EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, JUNE 28, 2010 James Rankin: (202)606-5301 (Personal Income) BEA 10-33 Kyle Brown: (202)606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: MAY 2010 Personal income increased $53.7 billion, or 0.4 percent, and disposable personal income (DPI) increased $49.0 billion, or 0.4 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $24.4 billion, or 0.2 percent. In April, personal income increased $59.4 billion, or 0.5 percent, DPI increased $63.7 billion, or 0.6 percent, and PCE increased $1.4 billion, or less than 0.1 percent, based on revised estimates. Real disposable income increased 0.5 percent in May, compared with an increase of 0.6 percent in April. Real PCE increased 0.3 percent, in contrast to a decrease of less than 0.1 percent. 2010 Jan. Feb. Mar. Apr. May (Percent change from preceding month) Personal income, current dollars 0.4 0.0 0.4 0.5 0.4 Disposable personal income: Current dollars 0.3 0.0 0.5 0.6 0.4 Chained (2005) dollars 0.1 0.0 0.3 0.6 0.5 Personal consumption expenditures: Current dollars 0.2 0.5 0.6 0.0 0.2 Chained (2005) dollars 0.1 0.5 0.4 0.0 0.3 Wages and salaries Private wage and salary disbursements increased $22.8 billion in May, compared with an increase of $28.5 billion in April. Goods-producing industries' payrolls increased $10.3 billion, compared with an increase of $6.1 billion; manufacturing payrolls increased $7.8 billion, compared with an increase of $4.6 billion. Services-producing industries' payrolls increased $12.6 billion, compared with an increase of $22.2 billion. Government wage and salary disbursements increased $6.6 billion in May, compared with an increase of $2.5 billion in April. Census decennial temporary and intermittent workers boosted government wages and salaries by $5.7 billion in May. Other personal income Supplements to wages and salaries increased $4.6 billion in May, compared with an increase of $3.8 billion in April. Proprietors' income increased $6.5 billion in May, compared with an increase of $12.2 billion in April. Farm proprietors' income increased $2.3 billion, the same increase as in April. Nonfarm proprietors' income increased $4.2 billion in May, compared with an increase of $9.9 billion in April. Rental income of persons increased $3.6 billion in May, compared with an increase of $2.1 billion in April. Personal income receipts on assets (personal interest income plus personal dividend income) increased $10.9 billion, the same increase as in April. Personal current transfer receipts increased $2.7 billion in May, compared with an increase of $3.3 billion in April. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $4.1 billion in May, compared with an increase of $3.9 billion in April. Personal current taxes and disposable personal income Personal current taxes increased $4.8 billion in May, in contrast to a decrease of $4.5 billion in April. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $49.0 billion, or 0.4 percent, in May, compared with an increase of $63.7 billion, or 0.6 percent, in April. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $21.8 billion in May, in contrast to a decrease of $1.2 billion in April. PCE increased $24.4 billion, compared with an increase of $1.4 billion. Personal saving -- DPI less personal outlays -- was $454.3 billion in May, compared with $427.2 billion in April. Personal saving as a percentage of disposable personal income was 4.0 percent in May, compared with 3.8 percent in April. 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 May, compared with an increase of 0.6 percent in April. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in May, in contrast to a decrease of less than 0.1 percent in April. Purchases of durable goods increased 1.1 percent, in contrast to a decrease of 0.5 percent. Purchases of motor vehicles and parts accounted for about half of the increase in durable goods in May and more than accounted for the decrease in April. Purchases of nondurable goods decreased 0.2 percent in May, in contrast to an increase of 0.1 percent in April. Purchases of services increased 0.3 percent, compared with an increase of 0.1 percent. PCE price index -- The price index for PCE decreased less than 0.1 percent in May, in contrast to an increase of less than 0.1 percent in April. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. Revisions Estimates have been revised for January through April. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for March and April -- revised and as published in last month's release -- are shown below. Change from preceding month March April Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 46.7 54.3 0.4 0.4 54.4 59.4 0.4 0.5 Disposable personal income: Current dollars 44.1 51.2 0.4 0.5 57.6 63.7 0.5 0.6 Chained (2005) dollars 29.2 34.3 0.3 0.3 50.5 55.8 0.5 0.6 Personal consumption expenditures: Current dollars 59.8 57.3 0.6 0.6 4.0 1.4 0.0 0.0 Chained (2005) dollars 44.2 40.7 0.5 0.4 2.2 -0.5 0.0 0.0 Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays covering January 2007 through May 2010 will be released along with estimates for June 2010 on August 3. Information about changes in the new release tables, the NIPA interactive tables, and the underlying detail tables is available on BEA’s Web site at www.bea.gov/national/an1.htm. An article describing the annual revision will appear in the August 2010 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 -- August 3, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for June. ________________________ 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] ----------------------------------------------------------------------------------------------------------------------------------- Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\r\ May 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,023.8 12,065.6 12,118.7 12,165.0 12,170.1 12,224.4 12,283.8 12,337.5 Compensation of employees, received...... 7,733.2 7,742.3 7,746.3 7,794.3 7,806.0 7,830.9 7,865.7 7,899.8 Wage and salary disbursements.......... 6,230.1 6,237.6 6,240.4 6,273.9 6,282.5 6,303.3 6,334.3 6,363.7 Private industries................... 5,043.2 5,049.5 5,049.6 5,076.1 5,083.9 5,102.2 5,130.7 5,153.5 Goods-producing industries......... 1,028.3 1,033.7 1,031.0 1,037.8 1,036.3 1,041.1 1,047.2 1,057.5 Manufacturing.................... 645.1 652.5 652.1 657.1 657.5 659.9 664.5 672.3 Services-producing industries...... 4,015.0 4,015.9 4,018.6 4,038.2 4,047.6 4,061.2 4,083.4 4,096.0 Trade, transportation, and utilities....................... 974.2 972.6 972.4 977.4 979.8 984.4 990.3 994.9 Other services-producing industries...................... 3,040.7 3,043.3 3,046.2 3,060.8 3,067.8 3,076.7 3,093.1 3,101.1 Government........................... 1,186.9 1,188.1 1,190.8 1,197.9 1,198.6 1,201.1 1,203.6 1,210.2 Supplements to wages and salaries...... 1,503.1 1,504.7 1,505.9 1,520.4 1,523.5 1,527.6 1,531.4 1,536.0 Employer contributions for employee pension and insurance funds......... 1,048.6 1,049.7 1,051.0 1,053.2 1,055.6 1,057.8 1,059.7 1,062.3 Employer contributions for government social insurance.................... 454.5 455.0 454.9 467.2 467.8 469.8 471.7 473.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,050.5 1,062.2 1,068.1 1,066.7 1,064.6 1,069.0 1,081.2 1,087.7 Farm................................... 29.3 35.2 41.1 36.0 31.0 25.9 28.2 30.5 Nonfarm................................ 1,021.2 1,027.0 1,027.0 1,030.7 1,033.7 1,043.1 1,053.0 1,057.2 Rental income of persons with capital consumption adjustment.................. 285.0 286.7 288.3 293.1 297.7 302.7 304.8 308.4 Personal income receipts on assets....... 1,776.2 1,788.5 1,800.8 1,788.3 1,775.7 1,763.2 1,774.1 1,785.0 Personal interest income............... 1,231.2 1,234.4 1,237.6 1,239.7 1,241.8 1,243.9 1,239.7 1,235.6 Personal dividend income............... 545.0 554.1 563.2 548.6 533.9 519.3 534.4 549.4 Personal current transfer receipts....... 2,138.7 2,146.8 2,176.2 2,201.7 2,206.4 2,242.4 2,245.7 2,248.4 Government social benefits to persons.. 2,105.8 2,113.8 2,143.3 2,168.5 2,173.1 2,209.1 2,212.3 2,214.9 Old-age, survivors, disability, and health insurance benefits........... 1,175.7 1,181.5 1,187.0 1,184.8 1,187.8 1,192.8 1,204.2 1,205.4 Government unemployment insurance benefits............................ 129.9 127.1 143.8 137.2 132.1 150.7 130.1 129.3 Other................................ 800.2 805.2 812.6 846.5 853.2 865.5 878.0 880.2 Other current transfer receipts, from business (net)........................ 32.9 32.9 33.0 33.3 33.3 33.3 33.4 33.4 Less: Contributions for government social insurance, domestic..................... 959.8 960.9 961.1 979.1 980.4 983.7 987.6 991.7 Less: Personal current taxes............... 1,063.6 1,065.9 1,068.8 1,082.0 1,081.9 1,085.2 1,080.7 1,085.5 Equals: Disposable personal income......... 10,960.3 10,999.7 11,049.9 11,083.0 11,088.1 11,139.3 11,203.0 11,252.0 Less: Personal outlays..................... 10,557.0 10,604.8 10,636.2 10,664.7 10,716.3 10,777.1 10,775.9 10,797.7 Personal consumption expenditures........ 10,188.6 10,241.8 10,278.8 10,302.4 10,350.4 10,407.7 10,409.1 10,433.5 Goods.................................. 3,304.9 3,355.8 3,350.6 3,372.1 3,400.0 3,444.1 3,428.0 3,416.3 Durable goods........................ 1,034.5 1,058.6 1,062.9 1,051.7 1,062.9 1,102.1 1,094.7 1,103.6 Nondurable goods..................... 2,270.3 2,297.3 2,287.6 2,320.4 2,337.2 2,342.0 2,333.3 2,312.7 Services............................... 6,883.7 6,886.0 6,928.2 6,930.4 6,950.4 6,963.6 6,981.1 7,017.2 Personal interest payments\1\............ 209.4 203.1 196.9 199.8 202.8 205.7 202.3 199.0 Personal current transfer payments....... 159.1 159.8 160.5 162.4 163.1 163.7 164.4 165.1 To government.......................... 93.8 94.6 95.3 95.9 96.6 97.2 97.9 98.6 To the rest of the world (net)......... 65.3 65.3 65.3 66.6 66.6 66.6 66.6 66.6 Equals: Personal saving.................... 403.3 394.9 413.7 418.2 371.8 362.1 427.2 454.3 Personal saving as a percentage of disposable personal income.............. 3.7 3.6 3.7 3.8 3.4 3.3 3.8 4.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 8,986.7 9,000.4 9,007.8 9,010.5 9,009.7 9,015.6 9,064.5 9,113.9 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,964.1 9,981.1 10,011.1 10,023.2 10,026.5 10,060.8 10,116.6 10,164.3 Per capita: Current dollars...................... 35,550 35,652 35,791 35,875 35,870 36,013 36,196 36,331 Chained (2005) dollars............... 32,319 32,351 32,426 32,445 32,436 32,526 32,686 32,819 Population (midperiod, thousands)\3\..... 308,304 308,526 308,733 308,930 309,119 309,312 309,509 309,706 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 IV 08 I 09 II 09 III 09 IV 09 I 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,238.8 12,019.0 12,233.5 11,952.7 12,048.8 12,005.2 12,069.4 12,186.5 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 7,810.4 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 6,286.6 Private industries................... 5,404.6 5,094.1 5,388.6 5,136.0 5,128.8 5,064.3 5,047.4 5,087.4 Goods-producing industries......... 1,206.5 1,062.0 1,192.2 1,107.3 1,067.8 1,042.1 1,031.0 1,038.4 Manufacturing.................... 742.0 659.4 732.2 681.0 662.0 644.9 649.9 658.1 Services-producing industries...... 4,198.1 4,032.1 4,196.5 4,028.8 4,061.0 4,022.2 4,016.5 4,049.0 Trade, transportation, and utilities....................... 1,048.3 985.4 1,039.4 1,002.3 989.3 977.0 973.1 980.6 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 3,068.5 Government........................... 1,141.3 1,182.4 1,154.9 1,171.8 1,184.4 1,184.8 1,188.6 1,199.2 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 1,055.5 Employer contributions for government social insurance.................... 472.7 458.0 473.6 460.2 460.8 456.2 454.8 468.3 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 1,066.8 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 1,035.8 Rental income of persons with capital consumption adjustment.................. 210.4 268.1 236.7 245.9 262.0 277.9 286.7 297.8 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 1,775.7 Personal interest income............... 1,308.0 1,238.5 1,292.9 1,243.4 1,241.1 1,234.9 1,234.4 1,241.8 Personal dividend income............... 686.4 554.2 665.2 602.1 532.3 528.2 554.1 533.9 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 2,216.9 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 2,183.5 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 96.2 122.5 135.7 133.6 140.0 Other................................ 722.4 793.3 708.0 730.1 834.1 803.2 806.0 855.1 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..................... 990.6 965.9 993.3 969.7 970.9 962.5 960.6 981.1 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 11,103.4 Less: Personal outlays..................... 10,520.0 10,458.7 10,389.9 10,362.3 10,370.5 10,502.8 10,599.3 10,719.4 Personal consumption expenditures........ 10,129.9 10,089.1 10,009.8 9,987.7 9,999.3 10,132.9 10,236.4 10,353.5 Goods.................................. 3,403.2 3,255.2 3,227.5 3,197.7 3,193.8 3,292.3 3,337.1 3,405.4 Durable goods........................ 1,095.2 1,035.0 1,019.9 1,025.2 1,011.5 1,051.3 1,052.0 1,072.2 Nondurable goods..................... 2,308.0 2,220.2 2,207.6 2,172.4 2,182.2 2,241.0 2,285.1 2,333.2 Services............................... 6,726.8 6,833.9 6,782.3 6,790.0 6,805.6 6,840.6 6,899.3 6,948.1 Personal interest payments\1\............ 237.7 213.9 228.8 220.4 216.7 215.5 203.1 202.8 Personal current transfer payments....... 152.3 155.7 151.3 154.2 154.5 154.4 159.8 163.1 To government.......................... 87.9 92.2 89.5 90.4 91.4 92.5 94.5 96.5 To the rest of the world (net)......... 64.5 63.5 61.8 63.8 63.1 61.9 65.3 66.6 Equals: Personal saving.................... 286.4 458.6 409.2 403.1 595.7 431.5 403.9 384.1 Personal saving as a percentage of disposable personal income.............. 2.7 4.2 3.8 3.7 5.4 3.9 3.7 3.5 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 9,011.9 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 10,036.8 Per capita: Current dollars...................... 35,450 35,505 35,304 35,124 35,709 35,522 35,665 35,920 Chained (2005) dollars............... 32,514 32,500 32,431 32,387 32,815 32,436 32,366 32,469 Population (midperiod, thousands)\3\..... 304,831 307,483 305,890 306,496 307,101 307,815 308,521 309,120 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\r\ May 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -4.9 41.8 53.1 46.3 5.1 54.3 59.4 53.7 Compensation of employees, received...... -15.9 9.1 4.0 48.0 11.7 24.9 34.8 34.1 Wage and salary disbursements.......... -15.8 7.5 2.8 33.5 8.6 20.8 31.0 29.4 Private industries................... -18.6 6.3 .1 26.5 7.8 18.3 28.5 22.8 Goods-producing industries......... -9.7 5.4 -2.7 6.8 -1.5 4.8 6.1 10.3 Manufacturing.................... 2.3 7.4 -.4 5.0 .4 2.4 4.6 7.8 Services-producing industries...... -8.8 .9 2.7 19.6 9.4 13.6 22.2 12.6 Trade, transportation, and utilities....................... -4.5 -1.6 -.2 5.0 2.4 4.6 5.9 4.6 Other services-producing industries...................... -4.5 2.6 2.9 14.6 7.0 8.9 16.4 8.0 Government........................... 2.8 1.2 2.7 7.1 .7 2.5 2.5 6.6 Supplements to wages and salaries...... -.1 1.6 1.2 14.5 3.1 4.1 3.8 4.6 Employer contributions for employee pension and insurance funds......... 1.4 1.1 1.3 2.2 2.4 2.2 1.9 2.6 Employer contributions for government social insurance.................... -1.5 .5 -.1 12.3 .6 2.0 1.9 2.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.3 11.7 5.9 -1.4 -2.1 4.4 12.2 6.5 Farm................................... 5.8 5.9 5.9 -5.1 -5.0 -5.1 2.3 2.3 Nonfarm................................ 4.5 5.8 .0 3.7 3.0 9.4 9.9 4.2 Rental income of persons with capital consumption adjustment.................. 2.4 1.7 1.6 4.8 4.6 5.0 2.1 3.6 Personal income receipts on assets....... 12.3 12.3 12.3 -12.5 -12.6 -12.5 10.9 10.9 Personal interest income............... 3.2 3.2 3.2 2.1 2.1 2.1 -4.2 -4.1 Personal dividend income............... 9.1 9.1 9.1 -14.6 -14.7 -14.6 15.1 15.0 Personal current transfer receipts....... -16.6 8.1 29.4 25.5 4.7 36.0 3.3 2.7 Government social benefits to persons.. -16.6 8.0 29.5 25.2 4.6 36.0 3.2 2.6 Old-age, survivors, disability, and health insurance benefits........... -.6 5.8 5.5 -2.2 3.0 5.0 11.4 1.2 Government unemployment insurance benefits............................ -8.2 -2.8 16.7 -6.6 -5.1 18.6 -20.6 -.8 Other................................ -7.8 5.0 7.4 33.9 6.7 12.3 12.5 2.2 Other current transfer receipts, from business (net)........................ .1 .0 .1 .3 .0 .0 .1 .0 Less: Contributions for government social insurance, domestic..................... -2.5 1.1 .2 18.0 1.3 3.3 3.9 4.1 Less: Personal current taxes............... -5.2 2.3 2.9 13.2 -.1 3.3 -4.5 4.8 Equals: Disposable personal income......... .5 39.4 50.2 33.1 5.1 51.2 63.7 49.0 Less: Personal outlays..................... 53.7 47.8 31.4 28.5 51.6 60.8 -1.2 21.8 Personal consumption expenditures........ 55.8 53.2 37.0 23.6 48.0 57.3 1.4 24.4 Goods.................................. 26.5 50.9 -5.2 21.5 27.9 44.1 -16.1 -11.7 Durable goods........................ 22.1 24.1 4.3 -11.2 11.2 39.2 -7.4 8.9 Nondurable goods..................... 4.3 27.0 -9.7 32.8 16.8 4.8 -8.7 -20.6 Services............................... 29.2 2.3 42.2 2.2 20.0 13.2 17.5 36.1 Personal interest payments\1\............ -6.2 -6.3 -6.2 2.9 3.0 2.9 -3.4 -3.3 Personal current transfer payments....... 4.3 .7 .7 1.9 .7 .6 .7 .7 To government.......................... .9 .8 .7 .6 .7 .6 .7 .7 To the rest of the world (net)......... 3.4 .0 .0 1.3 .0 .0 .0 .0 Equals: Personal saving.................... -53.2 -8.4 18.8 4.5 -46.4 -9.7 65.1 27.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -13.3 13.7 7.4 2.7 -.8 5.9 48.9 49.4 Disposable personal income, billions of chained (2005) dollars\2\............ -26.3 17.0 30.0 12.1 3.3 34.3 55.8 47.7 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 IV 08 I 09 II 09 III 09 IV 09 I 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 344.7 -219.8 -53.1 -280.8 96.1 -43.6 64.2 117.1 Compensation of employees, received...... 179.7 -263.9 -18.8 -244.5 10.1 -64.5 -10.8 69.8 Wage and salary disbursements.......... 137.0 -269.4 -24.2 -235.7 5.3 -63.9 -13.2 50.6 Private industries................... 84.8 -310.5 -30.6 -252.6 -7.2 -64.5 -16.9 40.0 Goods-producing industries......... -6.4 -144.5 -14.0 -84.9 -39.5 -25.7 -11.1 7.4 Manufacturing.................... -11.5 -82.6 -8.1 -51.2 -19.0 -17.1 5.0 8.2 Services-producing industries...... 91.2 -166.0 -16.5 -167.7 32.2 -38.8 -5.7 32.5 Trade, transportation, and utilities....................... 3.6 -62.9 -8.4 -37.1 -13.0 -12.3 -3.9 7.5 Other services-producing industries...................... 87.6 -103.1 -8.1 -130.6 45.2 -26.5 -1.8 25.1 Government........................... 52.2 41.1 6.4 16.9 12.6 .4 3.8 10.6 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 5.7 Employer contributions for government social insurance.................... 11.9 -14.7 -1.1 -13.4 .6 -4.6 -1.4 13.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 9.9 -65.3 -30.8 -45.8 -9.8 9.9 22.4 6.5 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 10.7 Rental income of persons with capital consumption adjustment.................. 65.5 57.7 14.5 9.2 16.1 15.9 8.8 11.1 Personal income receipts on assets....... -37.1 -201.8 -43.3 -112.6 -72.1 -10.3 25.4 -12.8 Personal interest income............... 41.6 -69.5 -34.9 -49.5 -2.3 -6.2 -.5 7.4 Personal dividend income............... -78.7 -132.2 -8.5 -63.1 -69.8 -4.1 25.9 -20.2 Personal current transfer receipts....... 157.9 228.9 23.7 89.3 153.0 -2.8 16.4 63.0 Government social benefits to persons.. 155.4 228.8 23.6 89.4 153.0 -3.0 16.3 62.5 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 6.4 Other................................ 70.7 70.9 4.5 22.1 104.0 -30.9 2.8 49.1 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 20.5 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 69.0 100.1 Less: Personal outlays..................... 295.7 -61.3 -223.7 -27.6 8.2 132.3 96.5 120.1 Personal consumption expenditures........ 303.5 -40.8 -210.3 -22.1 11.6 133.6 103.5 117.1 Goods.................................. 38.2 -148.0 -235.5 -29.8 -3.9 98.5 44.8 68.3 Durable goods........................ -65.3 -60.2 -68.6 5.3 -13.7 39.8 .7 20.2 Nondurable goods..................... 103.5 -87.8 -166.9 -35.2 9.8 58.8 44.1 48.1 Services............................... 265.4 107.1 25.2 7.7 15.6 35.0 58.7 48.8 Personal interest payments\1\............ -19.1 -23.8 -9.5 -8.4 -3.7 -1.2 -12.4 -.3 Personal current transfer payments....... 11.3 3.4 -3.9 2.9 .3 -.1 5.4 3.3 To government.......................... 5.6 4.3 1.0 .9 1.0 1.1 2.0 2.0 To the rest of the world (net)......... 5.8 -1.0 -4.9 2.0 -.7 -1.2 3.4 1.3 Equals: Personal saving.................... 107.5 172.2 173.5 -6.1 192.6 -164.2 -27.6 -19.8 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 13.6 Disposable personal income, billions of chained (2005) dollars\2\............ 50.7 81.9 82.1 6.0 151.1 -93.1 1.1 51.3 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\r\ May 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .0 .3 .4 .4 .0 .4 .5 .4 Compensation of employees, received...... -.2 .1 .1 .6 .1 .3 .4 .4 Wage and salary disbursements.......... -.3 .1 .0 .5 .1 .3 .5 .5 Supplements to wages and salaries...... .0 .1 .1 1.0 .2 .3 .2 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.0 1.1 .6 -.1 -.2 .4 1.1 .6 Rental income of persons with capital consumption adjustment.................. .9 .6 .6 1.7 1.6 1.7 .7 1.2 Personal income receipts on assets....... .7 .7 .7 -.7 -.7 -.7 .6 .6 Personal interest income............... .3 .3 .3 .2 .2 .2 -.3 -.3 Personal dividend income............... 1.7 1.7 1.6 -2.6 -2.7 -2.7 2.9 2.8 Personal current transfer receipts....... -.8 .4 1.4 1.2 .2 1.6 .1 .1 Less: Contributions for government social insurance, domestic..................... -.3 .1 .0 1.9 .1 .3 .4 .4 Less: Personal current taxes............... -.5 .2 .3 1.2 .0 .3 -.4 .4 Equals: Disposable personal income......... .0 .4 .5 .3 .0 .5 .6 .4 Addenda: Personal consumption expenditures........ .6 .5 .4 .2 .5 .6 .0 .2 Goods.................................. .8 1.5 -.2 .6 .8 1.3 -.5 -.3 Durable goods........................ 2.2 2.3 .4 -1.1 1.1 3.7 -.7 .8 Nondurable goods..................... .2 1.2 -.4 1.4 .7 .2 -.4 -.9 Services............................... .4 .0 .6 .0 .3 .2 .3 .5 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.1 .2 .1 .0 .0 .1 .5 .5 Real disposable personal income.......... -.3 .2 .3 .1 .0 .3 .6 .5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 IV 08 I 09 II 09 III 09 IV 09 I 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 2.9 -1.8 -1.7 -8.9 3.3 -1.4 2.2 3.9 Compensation of employees, received...... 2.3 -3.3 -.9 -11.6 .5 -3.3 -.6 3.7 Wage and salary disbursements.......... 2.1 -4.1 -1.5 -13.6 .3 -4.0 -.8 3.3 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 2.5 Rental income of persons with capital consumption adjustment.................. 45.2 27.4 28.8 16.4 28.9 26.7 13.2 16.5 Personal income receipts on assets....... -1.8 -10.1 -8.4 -21.1 -14.7 -2.3 5.9 -2.8 Personal interest income............... 3.3 -5.3 -10.1 -14.5 -.7 -2.0 -.2 2.4 Personal dividend income............... -10.3 -19.3 -5.0 -32.8 -38.9 -3.0 21.1 -13.8 Personal current transfer receipts....... 9.2 12.2 5.1 20.2 34.6 -.5 3.1 12.2 Less: Contributions for government social insurance, domestic..................... 3.3 -2.5 -.6 -9.2 .5 -3.4 -.8 8.8 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 3.7 Addenda: Personal consumption expenditures........ 3.1 -.4 -8.0 -.9 .5 5.5 4.1 4.7 Goods.................................. 1.1 -4.3 -24.5 -3.7 -.5 12.9 5.6 8.4 Durable goods........................ -5.6 -5.5 -22.9 2.1 -5.2 16.7 .3 7.9 Nondurable goods..................... 4.7 -3.8 -25.3 -6.2 1.8 11.2 8.1 8.7 Services............................... 4.1 1.6 1.5 .5 .9 2.1 3.5 2.9 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -1.5 -4.5 .6 -3.2 -.9 -1.0 -.1 .2 Real disposable personal income.......... .5 .8 3.4 .2 6.2 -3.6 .0 2.1 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\r\ May 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,262.5 9,293.4 9,312.4 9,317.3 9,359.4 9,400.1 9,399.6 9,425.0 Goods.................................... 3,158.1 3,199.0 3,188.4 3,195.7 3,227.9 3,269.9 3,265.5 3,273.3 Durable goods.......................... 1,103.9 1,130.2 1,137.1 1,132.9 1,146.9 1,188.0 1,181.6 1,194.2 Nondurable goods....................... 2,047.8 2,064.1 2,048.3 2,058.7 2,077.3 2,082.8 2,084.0 2,080.8 Services................................. 6,101.7 6,093.8 6,122.2 6,120.3 6,131.4 6,132.0 6,135.6 6,153.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 26.0 30.9 19.0 4.9 42.1 40.7 -.5 25.4 Goods.................................... 22.9 40.9 -10.6 7.3 32.2 42.0 -4.4 7.8 Durable goods.......................... 22.7 26.3 6.9 -4.2 14.0 41.1 -6.4 12.6 Nondurable goods....................... 2.5 16.3 -15.8 10.4 18.6 5.5 1.2 -3.2 Services................................. 4.0 -7.9 28.4 -1.9 11.1 .6 3.6 17.6 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .3 .3 .2 .1 .5 .4 .0 .3 Goods.................................... .7 1.3 -.3 .2 1.0 1.3 -.1 .2 Durable goods.......................... 2.1 2.4 .6 -.4 1.2 3.6 -.5 1.1 Nondurable goods....................... .1 .8 -.8 .5 .9 .3 .1 -.2 Services................................. .1 -.1 .5 .0 .2 .0 .1 .3 ----------------------------------------------------------------------------------------------------------------------------------- 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 9,359.0 Goods.................................... 3,206.0 3,144.2 3,110.4 3,129.8 3,105.4 3,159.6 3,181.9 3,231.2 Durable goods.......................... 1,146.3 1,101.4 1,076.8 1,087.2 1,071.7 1,122.7 1,123.7 1,156.0 Nondurable goods....................... 2,057.3 2,037.0 2,026.1 2,035.5 2,025.7 2,033.3 2,053.4 2,072.9 Services................................. 6,083.1 6,087.8 6,080.4 6,076.0 6,078.8 6,090.6 6,105.9 6,127.9 ---------------------------------------------------------------------------------------- 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 69.5 Goods.................................... -67.7 -61.8 -83.2 19.4 -24.4 54.2 22.3 49.3 Durable goods.......................... -53.6 -44.9 -62.8 10.4 -15.5 51.0 1.0 32.3 Nondurable goods....................... -17.5 -20.3 -25.4 9.4 -9.8 7.6 20.1 19.5 Services................................. 42.3 4.7 8.0 -4.4 2.8 11.8 15.3 22.0 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.2 -.6 -3.1 .6 -.9 2.8 1.6 3.0 Goods.................................... -2.1 -1.9 -10.0 2.5 -3.1 7.2 2.8 6.3 Durable goods.......................... -4.5 -3.9 -20.3 3.9 -5.6 20.4 .4 12.0 Nondurable goods....................... -.8 -1.0 -4.9 1.9 -1.9 1.5 4.0 3.9 Services................................. .7 .1 .5 -.3 .2 .8 1.0 1.4 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\r\ May 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 109.994 110.202 110.374 110.570 110.585 110.716 110.736 110.697 Goods.................................... 104.664 104.919 105.103 105.536 105.348 105.342 104.990 104.386 Durable goods.......................... 93.743 93.682 93.501 92.854 92.695 92.794 92.672 92.441 Nondurable goods....................... 110.878 111.305 111.691 112.722 112.519 112.454 111.970 111.154 Services................................. 112.815 112.998 113.164 113.235 113.357 113.560 113.779 114.041 Addenda: Energy goods and services\1\............. 115.181 117.782 118.773 122.235 121.467 121.405 119.773 115.874 PCE excluding food and energy\2\......... 109.412 109.489 109.608 109.616 109.669 109.791 109.887 110.065 Market-based PCE\3\...................... 110.032 110.213 110.348 110.531 110.549 110.665 110.641 110.541 Market-based PCE excluding food and energy\3\........................... 109.361 109.385 109.452 109.414 109.476 109.580 109.636 109.780 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .3 .2 .2 .2 .0 .1 .0 .0 Goods.................................... .1 .2 .2 .4 -.2 .0 -.3 -.6 Durable goods.......................... .1 -.1 -.2 -.7 -.2 .1 -.1 -.2 Nondurable goods....................... .1 .4 .3 .9 -.2 -.1 -.4 -.7 Services................................. .4 .2 .1 .1 .1 .2 .2 .2 Addenda: Energy goods and services\1\............. .7 2.3 .8 2.9 -.6 -.1 -1.3 -3.3 PCE excluding food and energy\2\......... .3 .1 .1 .0 .0 .1 .1 .2 Market-based PCE\3\...................... .2 .2 .1 .2 .0 .1 .0 -.1 Market-based PCE excluding food and energy\3\........................... .2 .0 .1 .0 .1 .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 ----------------------------------------------------------------------------------------------------------------------------------- Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\r\ May 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.2 .4 .4 .3 1.3 1.8 1.0 -.2 Personal consumption expenditures.......... .6 .8 1.7 1.2 1.5 2.2 2.4 2.6 Goods.................................... 1.0 2.2 3.7 2.1 2.8 4.8 5.5 5.4 Durable goods.......................... 2.1 4.4 6.7 3.5 5.1 10.5 11.5 11.4 Nondurable goods....................... .5 1.1 2.4 1.5 1.7 2.3 2.8 2.7 Services................................. .3 .2 .7 .7 .9 .9 .9 1.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Oct 09 Nov 09 Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\r\ May 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... .1 1.5 2.1 2.1 1.8 2.1 2.0 1.9 Goods.................................... -2.0 1.7 3.7 3.7 2.8 3.0 2.6 2.0 Durable goods.......................... -1.5 -1.1 -.9 -1.5 -1.8 -1.7 -1.9 -2.0 Nondurable goods....................... -2.2 3.0 5.9 6.2 5.0 5.2 4.8 3.9 Services................................. 1.2 1.3 1.4 1.4 1.4 1.6 1.7 1.9 Addenda: Energy goods and services\1\............. -15.2 5.6 18.2 19.5 14.9 18.7 19.9 15.7 PCE excluding food and energy\2\......... 1.4 1.5 1.6 1.5 1.4 1.4 1.2 1.3 Market-based PCE\3\...................... .1 1.6 2.2 2.1 1.8 2.0 1.9 1.7 Market-based PCE excluding food and energy\3\........................... 1.7 1.7 1.6 1.4 1.2 1.1 .9 1.0 ----------------------------------------------------------------------------------------------------------------------------------- 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.