EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 30, 2008 James E. Rankin: (202) 606-5301 (Personal Income)BEA 08-22 Michael Armah: (202) 606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: APRIL 2008 Personal income increased $20.1 billion, or 0.2 percent, and disposable personal income (DPI) increased $23.4 billion, or 0.2 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $21.4 billion, or 0.2 percent. In March, personal income increased $44.7 billion, or 0.4 percent, DPI increased $35.4 billion, or 0.3 percent, and PCE increased $41.7 billion, or 0.4 percent, based on revised estimates. Real disposable personal income decreased less than 0.1 percent in April, in contrast to an increase of less than 0.1 percent in March. Real PCE decreased less than 0.1 percent, in contrast to an increase of 0.1 percent. 2007 2008 Dec. Jan. Feb. Mar. Apr. (Percent change from preceding month) Personal income, current dollars 0.5 0.2 0.5 0.4 0.2 Disposable personal income: Current dollars 0.5 0.4 0.5 0.3 0.2 Chained (2000) dollars 0.2 0.1 0.4 0.0 0.0 Personal consumption expenditures: Current dollars 0.2 0.4 0.1 0.4 0.2 Chained (2000) dollars -0.1 0.2 -0.1 0.1 0.0 Wages and salaries Private wage and salary disbursements decreased $18.2 billion in April, in contrast to an increase of $26.9 billion in March. Private wages and salaries had been boosted by $15.0 billion at an annual rate in January, in February, and in March to reflect large bonus payments. These types of irregular payments are not accounted for in the primary monthly source data for wages and salaries. This adjustment for one-time bonuses has not been carried forward in the estimates of wage and salary disbursements for April and subsequent months. Goods-producing industries' payrolls decreased $11.4 billion, in contrast to an increase of $4.5 billion; manufacturing payrolls decreased $5.1 billion, in contrast to an increase of $2.5 billion. Services-producing industries' payrolls decreased $6.8 billion, in contrast to an increase of $22.4 billion. Government wage and salary disbursements increased $3.7 billion, compared with an increase of $3.4 billion. Other personal income Supplements to wages and salaries increased $3.7 billion in April, compared with an increase of $5.9 billion in March. Proprietors' income decreased $0.9 billion in April, compared with a decrease of $4.9 billion in March. Farm proprietors' income was unchanged in April; farm proprietors' income decreased $4.9 billion in March. Nonfarm proprietors' income decreased $1.0 billion in April; nonfarm proprietors' was unchanged in March. Rental income of persons increased $10.0 billion in April, in contrast to a decrease of $1.2 billion in March. Personal income receipts on assets (personal interest income plus personal dividend income) increased $5.4 billion, compared with an increase $4.9 billion. Personal current transfer receipts increased $14.3 billion in April, compared with an increase of $13.7 billion in March. The April change in personal current transfer receipts was boosted $7.8 billion at an annual rate to reflect payments under the Economic Stimulus Act of 2008 to individuals who either paid no income tax or whose payment exceeded the amount of income tax paid. For more information, see box below. Personal contributions for social insurance -- a subtraction in calculating personal income -- decreased $2.0 billion in April, in contrast to an increase of $3.9 billion in March. Personal current taxes and disposable personal income Personal current taxes decreased $3.4 billion in April, in contrast to an increase of $9.3 billion in March. The April change in personal current taxes was reduced by $15.5 billion at an annual rate to reflect rebates that began at the end of the month under the Economic Stimulus Act of 2008. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $23.4 billion, or 0.2 percent, in April, compared with an increase of $35.4 billion, or 0.3 percent, in March. Personal outlays and personal saving Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of the world (net) -- increased $27.3 billion in April, compared with an increase of $34.2 billion in March. PCE increased $21.4 billion, compared with an increase of $41.7 billion. Personal saving -- DPI less personal outlays -- was $75.0 billion in April, compared with $78.9 billion in March. Personal saving as a percentage of disposable personal income was 0.7 percent in April, the same percentage as in March. 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 -- decreased less than 0.1 percent in April, in contrast to an increase of less than 0.1 percent in March. Real PCE -- PCE adjusted to remove price changes -- decreased less than 0.1 percent in April, in contrast to an increase of 0.1 percent in March. Purchases of durable goods decreased 0.2 percent, compared with a decrease of 1.3 percent. Purchases of nondurable goods decreased 0.2 percent, in contrast to an increase of 0.5 percent. Purchases of services increased 0.1 percent, the same increase as in March. The price index for PCE increased 0.2 percent in April, compared with an increase of 0.3 percent in March. Prices, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent. Revisions Estimates of personal income and DPI have been revised for October through March; estimates of PCE have been revised for January through March. Changes in personal income, current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for February and March -- revised and as published in last month's release -- are shown below. For October through December, the revisions to wages and salaries reflected the incorporation of newly available BLS tabulations of fourth-quarter private wages and salaries from the quarterly census of employment and wages. Wages and salaries were revised up for all three months. Revisions to personal current taxes and to contributions for government social insurance reflected the revisions to wages and salaries. Change from preceding month February March Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars...................... 58.2 59.3 0.5 0.5 38.8 44.7 0.3 0.4 Disposable personal income: Current dollars...................... 50.3 51.3 0.5 0.5 29.6 35.4 0.3 0.3 Chained (2000) dollars............... 29.6 30.6 0.3 0.4 -1.4 2.7 0.0 0.0 Personal consumption expenditures: Current dollars...................... 11.0 7.8 0.1 0.1 42.9 41.7 0.4 0.4 Chained (2000) dollars............... -2.7 -5.0 0.0 -0.1 10.7 9.1 0.1 0.1 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for October through December 2007 (fourth quarter). These estimates reflect newly available fourth-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. Economic Stimulus Act of 2008 The Economic Stimulus Act of 2008 provides rebate payments to eligible individual taxpayers as well as tax reductions for businesses. For individuals, the amount of the rebate is determined by information reported on tax filings for 2007 and is based on filing status, level of adjusted gross income, and the number of qualifying children. According to the Joint Committee on Taxation and the Congressional Budget Office, rebates to individuals are expected to total $106.7 billion for 2008. The majority of rebates will be sent during the initial round of payments, which began April 28, 2008, and will continue on a weekly basis through mid-July 2008. In the NIPAs, rebates for residents of the 50 states and the District of Columbia will be recorded as either an offset to personal current taxes or as a social benefit payment to persons. Rebates for individuals with tax liabilities that exceed the rebate amount will be treated as an offset to personal current taxes in the NIPAs. Rebates for individuals who pay no income taxes (or for whom the rebate would exceed the amount of the income taxes they do pay) will be treated as a government social benefit payment to persons in the NIPAs. Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts, revised estimates of personal income and outlays covering January 2005 through May 2008 will be released along with preliminary estimates for June 2008 on August 4. An article describing the revision will appear in the August 2008 issue of the Survey of Current Business. 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 -- June 27, 2008 at 8:30 A.M. EDT for Personal Income and Outlays for May. Table 1.--Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\r\ Feb 08\r\ Mar 08\r\ Apr 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,785.5 11,831.4 11,875.8 11,935.6 11,963.9 12,023.2 12,067.9 12,088.0 Compensation of employees, received...... 7,918.1 7,946.3 7,986.8 8,022.1 8,068.9 8,098.6 8,134.7 8,124.1 Wage and salary disbursements.......... 6,412.9 6,435.2 6,470.0 6,500.0 6,534.3 6,558.1 6,588.4 6,574.0 Private industries................... 5,335.7 5,354.2 5,385.7 5,411.1 5,434.8 5,453.7 5,480.6 5,462.4 Goods-producing industries......... 1,219.6 1,224.1 1,233.0 1,233.7 1,234.9 1,236.5 1,241.0 1,229.6 Manufacturing.................... 754.2 756.5 762.8 762.3 763.7 764.9 767.4 762.3 Services-producing industries...... 4,116.0 4,130.1 4,152.7 4,177.4 4,199.9 4,217.2 4,239.6 4,232.8 Trade, transportation, and utilities....................... 1,036.9 1,042.0 1,045.3 1,053.2 1,054.7 1,054.8 1,057.4 1,056.4 Other services-producing industries...................... 3,079.1 3,088.2 3,107.5 3,124.2 3,145.2 3,162.4 3,182.2 3,176.4 Government........................... 1,077.2 1,080.9 1,084.3 1,088.9 1,099.4 1,104.4 1,107.8 1,111.5 Supplements to wages and salaries...... 1,505.2 1,511.1 1,516.8 1,522.1 1,534.6 1,540.5 1,546.4 1,550.1 Employer contributions for employee pension and insurance funds......... 1,026.2 1,030.7 1,034.3 1,037.7 1,044.1 1,048.5 1,052.5 1,057.4 Employer contributions for government social insurance.................... 479.0 480.4 482.5 484.3 490.6 492.0 493.9 492.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,043.9 1,050.6 1,059.8 1,057.4 1,062.3 1,055.1 1,050.2 1,049.3 Farm................................... 41.0 42.1 43.7 45.7 41.4 37.9 33.0 33.0 Nonfarm................................ 1,002.9 1,008.5 1,016.1 1,011.7 1,020.9 1,017.2 1,017.2 1,016.2 Rental income of persons with capital consumption adjustment.................. 70.1 74.0 77.8 81.6 80.3 78.8 77.6 87.6 Personal income receipts on assets....... 1,993.2 1,996.5 1,999.9 2,003.1 2,007.4 2,012.7 2,017.6 2,023.0 Personal interest income............... 1,180.8 1,177.0 1,173.2 1,169.4 1,169.4 1,169.3 1,169.2 1,170.3 Personal dividend income............... 812.4 819.5 826.6 833.7 838.1 843.4 848.4 852.8 Personal current transfer receipts....... 1,747.1 1,754.0 1,746.0 1,769.5 1,757.5 1,793.6 1,807.3 1,821.6 Government social benefits to persons.. 1,719.0 1,725.9 1,717.9 1,741.4 1,729.4 1,765.5 1,779.2 1,793.4 Old-age, survivors, disability, and health insurance benefits........... 1,037.4 1,035.8 1,027.1 1,045.3 1,031.0 1,064.3 1,074.8 1,071.8 Government unemployment insurance benefits............................ 31.5 31.5 32.3 33.3 33.4 34.6 35.7 37.1 Other................................ 650.2 658.5 658.5 662.7 665.0 666.6 668.7 684.4 Other current transfer receipts, from business (net)........................ 28.0 28.1 28.1 28.2 28.1 28.1 28.2 28.2 Less: Contributions for government social insurance............................... 986.9 989.9 994.4 998.2 1,012.5 1,015.7 1,019.6 1,017.6 Less: Personal current taxes............... 1,496.3 1,504.3 1,513.0 1,520.8 1,507.6 1,515.7 1,525.0 1,521.6 Equals: Disposable personal income......... 10,289.2 10,327.1 10,362.9 10,414.7 10,456.3 10,507.6 10,543.0 10,566.4 Less: Personal outlays..................... 10,250.6 10,280.9 10,373.0 10,392.8 10,429.5 10,429.9 10,464.1 10,491.4 Personal consumption expenditures........ 9,832.0 9,865.9 9,960.7 9,983.2 10,027.1 10,034.9 10,076.6 10,098.0 Durable goods.......................... 1,095.7 1,092.8 1,083.0 1,071.7 1,067.1 1,070.0 1,056.9 1,051.5 Nondurable goods....................... 2,854.0 2,868.4 2,920.2 2,924.8 2,945.1 2,938.9 2,962.4 2,966.0 Services............................... 5,882.3 5,904.7 5,957.5 5,986.7 6,014.8 6,026.0 6,057.3 6,080.5 Personal interest payments\1\............ 278.7 275.6 272.5 269.5 261.5 253.6 245.6 251.0 Personal current transfer payments....... 140.0 139.4 139.7 140.1 141.0 141.4 141.9 142.4 To government.......................... 87.8 88.1 88.5 88.9 89.3 89.7 90.2 90.7 To the rest of the world (net)......... 52.2 51.2 51.2 51.2 51.7 51.7 51.7 51.7 Equals: Personal saving.................... 38.5 46.2 -10.1 21.9 26.8 77.6 78.9 75.0 Personal saving as a percentage of disposable personal income.............. .4 .4 -.1 .2 .3 .7 .7 .7 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,713.5 8,721.7 8,697.1 8,716.5 8,728.4 8,759.0 8,761.7 8,760.7 Per capita: Current dollars...................... 33,988 34,084 34,175 34,320 34,433 34,580 34,673 34,725 Chained (2000) dollars............... 28,783 28,785 28,682 28,724 28,743 28,825 28,815 28,791 Population (midperiod, thousands)\3\..... 302,728 302,989 303,228 303,457 303,670 303,866 304,068 304,289 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2007. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.--Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007\r\ IV 06 I 07 II 07 III 07 IV 07\r\ I 08\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 10,983.4 11,665.6 11,200.2 11,469.2 11,577.3 11,735.0 11,880.9 12,018.4 Compensation of employees, received...... 7,440.8 7,858.6 7,599.9 7,764.9 7,801.9 7,882.7 7,985.0 8,100.8 Wage and salary disbursements.......... 6,018.2 6,366.1 6,153.0 6,294.4 6,318.9 6,382.7 6,468.4 6,560.3 Private industries................... 4,997.6 5,298.3 5,115.7 5,242.7 5,256.9 5,309.8 5,383.7 5,456.4 Goods-producing industries......... 1,166.8 1,217.3 1,191.4 1,208.9 1,212.6 1,217.5 1,230.3 1,237.5 Manufacturing.................... 731.0 756.2 743.3 755.4 754.1 754.7 760.5 765.3 Services-producing industries...... 3,830.8 4,081.0 3,924.4 4,033.9 4,044.3 4,092.3 4,153.4 4,218.9 Trade, transportation, and utilities....................... 985.1 1,033.5 1,002.2 1,020.0 1,033.7 1,033.3 1,046.8 1,055.6 Other services-producing industries...................... 2,845.7 3,047.5 2,922.2 3,013.8 3,010.6 3,059.0 3,106.6 3,163.3 Government........................... 1,020.6 1,067.8 1,037.2 1,051.7 1,061.9 1,072.9 1,084.7 1,103.9 Supplements to wages and salaries...... 1,422.6 1,492.5 1,446.9 1,470.5 1,483.0 1,500.0 1,516.6 1,540.5 Employer contributions for employee pension and insurance funds......... 970.7 1,016.8 986.7 999.2 1,010.9 1,022.7 1,034.3 1,048.3 Employer contributions for government social insurance.................... 451.8 475.8 460.2 471.3 472.1 477.3 482.4 492.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,006.7 1,042.6 1,009.8 1,027.4 1,038.4 1,048.7 1,055.9 1,055.9 Farm................................... 19.4 36.2 23.9 29.1 33.1 38.6 43.8 37.4 Nonfarm................................ 987.4 1,006.4 985.8 998.3 1,005.3 1,010.0 1,012.1 1,018.4 Rental income of persons with capital consumption adjustment.................. 54.5 65.4 50.9 53.2 62.1 68.4 77.8 78.9 Personal income receipts on assets....... 1,796.5 1,947.2 1,836.6 1,882.9 1,930.0 1,976.2 1,999.8 2,012.6 Personal interest income............... 1,100.2 1,154.7 1,102.8 1,126.1 1,148.4 1,171.1 1,173.2 1,169.3 Personal dividend income............... 696.3 792.5 733.8 756.8 781.6 805.0 826.6 843.3 Personal current transfer receipts....... 1,612.5 1,731.7 1,647.7 1,710.7 1,717.1 1,742.3 1,756.5 1,786.1 Government social benefits to persons.. 1,585.3 1,703.8 1,618.0 1,683.1 1,689.4 1,714.4 1,728.4 1,758.0 Old-age, survivors, disability, and health insurance benefits........... 946.4 1,022.5 972.0 999.4 1,020.1 1,034.6 1,036.1 1,056.7 Government unemployment insurance benefits............................ 29.9 31.9 30.3 31.8 31.7 31.7 32.4 34.6 Other................................ 609.0 649.4 615.7 651.8 637.6 648.1 659.9 666.7 Other current transfer receipts, from business (net)........................ 27.2 27.9 29.7 27.6 27.8 28.0 28.1 28.1 Less: Contributions for government social insurance............................... 927.6 979.9 944.6 969.8 972.2 983.2 994.1 1,015.9 Less: Personal current taxes............... 1,354.3 1,483.7 1,401.0 1,454.7 1,477.6 1,489.8 1,512.7 1,516.1 Equals: Disposable personal income......... 9,629.1 10,181.9 9,799.2 10,014.5 10,099.7 10,245.2 10,368.2 10,502.3 Less: Personal outlays..................... 9,590.3 10,134.1 9,757.2 9,917.5 10,069.2 10,200.9 10,348.9 10,441.2 Personal consumption expenditures........ 9,224.5 9,734.2 9,373.7 9,540.5 9,674.0 9,785.7 9,936.6 10,046.2 Durable goods.......................... 1,048.9 1,078.2 1,056.5 1,074.0 1,074.7 1,081.6 1,082.5 1,064.7 Nondurable goods....................... 2,688.0 2,833.2 2,705.4 2,759.4 2,822.7 2,846.3 2,904.5 2,948.8 Services............................... 5,487.6 5,822.8 5,611.8 5,707.1 5,776.5 5,857.8 5,949.7 6,032.7 Personal interest payments\1\............ 238.0 262.8 251.6 243.3 259.5 275.8 272.5 253.6 Personal current transfer payments....... 127.8 137.1 131.8 133.7 135.7 139.3 139.7 141.4 To government.......................... 78.9 86.1 81.2 83.4 85.3 87.1 88.5 89.7 To the rest of the world (net)......... 48.9 51.1 50.6 50.4 50.5 52.2 51.2 51.7 Equals: Personal saving.................... 38.8 47.8 42.0 97.0 30.5 44.4 19.3 61.1 Personal saving as a percentage of disposable personal income.............. .4 .5 .4 1.0 .3 .4 .2 .6 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,396.9 8,658.6 8,510.7 8,623.9 8,607.1 8,692.1 8,711.7 8,749.7 Per capita: Current dollars...................... 32,183 33,705 32,626 33,270 33,480 33,874 34,193 34,562 Chained (2000) dollars............... 28,064 28,663 28,336 28,650 28,532 28,739 28,730 28,794 Population (midperiod, thousands)\3\..... 299,199 302,087 300,351 301,004 301,667 302,452 303,225 303,868 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2007. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\r\ Feb 08\r\ Mar 08\r\ Apr 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 49.6 45.9 44.4 59.8 28.3 59.3 44.7 20.1 Compensation of employees, received...... 41.7 28.2 40.5 35.3 46.8 29.7 36.1 -10.6 Wage and salary disbursements.......... 36.1 22.3 34.8 30.0 34.3 23.8 30.3 -14.4 Private industries................... 32.6 18.5 31.5 25.4 23.7 18.9 26.9 -18.2 Goods-producing industries......... 2.5 4.5 8.9 .7 1.2 1.6 4.5 -11.4 Manufacturing.................... -.7 2.3 6.3 -.5 1.4 1.2 2.5 -5.1 Services-producing industries...... 30.0 14.1 22.6 24.7 22.5 17.3 22.4 -6.8 Trade, transportation, and utilities....................... 5.6 5.1 3.3 7.9 1.5 .1 2.6 -1.0 Other services-producing industries...................... 24.4 9.1 19.3 16.7 21.0 17.2 19.8 -5.8 Government........................... 3.5 3.7 3.4 4.6 10.5 5.0 3.4 3.7 Supplements to wages and salaries...... 5.6 5.9 5.7 5.3 12.5 5.9 5.9 3.7 Employer contributions for employee pension and insurance funds......... 3.4 4.5 3.6 3.4 6.4 4.4 4.0 4.9 Employer contributions for government social insurance.................... 2.2 1.4 2.1 1.8 6.3 1.4 1.9 -1.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. -6.8 6.7 9.2 -2.4 4.9 -7.2 -4.9 -.9 Farm................................... 2.3 1.1 1.6 2.0 -4.3 -3.5 -4.9 .0 Nonfarm................................ -9.1 5.6 7.6 -4.4 9.2 -3.7 .0 -1.0 Rental income of persons with capital consumption adjustment.................. 1.8 3.9 3.8 3.8 -1.3 -1.5 -1.2 10.0 Personal income receipts on assets....... 16.9 3.3 3.4 3.2 4.3 5.3 4.9 5.4 Personal interest income............... 9.7 -3.8 -3.8 -3.8 .0 -.1 -.1 1.1 Personal dividend income............... 7.3 7.1 7.1 7.1 4.4 5.3 5.0 4.4 Personal current transfer receipts....... .5 6.9 -8.0 23.5 -12.0 36.1 13.7 14.3 Government social benefits to persons.. .4 6.9 -8.0 23.5 -12.0 36.1 13.7 14.2 Old-age, survivors, disability, and health insurance benefits........... -1.3 -1.6 -8.7 18.2 -14.3 33.3 10.5 -3.0 Government unemployment insurance benefits............................ -.6 .0 .8 1.0 .1 1.2 1.1 1.4 Other................................ 2.5 8.3 .0 4.2 2.3 1.6 2.1 15.7 Other current transfer receipts, from business (net)........................ .0 .1 .0 .1 -.1 .0 .1 .0 Less: Contributions for government social insurance............................... 4.6 3.0 4.5 3.8 14.3 3.2 3.9 -2.0 Less: Personal current taxes............... 7.6 8.0 8.7 7.8 -13.2 8.1 9.3 -3.4 Equals: Disposable personal income......... 42.0 37.9 35.8 51.8 41.6 51.3 35.4 23.4 Less: Personal outlays..................... 52.3 30.3 92.1 19.8 36.7 .4 34.2 27.3 Personal consumption expenditures........ 48.9 33.9 94.8 22.5 43.9 7.8 41.7 21.4 Durable goods.......................... 9.9 -2.9 -9.8 -11.3 -4.6 2.9 -13.1 -5.4 Nondurable goods....................... 23.4 14.4 51.8 4.6 20.3 -6.2 23.5 3.6 Services............................... 15.6 22.4 52.8 29.2 28.1 11.2 31.3 23.2 Personal interest payments\1\............ 2.9 -3.1 -3.1 -3.0 -8.0 -7.9 -8.0 5.4 Personal current transfer payments....... .7 -.6 .3 .4 .9 .4 .5 .5 To government.......................... .7 .3 .4 .4 .4 .4 .5 .5 To the rest of the world (net)......... .0 -1.0 .0 .0 .5 .0 .0 .0 Equals: Personal saving.................... -10.4 7.7 -56.3 32.0 4.9 50.8 1.3 -3.9 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 11.0 8.2 -24.6 19.4 11.9 30.6 2.7 -1.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2007. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007\r\ IV 06 I 07 II 07 III 07 IV 07\r\ I 08\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 682.3 682.2 169.3 269.0 108.1 157.7 145.9 137.5 Compensation of employees, received...... 416.2 417.8 157.4 165.0 37.0 80.8 102.3 115.8 Wage and salary disbursements.......... 350.3 347.9 137.2 141.4 24.5 63.8 85.7 91.9 Private industries................... 310.7 300.7 126.9 127.0 14.2 52.9 73.9 72.7 Goods-producing industries......... 68.1 50.5 32.9 17.5 3.7 4.9 12.8 7.2 Manufacturing.................... 26.9 25.2 19.0 12.1 -1.3 .6 5.8 4.8 Services-producing industries...... 242.5 250.2 94.1 109.5 10.4 48.0 61.1 65.5 Trade, transportation, and utilities....................... 48.1 48.4 16.4 17.8 13.7 -.4 13.5 8.8 Other services-producing industries...................... 194.5 201.8 77.7 91.6 -3.2 48.4 47.6 56.7 Government........................... 39.7 47.2 10.2 14.5 10.2 11.0 11.8 19.2 Supplements to wages and salaries...... 65.8 69.9 20.2 23.6 12.5 17.0 16.6 23.9 Employer contributions for employee pension and insurance funds......... 43.0 46.1 11.3 12.5 11.7 11.8 11.6 14.0 Employer contributions for government social insurance.................... 22.7 24.0 8.9 11.1 .8 5.2 5.1 9.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 36.8 35.9 6.2 17.6 11.0 10.3 7.2 .0 Farm................................... -11.4 16.8 5.8 5.2 4.0 5.5 5.2 -6.4 Nonfarm................................ 48.3 19.0 .3 12.5 7.0 4.7 2.1 6.3 Rental income of persons with capital consumption adjustment.................. 11.6 10.9 -2.0 2.3 8.9 6.3 9.4 1.1 Personal income receipts on assets....... 178.7 150.7 8.5 46.3 47.1 46.2 23.6 12.8 Personal interest income............... 81.3 54.5 -16.9 23.3 22.3 22.7 2.1 -3.9 Personal dividend income............... 97.4 96.2 25.4 23.0 24.8 23.4 21.6 16.7 Personal current transfer receipts....... 91.8 119.2 17.1 63.0 6.4 25.2 14.2 29.6 Government social benefits to persons.. 102.2 118.5 14.8 65.1 6.3 25.0 14.0 29.6 Old-age, survivors, disability, and health insurance benefits........... 101.1 76.1 15.9 27.4 20.7 14.5 1.5 20.6 Government unemployment insurance benefits............................ -1.4 2.0 .3 1.5 -.1 .0 .7 2.2 Other................................ 2.6 40.4 -1.4 36.1 -14.2 10.5 11.8 6.8 Other current transfer receipts, from business (net)........................ -10.4 .7 2.3 -2.1 .2 .2 .1 .0 Less: Contributions for government social insurance............................... 52.8 52.3 17.8 25.2 2.4 11.0 10.9 21.8 Less: Personal current taxes............... 145.2 129.4 45.8 53.7 22.9 12.2 22.9 3.4 Equals: Disposable personal income......... 537.1 552.8 123.4 215.3 85.2 145.5 123.0 134.1 Less: Personal outlays..................... 542.9 543.8 80.1 160.3 151.7 131.7 148.0 92.3 Personal consumption expenditures........ 516.7 509.7 68.0 166.8 133.5 111.7 150.9 109.6 Durable goods.......................... 25.0 29.3 2.7 17.5 .7 6.9 .9 -17.8 Nondurable goods....................... 171.8 145.2 -27.0 54.0 63.3 23.6 58.2 44.3 Services............................... 319.8 335.2 92.3 95.3 69.4 81.3 91.9 83.0 Personal interest payments\1\............ 20.3 24.8 9.3 -8.3 16.2 16.3 -3.3 -18.9 Personal current transfer payments....... 6.0 9.3 2.7 1.9 2.0 3.6 .4 1.7 To government.......................... 4.4 7.2 1.6 2.2 1.9 1.8 1.4 1.2 To the rest of the world (net)......... 1.6 2.2 1.1 -.2 .1 1.7 -1.0 .5 Equals: Personal saving.................... -5.8 9.0 43.4 55.0 -66.5 13.9 -25.1 41.8 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 249.0 261.7 126.2 113.2 -16.8 85.0 19.6 38.0 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2007. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\r\ Feb 08\r\ Mar 08\r\ Apr 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .4 .4 .4 .5 .2 .5 .4 .2 Compensation of employees, received...... .5 .4 .5 .4 .6 .4 .4 -.1 Wage and salary disbursements.......... .6 .3 .5 .5 .5 .4 .5 -.2 Supplements to wages and salaries...... .4 .4 .4 .4 .8 .4 .4 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. -.6 .6 .9 -.2 .5 -.7 -.5 -.1 Rental income of persons with capital consumption adjustment.................. 2.7 5.5 5.2 5.0 -1.6 -1.9 -1.5 12.8 Personal income receipts on assets....... .9 .2 .2 .2 .2 .3 .2 .3 Personal interest income............... .8 -.3 -.3 -.3 .0 .0 .0 .1 Personal dividend income............... .9 .9 .9 .8 .5 .6 .6 .5 Personal current transfer receipts....... .0 .4 -.5 1.3 -.7 2.1 .8 .8 Less: Contributions for government social insurance............................... .5 .3 .5 .4 1.4 .3 .4 -.2 Less: Personal current taxes............... .5 .5 .6 .5 -.9 .5 .6 -.2 Equals: Disposable personal income......... .4 .4 .3 .5 .4 .5 .3 .2 Addenda: Personal consumption expenditures........ .5 .3 1.0 .2 .4 .1 .4 .2 Durable goods.......................... .9 -.3 -.9 -1.0 -.4 .3 -1.2 -.5 Nondurable goods....................... .8 .5 1.8 .2 .7 -.2 .8 .1 Services............................... .3 .4 .9 .5 .5 .2 .5 .4 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... .1 .1 -.3 .2 .1 .4 .0 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2007. Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007\r\ IV 06 I 07 II 07 III 07 IV 07\r\ I 08\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 6.6 6.2 6.3 10.0 3.8 5.6 5.1 4.7 Compensation of employees, received...... 5.9 5.6 8.7 9.0 1.9 4.2 5.3 5.9 Wage and salary disbursements.......... 6.2 5.8 9.4 9.5 1.6 4.1 5.5 5.8 Supplements to wages and salaries...... 4.8 4.9 5.8 6.7 3.4 4.7 4.5 6.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 3.8 3.6 2.5 7.2 4.4 4.0 2.8 .0 Rental income of persons with capital consumption adjustment.................. 27.2 19.9 -14.0 19.2 85.9 47.1 67.1 6.0 Personal income receipts on assets....... 11.0 8.4 1.9 10.5 10.4 9.9 4.9 2.6 Personal interest income............... 8.0 5.0 -5.9 8.7 8.2 8.2 .7 -1.3 Personal dividend income............... 16.3 13.8 15.1 13.1 13.8 12.5 11.2 8.3 Personal current transfer receipts....... 6.0 7.4 4.3 16.2 1.5 6.0 3.3 6.9 Less: Contributions for government social insurance............................... 6.0 5.6 7.9 11.1 1.0 4.6 4.5 9.1 Less: Personal current taxes............... 12.0 9.6 14.2 16.2 6.5 3.3 6.3 .9 Equals: Disposable personal income......... 5.9 5.7 5.2 9.1 3.4 5.9 4.9 5.3 Addenda: Personal consumption expenditures........ 5.9 5.5 3.0 7.3 5.7 4.7 6.3 4.5 Durable goods.......................... 2.4 2.8 1.0 6.8 .3 2.6 .3 -6.4 Nondurable goods....................... 6.8 5.4 -3.9 8.2 9.5 3.4 8.4 6.2 Services............................... 6.2 6.1 6.9 7.0 5.0 5.7 6.4 5.7 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... 3.1 3.1 6.2 5.4 -.8 4.0 .9 1.8 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2007. Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Sep 07 Oct 07 Nov 07 Dec 07 Jan 08\r\ Feb 08\r\ Mar 08\r\ Apr 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,326.4 8,332.2 8,359.6 8,355.3 8,370.0 8,365.0 8,374.1 8,372.4 Durable goods............................ 1,261.2 1,257.2 1,248.6 1,238.7 1,232.0 1,234.1 1,218.5 1,215.8 Nondurable goods......................... 2,402.0 2,406.0 2,407.6 2,398.8 2,400.1 2,397.0 2,409.6 2,405.3 Services................................. 4,693.8 4,698.5 4,728.7 4,739.9 4,757.2 4,754.0 4,761.0 4,765.5 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 18.0 5.8 27.4 -4.3 14.7 -5.0 9.1 -1.7 Durable goods............................ 13.9 -4.0 -8.6 -9.9 -6.7 2.1 -15.6 -2.7 Nondurable goods......................... 12.3 4.0 1.6 -8.8 1.3 -3.1 12.6 -4.3 Services................................. -4.5 4.7 30.2 11.2 17.3 -3.2 7.0 4.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .2 .1 .3 -.1 .2 -.1 .1 .0 Durable goods............................ 1.1 -.3 -.7 -.8 -.5 .2 -1.3 -.2 Nondurable goods......................... .5 .2 .1 -.4 .1 -.1 .5 -.2 Services................................. -.1 .1 .6 .2 .4 -.1 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- 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 IV 06 I 07 II 07 III 07 IV 07 I 08\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,044.1 8,277.8 8,141.2 8,215.7 8,244.3 8,302.2 8,349.1 8,369.7 Durable goods............................ 1,180.5 1,235.4 1,197.6 1,223.2 1,228.4 1,241.9 1,248.1 1,228.2 Nondurable goods......................... 2,337.7 2,392.8 2,368.8 2,386.6 2,383.8 2,396.8 2,404.2 2,402.2 Services................................. 4,545.5 4,674.8 4,595.5 4,630.7 4,656.7 4,689.5 4,722.4 4,757.4 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 240.5 233.7 77.4 74.5 28.6 57.9 46.9 20.6 Durable goods............................ 43.1 54.9 11.3 25.6 5.2 13.5 6.2 -19.9 Nondurable goods......................... 82.3 55.1 24.9 17.8 -2.8 13.0 7.4 -2.0 Services................................. 118.2 129.3 41.5 35.2 26.0 32.8 32.9 35.0 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 3.1 2.9 3.9 3.7 1.4 2.8 2.3 1.0 Durable goods............................ 3.8 4.7 3.9 8.8 1.7 4.5 2.0 -6.2 Nondurable goods......................... 3.6 2.4 4.3 3.0 -.5 2.2 1.2 -.3 Services................................. 2.7 2.8 3.7 3.1 2.3 2.8 2.8 3.0 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Sep 07 Oct 07 Nov 07 Dec 07 Jan 08\r\ Feb 08\r\ Mar 08\r\ Apr 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2000=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 118.087 118.412 119.158 119.488 119.802 119.967 120.335 120.615 Durable goods............................ 86.865 86.927 86.736 86.514 86.610 86.697 86.735 86.486 Nondurable goods......................... 118.813 119.219 121.286 121.923 122.709 122.607 122.940 123.309 Services................................. 125.329 125.680 125.995 126.312 126.443 126.765 127.233 127.603 Addenda: PCE excluding food and energy............ 114.946 115.188 115.403 115.618 115.827 115.980 116.189 116.355 Market-based PCE\1\...................... 116.333 116.665 117.498 117.853 118.194 118.332 118.670 118.960 Market-based PCE excluding food and energy\1\........................... 112.105 112.338 112.554 112.778 112.998 113.115 113.254 113.409 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .3 .3 .6 .3 .3 .1 .3 .2 Durable goods............................ -.2 .1 -.2 -.3 .1 .1 .0 -.3 Nondurable goods......................... .3 .3 1.7 .5 .6 -.1 .3 .3 Services................................. .4 .3 .3 .3 .1 .3 .4 .3 Addenda: PCE excluding food and energy............ .3 .2 .2 .2 .2 .1 .2 .1 Market-based PCE\1\...................... .2 .3 .7 .3 .3 .1 .3 .2 Market-based PCE excluding food and energy\1\........................... .2 .2 .2 .2 .2 .1 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\r\ Feb 08\r\ Mar 08\r\ Apr 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 3.4 2.8 2.2 2.1 1.7 1.5 1.2 1.8 Personal consumption expenditures.......... 3.2 2.7 2.8 2.2 2.0 1.6 2.0 1.6 Durable goods............................ 6.0 5.8 4.6 2.3 .6 1.1 -.4 -.4 Nondurable goods......................... 2.6 2.1 1.9 .4 .6 .5 .9 1.1 Services................................. 3.0 2.4 2.9 3.1 3.0 2.3 2.9 2.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2007. Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Sep 07 Oct 07 Nov 07 Dec 07 Jan 08\r\ Feb 08\r\ Mar 08\r\ Apr 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.5 3.0 3.6 3.5 3.5 3.4 3.2 3.2 Durable goods............................ -1.9 -1.8 -1.7 -1.6 -1.3 -1.3 -1.2 -1.2 Nondurable goods......................... 2.8 4.4 6.6 6.3 6.8 6.3 5.4 5.0 Services................................. 3.1 3.2 3.2 3.2 2.8 2.8 3.0 3.1 Addenda: PCE excluding food and energy............ 1.9 2.0 2.1 2.2 2.0 1.9 2.1 2.1 Market-based PCE\1\...................... 2.3 3.0 3.7 3.6 3.6 3.4 3.2 3.1 Market-based PCE excluding food and energy\1\........................... 1.6 1.7 1.9 2.0 1.8 1.7 1.8 1.8 ----------------------------------------------------------------------------------------------------------------------------------- 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.