.2 29.1 56.4 40.2 30.1 19.7 18.3 Old-age, survivors, disability, and health insurance benefits........... 96.2 49.4 16.2 2.5 16.8 15.4 9.1 17.8 Government unemployment insurance benefits............................ 77.9 8.0 -1.6 2.7 -9.3 -1.1 -8.0 -9.8 Other................................ 80.1 104.9 14.3 51.3 32.7 15.8 18.6 10.3 Other current transfer receipts, from business (net)........................ -.7 1.4 .0 .8 .4 .2 1.6 -.9 Less: Contributions for government social insurance, domestic..................... -16.9 34.1 4.2 13.0 14.1 8.3 7.4 -89.5 Less: Personal current taxes............... -298.2 26.8 .2 17.5 14.4 29.1 26.9 63.3 Equals: Disposable personal income......... 82.0 345.0 74.7 93.9 152.4 49.3 101.6 192.7 Less: Personal outlays..................... -125.4 341.1 82.1 98.2 59.8 72.6 142.6 169.1 Personal consumption expenditures........ -103.2 347.8 90.8 99.3 54.6 80.9 147.3 170.2 Goods.................................. -148.8 195.0 36.8 67.1 -2.5 42.1 106.0 110.8 Durable goods........................ -57.0 62.9 -1.3 16.8 13.4 13.7 47.0 27.7 Nondurable goods..................... -91.8 132.1 38.0 50.3 -15.9 28.4 59.0 83.0 Services............................... 45.6 152.8 54.0 32.3 57.0 38.8 41.4 59.3 Personal interest payments\1\............ -29.4 -17.9 -13.1 -4.0 2.2 -8.9 -8.5 -2.4 Personal current transfer payments....... 7.1 11.3 4.5 2.8 3.1 .6 3.7 1.4 To government.......................... 5.3 5.8 1.4 1.5 1.6 1.7 1.2 .9 To the rest of the world (net)......... 1.9 5.4 3.2 1.2 1.5 -1.1 2.5 .5 Equals: Personal saving.................... 207.4 3.9 -7.4 -4.2 92.5 -23.3 -41.0 23.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -447.4 33.7 -19.0 2.0 114.9 25.5 56.6 125.5 Disposable personal income, billions of chained (2005) dollars\2\............ 56.9 141.6 .7 32.9 138.6 24.7 47.2 75.3 ----------------------------------------------------------------------------------------------------------------------------------- 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 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .4 .0 .5 .3 .5 1.1 .4 .5 Compensation of employees, received...... .3 .1 .5 .0 .3 .4 .3 .3 Wage and salary disbursements.......... .3 .1 .6 .0 .3 .4 .4 .3 Supplements to wages and salaries...... .3 .2 .3 .2 .2 .8 .3 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.0 .5 .6 .6 .7 .5 .6 .4 Rental income of persons with capital consumption adjustment.................. .8 1.0 .2 .3 .4 2.6 2.6 2.7 Personal income receipts on assets....... -.8 -.5 .8 1.0 1.3 .2 .4 .5 Personal interest income............... -1.3 -1.3 1.4 1.3 1.3 .1 .1 .1 Personal dividend income............... .1 .8 -.1 .5 1.3 .4 .9 1.1 Personal current transfer receipts....... 1.6 -.5 .4 .4 .2 .0 .3 1.1 Less: Contributions for government social insurance, domestic..................... .3 .1 .5 .0 .2 -9.2 .4 .3 Less: Personal current taxes............... .7 .5 1.3 .3 .6 4.4 .3 .2 Equals: Disposable personal income......... .4 -.1 .5 .3 .5 .8 .4 .6 Addenda: Personal consumption expenditures........ .5 .3 .7 .3 .4 .5 .9 .6 Goods.................................. 1.1 .9 1.7 .2 .6 1.2 1.8 .6 Durable goods........................ .1 1.7 3.3 -.6 .8 .7 2.1 .1 Nondurable goods..................... 1.6 .5 1.0 .6 .6 1.4 1.7 .9 Services............................... .2 .0 .2 .4 .3 .1 .4 .5 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .0 .0 .4 .2 .3 1.1 .0 .0 Real disposable personal income.......... .3 -.1 .3 .2 .2 .5 .0 .1 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 IV 09 I 10 II 10 III 10 IV 10 I 11 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ -1.7 3.1 2.5 3.7 5.5 2.5 4.1 8.3 Compensation of employees, received...... -3.2 2.4 1.7 1.4 5.8 3.4 3.2 3.9 Wage and salary disbursements.......... -4.3 2.1 1.3 .4 6.3 3.5 3.3 3.6 Supplements to wages and salaries...... 1.7 3.5 3.1 5.3 3.7 2.9 3.0 5.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. -8.2 4.3 6.4 3.4 7.6 3.8 8.0 7.1 Rental income of persons with capital consumption adjustment.................. 23.4 9.8 5.4 14.7 8.7 6.9 6.1 24.5 Personal income receipts on assets....... -9.0 -.6 -.4 4.7 .7 -5.1 5.5 7.6 Personal interest income............... -7.0 -2.2 -2.5 1.0 -1.1 -9.8 5.6 6.0 Personal dividend income............... -12.2 2.2 3.3 11.6 3.9 3.4 5.2 10.4 Personal current transfer receipts....... 13.5 7.7 5.5 10.9 7.4 5.4 3.7 3.0 Less: Contributions for government social insurance, domestic..................... -1.7 3.5 1.7 5.4 5.9 3.3 3.0 -30.8 Less: Personal current taxes............... -20.7 2.3 .1 6.4 5.2 10.5 9.4 22.7 Equals: Disposable personal income......... .7 3.1 2.7 3.4 5.5 1.7 3.6 6.9 Addenda: Personal consumption expenditures........ -1.0 3.5 3.7 4.0 2.1 3.2 5.8 6.6 Goods.................................. -4.4 6.0 4.6 8.3 -.3 5.1 13.0 13.2 Durable goods........................ -5.3 6.1 -.5 6.6 5.1 5.2 18.4 10.1 Nondurable goods..................... -4.0 6.0 7.0 9.2 -2.7 5.0 10.5 14.6 Services............................... .7 2.3 3.2 1.9 3.4 2.3 2.4 3.4 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -4.6 .4 -.2 .0 1.3 .3 .6 1.3 Real disposable personal income.......... .6 1.4 .0 1.3 5.6 1.0 1.9 2.9 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,333.9 9,355.4 9,402.8 9,426.6 9,439.3 9,451.2 9,496.1 9,511.8 Goods.................................... 3,254.3 3,279.4 3,323.5 3,330.0 3,331.7 3,345.9 3,381.3 3,374.5 Durable goods.......................... 1,172.2 1,193.6 1,235.4 1,231.2 1,244.9 1,252.5 1,276.4 1,277.6 Nondurable goods....................... 2,081.2 2,087.1 2,094.2 2,103.6 2,094.3 2,101.4 2,115.2 2,108.0 Services................................. 6,080.9 6,078.7 6,084.1 6,101.3 6,112.1 6,110.4 6,121.3 6,143.1 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 31.3 21.5 47.4 23.8 12.7 11.9 44.9 15.7 Goods.................................... 22.4 25.1 44.1 6.5 1.7 14.2 35.4 -6.8 Durable goods.......................... .2 21.4 41.8 -4.2 13.7 7.6 23.9 1.2 Nondurable goods....................... 20.8 5.9 7.1 9.4 -9.3 7.1 13.8 -7.2 Services................................. 9.9 -2.2 5.4 17.2 10.8 -1.7 10.9 21.8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .3 .2 .5 .3 .1 .1 .5 .2 Goods.................................... .7 .8 1.3 .2 .1 .4 1.1 -.2 Durable goods.......................... .0 1.8 3.5 -.3 1.1 .6 1.9 .1 Nondurable goods....................... 1.0 .3 .3 .5 -.4 .3 .7 -.3 Services................................. .2 .0 .1 .3 .2 .0 .2 .4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 IV 09 I 10 II 10 III 10 IV 10 I 11 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,153.9 9,313.6 9,182.9 9,225.4 9,275.7 9,330.6 9,422.9 9,486.4 Goods.................................... 3,117.4 3,250.4 3,151.8 3,195.4 3,222.6 3,255.2 3,328.4 3,367.2 Durable goods.......................... 1,094.6 1,178.3 1,115.1 1,138.9 1,157.8 1,179.3 1,237.2 1,268.8 Nondurable goods....................... 2,017.4 2,072.6 2,032.3 2,053.5 2,063.4 2,076.2 2,097.4 2,108.2 Services................................. 6,032.7 6,064.7 6,028.7 6,029.6 6,053.4 6,076.9 6,099.2 6,124.9 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -111.1 159.7 21.3 42.5 50.3 54.9 92.3 63.5 Goods.................................... -62.9 133.0 13.6 43.6 27.2 32.6 73.2 38.8 Durable goods.......................... -41.8 83.7 -3.2 23.8 18.9 21.5 57.9 31.6 Nondurable goods....................... -23.8 55.2 15.4 21.2 9.9 12.8 21.2 10.8 Services................................. -49.6 32.0 8.0 .9 23.8 23.5 22.3 25.7 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -1.2 1.7 .9 1.9 2.2 2.4 4.0 2.7 Goods.................................... -2.0 4.3 1.7 5.7 3.4 4.1 9.3 4.8 Durable goods.......................... -3.7 7.7 -1.1 8.8 6.8 7.6 21.1 10.6 Nondurable goods....................... -1.2 2.7 3.1 4.2 1.9 2.5 4.1 2.1 Services................................. -.8 .5 .5 .1 1.6 1.6 1.5 1.7 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 111.137 111.207 111.432 111.510 111.792 112.165 112.628 113.081 Goods.................................... 105.155 105.305 105.702 105.740 106.354 107.168 107.979 108.853 Durable goods.......................... 92.273 92.188 91.977 91.739 91.426 91.482 91.681 91.672 Nondurable goods....................... 112.446 112.728 113.477 113.676 114.835 116.098 117.273 118.678 Services................................. 114.316 114.343 114.474 114.574 114.674 114.806 115.077 115.298 Addenda: PCE excluding food and energy............ 110.328 110.327 110.379 110.456 110.474 110.665 110.851 110.996 Food\1\.................................. 113.919 114.212 114.317 114.370 114.459 115.208 116.100 117.086 Energy goods and services\2\............. 119.873 120.838 124.159 124.281 129.352 132.329 136.977 142.027 Market-based PCE\3\...................... 111.182 111.276 111.460 111.532 111.851 112.209 112.722 113.194 Market-based PCE excluding food and energy\3\........................... 110.243 110.259 110.236 110.304 110.325 110.467 110.668 110.787 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 .1 .2 .1 .3 .3 .4 .4 Goods.................................... .4 .1 .4 .0 .6 .8 .8 .8 Durable goods.......................... .0 -.1 -.2 -.3 -.3 .1 .2 .0 Nondurable goods....................... .6 .3 .7 .2 1.0 1.1 1.0 1.2 Services................................. .0 .0 .1 .1 .1 .1 .2 .2 Addenda: PCE excluding food and energy............ .0 .0 .0 .1 .0 .2 .2 .1 Food\1\.................................. .1 .3 .1 .0 .1 .7 .8 .8 Energy goods and services\2\............. 2.4 .8 2.7 .1 4.1 2.3 3.5 3.7 Market-based PCE\3\...................... .2 .1 .2 .1 .3 .3 .5 .4 Market-based PCE excluding food and energy\3\........................... .1 .0 .0 .1 .0 .1 .2 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.1 2.1 2.6 2.5 2.2 2.9 2.8 2.7 Personal consumption expenditures.......... 1.3 2.3 2.5 2.7 2.6 2.8 2.9 2.7 Goods.................................... 1.9 5.4 6.0 5.4 5.5 5.9 5.9 4.4 Durable goods.......................... -.4 10.7 12.2 10.0 10.6 12.2 12.8 9.3 Nondurable goods....................... 3.1 3.0 3.2 3.3 3.1 3.1 2.8 2.1 Services................................. 1.0 .9 .9 1.4 1.2 1.4 1.4 1.9 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.4 1.3 1.2 1.0 1.1 1.2 1.6 1.8 Goods.................................... .6 .5 .8 .6 1.0 1.2 2.1 3.0 Durable goods.......................... -1.0 -1.4 -1.8 -2.0 -2.2 -1.9 -1.4 -1.6 Nondurable goods....................... 1.4 1.4 2.0 1.8 2.5 2.6 3.9 5.2 Services................................. 1.7 1.7 1.4 1.3 1.2 1.2 1.3 1.3 Addenda: PCE excluding food and energy............ 1.2 1.1 .9 .8 .7 .8 .9 .9 Food\1\.................................. .7 1.3 1.3 1.3 1.2 1.7 2.4 2.9 Energy goods and services\2\............. 4.0 4.2 6.3 4.0 7.4 6.7 11.1 15.3 Market-based PCE\3\...................... 1.2 1.2 1.2 1.1 1.2 1.3 1.7 2.1 Market-based PCE excluding food and energy\3\........................... 1.1 1.0 .8 .8 .7 .8 1.0 1.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.