EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 28, 2010 James Rankin: (202) 606-5301 (Personal Income) BEA 10-23 Kyle Brown: (202) 606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: APRIL 2010 Personal income increased $54.4 billion, or 0.4 percent, and disposable personal income (DPI) increased $57.6 billion, or 0.5 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $4.0 billion, or less than 0.1 percent. In March, personal income increased $46.7 billion, or 0.4 percent, DPI increased $44.1 billion, or 0.4 percent, and PCE increased $59.8 billion, or 0.6 percent, based on revised estimates. Real disposable income increased 0.5 percent in April, compared with an increase of 0.3 percent in March. Real PCE increased less than 0.1 percent, compared with an increase of 0.5 percent. 2009 2010 Dec. Jan. Feb. Mar. Apr. (Percent change from preceding month) Personal income, current dollars 0.4 0.4 0.0 0.4 0.4 Disposable personal income: Current dollars 0.5 0.3 0.0 0.4 0.5 Chained (2005) dollars 0.3 0.1 0.0 0.3 0.5 Personal consumption expenditures: Current dollars 0.4 0.3 0.5 0.6 0.0 Chained (2005) dollars 0.2 0.1 0.5 0.5 0.0 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for October through December 2009 (fourth quarter). These estimates reflect the incorporation of newly available fourth-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. Wages and salaries Private wage and salary disbursements increased $24.4 billion in April, compared with an increase of $13.7 billion in March. Goods-producing industries' payrolls increased $5.8 billion, compared with an increase of $4.1 billion; manufacturing payrolls increased $4.5 billion, compared with an increase of $1.6 billion. Services-producing industries' payrolls increased $18.6 billion, compared with an increase of $9.6 billion. Government wage and salary disbursements increased $1.9 billion, compared with an increase of $2.9 billion. Other personal income Supplements to wages and salaries increased $3.8 billion in April, the same increase as in March. Proprietors' income increased $13.6 billion in April, compared with an increase of $4.0 billion in March. Farm proprietors' income increased $3.8 billion, in contrast to a decrease of $5.0 billion. Nonfarm proprietors' income increased $9.8 billion, compared with an increase of $9.0 billion. Rental income of persons increased $0.5 billion in April, compared with an increase of $2.8 billion in March. Personal income receipts on assets (personal interest income plus personal dividend income) increased $18.9 billion, in contrast to a decrease of $13.4 billion. Personal current transfer receipts decreased $4.8 billion in April, in contrast to an increase of $35.4 billion in March. The March change reflected an increase in emergency unemployment compensation, which boosted personal current transfer receipts by $18.6 billion at an annual rate in March. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.7 billion in April, compared with an increase of $2.7 billion in March. Personal current taxes and disposable personal income Personal current taxes decreased $3.2 billion in April, in contrast to an increase of $2.6 billion in March. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $57.6 billion, or 0.5 percent, in April, compared with an increase of $44.1 billion, or 0.4 percent in March. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $1.8 billion in April, compared with an increase of $61.9 billion in March. PCE increased $4.0 billion, compared with an increase of $59.8 billion. Personal saving -- DPI less personal outlays -- was $398.5 billion in April, compared with $342.7 billion in March. Personal saving as a percentage of disposable personal income was 3.6 percent in April, compared with 3.1 percent in March. 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 0.5 percent in April, compared with an increase of 0.3 percent in March. Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in April, compared with an increase of 0.5 percent in March. Purchases of durable goods increased 0.1 percent, compared with an increase of 3.6 percent. Purchases of motor vehicles and parts accounted for most of the increase in March. Purchases of nondurable goods decreased 0.1 percent in April, in contrast to an increase of 0.4 percent in March. Purchases of services increased 0.1 percent, compared with an increase of less than 0.1 percent. PCE price index -- The price index for PCE increased less than 0.1 percent in April, compared with an increase of 0.1 percent in March. The PCE price index, excluding food and energy, increased 0.1 percent in April, the same increase as in March. Revisions For October through December 2009, the revisions to wages and salaries reflected the incorporation of newly available BLS tabulations for fourth-quarter private wages and salaries from the quarterly census of employment and wages. Wages and salaries were revised down for all three months. Revisions to personal current taxes and to contributions for government social insurance reflected the revisions to wages and salaries and the incorporation of newly available federal tax collections data. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for February and March -- revised and as published in last month's release -- are shown below. 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 7.1 2.2 0.1 0.0 36.0 46.7 0.3 0.4 Disposable personal income: Current dollars 4.3 2.3 0.0 0.0 32.3 44.1 0.3 0.4 Chained (2005) dollars 2.9 1.6 0.0 0.0 20.1 29.2 0.2 0.3 Personal consumption expenditures: Current dollars 56.4 53.4 0.5 0.5 58.6 59.8 0.6 0.6 Chained (2005) dollars 50.0 47.7 0.5 0.5 44.5 44.2 0.5 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 -- June 28, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for May. -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] ----------------------------------------------------------------------------------------------------------------------------------- Sep 09 Oct 09\r\ Nov 09\r\ Dec 09\r\ Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,028.7 12,023.8 12,065.6 12,118.7 12,161.9 12,164.1 12,210.8 12,265.2 Compensation of employees, received...... 7,749.1 7,733.2 7,742.3 7,746.3 7,794.7 7,806.3 7,826.8 7,856.8 Wage and salary disbursements.......... 6,245.9 6,230.1 6,237.6 6,240.4 6,274.2 6,282.8 6,299.3 6,325.6 Private industries................... 5,061.8 5,043.2 5,049.5 5,049.6 5,076.4 5,084.2 5,097.9 5,122.3 Goods-producing industries......... 1,038.0 1,028.3 1,033.7 1,031.0 1,037.8 1,036.3 1,040.4 1,046.2 Manufacturing.................... 642.8 645.1 652.5 652.1 657.1 657.5 659.1 663.6 Services-producing industries...... 4,023.8 4,015.0 4,015.9 4,018.6 4,038.5 4,047.9 4,057.5 4,076.1 Trade, transportation, and utilities....................... 978.7 974.2 972.6 972.4 977.4 979.8 983.8 988.9 Other services-producing industries...................... 3,045.2 3,040.7 3,043.3 3,046.2 3,061.1 3,068.1 3,073.7 3,087.2 Government........................... 1,184.1 1,186.9 1,188.1 1,190.8 1,197.9 1,198.6 1,201.5 1,203.4 Supplements to wages and salaries...... 1,503.2 1,503.1 1,504.7 1,505.9 1,520.5 1,523.6 1,527.4 1,531.2 Employer contributions for employee pension and insurance funds......... 1,047.2 1,048.6 1,049.7 1,051.0 1,053.3 1,055.7 1,057.9 1,059.9 Employer contributions for government social insurance.................... 456.0 454.5 455.0 454.9 467.2 467.8 469.5 471.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,040.2 1,050.5 1,062.2 1,068.1 1,066.3 1,064.3 1,068.3 1,081.9 Farm................................... 23.5 29.3 35.2 41.1 36.0 31.0 26.0 29.8 Nonfarm................................ 1,016.7 1,021.2 1,027.0 1,027.0 1,030.2 1,033.3 1,042.3 1,052.1 Rental income of persons with capital consumption adjustment.................. 282.6 285.0 286.7 288.3 291.0 293.6 296.4 296.9 Personal income receipts on assets....... 1,763.9 1,776.2 1,788.5 1,800.8 1,787.4 1,774.0 1,760.6 1,779.5 Personal interest income............... 1,228.0 1,231.2 1,234.4 1,237.6 1,238.3 1,238.9 1,239.5 1,236.8 Personal dividend income............... 535.9 545.0 554.1 563.2 549.2 535.1 521.1 542.7 Personal current transfer receipts....... 2,155.3 2,138.7 2,146.8 2,176.2 2,201.6 2,206.3 2,241.7 2,236.9 Government social benefits to persons.. 2,122.4 2,105.8 2,113.8 2,143.3 2,168.3 2,173.0 2,208.4 2,203.6 Old-age, survivors, disability, and health insurance benefits........... 1,176.3 1,175.7 1,181.5 1,187.0 1,184.8 1,187.8 1,192.8 1,204.3 Government unemployment insurance benefits............................ 138.1 129.9 127.1 143.8 137.2 132.0 150.6 128.8 Other................................ 808.0 800.2 805.2 812.6 846.4 853.1 864.9 870.4 Other current transfer receipts, from business (net)........................ 32.8 32.9 32.9 33.0 33.3 33.3 33.3 33.4 Less: Contributions for government social insurance, domestic..................... 962.3 959.8 960.9 961.1 979.1 980.4 983.1 986.8 Less: Personal current taxes............... 1,068.8 1,063.6 1,065.9 1,068.8 1,082.2 1,082.1 1,084.7 1,081.5 Equals: Disposable personal income......... 10,959.8 10,960.3 10,999.7 11,049.9 11,079.7 11,082.0 11,126.1 11,183.7 Less: Personal outlays..................... 10,503.3 10,557.0 10,604.8 10,636.2 10,666.1 10,721.5 10,783.4 10,785.2 Personal consumption expenditures........ 10,132.8 10,188.6 10,241.8 10,278.8 10,306.8 10,360.2 10,420.0 10,424.0 Goods.................................. 3,278.4 3,304.9 3,355.8 3,350.6 3,373.0 3,400.1 3,446.6 3,433.3 Durable goods........................ 1,012.4 1,034.5 1,058.6 1,062.9 1,052.4 1,063.2 1,102.8 1,102.6 Nondurable goods..................... 2,266.0 2,270.3 2,297.3 2,287.6 2,320.6 2,336.9 2,343.9 2,330.6 Services............................... 6,854.5 6,883.7 6,886.0 6,928.2 6,933.8 6,960.0 6,973.4 6,990.8 Personal interest payments\1\............ 215.6 209.4 203.1 196.9 198.3 199.7 201.2 198.3 Personal current transfer payments....... 154.8 159.1 159.8 160.5 160.9 161.6 162.2 162.9 To government.......................... 92.9 93.8 94.6 95.3 95.9 96.6 97.2 97.9 To the rest of the world (net)......... 61.9 65.3 65.3 65.3 65.1 65.1 65.1 65.1 Equals: Personal saving.................... 456.5 403.3 394.9 413.7 413.6 360.5 342.7 398.5 Personal saving as a percentage of disposable personal income.............. 4.2 3.7 3.6 3.7 3.7 3.3 3.1 3.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,000.0 8,986.7 9,000.4 9,007.8 9,008.8 9,006.1 9,006.6 9,058.8 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,990.4 9,964.1 9,981.1 10,011.1 10,021.2 10,022.8 10,052.0 10,102.5 Per capita: Current dollars...................... 35,576 35,550 35,652 35,791 35,865 35,850 35,970 36,133 Chained (2005) dollars............... 32,429 32,319 32,351 32,426 32,439 32,424 32,498 32,640 Population (midperiod, thousands)\3\..... 308,068 308,304 308,526 308,733 308,930 309,119 309,312 309,511 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 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\r\ IV 08 I 09 II 09 III 09 IV 09\r\ I 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,238.8 12,019.0 12,233.5 11,952.7 12,048.8 12,005.2 12,069.4 12,178.9 Compensation of employees, received...... 8,042.4 7,778.5 8,050.3 7,805.8 7,815.9 7,751.4 7,740.6 7,809.3 Wage and salary disbursements.......... 6,545.9 6,276.5 6,543.5 6,307.8 6,313.1 6,249.2 6,236.0 6,285.5 Private industries................... 5,404.6 5,094.1 5,388.6 5,136.0 5,128.8 5,064.3 5,047.4 5,086.2 Goods-producing industries......... 1,206.5 1,062.0 1,192.2 1,107.3 1,067.8 1,042.1 1,031.0 1,038.2 Manufacturing.................... 742.0 659.4 732.2 681.0 662.0 644.9 649.9 657.9 Services-producing industries...... 4,198.1 4,032.1 4,196.5 4,028.8 4,061.0 4,022.2 4,016.5 4,048.0 Trade, transportation, and utilities....................... 1,048.3 985.4 1,039.4 1,002.3 989.3 977.0 973.1 980.3 Other services-producing industries...................... 3,149.8 3,046.7 3,157.1 3,026.5 3,071.7 3,045.2 3,043.4 3,067.7 Government........................... 1,141.3 1,182.4 1,154.9 1,171.8 1,184.4 1,184.8 1,188.6 1,199.3 Supplements to wages and salaries...... 1,496.6 1,501.9 1,506.8 1,498.0 1,502.8 1,502.3 1,504.6 1,523.8 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.................... 472.7 458.0 473.6 460.2 460.8 456.2 454.8 468.2 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 1,066.3 Farm................................... 48.7 29.3 39.0 27.3 28.9 25.8 35.2 31.0 Nonfarm................................ 1,057.5 1,011.7 1,044.5 1,010.5 999.1 1,012.0 1,025.1 1,035.3 Rental income of persons with capital consumption adjustment.................. 210.4 268.1 236.7 245.9 262.0 277.9 286.7 293.7 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 1,774.0 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............... 686.4 554.2 665.2 602.1 532.3 528.2 554.1 535.1 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 2,216.5 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 2,183.2 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 1,188.5 Government unemployment insurance benefits............................ 50.6 122.0 70.3 96.2 122.5 135.7 133.6 139.9 Other................................ 722.4 793.3 708.0 730.1 834.1 803.2 806.0 854.8 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..................... 990.6 965.9 993.3 969.7 970.9 962.5 960.6 980.9 Less: Personal current taxes............... 1,432.4 1,101.7 1,434.3 1,187.3 1,082.6 1,071.0 1,066.1 1,083.0 Equals: Disposable personal income......... 10,806.4 10,917.3 10,799.1 10,765.4 10,966.2 10,934.3 11,003.3 11,095.9 Less: Personal outlays..................... 10,520.0 10,458.7 10,389.9 10,362.3 10,370.5 10,502.8 10,599.3 10,723.7 Personal consumption expenditures........ 10,129.9 10,089.1 10,009.8 9,987.7 9,999.3 10,132.9 10,236.4 10,362.3 Goods.................................. 3,403.2 3,255.2 3,227.5 3,197.7 3,193.8 3,292.3 3,337.1 3,406.6 Durable goods........................ 1,095.2 1,035.0 1,019.9 1,025.2 1,011.5 1,051.3 1,052.0 1,072.8 Nondurable goods..................... 2,308.0 2,220.2 2,207.6 2,172.4 2,182.2 2,241.0 2,285.1 2,333.8 Services............................... 6,726.8 6,833.9 6,782.3 6,790.0 6,805.6 6,840.6 6,899.3 6,955.8 Personal interest payments\1\............ 237.7 213.9 228.8 220.4 216.7 215.5 203.1 199.7 Personal current transfer payments....... 152.3 155.7 151.3 154.2 154.5 154.4 159.8 161.6 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 65.1 Equals: Personal saving.................... 286.4 458.6 409.2 403.1 595.7 431.5 403.9 372.3 Personal saving as a percentage of disposable personal income.............. 2.7 4.2 3.8 3.7 5.4 3.9 3.7 3.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,504.6 9,075.1 9,494.4 9,188.7 9,105.5 9,010.5 8,998.3 9,007.2 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,911.3 9,993.2 9,920.4 9,926.4 10,077.5 9,984.4 9,985.5 10,032.0 Per capita: Current dollars...................... 35,450 35,505 35,304 35,124 35,709 35,522 35,665 35,895 Chained (2005) dollars............... 32,514 32,500 32,431 32,387 32,815 32,436 32,366 32,454 Population (midperiod, thousands)\3\..... 304,831 307,483 305,890 306,496 307,101 307,815 308,521 309,120 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 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] ----------------------------------------------------------------------------------------------------------------------------------- Sep 09 Oct 09\r\ Nov 09\r\ Dec 09\r\ Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 16.8 -4.9 41.8 53.1 43.2 2.2 46.7 54.4 Compensation of employees, received...... -13.5 -15.9 9.1 4.0 48.4 11.6 20.5 30.0 Wage and salary disbursements.......... -13.6 -15.8 7.5 2.8 33.8 8.6 16.5 26.3 Private industries................... -11.9 -18.6 6.3 .1 26.8 7.8 13.7 24.4 Goods-producing industries......... -7.2 -9.7 5.4 -2.7 6.8 -1.5 4.1 5.8 Manufacturing.................... -3.4 2.3 7.4 -.4 5.0 .4 1.6 4.5 Services-producing industries...... -4.8 -8.8 .9 2.7 19.9 9.4 9.6 18.6 Trade, transportation, and utilities....................... .0 -4.5 -1.6 -.2 5.0 2.4 4.0 5.1 Other services-producing industries...................... -4.7 -4.5 2.6 2.9 14.9 7.0 5.6 13.5 Government........................... -1.7 2.8 1.2 2.7 7.1 .7 2.9 1.9 Supplements to wages and salaries...... .1 -.1 1.6 1.2 14.6 3.1 3.8 3.8 Employer contributions for employee pension and insurance funds......... 1.0 1.4 1.1 1.3 2.3 2.4 2.2 2.0 Employer contributions for government social insurance.................... -.9 -1.5 .5 -.1 12.3 .6 1.7 1.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.8 10.3 11.7 5.9 -1.8 -2.0 4.0 13.6 Farm................................... -2.3 5.8 5.9 5.9 -5.1 -5.0 -5.0 3.8 Nonfarm................................ 4.1 4.5 5.8 .0 3.2 3.1 9.0 9.8 Rental income of persons with capital consumption adjustment.................. 4.7 2.4 1.7 1.6 2.7 2.6 2.8 .5 Personal income receipts on assets....... .8 12.3 12.3 12.3 -13.4 -13.4 -13.4 18.9 Personal interest income............... -6.9 3.2 3.2 3.2 .7 .6 .6 -2.7 Personal dividend income............... 7.7 9.1 9.1 9.1 -14.0 -14.1 -14.0 21.6 Personal current transfer receipts....... 21.6 -16.6 8.1 29.4 25.4 4.7 35.4 -4.8 Government social benefits to persons.. 21.5 -16.6 8.0 29.5 25.0 4.7 35.4 -4.8 Old-age, survivors, disability, and health insurance benefits........... 13.5 -.6 5.8 5.5 -2.2 3.0 5.0 11.5 Government unemployment insurance benefits............................ .7 -8.2 -2.8 16.7 -6.6 -5.2 18.6 -21.8 Other................................ 7.3 -7.8 5.0 7.4 33.8 6.7 11.8 5.5 Other current transfer receipts, from business (net)........................ .0 .1 .0 .1 .3 .0 .0 .1 Less: Contributions for government social insurance, domestic..................... -1.5 -2.5 1.1 .2 18.0 1.3 2.7 3.7 Less: Personal current taxes............... -3.6 -5.2 2.3 2.9 13.4 -.1 2.6 -3.2 Equals: Disposable personal income......... 20.3 .5 39.4 50.2 29.8 2.3 44.1 57.6 Less: Personal outlays..................... -64.0 53.7 47.8 31.4 29.9 55.4 61.9 1.8 Personal consumption expenditures........ -64.6 55.8 53.2 37.0 28.0 53.4 59.8 4.0 Goods.................................. -75.2 26.5 50.9 -5.2 22.4 27.1 46.5 -13.3 Durable goods........................ -90.3 22.1 24.1 4.3 -10.5 10.8 39.6 -.2 Nondurable goods..................... 15.2 4.3 27.0 -9.7 33.0 16.3 7.0 -13.3 Services............................... 10.7 29.2 2.3 42.2 5.6 26.2 13.4 17.4 Personal interest payments\1\............ .1 -6.2 -6.3 -6.2 1.4 1.4 1.5 -2.9 Personal current transfer payments....... .4 4.3 .7 .7 .4 .7 .6 .7 To government.......................... .4 .9 .8 .7 .6 .7 .6 .7 To the rest of the world (net)......... .0 3.4 .0 .0 -.2 .0 .0 .0 Equals: Personal saving.................... 84.3 -53.2 -8.4 18.8 -.1 -53.1 -17.8 55.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -13.1 -13.3 13.7 7.4 1.0 -2.7 .5 52.2 Disposable personal income, billions of chained (2005) dollars\2\............ 8.9 -26.3 17.0 30.0 10.1 1.6 29.2 50.5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 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\r\ IV 08 I 09 II 09 III 09 IV 09\r\ I 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 344.7 -219.8 -53.1 -280.8 96.1 -43.6 64.2 109.5 Compensation of employees, received...... 179.7 -263.9 -18.8 -244.5 10.1 -64.5 -10.8 68.7 Wage and salary disbursements.......... 137.0 -269.4 -24.2 -235.7 5.3 -63.9 -13.2 49.5 Private industries................... 84.8 -310.5 -30.6 -252.6 -7.2 -64.5 -16.9 38.8 Goods-producing industries......... -6.4 -144.5 -14.0 -84.9 -39.5 -25.7 -11.1 7.2 Manufacturing.................... -11.5 -82.6 -8.1 -51.2 -19.0 -17.1 5.0 8.0 Services-producing industries...... 91.2 -166.0 -16.5 -167.7 32.2 -38.8 -5.7 31.5 Trade, transportation, and utilities....................... 3.6 -62.9 -8.4 -37.1 -13.0 -12.3 -3.9 7.2 Other services-producing industries...................... 87.6 -103.1 -8.1 -130.6 45.2 -26.5 -1.8 24.3 Government........................... 52.2 41.1 6.4 16.9 12.6 .4 3.8 10.7 Supplements to wages and salaries...... 42.8 5.3 5.4 -8.8 4.8 -.5 2.3 19.2 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 -14.7 -1.1 -13.4 .6 -4.6 -1.4 13.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 9.9 -65.3 -30.8 -45.8 -9.8 9.9 22.4 6.0 Farm................................... 9.3 -19.4 -10.3 -11.7 1.6 -3.1 9.4 -4.2 Nonfarm................................ .6 -45.8 -20.6 -34.0 -11.4 12.9 13.1 10.2 Rental income of persons with capital consumption adjustment.................. 65.5 57.7 14.5 9.2 16.1 15.9 8.8 7.0 Personal income receipts on assets....... -37.1 -201.8 -43.3 -112.6 -72.1 -10.3 25.4 -14.5 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 -19.0 Personal current transfer receipts....... 157.9 228.9 23.7 89.3 153.0 -2.8 16.4 62.6 Government social benefits to persons.. 155.4 228.8 23.6 89.4 153.0 -3.0 16.3 62.2 Old-age, survivors, disability, and health insurance benefits........... 66.6 86.4 6.5 41.5 22.6 14.7 15.6 7.1 Government unemployment insurance benefits............................ 18.3 71.4 12.6 25.9 26.3 13.2 -2.1 6.3 Other................................ 70.7 70.9 4.5 22.1 104.0 -30.9 2.8 48.8 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 -24.7 -1.6 -23.6 1.2 -8.4 -1.9 20.3 Less: Personal current taxes............... -58.5 -330.7 -3.0 -247.0 -104.7 -11.6 -4.9 16.9 Equals: Disposable personal income......... 403.3 110.9 -50.2 -33.7 200.8 -31.9 69.0 92.6 Less: Personal outlays..................... 295.7 -61.3 -223.7 -27.6 8.2 132.3 96.5 124.4 Personal consumption expenditures........ 303.5 -40.8 -210.3 -22.1 11.6 133.6 103.5 125.9 Goods.................................. 38.2 -148.0 -235.5 -29.8 -3.9 98.5 44.8 69.5 Durable goods........................ -65.3 -60.2 -68.6 5.3 -13.7 39.8 .7 20.8 Nondurable goods..................... 103.5 -87.8 -166.9 -35.2 9.8 58.8 44.1 48.7 Services............................... 265.4 107.1 25.2 7.7 15.6 35.0 58.7 56.5 Personal interest payments\1\............ -19.1 -23.8 -9.5 -8.4 -3.7 -1.2 -12.4 -3.4 Personal current transfer payments....... 11.3 3.4 -3.9 2.9 .3 -.1 5.4 1.8 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 -.2 Equals: Personal saving.................... 107.5 172.2 173.5 -6.1 192.6 -164.2 -27.6 -31.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -140.8 -429.5 52.4 -305.7 -83.2 -95.0 -12.2 8.9 Disposable personal income, billions of chained (2005) dollars\2\............ 50.7 81.9 82.1 6.0 151.1 -93.1 1.1 46.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 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] ----------------------------------------------------------------------------------------------------------------------------------- Sep 09 Oct 09\r\ Nov 09\r\ Dec 09\r\ Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .1 .0 .3 .4 .4 .0 .4 .4 Compensation of employees, received...... -.2 -.2 .1 .1 .6 .1 .3 .4 Wage and salary disbursements.......... -.2 -.3 .1 .0 .5 .1 .3 .4 Supplements to wages and salaries...... .0 .0 .1 .1 1.0 .2 .3 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .2 1.0 1.1 .6 -.2 -.2 .4 1.3 Rental income of persons with capital consumption adjustment.................. 1.7 .9 .6 .6 .9 .9 1.0 .1 Personal income receipts on assets....... .0 .7 .7 .7 -.7 -.7 -.8 1.1 Personal interest income............... -.6 .3 .3 .3 .1 .1 .1 -.2 Personal dividend income............... 1.5 1.7 1.7 1.6 -2.5 -2.6 -2.6 4.1 Personal current transfer receipts....... 1.0 -.8 .4 1.4 1.2 .2 1.6 -.2 Less: Contributions for government social insurance, domestic..................... -.2 -.3 .1 .0 1.9 .1 .3 .4 Less: Personal current taxes............... -.3 -.5 .2 .3 1.2 .0 .2 -.3 Equals: Disposable personal income......... .2 .0 .4 .5 .3 .0 .4 .5 Addenda: Personal consumption expenditures........ -.6 .6 .5 .4 .3 .5 .6 .0 Goods.................................. -2.2 .8 1.5 -.2 .7 .8 1.4 -.4 Durable goods........................ -8.2 2.2 2.3 .4 -1.0 1.0 3.7 .0 Nondurable goods..................... .7 .2 1.2 -.4 1.4 .7 .3 -.6 Services............................... .2 .4 .0 .6 .1 .4 .2 .2 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.1 -.1 .2 .1 .0 .0 .0 .6 Real disposable personal income.......... .1 -.3 .2 .3 .1 .0 .3 .5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009\r\ IV 08 I 09 II 09 III 09 IV 09\r\ I 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 2.9 -1.8 -1.7 -8.9 3.3 -1.4 2.2 3.7 Compensation of employees, received...... 2.3 -3.3 -.9 -11.6 .5 -3.3 -.6 3.6 Wage and salary disbursements.......... 2.1 -4.1 -1.5 -13.6 .3 -4.0 -.8 3.2 Supplements to wages and salaries...... 2.9 .4 1.4 -2.3 1.3 -.1 .6 5.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .9 -5.9 -10.6 -15.9 -3.7 3.9 8.9 2.3 Rental income of persons with capital consumption adjustment.................. 45.2 27.4 28.8 16.4 28.9 26.7 13.2 10.1 Personal income receipts on assets....... -1.8 -10.1 -8.4 -21.1 -14.7 -2.3 5.9 -3.2 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 -13.0 Personal current transfer receipts....... 9.2 12.2 5.1 20.2 34.6 -.5 3.1 12.1 Less: Contributions for government social insurance, domestic..................... 3.3 -2.5 -.6 -9.2 .5 -3.4 -.8 8.7 Less: Personal current taxes............... -3.9 -23.1 -.8 -53.1 -30.9 -4.2 -1.8 6.5 Equals: Disposable personal income......... 3.9 1.0 -1.8 -1.2 7.7 -1.2 2.5 3.4 Addenda: Personal consumption expenditures........ 3.1 -.4 -8.0 -.9 .5 5.5 4.1 5.0 Goods.................................. 1.1 -4.3 -24.5 -3.7 -.5 12.9 5.6 8.6 Durable goods........................ -5.6 -5.5 -22.9 2.1 -5.2 16.7 .3 8.1 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 3.3 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -1.5 -4.5 .6 -3.2 -.9 -1.0 -.1 .1 Real disposable personal income.......... .5 .8 3.4 .2 6.2 -3.6 .0 1.9 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Sep 09 Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,236.5 9,262.5 9,293.4 9,312.4 9,322.2 9,369.9 9,414.1 9,416.3 Goods.................................... 3,135.2 3,158.1 3,199.0 3,188.4 3,196.6 3,228.0 3,272.3 3,270.6 Durable goods.......................... 1,081.2 1,103.9 1,130.2 1,137.1 1,133.7 1,147.3 1,188.7 1,190.1 Nondurable goods....................... 2,045.3 2,047.8 2,064.1 2,048.3 2,058.8 2,077.1 2,084.5 2,081.7 Services................................. 6,097.7 6,101.7 6,093.8 6,122.2 6,124.2 6,141.5 6,143.4 6,147.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -67.9 26.0 30.9 19.0 9.8 47.7 44.2 2.2 Goods.................................... -78.1 22.9 40.9 -10.6 8.2 31.4 44.3 -1.7 Durable goods.......................... -99.4 22.7 26.3 6.9 -3.4 13.6 41.4 1.4 Nondurable goods....................... 10.3 2.5 16.3 -15.8 10.5 18.3 7.4 -2.8 Services................................. 6.4 4.0 -7.9 28.4 2.0 17.3 1.9 3.8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.7 .3 .3 .2 .1 .5 .5 .0 Goods.................................... -2.4 .7 1.3 -.3 .3 1.0 1.4 -.1 Durable goods.......................... -8.4 2.1 2.4 .6 -.3 1.2 3.6 .1 Nondurable goods....................... .5 .1 .8 -.8 .5 .9 .4 -.1 Services................................. .1 .1 -.1 .5 .0 .3 .0 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 IV 08 I 09 II 09 III 09 IV 09 I 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- 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 9,368.7 Goods.................................... 3,206.0 3,144.2 3,110.4 3,129.8 3,105.4 3,159.6 3,181.9 3,232.3 Durable goods.......................... 1,146.3 1,101.4 1,076.8 1,087.2 1,071.7 1,122.7 1,123.7 1,156.6 Nondurable goods....................... 2,057.3 2,037.0 2,026.1 2,035.5 2,025.7 2,033.3 2,053.4 2,073.5 Services................................. 6,083.1 6,087.8 6,080.4 6,076.0 6,078.8 6,090.6 6,105.9 6,136.4 ---------------------------------------------------------------------------------------- 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 79.2 Goods.................................... -67.7 -61.8 -83.2 19.4 -24.4 54.2 22.3 50.4 Durable goods.......................... -53.6 -44.9 -62.8 10.4 -15.5 51.0 1.0 32.9 Nondurable goods....................... -17.5 -20.3 -25.4 9.4 -9.8 7.6 20.1 20.1 Services................................. 42.3 4.7 8.0 -4.4 2.8 11.8 15.3 30.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.2 -.6 -3.1 .6 -.9 2.8 1.6 3.5 Goods.................................... -2.1 -1.9 -10.0 2.5 -3.1 7.2 2.8 6.5 Durable goods.......................... -4.5 -3.9 -20.3 3.9 -5.6 20.4 .4 12.2 Nondurable goods....................... -.8 -1.0 -4.9 1.9 -1.9 1.5 4.0 4.0 Services................................. .7 .1 .5 -.3 .2 .8 1.0 2.0 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Sep 09 Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 109.701 109.994 110.202 110.374 110.559 110.565 110.682 110.698 Goods.................................... 104.584 104.664 104.919 105.103 105.536 105.348 105.342 104.988 Durable goods.......................... 93.647 93.743 93.682 93.501 92.854 92.695 92.794 92.670 Nondurable goods....................... 110.807 110.878 111.305 111.691 112.722 112.519 112.454 111.969 Services................................. 112.410 112.815 112.998 113.164 113.219 113.326 113.509 113.722 Addenda: Energy goods and services\1\............. 114.413 115.181 117.782 118.773 122.234 121.481 121.417 119.770 PCE excluding food and energy\2\......... 109.129 109.412 109.489 109.608 109.603 109.644 109.751 109.844 Market-based PCE\3\...................... 109.826 110.032 110.213 110.348 110.524 110.546 110.665 110.647 Market-based PCE excluding food and energy\3\........................... 109.182 109.361 109.385 109.452 109.405 109.471 109.578 109.644 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .3 .2 .2 .2 .0 .1 .0 Goods.................................... .2 .1 .2 .2 .4 -.2 .0 -.3 Durable goods.......................... .2 .1 -.1 -.2 -.7 -.2 .1 -.1 Nondurable goods....................... .2 .1 .4 .3 .9 -.2 -.1 -.4 Services................................. .1 .4 .2 .1 .0 .1 .2 .2 Addenda: Energy goods and services\1\............. .7 .7 2.3 .8 2.9 -.6 -.1 -1.4 PCE excluding food and energy\2\......... .1 .3 .1 .1 .0 .0 .1 .1 Market-based PCE\3\...................... .1 .2 .2 .1 .2 .0 .1 .0 Market-based PCE excluding food and energy\3\........................... .1 .2 .0 .1 .0 .1 .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 ----------------------------------------------------------------------------------------------------------------------------------- Sep 09 Oct 09\r\ Nov 09\r\ Dec 09\r\ Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.8 1.2 .4 .4 .3 1.3 1.7 .9 Personal consumption expenditures.......... .0 .6 .8 1.7 1.2 1.6 2.3 2.6 Goods.................................... -.8 1.0 2.2 3.7 2.2 2.8 4.9 5.7 Durable goods.......................... -3.7 2.1 4.4 6.7 3.6 5.1 10.6 12.4 Nondurable goods....................... .6 .5 1.1 2.4 1.5 1.7 2.4 2.7 Services................................. .4 .3 .2 .7 .8 1.1 1.1 1.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Sep 09 Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... -.6 .1 1.5 2.1 2.1 1.8 2.0 2.0 Goods.................................... -3.6 -2.0 1.7 3.7 3.7 2.8 3.0 2.6 Durable goods.......................... -1.8 -1.5 -1.1 -.9 -1.5 -1.8 -1.7 -1.9 Nondurable goods....................... -4.4 -2.2 3.0 5.9 6.2 5.0 5.2 4.8 Services................................. .9 1.2 1.3 1.4 1.4 1.4 1.6 1.7 Addenda: Energy goods and services\1\............. -22.6 -15.2 5.6 18.2 19.5 14.9 18.7 19.8 PCE excluding food and energy\2\......... 1.2 1.4 1.5 1.6 1.5 1.3 1.3 1.2 Market-based PCE\3\...................... -.5 .1 1.6 2.2 2.1 1.8 2.0 1.9 Market-based PCE excluding food and energy\3\........................... 1.6 1.7 1.7 1.6 1.4 1.2 1.1 .9 ----------------------------------------------------------------------------------------------------------------------------------- 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.