EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, JUNE 27, 2011 BEA 11-33 James Rankin:(202)606-5301 (Personal Income) piniwd@bea.gov Kyle Brown: (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: MAY 2011 Personal income increased $36.2 billion, or 0.3 percent, and disposable personal income (DPI) increased $29.2 billion, or 0.2 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $4.6 billion, or less than 0.1 percent. In April, personal income increased $37.7 billion, or 0.3 percent, DPI increased $27.9 billion, or 0.2 percent, and PCE increased $28.8 billion, or 0.3 percent, based on revised estimates. Real disposable income increased 0.1 percent in May, in contrast to a decrease of 0.1 percent in April. Real PCE decreased 0.1 percent, the same decrease as in April. 2011 Jan. Feb. Mar. Apr. May (Percent change from preceding month) Personal income, current dollars 1.1 0.4 0.4 0.3 0.3 Disposable personal income: Current dollars 0.5 0.3 0.4 0.2 0.2 Chained (2005) dollars 0.1 -0.1 0.0 -0.1 0.1 Personal consumption expenditures: Current dollars 0.4 0.8 0.6 0.3 0.0 Chained (2005) dollars 0.0 0.4 0.2 -0.1 -0.1 Wages and salaries Private wage and salary disbursements increased $14.1 billion in May, compared with an increase of $26.4 billion in April. Goods-producing industries' payrolls increased $4.1 billion, compared with an increase of $4.3 billion; manufacturing payrolls increased $2.9 billion in May; manufacturing payrolls was unchanged in April. Services-producing industries' payrolls increased $9.8 billion in May, compared with an increase of $22.2 billion in April. Government wage and salary disbursements was unchanged in May; government wage and salary disbursements increased $0.4 billion in April. Other personal income Supplements to wages and salaries increased $3.4 billion in May, compared with an increase of $3.8 billion in April. Proprietors' income decreased $1.7 billion in May, in contrast to an increase of $3.2 billion in April. Farm proprietors' income decreased $1.3 billion, the same decrease as in April. Nonfarm proprietors' income decreased $0.4 billion in May, in contrast to an increase of $4.5 billion in April. Rental income of persons increased $3.3 billion in May, compared with an increase of $2.9 billion in April. Personal income receipts on assets (personal interest income plus personal dividend income) increased $10.0 billion, compared with an increase of $6.0 billion. Personal current transfer receipts increased $9.3 billion, in contrast to a decrease of $1.8 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.2 billion in May, compared with an increase of $3.3 billion in April. Personal current taxes and disposable personal income Personal current taxes increased $6.9 billion in May, compared with an increase of $9.8 billion in April. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $29.2 billion, or 0.2 percent, in May, compared with an increase of $27.9 billion, or 0.2 percent in April. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $6.2 billion in May, compared with an increase of $30.3 billion in April. PCE increased $4.6 billion, compared with an increase of $28.8 billion. Personal saving -- DPI less personal outlays -- was $591.1 billion in May, compared with $568.0 billion in April. Personal saving as a percentage of disposable personal income was 5.0 percent in May, compared with 4.9 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 0.1 percent in May, in contrast to a decrease of 0.1 percent in April. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in May, the same decrease as in April. Purchases of durable goods decreased 1.7 percent in May, compared with a decrease of 0.3 percent in April. Purchases of motor vehicles and parts accounted for most of the decrease in May and more than accounted for the decrease in April. Purchases of nondurable goods decreased 0.3 percent in May, in contrast to an increase of 0.2 percent in April. Purchases of services increased 0.2 percent, in contrast to a decrease of 0.1 percent. PCE price index -- The price index for PCE increased 0.2 percent in May, compared with an increase of 0.3 percent in April. The PCE price index, excluding food and energy, increased 0.3 percent, compared with an increase of 0.2 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 54.6 56.5 0.4 0.4 46.1 37.7 0.4 0.3 Disposable personal income: Current dollars 46.3 49.0 0.4 0.4 35.1 27.9 0.3 0.2 Chained (2005) dollars 1.4 0.0 0.0 0.0 -3.4 -9.5 0.0 -0.1 Personal consumption expenditures: Current dollars 54.8 64.3 0.5 0.6 41.5 28.8 0.4 0.3 Chained (2005) dollars 12.2 17.1 0.1 0.2 5.0 -6.0 0.1 -0.1 Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released along with estimates for June 2011 on August 2. Personal income, disposable personal income, and their components will be revised back to January 2008, and PCE and personal saving will be revised back to January 2003. The August Survey of Current Business will contain an article that describes the annual revision in detail. BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- August 2, 2011 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. Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\r\ May 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,665.7 12,691.3 12,745.8 12,883.0 12,932.9 12,989.4 13,027.1 13,063.3 Compensation of employees, received...... 8,075.7 8,064.7 8,081.4 8,117.7 8,147.9 8,169.7 8,200.4 8,217.8 Wage and salary disbursements.......... 6,475.6 6,462.8 6,476.3 6,500.0 6,525.7 6,543.5 6,570.3 6,584.4 Private industries................... 5,291.5 5,278.8 5,291.0 5,313.3 5,338.7 5,355.9 5,382.3 5,396.4 Goods-producing industries......... 1,070.1 1,068.0 1,069.7 1,082.2 1,083.2 1,089.7 1,094.0 1,098.1 Manufacturing.................... 686.3 685.6 688.8 697.3 696.6 702.2 702.2 705.1 Services-producing industries...... 4,221.3 4,210.8 4,221.3 4,231.2 4,255.5 4,266.2 4,288.4 4,298.2 Trade, transportation, and utilities....................... 1,020.9 1,014.9 1,019.2 1,019.4 1,024.8 1,028.9 1,036.4 1,034.4 Other services-producing industries...................... 3,200.4 3,195.9 3,202.1 3,211.7 3,230.7 3,237.3 3,252.0 3,263.8 Government........................... 1,184.1 1,184.1 1,185.3 1,186.6 1,187.0 1,187.6 1,188.0 1,188.0 Supplements to wages and salaries...... 1,600.1 1,601.9 1,605.1 1,617.7 1,622.2 1,626.2 1,630.0 1,633.4 Employer contributions for employee pension and insurance funds......... 1,115.6 1,118.1 1,120.8 1,124.2 1,127.0 1,129.6 1,132.0 1,134.2 Employer contributions for government social insurance.................... 484.5 483.8 484.3 493.5 495.2 496.6 498.0 499.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,073.5 1,079.5 1,087.4 1,091.8 1,097.4 1,102.9 1,106.1 1,104.4 Farm................................... 54.0 55.5 57.0 57.1 57.3 57.4 56.1 54.8 Nonfarm................................ 1,019.5 1,024.0 1,030.4 1,034.6 1,040.1 1,045.5 1,050.0 1,049.6 Rental income of persons with capital consumption adjustment.................. 307.3 308.3 309.5 317.2 325.1 333.3 336.2 339.5 Personal income receipts on assets....... 1,893.4 1,913.1 1,938.6 1,945.5 1,955.0 1,955.6 1,961.6 1,971.6 Personal interest income............... 1,175.1 1,190.9 1,206.7 1,209.9 1,213.2 1,216.5 1,222.1 1,227.7 Personal dividend income............... 718.3 722.2 731.9 735.5 741.8 739.1 739.5 743.9 Personal current transfer receipts....... 2,330.5 2,339.0 2,343.6 2,331.7 2,331.9 2,355.0 2,353.2 2,362.5 Government social benefits to persons.. 2,291.2 2,300.4 2,305.2 2,293.2 2,294.6 2,317.2 2,315.3 2,324.7 Old-age, survivors, disability, and health insurance benefits........... 1,229.8 1,228.9 1,239.2 1,242.8 1,249.0 1,259.1 1,272.7 1,274.5 Government unemployment insurance benefits............................ 128.7 131.1 123.4 122.8 112.8 118.2 107.4 113.1 Other................................ 932.7 940.4 942.6 927.5 932.8 939.9 935.2 937.1 Other current transfer receipts, from business (net)........................ 39.3 38.6 38.4 38.6 37.3 37.8 37.9 37.8 Less: Contributions for government social insurance, domestic..................... 1,014.8 1,013.3 1,014.6 920.8 924.3 927.1 930.4 932.6 Less: Personal current taxes............... 1,198.5 1,201.7 1,209.4 1,292.9 1,302.7 1,310.2 1,320.0 1,326.9 Equals: Disposable personal income......... 11,467.2 11,489.6 11,536.5 11,590.1 11,630.2 11,679.2 11,707.1 11,736.3 Less: Personal outlays..................... 10,844.3 10,876.6 10,915.7 10,959.7 11,043.6 11,108.8 11,139.1 11,145.3 Personal consumption expenditures........ 10,477.5 10,511.4 10,552.1 10,594.1 10,677.1 10,741.4 10,770.2 10,774.8 Goods.................................. 3,512.8 3,520.9 3,543.1 3,580.9 3,641.1 3,662.9 3,687.9 3,662.1 Durable goods........................ 1,136.5 1,129.7 1,138.3 1,143.7 1,169.5 1,163.7 1,163.3 1,145.8 Nondurable goods..................... 2,376.3 2,391.2 2,404.8 2,437.2 2,471.5 2,499.2 2,524.5 2,516.3 Services............................... 6,964.7 6,990.5 7,009.0 7,013.2 7,036.1 7,078.5 7,082.3 7,112.7 Personal interest payments\1\............ 190.6 188.6 186.7 187.4 188.1 188.7 190.0 191.4 Personal current transfer payments....... 176.3 176.6 176.9 178.2 178.4 178.7 178.9 179.1 To government.......................... 102.7 103.0 103.3 103.6 103.9 104.1 104.3 104.5 To the rest of the world (net)......... 73.6 73.6 73.6 74.6 74.6 74.6 74.6 74.6 Equals: Personal saving.................... 622.9 613.0 620.7 630.5 586.6 570.4 568.0 591.1 Personal saving as a percentage of disposable personal income.............. 5.4 5.3 5.4 5.4 5.0 4.9 4.9 5.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,275.1 9,284.0 9,305.2 9,405.8 9,412.0 9,402.0 9,405.7 9,413.3 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,291.0 10,303.9 10,319.9 10,331.8 10,325.7 10,325.7 10,316.2 10,324.3 Per capita: Current dollars...................... 36,881 36,926 37,054 37,205 37,313 37,449 37,517 37,586 Chained (2005) dollars............... 33,098 33,116 33,146 33,166 33,128 33,109 33,060 33,064 Population (midperiod, thousands)\3\..... 310,927 311,149 311,345 311,521 311,696 311,870 312,049 312,254 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 IV 09 I 10 II 10 III 10 IV 10 I 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,174.9 12,541.0 12,239.0 12,350.3 12,517.1 12,595.5 12,700.9 12,935.1 Compensation of employees, received...... 7,806.7 7,984.5 7,831.4 7,858.1 7,969.9 8,036.2 8,073.9 8,145.1 Wage and salary disbursements.......... 6,274.1 6,398.9 6,284.9 6,291.4 6,388.8 6,443.7 6,471.6 6,523.1 Private industries................... 5,100.5 5,211.8 5,110.0 5,105.9 5,195.7 5,258.5 5,287.1 5,336.0 Goods-producing industries......... 1,064.0 1,055.7 1,046.1 1,032.2 1,054.3 1,067.0 1,069.2 1,085.0 Manufacturing.................... 661.5 673.5 658.3 652.6 672.4 682.0 686.9 698.7 Services-producing industries...... 4,036.6 4,156.1 4,064.0 4,073.7 4,141.4 4,191.4 4,217.8 4,251.0 Trade, transportation, and utilities....................... 990.5 1,007.3 988.2 988.0 1,005.4 1,017.3 1,018.3 1,024.4 Other services-producing industries...................... 3,046.1 3,148.9 3,075.7 3,085.8 3,136.0 3,174.1 3,199.5 3,226.6 Government........................... 1,173.6 1,187.1 1,174.9 1,185.5 1,193.1 1,185.3 1,184.5 1,187.1 Supplements to wages and salaries...... 1,532.6 1,585.6 1,546.5 1,566.7 1,581.1 1,592.4 1,602.4 1,622.0 Employer contributions for employee pension and insurance funds......... 1,072.0 1,106.8 1,084.0 1,095.8 1,103.1 1,110.3 1,118.2 1,126.9 Employer contributions for government social insurance.................... 460.6 478.8 462.5 470.9 478.0 482.2 484.2 495.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,011.9 1,055.0 1,022.1 1,030.7 1,049.7 1,059.5 1,080.2 1,097.3 Farm................................... 30.5 44.9 36.2 36.8 38.9 48.5 55.5 57.3 Nonfarm................................ 981.5 1,010.1 985.9 994.0 1,010.8 1,011.0 1,024.7 1,040.1 Rental income of persons with capital consumption adjustment.................. 274.0 300.9 282.8 292.7 298.8 303.8 308.4 325.2 Personal income receipts on assets....... 1,919.7 1,907.6 1,889.2 1,911.1 1,914.4 1,889.7 1,915.0 1,952.0 Personal interest income............... 1,222.3 1,194.9 1,205.8 1,208.7 1,205.3 1,174.7 1,190.9 1,213.2 Personal dividend income............... 697.4 712.7 683.4 702.4 709.2 715.0 724.2 738.8 Personal current transfer receipts....... 2,132.8 2,296.4 2,188.2 2,245.5 2,286.1 2,316.4 2,337.7 2,339.6 Government social benefits to persons.. 2,096.8 2,259.0 2,152.5 2,208.9 2,249.1 2,279.2 2,298.9 2,301.7 Old-age, survivors, disability, and health insurance benefits........... 1,164.5 1,213.9 1,188.8 1,191.3 1,208.1 1,223.5 1,232.6 1,250.3 Government unemployment insurance benefits............................ 128.6 136.6 143.4 146.1 136.8 135.7 127.7 117.9 Other................................ 803.7 908.6 820.2 871.5 904.2 920.0 938.6 933.4 Other current transfer receipts, from business (net)........................ 36.0 37.4 35.8 36.6 37.0 37.2 38.8 37.9 Less: Contributions for government social insurance, domestic..................... 970.3 1,003.5 974.8 987.8 1,001.9 1,010.2 1,014.2 924.1 Less: Personal current taxes............... 1,140.0 1,166.3 1,117.2 1,134.7 1,149.1 1,178.2 1,203.2 1,301.9 Equals: Disposable personal income......... 11,034.9 11,374.7 11,121.7 11,215.6 11,368.0 11,417.3 11,497.8 11,633.2 Less: Personal outlays..................... 10,379.6 10,720.7 10,505.7 10,603.9 10,663.7 10,736.3 10,878.9 11,037.4 Personal consumption expenditures........ 10,001.3 10,349.1 10,131.5 10,230.8 10,285.4 10,366.3 10,513.6 10,670.9 Goods.................................. 3,230.7 3,425.7 3,312.9 3,380.0 3,377.5 3,419.6 3,525.6 3,628.3 Durable goods........................ 1,026.5 1,089.4 1,043.9 1,060.7 1,074.1 1,087.8 1,134.8 1,159.0 Nondurable goods..................... 2,204.2 2,336.3 2,269.0 2,319.3 2,303.4 2,331.8 2,390.8 2,469.3 Services............................... 6,770.6 6,923.4 6,818.6 6,850.9 6,907.9 6,946.7 6,988.1 7,042.6 Personal interest payments\1\............ 216.8 198.9 207.8 203.8 206.0 197.1 188.6 188.1 Personal current transfer payments....... 161.4 172.7 166.4 169.2 172.3 172.9 176.6 178.4 To government.......................... 95.0 100.8 97.0 98.5 100.1 101.8 103.0 103.9 To the rest of the world (net)......... 66.5 71.9 69.5 70.7 72.2 71.1 73.6 74.6 Equals: Personal saving.................... 655.3 653.9 616.0 611.8 704.3 681.0 618.9 595.8 Personal saving as a percentage of disposable personal income.............. 5.9 5.7 5.5 5.5 6.2 6.0 5.4 5.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,191.1 9,219.6 9,109.7 9,111.7 9,226.6 9,252.1 9,288.0 9,406.5 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,099.8 10,236.6 10,080.4 10,113.3 10,251.9 10,276.6 10,304.9 10,327.7 Per capita: Current dollars...................... 35,888 36,680 36,049 36,282 36,704 36,778 36,954 37,322 Chained (2005) dollars............... 32,847 33,010 32,673 32,717 33,100 33,103 33,120 33,134 Population (midperiod, thousands)\3\..... 307,483 310,106 308,521 309,120 309,724 310,438 311,140 311,696 ----------------------------------------------------------------------------------------------------------------------------------- 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 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\r\ May 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 53.4 25.6 54.5 137.2 49.9 56.5 37.7 36.2 Compensation of employees, received...... 24.8 -11.0 16.7 36.3 30.2 21.8 30.7 17.4 Wage and salary disbursements.......... 20.6 -12.8 13.5 23.7 25.7 17.8 26.8 14.1 Private industries................... 16.5 -12.7 12.2 22.3 25.4 17.2 26.4 14.1 Goods-producing industries......... -.4 -2.1 1.7 12.5 1.0 6.5 4.3 4.1 Manufacturing.................... 1.9 -.7 3.2 8.5 -.7 5.6 .0 2.9 Services-producing industries...... 16.7 -10.5 10.5 9.9 24.3 10.7 22.2 9.8 Trade, transportation, and utilities....................... .6 -6.0 4.3 .2 5.4 4.1 7.5 -2.0 Other services-producing industries...................... 16.1 -4.5 6.2 9.6 19.0 6.6 14.7 11.8 Government........................... 4.2 .0 1.2 1.3 .4 .6 .4 .0 Supplements to wages and salaries...... 4.2 1.8 3.2 12.6 4.5 4.0 3.8 3.4 Employer contributions for employee pension and insurance funds......... 2.8 2.5 2.7 3.4 2.8 2.6 2.4 2.2 Employer contributions for government social insurance.................... 1.4 -.7 .5 9.2 1.7 1.4 1.4 1.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 6.8 6.0 7.9 4.4 5.6 5.5 3.2 -1.7 Farm................................... 1.4 1.5 1.5 .1 .2 .1 -1.3 -1.3 Nonfarm................................ 5.4 4.5 6.4 4.2 5.5 5.4 4.5 -.4 Rental income of persons with capital consumption adjustment.................. .6 1.0 1.2 7.7 7.9 8.2 2.9 3.3 Personal income receipts on assets....... 14.9 19.7 25.5 6.9 9.5 .6 6.0 10.0 Personal interest income............... 15.8 15.8 15.8 3.2 3.3 3.3 5.6 5.6 Personal dividend income............... -.9 3.9 9.7 3.6 6.3 -2.7 .4 4.4 Personal current transfer receipts....... 9.0 8.5 4.6 -11.9 .2 23.1 -1.8 9.3 Government social benefits to persons.. 6.7 9.2 4.8 -12.0 1.4 22.6 -1.9 9.4 Old-age, survivors, disability, and health insurance benefits........... .3 -.9 10.3 3.6 6.2 10.1 13.6 1.8 Government unemployment insurance benefits............................ -4.6 2.4 -7.7 -.6 -10.0 5.4 -10.8 5.7 Other................................ 11.1 7.7 2.2 -15.1 5.3 7.1 -4.7 1.9 Other current transfer receipts, from business (net)........................ 2.3 -.7 -.2 .2 -1.3 .5 .1 -.1 Less: Contributions for government social insurance, domestic..................... 2.8 -1.5 1.3 -93.8 3.5 2.8 3.3 2.2 Less: Personal current taxes............... 13.4 3.2 7.7 83.5 9.8 7.5 9.8 6.9 Equals: Disposable personal income......... 39.9 22.4 46.9 53.6 40.1 49.0 27.9 29.2 Less: Personal outlays..................... 74.7 32.3 39.1 44.0 83.9 65.2 30.3 6.2 Personal consumption expenditures........ 73.9 33.9 40.7 42.0 83.0 64.3 28.8 4.6 Goods.................................. 59.8 8.1 22.2 37.8 60.2 21.8 25.0 -25.8 Durable goods........................ 36.0 -6.8 8.6 5.4 25.8 -5.8 -.4 -17.5 Nondurable goods..................... 23.8 14.9 13.6 32.4 34.3 27.7 25.3 -8.2 Services............................... 14.1 25.8 18.5 4.2 22.9 42.4 3.8 30.4 Personal interest payments\1\............ -1.9 -2.0 -1.9 .7 .7 .6 1.3 1.4 Personal current transfer payments....... 2.8 .3 .3 1.3 .2 .3 .2 .2 To government.......................... .3 .3 .3 .3 .3 .2 .2 .2 To the rest of the world (net)......... 2.5 .0 .0 1.0 .0 .0 .0 .0 Equals: Personal saving.................... -34.8 -9.9 7.7 9.8 -43.9 -16.2 -2.4 23.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 21.2 8.9 21.2 100.6 6.2 -10.0 3.7 7.6 Disposable personal income, billions of chained (2005) dollars\2\............ 15.1 12.9 16.0 11.9 -6.1 .0 -9.5 8.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 IV 09 I 10 II 10 III 10 IV 10 I 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -216.2 366.1 75.0 111.3 166.8 78.4 105.4 234.2 Compensation of employees, received...... -259.1 177.8 32.7 26.7 111.8 66.3 37.7 71.2 Wage and salary disbursements.......... -284.9 124.8 21.0 6.5 97.4 54.9 27.9 51.5 Private industries................... -314.6 111.3 21.7 -4.1 89.8 62.8 28.6 48.9 Goods-producing industries......... -143.6 -8.3 -.6 -13.9 22.1 12.7 2.2 15.8 Manufacturing.................... -79.7 12.0 8.5 -5.7 19.8 9.6 4.9 11.8 Services-producing industries...... -170.8 119.5 22.4 9.7 67.7 50.0 26.4 33.2 Trade, transportation, and utilities....................... -60.4 16.8 1.3 -.2 17.4 11.9 1.0 6.1 Other services-producing industries...................... -110.5 102.8 21.0 10.1 50.2 38.1 25.4 27.1 Government........................... 29.6 13.5 -.7 10.6 7.6 -7.8 -.8 2.6 Supplements to wages and salaries...... 25.8 53.0 11.7 20.2 14.4 11.3 10.0 19.6 Employer contributions for employee pension and insurance funds......... 35.4 34.8 10.0 11.8 7.3 7.2 7.9 8.7 Employer contributions for government social insurance.................... -9.5 18.2 1.7 8.4 7.1 4.2 2.0 10.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. -90.1 43.1 15.7 8.6 19.0 9.8 20.7 17.1 Farm................................... -20.3 14.4 8.2 .6 2.1 9.6 7.0 1.8 Nonfarm................................ -69.7 28.6 7.5 8.1 16.8 .2 13.7 15.4 Rental income of persons with capital consumption adjustment.................. 52.0 26.9 3.7 9.9 6.1 5.0 4.6 16.8 Personal income receipts on assets....... -189.6 -12.1 -1.9 21.9 3.3 -24.7 25.3 37.0 Personal interest income............... -92.4 -27.4 -7.5 2.9 -3.4 -30.6 16.2 22.3 Personal dividend income............... -97.2 15.3 5.6 19.0 6.8 5.8 9.2 14.6 Personal current transfer receipts....... 253.6 163.6 28.9 57.3 40.6 30.3 21.3 1.9 Government social benefits to persons.. 254.2 162.2 29.1 56.4 40.2 30.1 19.7 2.8 Old-age, survivors, disability, and health insurance benefits........... 96.2 49.4 16.2 2.5 16.8 15.4 9.1 17.7 Government unemployment insurance benefits............................ 77.9 8.0 -1.6 2.7 -9.3 -1.1 -8.0 -9.8 Other................................ 80.1 104.9 14.3 51.3 32.7 15.8 18.6 -5.2 Other current transfer receipts, from business (net)........................ -.7 1.4 .0 .8 .4 .2 1.6 -.9 Less: Contributions for government social insurance, domestic..................... -16.9 33.2 4.2 13.0 14.1 8.3 4.0 -90.1 Less: Personal current taxes............... -298.2 26.3 .2 17.5 14.4 29.1 25.0 98.7 Equals: Disposable personal income......... 82.0 339.8 74.7 93.9 152.4 49.3 80.5 135.4 Less: Personal outlays..................... -125.4 341.1 82.1 98.2 59.8 72.6 142.6 158.5 Personal consumption expenditures........ -103.2 347.8 90.8 99.3 54.6 80.9 147.3 157.3 Goods.................................. -148.8 195.0 36.8 67.1 -2.5 42.1 106.0 102.7 Durable goods........................ -57.0 62.9 -1.3 16.8 13.4 13.7 47.0 24.2 Nondurable goods..................... -91.8 132.1 38.0 50.3 -15.9 28.4 59.0 78.5 Services............................... 45.6 152.8 54.0 32.3 57.0 38.8 41.4 54.5 Personal interest payments\1\............ -29.4 -17.9 -13.1 -4.0 2.2 -8.9 -8.5 -.5 Personal current transfer payments....... 7.1 11.3 4.5 2.8 3.1 .6 3.7 1.8 To government.......................... 5.3 5.8 1.4 1.5 1.6 1.7 1.2 .9 To the rest of the world (net)......... 1.9 5.4 3.2 1.2 1.5 -1.1 2.5 1.0 Equals: Personal saving.................... 207.4 -1.4 -7.4 -4.2 92.5 -23.3 -62.1 -23.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -447.4 28.5 -19.0 2.0 114.9 25.5 35.9 118.5 Disposable personal income, billions of chained (2005) dollars\2\............ 56.9 136.8 .7 32.9 138.6 24.7 28.3 22.8 ----------------------------------------------------------------------------------------------------------------------------------- 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 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\r\ May 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .4 .2 .4 1.1 .4 .4 .3 .3 Compensation of employees, received...... .3 -.1 .2 .4 .4 .3 .4 .2 Wage and salary disbursements.......... .3 -.2 .2 .4 .4 .3 .4 .2 Supplements to wages and salaries...... .3 .1 .2 .8 .3 .2 .2 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .6 .6 .7 .4 .5 .5 .3 -.2 Rental income of persons with capital consumption adjustment.................. .2 .3 .4 2.5 2.5 2.5 .9 1.0 Personal income receipts on assets....... .8 1.0 1.3 .4 .5 .0 .3 .5 Personal interest income............... 1.4 1.3 1.3 .3 .3 .3 .5 .5 Personal dividend income............... -.1 .5 1.3 .5 .9 -.4 .1 .6 Personal current transfer receipts....... .4 .4 .2 -.5 .0 1.0 -.1 .4 Less: Contributions for government social insurance, domestic..................... .3 -.1 .1 -9.2 .4 .3 .4 .2 Less: Personal current taxes............... 1.1 .3 .6 6.9 .8 .6 .8 .5 Equals: Disposable personal income......... .3 .2 .4 .5 .3 .4 .2 .2 Addenda: Personal consumption expenditures........ .7 .3 .4 .4 .8 .6 .3 .0 Goods.................................. 1.7 .2 .6 1.1 1.7 .6 .7 -.7 Durable goods........................ 3.3 -.6 .8 .5 2.3 -.5 .0 -1.5 Nondurable goods..................... 1.0 .6 .6 1.3 1.4 1.1 1.0 -.3 Services............................... .2 .4 .3 .1 .3 .6 .1 .4 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .2 .1 .2 1.1 .1 -.1 .0 .1 Real disposable personal income.......... .1 .1 .2 .1 -.1 .0 -.1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 IV 09 I 10 II 10 III 10 IV 10 I 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ -1.7 3.0 2.5 3.7 5.5 2.5 3.4 7.6 Compensation of employees, received...... -3.2 2.3 1.7 1.4 5.8 3.4 1.9 3.6 Wage and salary disbursements.......... -4.3 2.0 1.3 .4 6.3 3.5 1.7 3.2 Supplements to wages and salaries...... 1.7 3.5 3.1 5.3 3.7 2.9 2.5 5.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. -8.2 4.3 6.4 3.4 7.6 3.8 8.0 6.5 Rental income of persons with capital consumption adjustment.................. 23.4 9.8 5.4 14.7 8.7 6.9 6.1 23.7 Personal income receipts on assets....... -9.0 -.6 -.4 4.7 .7 -5.1 5.5 8.0 Personal interest income............... -7.0 -2.2 -2.5 1.0 -1.1 -9.8 5.6 7.7 Personal dividend income............... -12.2 2.2 3.3 11.6 3.9 3.4 5.2 8.3 Personal current transfer receipts....... 13.5 7.7 5.5 10.9 7.4 5.4 3.7 .3 Less: Contributions for government social insurance, domestic..................... -1.7 3.4 1.7 5.4 5.9 3.3 1.6 -31.1 Less: Personal current taxes............... -20.7 2.3 .1 6.4 5.2 10.5 8.8 37.1 Equals: Disposable personal income......... .7 3.1 2.7 3.4 5.5 1.7 2.8 4.8 Addenda: Personal consumption expenditures........ -1.0 3.5 3.7 4.0 2.1 3.2 5.8 6.1 Goods.................................. -4.4 6.0 4.6 8.3 -.3 5.1 13.0 12.2 Durable goods........................ -5.3 6.1 -.5 6.6 5.1 5.2 18.4 8.8 Nondurable goods..................... -4.0 6.0 7.0 9.2 -2.7 5.0 10.5 13.8 Services............................... .7 2.3 3.2 1.9 3.4 2.3 2.4 3.2 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -4.6 .3 -.2 .0 1.3 .3 .4 1.3 Real disposable personal income.......... .6 1.4 .0 1.3 5.6 1.0 1.1 .9 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\r\ May 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,402.8 9,426.6 9,439.3 9,443.9 9,479.5 9,496.6 9,490.6 9,478.5 Goods.................................... 3,323.5 3,330.0 3,331.7 3,341.7 3,372.5 3,365.8 3,367.0 3,342.8 Durable goods.......................... 1,235.4 1,231.2 1,244.9 1,250.0 1,275.5 1,269.2 1,264.9 1,243.6 Nondurable goods....................... 2,094.2 2,103.6 2,094.3 2,099.5 2,107.8 2,106.5 2,110.9 2,105.2 Services................................. 6,084.1 6,101.3 6,112.1 6,107.2 6,113.3 6,136.3 6,129.4 6,140.3 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 47.4 23.8 12.7 4.6 35.6 17.1 -6.0 -12.1 Goods.................................... 44.1 6.5 1.7 10.0 30.8 -6.7 1.2 -24.2 Durable goods.......................... 41.8 -4.2 13.7 5.1 25.5 -6.3 -4.3 -21.3 Nondurable goods....................... 7.1 9.4 -9.3 5.2 8.3 -1.3 4.4 -5.7 Services................................. 5.4 17.2 10.8 -4.9 6.1 23.0 -6.9 10.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .5 .3 .1 .0 .4 .2 -.1 -.1 Goods.................................... 1.3 .2 .1 .3 .9 -.2 .0 -.7 Durable goods.......................... 3.5 -.3 1.1 .4 2.0 -.5 -.3 -1.7 Nondurable goods....................... .3 .5 -.4 .2 .4 -.1 .2 -.3 Services................................. .1 .3 .2 -.1 .1 .4 -.1 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 IV 09 I 10 II 10 III 10 IV 10 I 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,153.9 9,313.6 9,182.9 9,225.4 9,275.7 9,330.6 9,422.9 9,473.3 Goods.................................... 3,117.4 3,250.4 3,151.8 3,195.4 3,222.6 3,255.2 3,328.4 3,360.0 Durable goods.......................... 1,094.6 1,178.3 1,115.1 1,138.9 1,157.8 1,179.3 1,237.2 1,264.9 Nondurable goods....................... 2,017.4 2,072.6 2,032.3 2,053.5 2,063.4 2,076.2 2,097.4 2,104.6 Services................................. 6,032.7 6,064.7 6,028.7 6,029.6 6,053.4 6,076.9 6,099.2 6,119.0 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -111.1 159.7 21.3 42.5 50.3 54.9 92.3 50.4 Goods.................................... -62.9 133.0 13.6 43.6 27.2 32.6 73.2 31.6 Durable goods.......................... -41.8 83.7 -3.2 23.8 18.9 21.5 57.9 27.7 Nondurable goods....................... -23.8 55.2 15.4 21.2 9.9 12.8 21.2 7.2 Services................................. -49.6 32.0 8.0 .9 23.8 23.5 22.3 19.8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -1.2 1.7 .9 1.9 2.2 2.4 4.0 2.2 Goods.................................... -2.0 4.3 1.7 5.7 3.4 4.1 9.3 3.9 Durable goods.......................... -3.7 7.7 -1.1 8.8 6.8 7.6 21.1 9.3 Nondurable goods....................... -1.2 2.7 3.1 4.2 1.9 2.5 4.1 1.4 Services................................. -.8 .5 .5 .1 1.6 1.6 1.5 1.3 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\r\ May 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 111.432 111.510 111.792 112.182 112.637 113.112 113.486 113.680 Goods.................................... 105.702 105.740 106.354 107.167 107.974 108.838 109.541 109.563 Durable goods.......................... 91.977 91.739 91.426 91.484 91.684 91.675 91.957 92.126 Nondurable goods....................... 113.477 113.676 114.835 116.094 117.262 118.650 119.602 119.536 Services................................. 114.474 114.574 114.674 114.834 115.094 115.354 115.548 115.836 Addenda: PCE excluding food and energy............ 110.379 110.456 110.474 110.685 110.865 111.040 111.240 111.526 Food\1\.................................. 114.317 114.370 114.459 115.208 116.102 117.087 117.597 117.991 Energy goods and services\2\............. 124.159 124.281 129.352 132.317 136.968 142.058 145.351 143.576 Market-based PCE\3\...................... 111.460 111.532 111.851 112.206 112.694 113.185 113.612 113.796 Market-based PCE excluding food and energy\3\........................... 110.236 110.304 110.325 110.466 110.641 110.786 111.019 111.308 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 .1 .3 .3 .4 .4 .3 .2 Goods.................................... .4 .0 .6 .8 .8 .8 .6 .0 Durable goods.......................... -.2 -.3 -.3 .1 .2 .0 .3 .2 Nondurable goods....................... .7 .2 1.0 1.1 1.0 1.2 .8 -.1 Services................................. .1 .1 .1 .1 .2 .2 .2 .2 Addenda: PCE excluding food and energy............ .0 .1 .0 .2 .2 .2 .2 .3 Food\1\.................................. .1 .0 .1 .7 .8 .8 .4 .3 Energy goods and services\2\............. 2.7 .1 4.1 2.3 3.5 3.7 2.3 -1.2 Market-based PCE\3\...................... .2 .1 .3 .3 .4 .4 .4 .2 Market-based PCE excluding food and energy\3\........................... .0 .1 .0 .1 .2 .1 .2 .3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\r\ May 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.4 2.3 2.0 2.3 2.2 1.9 1.0 .6 Personal consumption expenditures.......... 2.5 2.7 2.6 2.8 2.7 2.6 2.5 2.1 Goods.................................... 6.0 5.4 5.5 5.8 5.6 4.1 4.4 3.8 Durable goods.......................... 12.2 10.0 10.6 12.0 12.8 8.6 9.1 7.4 Nondurable goods....................... 3.2 3.3 3.1 3.0 2.4 2.1 2.3 2.1 Services................................. .9 1.4 1.2 1.3 1.3 1.8 1.6 1.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\r\ May 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.2 1.0 1.1 1.2 1.6 1.9 2.2 2.5 Goods.................................... .8 .6 1.0 1.2 2.1 3.0 4.0 4.6 Durable goods.......................... -1.8 -2.0 -2.2 -1.9 -1.4 -1.6 -1.1 -.7 Nondurable goods....................... 2.0 1.8 2.5 2.6 3.9 5.2 6.4 7.2 Services................................. 1.4 1.3 1.2 1.3 1.3 1.3 1.4 1.5 Addenda: PCE excluding food and energy............ .9 .8 .7 .8 .9 .9 1.1 1.2 Food\1\.................................. 1.3 1.3 1.2 1.7 2.4 2.9 3.2 3.5 Energy goods and services\2\............. 6.3 4.0 7.4 6.7 11.1 15.3 19.6 22.1 Market-based PCE\3\...................... 1.2 1.1 1.2 1.3 1.7 2.1 2.5 2.7 Market-based PCE excluding food and energy\3\........................... .8 .8 .7 .8 .9 1.0 1.1 1.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.