EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, AUGUST 4, 2008 James E. Rankin:(202) 606-5301 (Personal Income) BEA 08-35 Brendan Leary: 606-5302 (Personal Outlays) Kurt Kunze: 606-9748 (Annual Revision) PERSONAL INCOME AND OUTLAYS: JUNE 2008 REVISED ESTIMATES: 2005 THROUGH MAY 2008 Personal income increased $6.8 billion, or 0.1 percent, and disposable personal income (DPI) decreased $210.3 billion, or 1.9 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $57.1 billion, or 0.6 percent. In May, personal income increased $219.3 billion, or 1.8 percent, DPI increased $595.4 billion, or 5.7 percent, and PCE increased $76.5 billion, or 0.8 percent, based on revised estimates. The pattern of changes in income reflect the pattern of payments associated with the Economic Stimulus Act of 2008. Real disposable income decreased 2.6 percent in June, in contrast to an increase of 5.2 percent in May. Real PCE decreased 0.2 percent, in contrast to an increase of 0.3 percent. 2008 Feb. Mar. Apr. May June (Percent change from preceding month) Personal income, current dollars 0.2 0.4 0.2 1.8 0.1 Disposable personal income: Current dollars 0.2 0.4 0.3 5.7 -1.9 Chained (2000) dollars 0.1 0.0 0.1 5.2 -2.6 Personal consumption expenditures: Current dollars 0.0 0.6 0.3 0.8 0.6 Chained (2000) dollars -0.2 0.3 0.1 0.3 -0.2 In April, May, and June, changes in disposable personal income (DPI) -- personal income less personal current taxes -- were affected by the Economic Stimulus Act of 2008. The federal government issued rebate payments of $1.9 billion in April ($23.3 billion at an annual rate), $48.1 billion in May ($577.1 billion at an annual rate), and $27.9 billion in June ($334.4 billion at an annual rate). These rebates increased government social benefit payments and reduced personal current taxes. The rebates boosted the change in DPI $23.3 billion in April and $553.8 billion in May, and reduced the change in DPI $242.7 billion in June. Excluding these rebate payments, which are discussed more fully below, DPI increased $32.4 billion, or 0.3 percent, in June, after increasing $41.7 billion, or 0.4 percent, in May. Wages and salaries Private wage and salary disbursements increased $11.1 billion in June, compared with an increase of $17.7 billion in May. Goods-producing industries' payrolls increased $1.2 billion, compared with an increase of $1.7 billion; manufacturing payrolls increased $0.8 billion, compared with an increase of $1.3 billion. Services-producing industries' payrolls increased $9.9 billion, compared with an increase of $16.2 billion. Government wage and salary disbursements increased $5.2 billion, compared with an increase of $4.6 billion. Other personal income Supplements to wages and salaries increased $3.1 billion in June, compared with an increase of $3.6 billion in May. Proprietors' income increased $6.9 billion in June, compared with an increase of $4.9 billion in May. Farm proprietors' income increased $0.5 billion, compared with an increase of $0.4 billion. Nonfarm proprietors' income increased $6.4 billion, compared with an increase of $4.5 billion. Rental income of persons increased $7.7 billion in June, compared with an increase of $7.2 billion in May. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $4.2 billion, compared with a decrease of $4.1 billion. Personal current transfer receipts decreased $21.4 billion in June, in contrast to an increase of $187.5 billion in May. The June and May changes reflected provisions of the Economic Stimulus Act of 2008, which boosted the level of personal current transfer receipts by $149.4 billion (at an annual rate) in June, $179.6 billion in May, and $7.8 billion in April. These personal current transfer receipts reflected payments to individuals who either paid no income tax or whose payment exceeded the amount of income tax paid (see box below). Contributions for government social insurance -- a subtraction in calculating personal income -- increased $1.6 billion in June, compared with an increase of $2.2 billion in May. Personal current taxes and disposable personal income Personal current taxes increased $217.1 billion in June, in contrast to a decrease of $376.2 billion in May. Provisions of the Economic Stimulus Act of 2008 reduced the level of personal current taxes by $185.0 billion (at an annual rate) in June, $397.5 billion in May, and $15.5 billion in April. The reductions in current personal taxes reflected rebate payments to eligible individual taxpayers (see box below). Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $210.3 billion, or 1.9 percent, in June, in contrast to an increase of $595.4 billion, or 5.7 percent, in May. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $60.8 billion in June, compared with an increase of $80.2 billion in May. PCE increased $57.1 billion, compared with an increase of $76.5 billion. Personal saving -- DPI less personal outlays -- was $275.9 billion in June, compared with $547.0 billion in May. Personal saving as a percentage of disposable personal income was 2.5 percent in June, compared with 4.9 percent in May. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on "Personal Saving" on BEA's Web site. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's flow of funds accounts, go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- decreased 2.6 percent in June, in contrast to an increase of 5.2 percent in May. Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in June, in contrast to an increase of 0.3 percent in May. Purchases of durable goods decreased 1.6 percent, in contrast to an increase of 0.5 percent. Purchases of nondurable goods decreased 0.4 percent, in contrast to an increase of 0.4 percent. Purchases of services increased 0.2 percent, compared with an increase of 0.3 percent. PCE price index -- The PCE price index increased 0.8 percent in June, compared with an increase of 0.5 percent in May. The PCE price index, excluding food and energy, increased 0.3 percent, compared with an increase of 0.2 percent. Revision of the Personal Income and Outlays Estimates Personal income, personal outlays, DPI, and personal saving are revised, beginning with January 2005 to reflect the results of the annual revision in the national income and product accounts (NIPAs) released last week. Annual revisions, which are usually released in July, incorporate source data that are more complete, more detailed, and otherwise more reliable than those previously available. The revisions to personal income and outlays, for 2005-2007, are shown in table 12. Revised and previously published monthly estimates of personal income, DPI, PCE, personal saving as a percentage of DPI, real DPI, real PCE are shown in table 13; revised and previously published annual and quarterly estimates are shown in table 14. Personal income was revised down $31.3 billion, or 0.3 percent, for 2005; was revised up $10.5 billion, or 0.1 percent, for 2006; and was revised down $2.4 billion, or less than 0.1 percent, for 2007. For 2005, the downward revision was primarily accounted for by downward revisions to personal dividend income and to nonfarm proprietors' income. For 2006, upward revisions to personal interest income and to nonfarm proprietors' income were partly offset by a downward revision to supplements to wages and salaries. For 2007, large downward revisions to supplements to wages and salaries, to rental income of persons, and to government social benefits to persons were mostly offset by an upward revision to personal interest income. Personal current taxes was revised down $1.3 billion for 2005, was revised down $1.1 billion for 2006, and was revised up $9.1 billion for 2007. DPI was revised down $30.0 billion, or 0.3 percent, for 2005; was revised up $11.6 billion, or 0.1 percent, for 2006; and was revised down $11.4 billion, or 0.1 percent, for 2007. The percent change from the preceding year in real DPI was revised down from 1.7 percent to 1.4 percent for 2005, was revised up from 3.1 percent to 3.5 percent for 2006, and was revised down from 3.1 percent to 2.8 percent for 2007. Personal outlays was revised down for all 3 years: $17.9 billion for 2005, $20.3 billion for 2006, and $21.0 billion for 2007. For 2005 and 2006, downward revisions to PCE mostly accounted for most of the revisions; for 2007, a downward revision to PCE more than accounted for the downward revision. The personal saving rate was revised down from 0.5 percent to 0.4 percent for 2005, was revised up from 0.4 percent to 0.7 percent for 2006, and was revised up from 0.5 percent to 0.6 percent for 2007. NOTE: BEA acknowledges the special efforts by the Bureau of Labor Statistics (BLS) to provide very preliminary data for the first quarter of 2008 from the quarterly census of employment and wages. BLS provided wage and salary data from 10 states for the securities, commodity contracts and investment industry. These data greatly improved the estimates of wages and salaries for the finance sector. Economic Stimulus Act of 2008 The Economic Stimulus Act of 2008 provides rebate payments to eligible individual taxpayers as well as tax reductions for businesses. For individuals, the amount of the rebate is determined by information reported on tax filings for 2007 and is based on filing status, level of adjusted gross income, and the number of qualifying children. According to the Joint Committee on Taxation and the Congressional Budget Office, rebates to individuals are expected to total $106.7 billion for 2008. The majority of rebates were sent during the initial round of payments, which began April 28, 2008, and will continue on a weekly basis through mid-July 2008. In the NIPAs, rebates for residents of the 50 states and the District of Columbia are recorded as either an offset to personal current taxes or as a social benefit payment to persons. Rebates for individuals with tax liabilities that exceed the rebate amount are treated as an offset to personal current taxes in the NIPAs. Rebates for individuals who pay no income taxes (or for whom the rebate would exceed the amount of the income taxes they do pay) are treated as a government social benefit payment to persons in the NIPAs. Annual Revision of the National Income and Product Accounts The estimates released today reflect the regular annual revision to the national income and product accounts (NIPAs), beginning with January 2005. Annual revisions, which are usually released in July, incorporate source data that are more complete, more detailed, and otherwise more reliable than those previously available. This release includes revised estimates of monthly personal income, disposable personal income, and outlays and provides an overview of the effects of the revision. The August 2008 Survey of Current Business will contain NIPA tables and an article describing the revisions. The revised estimates will be available on BEA's Web site at www.bea.gov. 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 29, 2008, at 8:30 A.M. EDT for Personal Income and Outlays for July. Table 1.--Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------- Dec 04 Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 ---------------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 10,272.0 10,008.4 10,048.2 10,076.8 10,136.9 10,177.9 10,238.3 10,326.4 10,092.7 10,448.2 10,500.5 Compensation of employees, received...... 6,845.1 6,874.8 6,886.4 6,892.1 6,931.9 6,951.6 6,988.8 7,062.4 7,088.6 7,119.6 7,139.9 Wage and salary disbursements.......... 5,534.3 5,548.3 5,554.7 5,556.2 5,590.7 5,605.8 5,637.9 5,702.4 5,724.0 5,750.3 5,768.5 Private industries................... 4,581.1 4,579.6 4,583.7 4,584.1 4,617.2 4,631.5 4,663.7 4,721.7 4,739.5 4,761.1 4,778.2 Goods-producing industries......... 1,076.8 1,076.9 1,079.5 1,078.3 1,083.0 1,086.8 1,093.0 1,108.1 1,116.0 1,114.7 1,115.4 Manufacturing.................... 700.5 699.5 696.9 694.0 697.3 699.7 700.8 707.9 711.6 708.6 711.9 Services-producing industries...... 3,504.3 3,502.7 3,504.1 3,505.9 3,534.2 3,544.7 3,570.7 3,613.6 3,623.5 3,646.4 3,662.8 Trade, transportation, and utilities....................... 919.3 921.3 921.1 920.3 928.2 929.2 934.7 945.4 946.4 947.1 949.6 Other services-producing industries...................... 2,585.0 2,581.4 2,583.0 2,585.6 2,606.0 2,615.5 2,636.0 2,668.1 2,677.1 2,699.3 2,713.2 Government........................... 953.2 968.7 971.0 972.1 973.5 974.4 974.2 980.7 984.5 989.2 990.4 Supplements to wages and salaries...... 1,310.8 1,326.5 1,331.7 1,335.9 1,341.2 1,345.8 1,351.0 1,360.0 1,364.6 1,369.3 1,371.3 Employer contributions for employee pension and insurance funds......... 893.5 904.8 910.1 914.5 917.9 921.6 924.9 929.9 933.3 936.9 937.7 Employer contributions for government social insurance.................... 417.3 421.7 421.6 421.4 423.3 424.2 426.1 430.1 431.2 432.4 433.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 952.5 932.1 935.0 941.7 941.0 945.6 957.7 977.1 912.4 991.7 989.4 Farm................................... 35.5 33.1 32.9 33.7 37.6 38.5 38.8 39.7 35.9 35.8 31.0 Nonfarm................................ 917.0 899.0 902.1 907.9 903.5 907.0 918.9 937.5 876.5 955.9 958.4 Rental income of persons with capital consumption adjustment.................. 96.1 94.4 90.5 85.4 78.2 72.1 66.3 61.1 -280.5 48.6 52.8 Personal income receipts on assets....... 1,782.4 1,500.2 1,513.3 1,527.2 1,544.9 1,564.3 1,584.8 1,600.5 1,616.7 1,633.6 1,663.9 Personal interest income............... 925.2 948.1 963.8 977.1 990.1 1,005.6 1,021.0 1,029.9 1,038.2 1,046.0 1,065.5 Personal dividend income............... 857.3 552.1 549.6 550.1 554.8 558.7 563.7 570.6 578.5 587.6 598.4 Personal current transfer receipts....... 1,443.6 1,466.2 1,482.6 1,490.4 1,505.0 1,510.5 1,511.0 1,503.7 1,636.6 1,538.5 1,540.9 Government social benefits to persons.. 1,421.6 1,440.9 1,456.1 1,463.0 1,477.3 1,482.4 1,482.6 1,474.9 1,495.5 1,501.5 1,501.2 Old-age, survivors, disability, and health insurance benefits........... 808.1 819.0 831.4 832.5 839.5 840.8 845.0 846.6 850.8 851.8 855.0 Government unemployment insurance benefits............................ 30.8 32.0 31.7 31.8 30.5 32.0 30.9 30.4 31.7 30.0 33.6 Other................................ 582.7 589.9 593.1 598.7 607.3 609.6 606.7 597.9 613.0 619.7 612.5 Other current transfer receipts, from business (net)........................ 22.0 25.2 26.5 27.3 27.7 28.1 28.4 28.7 141.1 37.1 39.7 Less: Contributions for government social insurance............................... 847.6 859.2 859.7 859.9 864.2 866.1 870.3 878.4 881.0 883.9 886.4 Less: Personal current taxes............... 1,100.1 1,157.0 1,163.8 1,170.6 1,183.8 1,192.0 1,202.2 1,213.5 1,221.6 1,231.7 1,242.1 Equals: Disposable personal income......... 9,171.9 8,851.4 8,884.4 8,906.3 8,953.0 8,985.9 9,036.2 9,112.9 8,871.1 9,216.5 9,258.4 Less: Personal outlays..................... 8,757.7 8,771.5 8,816.6 8,836.3 8,924.2 8,905.0 9,008.4 9,101.9 9,113.1 9,174.4 9,217.8 Personal consumption expenditures........ 8,437.7 8,444.6 8,489.5 8,508.6 8,592.9 8,569.8 8,669.6 8,763.5 8,774.5 8,835.2 8,877.6 Durable goods.......................... 1,018.2 1,001.5 1,005.2 1,013.0 1,044.0 1,002.6 1,053.4 1,092.5 1,026.8 996.9 984.7 Nondurable goods....................... 2,409.5 2,419.2 2,447.2 2,431.0 2,478.2 2,458.2 2,473.2 2,501.2 2,553.9 2,609.2 2,634.3 Services............................... 5,010.0 5,024.0 5,037.2 5,064.6 5,070.7 5,109.0 5,143.0 5,169.8 5,193.8 5,229.0 5,258.7 Personal interest payments\1\............ 205.8 206.2 206.7 207.4 211.6 215.4 218.8 218.8 218.9 219.3 219.0 Personal current transfer payments....... 114.2 120.7 120.4 120.3 119.7 119.9 120.0 119.5 119.7 119.9 121.2 To government.......................... 72.0 72.2 72.0 71.9 72.0 72.2 72.3 72.4 72.6 72.8 73.1 To the rest of the world (net)......... 42.2 48.5 48.5 48.5 47.7 47.7 47.7 47.1 47.1 47.1 48.2 Equals: Personal saving.................... 414.1 79.9 67.7 70.0 28.8 80.8 27.8 11.0 -242.0 42.1 40.6 Personal saving as a percentage of disposable personal income.............. 4.5 .9 .8 .8 .3 .9 .3 .1 -2.7 .5 .4 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,369.1 8,053.9 8,064.9 8,062.5 8,077.2 8,107.0 8,145.9 8,177.2 7,923.6 8,150.5 8,173.1 Per capita: Current dollars...................... 31,096 29,989 30,082 30,136 30,273 30,362 30,507 30,739 29,897 31,034 31,148 Chained (2000) dollars............... 28,375 27,287 27,307 27,281 27,312 27,392 27,501 27,583 26,704 27,444 27,497 Population (midperiod, thousands)\3\..... 294,949 295,154 295,340 295,532 295,741 295,963 296,204 296,456 296,717 296,984 297,235 ---------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 1.--Personal Income and Its Disposition (Months)--Continued [Billions of dollars; months seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------- Nov 05 Dec 05 Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 ---------------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 10,555.7 10,626.9 10,740.1 10,784.8 10,819.8 10,882.0 10,899.0 10,958.5 11,002.3 11,054.9 11,111.2 Compensation of employees, received...... 7,163.5 7,209.7 7,305.8 7,347.8 7,360.4 7,381.1 7,344.0 7,367.5 7,408.3 7,433.9 7,483.7 Wage and salary disbursements.......... 5,789.4 5,831.7 5,917.7 5,955.5 5,966.1 5,983.2 5,947.4 5,967.8 6,004.9 6,026.8 6,070.9 Private industries................... 4,795.7 4,834.9 4,912.4 4,947.4 4,956.3 4,971.6 4,934.1 4,953.3 4,982.7 4,998.0 5,033.8 Goods-producing industries......... 1,112.9 1,125.5 1,154.8 1,170.5 1,170.4 1,166.1 1,156.2 1,156.5 1,158.3 1,160.8 1,163.6 Manufacturing.................... 707.7 712.5 728.2 736.1 734.7 732.4 724.8 724.0 726.0 726.8 726.9 Services-producing industries...... 3,682.8 3,709.4 3,757.6 3,776.9 3,785.9 3,805.4 3,777.9 3,796.8 3,824.4 3,837.2 3,870.2 Trade, transportation, and utilities....................... 954.3 960.8 971.0 976.5 977.7 984.0 974.4 978.8 986.2 986.9 991.3 Other services-producing industries...................... 2,728.5 2,748.6 2,786.7 2,800.4 2,808.2 2,821.4 2,803.4 2,818.0 2,838.2 2,850.3 2,878.9 Government........................... 993.7 996.8 1,005.2 1,008.1 1,009.9 1,011.7 1,013.4 1,014.5 1,022.2 1,028.7 1,037.1 Supplements to wages and salaries...... 1,374.1 1,378.0 1,388.2 1,392.3 1,394.3 1,397.8 1,396.6 1,399.7 1,403.4 1,407.1 1,412.7 Employer contributions for employee pension and insurance funds......... 939.7 941.2 944.8 946.7 948.3 951.0 952.8 955.0 956.5 959.4 962.7 Employer contributions for government social insurance.................... 434.4 436.8 443.4 445.6 446.0 446.8 443.8 444.7 446.9 447.8 450.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 994.0 1,000.0 1,002.0 1,003.7 1,008.5 1,015.5 1,019.5 1,019.8 1,009.5 1,016.1 1,014.6 Farm................................... 27.8 24.4 20.3 17.1 14.3 10.6 9.4 9.5 11.6 13.6 16.2 Nonfarm................................ 966.2 975.6 981.7 986.5 994.1 1,004.8 1,010.1 1,010.3 997.9 1,002.5 998.4 Rental income of persons with capital consumption adjustment.................. 60.7 60.5 56.1 52.1 50.3 48.6 46.1 42.3 40.7 40.0 40.5 Personal income receipts on assets....... 1,692.4 1,720.6 1,726.2 1,735.1 1,745.0 1,778.0 1,809.4 1,841.1 1,852.9 1,865.8 1,878.6 Personal interest income............... 1,082.0 1,096.8 1,088.5 1,084.9 1,082.3 1,103.4 1,123.3 1,143.4 1,144.5 1,147.3 1,150.8 Personal dividend income............... 610.4 623.9 637.7 650.2 662.7 674.5 686.0 697.7 708.4 718.5 727.8 Personal current transfer receipts....... 1,533.5 1,529.6 1,562.9 1,564.7 1,575.3 1,580.7 1,596.5 1,606.2 1,613.8 1,624.0 1,622.5 Government social benefits to persons.. 1,505.2 1,502.2 1,537.5 1,540.2 1,551.4 1,557.0 1,572.7 1,582.4 1,589.6 1,599.3 1,597.3 Old-age, survivors, disability, and health insurance benefits........... 855.7 865.5 904.5 914.0 923.4 926.8 935.4 942.6 941.6 948.3 952.3 Government unemployment insurance benefits............................ 31.2 30.0 30.3 29.4 29.3 30.1 29.6 29.0 30.7 29.9 29.7 Other................................ 618.3 606.6 602.7 596.8 598.7 600.1 607.7 610.8 617.3 621.1 615.3 Other current transfer receipts, from business (net)........................ 28.3 27.4 25.4 24.6 23.9 23.7 23.7 23.8 24.2 24.7 25.2 Less: Contributions for government social insurance............................... 888.5 893.5 913.0 918.6 919.7 921.8 916.4 918.4 923.0 924.8 928.7 Less: Personal current taxes............... 1,251.4 1,264.0 1,304.0 1,317.0 1,326.9 1,339.4 1,339.1 1,344.6 1,348.3 1,353.8 1,366.6 Equals: Disposable personal income......... 9,304.3 9,363.0 9,436.0 9,467.8 9,493.0 9,542.6 9,559.9 9,613.9 9,653.9 9,701.1 9,744.6 Less: Personal outlays..................... 9,219.3 9,265.5 9,332.6 9,380.3 9,400.6 9,477.9 9,521.5 9,554.5 9,639.1 9,658.6 9,657.6 Personal consumption expenditures........ 8,878.9 8,924.6 8,990.5 9,035.3 9,053.1 9,123.0 9,165.3 9,197.4 9,276.9 9,290.8 9,283.3 Durable goods.......................... 1,005.9 1,022.8 1,051.0 1,039.9 1,048.6 1,054.5 1,042.8 1,049.9 1,061.2 1,048.6 1,053.5 Nondurable goods....................... 2,584.0 2,580.0 2,636.2 2,629.2 2,622.5 2,670.8 2,684.6 2,689.1 2,726.6 2,744.7 2,707.7 Services............................... 5,289.0 5,321.9 5,303.3 5,366.2 5,381.9 5,397.7 5,437.9 5,458.4 5,489.1 5,497.4 5,522.0 Personal interest payments\1\............ 218.9 219.0 221.5 223.9 226.1 227.7 228.7 229.2 233.6 238.9 244.9 Personal current transfer payments....... 121.5 121.8 120.7 121.1 121.4 127.2 127.6 128.0 128.5 129.0 129.4 To government.......................... 73.3 73.7 74.0 74.4 74.8 75.2 75.6 76.0 76.4 76.8 77.3 To the rest of the world (net)......... 48.2 48.2 46.7 46.7 46.7 52.0 52.0 52.0 52.2 52.2 52.2 Equals: Personal saving.................... 85.0 97.5 103.4 87.5 92.3 64.7 38.4 59.3 14.9 42.6 87.0 Personal saving as a percentage of disposable personal income.............. .9 1.0 1.1 .9 1.0 .7 .4 .6 .2 .4 .9 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,235.0 8,287.3 8,313.7 8,340.0 8,348.9 8,357.3 8,348.9 8,375.1 8,379.5 8,392.7 8,449.1 Per capita: Current dollars...................... 31,279 31,453 31,675 31,761 31,823 31,965 31,998 32,151 32,256 32,384 32,499 Chained (2000) dollars............... 27,684 27,839 27,908 27,977 27,988 27,995 27,944 28,008 27,998 28,016 28,178 Population (midperiod, thousands)\3\..... 297,465 297,686 297,897 298,098 298,306 298,530 298,768 299,025 299,292 299,566 299,847 ---------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 1.--Personal Income and Its Disposition (Months)--Continued [Billions of dollars; months seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------- Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 ---------------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,156.9 11,208.9 11,308.3 11,396.0 11,477.2 11,545.9 11,546.3 11,572.6 11,613.5 11,675.2 11,726.7 Compensation of employees, received...... 7,536.1 7,577.5 7,644.8 7,698.5 7,733.9 7,769.4 7,749.7 7,752.0 7,778.6 7,801.4 7,829.9 Wage and salary disbursements.......... 6,117.9 6,154.3 6,214.6 6,263.2 6,293.8 6,324.8 6,303.7 6,303.1 6,325.3 6,344.1 6,369.1 Private industries................... 5,078.5 5,112.4 5,170.1 5,206.5 5,233.6 5,262.0 5,238.0 5,235.0 5,254.6 5,269.6 5,287.8 Goods-producing industries......... 1,176.2 1,180.4 1,192.1 1,196.5 1,195.4 1,203.4 1,200.4 1,198.7 1,202.9 1,201.0 1,201.7 Manufacturing.................... 734.7 735.9 744.0 745.3 745.9 748.1 745.5 742.0 744.4 742.9 741.6 Services-producing industries...... 3,902.4 3,932.0 3,978.0 4,010.0 4,038.1 4,058.7 4,037.6 4,036.3 4,051.7 4,068.6 4,086.1 Trade, transportation, and utilities....................... 998.6 1,004.5 1,010.5 1,014.4 1,018.8 1,029.3 1,032.0 1,036.2 1,041.2 1,033.6 1,032.3 Other services-producing industries...................... 2,903.7 2,927.5 2,967.5 2,995.7 3,019.3 3,029.4 3,005.6 3,000.1 3,010.5 3,034.9 3,053.9 Government........................... 1,039.3 1,041.8 1,044.5 1,056.7 1,060.3 1,062.8 1,065.7 1,068.1 1,070.6 1,074.5 1,081.2 Supplements to wages and salaries...... 1,418.3 1,423.2 1,430.2 1,435.3 1,440.0 1,444.6 1,446.0 1,449.0 1,453.3 1,457.3 1,460.8 Employer contributions for employee pension and insurance funds......... 965.2 968.1 971.1 974.5 977.7 980.7 984.1 987.8 991.3 994.0 996.6 Employer contributions for government social insurance.................... 453.0 455.1 459.2 460.8 462.3 463.8 461.9 461.2 462.1 463.3 464.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,013.6 1,021.1 1,032.6 1,028.4 1,040.3 1,042.9 1,047.4 1,051.6 1,051.5 1,067.4 1,068.7 Farm................................... 19.6 23.5 28.1 36.0 39.8 42.2 41.0 42.2 43.7 46.5 47.6 Nonfarm................................ 994.0 997.6 1,004.6 992.4 1,000.6 1,000.7 1,006.4 1,009.4 1,007.9 1,020.9 1,021.2 Rental income of persons with capital consumption adjustment.................. 39.2 38.6 36.8 33.9 34.1 37.2 42.3 45.1 46.4 43.3 41.6 Personal income receipts on assets....... 1,886.3 1,889.4 1,890.0 1,907.7 1,930.1 1,954.9 1,969.9 1,982.7 1,994.9 2,012.8 2,031.0 Personal interest income............... 1,150.3 1,146.0 1,140.5 1,154.2 1,171.9 1,190.5 1,199.6 1,206.2 1,212.4 1,224.2 1,236.2 Personal dividend income............... 736.0 743.5 749.5 753.5 758.3 764.3 770.3 776.5 782.5 788.6 794.7 Personal current transfer receipts....... 1,617.0 1,621.4 1,651.0 1,684.1 1,698.6 1,704.4 1,696.3 1,699.2 1,701.9 1,712.8 1,720.0 Government social benefits to persons.. 1,591.2 1,594.9 1,623.4 1,654.6 1,668.1 1,673.2 1,665.0 1,667.6 1,669.9 1,680.5 1,687.4 Old-age, survivors, disability, and health insurance benefits........... 951.6 955.0 971.0 975.2 981.9 988.6 989.8 999.2 1,003.5 1,003.5 1,011.2 Government unemployment insurance benefits............................ 30.8 29.3 31.0 31.9 32.0 29.9 32.4 31.3 30.0 33.5 29.7 Other................................ 608.7 610.6 621.4 647.4 654.2 654.7 642.8 637.1 636.4 643.5 646.5 Other current transfer receipts, from business (net)........................ 25.8 26.6 27.6 29.5 30.5 31.2 31.3 31.7 32.0 32.3 32.6 Less: Contributions for government social insurance............................... 935.4 939.1 946.9 956.6 959.9 962.9 959.3 958.1 959.9 962.5 964.4 Less: Personal current taxes............... 1,381.2 1,397.9 1,419.6 1,442.4 1,459.5 1,476.6 1,483.4 1,489.7 1,495.2 1,495.9 1,499.2 Equals: Disposable personal income......... 9,775.7 9,811.1 9,888.7 9,953.6 10,017.7 10,069.3 10,062.9 10,082.9 10,118.3 10,179.3 10,227.5 Less: Personal outlays..................... 9,696.3 9,712.7 9,808.0 9,861.7 9,914.6 9,936.3 10,002.1 10,064.8 10,103.9 10,144.2 10,182.4 Personal consumption expenditures........ 9,317.2 9,330.6 9,423.1 9,478.7 9,535.2 9,560.6 9,614.0 9,665.1 9,693.3 9,731.0 9,766.3 Durable goods.......................... 1,050.8 1,053.8 1,070.0 1,073.2 1,075.6 1,081.0 1,077.6 1,098.3 1,080.1 1,075.1 1,091.0 Nondurable goods....................... 2,686.9 2,683.1 2,741.3 2,743.8 2,751.0 2,789.5 2,791.7 2,826.0 2,835.5 2,854.6 2,829.8 Services............................... 5,579.5 5,593.7 5,611.8 5,661.7 5,708.6 5,690.1 5,744.6 5,740.8 5,777.8 5,801.2 5,845.5 Personal interest payments\1\............ 247.6 250.2 252.5 248.2 244.0 239.9 251.6 262.8 273.4 275.4 278.0 Personal current transfer payments....... 131.4 131.9 132.4 134.8 135.4 135.8 136.5 136.9 137.2 137.8 138.1 To government.......................... 77.7 78.2 78.6 79.1 79.7 80.1 80.5 80.8 81.2 81.5 81.8 To the rest of the world (net)......... 53.8 53.8 53.8 55.7 55.7 55.7 56.0 56.0 56.0 56.3 56.3 Equals: Personal saving.................... 79.4 98.4 80.7 91.8 103.1 133.0 60.8 18.0 14.4 35.1 45.1 Personal saving as a percentage of disposable personal income.............. .8 1.0 .8 .9 1.0 1.3 .6 .2 .1 .3 .4 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,499.7 8,522.7 8,556.1 8,590.7 8,624.7 8,637.5 8,609.0 8,597.0 8,607.8 8,644.8 8,678.2 Per capita: Current dollars...................... 32,573 32,665 32,898 33,090 33,281 33,430 33,384 33,425 33,514 33,686 33,816 Chained (2000) dollars............... 28,322 28,376 28,465 28,559 28,653 28,677 28,561 28,499 28,511 28,608 28,693 Population (midperiod, thousands)\3\..... 300,111 300,354 300,588 300,804 301,001 301,205 301,426 301,660 301,914 302,178 302,450 ---------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 1.--Personal Income and Its Disposition (Months)--Continued [Billions of dollars; months seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------- Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08\p\ ------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,789.2 11,821.0 11,871.3 11,924.0 11,948.2 11,975.7 12,019.7 12,047.2 12,266.5 12,273.3 Compensation of employees, received...... 7,886.7 7,903.9 7,945.2 7,973.9 8,001.5 8,028.1 8,059.1 8,070.6 8,096.5 8,116.0 Wage and salary disbursements.......... 6,420.0 6,434.0 6,469.4 6,493.1 6,512.8 6,536.0 6,565.8 6,571.9 6,594.3 6,610.6 Private industries................... 5,333.5 5,344.5 5,377.8 5,398.0 5,407.1 5,425.9 5,452.4 5,453.8 5,471.5 5,482.6 Goods-producing industries......... 1,210.2 1,211.7 1,222.6 1,220.2 1,221.5 1,223.0 1,228.3 1,221.1 1,222.8 1,224.0 Manufacturing.................... 745.6 745.6 754.0 751.0 752.4 753.5 756.4 753.6 754.9 755.7 Services-producing industries...... 4,123.2 4,132.8 4,155.2 4,177.7 4,185.7 4,203.0 4,224.1 4,232.6 4,248.8 4,258.7 Trade, transportation, and utilities....................... 1,039.9 1,042.8 1,047.2 1,054.9 1,056.4 1,056.5 1,060.8 1,057.0 1,057.6 1,059.2 Other services-producing industries...................... 3,083.3 3,090.0 3,108.0 3,122.8 3,129.3 3,146.5 3,163.4 3,175.7 3,191.1 3,199.5 Government........................... 1,086.6 1,089.4 1,091.6 1,095.1 1,105.7 1,110.1 1,113.4 1,118.1 1,122.7 1,127.9 Supplements to wages and salaries...... 1,466.7 1,469.9 1,475.7 1,480.8 1,488.7 1,492.1 1,493.3 1,498.7 1,502.3 1,505.4 Employer contributions for employee pension and insurance funds......... 998.8 1,002.0 1,005.8 1,009.9 1,014.0 1,016.2 1,015.7 1,021.1 1,023.6 1,025.9 Employer contributions for government social insurance.................... 467.9 467.8 469.9 470.9 474.7 475.9 477.6 477.7 478.7 479.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,055.2 1,068.0 1,079.0 1,074.3 1,074.5 1,069.1 1,071.4 1,071.7 1,076.6 1,083.5 Farm................................... 48.1 47.0 47.1 47.3 41.7 42.1 41.0 40.6 41.0 41.5 Nonfarm................................ 1,007.1 1,021.0 1,032.0 1,027.0 1,032.8 1,027.0 1,030.4 1,031.1 1,035.6 1,042.0 Rental income of persons with capital consumption adjustment.................. 40.6 39.9 38.8 37.2 38.1 38.8 40.5 46.9 54.1 61.8 Personal income receipts on assets....... 2,049.0 2,052.9 2,056.3 2,059.4 2,056.4 2,054.2 2,051.7 2,047.1 2,043.0 2,038.8 Personal interest income............... 1,248.1 1,246.0 1,242.9 1,239.4 1,232.0 1,224.6 1,217.2 1,208.3 1,199.4 1,190.5 Personal dividend income............... 800.8 807.0 813.4 820.0 824.4 829.6 834.5 838.8 843.6 848.3 Personal current transfer receipts....... 1,729.0 1,728.1 1,727.9 1,757.3 1,766.3 1,776.6 1,791.3 1,805.5 1,993.0 1,971.6 Government social benefits to persons.. 1,696.2 1,695.1 1,694.9 1,724.2 1,734.2 1,744.3 1,758.9 1,773.1 1,960.6 1,939.2 Old-age, survivors, disability, and health insurance benefits........... 1,011.7 1,006.6 1,002.8 1,019.3 1,024.1 1,030.6 1,042.5 1,039.1 1,049.7 1,052.7 Government unemployment insurance benefits............................ 34.5 33.1 32.8 36.9 37.0 38.2 39.3 40.6 41.5 42.1 Other................................ 650.1 655.5 659.2 667.9 673.1 675.5 677.1 693.5 869.5 844.4 Other current transfer receipts, from business (net)........................ 32.8 32.9 33.1 33.2 32.1 32.3 32.4 32.4 32.4 32.4 Less: Contributions for government social insurance............................... 971.3 971.8 975.9 978.1 988.5 991.0 994.4 994.6 996.8 998.4 Less: Personal current taxes............... 1,509.6 1,514.0 1,521.9 1,525.7 1,535.1 1,540.8 1,547.7 1,540.7 1,164.5 1,381.6 Equals: Disposable personal income......... 10,279.5 10,306.9 10,349.4 10,398.3 10,413.1 10,434.9 10,472.0 10,506.6 11,102.0 10,891.7 Less: Personal outlays..................... 10,219.3 10,236.0 10,336.2 10,355.4 10,393.1 10,385.2 10,436.3 10,474.8 10,555.0 10,615.8 Personal consumption expenditures........ 9,799.7 9,817.1 9,919.6 9,941.4 9,984.6 9,982.7 10,039.7 10,074.3 10,150.8 10,207.9 Durable goods.......................... 1,092.6 1,090.3 1,084.8 1,074.0 1,072.5 1,075.4 1,065.3 1,062.8 1,064.6 1,048.8 Nondurable goods....................... 2,855.3 2,860.8 2,924.1 2,933.8 2,946.9 2,935.1 2,970.2 2,990.9 3,026.3 3,066.3 Services............................... 5,851.8 5,866.0 5,910.7 5,933.7 5,965.3 5,972.2 6,004.2 6,020.5 6,059.8 6,092.8 Personal interest payments\1\............ 281.3 279.2 276.8 274.0 267.9 261.7 255.6 258.9 262.3 265.6 Personal current transfer payments....... 138.4 139.6 139.8 139.9 140.6 140.8 141.0 141.6 141.9 142.2 To government.......................... 82.1 82.3 82.5 82.6 82.7 82.9 83.1 83.4 83.7 84.0 To the rest of the world (net)......... 56.3 57.3 57.3 57.3 57.9 57.9 57.9 58.2 58.2 58.2 Equals: Personal saving.................... 60.2 71.0 13.2 42.9 20.0 49.7 35.7 31.8 547.0 275.9 Personal saving as a percentage of disposable personal income.............. .6 .7 .1 .4 .2 .5 .3 .3 4.9 2.5 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,690.3 8,688.4 8,672.0 8,689.0 8,674.2 8,680.8 8,684.7 8,693.6 9,145.0 8,904.3 Per capita: Current dollars...................... 33,956 34,018 34,131 34,266 34,291 34,340 34,440 34,528 36,457 35,737 Chained (2000) dollars............... 28,706 28,676 28,599 28,633 28,565 28,568 28,562 28,570 30,031 29,216 Population (midperiod, thousands)\3\..... 302,728 302,989 303,228 303,457 303,670 303,866 304,068 304,287 304,521 304,776 ------------------------------------------------------------------------------------------------------------------------------------- p Preliminary 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.--Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------- 2004 2005 2006 2007 IV 04 I 05 II 05 III 05 IV 05 ---------------------------------------------------------------------------------------------------------------------------- Personal income............................ 9,727.2 10,269.8 10,993.9 11,663.2 10,025.5 10,044.5 10,184.4 10,289.1 10,561.0 Compensation of employees, received...... 6,671.4 7,025.8 7,432.6 7,818.6 6,823.6 6,884.4 6,957.4 7,090.2 7,171.0 Wage and salary disbursements.......... 5,394.5 5,671.7 6,027.2 6,362.0 5,518.1 5,553.1 5,611.5 5,725.6 5,796.5 Private industries................... 4,451.4 4,690.9 5,004.2 5,286.7 4,565.9 4,582.5 4,637.5 4,740.8 4,802.9 Goods-producing industries......... 1,049.2 1,099.2 1,167.2 1,205.4 1,073.6 1,078.3 1,087.6 1,112.9 1,117.9 Manufacturing.................... 686.9 704.0 731.2 746.0 699.3 696.8 699.3 709.3 710.7 Services-producing industries...... 3,402.2 3,591.7 3,837.1 4,081.3 3,492.3 3,504.2 3,549.9 3,627.8 3,685.0 Trade, transportation, and utilities....................... 898.6 938.2 986.7 1,035.2 918.1 920.9 930.7 946.3 954.9 Other services-producing industries...................... 2,503.6 2,653.5 2,850.4 3,046.1 2,574.2 2,583.3 2,619.2 2,681.5 2,730.1 Government........................... 943.1 980.7 1,023.0 1,075.2 952.2 970.6 974.0 984.8 993.6 Supplements to wages and salaries...... 1,276.9 1,354.1 1,405.3 1,456.6 1,305.5 1,331.4 1,346.0 1,364.7 1,374.5 Employer contributions for employee pension and insurance funds......... 868.5 926.0 956.8 991.9 889.1 909.8 921.4 933.4 939.5 Employer contributions for government social insurance.................... 408.3 428.1 448.5 464.7 416.4 421.6 424.5 431.3 434.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 911.6 959.8 1,014.7 1,056.2 944.4 936.3 948.1 960.4 994.5 Farm................................... 37.3 34.1 16.2 44.0 36.5 33.2 38.3 37.1 27.7 Nonfarm................................ 874.3 925.7 998.6 1,012.2 908.0 903.0 909.8 923.3 966.7 Rental income of persons with capital consumption adjustment.................. 118.4 40.9 44.3 40.0 101.7 90.1 72.2 -56.9 58.0 Personal income receipts on assets....... 1,432.1 1,596.9 1,824.8 2,000.1 1,564.1 1,513.6 1,564.7 1,616.9 1,692.3 Personal interest income............... 895.1 1,022.0 1,125.4 1,214.3 912.3 963.0 1,005.6 1,038.0 1,081.4 Personal dividend income............... 537.0 574.9 699.4 785.8 651.8 550.6 559.1 578.9 610.9 Personal current transfer receipts....... 1,422.5 1,520.7 1,603.0 1,713.3 1,437.1 1,479.7 1,508.8 1,559.6 1,534.7 Government social benefits to persons.. 1,396.1 1,481.9 1,578.1 1,681.4 1,415.7 1,453.4 1,480.8 1,490.6 1,502.9 Old-age, survivors, disability, and health insurance benefits........... 788.0 844.5 938.9 999.4 802.8 827.6 841.8 849.7 858.8 Government unemployment insurance benefits............................ 36.0 31.3 29.9 32.3 32.2 31.8 31.2 30.7 31.6 Other................................ 572.0 606.1 609.3 649.6 580.8 593.9 607.8 610.2 612.5 Other current transfer receipts, from business (net)........................ 26.4 38.8 24.9 31.9 21.4 26.4 28.1 69.0 31.8 Less: Contributions for government social insurance............................... 828.8 874.3 925.5 965.1 845.5 859.6 866.9 881.1 889.5 Less: Personal current taxes............... 1,046.3 1,207.8 1,353.2 1,492.8 1,090.7 1,163.8 1,192.7 1,222.3 1,252.5 Equals: Disposable personal income......... 8,680.9 9,062.0 9,640.7 10,170.5 8,934.8 8,880.7 8,991.7 9,066.9 9,308.6 Less: Personal outlays..................... 8,499.2 9,029.5 9,570.0 10,113.1 8,710.6 8,808.1 8,945.9 9,129.8 9,234.2 Personal consumption expenditures........ 8,195.9 8,694.1 9,207.2 9,710.2 8,393.3 8,480.9 8,610.8 8,791.1 8,893.7 Durable goods.......................... 983.9 1,020.8 1,052.1 1,082.8 1,004.1 1,006.6 1,033.3 1,038.7 1,004.4 Nondurable goods....................... 2,343.7 2,514.1 2,685.2 2,833.0 2,409.3 2,432.4 2,469.9 2,554.8 2,599.4 Services............................... 4,868.3 5,159.2 5,469.9 5,794.4 4,979.9 5,041.9 5,107.6 5,197.6 5,289.9 Personal interest payments\1\............ 191.3 215.0 235.4 265.4 203.5 206.8 215.3 219.0 218.9 Personal current transfer payments....... 112.1 120.4 127.4 137.5 113.8 120.5 119.9 119.7 121.5 To government.......................... 68.9 72.5 76.2 81.2 71.5 72.0 72.2 72.6 73.4 To the rest of the world (net)......... 43.1 47.9 51.1 56.3 42.2 48.5 47.7 47.1 48.2 Equals: Personal saving.................... 181.7 32.5 70.7 57.4 224.2 72.5 45.8 -62.9 74.4 Personal saving as a percentage of disposable personal income.............. 2.1 .4 .7 .6 2.5 .8 .5 -.7 .8 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,008.9 8,121.4 8,407.0 8,644.0 8,158.8 8,060.4 8,110.0 8,084.0 8,231.8 Per capita: Current dollars...................... 29,563 30,576 32,222 33,667 30,316 30,069 30,381 30,557 31,293 Chained (2000) dollars............... 27,274 27,403 28,098 28,614 27,683 27,292 27,401 27,245 27,673 Population (midperiod, thousands)\3\..... 293,644 296,373 299,199 302,087 294,722 295,342 295,969 296,719 297,462 ---------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.--Personal Income and Its Disposition (Years and Quarters)--Continued [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------- I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 ------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 10,781.6 10,913.2 11,056.1 11,224.7 11,473.0 11,577.5 11,730.4 11,872.1 11,981.2 12,195.7 Compensation of employees, received...... 7,338.0 7,364.2 7,441.9 7,586.1 7,734.0 7,760.1 7,839.3 7,941.0 8,029.6 8,094.4 Wage and salary disbursements.......... 5,946.4 5,966.2 6,034.2 6,162.2 6,294.0 6,310.7 6,377.7 6,465.5 6,538.2 6,592.2 Private industries................... 4,938.7 4,953.0 5,004.8 5,120.3 5,234.0 5,242.5 5,297.0 5,373.4 5,428.5 5,469.3 Goods-producing industries......... 1,165.2 1,159.6 1,160.9 1,182.9 1,198.4 1,200.7 1,204.3 1,218.2 1,224.2 1,222.6 Manufacturing.................... 733.0 727.1 726.6 738.2 746.4 744.0 743.4 750.2 754.1 754.8 Services-producing industries...... 3,773.5 3,793.4 3,843.9 3,937.5 4,035.6 4,041.9 4,092.6 4,155.3 4,204.3 4,246.7 Trade, transportation, and utilities....................... 975.1 979.1 988.1 1,004.5 1,020.8 1,036.5 1,035.3 1,048.3 1,057.9 1,057.9 Other services-producing industries...................... 2,798.4 2,814.3 2,855.8 2,932.9 3,014.8 3,005.4 3,057.4 3,106.9 3,146.4 3,188.8 Government........................... 1,007.7 1,013.2 1,029.4 1,041.9 1,059.9 1,068.1 1,080.8 1,092.1 1,109.7 1,122.9 Supplements to wages and salaries...... 1,391.6 1,398.0 1,407.8 1,423.9 1,440.0 1,449.4 1,461.6 1,475.5 1,491.4 1,502.1 Employer contributions for employee pension and insurance funds......... 946.6 952.9 959.5 968.1 977.6 987.7 996.5 1,005.9 1,015.3 1,023.5 Employer contributions for government social insurance.................... 445.0 445.1 448.2 455.8 462.3 461.7 465.1 469.6 476.1 478.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,004.7 1,018.3 1,013.4 1,022.4 1,037.2 1,050.2 1,063.8 1,073.8 1,071.7 1,077.3 Farm................................... 17.3 9.8 13.8 23.7 39.3 42.3 47.4 47.1 41.6 41.0 Nonfarm................................ 987.5 1,008.4 999.6 998.7 997.9 1,007.9 1,016.4 1,026.7 1,030.1 1,036.2 Rental income of persons with capital consumption adjustment.................. 52.8 45.6 40.4 38.2 35.1 44.6 41.8 38.6 39.1 54.3 Personal income receipts on assets....... 1,735.4 1,809.5 1,865.8 1,888.6 1,930.9 1,982.5 2,030.9 2,056.2 2,054.1 2,043.0 Personal interest income............... 1,085.3 1,123.4 1,147.6 1,145.6 1,172.2 1,206.1 1,236.2 1,242.7 1,224.6 1,199.4 Personal dividend income............... 650.2 686.1 718.2 743.0 758.7 776.5 794.7 813.5 829.5 843.6 Personal current transfer receipts....... 1,567.6 1,594.5 1,620.1 1,629.8 1,695.7 1,699.2 1,720.6 1,737.8 1,778.1 1,923.4 Government social benefits to persons.. 1,543.0 1,570.7 1,595.4 1,603.1 1,665.3 1,667.5 1,688.0 1,704.7 1,745.8 1,891.0 Old-age, survivors, disability, and health insurance benefits........... 914.0 934.9 947.4 959.2 981.9 997.5 1,008.8 1,009.6 1,032.4 1,047.1 Government unemployment insurance benefits............................ 29.7 29.6 30.1 30.4 31.3 31.2 32.5 34.3 38.2 41.4 Other................................ 599.4 606.2 617.9 613.6 652.1 638.8 646.7 660.9 675.3 802.5 Other current transfer receipts, from business (net)........................ 24.6 23.8 24.7 26.7 30.4 31.7 32.5 33.1 32.2 32.4 Less: Contributions for government social insurance............................... 917.1 918.9 925.5 940.4 959.8 959.1 966.0 975.3 991.3 996.6 Less: Personal current taxes............... 1,316.0 1,341.1 1,356.2 1,399.6 1,459.5 1,489.4 1,501.6 1,520.5 1,541.2 1,362.3 Equals: Disposable personal income......... 9,465.6 9,572.1 9,699.9 9,825.1 10,013.5 10,088.0 10,228.8 10,351.5 10,440.0 10,833.4 Less: Personal outlays..................... 9,371.2 9,518.0 9,651.8 9,739.0 9,904.2 10,056.9 10,182.0 10,309.2 10,404.9 10,548.5 Personal consumption expenditures........ 9,026.3 9,161.9 9,283.7 9,357.0 9,524.9 9,657.5 9,765.6 9,892.7 10,002.3 10,144.3 Durable goods.......................... 1,046.5 1,049.1 1,054.4 1,058.2 1,076.6 1,085.3 1,086.2 1,083.0 1,071.0 1,058.7 Nondurable goods....................... 2,629.3 2,681.5 2,726.3 2,703.8 2,761.5 2,817.7 2,846.6 2,906.2 2,950.7 3,027.8 Services............................... 5,350.5 5,431.3 5,502.9 5,595.0 5,686.8 5,754.4 5,832.8 5,903.5 5,980.6 6,057.7 Personal interest payments\1\............ 223.8 228.5 239.1 250.1 244.0 262.6 278.2 276.7 261.7 262.3 Personal current transfer payments....... 121.1 127.6 129.0 131.9 135.3 136.9 138.1 139.8 140.8 141.9 To government.......................... 74.4 75.6 76.8 78.2 79.6 80.8 81.8 82.5 82.9 83.7 To the rest of the world (net)......... 46.7 52.0 52.2 53.8 55.7 56.0 56.3 57.3 57.9 58.2 Equals: Personal saving.................... 94.4 54.2 48.1 86.1 109.3 31.1 46.8 42.4 35.1 284.9 Personal saving as a percentage of disposable personal income.............. 1.0 .6 .5 .9 1.1 .3 .5 .4 .3 2.6 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,334.2 8,360.4 8,407.1 8,526.2 8,617.7 8,604.5 8,671.1 8,683.1 8,680.0 8,914.6 Per capita: Current dollars...................... 31,753 32,038 32,380 32,712 33,267 33,441 33,820 34,138 34,357 35,574 Chained (2000) dollars............... 27,958 27,983 28,064 28,387 28,630 28,523 28,669 28,636 28,565 29,273 Population (midperiod, thousands)\3\..... 298,101 298,774 299,568 300,351 301,004 301,667 302,452 303,225 303,868 304,528 ------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -263.6 39.8 28.6 60.1 41.0 60.4 88.1 -233.7 355.5 52.3 55.2 71.2 113.2 44.7 Compensation of employees, received...... 29.7 11.6 5.7 39.8 19.7 37.2 73.6 26.2 31.0 20.3 23.6 46.2 96.1 42.0 Wage and salary disbursements.......... 14.0 6.4 1.5 34.5 15.1 32.1 64.5 21.6 26.3 18.2 20.9 42.3 86.0 37.8 Private industries................... -1.5 4.1 .4 33.1 14.3 32.2 58.0 17.8 21.6 17.1 17.5 39.2 77.5 35.0 Goods-producing industries......... .1 2.6 -1.2 4.7 3.8 6.2 15.1 7.9 -1.3 .7 -2.5 12.6 29.3 15.7 Manufacturing.................... -1.0 -2.6 -2.9 3.3 2.4 1.1 7.1 3.7 -3.0 3.3 -4.2 4.8 15.7 7.9 Services-producing industries...... -1.6 1.4 1.8 28.3 10.5 26.0 42.9 9.9 22.9 16.4 20.0 26.6 48.2 19.3 Trade, transportation, and utilities....................... 2.0 -.2 -.8 7.9 1.0 5.5 10.7 1.0 .7 2.5 4.7 6.5 10.2 5.5 Other services-producing industries...................... -3.6 1.6 2.6 20.4 9.5 20.5 32.1 9.0 22.2 13.9 15.3 20.1 38.1 13.7 Government........................... 15.5 2.3 1.1 1.4 .9 -.2 6.5 3.8 4.7 1.2 3.3 3.1 8.4 2.9 Supplements to wages and salaries...... 15.7 5.2 4.2 5.3 4.6 5.2 9.0 4.6 4.7 2.0 2.8 3.9 10.2 4.1 Employer contributions for employee pension and insurance funds......... 11.3 5.3 4.4 3.4 3.7 3.3 5.0 3.4 3.6 .8 2.0 1.5 3.6 1.9 Employer contributions for government social insurance.................... 4.4 -.1 -.2 1.9 .9 1.9 4.0 1.1 1.2 1.2 .8 2.4 6.6 2.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. -20.4 2.9 6.7 -.7 4.6 12.1 19.4 -64.7 79.3 -2.3 4.6 6.0 2.0 1.7 Farm................................... -2.4 -.2 .8 3.9 .9 .3 .9 -3.8 -.1 -4.8 -3.2 -3.4 -4.1 -3.2 Nonfarm................................ -18.0 3.1 5.8 -4.4 3.5 11.9 18.6 -61.0 79.4 2.5 7.8 9.4 6.1 4.8 Rental income of persons with capital consumption adjustment.................. -1.7 -3.9 -5.1 -7.2 -6.1 -5.8 -5.2 -341.6 329.1 4.2 7.9 -.2 -4.4 -4.0 Personal income receipts on assets....... -282.2 13.1 13.9 17.7 19.4 20.5 15.7 16.2 16.9 30.3 28.5 28.2 5.6 8.9 Personal interest income............... 22.9 15.7 13.3 13.0 15.5 15.4 8.9 8.3 7.8 19.5 16.5 14.8 -8.3 -3.6 Personal dividend income............... -305.2 -2.5 .5 4.7 3.9 5.0 6.9 7.9 9.1 10.8 12.0 13.5 13.8 12.5 Personal current transfer receipts....... 22.6 16.4 7.8 14.6 5.5 .5 -7.3 132.9 -98.1 2.4 -7.4 -3.9 33.3 1.8 Government social benefits to persons.. 19.3 15.2 6.9 14.3 5.1 .2 -7.7 20.6 6.0 -.3 4.0 -3.0 35.3 2.7 Old-age, survivors, disability, and health insurance benefits........... 10.9 12.4 1.1 7.0 1.3 4.2 1.6 4.2 1.0 3.2 .7 9.8 39.0 9.5 Government unemployment insurance benefits............................ 1.2 -.3 .1 -1.3 1.5 -1.1 -.5 1.3 -1.7 3.6 -2.4 -1.2 .3 -.9 Other................................ 7.2 3.2 5.6 8.6 2.3 -2.9 -8.8 15.1 6.7 -7.2 5.8 -11.7 -3.9 -5.9 Other current transfer receipts, from business (net)........................ 3.2 1.3 .8 .4 .4 .3 .3 112.4 -104.0 2.6 -11.4 -.9 -2.0 -.8 Less: Contributions for government social insurance............................... 11.6 .5 .2 4.3 1.9 4.2 8.1 2.6 2.9 2.5 2.1 5.0 19.5 5.6 Less: Personal current taxes............... 56.9 6.8 6.8 13.2 8.2 10.2 11.3 8.1 10.1 10.4 9.3 12.6 40.0 13.0 Equals: Disposable personal income......... -320.5 33.0 21.9 46.7 32.9 50.3 76.7 -241.8 345.4 41.9 45.9 58.7 73.0 31.8 Less: Personal outlays..................... 13.8 45.1 19.7 87.9 -19.2 103.4 93.5 11.2 61.3 43.4 1.5 46.2 67.1 47.7 Personal consumption expenditures........ 6.9 44.9 19.1 84.3 -23.1 99.8 93.9 11.0 60.7 42.4 1.3 45.7 65.9 44.8 Durable goods.......................... -16.7 3.7 7.8 31.0 -41.4 50.8 39.1 -65.7 -29.9 -12.2 21.2 16.9 28.2 -11.1 Nondurable goods....................... 9.7 28.0 -16.2 47.2 -20.0 15.0 28.0 52.7 55.3 25.1 -50.3 -4.0 56.2 -7.0 Services............................... 14.0 13.2 27.4 6.1 38.3 34.0 26.8 24.0 35.2 29.7 30.3 32.9 -18.6 62.9 Personal interest payments\1\............ .4 .5 .7 4.2 3.8 3.4 .0 .1 .4 -.3 -.1 .1 2.5 2.4 Personal current transfer payments....... 6.5 -.3 -.1 -.6 .2 .1 -.5 .2 .2 1.3 .3 .3 -1.1 .4 To government.......................... .2 -.2 -.1 .1 .2 .1 .1 .2 .2 .3 .2 .4 .3 .4 To the rest of the world (net)......... 6.3 .0 .0 -.8 .0 .0 -.6 .0 .0 1.1 .0 .0 -1.5 .0 Equals: Personal saving.................... -334.2 -12.2 2.3 -41.2 52.0 -53.0 -16.8 -253.0 284.1 -1.5 44.4 12.5 5.9 -15.9 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ -315.2 11.0 -2.4 14.7 29.8 38.9 31.3 -253.6 226.9 22.6 61.9 52.3 26.4 26.3 ----------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)--Continued [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 35.0 62.2 17.0 59.5 43.8 52.6 56.3 45.7 52.0 99.4 87.7 81.2 68.7 .4 Compensation of employees, received...... 12.6 20.7 -37.1 23.5 40.8 25.6 49.8 52.4 41.4 67.3 53.7 35.4 35.5 -19.7 Wage and salary disbursements.......... 10.6 17.1 -35.8 20.4 37.1 21.9 44.1 47.0 36.4 60.3 48.6 30.6 31.0 -21.1 Private industries................... 8.9 15.3 -37.5 19.2 29.4 15.3 35.8 44.7 33.9 57.7 36.4 27.1 28.4 -24.0 Goods-producing industries......... -.1 -4.3 -9.9 .3 1.8 2.5 2.8 12.6 4.2 11.7 4.4 -1.1 8.0 -3.0 Manufacturing.................... -1.4 -2.3 -7.6 -.8 2.0 .8 .1 7.8 1.2 8.1 1.3 .6 2.2 -2.6 Services-producing industries...... 9.0 19.5 -27.5 18.9 27.6 12.8 33.0 32.2 29.6 46.0 32.0 28.1 20.6 -21.1 Trade, transportation, and utilities....................... 1.2 6.3 -9.6 4.4 7.4 .7 4.4 7.3 5.9 6.0 3.9 4.4 10.5 2.7 Other services-producing industries...................... 7.8 13.2 -18.0 14.6 20.2 12.1 28.6 24.8 23.8 40.0 28.2 23.6 10.1 -23.8 Government........................... 1.8 1.8 1.7 1.1 7.7 6.5 8.4 2.2 2.5 2.7 12.2 3.6 2.5 2.9 Supplements to wages and salaries...... 2.0 3.5 -1.2 3.1 3.7 3.7 5.6 5.6 4.9 7.0 5.1 4.7 4.6 1.4 Employer contributions for employee pension and insurance funds......... 1.6 2.7 1.8 2.2 1.5 2.9 3.3 2.5 2.9 3.0 3.4 3.2 3.0 3.4 Employer contributions for government social insurance.................... .4 .8 -3.0 .9 2.2 .9 2.3 2.9 2.1 4.1 1.6 1.5 1.5 -1.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 4.8 7.0 4.0 .3 -10.3 6.6 -1.5 -1.0 7.5 11.5 -4.2 11.9 2.6 4.5 Farm................................... -2.8 -3.7 -1.2 .1 2.1 2.0 2.6 3.4 3.9 4.6 7.9 3.8 2.4 -1.2 Nonfarm................................ 7.6 10.7 5.3 .2 -12.4 4.6 -4.1 -4.4 3.6 7.0 -12.2 8.2 .1 5.7 Rental income of persons with capital consumption adjustment.................. -1.8 -1.7 -2.5 -3.8 -1.6 -.7 .5 -1.3 -.6 -1.8 -2.9 .2 3.1 5.1 Personal income receipts on assets....... 9.9 33.0 31.4 31.7 11.8 12.9 12.8 7.7 3.1 .6 17.7 22.4 24.8 15.0 Personal interest income............... -2.6 21.1 19.9 20.1 1.1 2.8 3.5 -.5 -4.3 -5.5 13.7 17.7 18.6 9.1 Personal dividend income............... 12.5 11.8 11.5 11.7 10.7 10.1 9.3 8.2 7.5 6.0 4.0 4.8 6.0 6.0 Personal current transfer receipts....... 10.6 5.4 15.8 9.7 7.6 10.2 -1.5 -5.5 4.4 29.6 33.1 14.5 5.8 -8.1 Government social benefits to persons.. 11.2 5.6 15.7 9.7 7.2 9.7 -2.0 -6.1 3.7 28.5 31.2 13.5 5.1 -8.2 Old-age, survivors, disability, and health insurance benefits........... 9.4 3.4 8.6 7.2 -1.0 6.7 4.0 -.7 3.4 16.0 4.2 6.7 6.7 1.2 Government unemployment insurance benefits............................ -.1 .8 -.5 -.6 1.7 -.8 -.2 1.1 -1.5 1.7 .9 .1 -2.1 2.5 Other................................ 1.9 1.4 7.6 3.1 6.5 3.8 -5.8 -6.6 1.9 10.8 26.0 6.8 .5 -11.9 Other current transfer receipts, from business (net)........................ -.7 -.2 .0 .1 .4 .5 .5 .6 .8 1.0 1.9 1.0 .7 .1 Less: Contributions for government social insurance............................... 1.1 2.1 -5.4 2.0 4.6 1.8 3.9 6.7 3.7 7.8 9.7 3.3 3.0 -3.6 Less: Personal current taxes............... 9.9 12.5 -.3 5.5 3.7 5.5 12.8 14.6 16.7 21.7 22.8 17.1 17.1 6.8 Equals: Disposable personal income......... 25.2 49.6 17.3 54.0 40.0 47.2 43.5 31.1 35.4 77.6 64.9 64.1 51.6 -6.4 Less: Personal outlays..................... 20.3 77.3 43.6 33.0 84.6 19.5 -1.0 38.7 16.4 95.3 53.7 52.9 21.7 65.8 Personal consumption expenditures........ 17.8 69.9 42.3 32.1 79.5 13.9 -7.5 33.9 13.4 92.5 55.6 56.5 25.4 53.4 Durable goods.......................... 8.7 5.9 -11.7 7.1 11.3 -12.6 4.9 -2.7 3.0 16.2 3.2 2.4 5.4 -3.4 Nondurable goods....................... -6.7 48.3 13.8 4.5 37.5 18.1 -37.0 -20.8 -3.8 58.2 2.5 7.2 38.5 2.2 Services............................... 15.7 15.8 40.2 20.5 30.7 8.3 24.6 57.5 14.2 18.1 49.9 46.9 -18.5 54.5 Personal interest payments\1\............ 2.2 1.6 1.0 .5 4.4 5.3 6.0 2.7 2.6 2.3 -4.3 -4.2 -4.1 11.7 Personal current transfer payments....... .3 5.8 .4 .4 .5 .5 .4 2.0 .5 .5 2.4 .6 .4 .7 To government.......................... .4 .4 .4 .4 .4 .4 .5 .4 .5 .4 .5 .6 .4 .4 To the rest of the world (net)......... .0 5.3 .0 .0 .2 .0 .0 1.6 .0 .0 1.9 .0 .0 .3 Equals: Personal saving.................... 4.8 -27.6 -26.3 20.9 -44.4 27.7 44.4 -7.6 19.0 -17.7 11.1 11.3 29.9 -72.2 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 8.9 8.4 -8.4 26.2 4.4 13.2 56.4 50.6 23.0 33.4 34.6 34.0 12.8 -28.5 ----------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)--Continued [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08\p\ ----------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 26.3 40.9 61.7 51.5 62.5 31.8 50.3 52.7 24.2 27.5 44.0 27.5 219.3 6.8 Compensation of employees, received...... 2.3 26.6 22.8 28.5 56.8 17.2 41.3 28.7 27.6 26.6 31.0 11.5 25.9 19.5 Wage and salary disbursements.......... -.6 22.2 18.8 25.0 50.9 14.0 35.4 23.7 19.7 23.2 29.8 6.1 22.4 16.3 Private industries................... -3.0 19.6 15.0 18.2 45.7 11.0 33.3 20.2 9.1 18.8 26.5 1.4 17.7 11.1 Goods-producing industries......... -1.7 4.2 -1.9 .7 8.5 1.5 10.9 -2.4 1.3 1.5 5.3 -7.2 1.7 1.2 Manufacturing.................... -3.5 2.4 -1.5 -1.3 4.0 .0 8.4 -3.0 1.4 1.1 2.9 -2.8 1.3 .8 Services-producing industries...... -1.3 15.4 16.9 17.5 37.1 9.6 22.4 22.5 8.0 17.3 21.1 8.5 16.2 9.9 Trade, transportation, and utilities....................... 4.2 5.0 -7.6 -1.3 7.6 2.9 4.4 7.7 1.5 .1 4.3 -3.8 .6 1.6 Other services-producing industries...................... -5.5 10.4 24.4 19.0 29.4 6.7 18.0 14.8 6.5 17.2 16.9 12.3 15.4 8.4 Government........................... 2.4 2.5 3.9 6.7 5.4 2.8 2.2 3.5 10.6 4.4 3.3 4.7 4.6 5.2 Supplements to wages and salaries...... 3.0 4.3 4.0 3.5 5.9 3.2 5.8 5.1 7.9 3.4 1.2 5.4 3.6 3.1 Employer contributions for employee pension and insurance funds......... 3.7 3.5 2.7 2.6 2.2 3.2 3.8 4.1 4.1 2.2 -.5 5.4 2.5 2.3 Employer contributions for government social insurance.................... -.7 .9 1.2 .9 3.7 -.1 2.1 1.0 3.8 1.2 1.7 .1 1.0 .8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 4.2 -.1 15.9 1.3 -13.5 12.8 11.0 -4.7 .2 -5.4 2.3 .3 4.9 6.9 Farm................................... 1.2 1.5 2.8 1.1 .5 -1.1 .1 .2 -5.6 .4 -1.1 -.4 .4 .5 Nonfarm................................ 3.0 -1.5 13.0 .3 -14.1 13.9 11.0 -5.0 5.8 -5.8 3.4 .7 4.5 6.4 Rental income of persons with capital consumption adjustment.................. 2.8 1.3 -3.1 -1.7 -1.0 -.7 -1.1 -1.6 .9 .7 1.7 6.4 7.2 7.7 Personal income receipts on assets....... 12.8 12.2 17.9 18.2 18.0 3.9 3.4 3.1 -3.0 -2.2 -2.5 -4.6 -4.1 -4.2 Personal interest income............... 6.6 6.2 11.8 12.0 11.9 -2.1 -3.1 -3.5 -7.4 -7.4 -7.4 -8.9 -8.9 -8.9 Personal dividend income............... 6.2 6.0 6.1 6.1 6.1 6.2 6.4 6.6 4.4 5.2 4.9 4.3 4.8 4.7 Personal current transfer receipts....... 2.9 2.7 10.9 7.2 9.0 -.9 -.2 29.4 9.0 10.3 14.7 14.2 187.5 -21.4 Government social benefits to persons.. 2.6 2.3 10.6 6.9 8.8 -1.1 -.2 29.3 10.0 10.1 14.6 14.2 187.5 -21.4 Old-age, survivors, disability, and health insurance benefits........... 9.4 4.3 .0 7.7 .5 -5.1 -3.8 16.5 4.8 6.5 11.9 -3.4 10.6 3.0 Government unemployment insurance benefits............................ -1.1 -1.3 3.5 -3.8 4.8 -1.4 -.3 4.1 .1 1.2 1.1 1.3 .9 .6 Other................................ -5.7 -.7 7.1 3.0 3.6 5.4 3.7 8.7 5.2 2.4 1.6 16.4 176.0 -25.1 Other current transfer receipts, from business (net)........................ .4 .3 .3 .3 .2 .1 .2 .1 -1.1 .2 .1 .0 .0 .0 Less: Contributions for government social insurance............................... -1.2 1.8 2.6 1.9 6.9 .5 4.1 2.2 10.4 2.5 3.4 .2 2.2 1.6 Less: Personal current taxes............... 6.3 5.5 .7 3.3 10.4 4.4 7.9 3.8 9.4 5.7 6.9 -7.0 -376.2 217.1 Equals: Disposable personal income......... 20.0 35.4 61.0 48.2 52.0 27.4 42.5 48.9 14.8 21.8 37.1 34.6 595.4 -210.3 Less: Personal outlays..................... 62.7 39.1 40.3 38.2 36.9 16.7 100.2 19.2 37.7 -7.9 51.1 38.5 80.2 60.8 Personal consumption expenditures........ 51.1 28.2 37.7 35.3 33.4 17.4 102.5 21.8 43.2 -1.9 57.0 34.6 76.5 57.1 Durable goods.......................... 20.7 -18.2 -5.0 15.9 1.6 -2.3 -5.5 -10.8 -1.5 2.9 -10.1 -2.5 1.8 -15.8 Nondurable goods....................... 34.3 9.5 19.1 -24.8 25.5 5.5 63.3 9.7 13.1 -11.8 35.1 20.7 35.4 40.0 Services............................... -3.8 37.0 23.4 44.3 6.3 14.2 44.7 23.0 31.6 6.9 32.0 16.3 39.3 33.0 Personal interest payments\1\............ 11.2 10.6 2.0 2.6 3.3 -2.1 -2.4 -2.8 -6.1 -6.2 -6.1 3.3 3.4 3.3 Personal current transfer payments....... .4 .3 .6 .3 .3 1.2 .2 .1 .7 .2 .2 .6 .3 .3 To government.......................... .3 .4 .3 .3 .3 .2 .2 .1 .1 .2 .2 .3 .3 .3 To the rest of the world (net)......... .0 .0 .3 .0 .0 1.0 .0 .0 .6 .0 .0 .3 .0 .0 Equals: Personal saving.................... -42.8 -3.6 20.7 10.0 15.1 10.8 -57.8 29.7 -22.9 29.7 -14.0 -3.9 515.2 -271.1 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ -12.0 10.8 37.0 33.4 12.1 -1.9 -16.4 17.0 -14.8 6.6 3.9 8.9 451.4 -240.7 ----------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------- 2004 2005 2006 2007 I 05 II 05 III 05 IV 05 ----------------------------------------------------------------------------------------------------------- Personal income............................ 563.6 542.6 724.1 669.3 19.0 139.9 104.7 271.9 Compensation of employees, received...... 361.0 354.4 406.8 386.0 60.8 73.0 132.8 80.8 Wage and salary disbursements.......... 281.8 277.2 355.5 334.8 35.0 58.4 114.1 70.9 Private industries................... 243.1 239.5 313.3 282.5 16.6 55.0 103.3 62.1 Goods-producing industries......... 41.3 50.0 68.0 38.2 4.7 9.3 25.3 5.0 Manufacturing.................... 18.0 17.1 27.2 14.8 -2.5 2.5 10.0 1.4 Services-producing industries...... 201.8 189.5 245.4 244.2 11.9 45.7 77.9 57.2 Trade, transportation, and utilities....................... 40.3 39.6 48.5 48.5 2.8 9.8 15.6 8.6 Other services-producing industries...................... 161.5 149.9 196.9 195.7 9.1 35.9 62.3 48.6 Government........................... 38.7 37.6 42.3 52.2 18.4 3.4 10.8 8.8 Supplements to wages and salaries...... 79.2 77.2 51.2 51.3 25.9 14.6 18.7 9.8 Employer contributions for employee pension and insurance funds......... 52.9 57.5 30.8 35.1 20.7 11.6 12.0 6.1 Employer contributions for government social insurance.................... 26.2 19.8 20.4 16.2 5.2 2.9 6.8 3.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 100.3 48.2 54.9 41.5 -8.1 11.8 12.3 34.1 Farm................................... 8.1 -3.2 -17.9 27.8 -3.3 5.1 -1.2 -9.4 Nonfarm................................ 92.2 51.4 72.9 13.6 -5.0 6.8 13.5 43.4 Rental income of persons with capital consumption adjustment.................. -14.6 -77.5 3.4 -4.3 -11.6 -17.9 -129.1 114.9 Personal income receipts on assets....... 95.5 164.8 227.9 175.3 -50.5 51.1 52.2 75.4 Personal interest income............... -19.0 126.9 103.4 88.9 50.7 42.6 32.4 43.4 Personal dividend income............... 114.4 37.9 124.5 86.4 -101.2 8.5 19.8 32.0 Personal current transfer receipts....... 71.5 98.2 82.3 110.3 42.6 29.1 50.8 -24.9 Government social benefits to persons.. 79.4 85.8 96.2 103.3 37.7 27.4 9.8 12.3 Old-age, survivors, disability, and health insurance benefits........... 46.7 56.5 94.4 60.5 24.8 14.2 7.9 9.1 Government unemployment insurance benefits............................ -16.8 -4.7 -1.4 2.4 -.4 -.6 -.5 .9 Other................................ 49.5 34.1 3.2 40.3 13.1 13.9 2.4 2.3 Other current transfer receipts, from business (net)........................ -7.9 12.4 -13.9 7.0 5.0 1.7 40.9 -37.2 Less: Contributions for government social insurance............................... 50.2 45.5 51.2 39.6 14.1 7.3 14.2 8.4 Less: Personal current taxes............... 45.2 161.5 145.4 139.6 73.1 28.9 29.6 30.2 Equals: Disposable personal income......... 518.4 381.1 578.7 529.8 -54.1 111.0 75.2 241.7 Less: Personal outlays..................... 511.5 530.3 540.5 543.1 97.5 137.8 183.9 104.4 Personal consumption expenditures........ 492.3 498.2 513.1 503.0 87.6 129.9 180.3 102.6 Durable goods.......................... 41.2 36.9 31.3 30.7 2.5 26.7 5.4 -34.3 Nondurable goods....................... 153.5 170.4 171.1 147.8 23.1 37.5 84.9 44.6 Services............................... 297.5 290.9 310.7 324.5 62.0 65.7 90.0 92.3 Personal interest payments\1\............ 8.8 23.7 20.4 30.0 3.3 8.5 3.7 -.1 Personal current transfer payments....... 10.6 8.3 7.0 10.1 6.7 -.6 -.2 1.8 To government.......................... 7.6 3.6 3.7 5.0 .5 .2 .4 .8 To the rest of the world (net)......... 2.9 4.8 3.2 5.2 6.3 -.8 -.6 1.1 Equals: Personal saving.................... 6.8 -149.2 38.2 -13.3 -151.7 -26.7 -108.7 137.3 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 279.0 112.5 285.6 237.0 -98.4 49.6 -26.0 147.8 ----------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)--Continued [Billions of dollars; quarters seasonally adjusted at annual rates] --------------------------------------------------------------------------------------------------------------------------- I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 --------------------------------------------------------------------------------------------------------------------------- Personal income............................ 220.6 131.6 142.9 168.6 248.3 104.5 152.9 141.7 109.1 214.5 Compensation of employees, received...... 167.0 26.2 77.7 144.2 147.9 26.1 79.2 101.7 88.6 64.8 Wage and salary disbursements.......... 149.9 19.8 68.0 128.0 131.8 16.7 67.0 87.8 72.7 54.0 Private industries................... 135.8 14.3 51.8 115.5 113.7 8.5 54.5 76.4 55.1 40.8 Goods-producing industries......... 47.3 -5.6 1.3 22.0 15.5 2.3 3.6 13.9 6.0 -1.6 Manufacturing.................... 22.3 -5.9 -.5 11.6 8.2 -2.4 -.6 6.8 3.9 .7 Services-producing industries...... 88.5 19.9 50.5 93.6 98.1 6.3 50.7 62.7 49.0 42.4 Trade, transportation, and utilities....................... 20.2 4.0 9.0 16.4 16.3 15.7 -1.2 13.0 9.6 .0 Other services-producing industries...................... 68.3 15.9 41.5 77.1 81.9 -9.4 52.0 49.5 39.5 42.4 Government........................... 14.1 5.5 16.2 12.5 18.0 8.2 12.7 11.3 17.6 13.2 Supplements to wages and salaries...... 17.1 6.4 9.8 16.1 16.1 9.4 12.2 13.9 15.9 10.7 Employer contributions for employee pension and insurance funds......... 7.1 6.3 6.6 8.6 9.5 10.1 8.8 9.4 9.4 8.2 Employer contributions for government social insurance.................... 10.1 .1 3.1 7.6 6.5 -.6 3.4 4.5 6.5 2.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.2 13.6 -4.9 9.0 14.8 13.0 13.6 10.0 -2.1 5.6 Farm................................... -10.4 -7.5 4.0 9.9 15.6 3.0 5.1 -.3 -5.5 -.6 Nonfarm................................ 20.8 20.9 -8.8 -.9 -.8 10.0 8.5 10.3 3.4 6.1 Rental income of persons with capital consumption adjustment.................. -5.2 -7.2 -5.2 -2.2 -3.1 9.5 -2.8 -3.2 .5 15.2 Personal income receipts on assets....... 43.1 74.1 56.3 22.8 42.3 51.6 48.4 25.3 -2.1 -11.1 Personal interest income............... 3.9 38.1 24.2 -2.0 26.6 33.9 30.1 6.5 -18.1 -25.2 Personal dividend income............... 39.3 35.9 32.1 24.8 15.7 17.8 18.2 18.8 16.0 14.1 Personal current transfer receipts....... 32.9 26.9 25.6 9.7 65.9 3.5 21.4 17.2 40.3 145.3 Government social benefits to persons.. 40.1 27.7 24.7 7.7 62.2 2.2 20.5 16.7 41.1 145.2 Old-age, survivors, disability, and health insurance benefits........... 55.2 20.9 12.5 11.8 22.7 15.6 11.3 .8 22.8 14.7 Government unemployment insurance benefits............................ -1.9 -.1 .5 .3 .9 -.1 1.3 1.8 3.9 3.2 Other................................ -13.1 6.8 11.7 -4.3 38.5 -13.3 7.9 14.2 14.4 127.2 Other current transfer receipts, from business (net)........................ -7.2 -.8 .9 2.0 3.7 1.3 .8 .6 -.9 .2 Less: Contributions for government social insurance............................... 27.6 1.8 6.6 14.9 19.4 -.7 6.9 9.3 16.0 5.3 Less: Personal current taxes............... 63.5 25.1 15.1 43.4 59.9 29.9 12.2 18.9 20.7 -178.9 Equals: Disposable personal income......... 157.0 106.5 127.8 125.2 188.4 74.5 140.8 122.7 88.5 393.4 Less: Personal outlays..................... 137.0 146.8 133.8 87.2 165.2 152.7 125.1 127.2 95.7 143.6 Personal consumption expenditures........ 132.6 135.6 121.8 73.3 167.9 132.6 108.1 127.1 109.6 142.0 Durable goods.......................... 42.1 2.6 5.3 3.8 18.4 8.7 .9 -3.2 -12.0 -12.3 Nondurable goods....................... 29.9 52.2 44.8 -22.5 57.7 56.2 28.9 59.6 44.5 77.1 Services............................... 60.6 80.8 71.6 92.1 91.8 67.6 78.4 70.7 77.1 77.1 Personal interest payments\1\............ 4.9 4.7 10.6 11.0 -6.1 18.6 15.6 -1.5 -15.0 .6 Personal current transfer payments....... -.4 6.5 1.4 2.9 3.4 1.6 1.2 1.7 1.0 1.1 To government.......................... 1.0 1.2 1.2 1.4 1.4 1.2 1.0 .7 .4 .8 To the rest of the world (net)......... -1.5 5.3 .2 1.6 1.9 .3 .3 1.0 .6 .3 Equals: Personal saving.................... 20.0 -40.2 -6.1 38.0 23.2 -78.2 15.7 -4.4 -7.3 249.8 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 102.4 26.2 46.7 119.1 91.5 -13.2 66.6 12.0 -3.1 234.6 --------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------------------------------- Personal income............................ -2.6 .4 .3 .6 .4 .6 .9 -2.3 3.5 .5 .5 .7 1.1 .4 Compensation of employees, received...... .4 .2 .1 .6 .3 .5 1.1 .4 .4 .3 .3 .6 1.3 .6 Wage and salary disbursements.......... .3 .1 .0 .6 .3 .6 1.1 .4 .5 .3 .4 .7 1.5 .6 Supplements to wages and salaries...... 1.2 .4 .3 .4 .3 .4 .7 .3 .3 .1 .2 .3 .7 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. -2.1 .3 .7 -.1 .5 1.3 2.0 -6.6 8.7 -.2 .5 .6 .2 .2 Rental income of persons with capital consumption adjustment.................. -1.7 -4.1 -5.7 -8.4 -7.8 -8.0 -7.9 ..... ..... 8.7 15.0 -.3 -7.4 -7.2 Personal income receipts on assets....... -15.8 .9 .9 1.2 1.3 1.3 1.0 1.0 1.0 1.9 1.7 1.7 .3 .5 Personal interest income............... 2.5 1.7 1.4 1.3 1.6 1.5 .9 .8 .8 1.9 1.5 1.4 -.7 -.3 Personal dividend income............... -35.6 -.5 .1 .8 .7 .9 1.2 1.4 1.6 1.8 2.0 2.2 2.2 2.0 Personal current transfer receipts....... 1.6 1.1 .5 1.0 .4 .0 -.5 8.8 -6.0 .2 -.5 -.3 2.2 .1 Less: Contributions for government social insurance............................... 1.4 .1 .0 .5 .2 .5 .9 .3 .3 .3 .2 .6 2.2 .6 Less: Personal current taxes............... 5.2 .6 .6 1.1 .7 .8 .9 .7 .8 .8 .7 1.0 3.2 1.0 Equals: Disposable personal income......... -3.5 .4 .2 .5 .4 .6 .8 -2.7 3.9 .5 .5 .6 .8 .3 Addenda: Personal consumption expenditures........ .1 .5 .2 1.0 -.3 1.2 1.1 .1 .7 .5 .0 .5 .7 .5 Durable goods.......................... -1.6 .4 .8 3.1 -4.0 5.1 3.7 -6.0 -2.9 -1.2 2.2 1.7 2.8 -1.1 Nondurable goods....................... .4 1.2 -.7 1.9 -.8 .6 1.1 2.1 2.2 1.0 -1.9 -.2 2.2 -.3 Services............................... .3 .3 .5 .1 .8 .7 .5 .5 .7 .6 .6 .6 -.4 1.2 ---------------------------------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------------------------------- Real disposable personal income.......... -3.8 .1 .0 .2 .4 .5 .4 -3.1 2.9 .3 .8 .6 .3 .3 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)--Continued [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------------------------------- Personal income............................ .3 .6 .2 .5 .4 .5 .5 .4 .5 .9 .8 .7 .6 .0 Compensation of employees, received...... .2 .3 -.5 .3 .6 .3 .7 .7 .5 .9 .7 .5 .5 -.3 Wage and salary disbursements.......... .2 .3 -.6 .3 .6 .4 .7 .8 .6 1.0 .8 .5 .5 -.3 Supplements to wages and salaries...... .1 .3 -.1 .2 .3 .3 .4 .4 .3 .5 .4 .3 .3 .1 Proprietors' income with inventory valuation and capital consumption adjustments............................. .5 .7 .4 .0 -1.0 .7 -.1 -.1 .7 1.1 -.4 1.2 .2 .4 Rental income of persons with capital consumption adjustment.................. -3.4 -3.5 -5.1 -8.3 -3.7 -1.9 1.3 -3.1 -1.5 -4.8 -7.8 .5 9.2 13.7 Personal income receipts on assets....... .6 1.9 1.8 1.8 .6 .7 .7 .4 .2 .0 .9 1.2 1.3 .8 Personal interest income............... -.2 2.0 1.8 1.8 .1 .2 .3 .0 -.4 -.5 1.2 1.5 1.6 .8 Personal dividend income............... 1.9 1.8 1.7 1.7 1.5 1.4 1.3 1.1 1.0 .8 .5 .6 .8 .8 Personal current transfer receipts....... .7 .3 1.0 .6 .5 .6 -.1 -.3 .3 1.8 2.0 .9 .3 -.5 Less: Contributions for government social insurance............................... .1 .2 -.6 .2 .5 .2 .4 .7 .4 .8 1.0 .3 .3 -.4 Less: Personal current taxes............... .7 .9 .0 .4 .3 .4 .9 1.1 1.2 1.6 1.6 1.2 1.2 .5 Equals: Disposable personal income......... .3 .5 .2 .6 .4 .5 .4 .3 .4 .8 .7 .6 .5 -.1 Addenda: Personal consumption expenditures........ .2 .8 .5 .4 .9 .1 -.1 .4 .1 1.0 .6 .6 .3 .6 Durable goods.......................... .8 .6 -1.1 .7 1.1 -1.2 .5 -.3 .3 1.5 .3 .2 .5 -.3 Nondurable goods....................... -.3 1.8 .5 .2 1.4 .7 -1.3 -.8 -.1 2.2 .1 .3 1.4 .1 Services............................... .3 .3 .7 .4 .6 .2 .4 1.0 .3 .3 .9 .8 -.3 1.0 ---------------------------------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------------------------------- Real disposable personal income.......... .1 .1 -.1 .3 .1 .2 .7 .6 .3 .4 .4 .4 .1 -.3 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)--Continued [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08\p\ ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------------------------------- Personal income............................ .2 .4 .5 .4 .5 .3 .4 .4 .2 .2 .4 .2 1.8 .1 Compensation of employees, received...... .0 .3 .3 .4 .7 .2 .5 .4 .3 .3 .4 .1 .3 .2 Wage and salary disbursements.......... .0 .4 .3 .4 .8 .2 .6 .4 .3 .4 .5 .1 .3 .2 Supplements to wages and salaries...... .2 .3 .3 .2 .4 .2 .4 .3 .5 .2 .1 .4 .2 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .4 .0 1.5 .1 -1.3 1.2 1.0 -.4 .0 -.5 .2 .0 .5 .6 Rental income of persons with capital consumption adjustment.................. 6.5 3.0 -6.6 -4.1 -2.3 -1.6 -2.9 -4.2 2.5 1.8 4.6 15.7 15.3 14.2 Personal income receipts on assets....... .6 .6 .9 .9 .9 .2 .2 .1 -.1 -.1 -.1 -.2 -.2 -.2 Personal interest income............... .6 .5 1.0 1.0 1.0 -.2 -.2 -.3 -.6 -.6 -.6 -.7 -.7 -.7 Personal dividend income............... .8 .8 .8 .8 .8 .8 .8 .8 .5 .6 .6 .5 .6 .6 Personal current transfer receipts....... .2 .2 .6 .4 .5 -.1 .0 1.7 .5 .6 .8 .8 10.4 -1.1 Less: Contributions for government social insurance............................... -.1 .2 .3 .2 .7 .1 .4 .2 1.1 .3 .3 .0 .2 .2 Less: Personal current taxes............... .4 .4 .0 .2 .7 .3 .5 .3 .6 .4 .4 -.5 -24.4 18.6 Equals: Disposable personal income......... .2 .4 .6 .5 .5 .3 .4 .5 .1 .2 .4 .3 5.7 -1.9 Addenda: Personal consumption expenditures........ .5 .3 .4 .4 .3 .2 1.0 .2 .4 .0 .6 .3 .8 .6 Durable goods.......................... 1.9 -1.7 -.5 1.5 .1 -.2 -.5 -1.0 -.1 .3 -.9 -.2 .2 -1.5 Nondurable goods....................... 1.2 .3 .7 -.9 .9 .2 2.2 .3 .4 -.4 1.2 .7 1.2 1.3 Services............................... -.1 .6 .4 .8 .1 .2 .8 .4 .5 .1 .5 .3 .7 .5 ---------------------------------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------------------------------- Real disposable personal income.......... -.1 .1 .4 .4 .1 .0 -.2 .2 -.2 .1 .0 .1 5.2 -2.6 ----------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------- 2004 2005 2006 2007 I 05 II 05 III 05 IV 05 ----------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------- Personal income............................ 6.2 5.6 7.1 6.1 .8 5.7 4.2 11.0 Compensation of employees, received...... 5.7 5.3 5.8 5.2 3.6 4.3 7.9 4.6 Wage and salary disbursements.......... 5.5 5.1 6.3 5.6 2.6 4.3 8.4 5.1 Supplements to wages and salaries...... 6.6 6.0 3.8 3.7 8.2 4.5 5.7 2.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 12.4 5.3 5.7 4.1 -3.4 5.2 5.3 15.0 Rental income of persons with capital consumption adjustment.................. -11.0 -65.5 8.3 -9.6 -38.3 -58.8 ..... ..... Personal income receipts on assets....... 7.1 11.5 14.3 9.6 -12.3 14.2 14.0 20.0 Personal interest income............... -2.1 14.2 10.1 7.9 24.1 18.9 13.5 17.8 Personal dividend income............... 27.1 7.0 21.7 12.4 -49.1 6.3 15.0 24.0 Personal current transfer receipts....... 5.3 6.9 5.4 6.9 12.4 8.1 14.2 -6.2 Less: Contributions for government social insurance............................... 6.4 5.5 5.9 4.3 6.8 3.4 6.7 3.8 Less: Personal current taxes............... 4.5 15.4 12.0 10.3 29.7 10.3 10.3 10.3 Equals: Disposable personal income......... 6.4 4.4 6.4 5.5 -2.4 5.1 3.4 11.1 Addenda: Personal consumption expenditures........ 6.4 6.1 5.9 5.5 4.2 6.3 8.6 4.8 Durable goods.......................... 4.4 3.8 3.1 2.9 1.0 11.1 2.1 -12.6 Nondurable goods....................... 7.0 7.3 6.8 5.5 3.9 6.3 14.5 7.2 Services............................... 6.5 6.0 6.0 5.9 5.1 5.3 7.2 7.3 ---------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------- Real disposable personal income.......... 3.6 1.4 3.5 2.8 -4.7 2.5 -1.3 7.5 ----------------------------------------------------------------------------------------------------------- Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)--Continued [Quarters seasonally adjusted at annual rates] --------------------------------------------------------------------------------------------------------------------------- I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 --------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Based on current-dollar measures -------------------------------------------------------------------------------- Personal income............................ 8.6 5.0 5.3 6.2 9.1 3.7 5.4 4.9 3.7 7.4 Compensation of employees, received...... 9.6 1.4 4.3 8.0 8.0 1.4 4.1 5.3 4.5 3.3 Wage and salary disbursements.......... 10.8 1.3 4.6 8.8 8.8 1.1 4.3 5.6 4.6 3.3 Supplements to wages and salaries...... 5.1 1.9 2.8 4.7 4.6 2.7 3.4 3.9 4.4 2.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 4.2 5.5 -1.9 3.6 5.9 5.1 5.3 3.8 -.8 2.1 Rental income of persons with capital consumption adjustment.................. -31.4 -44.3 -38.7 -19.8 -28.9 161.0 -22.7 -27.3 5.3 270.1 Personal income receipts on assets....... 10.6 18.2 13.0 5.0 9.3 11.1 10.1 5.1 -.4 -2.1 Personal interest income............... 1.4 14.8 8.9 -.7 9.6 12.1 10.4 2.1 -5.7 -8.0 Personal dividend income............... 28.3 24.0 20.1 14.5 8.7 9.7 9.8 9.8 8.1 7.0 Personal current transfer receipts....... 8.9 7.0 6.6 2.4 17.2 .8 5.1 4.1 9.6 36.9 Less: Contributions for government social insurance............................... 13.0 .8 2.9 6.6 8.5 -.3 2.9 3.9 6.7 2.2 Less: Personal current taxes............... 21.9 7.8 4.6 13.4 18.3 8.5 3.3 5.1 5.5 -39.0 Equals: Disposable personal income......... 6.9 4.6 5.4 5.3 7.9 3.0 5.7 4.9 3.5 15.9 Addenda: Personal consumption expenditures........ 6.1 6.1 5.4 3.2 7.4 5.7 4.6 5.3 4.5 5.8 Durable goods.......................... 17.8 1.0 2.1 1.4 7.1 3.3 .3 -1.2 -4.3 -4.5 Nondurable goods....................... 4.7 8.2 6.9 -3.3 8.8 8.4 4.2 8.7 6.3 10.9 Services............................... 4.7 6.2 5.4 6.9 6.7 4.8 5.6 4.9 5.3 5.3 -------------------------------------------------------------------------------- Based on chained (2000) dollar measures -------------------------------------------------------------------------------- Real disposable personal income.......... 5.1 1.3 2.3 5.8 4.4 -.6 3.1 .6 -.1 11.3 --------------------------------------------------------------------------------------------------------------------------- Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months) ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Dec 04 Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------ Billions of chained (2000) dollars, seasonally adjusted at annual rates ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures.......... 7,699.2 7,683.7 7,706.5 7,702.4 7,752.2 7,731.5 7,815.5 7,863.7 7,837.3 7,813.3 7,837.0 7,858.5 7,899.3 7,921.2 7,959.1 Durable goods............................ 1,125.5 1,104.4 1,110.5 1,119.9 1,155.2 1,108.0 1,167.9 1,216.5 1,147.4 1,112.7 1,099.7 1,125.1 1,145.1 1,177.0 1,165.4 Nondurable goods......................... 2,214.6 2,215.6 2,233.4 2,213.0 2,241.0 2,238.2 2,251.8 2,250.2 2,268.6 2,261.4 2,291.8 2,283.2 2,283.8 2,311.9 2,313.8 Services................................. 4,375.6 4,376.5 4,376.6 4,384.7 4,378.1 4,397.8 4,418.7 4,429.0 4,439.3 4,449.8 4,452.7 4,462.5 4,485.6 4,455.7 4,498.6 ------------------------------------------------------------------------------------------------------------------------ Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures.......... 44.8 -15.5 22.8 -4.1 49.8 -20.7 84.0 48.2 -26.4 -24.0 23.7 21.5 40.8 21.9 37.9 Durable goods............................ 23.0 -21.1 6.1 9.4 35.3 -47.2 59.9 48.6 -69.1 -34.7 -13.0 25.4 20.0 31.9 -11.6 Nondurable goods......................... 9.8 1.0 17.8 -20.4 28.0 -2.8 13.6 -1.6 18.4 -7.2 30.4 -8.6 .6 28.1 1.9 Services................................. 15.4 .9 .1 8.1 -6.6 19.7 20.9 10.3 10.3 10.5 2.9 9.8 23.1 -29.9 42.9 ------------------------------------------------------------------------------------------------------------------------ Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures.......... .6 -.2 .3 -.1 .6 -.3 1.1 .6 -.3 -.3 .3 .3 .5 .3 .5 Durable goods............................ 2.1 -1.9 .5 .8 3.2 -4.1 5.4 4.2 -5.7 -3.0 -1.2 2.3 1.8 2.8 -1.0 Nondurable goods......................... .4 .0 .8 -.9 1.3 -.1 .6 -.1 .8 -.3 1.3 -.4 .0 1.2 .1 Services................................. .4 .0 .0 .2 -.2 .5 .5 .2 .2 .2 .1 .2 .5 -.7 1.0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continued ----------------------------------------------------------------------------------------------------------------------------------------------------------- Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... 7,962.0 7,989.8 8,004.3 8,012.2 8,052.3 8,037.7 8,049.1 8,101.1 8,105.4 8,153.2 8,180.9 8,209.4 8,201.1 8,224.9 Durable goods............................ 1,176.8 1,182.8 1,170.4 1,181.8 1,194.0 1,179.7 1,191.4 1,188.5 1,195.6 1,218.1 1,224.0 1,225.1 1,232.9 1,231.9 Nondurable goods......................... 2,306.5 2,328.6 2,330.9 2,326.5 2,341.5 2,344.1 2,340.4 2,352.6 2,349.6 2,377.1 2,375.4 2,375.5 2,389.5 2,382.1 Services................................. 4,499.9 4,500.8 4,521.5 4,524.9 4,539.6 4,533.7 4,539.6 4,579.4 4,581.0 4,584.1 4,607.7 4,633.6 4,607.1 4,637.2 ---------------------------------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.9 27.8 14.5 7.9 40.1 -14.6 11.4 52.0 4.3 47.8 27.7 28.5 -8.3 23.8 Durable goods............................ 11.4 6.0 -12.4 11.4 12.2 -14.3 11.7 -2.9 7.1 22.5 5.9 1.1 7.8 -1.0 Nondurable goods......................... -7.3 22.1 2.3 -4.4 15.0 2.6 -3.7 12.2 -3.0 27.5 -1.7 .1 14.0 -7.4 Services................................. 1.3 .9 20.7 3.4 14.7 -5.9 5.9 39.8 1.6 3.1 23.6 25.9 -26.5 30.1 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... .0 .3 .2 .1 .5 -.2 .1 .6 .1 .6 .3 .3 -.1 .3 Durable goods............................ 1.0 .5 -1.0 1.0 1.0 -1.2 1.0 -.2 .6 1.9 .5 .1 .6 -.1 Nondurable goods......................... -.3 1.0 .1 -.2 .6 .1 -.2 .5 -.1 1.2 -.1 .0 .6 -.3 Services................................. .0 .0 .5 .1 .3 -.1 .1 .9 .0 .1 .5 .6 -.6 .7 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continued ----------------------------------------------------------------------------------------------------------------------------------------------------------- May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08\p\ ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,240.8 8,246.2 8,264.0 8,286.8 8,284.6 8,275.6 8,311.8 8,307.2 8,317.3 8,304.6 8,326.2 8,335.9 8,361.5 8,345.3 Durable goods............................ 1,258.2 1,236.7 1,233.1 1,255.3 1,259.9 1,256.3 1,252.5 1,243.0 1,239.7 1,241.8 1,229.5 1,230.3 1,236.1 1,216.6 Nondurable goods......................... 2,393.8 2,398.5 2,407.4 2,390.1 2,398.3 2,394.9 2,405.2 2,400.4 2,395.4 2,388.3 2,410.1 2,419.5 2,427.9 2,417.8 Services................................. 4,622.5 4,638.4 4,649.3 4,671.5 4,658.6 4,655.9 4,682.9 4,689.6 4,706.2 4,699.6 4,707.3 4,706.8 4,718.8 4,726.5 ---------------------------------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... 15.9 5.4 17.8 22.8 -2.2 -9.0 36.2 -4.6 10.1 -12.7 21.6 9.7 25.6 -16.2 Durable goods............................ 26.3 -21.5 -3.6 22.2 4.6 -3.6 -3.8 -9.5 -3.3 2.1 -12.3 .8 5.8 -19.5 Nondurable goods......................... 11.7 4.7 8.9 -17.3 8.2 -3.4 10.3 -4.8 -5.0 -7.1 21.8 9.4 8.4 -10.1 Services................................. -14.7 15.9 10.9 22.2 -12.9 -2.7 27.0 6.7 16.6 -6.6 7.7 -.5 12.0 7.7 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... .2 .1 .2 .3 .0 -.1 .4 -.1 .1 -.2 .3 .1 .3 -.2 Durable goods............................ 2.1 -1.7 -.3 1.8 .4 -.3 -.3 -.8 -.3 .2 -1.0 .1 .5 -1.6 Nondurable goods......................... .5 .2 .4 -.7 .3 -.1 .4 -.2 -.2 -.3 .9 .4 .4 -.4 Services................................. -.3 .3 .2 .5 -.3 -.1 .6 .1 .4 -.1 .2 .0 .3 .2 ----------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------- 2004 2005 2006 2007 IV 04 I 05 II 05 III 05 IV 05 ------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------ Billions of chained (2000) dollars ------------------------------------------------------------------------ Personal consumption expenditures.......... 7,561.4 7,791.7 8,029.0 8,252.8 7,664.3 7,697.5 7,766.4 7,838.1 7,864.9 Durable goods............................ 1,084.8 1,134.4 1,185.1 1,242.4 1,110.1 1,111.6 1,143.7 1,158.9 1,123.3 Nondurable goods......................... 2,177.6 2,252.7 2,335.3 2,392.6 2,207.5 2,220.7 2,243.7 2,260.1 2,286.3 Services................................. 4,311.0 4,420.9 4,529.9 4,646.2 4,361.1 4,379.3 4,398.2 4,439.4 4,466.9 ------------------------------------------------------------------------ Change from preceding period in billions of chained (2000) dollars ------------------------------------------------------------------------ Personal consumption expenditures.......... 266.1 230.3 237.3 223.8 78.8 33.2 68.9 71.7 26.8 Durable goods............................ 64.2 49.6 50.7 57.3 18.6 1.5 32.1 15.2 -35.6 Nondurable goods......................... 74.6 75.1 82.6 57.3 26.1 13.2 23.0 16.4 26.2 Services................................. 132.2 109.9 109.0 116.3 35.9 18.2 18.9 41.2 27.5 ------------------------------------------------------------------------ Percent change from preceding period in chained (2000) dollars ------------------------------------------------------------------------ Personal consumption expenditures.......... 3.6 3.0 3.0 2.8 4.2 1.7 3.6 3.7 1.4 Durable goods............................ 6.3 4.6 4.5 4.8 7.0 .6 12.1 5.4 -11.7 Nondurable goods......................... 3.5 3.4 3.7 2.5 4.9 2.4 4.2 3.0 4.7 Services................................. 3.2 2.6 2.5 2.6 3.4 1.7 1.7 3.8 2.5 ------------------------------------------------------------------------------------------------------------------- Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)--Continued [Quarters seasonally adjusted at annual rates] --------------------------------------------------------------------------------------------------------------------------- I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 --------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Billions of chained (2000) dollars -------------------------------------------------------------------------------- Personal consumption expenditures.......... 7,947.4 8,002.1 8,046.3 8,119.9 8,197.2 8,237.3 8,278.5 8,298.2 8,316.1 8,347.5 Durable goods............................ 1,173.1 1,178.3 1,188.4 1,200.7 1,227.3 1,242.3 1,249.4 1,250.6 1,237.0 1,227.7 Nondurable goods......................... 2,310.8 2,328.7 2,342.0 2,359.8 2,380.1 2,391.5 2,398.6 2,400.2 2,397.9 2,421.7 Services................................. 4,484.7 4,515.7 4,537.6 4,581.5 4,616.1 4,632.7 4,659.8 4,676.1 4,704.3 4,717.4 -------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars -------------------------------------------------------------------------------- Personal consumption expenditures.......... 82.5 54.7 44.2 73.6 77.3 40.1 41.2 19.7 17.9 31.4 Durable goods............................ 49.8 5.2 10.1 12.3 26.6 15.0 7.1 1.2 -13.6 -9.3 Nondurable goods......................... 24.5 17.9 13.3 17.8 20.3 11.4 7.1 1.6 -2.3 23.8 Services................................. 17.8 31.0 21.9 43.9 34.6 16.6 27.1 16.3 28.2 13.1 -------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars -------------------------------------------------------------------------------- Personal consumption expenditures.......... 4.3 2.8 2.2 3.7 3.9 2.0 2.0 1.0 .9 1.5 Durable goods............................ 18.9 1.8 3.5 4.2 9.2 5.0 2.3 .4 -4.3 -3.0 Nondurable goods......................... 4.4 3.1 2.3 3.1 3.5 1.9 1.2 .3 -.4 4.0 Services................................. 1.6 2.8 2.0 3.9 3.1 1.4 2.4 1.4 2.4 1.1 --------------------------------------------------------------------------------------------------------------------------- Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Dec 04 Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------ Chain-type price indexes (2000=100), seasonally adjusted ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures (PCE).... 109.601 109.912 110.171 110.477 110.854 110.852 110.938 111.451 111.965 113.086 113.286 112.993 112.988 113.506 113.529 Durable goods............................ 90.465 90.674 90.515 90.452 90.363 90.479 90.185 89.807 89.487 89.592 89.537 89.405 89.309 89.294 89.228 Nondurable goods......................... 108.810 109.203 109.590 109.869 110.601 109.845 109.854 111.174 112.596 115.403 114.962 113.192 112.983 114.037 113.638 Services................................. 114.509 114.804 115.103 115.514 115.831 116.182 116.403 116.737 117.006 117.521 118.110 118.533 118.655 119.033 119.296 Addenda: PCE excluding food and energy............ 108.312 108.628 108.809 109.077 109.202 109.463 109.549 109.682 109.792 110.038 110.295 110.535 110.655 110.854 111.031 Market-based PCE\1\...................... 108.441 108.727 108.988 109.248 109.631 109.535 109.590 110.130 110.686 111.916 112.055 111.659 111.625 112.155 112.117 Market-based PCE excluding food and energy\1\........................... 106.589 106.874 107.042 107.245 107.326 107.521 107.568 107.660 107.740 107.946 108.138 108.357 108.466 108.615 108.748 ------------------------------------------------------------------------------------------------------------------------ Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ------------------------------------------------------------------------------------------------------------------------ PCE........................................ .0 .3 .2 .3 .3 .0 .1 .5 .5 1.0 .2 -.3 .0 .5 .0 Durable goods............................ .0 .2 -.2 -.1 -.1 .1 -.3 -.4 -.4 .1 -.1 -.1 -.1 .0 -.1 Nondurable goods......................... -.5 .4 .4 .3 .7 -.7 .0 1.2 1.3 2.5 -.4 -1.5 -.2 .9 -.3 Services................................. .2 .3 .3 .4 .3 .3 .2 .3 .2 .4 .5 .4 .1 .3 .2 Addenda: PCE excluding food and energy............ .1 .3 .2 .2 .1 .2 .1 .1 .1 .2 .2 .2 .1 .2 .2 Market-based PCE\1\...................... .0 .3 .2 .2 .4 -.1 .1 .5 .5 1.1 .1 -.4 .0 .5 .0 Market-based PCE excluding food and energy\1\........................... .1 .3 .2 .2 .1 .2 .0 .1 .1 .2 .2 .2 .1 .1 .1 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)--Continued ----------------------------------------------------------------------------------------------------------------------------------------------------------- Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2000=100), seasonally adjusted ---------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 113.708 114.189 114.510 114.796 115.213 115.594 115.337 115.016 115.121 115.580 115.869 116.155 116.581 116.894 Durable goods............................ 89.101 89.152 89.096 88.834 88.874 88.882 88.421 88.413 88.129 87.835 87.682 87.795 87.673 87.473 Nondurable goods......................... 113.706 114.699 115.177 115.588 116.446 117.093 115.696 114.213 114.198 115.323 115.517 115.812 116.747 117.201 Services................................. 119.611 119.939 120.276 120.639 120.924 121.265 121.650 121.847 122.115 122.426 122.881 123.207 123.513 123.887 Addenda: PCE excluding food and energy............ 111.342 111.641 111.879 112.141 112.277 112.549 112.767 112.954 112.983 113.129 113.504 113.718 113.823 114.033 Market-based PCE\1\...................... 112.262 112.715 113.062 113.317 113.749 114.131 113.782 113.357 113.438 113.913 114.208 114.506 114.938 115.204 Market-based PCE excluding food and energy\1\........................... 109.040 109.268 109.522 109.741 109.841 110.092 110.292 110.451 110.434 110.536 110.937 111.151 111.200 111.332 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- PCE........................................ .2 .4 .3 .2 .4 .3 -.2 -.3 .1 .4 .3 .2 .4 .3 Durable goods............................ -.1 .1 -.1 -.3 .0 .0 -.5 .0 -.3 -.3 -.2 .1 -.1 -.2 Nondurable goods......................... .1 .9 .4 .4 .7 .6 -1.2 -1.3 .0 1.0 .2 .3 .8 .4 Services................................. .3 .3 .3 .3 .2 .3 .3 .2 .2 .3 .4 .3 .2 .3 Addenda: PCE excluding food and energy............ .3 .3 .2 .2 .1 .2 .2 .2 .0 .1 .3 .2 .1 .2 Market-based PCE\1\...................... .1 .4 .3 .2 .4 .3 -.3 -.4 .1 .4 .3 .3 .4 .2 Market-based PCE excluding food and energy\1\........................... .3 .2 .2 .2 .1 .2 .2 .1 .0 .1 .4 .2 .0 .1 ----------------------------------------------------------------------------------------------------------------------------------------------------------- 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)--Continued ----------------------------------------------------------------------------------------------------------------------------------------------------------- May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08\p\ ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2000=100), seasonally adjusted ---------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 117.289 117.554 117.756 117.859 118.293 118.635 119.349 119.678 120.052 120.212 120.585 120.860 121.405 122.325 Durable goods............................ 87.288 87.333 87.186 86.906 86.722 86.785 86.611 86.398 86.508 86.598 86.636 86.382 86.123 86.205 Nondurable goods......................... 118.062 118.227 118.586 118.399 119.061 119.466 121.582 122.229 123.030 122.903 123.245 123.625 124.650 126.827 Services................................. 124.196 124.570 124.782 125.136 125.618 125.998 126.226 126.534 126.760 127.083 127.557 127.918 128.423 128.912 Addenda: PCE excluding food and energy............ 114.181 114.390 114.557 114.759 115.074 115.336 115.495 115.706 115.975 116.141 116.357 116.519 116.719 117.029 Market-based PCE\1\...................... 115.584 115.810 115.976 115.987 116.393 116.729 117.519 117.865 118.262 118.392 118.701 119.014 119.589 120.589 Market-based PCE excluding food and energy\1\........................... 111.411 111.559 111.674 111.782 112.036 112.276 112.416 112.624 112.900 113.029 113.134 113.320 113.488 113.774 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- PCE........................................ .3 .2 .2 .1 .4 .3 .6 .3 .3 .1 .3 .2 .5 .8 Durable goods............................ -.2 .1 -.2 -.3 -.2 .1 -.2 -.2 .1 .1 .0 -.3 -.3 .1 Nondurable goods......................... .7 .1 .3 -.2 .6 .3 1.8 .5 .7 -.1 .3 .3 .8 1.7 Services................................. .2 .3 .2 .3 .4 .3 .2 .2 .2 .3 .4 .3 .4 .4 Addenda: PCE excluding food and energy............ .1 .2 .1 .2 .3 .2 .1 .2 .2 .1 .2 .1 .2 .3 Market-based PCE\1\...................... .3 .2 .1 .0 .4 .3 .7 .3 .3 .1 .3 .3 .5 .8 Market-based PCE excluding food and energy\1\........................... .1 .1 .1 .1 .2 .2 .1 .2 .2 .1 .1 .2 .1 .3 ----------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Dec 04 Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 6.4 2.0 2.0 1.8 1.7 1.9 2.3 2.4 -1.3 1.6 1.5 2.2 -1.0 3.2 3.4 Personal consumption expenditures.......... 3.9 2.9 3.3 2.8 3.4 2.3 4.2 4.0 3.5 2.5 2.6 2.7 2.6 3.1 3.3 Durable goods............................ 7.0 4.6 4.3 3.9 8.2 1.1 11.3 12.0 6.5 .2 -.2 2.0 1.7 6.6 4.9 Nondurable goods......................... 3.9 2.7 4.3 1.9 3.8 3.0 4.1 3.5 4.2 3.1 4.0 3.6 3.1 4.3 3.6 Services................................. 3.3 2.7 2.6 3.0 2.2 2.2 2.8 2.7 2.6 2.6 2.4 2.3 2.5 1.8 2.8 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued ----------------------------------------------------------------------------------------------------------------------------------------------------------- Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 3.6 3.5 3.0 2.8 2.5 5.9 3.7 4.0 3.5 3.2 3.3 3.4 3.5 3.0 Personal consumption expenditures.......... 3.4 3.1 3.5 2.5 2.4 2.6 3.0 3.4 3.1 3.2 3.3 3.1 3.0 2.9 Durable goods............................ 5.1 2.4 5.6 1.2 -1.8 2.8 7.1 8.1 6.3 6.4 4.0 5.1 4.8 4.2 Nondurable goods......................... 4.2 3.9 4.1 3.3 4.1 3.3 3.5 2.7 2.9 4.1 2.7 2.7 3.6 2.3 Services................................. 2.6 2.8 2.8 2.4 2.5 2.1 2.0 2.8 2.7 2.2 3.4 3.0 2.4 3.0 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued ----------------------------------------------------------------------------------------------------------------------------------------------------------- May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08\p\ ----------------------------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 3.0 2.8 3.2 3.4 2.9 2.2 1.8 1.6 1.0 .7 .5 1.0 6.4 3.4 Personal consumption expenditures.......... 3.0 2.9 2.6 3.1 2.9 2.2 2.5 1.9 1.7 1.2 1.5 1.3 1.5 1.2 Durable goods............................ 7.5 4.6 3.3 6.4 5.7 5.7 4.8 2.0 1.3 1.4 -.3 -.1 -1.8 -1.6 Nondurable goods......................... 2.7 3.1 2.8 2.0 2.5 1.8 2.4 1.0 .8 .5 .9 1.6 1.4 .8 Services................................. 2.2 2.5 2.4 3.0 2.6 1.7 2.2 2.3 2.1 1.4 2.2 1.5 2.1 1.9 ----------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Dec 04 Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 3.0 2.9 2.8 2.8 2.9 2.4 2.2 2.6 3.0 3.9 3.6 3.1 3.1 3.3 3.0 Durable goods............................ -.4 -.2 -.5 -.6 -.7 -.5 -.9 -1.0 -.9 -.8 -1.0 -1.1 -1.3 -1.5 -1.4 Nondurable goods......................... 3.9 3.7 3.4 3.2 3.8 1.9 1.5 3.0 4.4 7.0 5.2 3.5 3.8 4.4 3.7 Services................................. 3.3 3.2 3.1 3.3 3.2 3.3 3.2 3.2 3.2 3.4 3.8 3.7 3.6 3.7 3.6 Addenda: PCE excluding food and energy............ 2.2 2.3 2.2 2.2 2.1 2.2 2.1 2.0 2.1 2.1 2.1 2.1 2.2 2.0 2.0 Market-based PCE\1\...................... 2.7 2.6 2.5 2.5 2.7 2.1 1.9 2.4 2.9 3.9 3.5 2.9 2.9 3.2 2.9 Market-based PCE excluding food and energy\1\........................... 1.7 1.8 1.7 1.7 1.6 1.7 1.6 1.6 1.7 1.7 1.7 1.7 1.8 1.6 1.6 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued ----------------------------------------------------------------------------------------------------------------------------------------------------------- Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.9 3.0 3.3 3.5 3.4 3.2 2.0 1.5 1.9 2.3 2.1 2.3 2.5 2.4 Durable goods............................ -1.5 -1.3 -1.5 -1.5 -1.0 -.7 -1.3 -1.3 -1.4 -1.7 -1.8 -1.6 -1.6 -1.9 Nondurable goods......................... 3.5 3.7 4.9 5.2 4.7 4.0 .3 -.7 .9 2.1 1.3 1.9 2.7 2.2 Services................................. 3.5 3.5 3.5 3.6 3.6 3.6 3.5 3.2 3.0 3.2 3.2 3.3 3.3 3.3 Addenda: PCE excluding food and energy............ 2.1 2.2 2.2 2.4 2.4 2.5 2.5 2.4 2.2 2.2 2.4 2.4 2.2 2.1 Market-based PCE\1\...................... 2.8 2.8 3.2 3.4 3.3 3.1 1.7 1.2 1.6 2.0 1.8 2.1 2.4 2.2 Market-based PCE excluding food and energy\1\........................... 1.7 1.8 1.9 2.0 2.0 2.2 2.2 2.1 1.9 1.9 2.1 2.2 2.0 1.9 ----------------------------------------------------------------------------------------------------------------------------------------------------------- 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued ----------------------------------------------------------------------------------------------------------------------------------------------------------- May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08\p\ ----------------------------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.4 2.4 2.2 2.0 2.6 3.1 3.7 3.5 3.6 3.5 3.4 3.4 3.5 4.1 Durable goods............................ -2.0 -1.7 -1.9 -2.2 -1.9 -1.8 -1.7 -1.6 -1.3 -1.4 -1.2 -1.2 -1.3 -1.3 Nondurable goods......................... 2.5 2.3 1.8 1.1 2.9 4.6 6.5 6.0 6.5 6.1 5.6 5.5 5.6 7.3 Services................................. 3.3 3.3 3.2 3.2 3.3 3.4 3.4 3.4 3.2 3.1 3.3 3.3 3.4 3.5 Addenda: PCE excluding food and energy............ 2.1 2.0 2.0 2.0 2.0 2.1 2.2 2.3 2.2 2.1 2.2 2.2 2.2 2.3 Market-based PCE\1\...................... 2.2 2.2 2.0 1.6 2.3 3.0 3.6 3.5 3.5 3.4 3.3 3.3 3.5 4.1 Market-based PCE excluding food and energy\1\........................... 1.7 1.7 1.7 1.5 1.6 1.7 1.8 1.9 1.8 1.7 1.7 1.8 1.9 2.0 ----------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 12.--Revisions to Personal Income and Its Disposition ------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ------------------------------------------------------ Revisions as a Revised Revisions to percentage of estimates previously previously published published ------------------------ ------------------------ ------------------------ 2005 2006 2007 2005 2006 2007 2005 2006 2007 ------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 10,269.8 10,993.9 11,663.2 -31.3 10.5 -2.4 -.3 .1 .0 Compensation of employees, received...... 7,025.8 7,432.6 7,818.6 1.2 -8.2 -40.0 .0 -.1 -.5 Wage and salary disbursements.......... 5,671.7 6,027.2 6,362.0 3.8 9.0 -4.1 .1 .1 -.1 Private industries................... 4,690.9 5,004.2 5,286.7 4.0 6.6 -11.6 .1 .1 -.2 Goods-producing industries......... 1,099.2 1,167.2 1,205.4 .5 .4 -11.9 .0 .0 -1.0 Manufacturing.................... 704.0 731.2 746.0 -.1 .2 -10.2 .0 .0 -1.3 Services-producing industries...... 3,591.7 3,837.1 4,081.3 3.4 6.3 .3 .1 .2 .0 Trade, transportation, and utilities....................... 938.2 986.7 1,035.2 1.2 1.6 1.7 .1 .2 .2 Other services-producing industries...................... 2,653.5 2,850.4 3,046.1 2.3 4.7 -1.4 .1 .2 .0 Government........................... 980.7 1,023.0 1,075.2 -.2 2.4 7.4 .0 .2 .7 Supplements to wages and salaries...... 1,354.1 1,405.3 1,456.6 -2.7 -17.3 -35.9 -.2 -1.2 -2.4 Employer contributions for employee pension and insurance funds......... 926.0 956.8 991.9 -1.7 -13.9 -24.9 -.2 -1.4 -2.4 Employer contributions for government social insurance.................... 428.1 448.5 464.7 -1.0 -3.3 -11.1 -.2 -.7 -2.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 959.8 1,014.7 1,056.2 -10.1 8.0 13.6 -1.0 .8 1.3 Farm................................... 34.1 16.2 44.0 3.3 -3.2 7.8 10.7 -16.5 21.5 Nonfarm................................ 925.7 998.6 1,012.2 -13.4 11.2 5.8 -1.4 1.1 .6 Rental income of persons with capital consumption adjustment.................. 40.9 44.3 40.0 -2.0 -10.2 -25.4 -4.7 -18.7 -38.8 Personal income receipts on assets....... 1,596.9 1,824.8 2,000.1 -20.9 28.3 52.9 -1.3 1.6 2.7 Personal interest income............... 1,022.0 1,125.4 1,214.3 3.1 25.2 59.6 .3 2.3 5.2 Personal dividend income............... 574.9 699.4 785.8 -24.0 3.1 -6.7 -4.0 .4 -.8 Personal current transfer receipts....... 1,520.7 1,603.0 1,713.3 .0 -9.5 -18.4 .0 -.6 -1.1 Government social benefits to persons.. 1,481.9 1,578.1 1,681.4 -1.2 -7.2 -22.4 -.1 -.5 -1.3 Old-age, survivors, disability, and health insurance benefits........... 844.5 938.9 999.4 -.8 -7.5 -23.1 -.1 -.8 -2.3 Government unemployment insurance benefits............................ 31.3 29.9 32.3 .0 .0 .4 .0 .0 1.3 Other................................ 606.1 609.3 649.6 -.3 .3 .2 .0 .0 .0 Other current transfer receipts, from business (net)........................ 38.8 24.9 31.9 1.2 -2.3 4.0 3.2 -8.5 14.3 Less: Contributions for government social insurance............................... 874.3 925.5 965.1 -.5 -2.1 -14.8 -.1 -.2 -1.5 Less: Personal current taxes............... 1,207.8 1,353.2 1,492.8 -1.3 -1.1 9.1 -.1 -.1 .6 Equals: Disposable personal income......... 9,062.0 9,640.7 10,170.5 -30.0 11.6 -11.4 -.3 .1 -.1 Less: Personal outlays..................... 9,029.5 9,570.0 10,113.1 -17.9 -20.3 -21.0 -.2 -.2 -.2 Personal consumption expenditures........ 8,694.1 9,207.2 9,710.2 -13.7 -17.3 -24.0 -.2 -.2 -.2 Durable goods.......................... 1,020.8 1,052.1 1,082.8 -3.1 3.2 4.6 -.3 .3 .4 Nondurable goods....................... 2,514.1 2,685.2 2,833.0 -2.1 -2.8 -.2 -.1 -.1 .0 Services............................... 5,159.2 5,469.9 5,794.4 -8.6 -17.7 -28.4 -.2 -.3 -.5 Personal interest payments\1\............ 215.0 235.4 265.4 -2.7 -2.6 2.6 -1.2 -1.1 1.0 Personal current transfer payments....... 120.4 127.4 137.5 -1.4 -.4 .4 -1.1 -.3 .3 To government.......................... 72.5 76.2 81.2 -2.0 -2.7 -4.9 -2.7 -3.4 -5.7 To the rest of the world (net)......... 47.9 51.1 56.3 .6 2.2 5.2 1.3 4.5 10.2 Equals: Personal saving.................... 32.5 70.7 57.4 -12.1 31.9 9.6 ..... ..... ..... Personal saving as a percentage of disposable personal income.............. .4 .7 .6 -.1 .3 .1 ..... ..... ..... Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,121.4 8,407.0 8,644.0 -26.5 10.1 -14.6 -.3 .1 -.2 Per capita: Current dollars...................... 30,576 32,222 33,667 -101 39 -38 -.3 .1 -.1 Chained (2000) dollars............... 27,403 28,098 28,614 -89 34 -49 -.3 .1 -.2 Population (midperiod, thousands)\3\..... 296,373 299,199 302,087 0 0 0 .0 .0 .0 ------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months) ------------------------------------------------------------------------------------------------------------------------------------------------------------ Dec 04 Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 ------------------------------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------ Seasonally adjusted at annual rates ------------------------------------------------------------------------------------------------------------------------ Change from preceding period in billions of dollars: Personal income................... 354.2 -263.6 39.8 28.6 60.1 41.0 60.4 88.1 -233.7 355.5 52.3 55.2 71.2 113.2 44.7 Previously published............ 354.2 -239.7 42.3 40.8 74.1 35.8 62.2 75.5 -212.2 321.2 46.1 40.3 67.4 123.7 38.0 Disposable personal income........ 343.3 -320.5 33.0 21.9 46.7 32.9 50.3 76.7 -241.8 345.4 41.9 45.9 58.7 73.0 31.8 Previously published............ 343.3 -298.4 34.8 33.0 60.1 29.4 52.8 63.8 -219.1 311.4 37.6 31.7 53.9 80.0 24.4 Personal consumption expenditures. 48.7 6.9 44.9 19.1 84.3 -23.1 99.8 93.9 11.0 60.7 42.4 1.3 45.7 65.9 44.8 Previously published............ 48.7 4.9 51.6 35.3 82.0 -14.3 92.0 98.7 3.5 61.0 35.3 -.5 36.0 71.8 45.3 Personal saving as a percentage of disposable personal income...... 4.5 .9 .8 .8 .3 .9 .3 .1 -2.7 .5 .4 .9 1.0 1.1 .9 Previously published.............. 4.5 1.2 .9 .9 .6 1.1 .6 .2 -2.3 .5 .5 .8 1.0 1.1 .8 ------------------------------------------------------------------------------------------------------------------------ Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates ------------------------------------------------------------------------------------------------------------------------ Personal income..................... 3.6 -2.6 .4 .3 .6 .4 .6 .9 -2.3 3.5 .5 .5 .7 1.1 .4 Previously published.............. 3.6 -2.3 .4 .4 .7 .4 .6 .7 -2.0 3.2 .4 .4 .6 1.2 .4 Disposable personal income.......... 3.9 -3.5 .4 .2 .5 .4 .6 .8 -2.7 3.9 .5 .5 .6 .8 .3 Previously published.............. 3.9 -3.3 .4 .4 .7 .3 .6 .7 -2.4 3.5 .4 .3 .6 .9 .3 Personal consumption expenditures... .6 .1 .5 .2 1.0 -.3 1.2 1.1 .1 .7 .5 .0 .5 .7 .5 Previously published.............. .6 .1 .6 .4 1.0 -.2 1.1 1.1 .0 .7 .4 .0 .4 .8 .5 ------------------------------------------------------------------------------------------------------------------------ Percent change from preceding period for chained (2000) dollar measures, seasonally adjusted at monthly rates ------------------------------------------------------------------------------------------------------------------------ Real disposable personal income..... 3.9 -3.8 .1 .0 .2 .4 .5 .4 -3.1 2.9 .3 .8 .6 .3 .3 Previously published.............. 3.9 -3.4 .1 .0 .3 .2 .5 .3 -2.8 2.6 .2 .7 .6 .4 .2 Real personal consumption expenditures....................... .6 -.2 .3 -.1 .6 -.3 1.1 .6 -.3 -.3 .3 .3 .5 .3 .5 Previously published.............. .6 -.1 .3 .0 .6 -.3 1.0 .7 -.4 -.2 .2 .4 .4 .4 .4 ------------------------------------------------------------------------------------------------------------------------------------------------------------ Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continued ---------------------------------------------------------------------------------------------------------------------------------------------------- Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 ---------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------------- Change from preceding period in billions of dollars: Personal income................... 35.0 62.2 17.0 59.5 43.8 52.6 56.3 45.7 52.0 99.4 87.7 81.2 68.7 .4 Previously published............ 36.9 49.5 20.0 84.7 9.1 40.3 49.0 63.4 46.9 85.6 102.6 92.0 97.2 -34.9 Disposable personal income........ 25.2 49.6 17.3 54.0 40.0 47.2 43.5 31.1 35.4 77.6 64.9 64.1 51.6 -6.4 Previously published............ 28.2 40.2 20.2 71.2 12.7 35.5 36.8 43.6 31.8 66.9 80.3 78.6 82.2 -35.7 Personal consumption expenditures. 17.8 69.9 42.3 32.1 79.5 13.9 -7.5 33.9 13.4 92.5 55.6 56.5 25.4 53.4 Previously published............ 28.5 70.4 51.4 31.2 86.1 1.2 -9.0 31.2 24.4 78.5 63.3 53.3 22.2 58.8 Personal saving as a percentage of disposable personal income...... 1.0 .7 .4 .6 .2 .4 .9 .8 1.0 .8 .9 1.0 1.3 .6 Previously published.............. .8 .4 .1 .5 -.3 -.1 .4 .4 .5 .3 .6 .9 1.5 .4 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Personal income..................... .3 .6 .2 .5 .4 .5 .5 .4 .5 .9 .8 .7 .6 .0 Previously published.............. .3 .5 .2 .8 .1 .4 .4 .6 .4 .8 .9 .8 .8 -.3 Disposable personal income.......... .3 .5 .2 .6 .4 .5 .4 .3 .4 .8 .7 .6 .5 -.1 Previously published.............. .3 .4 .2 .7 .1 .4 .4 .4 .3 .7 .8 .8 .8 -.4 Personal consumption expenditures... .2 .8 .5 .4 .9 .1 -.1 .4 .1 1.0 .6 .6 .3 .6 Previously published.............. .3 .8 .6 .3 .9 .0 -.1 .3 .3 .8 .7 .6 .2 .6 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for chained (2000) dollar measures, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Real disposable personal income..... .1 .1 -.1 .3 .1 .2 .7 .6 .3 .4 .4 .4 .1 -.3 Previously published.............. .0 -.1 -.2 .5 -.2 .1 .7 .7 .3 .3 .5 .5 .4 -.6 Real personal consumption expenditures....................... .0 .3 .2 .1 .5 -.2 .1 .6 .1 .6 .3 .3 -.1 .3 Previously published.............. .1 .3 .1 .1 .6 -.2 .2 .6 .2 .5 .4 .3 -.2 .3 ---------------------------------------------------------------------------------------------------------------------------------------------------- Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continued -------------------------------------------------------------------------------------------------------------------------------------------- May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 -------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------------------------------- Change from preceding period in billions of dollars: Personal income................... 26.3 40.9 61.7 51.5 62.5 31.8 50.3 52.7 24.2 27.5 44.0 27.5 219.3 Previously published............ 45.9 50.8 57.2 52.2 49.6 45.9 44.4 59.8 25.5 56.1 40.9 33.5 225.7 Disposable personal income........ 20.0 35.4 61.0 48.2 52.0 27.4 42.5 48.9 14.8 21.8 37.1 34.6 595.4 Previously published............ 39.1 41.5 59.0 47.8 42.0 37.9 35.8 51.8 40.0 48.1 31.8 39.8 600.3 Personal consumption expenditures. 51.1 28.2 37.7 35.3 33.4 17.4 102.5 21.8 43.2 -1.9 57.0 34.6 76.5 Previously published............ 52.7 21.1 36.4 41.1 48.9 33.9 94.8 22.5 48.8 5.1 54.8 41.1 77.4 Personal saving as a percentage of disposable personal income...... .2 .1 .3 .4 .6 .7 .1 .4 .2 .5 .3 .3 4.9 Previously published.............. .2 .3 .4 .5 .4 .4 -.1 .2 .2 .6 .5 .4 5.0 -------------------------------------------------------------------------------------------------------- Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates -------------------------------------------------------------------------------------------------------- Personal income..................... .2 .4 .5 .4 .5 .3 .4 .4 .2 .2 .4 .2 1.8 Previously published.............. .4 .4 .5 .4 .4 .4 .4 .5 .2 .5 .3 .3 1.9 Disposable personal income.......... .2 .4 .6 .5 .5 .3 .4 .5 .1 .2 .4 .3 5.7 Previously published.............. .4 .4 .6 .5 .4 .4 .3 .5 .4 .5 .3 .4 5.7 Personal consumption expenditures... .5 .3 .4 .4 .3 .2 1.0 .2 .4 .0 .6 .3 .8 Previously published.............. .5 .2 .4 .4 .5 .3 1.0 .2 .5 .1 .5 .4 .8 -------------------------------------------------------------------------------------------------------- Percent change from preceding period for chained (2000) dollar measures, seasonally adjusted at monthly rates -------------------------------------------------------------------------------------------------------- Real disposable personal income..... -.1 .1 .4 .4 .1 .0 -.2 .2 -.2 .1 .0 .1 5.2 Previously published.............. -.1 .3 .5 .5 .1 .1 -.3 .2 .1 .3 .0 .1 5.3 Real personal consumption expenditures....................... .2 .1 .2 .3 .0 -.1 .4 -.1 .1 -.2 .3 .1 .3 Previously published.............. .1 .1 .3 .4 .2 .1 .3 -.1 .2 -.1 .2 .2 .4 -------------------------------------------------------------------------------------------------------------------------------------------- Table 14.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters) [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------ 2004 2005 2006 2007 IV 04 I 05 II 05 III 05 IV 05 ------------------------------------------------------------------------------------------------------------ Change from preceding period in billions of dollars: Personal income................... 563.6 542.6 724.1 669.3 254.6 19.0 139.9 104.7 271.9 Previously published............ 563.6 573.9 682.3 682.2 254.6 48.6 160.0 94.5 238.8 Disposable personal income........ 518.4 381.1 578.7 529.8 225.9 -54.1 111.0 75.2 241.7 Previously published............ 518.4 411.1 537.1 552.8 225.9 -27.1 130.9 66.5 211.3 Personal consumption expenditures. 492.3 498.2 513.1 503.0 148.2 87.6 129.9 180.3 102.6 Previously published............ 492.3 511.9 516.7 509.7 148.2 95.5 143.8 177.9 88.8 Personal saving as a percentage of disposable personal income...... 2.1 .4 .7 .6 2.5 .8 .5 -.7 .8 Previously published.............. 2.1 .5 .4 .5 2.5 1.0 .8 -.5 .8 ------------------------------------------------------------------------ Percent change from preceding period for current-dollar measures ------------------------------------------------------------------------ Personal income..................... 6.2 5.6 7.1 6.1 10.8 .8 5.7 4.2 11.0 Previously published.............. 6.2 5.9 6.6 6.2 10.8 2.0 6.5 3.7 9.6 Disposable personal income.......... 6.4 4.4 6.4 5.5 10.8 -2.4 5.1 3.4 11.1 Previously published.............. 6.4 4.7 5.9 5.7 10.8 -1.2 6.0 3.0 9.6 Personal consumption expenditures... 6.4 6.1 5.9 5.5 7.4 4.2 6.3 8.6 4.8 Previously published.............. 6.4 6.2 5.9 5.5 7.4 4.6 7.0 8.5 4.1 ------------------------------------------------------------------------ Percent change from preceding period for chained (2000) dollar measures ------------------------------------------------------------------------ Real disposable personal income..... 3.6 1.4 3.5 2.8 7.5 -4.7 2.5 -1.3 7.5 Previously published.............. 3.6 1.7 3.1 3.1 7.5 -3.3 2.5 -1.2 6.6 Real personal consumption expenditures....................... 3.6 3.0 3.0 2.8 4.2 1.7 3.6 3.7 1.4 Previously published.............. 3.6 3.2 3.1 2.9 4.2 2.4 3.5 4.1 1.2 ------------------------------------------------------------------------------------------------------------ Table 14.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters)--Continued [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------ I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 ------------------------------------------------------------------------------------------------------------ Change from preceding period in billions of dollars: Personal income................... 220.6 131.6 142.9 168.6 248.3 104.5 152.9 141.7 109.1 Previously published............ 219.7 128.4 115.4 169.3 269.0 108.1 157.7 145.9 131.2 Disposable personal income........ 157.0 106.5 127.8 125.2 188.4 74.5 140.8 122.7 88.5 Previously published............ 152.1 104.4 102.9 123.4 215.3 85.2 145.5 123.0 129.2 Personal consumption expenditures. 132.6 135.6 121.8 73.3 167.9 132.6 108.1 127.1 109.6 Previously published............ 135.4 149.2 121.8 68.0 166.8 133.5 111.7 150.9 117.1 Personal saving as a percentage of disposable personal income...... 1.0 .6 .5 .9 1.1 .3 .5 .4 .3 Previously published.............. .9 .3 .0 .4 1.0 .3 .4 .2 .4 ------------------------------------------------------------------------ Percent change from preceding period for current-dollar measures ------------------------------------------------------------------------ Personal income..................... 8.6 5.0 5.3 6.2 9.1 3.7 5.4 4.9 3.7 Previously published.............. 8.6 4.8 4.3 6.3 10.0 3.8 5.6 5.1 4.5 Disposable personal income.......... 6.9 4.6 5.4 5.3 7.9 3.0 5.7 4.9 3.5 Previously published.............. 6.7 4.5 4.4 5.2 9.1 3.4 5.9 4.9 5.1 Personal consumption expenditures... 6.1 6.1 5.4 3.2 7.4 5.7 4.6 5.3 4.5 Previously published.............. 6.2 6.8 5.4 3.0 7.3 5.7 4.7 6.3 4.8 ------------------------------------------------------------------------ Percent change from preceding period for chained (2000) dollar measures ------------------------------------------------------------------------ Real disposable personal income..... 5.1 1.3 2.3 5.8 4.4 -.6 3.1 .6 -.1 Previously published.............. 4.9 .2 1.7 6.2 5.4 -.8 4.0 .9 1.4 Real personal consumption expenditures....................... 4.3 2.8 2.2 3.7 3.9 2.0 2.0 1.0 .9 Previously published.............. 4.4 2.4 2.8 3.9 3.7 1.4 2.8 2.3 1.1 ------------------------------------------------------------------------------------------------------------