EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, AUGUST 4, 2009 James E. Rankin: (202) 606-5301 (Personal Income)BEA 09-34 Brendan Leary: (202) 606-5302 (Personal Outlays) Kurt Kunze: (202) 606-9748 (Comprehensive Revision) PERSONAL INCOME AND OUTLAYS: JUNE 2009 REVISED ESTIMATES: 1929 THROUGH MAY 2009 Personal income decreased $159.8 billion, or 1.3 percent, and disposable personal income (DPI) decreased $143.8 billion, or 1.3 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $41.4 billion, or 0.4 percent. In May, personal income increased $155.1 billion, or 1.3 percent, DPI increased $168.7 billion, or 1.6 percent, and PCE increased $9.0 billion, or 0.1 percent, based on revised estimates. 2009 Feb. Mar. Apr. May June (Percent change from preceding month) Personal income, current dollars -0.8 -0.5 0.2 1.3 -1.3 Disposable personal income: Current dollars -0.7 -0.2 0.9 1.6 -1.3 Chained (2005) dollars -1.0 -0.1 0.8 1.5 -1.8 Personal consumption expenditures: Current dollars 0.4 -0.3 -0.1 0.1 0.4 Chained (2005) dollars 0.1 -0.2 -0.2 0.0 -0.1 This release presents revised estimates of personal income and its disposition that reflect the comprehensive revision of the national income and product accounts released on July 31. Tables containing historical data will be posted when they become available on BEA’s Web site. For more information on the revision, see the text and box on pages 5 and 6. Real disposable income decreased 1.8 percent in June, in contrast to an increase of 1.5 percent in May. Real PCE decreased 0.1 percent, in contrast to an increase of less than 0.1 percent. The June change in personal income reflects selected provisions of the American Recovery and Reinvestment Act of 2009, which boosted personal current transfer receipts in May much more than in June. Excluding these receipts, which are discussed more fully below, personal income decreased $7.8 billion, or 0.1 percent, in June, following a decrease of $2.5 billion, or less than 0.1 percent, in May. Wages and salaries Private wage and salary disbursements decreased $28.6 billion in June, compared with a decrease of $11.3 billion in May. Goods-producing industries' payrolls decreased $11.1 billion, compared with a decrease of $10.9 billion; manufacturing payrolls decreased $6.7 billion, compared with a decrease of $8.4 billion. Services-producing industries' payrolls decreased $17.5 billion, compared with a decrease of $0.4 billion. Government wage and salary disbursements increased $2.8 billion, compared with an increase of $4.3 billion. Other personal income Supplements to wages and salaries decreased $0.3 billion in June, in contrast to an increase of $1.0 billion in May. Proprietors' income decreased $1.0 billion in June, compared with a decrease of $1.9 billion in May. Farm proprietors' income decreased $0.9 billion, in contrast to an increase of $0.6 billion. Nonfarm proprietors' income decreased $0.2 billion, compared with a decrease of $2.5 billion. Rental income of persons increased $2.8 billion in June, compared with an increase of $3.2 billion in May. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $7.3 billion in June, the same decrease as in May. Personal current transfer receipts decreased $131.7 billion in June, in contrast to an increase of $166.1 billion in May. The May change had reflected one-time payments of $250 to eligible individuals receiving social security, supplemental security income, and railroad retirement benefits, which boosted personal current transfers by $157.6 billion at an annual rate in May. The June change reflected one-time payments of $250 to eligible individuals receiving veteran benefits, which boosted the level of personal current transfer receipts by $5.6 billion in June. Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $3.5 billion in June, compared with a decrease of $0.8 billion in May. Personal current taxes and disposable personal income Personal current taxes decreased $16.0 billion in June, compared with a decrease of $13.6 billion in May. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $143.8 billion, or 1.3 percent, in June, in contrast to an increase of $168.7 billion, or 1.6 percent in May. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $32.4 billion in June, in contrast to a decrease of $0.1 billion in May. PCE increased $41.4 billion, compared with an increase of $9.0 billion. Personal saving -- DPI less personal outlays -- was $504.8 billion in June, compared with $681.0 billion in May. Personal saving as a percentage of disposable personal income was 4.6 percent in June, compared with 6.2 percent in May. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and PCE price index Real DPI -- DPI adjusted to remove price changes -- decreased 1.8 percent in June, in contrast to an increase of 1.5 percent in May. Real PCE -- PCE adjusted to remove price changes –- decreased 0.1 percent in June, in contrast to an increase of less than 0.1 percent in May. Purchases of durable goods decreased 0.2 percent, in contrast to an increase of 1.2 percent. Purchases of motor vehicles and parts more than accounted for the decrease in June and accounted for most of the increase in May. Purchases of nondurable goods decreased 0.4 percent in June, compared with a decrease of 0.1 percent in May. Purchases of services decreased less than 0.1 percent, compared with a decrease of 0.1 percent. PCE price index -- The price index for PCE increased 0.5 percent in June, compared with an increase of 0.1 percent in May. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. Revision of the Personal Income and Outlays Estimates The statistics released today reflect the results of the comprehensive (or benchmark) revision of the national income and product accounts (NIPAs). Comprehensive revisions, which are carried out about every 5 years, are an important part of BEA’s regular process for improving and modernizing its accounts to keep pace with the ever-changing U.S. economy. The comprehensive revisions incorporate several improvements, including changes in definitions and classifications that update the accounts to more accurately portray the evolving U.S. economy, changes in presentation that make the NIPA tables more informative and easier to use, and statistical changes that introduce new and improved methodologies and that bring in newly available and revised source data. For this comprehensive revision, personal income, personal outlays, DPI, and personal saving are revised from 1929 through the first quarter of 2009. The most notable revisions are generally limited to the period from 1997 to the first quarter of 2009. The revisions for earlier periods tend to be small. The revisions to personal income and outlays, for 2006-2008, 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, and real PCE are shown in table 13; revised and previously published annual and quarterly estimates are shown in table 14. Personal income was revised up for 2006-2008 to mainly reflect upward revisions to rental income of persons and to nonfarm proprietors’ income. For 2006 and 2007, the upward revisions reflect upward revisions to wages and salaries. For 2007 and 2008, the upward revisions reflect upward revisions to personal interest income. The upward revisions to personal income are moderated by downward revisions to personal dividend income for 2007 and 2008. The revisions to personal current taxes were small for 2006 and 2007. The larger downward revision for 2008 results from the incorporation of new tax collections data from the Treasury Department and the Social Security Administration. The pattern of revisions to disposable personal income, which is equal to personal income less personal current taxes, is similar to that for personal income. The magnitudes differ, especially for 2008, because of the large downward revision to personal current taxes. Personal outlays was revised up for 2006-2008. This series consists of PCE, personal interest payments, and personal current transfer payments. The revisions to personal outlays primarily reflect the upward revisions to PCE. The personal saving rate was revised up for 2006-2008. Personal saving as a percent of DPI was revised up for 2006-2008. NOTE. -- BEA acknowledges the special efforts by the Bureau of Labor Statistics (BLS) with the assistance of 13 state employment offices to provide preliminary data for the first quarter of 2009 from the quarterly census of employment and wages. Wage and salary data from the state employment offices of California, Connecticut, Florida, Georgia, Illinois, Massachusetts, Missouri, North Carolina, New Jersey, New York, Ohio, Pennsylvania, and Texas were provided. These data greatly improved the estimates of wages and salaries. Comprehensive Revision of the National Income and Product Accounts The estimates released today reflect the results of the comprehensive (or benchmark) revision of the national income and product accounts (NIPAs). More information on the revision is available on the BEA’s Web site at www.bea.gov/national/an1.htm, including links to an article in the March 2009 Survey of Current Business that discussed the changes in definitions and presentation that have been implemented in the revision and to an article in the May Survey that described changes in statistical methods. The September Survey will contain an article that describes the results of the revision in detail. The Web site also contains FAQs and other information about the revision. 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 28, 2009 at 8:30 A.M. EDT for Personal Income and Outlays for July. - 3 - -more- ________________________ NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- Table 1. Personal Income and Its Disposition (Months)--Continues [Billions of dollars; months seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------- Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 ------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 10,961.6 11,031.7 11,086.7 11,161.3 11,191.1 11,259.6 11,286.5 11,338.0 11,386.2 11,435.2 Compensation of employees, received...... 7,326.0 7,385.5 7,409.6 7,432.3 7,402.3 7,425.1 7,456.9 7,475.3 7,520.1 7,569.8 Wage and salary disbursements.......... 5,935.2 5,989.9 6,011.6 6,031.2 6,002.1 6,022.5 6,051.6 6,067.3 6,107.4 6,152.3 Private industries................... 4,919.6 4,970.8 4,989.2 5,005.7 4,974.0 4,991.2 5,015.6 5,027.2 5,060.5 5,102.9 Goods-producing industries......... 1,156.7 1,177.9 1,179.9 1,175.8 1,167.4 1,167.1 1,167.7 1,169.6 1,172.1 1,183.3 Manufacturing.................... 731.9 742.3 742.1 739.9 733.5 732.7 733.7 734.0 734.5 741.7 Services-producing industries...... 3,762.9 3,792.9 3,809.2 3,829.9 3,806.6 3,824.1 3,848.0 3,857.7 3,888.4 3,919.5 Trade, transportation, and utilities....................... 974.9 984.9 987.7 993.1 985.4 989.6 996.3 996.5 1,000.5 1,007.9 Other services-producing industries...................... 2,787.9 2,808.0 2,821.5 2,836.8 2,821.2 2,834.5 2,851.6 2,861.2 2,887.9 2,911.6 Government........................... 1,015.5 1,019.1 1,022.5 1,025.5 1,028.2 1,031.3 1,036.0 1,040.1 1,046.8 1,049.4 Supplements to wages and salaries...... 1,390.8 1,395.6 1,397.9 1,401.2 1,400.1 1,402.6 1,405.2 1,408.0 1,412.7 1,417.4 Employer contributions for employee pension and insurance funds......... 949.0 950.8 952.3 954.9 956.7 958.7 960.0 962.6 965.5 967.8 Employer contributions for government social insurance.................... 441.8 444.9 445.7 446.3 443.4 443.9 445.2 445.4 447.2 449.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,123.8 1,126.0 1,131.0 1,131.6 1,134.4 1,133.6 1,129.8 1,133.0 1,130.6 1,135.7 Farm................................... 30.9 27.7 26.7 28.0 28.6 28.6 28.0 28.1 28.9 30.5 Nonfarm................................ 1,092.9 1,098.2 1,104.2 1,103.7 1,105.8 1,105.0 1,101.8 1,104.9 1,101.7 1,105.3 Rental income of persons with capital consumption adjustment.................. 165.5 160.2 158.2 157.2 154.1 148.3 143.3 139.7 138.0 135.0 Personal income receipts on assets....... 1,691.3 1,710.9 1,731.1 1,778.5 1,818.2 1,855.1 1,866.5 1,881.5 1,896.1 1,903.5 Personal interest income............... 1,063.9 1,066.7 1,071.0 1,103.6 1,129.4 1,153.3 1,152.7 1,156.6 1,161.2 1,159.5 Personal dividend income............... 627.4 644.2 660.0 674.9 688.8 701.8 713.8 724.8 734.9 744.0 Personal current transfer receipts....... 1,565.1 1,566.2 1,575.7 1,582.1 1,597.5 1,614.1 1,609.3 1,628.5 1,624.4 1,620.0 Government social benefits to persons.. 1,542.3 1,544.6 1,555.1 1,562.1 1,577.7 1,594.3 1,589.2 1,607.9 1,603.2 1,597.7 Old-age, survivors, disability, and health insurance benefits........... 908.4 917.6 926.6 931.1 939.5 954.2 940.1 954.7 957.1 956.4 Government unemployment insurance benefits............................ 30.4 29.6 28.9 30.0 29.7 28.6 30.9 30.7 29.6 30.9 Other................................ 603.5 597.5 599.6 601.0 608.5 611.6 618.2 622.4 616.4 610.5 Other current transfer receipts, from business (net)........................ 22.8 21.6 20.6 20.0 19.8 19.7 20.1 20.6 21.2 22.3 Less: Contributions for government social insurance, domestic..................... 910.2 917.1 918.9 920.4 915.2 916.5 919.4 920.0 923.0 928.7 Less: Personal current taxes............... 1,309.8 1,323.2 1,331.5 1,339.6 1,337.9 1,343.2 1,347.1 1,352.2 1,363.7 1,374.1 Equals: Disposable personal income......... 9,651.8 9,708.5 9,755.3 9,821.7 9,853.2 9,916.4 9,939.3 9,985.8 10,022.5 10,061.1 Less: Personal outlays..................... 9,457.4 9,491.6 9,531.4 9,588.6 9,618.5 9,647.4 9,730.9 9,752.4 9,781.2 9,809.8 Personal consumption expenditures........ 9,115.5 9,145.6 9,183.6 9,236.9 9,267.3 9,295.6 9,372.7 9,389.1 9,413.5 9,440.7 Goods.................................. 3,190.9 3,175.1 3,176.5 3,210.3 3,199.0 3,210.2 3,255.0 3,251.2 3,245.3 3,231.5 Durable goods........................ 1,141.3 1,124.2 1,132.0 1,132.7 1,115.7 1,126.8 1,139.6 1,120.8 1,136.7 1,137.2 Nondurable goods..................... 2,049.6 2,050.9 2,044.5 2,077.6 2,083.3 2,083.4 2,115.3 2,130.4 2,108.7 2,094.3 Services............................... 5,924.6 5,970.5 6,007.1 6,026.6 6,068.3 6,085.5 6,117.8 6,137.9 6,168.2 6,209.2 Personal interest payments\1\............ 221.0 224.7 226.1 224.2 223.4 223.6 229.1 233.8 237.7 236.4 Personal current transfer payments....... 120.9 121.4 121.7 127.5 127.8 128.2 129.1 129.6 130.0 132.6 To government.......................... 74.2 74.6 75.0 75.3 75.7 76.0 76.4 76.9 77.3 77.9 To the rest of the world (net)......... 46.8 46.8 46.8 52.2 52.2 52.2 52.7 52.7 52.7 54.8 Equals: Personal saving.................... 194.4 216.8 223.9 233.1 234.7 269.0 208.4 233.4 241.3 251.3 Personal saving as a percentage of disposable personal income.............. 2.0 2.2 2.3 2.4 2.4 2.7 2.1 2.3 2.4 2.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,237.7 9,301.8 9,332.2 9,361.7 9,352.1 9,384.5 9,384.8 9,380.0 9,449.2 9,522.4 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,488.7 9,540.7 9,571.9 9,598.8 9,605.1 9,648.0 9,639.1 9,646.9 9,701.6 9,761.0 Per capita: Current dollars...................... 32,439 32,607 32,741 32,940 33,021 33,205 33,253 33,378 33,469 33,568 Chained (2005) dollars............... 31,891 32,043 32,126 32,193 32,190 32,307 32,249 32,245 32,397 32,567 Population (midperiod, thousands)\3\..... 297,537 297,741 297,951 298,167 298,392 298,639 298,897 299,173 299,455 299,720 ------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 1. Personal Income and Its Disposition (Months)--Continues [Billions of dollars; months seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------- Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 ---------------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,488.7 11,590.3 11,628.5 11,709.4 11,782.7 11,790.0 11,821.3 11,858.9 11,891.3 11,937.3 12,008.4 Compensation of employees, received...... 7,617.5 7,688.7 7,745.1 7,782.0 7,819.4 7,808.8 7,813.4 7,836.8 7,843.0 7,855.5 7,910.3 Wage and salary disbursements.......... 6,195.4 6,260.2 6,310.6 6,343.3 6,376.8 6,364.4 6,366.3 6,385.8 6,389.3 6,399.4 6,448.9 Private industries................... 5,143.0 5,205.2 5,240.9 5,270.0 5,300.0 5,283.9 5,282.4 5,297.7 5,301.2 5,306.2 5,350.7 Goods-producing industries......... 1,189.5 1,204.5 1,205.8 1,203.0 1,210.0 1,210.0 1,208.5 1,212.6 1,208.6 1,206.0 1,214.3 Manufacturing.................... 743.3 754.5 753.2 753.2 755.3 754.2 751.0 753.3 749.9 747.9 751.8 Services-producing industries...... 3,953.5 4,000.7 4,035.1 4,067.1 4,090.0 4,073.9 4,073.9 4,085.1 4,092.6 4,100.2 4,136.5 Trade, transportation, and utilities....................... 1,013.2 1,021.7 1,025.9 1,032.0 1,040.7 1,042.6 1,045.5 1,049.7 1,041.9 1,039.7 1,047.0 Other services-producing industries...................... 2,940.3 2,979.0 3,009.2 3,035.1 3,049.3 3,031.3 3,028.4 3,035.4 3,050.6 3,060.4 3,089.5 Government........................... 1,052.4 1,055.0 1,069.7 1,073.3 1,076.7 1,080.5 1,083.9 1,088.1 1,088.2 1,093.2 1,098.1 Supplements to wages and salaries...... 1,422.1 1,428.4 1,434.5 1,438.7 1,442.7 1,444.4 1,447.1 1,451.1 1,453.6 1,456.1 1,461.4 Employer contributions for employee pension and insurance funds......... 970.4 973.0 977.8 980.6 983.2 986.2 989.4 992.5 994.8 997.1 998.8 Employer contributions for government social insurance.................... 451.7 455.4 456.7 458.1 459.5 458.3 457.7 458.5 458.8 459.1 462.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,139.1 1,146.8 1,089.7 1,095.2 1,097.6 1,095.8 1,097.3 1,094.9 1,095.0 1,093.6 1,090.9 Farm................................... 32.1 33.9 36.0 37.1 37.1 36.1 35.5 35.4 35.6 37.1 39.7 Nonfarm................................ 1,107.0 1,112.9 1,053.7 1,058.1 1,060.6 1,059.7 1,061.8 1,059.5 1,059.4 1,056.5 1,051.2 Rental income of persons with capital consumption adjustment.................. 131.9 126.8 120.0 119.1 124.1 133.9 140.9 146.0 146.1 149.3 155.1 Personal income receipts on assets....... 1,909.3 1,914.3 1,940.9 1,968.3 1,995.3 2,010.0 2,022.4 2,033.6 2,051.3 2,066.4 2,079.7 Personal interest income............... 1,157.1 1,154.9 1,175.3 1,197.9 1,221.6 1,234.4 1,246.5 1,258.7 1,278.9 1,298.0 1,316.8 Personal dividend income............... 752.2 759.4 765.6 770.4 773.7 775.6 776.0 774.9 772.4 768.3 762.9 Personal current transfer receipts....... 1,623.5 1,653.7 1,682.1 1,697.4 1,701.9 1,694.9 1,700.1 1,702.3 1,711.6 1,729.0 1,735.9 Government social benefits to persons.. 1,600.3 1,629.2 1,656.2 1,670.3 1,673.8 1,665.9 1,670.3 1,671.8 1,680.5 1,697.4 1,703.9 Old-age, survivors, disability, and health insurance benefits........... 958.2 975.5 974.3 981.6 986.9 989.0 1,000.5 1,005.1 1,002.5 1,018.2 1,017.4 Government unemployment insurance benefits............................ 29.5 30.4 32.2 32.4 29.5 32.3 31.7 29.7 33.8 30.9 33.8 Other................................ 612.5 623.4 649.6 656.3 657.4 644.6 638.1 637.0 644.3 648.3 652.7 Other current transfer receipts, from business (net)........................ 23.2 24.5 25.9 27.1 28.2 29.0 29.8 30.5 31.1 31.6 32.0 Less: Contributions for government social insurance, domestic..................... 932.6 940.0 949.3 952.6 955.7 953.5 952.8 954.7 955.6 956.5 963.6 Less: Personal current taxes............... 1,391.3 1,415.2 1,443.0 1,460.6 1,474.8 1,476.0 1,480.7 1,488.6 1,494.4 1,498.8 1,508.7 Equals: Disposable personal income......... 10,097.4 10,175.2 10,185.5 10,248.8 10,308.0 10,314.0 10,340.6 10,370.4 10,396.8 10,438.5 10,499.7 Less: Personal outlays..................... 9,831.9 9,927.5 9,995.6 10,034.5 10,084.9 10,123.4 10,164.2 10,187.1 10,224.5 10,276.7 10,325.5 Personal consumption expenditures........ 9,460.5 9,551.0 9,613.9 9,653.6 9,707.8 9,737.0 9,768.6 9,782.0 9,816.7 9,866.7 9,913.3 Goods.................................. 3,228.4 3,287.3 3,291.7 3,292.2 3,334.9 3,324.2 3,354.4 3,336.0 3,351.7 3,354.0 3,394.0 Durable goods........................ 1,138.8 1,150.5 1,153.4 1,148.5 1,157.1 1,151.1 1,164.4 1,149.3 1,148.8 1,162.8 1,172.7 Nondurable goods..................... 2,089.6 2,136.8 2,138.4 2,143.8 2,177.8 2,173.1 2,190.0 2,186.8 2,202.9 2,191.2 2,221.4 Services............................... 6,232.1 6,263.7 6,322.1 6,361.4 6,372.9 6,412.8 6,414.2 6,446.0 6,465.0 6,512.7 6,519.2 Personal interest payments\1\............ 238.2 242.9 244.4 243.1 238.8 247.4 256.2 265.1 266.6 268.2 270.0 Personal current transfer payments....... 133.2 133.7 137.3 137.8 138.3 138.9 139.4 139.9 141.2 141.8 142.3 To government.......................... 78.4 78.9 79.5 80.0 80.5 81.0 81.5 82.0 82.5 83.1 83.6 To the rest of the world (net)......... 54.8 54.8 57.8 57.8 57.8 57.9 57.9 57.9 58.7 58.7 58.7 Equals: Personal saving.................... 265.5 247.6 189.9 214.3 223.1 190.7 176.4 183.3 172.3 161.8 174.2 Personal saving as a percentage of disposable personal income.............. 2.6 2.4 1.9 2.1 2.2 1.8 1.7 1.8 1.7 1.6 1.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,558.7 9,591.3 9,574.6 9,605.8 9,635.5 9,629.9 9,629.8 9,647.7 9,654.0 9,668.3 9,691.1 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,783.7 9,821.6 9,804.7 9,833.0 9,852.6 9,838.8 9,838.5 9,850.8 9,859.9 9,886.3 9,905.4 Per capita: Current dollars...................... 33,661 33,894 33,903 34,090 34,261 34,256 34,317 34,387 34,445 34,552 34,724 Chained (2005) dollars............... 32,616 32,716 32,636 32,707 32,748 32,677 32,651 32,664 32,666 32,725 32,758 Population (midperiod, thousands)\3\..... 299,969 300,205 300,428 300,642 300,863 301,089 301,325 301,582 301,841 302,105 302,377 ---------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 1. Personal Income and Its Disposition (Months)--Continues [Billions of dollars; months seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------- Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 ---------------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,053.2 12,105.2 12,142.5 12,140.2 12,134.4 12,152.0 12,162.6 12,361.9 12,354.2 12,254.8 12,298.4 Compensation of employees, received...... 7,938.3 7,989.6 8,010.2 8,012.3 8,013.4 8,026.9 8,021.2 8,035.5 8,041.6 8,057.0 8,082.4 Wage and salary disbursements.......... 6,472.3 6,517.0 6,532.5 6,529.4 6,528.4 6,541.2 6,531.1 6,541.9 6,544.7 6,557.8 6,580.0 Private industries................... 5,370.4 5,411.4 5,422.6 5,408.0 5,402.8 5,412.2 5,399.0 5,405.8 5,403.6 5,412.6 5,431.1 Goods-producing industries......... 1,218.0 1,231.4 1,226.6 1,218.5 1,213.9 1,218.9 1,211.4 1,210.7 1,209.7 1,208.4 1,208.9 Manufacturing.................... 753.4 761.8 757.5 751.9 748.1 750.3 745.9 745.2 744.9 744.1 741.0 Services-producing industries...... 4,152.4 4,180.0 4,195.9 4,189.5 4,188.9 4,193.3 4,187.6 4,195.1 4,193.9 4,204.2 4,222.2 Trade, transportation, and utilities....................... 1,051.9 1,057.1 1,061.8 1,058.3 1,054.0 1,053.7 1,051.5 1,049.9 1,050.6 1,048.2 1,049.9 Other services-producing industries...................... 3,100.5 3,122.9 3,134.2 3,131.3 3,134.9 3,139.6 3,136.1 3,145.2 3,143.3 3,156.0 3,172.3 Government........................... 1,101.9 1,105.7 1,109.9 1,121.4 1,125.5 1,128.9 1,132.1 1,136.1 1,141.1 1,145.2 1,148.9 Supplements to wages and salaries...... 1,466.0 1,472.5 1,477.7 1,482.9 1,485.0 1,485.7 1,490.1 1,493.6 1,496.9 1,499.2 1,502.3 Employer contributions for employee pension and insurance funds......... 1,001.7 1,005.1 1,008.8 1,013.0 1,014.8 1,014.2 1,019.1 1,021.6 1,024.4 1,025.7 1,026.8 Employer contributions for government social insurance.................... 464.3 467.5 469.0 469.9 470.2 471.5 471.0 471.9 472.6 473.5 475.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,097.5 1,104.1 1,104.6 1,117.5 1,113.5 1,114.6 1,110.3 1,111.3 1,114.1 1,118.7 1,115.3 Farm................................... 43.7 47.8 52.2 56.9 58.3 56.5 51.3 48.5 48.3 50.4 50.1 Nonfarm................................ 1,053.8 1,056.3 1,052.4 1,060.5 1,055.1 1,058.2 1,059.0 1,062.8 1,065.8 1,068.3 1,065.1 Rental income of persons with capital consumption adjustment.................. 162.8 168.7 172.6 174.6 178.9 186.1 195.0 203.0 210.5 216.4 222.2 Personal income receipts on assets....... 2,078.6 2,071.1 2,059.7 2,035.6 2,019.8 2,006.9 2,003.9 1,997.3 1,990.7 1,996.3 2,001.5 Personal interest income............... 1,322.7 1,323.6 1,322.1 1,309.4 1,304.0 1,300.5 1,306.0 1,306.9 1,307.0 1,318.2 1,328.1 Personal dividend income............... 755.9 747.5 737.6 726.3 715.9 706.4 697.9 690.4 683.7 678.1 673.3 Personal current transfer receipts....... 1,743.2 1,745.5 1,772.3 1,783.9 1,793.5 1,804.9 1,819.3 2,004.1 1,987.7 1,859.1 1,873.7 Government social benefits to persons.. 1,710.9 1,713.1 1,739.8 1,751.3 1,760.9 1,772.3 1,786.7 1,971.5 1,955.1 1,826.5 1,841.1 Old-age, survivors, disability, and health insurance benefits........... 1,016.9 1,016.7 1,035.8 1,041.6 1,047.1 1,058.7 1,056.3 1,066.4 1,070.8 1,081.3 1,078.9 Government unemployment insurance benefits............................ 33.1 32.9 35.8 34.2 34.8 38.1 37.4 36.9 41.7 44.1 60.4 Other................................ 660.9 663.5 668.1 675.5 679.1 675.5 693.1 868.2 842.6 701.1 701.8 Other current transfer receipts, from business (net)........................ 32.3 32.5 32.5 32.5 32.6 32.6 32.6 32.6 32.6 32.6 32.6 Less: Contributions for government social insurance, domestic..................... 967.2 973.7 976.8 983.8 984.7 987.5 987.0 989.2 990.4 992.7 996.6 Less: Personal current taxes............... 1,512.2 1,522.6 1,530.7 1,527.2 1,532.0 1,536.0 1,518.0 1,125.6 1,335.1 1,347.9 1,489.4 Equals: Disposable personal income......... 10,541.0 10,582.6 10,611.8 10,612.9 10,602.4 10,616.0 10,644.6 11,236.3 11,019.0 10,907.0 10,809.0 Less: Personal outlays..................... 10,364.7 10,448.5 10,461.7 10,472.9 10,465.2 10,514.2 10,555.7 10,582.3 10,638.6 10,625.6 10,624.6 Personal consumption expenditures........ 9,954.0 10,042.3 10,061.4 10,079.6 10,077.4 10,128.2 10,160.2 10,183.7 10,240.2 10,231.4 10,232.1 Goods.................................. 3,412.2 3,470.4 3,464.2 3,451.9 3,426.2 3,463.6 3,460.2 3,467.8 3,496.7 3,473.7 3,487.5 Durable goods........................ 1,178.9 1,178.5 1,160.8 1,155.0 1,145.8 1,136.4 1,133.0 1,129.3 1,117.3 1,089.9 1,105.2 Nondurable goods..................... 2,233.3 2,291.8 2,303.4 2,296.9 2,280.3 2,327.1 2,327.1 2,338.6 2,379.4 2,383.8 2,382.3 Services............................... 6,541.8 6,571.9 6,597.1 6,627.8 6,651.2 6,664.7 6,700.1 6,715.9 6,743.6 6,757.7 6,744.5 Personal interest payments\1\............ 266.2 261.1 254.8 244.6 238.6 236.3 242.3 245.1 244.4 239.3 237.3 Personal current transfer payments....... 144.5 145.1 145.6 148.7 149.2 149.7 153.2 153.6 154.0 154.9 155.2 To government.......................... 84.1 84.6 85.1 85.6 86.1 86.5 87.0 87.4 87.8 88.2 88.5 To the rest of the world (net)......... 60.4 60.4 60.4 63.1 63.1 63.1 66.2 66.2 66.2 66.7 66.7 Equals: Personal saving.................... 176.3 134.1 150.0 140.0 137.2 101.8 88.9 654.0 380.4 281.4 184.4 Personal saving as a percentage of disposable personal income.............. 1.7 1.3 1.4 1.3 1.3 1.0 .8 5.8 3.5 2.6 1.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,687.7 9,669.4 9,651.9 9,614.1 9,581.6 9,556.2 9,531.7 9,509.5 9,455.4 9,433.1 9,455.9 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,904.7 9,877.4 9,876.6 9,852.4 9,823.8 9,804.5 9,809.3 10,316.1 10,050.7 9,897.0 9,804.5 Per capita: Current dollars...................... 34,831 34,941 35,012 34,991 34,934 34,956 35,026 36,947 36,204 35,807 35,454 Chained (2005) dollars............... 32,729 32,613 32,586 32,484 32,369 32,284 32,278 33,921 33,022 32,491 32,160 Population (midperiod, thousands)\3\..... 302,632 302,869 303,094 303,302 303,496 303,698 303,904 304,121 304,360 304,608 304,870 ---------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 1. Personal Income and Its Disposition (Months)--Table Ends [Billions of dollars; months seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------- Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09\p\ ------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,306.6 12,268.2 12,235.6 12,196.6 12,068.0 11,966.2 11,911.2 11,939.6 12,094.7 11,934.9 Compensation of employees, received...... 8,067.8 8,071.6 8,058.2 8,021.2 7,897.1 7,831.7 7,788.5 7,769.1 7,763.1 7,737.1 Wage and salary disbursements.......... 6,565.1 6,566.3 6,550.2 6,514.0 6,394.0 6,332.0 6,290.7 6,271.3 6,264.4 6,238.6 Private industries................... 5,413.8 5,412.9 5,395.1 5,358.0 5,225.0 5,160.5 5,115.9 5,090.7 5,079.4 5,050.8 Goods-producing industries......... 1,201.2 1,202.7 1,197.4 1,176.4 1,138.9 1,120.2 1,106.1 1,093.8 1,082.9 1,071.8 Manufacturing.................... 735.9 738.8 736.1 721.7 694.3 685.9 678.4 673.3 664.9 658.2 Services-producing industries...... 4,212.6 4,210.2 4,197.7 4,181.6 4,086.1 4,040.3 4,009.9 3,996.9 3,996.5 3,979.0 Trade, transportation, and utilities....................... 1,045.5 1,043.9 1,040.8 1,033.4 1,013.8 1,005.3 995.3 992.7 993.8 986.0 Other services-producing industries...................... 3,167.1 3,166.3 3,156.9 3,148.2 3,072.3 3,035.0 3,014.6 3,004.1 3,002.7 2,993.1 Government........................... 1,151.3 1,153.4 1,155.1 1,156.0 1,169.0 1,171.5 1,174.8 1,180.6 1,184.9 1,187.7 Supplements to wages and salaries...... 1,502.7 1,505.3 1,507.9 1,507.2 1,503.1 1,499.7 1,497.8 1,497.8 1,498.8 1,498.5 Employer contributions for employee pension and insurance funds......... 1,027.7 1,030.6 1,033.8 1,035.2 1,036.7 1,037.8 1,038.9 1,040.3 1,041.7 1,043.3 Employer contributions for government social insurance.................... 475.0 474.7 474.2 472.0 466.5 461.9 459.0 457.5 457.1 455.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,109.4 1,098.6 1,082.3 1,069.9 1,050.2 1,036.2 1,027.1 1,025.0 1,023.1 1,022.1 Farm................................... 47.3 42.0 38.5 36.7 31.0 26.1 25.0 27.1 27.7 26.8 Nonfarm................................ 1,062.1 1,056.6 1,043.8 1,033.2 1,019.2 1,010.1 1,002.1 997.9 995.4 995.2 Rental income of persons with capital consumption adjustment.................. 228.1 234.2 237.0 238.9 242.2 245.9 249.7 252.2 255.4 258.2 Personal income receipts on assets....... 2,006.5 1,975.0 1,956.5 1,942.8 1,894.0 1,845.5 1,797.1 1,789.8 1,782.5 1,775.2 Personal interest income............... 1,337.0 1,308.3 1,291.6 1,278.9 1,261.0 1,243.4 1,225.8 1,236.7 1,247.5 1,258.4 Personal dividend income............... 669.6 666.7 664.8 663.9 633.0 602.1 571.2 553.1 534.9 516.8 Personal current transfer receipts....... 1,890.2 1,884.4 1,895.8 1,913.8 1,966.0 1,979.7 2,016.2 2,068.4 2,234.5 2,102.8 Government social benefits to persons.. 1,857.5 1,851.7 1,863.1 1,881.0 1,933.5 1,947.2 1,983.6 2,035.8 2,201.9 2,070.1 Old-age, survivors, disability, and health insurance benefits........... 1,081.4 1,082.1 1,088.7 1,090.2 1,120.4 1,129.1 1,136.0 1,148.4 1,145.7 1,159.2 Government unemployment insurance benefits............................ 68.7 58.9 68.0 83.9 87.8 92.4 108.3 113.8 120.9 129.9 Other................................ 707.5 710.7 706.4 706.9 725.3 725.7 739.3 773.5 935.2 781.0 Other current transfer receipts, from business (net)........................ 32.7 32.7 32.7 32.8 32.5 32.5 32.6 32.6 32.7 32.7 Less: Contributions for government social insurance, domestic..................... 995.4 995.6 994.3 990.0 981.4 972.9 967.4 964.7 963.9 960.4 Less: Personal current taxes............... 1,474.7 1,455.0 1,431.6 1,416.3 1,221.4 1,194.8 1,161.7 1,093.9 1,080.3 1,064.3 Equals: Disposable personal income......... 10,831.9 10,813.2 10,803.9 10,780.2 10,846.7 10,771.4 10,749.5 10,845.7 11,014.4 10,870.6 Less: Personal outlays..................... 10,590.5 10,504.7 10,394.5 10,270.6 10,347.8 10,386.0 10,353.1 10,333.5 10,333.4 10,365.8 Personal consumption expenditures........ 10,196.7 10,118.7 10,013.7 9,897.0 9,972.7 10,011.3 9,978.9 9,969.2 9,978.2 10,019.6 Goods.................................. 3,427.7 3,338.7 3,229.8 3,114.1 3,183.0 3,219.7 3,190.3 3,166.4 3,178.4 3,212.5 Durable goods........................ 1,070.2 1,029.2 1,024.9 1,005.5 1,031.2 1,030.2 1,014.3 1,000.9 1,011.6 1,009.8 Nondurable goods..................... 2,357.5 2,309.4 2,204.9 2,108.6 2,151.8 2,189.5 2,176.0 2,165.5 2,166.8 2,202.7 Services............................... 6,769.0 6,780.1 6,783.9 6,782.9 6,789.7 6,791.6 6,788.6 6,802.8 6,799.8 6,807.1 Personal interest payments\1\............ 238.2 234.9 229.4 221.9 221.2 220.4 219.7 210.3 201.0 191.6 Personal current transfer payments....... 155.6 151.0 151.3 151.6 153.9 154.2 154.6 153.9 154.3 154.6 To government.......................... 88.9 89.2 89.5 89.8 90.1 90.4 90.7 91.0 91.4 91.7 To the rest of the world (net)......... 66.7 61.8 61.8 61.8 63.8 63.8 63.8 62.9 62.9 62.9 Equals: Personal saving.................... 241.4 308.5 409.5 509.7 498.8 385.4 396.4 512.3 681.0 504.8 Personal saving as a percentage of disposable personal income.............. 2.2 2.9 3.8 4.7 4.6 3.6 3.7 4.7 6.2 4.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,437.0 9,451.6 9,518.6 9,514.1 9,330.0 9,196.1 9,120.7 9,092.1 9,076.8 9,001.9 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,813.4 9,842.5 9,945.9 9,974.3 10,017.7 9,918.8 9,908.4 9,989.6 10,139.4 9,952.7 Per capita: Current dollars...................... 35,498 35,408 35,350 35,247 35,441 35,173 35,078 35,369 35,893 35,397 Chained (2005) dollars............... 32,161 32,229 32,543 32,612 32,732 32,389 32,334 32,577 33,042 32,408 Population (midperiod, thousands)\3\..... 305,138 305,390 305,624 305,845 306,049 306,243 306,443 306,648 306,865 307,104 ------------------------------------------------------------------------------------------------------------------------------------- p Preliminary 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters)--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 I 06 II 06 III 06 IV 06 I 07 II 07 ---------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,268.1 11,894.1 12,238.8 11,026.7 11,204.0 11,336.9 11,504.8 11,706.9 11,823.4 Compensation of employees, received...... 7,475.7 7,862.7 8,042.4 7,373.7 7,419.9 7,484.1 7,625.3 7,782.2 7,819.7 Wage and salary disbursements.......... 6,068.9 6,408.9 6,545.9 5,978.9 6,018.6 6,075.4 6,202.6 6,343.6 6,372.2 Private industries................... 5,033.7 5,319.8 5,404.6 4,959.9 4,990.3 5,034.5 5,150.4 5,270.3 5,288.0 Goods-producing industries......... 1,176.0 1,212.9 1,206.5 1,171.5 1,170.1 1,169.8 1,192.5 1,206.3 1,210.4 Manufacturing.................... 738.7 753.5 742.0 738.8 735.4 734.1 746.5 753.9 752.8 Services-producing industries...... 3,857.8 4,106.9 4,198.1 3,788.3 3,820.2 3,864.7 3,957.9 4,064.1 4,077.7 Trade, transportation, and utilities....................... 996.0 1,044.7 1,048.3 982.5 989.4 997.8 1,014.3 1,032.9 1,046.0 Other services-producing industries...................... 2,861.8 3,062.2 3,149.8 2,805.8 2,830.8 2,866.9 2,943.6 3,031.2 3,031.7 Government........................... 1,035.2 1,089.1 1,141.3 1,019.0 1,028.3 1,041.0 1,052.3 1,073.2 1,084.2 Supplements to wages and salaries...... 1,406.9 1,453.8 1,496.6 1,394.8 1,401.3 1,408.7 1,422.6 1,438.6 1,447.5 Employer contributions for employee pension and insurance funds......... 960.1 993.0 1,023.9 950.7 956.8 962.7 970.4 980.5 989.4 Employer contributions for government social insurance.................... 446.7 460.8 472.7 444.1 444.5 445.9 452.2 458.1 458.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,133.0 1,096.4 1,106.3 1,126.9 1,133.2 1,131.2 1,140.6 1,094.2 1,096.0 Farm................................... 29.3 39.4 48.7 28.4 28.4 28.4 32.2 36.7 35.7 Nonfarm................................ 1,103.6 1,056.9 1,057.5 1,098.5 1,104.8 1,102.8 1,108.4 1,057.5 1,060.3 Rental income of persons with capital consumption adjustment.................. 146.5 144.9 210.4 161.3 153.2 140.3 131.2 121.1 140.3 Personal income receipts on assets....... 1,829.7 2,031.5 1,994.4 1,711.1 1,817.2 1,881.3 1,909.0 1,968.2 2,022.0 Personal interest income............... 1,127.5 1,266.4 1,308.0 1,067.2 1,128.7 1,156.8 1,157.2 1,198.3 1,246.5 Personal dividend income............... 702.2 765.1 686.4 643.9 688.5 724.5 751.9 769.9 775.5 Personal current transfer receipts....... 1,605.0 1,718.0 1,875.9 1,569.0 1,597.9 1,620.7 1,632.4 1,693.8 1,699.1 Government social benefits to persons.. 1,583.6 1,687.8 1,843.2 1,547.3 1,578.0 1,600.1 1,609.1 1,666.7 1,669.3 Old-age, survivors, disability, and health insurance benefits........... 943.3 1,003.7 1,070.3 917.5 941.6 950.7 963.4 981.0 998.2 Government unemployment insurance benefits............................ 29.9 32.3 50.6 29.6 29.4 30.4 30.3 31.4 31.2 Other................................ 610.4 651.7 722.4 600.2 607.0 619.0 615.5 654.4 639.9 Other current transfer receipts, from business (net)........................ 21.4 30.2 32.6 21.7 19.8 20.6 23.3 27.1 29.8 Less: Contributions for government social insurance, domestic..................... 921.8 959.3 990.6 915.4 917.4 920.8 933.8 952.5 953.7 Less: Personal current taxes............... 1,352.4 1,490.9 1,432.4 1,321.5 1,340.2 1,354.3 1,393.5 1,459.5 1,481.8 Equals: Disposable personal income......... 9,915.7 10,403.1 10,806.4 9,705.2 9,863.8 9,982.5 10,111.2 10,247.4 10,341.7 Less: Personal outlays..................... 9,680.7 10,224.3 10,520.0 9,493.5 9,618.2 9,754.9 9,856.4 10,038.3 10,158.2 Personal consumption expenditures........ 9,322.7 9,826.4 10,129.9 9,148.2 9,266.6 9,391.8 9,484.1 9,658.5 9,762.5 Goods.................................. 3,221.7 3,365.0 3,403.2 3,180.8 3,206.5 3,250.5 3,249.1 3,306.3 3,338.2 Durable goods........................ 1,133.0 1,160.5 1,095.2 1,132.5 1,125.1 1,132.4 1,142.2 1,153.0 1,154.9 Nondurable goods..................... 2,088.7 2,204.5 2,308.0 2,048.3 2,081.4 2,118.1 2,106.9 2,153.3 2,183.3 Services............................... 6,100.9 6,461.4 6,726.8 5,967.4 6,060.1 6,141.3 6,235.0 6,352.2 6,424.3 Personal interest payments\1\............ 230.1 256.8 237.7 223.9 223.7 233.5 239.2 242.1 256.2 Personal current transfer payments....... 128.0 141.0 152.3 121.4 127.8 129.6 133.2 137.8 139.4 To government.......................... 76.4 82.3 87.9 74.6 75.7 76.9 78.4 80.0 81.5 To the rest of the world (net)......... 51.6 58.7 64.5 46.8 52.2 52.7 54.8 57.8 57.9 Equals: Personal saving.................... 235.0 178.9 286.4 211.7 245.6 227.7 254.8 209.1 183.5 Personal saving as a percentage of disposable personal income.............. 2.4 1.7 2.7 2.2 2.5 2.3 2.5 2.0 1.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,404.8 9,645.4 9,504.6 9,290.6 9,366.1 9,404.7 9,557.5 9,605.4 9,635.9 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,650.7 9,860.6 9,911.3 9,533.8 9,617.3 9,662.5 9,788.8 9,830.2 9,842.7 Per capita: Current dollars...................... 33,183 34,478 35,486 32,596 33,056 33,367 33,708 34,085 34,320 Chained (2005) dollars............... 32,296 32,679 32,546 32,020 32,230 32,297 32,633 32,697 32,664 Population (midperiod, thousands)\3\..... 298,820 301,737 304,529 297,743 298,399 299,175 299,965 300,644 301,332 ---------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters)--Table Ends [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 ------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,945.6 12,100.3 12,142.2 12,292.9 12,286.6 12,233.5 11,981.8 11,989.8 Compensation of employees, received...... 7,869.6 7,979.3 8,017.5 8,032.8 8,069.1 8,050.3 7,839.1 7,756.4 Wage and salary disbursements.......... 6,412.5 6,507.3 6,533.0 6,539.2 6,567.7 6,543.5 6,338.9 6,258.1 Private industries................... 5,319.4 5,401.4 5,407.7 5,402.8 5,419.2 5,388.6 5,167.1 5,073.7 Goods-producing industries......... 1,209.6 1,225.3 1,217.1 1,210.6 1,206.2 1,192.2 1,121.7 1,082.9 Manufacturing.................... 749.9 757.6 750.1 745.3 740.3 732.2 686.2 665.5 Services-producing industries...... 4,109.8 4,176.1 4,190.6 4,192.2 4,213.0 4,196.5 4,045.4 3,990.8 Trade, transportation, and utilities....................... 1,042.9 1,056.9 1,055.3 1,050.7 1,047.8 1,039.4 1,004.8 990.8 Other services-producing industries...................... 3,066.8 3,119.2 3,135.3 3,141.5 3,165.2 3,157.1 3,040.6 3,000.0 Government........................... 1,093.2 1,105.8 1,125.3 1,136.4 1,148.5 1,154.9 1,171.8 1,184.4 Supplements to wages and salaries...... 1,457.1 1,472.1 1,484.5 1,493.5 1,501.4 1,506.8 1,500.2 1,498.4 Employer contributions for employee pension and insurance funds......... 996.9 1,005.2 1,014.0 1,021.7 1,026.7 1,033.2 1,037.8 1,041.7 Employer contributions for government social insurance.................... 460.2 466.9 470.5 471.8 474.7 473.6 462.4 456.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,093.2 1,102.1 1,115.2 1,111.9 1,114.4 1,083.6 1,037.8 1,023.4 Farm................................... 37.5 47.9 57.2 49.4 49.3 39.0 27.3 27.2 Nonfarm................................ 1,055.7 1,054.2 1,057.9 1,062.5 1,065.1 1,044.5 1,010.5 996.2 Rental income of persons with capital consumption adjustment.................. 150.2 168.0 179.9 202.8 222.2 236.7 245.9 255.2 Personal income receipts on assets....... 2,065.8 2,069.8 2,020.8 1,997.3 2,001.4 1,958.1 1,845.5 1,782.5 Personal interest income............... 1,297.9 1,322.8 1,304.6 1,306.6 1,327.8 1,292.9 1,243.4 1,247.5 Personal dividend income............... 767.9 747.0 716.2 690.7 673.7 665.2 602.1 534.9 Personal current transfer receipts....... 1,725.5 1,753.7 1,794.1 1,937.0 1,874.3 1,898.0 1,987.3 2,135.2 Government social benefits to persons.. 1,693.9 1,721.2 1,761.5 1,904.4 1,841.7 1,865.3 1,954.7 2,102.6 Old-age, survivors, disability, and health insurance benefits........... 1,012.7 1,023.1 1,049.1 1,064.5 1,080.5 1,087.0 1,128.5 1,151.1 Government unemployment insurance benefits............................ 32.8 33.9 35.7 38.7 57.7 70.3 96.2 121.6 Other................................ 648.4 664.2 676.7 801.3 703.5 708.0 730.1 829.9 Other current transfer receipts, from business (net)........................ 31.6 32.4 32.6 32.6 32.6 32.7 32.5 32.7 Less: Contributions for government social insurance, domestic..................... 958.6 972.6 985.3 988.9 994.9 993.3 973.9 963.0 Less: Personal current taxes............... 1,500.7 1,521.9 1,531.8 1,326.2 1,437.3 1,434.3 1,192.6 1,079.5 Equals: Disposable personal income......... 10,445.0 10,578.4 10,610.4 10,966.7 10,849.3 10,799.1 10,789.2 10,910.3 Less: Personal outlays..................... 10,275.6 10,425.0 10,484.1 10,592.2 10,613.6 10,389.9 10,362.3 10,344.2 Personal consumption expenditures........ 9,865.6 10,019.2 10,095.1 10,194.7 10,220.1 10,009.8 9,987.7 9,989.0 Goods.................................. 3,366.6 3,448.9 3,447.2 3,474.9 3,463.0 3,227.5 3,197.7 3,185.8 Durable goods........................ 1,161.4 1,172.7 1,145.8 1,126.5 1,088.5 1,019.9 1,025.2 1,007.4 Nondurable goods..................... 2,205.2 2,276.2 2,301.4 2,348.4 2,374.5 2,207.6 2,172.4 2,178.3 Services............................... 6,499.0 6,570.3 6,647.9 6,719.8 6,757.1 6,782.3 6,790.0 6,803.2 Personal interest payments\1\............ 268.2 260.7 239.8 243.9 238.3 228.8 220.4 201.0 Personal current transfer payments....... 141.8 145.0 149.2 153.6 155.2 151.3 154.2 154.3 To government.......................... 83.1 84.6 86.1 87.4 88.5 89.5 90.4 91.4 To the rest of the world (net)......... 58.7 60.4 63.1 66.2 66.7 61.8 63.8 62.9 Equals: Personal saving.................... 169.4 153.5 126.3 374.4 235.7 409.2 426.9 566.0 Personal saving as a percentage of disposable personal income.............. 1.6 1.5 1.2 3.4 2.2 3.8 4.0 5.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,671.1 9,669.6 9,583.9 9,498.8 9,442.0 9,494.4 9,215.5 9,056.9 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,883.9 9,886.2 9,826.8 10,059.0 9,838.3 9,920.4 9,948.3 10,027.2 Per capita: Current dollars...................... 34,574 34,928 34,960 36,059 35,586 35,335 35,231 35,553 Chained (2005) dollars............... 32,716 32,642 32,379 33,075 32,270 32,460 32,485 32,675 Population (midperiod, thousands)\3\..... 302,108 302,865 303,498 304,128 304,872 305,620 306,245 306,872 ------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)--Continues [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 166.6 70.1 55.0 74.6 29.8 68.5 26.9 51.5 48.2 49.0 53.5 101.6 38.2 80.9 Compensation of employees, received...... 120.1 59.5 24.1 22.7 -30.0 22.8 31.8 18.4 44.8 49.7 47.7 71.2 56.4 36.9 Wage and salary disbursements.......... 108.1 54.7 21.7 19.6 -29.1 20.4 29.1 15.7 40.1 44.9 43.1 64.8 50.4 32.7 Private industries................... 97.4 51.2 18.4 16.5 -31.7 17.2 24.4 11.6 33.3 42.4 40.1 62.2 35.7 29.1 Goods-producing industries......... 39.6 21.2 2.0 -4.1 -8.4 -.3 .6 1.9 2.5 11.2 6.2 15.0 1.3 -2.8 Manufacturing.................... 21.1 10.4 -.2 -2.2 -6.4 -.8 1.0 .3 .5 7.2 1.6 11.2 -1.3 .0 Services-producing industries...... 57.8 30.0 16.3 20.7 -23.3 17.5 23.9 9.7 30.7 31.1 34.0 47.2 34.4 32.0 Trade, transportation, and utilities....................... 13.4 10.0 2.8 5.4 -7.7 4.2 6.7 .2 4.0 7.4 5.3 8.5 4.2 6.1 Other services-producing industries...................... 44.3 20.1 13.5 15.3 -15.6 13.3 17.1 9.6 26.7 23.7 28.7 38.7 30.2 25.9 Government........................... 10.6 3.6 3.4 3.0 2.7 3.1 4.7 4.1 6.7 2.6 3.0 2.6 14.7 3.6 Supplements to wages and salaries...... 12.0 4.8 2.3 3.3 -1.1 2.5 2.6 2.8 4.7 4.7 4.7 6.3 6.1 4.2 Employer contributions for employee pension and insurance funds......... 3.6 1.8 1.5 2.6 1.8 2.0 1.3 2.6 2.9 2.3 2.6 2.6 4.8 2.8 Employer contributions for government social insurance.................... 8.4 3.1 .8 .6 -2.9 .5 1.3 .2 1.8 2.4 2.1 3.7 1.3 1.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 23.8 2.2 5.0 .6 2.8 -.8 -3.8 3.2 -2.4 5.1 3.4 7.7 -57.1 5.5 Farm................................... -5.2 -3.2 -1.0 1.3 .6 .0 -.6 .1 .8 1.6 1.6 1.8 2.1 1.1 Nonfarm................................ 29.0 5.3 6.0 -.5 2.1 -.8 -3.2 3.1 -3.2 3.6 1.7 5.9 -59.2 4.4 Rental income of persons with capital consumption adjustment.................. -6.8 -5.3 -2.0 -1.0 -3.1 -5.8 -5.0 -3.6 -1.7 -3.0 -3.1 -5.1 -6.8 -.9 Personal income receipts on assets....... 17.0 19.6 20.2 47.4 39.7 36.9 11.4 15.0 14.6 7.4 5.8 5.0 26.6 27.4 Personal interest income............... -.8 2.8 4.3 32.6 25.8 23.9 -.6 3.9 4.6 -1.7 -2.4 -2.2 20.4 22.6 Personal dividend income............... 17.7 16.8 15.8 14.9 13.9 13.0 12.0 11.0 10.1 9.1 8.2 7.2 6.2 4.8 Personal current transfer receipts....... 35.9 1.1 9.5 6.4 15.4 16.6 -4.8 19.2 -4.1 -4.4 3.5 30.2 28.4 15.3 Government social benefits to persons.. 37.9 2.3 10.5 7.0 15.6 16.6 -5.1 18.7 -4.7 -5.5 2.6 28.9 27.0 14.1 Old-age, survivors, disability, and health insurance benefits........... 41.3 9.2 9.0 4.5 8.4 14.7 -14.1 14.6 2.4 -.7 1.8 17.3 -1.2 7.3 Government unemployment insurance benefits............................ .2 -.8 -.7 1.1 -.3 -1.1 2.3 -.2 -1.1 1.3 -1.4 .9 1.8 .2 Other................................ -3.6 -6.0 2.1 1.4 7.5 3.1 6.6 4.2 -6.0 -5.9 2.0 10.9 26.2 6.7 Other current transfer receipts, from business (net)........................ -1.9 -1.2 -1.0 -.6 -.2 -.1 .4 .5 .6 1.1 .9 1.3 1.4 1.2 Less: Contributions for government social insurance, domestic..................... 23.5 6.9 1.8 1.5 -5.2 1.3 2.9 .6 3.0 5.7 3.9 7.4 9.3 3.3 Less: Personal current taxes............... 45.7 13.4 8.3 8.1 -1.7 5.3 3.9 5.1 11.5 10.4 17.2 23.9 27.8 17.6 Equals: Disposable personal income......... 120.9 56.7 46.8 66.4 31.5 63.2 22.9 46.5 36.7 38.6 36.3 77.8 10.3 63.3 Less: Personal outlays..................... 82.5 34.2 39.8 57.2 29.9 28.9 83.5 21.5 28.8 28.6 22.1 95.6 68.1 38.9 Personal consumption expenditures........ 77.0 30.1 38.0 53.3 30.4 28.3 77.1 16.4 24.4 27.2 19.8 90.5 62.9 39.7 Goods.................................. 65.8 -15.8 1.4 33.8 -11.3 11.2 44.8 -3.8 -5.9 -13.8 -3.1 58.9 4.4 .5 Durable goods........................ 30.1 -17.1 7.8 .7 -17.0 11.1 12.8 -18.8 15.9 .5 1.6 11.7 2.9 -4.9 Nondurable goods..................... 35.7 1.3 -6.4 33.1 5.7 .1 31.9 15.1 -21.7 -14.4 -4.7 47.2 1.6 5.4 Services............................... 11.2 45.9 36.6 19.5 41.7 17.2 32.3 20.1 30.3 41.0 22.9 31.6 58.4 39.3 Personal interest payments\1\............ 6.0 3.7 1.4 -1.9 -.8 .2 5.5 4.7 3.9 -1.3 1.8 4.7 1.5 -1.3 Personal current transfer payments....... -.6 .5 .3 5.8 .3 .4 .9 .5 .4 2.6 .6 .5 3.6 .5 To government.......................... 1.4 .4 .4 .3 .4 .3 .4 .5 .4 .6 .5 .5 .6 .5 To the rest of the world (net)......... -1.9 .0 .0 5.4 .0 .0 .5 .0 .0 2.1 .0 .0 3.0 .0 Equals: Personal saving.................... 38.4 22.4 7.1 9.2 1.6 34.3 -60.6 25.0 7.9 10.0 14.2 -17.9 -57.7 24.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 87.8 64.1 30.4 29.5 -9.6 32.4 .3 -4.8 69.2 73.2 36.3 32.6 -16.7 31.2 Disposable personal income, billions of chained (2005) dollars\2\............ 77.0 52.0 31.2 26.9 6.3 42.9 -8.9 7.8 54.7 59.4 22.7 37.9 -16.9 28.3 ----------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)--Continues [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 73.3 7.3 31.3 37.6 32.4 46.0 71.1 44.8 52.0 37.3 -2.3 -5.8 17.6 10.6 Compensation of employees, received...... 37.4 -10.6 4.6 23.4 6.2 12.5 54.8 28.0 51.3 20.6 2.1 1.1 13.5 -5.7 Wage and salary disbursements.......... 33.5 -12.4 1.9 19.5 3.5 10.1 49.5 23.4 44.7 15.5 -3.1 -1.0 12.8 -10.1 Private industries................... 30.0 -16.1 -1.5 15.3 3.5 5.0 44.5 19.7 41.0 11.2 -14.6 -5.2 9.4 -13.2 Goods-producing industries......... 7.0 .0 -1.5 4.1 -4.0 -2.6 8.3 3.7 13.4 -4.8 -8.1 -4.6 5.0 -7.5 Manufacturing.................... 2.1 -1.1 -3.2 2.3 -3.4 -2.0 3.9 1.6 8.4 -4.3 -5.6 -3.8 2.2 -4.4 Services-producing industries...... 22.9 -16.1 .0 11.2 7.5 7.6 36.3 15.9 27.6 15.9 -6.4 -.6 4.4 -5.7 Trade, transportation, and utilities....................... 8.7 1.9 2.9 4.2 -7.8 -2.2 7.3 4.9 5.2 4.7 -3.5 -4.3 -.3 -2.2 Other services-producing industries...................... 14.2 -18.0 -2.9 7.0 15.2 9.8 29.1 11.0 22.4 11.3 -2.9 3.6 4.7 -3.5 Government........................... 3.4 3.8 3.4 4.2 .1 5.0 4.9 3.8 3.8 4.2 11.5 4.1 3.4 3.2 Supplements to wages and salaries...... 4.0 1.7 2.7 4.0 2.5 2.5 5.3 4.6 6.5 5.2 5.2 2.1 .7 4.4 Employer contributions for employee pension and insurance funds......... 2.6 3.0 3.2 3.1 2.3 2.3 1.7 2.9 3.4 3.7 4.2 1.8 -.6 4.9 Employer contributions for government social insurance.................... 1.4 -1.2 -.6 .8 .3 .3 3.5 1.7 3.2 1.5 .9 .3 1.3 -.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 2.4 -1.8 1.5 -2.4 .1 -1.4 -2.7 6.6 6.6 .5 12.9 -4.0 1.1 -4.3 Farm................................... .0 -1.0 -.6 -.1 .2 1.5 2.6 4.0 4.1 4.4 4.7 1.4 -1.8 -5.2 Nonfarm................................ 2.5 -.9 2.1 -2.3 -.1 -2.9 -5.3 2.6 2.5 -3.9 8.1 -5.4 3.1 .8 Rental income of persons with capital consumption adjustment.................. 5.0 9.8 7.0 5.1 .1 3.2 5.8 7.7 5.9 3.9 2.0 4.3 7.2 8.9 Personal income receipts on assets....... 27.0 14.7 12.4 11.2 17.7 15.1 13.3 -1.1 -7.5 -11.4 -24.1 -15.8 -12.9 -3.0 Personal interest income............... 23.7 12.8 12.1 12.2 20.2 19.1 18.8 5.9 .9 -1.5 -12.7 -5.4 -3.5 5.5 Personal dividend income............... 3.3 1.9 .4 -1.1 -2.5 -4.1 -5.4 -7.0 -8.4 -9.9 -11.3 -10.4 -9.5 -8.5 Personal current transfer receipts....... 4.5 -7.0 5.2 2.2 9.3 17.4 6.9 7.3 2.3 26.8 11.6 9.6 11.4 14.4 Government social benefits to persons.. 3.5 -7.9 4.4 1.5 8.7 16.9 6.5 7.0 2.2 26.7 11.5 9.6 11.4 14.4 Old-age, survivors, disability, and health insurance benefits........... 5.3 2.1 11.5 4.6 -2.6 15.7 -.8 -.5 -.2 19.1 5.8 5.5 11.6 -2.4 Government unemployment insurance benefits............................ -2.9 2.8 -.6 -2.0 4.1 -2.9 2.9 -.7 -.2 2.9 -1.6 .6 3.3 -.7 Other................................ 1.1 -12.8 -6.5 -1.1 7.3 4.0 4.4 8.2 2.6 4.6 7.4 3.6 -3.6 17.6 Other current transfer receipts, from business (net)........................ 1.1 .8 .8 .7 .6 .5 .4 .3 .2 .0 .0 .1 .0 .0 Less: Contributions for government social insurance............................... 3.1 -2.2 -.7 1.9 .9 .9 7.1 3.6 6.5 3.1 7.0 .9 2.8 -.5 Less: Personal current taxes............... 14.2 1.2 4.7 7.9 5.8 4.4 9.9 3.5 10.4 8.1 -3.5 4.8 4.0 -18.0 Equals: Disposable personal income......... 59.2 6.0 26.6 29.8 26.4 41.7 61.2 41.3 41.6 29.2 1.1 -10.5 13.6 28.6 Less: Personal outlays..................... 50.4 38.5 40.8 22.9 37.4 52.2 48.8 39.2 83.8 13.2 11.2 -7.7 49.0 41.5 Personal consumption expenditures........ 54.2 29.2 31.6 13.4 34.7 50.0 46.6 40.7 88.3 19.1 18.2 -2.2 50.8 32.0 Goods.................................. 42.7 -10.7 30.2 -18.4 15.7 2.3 40.0 18.2 58.2 -6.2 -12.3 -25.7 37.4 -3.4 Durable goods........................ 8.6 -6.0 13.3 -15.1 -.5 14.0 9.9 6.2 -.4 -17.7 -5.8 -9.2 -9.4 -3.4 Nondurable goods..................... 34.0 -4.7 16.9 -3.2 16.1 -11.7 30.2 11.9 58.5 11.6 -6.5 -16.6 46.8 .0 Services............................... 11.5 39.9 1.4 31.8 19.0 47.7 6.5 22.6 30.1 25.2 30.7 23.4 13.5 35.4 Personal interest payments\1\............ -4.3 8.6 8.8 8.9 1.5 1.6 1.8 -3.8 -5.1 -6.3 -10.2 -6.0 -2.3 6.0 Personal current transfer payments....... .5 .6 .5 .5 1.3 .6 .5 2.2 .6 .5 3.1 .5 .5 3.5 To government.......................... .5 .5 .5 .5 .5 .6 .5 .5 .5 .5 .5 .5 .4 .5 To the rest of the world (net)......... .0 .1 .0 .0 .8 .0 .0 1.7 .0 .0 2.7 .0 .0 3.1 Equals: Personal saving.................... 8.8 -32.4 -14.3 6.9 -11.0 -10.5 12.4 2.1 -42.2 15.9 -10.0 -2.8 -35.4 -12.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 29.7 -5.6 -.1 17.9 6.3 14.3 22.8 -3.4 -18.3 -17.5 -37.8 -32.5 -25.4 -24.5 Disposable personal income, billions of chained (2005) dollars\2\............ 19.6 -13.8 -.3 12.3 9.1 26.4 19.1 -.7 -27.3 -.8 -24.2 -28.6 -19.3 4.8 ----------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)--Table Ends [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09\p\ ----------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 199.3 -7.7 -99.4 43.6 8.2 -38.4 -32.6 -39.0 -128.6 -101.8 -55.0 28.4 155.1 -159.8 Compensation of employees, received...... 14.3 6.1 15.4 25.4 -14.6 3.8 -13.4 -37.0 -124.1 -65.4 -43.2 -19.4 -6.0 -26.0 Wage and salary disbursements.......... 10.8 2.8 13.1 22.2 -14.9 1.2 -16.1 -36.2 -120.0 -62.0 -41.3 -19.4 -6.9 -25.8 Private industries................... 6.8 -2.2 9.0 18.5 -17.3 -.9 -17.8 -37.1 -133.0 -64.5 -44.6 -25.2 -11.3 -28.6 Goods-producing industries......... -.7 -1.0 -1.3 .5 -7.7 1.5 -5.3 -21.0 -37.5 -18.7 -14.1 -12.3 -10.9 -11.1 Manufacturing.................... -.7 -.3 -.8 -3.1 -5.1 2.9 -2.7 -14.4 -27.4 -8.4 -7.5 -5.1 -8.4 -6.7 Services-producing industries...... 7.5 -1.2 10.3 18.0 -9.6 -2.4 -12.5 -16.1 -95.5 -45.8 -30.4 -13.0 -.4 -17.5 Trade, transportation, and utilities....................... -1.6 .7 -2.4 1.7 -4.4 -1.6 -3.1 -7.4 -19.6 -8.5 -10.0 -2.6 1.1 -7.8 Other services-producing industries...................... 9.1 -1.9 12.7 16.3 -5.2 -.8 -9.4 -8.7 -75.9 -37.3 -20.4 -10.5 -1.4 -9.6 Government........................... 4.0 5.0 4.1 3.7 2.4 2.1 1.7 .9 13.0 2.5 3.3 5.8 4.3 2.8 Supplements to wages and salaries...... 3.5 3.3 2.3 3.1 .4 2.6 2.6 -.7 -4.1 -3.4 -1.9 .0 1.0 -.3 Employer contributions for employee pension and insurance funds......... 2.5 2.8 1.3 1.1 .9 2.9 3.2 1.4 1.5 1.1 1.1 1.4 1.4 1.6 Employer contributions for government social insurance.................... .9 .7 .9 2.0 -.5 -.3 -.5 -2.2 -5.5 -4.6 -2.9 -1.5 -.4 -1.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.0 2.8 4.6 -3.4 -5.9 -10.8 -16.3 -12.4 -19.7 -14.0 -9.1 -2.1 -1.9 -1.0 Farm................................... -2.8 -.2 2.1 -.3 -2.8 -5.3 -3.5 -1.8 -5.7 -4.9 -1.1 2.1 .6 -.9 Nonfarm................................ 3.8 3.0 2.5 -3.2 -3.0 -5.5 -12.8 -10.6 -14.0 -9.1 -8.0 -4.2 -2.5 -.2 Rental income of persons with capital consumption adjustment.................. 8.0 7.5 5.9 5.8 5.9 6.1 2.8 1.9 3.3 3.7 3.8 2.5 3.2 2.8 Personal income receipts on assets....... -6.6 -6.6 5.6 5.2 5.0 -31.5 -18.5 -13.7 -48.8 -48.5 -48.4 -7.3 -7.3 -7.3 Personal interest income............... .9 .1 11.2 9.9 8.9 -28.7 -16.7 -12.7 -17.9 -17.6 -17.6 10.9 10.8 10.9 Personal dividend income............... -7.5 -6.7 -5.6 -4.8 -3.7 -2.9 -1.9 -.9 -30.9 -30.9 -30.9 -18.1 -18.2 -18.1 Personal current transfer receipts....... 184.8 -16.4 -128.6 14.6 16.5 -5.8 11.4 18.0 52.2 13.7 36.5 52.2 166.1 -131.7 Government social benefits to persons.. 184.8 -16.4 -128.6 14.6 16.4 -5.8 11.4 17.9 52.5 13.7 36.4 52.2 166.1 -131.8 Old-age, survivors, disability, and health insurance benefits........... 10.1 4.4 10.5 -2.4 2.5 .7 6.6 1.5 30.2 8.7 6.9 12.4 -2.7 13.5 Government unemployment insurance benefits............................ -.5 4.8 2.4 16.3 8.3 -9.8 9.1 15.9 3.9 4.6 15.9 5.5 7.1 9.0 Other................................ 175.1 -25.6 -141.5 .7 5.7 3.2 -4.3 .5 18.4 .4 13.6 34.2 161.7 -154.2 Other current transfer receipts, from business (net)........................ .0 .0 .0 .0 .1 .0 .0 .1 -.3 .0 .1 .0 .1 .0 Less: Contributions for government social insurance, domestic..................... 2.2 1.2 2.3 3.9 -1.2 .2 -1.3 -4.3 -8.6 -8.5 -5.5 -2.7 -.8 -3.5 Less: Personal current taxes............... -392.4 209.5 12.8 141.5 -14.7 -19.7 -23.4 -15.3 -194.9 -26.6 -33.1 -67.8 -13.6 -16.0 Equals: Disposable personal income......... 591.7 -217.3 -112.0 -98.0 22.9 -18.7 -9.3 -23.7 66.5 -75.3 -21.9 96.2 168.7 -143.8 Less: Personal outlays..................... 26.6 56.3 -13.0 -1.0 -34.1 -85.8 -110.2 -123.9 77.2 38.2 -32.9 -19.6 -.1 32.4 Personal consumption expenditures........ 23.5 56.5 -8.8 .7 -35.4 -78.0 -105.0 -116.7 75.7 38.6 -32.4 -9.7 9.0 41.4 Goods.................................. 7.6 28.9 -23.0 13.8 -59.8 -89.0 -108.9 -115.7 68.9 36.7 -29.4 -23.9 12.0 34.1 Durable goods........................ -3.7 -12.0 -27.4 15.3 -35.0 -41.0 -4.3 -19.4 25.7 -1.0 -15.9 -13.4 10.7 -1.8 Nondurable goods..................... 11.5 40.8 4.4 -1.5 -24.8 -48.1 -104.5 -96.3 43.2 37.7 -13.5 -10.5 1.3 35.9 Services............................... 15.8 27.7 14.1 -13.2 24.5 11.1 3.8 -1.0 6.8 1.9 -3.0 14.2 -3.0 7.3 Personal interest payments\1\............ 2.8 -.7 -5.1 -2.0 .9 -3.3 -5.5 -7.5 -.7 -.8 -.7 -9.4 -9.3 -9.4 Personal current transfer payments....... .4 .4 .9 .3 .4 -4.6 .3 .3 2.3 .3 .4 -.7 .4 .3 To government.......................... .4 .4 .4 .3 .4 .3 .3 .3 .3 .3 .3 .3 .4 .3 To the rest of the world (net)......... .0 .0 .5 .0 .0 -4.9 .0 .0 2.0 .0 .0 -.9 .0 .0 Equals: Personal saving.................... 565.1 -273.6 -99.0 -97.0 57.0 67.1 101.0 100.2 -10.9 -113.4 11.0 115.9 168.7 -176.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -22.2 -54.1 -22.3 22.8 -18.9 14.6 67.0 -4.5 -184.1 -133.9 -75.4 -28.6 -15.3 -74.9 Disposable personal income, billions of chained (2005) dollars\2\............ 506.8 -265.4 -153.7 -92.5 8.9 29.1 103.4 28.4 43.4 -98.9 -10.4 81.2 149.8 -186.7 ----------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 I 06 II 06 III 06 IV 06 I 07 II 07 ---------------------------------------------------------------------------------------------------------------------------- Personal income............................ 782.2 626.0 344.7 285.9 177.3 132.9 167.9 202.1 116.5 Compensation of employees, received...... 415.7 387.0 179.7 186.6 46.2 64.2 141.2 156.9 37.5 Wage and salary disbursements.......... 367.9 340.0 137.0 169.2 39.7 56.8 127.2 141.0 28.6 Private industries................... 324.2 286.1 84.8 151.6 30.4 44.2 115.9 119.9 17.7 Goods-producing industries......... 72.6 36.9 -6.4 52.4 -1.4 -.3 22.7 13.8 4.1 Manufacturing.................... 28.3 14.8 -11.5 24.5 -3.4 -1.3 12.4 7.4 -1.1 Services-producing industries...... 251.7 249.1 91.2 99.1 31.9 44.5 93.2 106.2 13.6 Trade, transportation, and utilities....................... 51.4 48.7 3.6 24.8 6.9 8.4 16.5 18.6 13.1 Other services-producing industries...................... 200.3 200.4 87.6 74.3 25.0 36.1 76.7 87.6 .5 Government........................... 43.7 53.9 52.2 17.6 9.3 12.7 11.3 20.9 11.0 Supplements to wages and salaries...... 47.8 46.9 42.8 17.4 6.5 7.4 13.9 16.0 8.9 Employer contributions for employee pension and insurance funds......... 28.5 32.9 30.9 6.1 6.1 5.9 7.7 10.1 8.9 Employer contributions for government social insurance.................... 19.2 14.1 11.9 11.3 .4 1.4 6.3 5.9 .1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 63.2 -36.6 9.9 31.1 6.3 -2.0 9.4 -46.4 1.8 Farm................................... -14.6 10.1 9.3 -11.5 .0 .0 3.8 4.5 -1.0 Nonfarm................................ 77.7 -46.7 .6 42.6 6.3 -2.0 5.6 -50.9 2.8 Rental income of persons with capital consumption adjustment.................. -31.7 -1.6 65.5 -11.0 -8.1 -12.9 -9.1 -10.1 19.2 Personal income receipts on assets....... 287.7 201.8 -37.1 70.3 106.1 64.1 27.7 59.2 53.8 Personal interest income............... 140.5 138.9 41.6 20.7 61.5 28.1 .4 41.1 48.2 Personal dividend income............... 147.2 62.9 -78.7 49.6 44.6 36.0 27.4 18.0 5.6 Personal current transfer receipts....... 96.4 113.0 157.9 39.2 28.9 22.8 11.7 61.4 5.3 Government social benefits to persons.. 100.9 104.2 155.4 43.3 30.7 22.1 9.0 57.6 2.6 Old-age, survivors, disability, and health insurance benefits........... 98.6 60.4 66.6 58.1 24.1 9.1 12.7 17.6 17.2 Government unemployment insurance benefits............................ -1.4 2.4 18.3 -2.1 -.2 1.0 -.1 1.1 -.2 Other................................ 3.6 41.3 70.7 -12.7 6.8 12.0 -3.5 38.9 -14.5 Other current transfer receipts, from business (net)........................ -4.4 8.8 2.4 -4.1 -1.9 .8 2.7 3.8 2.7 Less: Contributions for government social insurance, domestic..................... 49.1 37.5 31.3 30.4 2.0 3.4 13.0 18.7 1.2 Less: Personal current taxes............... 143.8 138.5 -58.5 67.7 18.7 14.1 39.2 66.0 22.3 Equals: Disposable personal income......... 638.4 487.4 403.3 218.1 158.6 118.7 128.7 136.2 94.3 Less: Personal outlays..................... 531.1 543.6 295.7 148.3 124.7 136.7 101.5 181.9 119.9 Personal consumption expenditures........ 503.7 503.7 303.5 137.9 118.4 125.2 92.3 174.4 104.0 Goods.................................. 147.8 143.3 38.2 54.2 25.7 44.0 -1.4 57.2 31.9 Durable goods........................ 27.5 27.5 -65.3 40.2 -7.4 7.3 9.8 10.8 1.9 Nondurable goods..................... 120.3 115.8 103.5 14.1 33.1 36.7 -11.2 46.4 30.0 Services............................... 355.8 360.5 265.4 83.7 92.7 81.2 93.7 117.2 72.1 Personal interest payments\1\............ 19.3 26.7 -19.1 10.3 -.2 9.8 5.7 2.9 14.1 Personal current transfer payments....... 8.2 13.0 11.3 .2 6.4 1.8 3.6 4.6 1.6 To government.......................... 5.0 5.9 5.6 2.0 1.1 1.2 1.5 1.6 1.5 To the rest of the world (net)......... 3.2 7.1 5.8 -1.9 5.4 .5 2.1 3.0 .1 Equals: Personal saving.................... 107.3 -56.1 107.5 69.9 33.9 -17.9 27.1 -45.7 -25.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 427.5 240.6 -140.8 204.2 75.5 38.6 152.8 47.9 30.5 Disposable personal income, billions of chained (2005) dollars\2\............ 373.4 209.9 50.7 175.1 83.5 45.2 126.3 41.4 12.5 ---------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)--Table Ends [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 ------------------------------------------------------------------------------------------------------------------- Personal income............................ 122.2 154.7 41.9 150.7 -6.3 -53.1 -251.7 8.0 Compensation of employees, received...... 49.9 109.7 38.2 15.3 36.3 -18.8 -211.2 -82.7 Wage and salary disbursements.......... 40.3 94.8 25.7 6.2 28.5 -24.2 -204.6 -80.8 Private industries................... 31.4 82.0 6.3 -4.9 16.4 -30.6 -221.5 -93.4 Goods-producing industries......... -.8 15.7 -8.2 -6.5 -4.4 -14.0 -70.5 -38.8 Manufacturing.................... -2.9 7.7 -7.5 -4.8 -5.0 -8.1 -46.0 -20.7 Services-producing industries...... 32.1 66.3 14.5 1.6 20.8 -16.5 -151.1 -54.6 Trade, transportation, and utilities....................... -3.1 14.0 -1.6 -4.6 -2.9 -8.4 -34.6 -14.0 Other services-producing industries...................... 35.1 52.4 16.1 6.2 23.7 -8.1 -116.5 -40.6 Government........................... 9.0 12.6 19.5 11.1 12.1 6.4 16.9 12.6 Supplements to wages and salaries...... 9.6 15.0 12.4 9.0 7.9 5.4 -6.6 -1.8 Employer contributions for employee pension and insurance funds......... 7.5 8.3 8.8 7.7 5.0 6.5 4.6 3.9 Employer contributions for government social insurance.................... 2.0 6.7 3.6 1.3 2.9 -1.1 -11.2 -5.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. -2.8 8.9 13.1 -3.3 2.5 -30.8 -45.8 -14.4 Farm................................... 1.8 10.4 9.3 -7.8 -.1 -10.3 -11.7 -.1 Nonfarm................................ -4.6 -1.5 3.7 4.6 2.6 -20.6 -34.0 -14.3 Rental income of persons with capital consumption adjustment.................. 9.9 17.8 11.9 22.9 19.4 14.5 9.2 9.3 Personal income receipts on assets....... 43.8 4.0 -49.0 -23.5 4.1 -43.3 -112.6 -63.0 Personal interest income............... 51.4 24.9 -18.2 2.0 21.2 -34.9 -49.5 4.1 Personal dividend income............... -7.6 -20.9 -30.8 -25.5 -17.0 -8.5 -63.1 -67.2 Personal current transfer receipts....... 26.4 28.2 40.4 142.9 -62.7 23.7 89.3 147.9 Government social benefits to persons.. 24.6 27.3 40.3 142.9 -62.7 23.6 89.4 147.9 Old-age, survivors, disability, and health insurance benefits........... 14.5 10.4 26.0 15.4 16.0 6.5 41.5 22.6 Government unemployment insurance benefits............................ 1.6 1.1 1.8 3.0 19.0 12.6 25.9 25.4 Other................................ 8.5 15.8 12.5 124.6 -97.8 4.5 22.1 99.8 Other current transfer receipts, from business (net)........................ 1.8 .8 .2 .0 .0 .1 -.2 .2 Less: Contributions for government social insurance, domestic..................... 4.9 14.0 12.7 3.6 6.0 -1.6 -19.4 -10.9 Less: Personal current taxes............... 18.9 21.2 9.9 -205.6 111.1 -3.0 -241.7 -113.1 Equals: Disposable personal income......... 103.3 133.4 32.0 356.3 -117.4 -50.2 -9.9 121.1 Less: Personal outlays..................... 117.4 149.4 59.1 108.1 21.4 -223.7 -27.6 -18.1 Personal consumption expenditures........ 103.1 153.6 75.9 99.6 25.4 -210.3 -22.1 1.3 Goods.................................. 28.4 82.3 -1.7 27.7 -11.9 -235.5 -29.8 -11.9 Durable goods........................ 6.5 11.3 -26.9 -19.3 -38.0 -68.6 5.3 -17.8 Nondurable goods..................... 21.9 71.0 25.2 47.0 26.1 -166.9 -35.2 5.9 Services............................... 74.7 71.3 77.6 71.9 37.3 25.2 7.7 13.2 Personal interest payments\1\............ 12.0 -7.5 -20.9 4.1 -5.6 -9.5 -8.4 -19.4 Personal current transfer payments....... 2.4 3.2 4.2 4.4 1.6 -3.9 2.9 .1 To government.......................... 1.6 1.5 1.5 1.3 1.1 1.0 .9 1.0 To the rest of the world (net)......... .8 1.7 2.7 3.1 .5 -4.9 2.0 -.9 Equals: Personal saving.................... -14.1 -15.9 -27.2 248.1 -138.7 173.5 17.7 139.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 35.2 -1.5 -85.7 -85.1 -56.8 52.4 -278.9 -158.6 Disposable personal income, billions of chained (2005) dollars\2\............ 41.2 2.3 -59.4 232.2 -220.7 82.1 27.9 78.9 ------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)--Continues [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------------------------------- Personal income............................ 1.5 .6 .5 .7 .3 .6 .2 .5 .4 .4 .5 .9 .3 .7 Compensation of employees, received...... 1.7 .8 .3 .3 -.4 .3 .4 .2 .6 .7 .6 .9 .7 .5 Wage and salary disbursements.......... 1.9 .9 .4 .3 -.5 .3 .5 .3 .7 .7 .7 1.0 .8 .5 Supplements to wages and salaries...... .9 .3 .2 .2 -.1 .2 .2 .2 .3 .3 .3 .4 .4 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 2.2 .2 .4 .1 .2 -.1 -.3 .3 -.2 .5 .3 .7 -5.0 .5 Rental income of persons with capital consumption adjustment.................. -3.9 -3.2 -1.3 -.6 -2.0 -3.8 -3.3 -2.5 -1.3 -2.2 -2.3 -3.8 -5.4 -.7 Personal income receipts on assets....... 1.0 1.2 1.2 2.7 2.2 2.0 .6 .8 .8 .4 .3 .3 1.4 1.4 Personal interest income............... -.1 .3 .4 3.0 2.3 2.1 .0 .3 .4 -.1 -.2 -.2 1.8 1.9 Personal dividend income............... 2.9 2.7 2.5 2.3 2.1 1.9 1.7 1.5 1.4 1.2 1.1 1.0 .8 .6 Personal current transfer receipts....... 2.3 .1 .6 .4 1.0 1.0 -.3 1.2 -.2 -.3 .2 1.9 1.7 .9 Less: Contributions for government social insurance, domestic..................... 2.6 .8 .2 .2 -.6 .1 .3 .1 .3 .6 .4 .8 1.0 .4 Less: Personal current taxes............... 3.6 1.0 .6 .6 -.1 .4 .3 .4 .9 .8 1.3 1.7 2.0 1.2 Equals: Disposable personal income......... 1.3 .6 .5 .7 .3 .6 .2 .5 .4 .4 .4 .8 .1 .6 Addenda: Personal consumption expenditures........ .9 .3 .4 .6 .3 .3 .8 .2 .3 .3 .2 1.0 .7 .4 Goods.................................. 2.1 -.5 .0 1.1 -.4 .3 1.4 -.1 -.2 -.4 -.1 1.8 .1 .0 Durable goods........................ 2.7 -1.5 .7 .1 -1.5 1.0 1.1 -1.7 1.4 .0 .1 1.0 .2 -.4 Nondurable goods..................... 1.8 .1 -.3 1.6 .3 .0 1.5 .7 -1.0 -.7 -.2 2.3 .1 .3 Services............................... .2 .8 .6 .3 .7 .3 .5 .3 .5 .7 .4 .5 .9 .6 ---------------------------------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 1.0 .7 .3 .3 -.1 .3 .0 -.1 .7 .8 .4 .3 -.2 .3 Real disposable personal income.......... .8 .5 .3 .3 .1 .4 -.1 .1 .6 .6 .2 .4 -.2 .3 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)--Continues [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------------------------------- Personal income............................ .6 .1 .3 .3 .3 .4 .6 .4 .4 .3 .0 .0 .1 .1 Compensation of employees, received...... .5 -.1 .1 .3 .1 .2 .7 .4 .6 .3 .0 .0 .2 -.1 Wage and salary disbursements.......... .5 -.2 .0 .3 .1 .2 .8 .4 .7 .2 .0 .0 .2 -.2 Supplements to wages and salaries...... .3 .1 .2 .3 .2 .2 .4 .3 .4 .4 .4 .1 .0 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. .2 -.2 .1 -.2 .0 -.1 -.2 .6 .6 .1 1.2 -.4 .1 -.4 Rental income of persons with capital consumption adjustment.................. 4.2 7.9 5.2 3.6 .1 2.2 3.9 5.0 3.6 2.3 1.2 2.5 4.0 4.8 Personal income receipts on assets....... 1.4 .7 .6 .6 .9 .7 .6 -.1 -.4 -.6 -1.2 -.8 -.6 -.2 Personal interest income............... 2.0 1.0 1.0 1.0 1.6 1.5 1.4 .4 .1 -.1 -1.0 -.4 -.3 .4 Personal dividend income............... .4 .2 .0 -.1 -.3 -.5 -.7 -.9 -1.1 -1.3 -1.5 -1.4 -1.3 -1.2 Personal current transfer receipts....... .3 -.4 .3 .1 .5 1.0 .4 .4 .1 1.5 .7 .5 .6 .8 Less: Contributions for government social insurance, domestic..................... .3 -.2 -.1 .2 .1 .1 .7 .4 .7 .3 .7 .1 .3 -.1 Less: Personal current taxes............... 1.0 .1 .3 .5 .4 .3 .7 .2 .7 .5 -.2 .3 .3 -1.2 Equals: Disposable personal income......... .6 .1 .3 .3 .3 .4 .6 .4 .4 .3 .0 -.1 .1 .3 Addenda: Personal consumption expenditures........ .6 .3 .3 .1 .4 .5 .5 .4 .9 .2 .2 .0 .5 .3 Goods.................................. 1.3 -.3 .9 -.5 .5 .1 1.2 .5 1.7 -.2 -.4 -.7 1.1 -.1 Durable goods........................ .7 -.5 1.2 -1.3 .0 1.2 .9 .5 .0 -1.5 -.5 -.8 -.8 -.3 Nondurable goods..................... 1.6 -.2 .8 -.1 .7 -.5 1.4 .5 2.6 .5 -.3 -.7 2.1 .0 Services............................... .2 .6 .0 .5 .3 .7 .1 .3 .5 .4 .5 .4 .2 .5 ---------------------------------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .3 -.1 .0 .2 .1 .1 .2 .0 -.2 -.2 -.4 -.3 -.3 -.3 Real disposable personal income.......... .2 -.1 .0 .1 .1 .3 .2 .0 -.3 .0 -.2 -.3 -.2 .0 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)--Table Ends [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09\p\ ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------------------------------- Personal income............................ 1.6 -.1 -.8 .4 .1 -.3 -.3 -.3 -1.1 -.8 -.5 .2 1.3 -1.3 Compensation of employees, received...... .2 .1 .2 .3 -.2 .0 -.2 -.5 -1.5 -.8 -.6 -.3 -.1 -.3 Wage and salary disbursements.......... .2 .0 .2 .3 -.2 .0 -.2 -.6 -1.8 -1.0 -.7 -.3 -.1 -.4 Supplements to wages and salaries...... .2 .2 .2 .2 .0 .2 .2 .0 -.3 -.2 -.1 .0 .1 .0 Proprietors' income with inventory valuation and capital consumption adjustments............................. .1 .2 .4 -.3 -.5 -1.0 -1.5 -1.1 -1.8 -1.3 -.9 -.2 -.2 -.1 Rental income of persons with capital consumption adjustment.................. 4.1 3.7 2.8 2.7 2.7 2.7 1.2 .8 1.4 1.5 1.5 1.0 1.3 1.1 Personal income receipts on assets....... -.3 -.3 .3 .3 .3 -1.6 -.9 -.7 -2.5 -2.6 -2.6 -.4 -.4 -.4 Personal interest income............... .1 .0 .9 .8 .7 -2.1 -1.3 -1.0 -1.4 -1.4 -1.4 .9 .9 .9 Personal dividend income............... -1.1 -1.0 -.8 -.7 -.6 -.4 -.3 -.1 -4.7 -4.9 -5.1 -3.2 -3.3 -3.4 Personal current transfer receipts....... 10.2 -.8 -6.5 .8 .9 -.3 .6 .9 2.7 .7 1.8 2.6 8.0 -5.9 Less: Contributions for government social insurance, domestic..................... .2 .1 .2 .4 -.1 .0 -.1 -.4 -.9 -.9 -.6 -.3 -.1 -.4 Less: Personal current taxes............... -25.9 18.6 1.0 10.5 -1.0 -1.3 -1.6 -1.1 -13.8 -2.2 -2.8 -5.8 -1.2 -1.5 Equals: Disposable personal income......... 5.6 -1.9 -1.0 -.9 .2 -.2 -.1 -.2 .6 -.7 -.2 .9 1.6 -1.3 Addenda: Personal consumption expenditures........ .2 .6 -.1 .0 -.3 -.8 -1.0 -1.2 .8 .4 -.3 -.1 .1 .4 Goods.................................. .2 .8 -.7 .4 -1.7 -2.6 -3.3 -3.6 2.2 1.2 -.9 -.7 .4 1.1 Durable goods........................ -.3 -1.1 -2.4 1.4 -3.2 -3.8 -.4 -1.9 2.6 -.1 -1.5 -1.3 1.1 -.2 Nondurable goods..................... .5 1.7 .2 -.1 -1.0 -2.0 -4.5 -4.4 2.0 1.7 -.6 -.5 .1 1.7 Services............................... .2 .4 .2 -.2 .4 .2 .1 .0 .1 .0 .0 .2 .0 .1 ---------------------------------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.2 -.6 -.2 .2 -.2 .2 .7 .0 -1.9 -1.4 -.8 -.3 -.2 -.8 Real disposable personal income.......... 5.2 -2.6 -1.5 -.9 .1 .3 1.1 .3 .4 -1.0 -.1 .8 1.5 -1.8 ----------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters)--Continues [Quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 I 06 II 06 III 06 IV 06 I 07 II 07 ---------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------- Based on current-dollar measures --------------------------------------------------------------------------------- Personal income............................ 7.5 5.6 2.9 11.1 6.6 4.8 6.1 7.2 4.0 Compensation of employees, received...... 5.9 5.2 2.3 10.8 2.5 3.5 7.8 8.5 1.9 Wage and salary disbursements.......... 6.5 5.6 2.1 12.2 2.7 3.8 8.6 9.4 1.8 Supplements to wages and salaries...... 3.5 3.3 2.9 5.2 1.9 2.1 4.0 4.6 2.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 5.9 -3.2 .9 11.9 2.3 -.7 3.4 -15.3 .7 Rental income of persons with capital consumption adjustment.................. -17.8 -1.1 45.2 -23.2 -18.7 -29.5 -23.5 -27.5 80.0 Personal income receipts on assets....... 18.7 11.0 -1.8 18.3 27.2 14.9 6.0 13.0 11.4 Personal interest income............... 14.2 12.3 3.3 8.2 25.1 10.3 .1 15.0 17.1 Personal dividend income............... 26.5 9.0 -10.3 37.8 30.7 22.6 16.0 10.0 2.9 Personal current transfer receipts....... 6.4 7.0 9.2 10.6 7.6 5.8 2.9 15.9 1.3 Less: Contributions for government social insurance, domestic..................... 5.6 4.1 3.3 14.4 .9 1.5 5.8 8.3 .5 Less: Personal current taxes............... 11.9 10.2 -3.9 23.4 5.8 4.3 12.1 20.3 6.3 Equals: Disposable personal income......... 6.9 4.9 3.9 9.5 6.7 4.9 5.3 5.5 3.7 Addenda: Personal consumption expenditures........ 5.7 5.4 3.1 6.3 5.3 5.5 4.0 7.6 4.4 Goods.................................. 4.8 4.4 1.1 7.1 3.3 5.6 -.2 7.2 3.9 Durable goods........................ 2.5 2.4 -5.6 15.5 -2.6 2.6 3.5 3.8 .7 Nondurable goods..................... 6.1 5.5 4.7 2.8 6.6 7.2 -2.1 9.1 5.7 Services............................... 6.2 5.9 4.1 5.8 6.4 5.5 6.2 7.7 4.6 --------------------------------------------------------------------------------- Based on chained (2005) dollar measures --------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 4.8 2.6 -1.5 2.2 .8 .4 1.6 .5 .3 Real disposable personal income.......... 4.0 2.2 .5 7.7 3.6 1.9 5.3 1.7 .5 ---------------------------------------------------------------------------------------------------------------------------- Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters)--Table Ends [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 ------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------ Based on current-dollar measures ------------------------------------------------------------------------ Personal income............................ 4.2 5.3 1.4 5.1 -.2 -1.7 -8.0 .3 Compensation of employees, received...... 2.6 5.7 1.9 .8 1.8 -.9 -10.1 -4.2 Wage and salary disbursements.......... 2.6 6.0 1.6 .4 1.8 -1.5 -11.9 -5.0 Supplements to wages and salaries...... 2.7 4.2 3.4 2.4 2.1 1.4 -1.7 -.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. -1.0 3.3 4.9 -1.2 .9 -10.6 -15.9 -5.4 Rental income of persons with capital consumption adjustment.................. 31.3 56.8 31.3 61.7 44.0 28.8 16.4 16.1 Personal income receipts on assets....... 8.9 .8 -9.1 -4.6 .8 -8.4 -21.1 -13.0 Personal interest income............... 17.5 7.9 -5.4 .6 6.6 -10.1 -14.5 1.3 Personal dividend income............... -3.9 -10.4 -15.5 -13.5 -9.5 -5.0 -32.8 -37.7 Personal current transfer receipts....... 6.4 6.7 9.5 35.9 -12.3 5.1 20.2 33.3 Less: Contributions for government social insurance, domestic..................... 2.1 6.0 5.4 1.4 2.4 -.6 -7.6 -4.4 Less: Personal current taxes............... 5.2 5.8 2.6 -43.8 38.0 -.8 -52.2 -32.9 Equals: Disposable personal income......... 4.1 5.2 1.2 14.1 -4.2 -1.8 -.4 4.6 Addenda: Personal consumption expenditures........ 4.3 6.4 3.1 4.0 1.0 -8.0 -.9 .1 Goods.................................. 3.4 10.2 -.2 3.3 -1.4 -24.5 -3.7 -1.5 Durable goods........................ 2.3 4.0 -8.9 -6.6 -12.8 -22.9 2.1 -6.8 Nondurable goods..................... 4.1 13.5 4.5 8.4 4.5 -25.3 -6.2 1.1 Services............................... 4.7 4.5 4.8 4.4 2.2 1.5 .5 .8 ------------------------------------------------------------------------ Based on chained (2005) dollar measures ------------------------------------------------------------------------ Real personal income excluding current transfer receipts....................... .4 .0 -.9 -.9 -.6 .6 -2.9 -1.7 Real disposable personal income.......... 1.7 .1 -2.4 9.8 -8.5 3.4 1.1 3.2 ------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)--Continues ------------------------------------------------------------------------------------------------------------------------------------- Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 ------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------ Billions of chained (2005) dollars, seasonally adjusted at annual rates ------------------------------------------------------------------------------------------ Personal consumption expenditures.......... 8,961.4 8,987.5 9,010.9 9,027.2 9,033.9 9,044.0 9,089.6 9,070.4 9,112.1 9,159.1 Goods.................................... 3,149.9 3,143.1 3,144.1 3,158.1 3,142.1 3,152.3 3,180.2 3,158.8 3,190.2 3,210.1 Durable goods.......................... 1,149.5 1,133.6 1,143.7 1,144.5 1,129.1 1,144.6 1,158.1 1,138.0 1,160.2 1,160.2 Nondurable goods....................... 2,000.8 2,009.5 2,000.8 2,013.8 2,012.8 2,008.1 2,022.7 2,020.5 2,030.4 2,049.9 Services................................. 5,811.8 5,844.5 5,866.8 5,869.2 5,891.7 5,891.6 5,909.4 5,911.5 5,922.0 5,949.2 ------------------------------------------------------------------------------------------ Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ------------------------------------------------------------------------------------------ Personal consumption expenditures.......... 36.0 26.1 23.4 16.3 6.7 10.1 45.6 -19.2 41.7 47.0 Goods.................................... 43.3 -6.8 1.0 14.0 -16.0 10.2 27.9 -21.4 31.4 19.9 Durable goods.......................... 31.0 -15.9 10.1 .8 -15.4 15.5 13.5 -20.1 22.2 .0 Nondurable goods....................... 12.7 8.7 -8.7 13.0 -1.0 -4.7 14.6 -2.2 9.9 19.5 Services................................. -6.9 32.7 22.3 2.4 22.5 -.1 17.8 2.1 10.5 27.2 ------------------------------------------------------------------------------------------ Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ------------------------------------------------------------------------------------------ Personal consumption expenditures.......... .4 .3 .3 .2 .1 .1 .5 -.2 .5 .5 Goods.................................... 1.4 -.2 .0 .4 -.5 .3 .9 -.7 1.0 .6 Durable goods.......................... 2.8 -1.4 .9 .1 -1.3 1.4 1.2 -1.7 2.0 .0 Nondurable goods....................... .6 .4 -.4 .7 -.1 -.2 .7 -.1 .5 1.0 Services................................. -.1 .6 .4 .0 .4 .0 .3 .0 .2 .5 ------------------------------------------------------------------------------------------------------------------------------------- Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continues ---------------------------------------------------------------------------------------------------------------------------------------------- Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 ---------------------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates --------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,166.7 9,219.1 9,254.4 9,261.9 9,279.0 9,288.3 9,294.3 9,291.9 9,309.8 9,344.8 9,352.2 Goods.................................... 3,209.1 3,248.5 3,254.4 3,243.7 3,263.5 3,248.2 3,266.7 3,251.4 3,265.9 3,275.3 3,300.7 Durable goods.......................... 1,164.3 1,179.3 1,184.4 1,178.4 1,188.3 1,184.8 1,200.3 1,184.6 1,187.0 1,207.8 1,220.2 Nondurable goods....................... 2,044.9 2,069.3 2,070.3 2,065.4 2,075.4 2,063.8 2,067.4 2,067.0 2,078.8 2,069.1 2,082.6 Services................................. 5,957.7 5,971.4 6,000.6 6,018.3 6,016.1 6,040.1 6,028.1 6,040.5 6,044.2 6,069.6 6,052.6 --------------------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates --------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... 7.6 52.4 35.3 7.5 17.1 9.3 6.0 -2.4 17.9 35.0 7.4 Goods.................................... -1.0 39.4 5.9 -10.7 19.8 -15.3 18.5 -15.3 14.5 9.4 25.4 Durable goods.......................... 4.1 15.0 5.1 -6.0 9.9 -3.5 15.5 -15.7 2.4 20.8 12.4 Nondurable goods....................... -5.0 24.4 1.0 -4.9 10.0 -11.6 3.6 -.4 11.8 -9.7 13.5 Services................................. 8.5 13.7 29.2 17.7 -2.2 24.0 -12.0 12.4 3.7 25.4 -17.0 --------------------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates --------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... .1 .6 .4 .1 .2 .1 .1 .0 .2 .4 .1 Goods.................................... .0 1.2 .2 -.3 .6 -.5 .6 -.5 .4 .3 .8 Durable goods.......................... .4 1.3 .4 -.5 .8 -.3 1.3 -1.3 .2 1.8 1.0 Nondurable goods....................... -.2 1.2 .0 -.2 .5 -.6 .2 .0 .6 -.5 .7 Services................................. .1 .2 .5 .3 .0 .4 -.2 .2 .1 .4 -.3 ---------------------------------------------------------------------------------------------------------------------------------------------- Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continues ---------------------------------------------------------------------------------------------------------------------------------------------- Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 ---------------------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates --------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,353.2 9,373.1 9,364.3 9,357.3 9,337.4 9,354.1 9,363.0 9,349.6 9,340.3 9,284.0 9,281.2 Goods.................................... 3,304.0 3,311.5 3,299.0 3,272.8 3,244.7 3,268.7 3,263.4 3,261.4 3,248.7 3,201.1 3,220.0 Durable goods.......................... 1,225.8 1,227.2 1,210.5 1,203.7 1,193.2 1,182.6 1,180.0 1,179.6 1,167.6 1,138.4 1,157.4 Nondurable goods....................... 2,081.0 2,087.1 2,089.9 2,071.1 2,053.5 2,085.7 2,083.0 2,081.5 2,079.6 2,059.3 2,061.4 Services................................. 6,050.3 6,062.8 6,066.0 6,084.3 6,091.9 6,085.1 6,099.0 6,087.7 6,090.8 6,081.3 6,060.1 --------------------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates --------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.0 19.9 -8.8 -7.0 -19.9 16.7 8.9 -13.4 -9.3 -56.3 -2.8 Goods.................................... 3.3 7.5 -12.5 -26.2 -28.1 24.0 -5.3 -2.0 -12.7 -47.6 18.9 Durable goods.......................... 5.6 1.4 -16.7 -6.8 -10.5 -10.6 -2.6 -.4 -12.0 -29.2 19.0 Nondurable goods....................... -1.6 6.1 2.8 -18.8 -17.6 32.2 -2.7 -1.5 -1.9 -20.3 2.1 Services................................. -2.3 12.5 3.2 18.3 7.6 -6.8 13.9 -11.3 3.1 -9.5 -21.2 --------------------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates --------------------------------------------------------------------------------------------------- Personal consumption expenditures.......... .0 .2 -.1 -.1 -.2 .2 .1 -.1 -.1 -.6 .0 Goods.................................... .1 .2 -.4 -.8 -.9 .7 -.2 -.1 -.4 -1.5 .6 Durable goods.......................... .5 .1 -1.4 -.6 -.9 -.9 -.2 .0 -1.0 -2.5 1.7 Nondurable goods....................... -.1 .3 .1 -.9 -.8 1.6 -.1 -.1 -.1 -1.0 .1 Services................................. .0 .2 .1 .3 .1 -.1 .2 -.2 .1 -.2 -.3 ---------------------------------------------------------------------------------------------------------------------------------------------- Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Table Ends ------------------------------------------------------------------------------------------------------------------------------------- Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09\p\ ------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------ Billions of chained (2005) dollars, seasonally adjusted at annual rates ------------------------------------------------------------------------------------------ Personal consumption expenditures.......... 9,238.0 9,210.3 9,218.4 9,157.1 9,210.6 9,218.9 9,198.1 9,182.3 9,185.5 9,173.5 Goods.................................... 3,159.9 3,126.2 3,131.3 3,073.5 3,128.8 3,141.3 3,119.2 3,094.7 3,105.3 3,093.7 Durable goods.......................... 1,123.0 1,081.4 1,082.7 1,066.2 1,094.7 1,091.8 1,075.2 1,059.6 1,072.6 1,070.2 Nondurable goods....................... 2,033.7 2,037.0 2,040.9 2,000.3 2,028.0 2,042.5 2,035.9 2,026.2 2,024.9 2,015.9 Services................................. 6,075.6 6,080.6 6,083.6 6,077.0 6,078.3 6,074.9 6,074.9 6,082.0 6,075.5 6,074.5 ------------------------------------------------------------------------------------------ Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ------------------------------------------------------------------------------------------ Personal consumption expenditures.......... -43.2 -27.7 8.1 -61.3 53.5 8.3 -20.8 -15.8 3.2 -12.0 Goods.................................... -60.1 -33.7 5.1 -57.8 55.3 12.5 -22.1 -24.5 10.6 -11.6 Durable goods.......................... -34.4 -41.6 1.3 -16.5 28.5 -2.9 -16.6 -15.6 13.0 -2.4 Nondurable goods....................... -27.7 3.3 3.9 -40.6 27.7 14.5 -6.6 -9.7 -1.3 -9.0 Services................................. 15.5 5.0 3.0 -6.6 1.3 -3.4 .0 7.1 -6.5 -1.0 ------------------------------------------------------------------------------------------ Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ------------------------------------------------------------------------------------------ Personal consumption expenditures.......... -.5 -.3 .1 -.7 .6 .1 -.2 -.2 .0 -.1 Goods.................................... -1.9 -1.1 .2 -1.8 1.8 .4 -.7 -.8 .3 -.4 Durable goods.......................... -3.0 -3.7 .1 -1.5 2.7 -.3 -1.5 -1.4 1.2 -.2 Nondurable goods....................... -1.3 .2 .2 -2.0 1.4 .7 -.3 -.5 -.1 -.4 Services................................. .3 .1 .0 -.1 .0 -.1 .0 .1 -.1 .0 ------------------------------------------------------------------------------------------------------------------------------------- p Preliminary Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)--Continues [Quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 I 06 II 06 III 06 IV 06 I 07 II 07 ---------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------- Billions of chained (2005) dollars --------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,073.5 9,313.9 9,290.9 8,986.6 9,035.0 9,090.7 9,181.6 9,265.1 9,291.5 Goods.................................... 3,173.9 3,273.7 3,206.0 3,145.7 3,150.8 3,176.4 3,222.5 3,253.9 3,255.4 Durable goods.......................... 1,150.4 1,199.9 1,146.3 1,142.3 1,139.4 1,152.1 1,167.9 1,183.7 1,189.9 Nondurable goods....................... 2,023.6 2,074.8 2,057.3 2,003.7 2,011.6 2,024.5 2,054.7 2,070.3 2,066.1 Services................................. 5,899.7 6,040.8 6,083.1 5,841.0 5,884.2 5,914.3 5,959.4 6,011.7 6,036.2 --------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars --------------------------------------------------------------------------------- Personal consumption expenditures.......... 254.5 240.4 -23.0 98.1 48.4 55.7 90.9 83.5 26.4 Goods.................................... 100.0 99.8 -67.7 56.2 5.1 25.6 46.1 31.4 1.5 Durable goods.......................... 44.9 49.5 -53.6 43.9 -2.9 12.7 15.8 15.8 6.2 Nondurable goods....................... 55.2 51.2 -17.5 13.0 7.9 12.9 30.2 15.6 -4.2 Services................................. 154.6 141.1 42.3 42.1 43.2 30.1 45.1 52.3 24.5 --------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars --------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.9 2.6 -.2 4.5 2.2 2.5 4.1 3.7 1.1 Goods.................................... 3.3 3.1 -2.1 7.5 .7 3.3 5.9 3.9 .2 Durable goods.......................... 4.1 4.3 -4.5 17.0 -1.0 4.5 5.6 5.5 2.1 Nondurable goods....................... 2.8 2.5 -.8 2.6 1.6 2.6 6.1 3.1 -.8 Services................................. 2.7 2.4 .7 2.9 3.0 2.1 3.1 3.6 1.6 ---------------------------------------------------------------------------------------------------------------------------- Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)--Table Ends [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 ------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------ Billions of chained (2005) dollars ------------------------------------------------------------------------ Personal consumption expenditures.......... 9,335.6 9,363.6 9,349.6 9,351.0 9,267.7 9,195.3 9,209.2 9,180.5 Goods.................................... 3,280.6 3,304.8 3,262.1 3,257.8 3,193.6 3,110.4 3,129.8 3,097.9 Durable goods.......................... 1,205.0 1,221.2 1,193.2 1,175.7 1,139.6 1,076.8 1,087.2 1,067.5 Nondurable goods....................... 2,076.8 2,086.0 2,070.1 2,081.4 2,051.5 2,026.1 2,035.5 2,022.4 Services................................. 6,055.5 6,059.7 6,087.1 6,092.5 6,072.4 6,080.4 6,076.0 6,077.3 ------------------------------------------------------------------------ Change from preceding period in billions of chained (2005) dollars ------------------------------------------------------------------------ Personal consumption expenditures.......... 44.1 28.0 -14.0 1.4 -83.3 -72.4 13.9 -28.7 Goods.................................... 25.2 24.2 -42.7 -4.3 -64.2 -83.2 19.4 -31.9 Durable goods.......................... 15.1 16.2 -28.0 -17.5 -36.1 -62.8 10.4 -19.7 Nondurable goods....................... 10.7 9.2 -15.9 11.3 -29.9 -25.4 9.4 -13.1 Services................................. 19.3 4.2 27.4 5.4 -20.1 8.0 -4.4 1.3 ------------------------------------------------------------------------ Percent change from preceding period in chained (2005) dollars ------------------------------------------------------------------------ Personal consumption expenditures.......... 1.9 1.2 -.6 .1 -3.5 -3.1 .6 -1.2 Goods.................................... 3.1 3.0 -5.1 -.5 -7.7 -10.0 2.5 -4.0 Durable goods.......................... 5.2 5.5 -8.9 -5.7 -11.7 -20.3 3.9 -7.1 Nondurable goods....................... 2.1 1.8 -3.0 2.2 -5.6 -4.9 1.9 -2.5 Services................................. 1.3 .3 1.8 .4 -1.3 .5 -.3 .1 ------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)--Continues ----------------------------------------------------------------------------------------------------------------------------------------------------------- Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 101.725 101.764 101.921 102.328 102.588 102.787 103.119 103.517 103.312 103.079 103.211 103.605 103.889 104.234 Goods.................................... 101.304 101.017 101.028 101.652 101.809 101.832 102.345 102.920 101.722 100.666 100.603 101.196 101.147 101.498 Durable goods.......................... 99.286 99.164 98.974 98.972 98.814 98.442 98.400 98.479 97.963 98.014 97.801 97.552 97.372 97.454 Nondurable goods....................... 102.444 102.060 102.184 103.166 103.502 103.749 104.578 105.434 103.851 102.165 102.189 103.263 103.292 103.798 Services................................. 101.949 102.164 102.400 102.690 103.005 103.298 103.533 103.836 104.164 104.376 104.613 104.900 105.364 105.705 Addenda: Energy goods and services\1\............. 111.697 110.084 108.641 112.100 113.009 112.796 116.868 119.755 112.242 103.975 105.470 110.317 108.682 109.814 PCE excluding food and energy\2\......... 101.134 101.291 101.550 101.827 102.065 102.279 102.397 102.652 102.842 103.056 103.115 103.291 103.661 103.908 Market-based PCE\3\...................... 101.769 101.800 101.966 102.362 102.639 102.836 103.204 103.627 103.329 102.999 103.110 103.497 103.760 104.110 Market-based PCE excluding food and energy\3\........................... 101.087 101.256 101.542 101.783 102.038 102.252 102.376 102.636 102.785 102.959 102.982 103.112 103.473 103.709 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- PCE........................................ .4 .0 .2 .4 .3 .2 .3 .4 -.2 -.2 .1 .4 .3 .3 Goods.................................... .7 -.3 .0 .6 .2 .0 .5 .6 -1.2 -1.0 -.1 .6 .0 .3 Durable goods.......................... -.1 -.1 -.2 .0 -.2 -.4 .0 .1 -.5 .1 -.2 -.3 -.2 .1 Nondurable goods....................... 1.1 -.4 .1 1.0 .3 .2 .8 .8 -1.5 -1.6 .0 1.1 .0 .5 Services................................. .3 .2 .2 .3 .3 .3 .2 .3 .3 .2 .2 .3 .4 .3 Addenda: Energy goods and services\1\............. 5.0 -1.4 -1.3 3.2 .8 -.2 3.6 2.5 -6.3 -7.4 1.4 4.6 -1.5 1.0 PCE excluding food and energy\2\......... .2 .2 .3 .3 .2 .2 .1 .2 .2 .2 .1 .2 .4 .2 Market-based PCE\3\...................... .5 .0 .2 .4 .3 .2 .4 .4 -.3 -.3 .1 .4 .3 .3 Market-based PCE excluding food and energy\3\........................... .2 .2 .3 .2 .3 .2 .1 .3 .1 .2 .0 .1 .4 .2 ----------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households. Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)--Continues ----------------------------------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 104.627 104.835 105.108 105.279 105.450 105.589 106.003 106.427 107.142 107.445 107.721 107.926 108.276 108.513 Goods.................................... 102.191 102.344 102.690 102.609 102.635 102.411 102.836 103.282 104.809 105.019 105.483 105.607 105.976 106.043 Durable goods.......................... 97.359 97.148 96.999 97.008 96.767 96.258 96.099 96.169 96.037 95.896 95.963 96.037 96.111 96.037 Nondurable goods....................... 104.941 105.302 105.933 105.798 105.975 105.913 106.673 107.330 109.822 110.228 110.911 111.056 111.587 111.731 Services................................. 105.935 106.175 106.408 106.716 106.966 107.303 107.712 108.126 108.400 108.756 108.932 109.183 109.525 109.855 Addenda: Energy goods and services\1\............. 114.558 115.755 118.052 117.372 117.111 116.141 118.823 120.808 130.621 131.406 132.486 133.209 136.061 135.153 PCE excluding food and energy\2\......... 104.017 104.164 104.300 104.490 104.687 104.870 105.154 105.485 105.685 105.971 106.163 106.311 106.526 106.732 Market-based PCE\3\...................... 104.524 104.746 105.027 105.157 105.274 105.344 105.726 106.166 106.939 107.238 107.563 107.806 108.159 108.392 Market-based PCE excluding food and energy\3\........................... 103.795 103.947 104.071 104.215 104.355 104.463 104.687 105.022 105.203 105.480 105.718 105.899 106.095 106.291 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- PCE........................................ .4 .2 .3 .2 .2 .1 .4 .4 .7 .3 .3 .2 .3 .2 Goods.................................... .7 .1 .3 -.1 .0 -.2 .4 .4 1.5 .2 .4 .1 .3 .1 Durable goods.......................... -.1 -.2 -.2 .0 -.2 -.5 -.2 .1 -.1 -.1 .1 .1 .1 -.1 Nondurable goods....................... 1.1 .3 .6 -.1 .2 -.1 .7 .6 2.3 .4 .6 .1 .5 .1 Services................................. .2 .2 .2 .3 .2 .3 .4 .4 .3 .3 .2 .2 .3 .3 Addenda: Energy goods and services\1\............. 4.3 1.0 2.0 -.6 -.2 -.8 2.3 1.7 8.1 .6 .8 .5 2.1 -.7 PCE excluding food and energy\2\......... .1 .1 .1 .2 .2 .2 .3 .3 .2 .3 .2 .1 .2 .2 Market-based PCE\3\...................... .4 .2 .3 .1 .1 .1 .4 .4 .7 .3 .3 .2 .3 .2 Market-based PCE excluding food and energy\3\........................... .1 .1 .1 .1 .1 .1 .2 .3 .2 .3 .2 .2 .2 .2 ----------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households. Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)--Table Ends ----------------------------------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09\p\ ----------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 108.918 109.632 110.202 110.242 110.375 109.860 108.625 108.079 108.272 108.592 108.485 108.566 108.626 109.219 Goods.................................... 106.343 107.647 108.530 108.325 108.497 106.823 103.176 101.353 101.755 102.511 102.292 102.330 102.370 103.857 Durable goods.......................... 95.751 95.707 95.766 95.518 95.328 95.205 94.689 94.335 94.227 94.386 94.365 94.485 94.337 94.376 Nondurable goods....................... 112.360 114.422 115.764 115.575 115.936 113.399 108.065 105.449 106.126 107.207 106.883 106.877 107.016 109.276 Services................................. 110.317 110.716 111.121 111.293 111.411 111.502 111.509 111.615 111.702 111.797 111.747 111.851 111.921 112.059 Addenda: Energy goods and services\1\............. 138.605 147.126 152.212 149.099 147.899 135.895 111.519 100.514 102.273 105.708 102.315 99.926 100.142 108.500 PCE excluding food and energy\2\......... 106.968 107.228 107.489 107.653 107.814 107.864 107.856 107.878 108.010 108.202 108.307 108.581 108.676 108.851 Market-based PCE\3\...................... 108.787 109.556 110.191 110.249 110.400 109.892 108.521 107.930 108.211 108.605 108.541 108.614 108.658 109.306 Market-based PCE excluding food and energy\3\........................... 106.486 106.735 107.020 107.226 107.411 107.564 107.608 107.676 107.900 108.155 108.346 108.643 108.726 108.894 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- PCE........................................ .4 .7 .5 .0 .1 -.5 -1.1 -.5 .2 .3 -.1 .1 .1 .5 Goods.................................... .3 1.2 .8 -.2 .2 -1.5 -3.4 -1.8 .4 .7 -.2 .0 .0 1.5 Durable goods.......................... -.3 .0 .1 -.3 -.2 -.1 -.5 -.4 -.1 .2 .0 .1 -.2 .0 Nondurable goods....................... .6 1.8 1.2 -.2 .3 -2.2 -4.7 -2.4 .6 1.0 -.3 .0 .1 2.1 Services................................. .4 .4 .4 .2 .1 .1 .0 .1 .1 .1 .0 .1 .1 .1 Addenda: Energy goods and services\1\............. 2.6 6.1 3.5 -2.0 -.8 -8.1 -17.9 -9.9 1.8 3.4 -3.2 -2.3 .2 8.3 PCE excluding food and energy\2\......... .2 .2 .2 .2 .1 .0 .0 .0 .1 .2 .1 .3 .1 .2 Market-based PCE\3\...................... .4 .7 .6 .1 .1 -.5 -1.2 -.5 .3 .4 -.1 .1 .0 .6 Market-based PCE excluding food and energy\3\........................... .2 .2 .3 .2 .2 .1 .0 .1 .2 .2 .2 .3 .1 .2 ----------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continues ----------------------------------------------------------------------------------------------------------------------------------------------------------- Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 3.2 3.8 4.2 4.3 3.8 3.7 3.4 3.4 4.6 5.0 4.5 4.4 3.3 3.1 Personal consumption expenditures.......... 3.1 3.0 3.1 2.6 3.1 2.3 2.2 2.3 3.2 3.5 3.1 3.3 3.3 3.1 Goods.................................... 4.2 3.3 3.7 2.2 3.4 1.7 1.3 1.9 4.4 4.3 4.0 4.6 3.3 3.2 Durable goods.......................... 6.8 4.8 4.8 1.5 4.5 1.1 -1.5 1.8 6.8 7.7 5.9 5.4 3.0 3.9 Nondurable goods....................... 2.7 2.5 3.1 2.7 2.8 2.1 2.9 2.0 3.1 2.6 3.0 4.1 3.5 2.8 Services................................. 2.5 2.8 2.8 2.7 2.9 2.6 2.7 2.5 2.5 3.0 2.7 2.6 3.2 3.0 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continues ----------------------------------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.9 2.5 2.4 2.1 2.3 2.5 2.1 1.5 1.0 .6 .5 -.1 -.5 -.3 Personal consumption expenditures.......... 3.0 2.9 2.9 2.7 2.4 3.0 2.6 2.1 2.3 1.6 1.1 .8 .8 .8 Goods.................................... 3.8 2.9 4.0 3.1 2.7 3.7 3.5 2.9 3.2 1.6 .6 .0 .2 .5 Durable goods.......................... 3.9 3.5 6.3 3.5 2.5 6.1 5.2 5.7 5.4 2.6 1.6 1.3 -.5 -.4 Nondurable goods....................... 3.7 2.5 2.7 2.9 2.8 2.4 2.6 1.5 2.1 1.0 .0 -.6 .5 .9 Services................................. 2.5 2.9 2.3 2.5 2.3 2.7 2.2 1.7 1.8 1.6 1.4 1.2 1.1 1.0 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago--Table Ends ----------------------------------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09\p\ ----------------------------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 4.9 2.0 .4 -.8 -.9 -.6 .7 1.0 1.7 1.0 1.1 1.8 -1.7 -1.0 Personal consumption expenditures.......... .6 .5 -.3 -.7 -1.2 -1.5 -1.7 -2.2 -1.6 -1.3 -1.7 -1.9 -1.8 -1.8 Goods.................................... -.2 -.1 -2.0 -1.7 -4.3 -5.4 -5.4 -6.8 -4.4 -3.2 -4.6 -5.2 -4.8 -4.8 Durable goods.......................... -1.7 -1.4 -4.1 -4.2 -8.0 -11.8 -11.8 -11.9 -9.1 -8.5 -9.1 -10.2 -9.1 -8.3 Nondurable goods....................... .7 .6 -.9 -.4 -2.3 -2.1 -2.2 -4.3 -2.1 -.5 -2.4 -2.7 -2.7 -3.1 Services................................. 1.0 .8 .6 -.2 .4 .5 .3 .2 -.1 -.3 -.2 -.3 -.2 -.3 ----------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continues ----------------------------------------------------------------------------------------------------------------------------------------------------------- Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 3.3 3.1 2.9 3.0 3.3 3.4 3.3 3.2 1.9 1.5 1.9 2.3 2.1 2.4 Goods.................................... 2.7 2.2 1.9 2.2 2.9 3.0 2.8 2.5 -.8 -1.5 -.2 .6 -.2 .5 Durable goods.......................... -1.3 -1.4 -1.5 -1.4 -1.7 -1.8 -1.5 -.9 -1.6 -1.6 -1.6 -1.8 -1.9 -1.7 Nondurable goods....................... 5.1 4.3 4.0 4.2 5.5 5.8 5.2 4.4 -.4 -1.4 .5 1.9 .8 1.7 Services................................. 3.6 3.5 3.4 3.4 3.5 3.6 3.6 3.6 3.4 3.1 3.0 3.2 3.3 3.5 Addenda: Energy goods and services\1\............. 24.8 20.7 17.6 18.5 24.0 23.6 20.9 16.0 -4.7 -11.0 -3.1 3.7 -2.7 -.2 PCE excluding food and energy\2\......... 2.2 2.1 2.1 2.2 2.3 2.4 2.4 2.5 2.4 2.4 2.2 2.3 2.5 2.6 Market-based PCE\3\...................... 3.3 3.1 2.9 3.0 3.4 3.5 3.4 3.3 1.9 1.4 1.8 2.2 2.0 2.3 Market-based PCE excluding food and energy\3\........................... 2.0 1.9 2.0 2.2 2.2 2.4 2.4 2.6 2.5 2.4 2.2 2.2 2.4 2.4 ----------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continues ----------------------------------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.7 2.4 2.5 2.4 2.3 2.0 2.6 3.2 3.8 3.7 3.7 3.5 3.5 3.5 Goods.................................... 1.2 .7 .9 .8 .3 -.5 1.1 2.6 4.2 3.8 4.3 4.0 3.7 3.6 Durable goods.......................... -1.6 -1.8 -1.8 -1.5 -1.7 -2.3 -1.9 -1.9 -1.8 -1.7 -1.4 -1.5 -1.3 -1.1 Nondurable goods....................... 2.7 2.1 2.3 2.0 1.3 .5 2.7 5.1 7.5 6.7 7.4 7.0 6.3 6.1 Services................................. 3.5 3.4 3.3 3.3 3.3 3.3 3.4 3.6 3.6 3.7 3.4 3.3 3.4 3.5 Addenda: Energy goods and services\1\............. 5.4 3.3 4.5 4.1 .2 -3.0 5.9 16.2 23.8 19.1 21.9 21.3 18.8 16.8 PCE excluding food and energy\2\......... 2.4 2.3 2.2 2.2 2.2 2.2 2.2 2.4 2.5 2.6 2.4 2.3 2.4 2.5 Market-based PCE\3\...................... 2.5 2.3 2.3 2.3 2.0 1.7 2.3 3.1 3.7 3.6 3.7 3.6 3.5 3.5 Market-based PCE excluding food and energy\3\........................... 2.2 2.1 2.0 1.9 1.9 1.8 1.9 2.0 2.2 2.3 2.2 2.1 2.2 2.3 ----------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households. Table 11.-Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago--Table Ends ----------------------------------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09\p\ ----------------------------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 3.6 4.1 4.5 4.4 4.1 3.2 1.4 .6 .5 .6 .2 .0 -.3 -.4 Goods.................................... 3.6 4.9 5.7 5.8 5.5 3.4 -1.6 -3.5 -3.5 -2.9 -3.5 -3.5 -3.7 -3.5 Durable goods.......................... -1.3 -1.3 -1.0 -.8 -.8 -1.0 -1.4 -1.6 -1.8 -1.7 -1.8 -1.6 -1.5 -1.4 Nondurable goods....................... 6.1 8.2 9.2 9.1 8.7 5.7 -1.6 -4.3 -4.3 -3.5 -4.2 -4.3 -4.8 -4.5 Services................................. 3.7 3.7 3.9 3.7 3.4 3.1 2.9 2.6 2.5 2.4 2.0 1.8 1.5 1.2 Addenda: Energy goods and services\1\............. 17.4 25.4 30.0 28.4 24.5 12.5 -14.6 -23.5 -22.8 -20.6 -24.8 -26.1 -27.8 -26.3 PCE excluding food and energy\2\......... 2.6 2.6 2.7 2.7 2.5 2.3 2.1 1.8 1.7 1.8 1.7 1.7 1.6 1.5 Market-based PCE\3\...................... 3.6 4.2 4.7 4.7 4.4 3.5 1.5 .6 .6 .7 .4 .2 -.1 -.2 Market-based PCE excluding food and energy\3\........................... 2.3 2.4 2.6 2.6 2.6 2.4 2.3 2.1 2.1 2.1 2.1 2.2 2.1 2.0 ----------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households. Table 12. Revisions to Personal Income and Its Disposition ------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ------------------------ ------------------------ Revisions as a Revised Revisions to percent of estimates previously previously published published ------------------------ ------------------------ ------------------------ 2006 2007 2008 2006 2007 2008 2006 2007 2008 ------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,268.1 11,894.1 12,238.8 274.2 230.9 138.2 2.5 2.0 1.1 Compensation of employees, received...... 7,475.7 7,862.7 8,042.4 43.1 44.1 -10.4 .6 .6 -.1 Wage and salary disbursements.......... 6,068.9 6,408.9 6,545.9 41.7 46.9 -2.1 .7 .7 .0 Private industries................... 5,033.7 5,319.8 5,404.6 29.5 33.1 -13.9 .6 .6 -.3 Goods-producing industries......... 1,176.0 1,212.9 1,206.5 8.8 7.5 -3.5 .8 .6 -.3 Manufacturing.................... 738.7 753.5 742.0 7.5 7.5 -.4 1.0 1.0 -.1 Services-producing industries...... 3,857.8 4,106.9 4,198.1 20.7 25.6 -10.4 .5 .6 -.2 Trade, transportation, and utilities....................... 996.0 1,044.7 1,048.3 9.3 9.5 .6 .9 .9 .1 Other services-producing industries...................... 2,861.8 3,062.2 3,149.8 11.4 16.1 -11.0 .4 .5 -.3 Government........................... 1,035.2 1,089.1 1,141.3 12.2 13.9 11.8 1.2 1.3 1.0 Supplements to wages and salaries...... 1,406.9 1,453.8 1,496.6 1.6 -2.8 -8.2 .1 -.2 -.5 Employer contributions for employee pension and insurance funds......... 960.1 993.0 1,023.9 3.3 1.1 -3.0 .3 .1 -.3 Employer contributions for government social insurance.................... 446.7 460.8 472.7 -1.8 -3.9 -5.2 -.4 -.8 -1.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,133.0 1,096.4 1,106.3 118.3 40.2 33.9 11.7 3.8 3.2 Farm................................... 29.3 39.4 48.7 13.1 -4.6 14.1 80.9 -10.5 40.8 Nonfarm................................ 1,103.6 1,056.9 1,057.5 105.0 44.7 19.6 10.5 4.4 1.9 Rental income of persons with capital consumption adjustment.................. 146.5 144.9 210.4 102.2 104.9 146.0 230.7 262.3 226.7 Personal income receipts on assets....... 1,829.7 2,031.5 1,994.4 4.9 31.4 -43.3 .3 1.6 -2.1 Personal interest income............... 1,127.5 1,266.4 1,308.0 2.1 52.1 99.5 .2 4.3 8.2 Personal dividend income............... 702.2 765.1 686.4 2.8 -20.7 -142.7 .4 -2.6 -17.2 Personal current transfer receipts....... 1,605.0 1,718.0 1,875.9 2.0 4.7 6.8 .1 .3 .4 Government social benefits to persons.. 1,583.6 1,687.8 1,843.2 5.5 6.4 8.8 .3 .4 .5 Old-age, survivors, disability, and health insurance benefits........... 943.3 1,003.7 1,070.3 4.4 4.3 12.0 .5 .4 1.1 Government unemployment insurance benefits............................ 29.9 32.3 50.6 .0 .0 -1.7 .0 .0 -3.3 Other................................ 610.4 651.7 722.4 1.1 2.1 -1.4 .2 .3 -.2 Other current transfer receipts, from business (net)........................ 21.4 30.2 32.6 -3.5 -1.7 -2.1 -14.1 -5.3 -6.1 Less: Contributions for government social insurance, domestic..................... 921.8 959.3 990.6 -3.7 -5.8 -5.1 -.4 -.6 -.5 Less: Personal current taxes............... 1,352.4 1,490.9 1,432.4 -.8 -1.9 -24.9 -.1 -.1 -1.7 Equals: Disposable personal income......... 9,915.7 10,403.1 10,806.4 275.0 232.6 163.1 2.9 2.3 1.5 Less: Personal outlays..................... 9,680.7 10,224.3 10,520.0 110.7 111.2 69.3 1.2 1.1 .7 Personal consumption expenditures........ 9,322.7 9,826.4 10,129.9 115.5 116.2 72.0 1.3 1.2 .7 Personal interest payments\1\............ 230.1 256.8 237.7 -5.3 -8.6 -10.5 -2.3 -3.2 -4.2 Personal current transfer payments....... 128.0 141.0 152.3 .6 3.5 7.8 .5 2.5 5.4 To government.......................... 76.4 82.3 87.9 .2 1.1 3.5 .3 1.4 4.1 To the rest of the world (net)......... 51.6 58.7 64.5 .5 2.4 4.4 1.0 4.3 7.3 Equals: Personal saving.................... 235.0 178.9 286.4 164.3 121.5 93.7 ..... ..... ..... Personal saving as a percentage of disposable personal income.............. 2.4 1.7 2.7 1.7 1.1 .9 ..... ..... ..... Addenda: Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,650.7 9,860.6 9,911.3 ..... ..... ..... ..... ..... ..... Per capita: Current dollars...................... 33,183 34,478 35,486 920 772 536 2.9 2.3 1.5 Chained (2005) dollars............... 32,296 32,679 32,546 ..... ..... ..... ..... ..... ..... Population (midperiod, thousands)\3\..... 298,820 301,737 304,529 0 0 0 .0 .0 .0 ------------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continues ---------------------------------------------------------------------------------------------------------------------------------------------------- Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 ---------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------------- Change from preceding period in billions of dollars: Personal income................... 166.6 70.1 55.0 74.6 29.8 68.5 26.9 51.5 48.2 49.0 53.5 101.6 38.2 80.9 Previously published............ 113.2 44.7 35.0 62.2 17.0 59.5 43.8 52.6 56.3 45.7 52.0 99.4 87.7 81.2 Disposable personal income........ 120.9 56.7 46.8 66.4 31.5 63.2 22.9 46.5 36.7 38.6 36.3 77.8 10.3 63.3 Previously published............ 73.0 31.8 25.2 49.6 17.3 54.0 40.0 47.2 43.5 31.1 35.4 77.6 64.9 64.1 Personal consumption expenditures. 77.0 30.1 38.0 53.3 30.4 28.3 77.1 16.4 24.4 27.2 19.8 90.5 62.9 39.7 Previously published............ 65.9 44.8 17.8 69.9 42.3 32.1 79.5 13.9 -7.5 33.9 13.4 92.5 55.6 56.5 Personal saving as a percentage of disposable personal income...... 2.0 2.2 2.3 2.4 2.4 2.7 2.1 2.3 2.4 2.5 2.6 2.4 1.9 2.1 Previously published.............. 1.1 .9 1.0 .7 .4 .6 .2 .4 .9 .8 1.0 .8 .9 1.0 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Personal income..................... 1.5 .6 .5 .7 .3 .6 .2 .5 .4 .4 .5 .9 .3 .7 Previously published.............. 1.1 .4 .3 .6 .2 .5 .4 .5 .5 .4 .5 .9 .8 .7 Disposable personal income.......... 1.3 .6 .5 .7 .3 .6 .2 .5 .4 .4 .4 .8 .1 .6 Previously published.............. .8 .3 .3 .5 .2 .6 .4 .5 .4 .3 .4 .8 .7 .6 Personal consumption expenditures... .9 .3 .4 .6 .3 .3 .8 .2 .3 .3 .2 1.0 .7 .4 Previously published.............. .7 .5 .2 .8 .5 .4 .9 .1 -.1 .4 .1 1.0 .6 .6 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Real disposable personal income..... .8 .5 .3 .3 .1 .4 -.1 .1 .6 .6 .2 .4 -.2 .3 Previously published.............. .3 .3 .1 .1 -.1 .3 .1 .2 .7 .6 .3 .4 .4 .4 Real personal consumption expenditures....................... .4 .3 .3 .2 .1 .1 .5 -.2 .5 .5 .1 .6 .4 .1 Previously published.............. .3 .5 .0 .3 .2 .1 .5 -.2 .1 .6 .1 .6 .3 .3 ---------------------------------------------------------------------------------------------------------------------------------------------------- Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continues ---------------------------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 ---------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------------- Change from preceding period in billions of dollars: Personal income................... 73.3 7.3 31.3 37.6 32.4 46.0 71.1 44.8 52.0 37.3 -2.3 -5.8 17.6 10.6 Previously published............ 68.7 .4 26.3 40.9 61.7 51.5 62.5 31.8 50.3 52.7 6.0 22.4 46.6 4.1 Disposable personal income........ 59.2 6.0 26.6 29.8 26.4 41.7 61.2 41.3 41.6 29.2 1.1 -10.5 13.6 28.6 Previously published............ 51.6 -6.4 20.0 35.4 61.0 48.2 52.0 27.4 42.5 48.9 1.1 18.9 40.5 16.8 Personal consumption expenditures. 54.2 29.2 31.6 13.4 34.7 50.0 46.6 40.7 88.3 19.1 18.2 -2.2 50.8 32.0 Previously published............ 25.4 53.4 51.1 28.2 37.7 35.3 33.4 17.4 102.5 21.8 43.2 -1.9 57.0 33.8 Personal saving as a percentage of disposable personal income...... 2.2 1.8 1.7 1.8 1.7 1.6 1.7 1.7 1.3 1.4 1.3 1.3 1.0 .8 Previously published.............. 1.3 .6 .2 .1 .3 .4 .6 .7 .1 .4 .1 .3 .2 .0 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Personal income..................... .6 .1 .3 .3 .3 .4 .6 .4 .4 .3 .0 .0 .1 .1 Previously published.............. .6 .0 .2 .4 .5 .4 .5 .3 .4 .4 .1 .2 .4 .0 Disposable personal income.......... .6 .1 .3 .3 .3 .4 .6 .4 .4 .3 .0 -.1 .1 .3 Previously published.............. .5 -.1 .2 .4 .6 .5 .5 .3 .4 .5 .0 .2 .4 .2 Personal consumption expenditures... .6 .3 .3 .1 .4 .5 .5 .4 .9 .2 .2 .0 .5 .3 Previously published.............. .3 .6 .5 .3 .4 .4 .3 .2 1.0 .2 .4 .0 .6 .3 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Real disposable personal income..... .2 -.1 .0 .1 .1 .3 .2 .0 -.3 .0 -.2 -.3 -.2 .0 Previously published.............. .1 -.3 -.1 .1 .4 .4 .1 .0 -.2 .2 -.3 .0 .1 -.1 Real personal consumption expenditures....................... .2 .1 .1 .0 .2 .4 .1 .0 .2 -.1 -.1 -.2 .2 .1 Previously published.............. -.1 .3 .2 .1 .2 .3 .0 -.1 .4 -.1 .1 -.2 .3 .1 ---------------------------------------------------------------------------------------------------------------------------------------------------- Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Table Ends -------------------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 -------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------------------------------- Change from preceding period in billions of dollars: Personal income................... 199.3 -7.7 -99.4 43.6 8.2 -38.4 -32.6 -39.0 -128.6 -101.8 -55.0 28.4 155.1 Previously published............ 216.7 13.8 -93.7 39.9 11.6 -28.8 -50.6 -28.2 -.9 -34.6 -33.0 78.3 167.1 Disposable personal income........ 591.7 -217.3 -112.0 -98.0 22.9 -18.7 -9.3 -23.7 66.5 -75.3 -21.9 96.2 168.7 Previously published............ 596.3 -201.3 -102.7 -110.4 16.2 -8.6 -28.1 -13.0 156.1 -10.2 1.2 140.0 178.1 Personal consumption expenditures. 23.5 56.5 -8.8 .7 -35.4 -78.0 -105.0 -116.7 75.7 38.6 -32.4 -9.7 9.0 Previously published............ 70.7 52.2 -9.3 -16.2 -38.5 -119.1 -73.6 -109.0 90.1 39.1 -25.3 1.0 25.1 Personal saving as a percentage of disposable personal income...... 5.8 3.5 2.6 1.7 2.2 2.9 3.8 4.7 4.6 3.6 3.7 4.7 6.2 Previously published.............. 4.8 2.5 1.7 .8 1.4 2.5 3.1 4.0 4.6 4.1 4.3 5.6 6.9 -------------------------------------------------------------------------------------------------------- Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates -------------------------------------------------------------------------------------------------------- Personal income..................... 1.6 -.1 -.8 .4 .1 -.3 -.3 -.3 -1.1 -.8 -.5 .2 1.3 Previously published.............. 1.8 .1 -.8 .3 .1 -.2 -.4 -.2 .0 -.3 -.3 .7 1.4 Disposable personal income.......... 5.6 -1.9 -1.0 -.9 .2 -.2 -.1 -.2 .6 -.7 -.2 .9 1.6 Previously published.............. 5.7 -1.8 -.9 -1.0 .2 -.1 -.3 -.1 1.5 -.1 .0 1.3 1.6 Personal consumption expenditures... .2 .6 -.1 .0 -.3 -.8 -1.0 -1.2 .8 .4 -.3 -.1 .1 Previously published.............. .7 .5 -.1 -.2 -.4 -1.2 -.7 -1.1 .9 .4 -.3 .0 .3 -------------------------------------------------------------------------------------------------------- Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates -------------------------------------------------------------------------------------------------------- Real disposable personal income..... 5.2 -2.6 -1.5 -.9 .1 .3 1.1 .3 .4 -1.0 -.1 .8 1.5 Previously published.............. 5.2 -2.6 -1.5 -1.0 .1 .3 .8 .4 1.2 -.4 .0 1.2 1.6 Real personal consumption expenditures....................... -.1 -.1 -.6 .0 -.5 -.3 .1 -.7 .6 .1 -.2 -.2 .0 Previously published.............. .2 -.2 -.6 -.1 -.5 -.8 .4 -.6 .7 .0 -.2 -.1 .2 -------------------------------------------------------------------------------------------------------------------------------------------- Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters)--Continues [Quarters seasonally adjusted at annual rates] --------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 I 06 II 06 III 06 IV 06 I 07 II 07 --------------------------------------------------------------------------------------------------------------------- Change from preceding period in billions of dollars: Personal income................... 782.2 626.0 344.7 285.9 177.3 132.9 167.9 202.1 116.5 Previously published............ 724.1 669.3 437.4 220.6 131.6 142.9 168.6 248.3 104.5 Disposable personal income........ 638.4 487.4 403.3 218.1 158.6 118.7 128.7 136.2 94.3 Previously published............ 578.7 529.8 472.8 157.0 106.5 127.8 125.2 188.4 74.5 Personal consumption expenditures. 503.7 503.7 303.5 137.9 118.4 125.2 92.3 174.4 104.0 Previously published............ 513.1 503.0 347.7 132.6 135.6 121.8 73.3 167.9 132.6 Personal saving as a percentage of disposable personal income...... 2.4 1.7 2.7 2.2 2.5 2.3 2.5 2.0 1.8 Previously published.............. .7 .6 1.8 1.0 .6 .5 .9 1.1 .3 --------------------------------------------------------------------------------- Percent change from preceding period for current-dollar measures --------------------------------------------------------------------------------- Personal income..................... 7.5 5.6 2.9 11.1 6.6 4.8 6.1 7.2 4.0 Previously published.............. 7.1 6.1 3.8 8.6 5.0 5.3 6.2 9.1 3.7 Disposable personal income.......... 6.9 4.9 3.9 9.5 6.7 4.9 5.3 5.5 3.7 Previously published.............. 6.4 5.5 4.6 6.9 4.6 5.4 5.3 7.9 3.0 Personal consumption expenditures... 5.7 5.4 3.1 6.3 5.3 5.5 4.0 7.6 4.4 Previously published.............. 5.9 5.5 3.6 6.1 6.1 5.4 3.2 7.4 5.7 --------------------------------------------------------------------------------- Percent change from preceding period for chained-dollar measures --------------------------------------------------------------------------------- Real disposable personal income..... 4.0 2.2 .5 7.7 3.6 1.9 5.3 1.7 .5 Previously published.............. 3.5 2.8 1.3 5.1 1.3 2.3 5.8 4.4 -.6 Real personal consumption expenditures....................... 2.9 2.6 -.2 4.5 2.2 2.5 4.1 3.7 1.1 Previously published.............. 3.0 2.8 .2 4.3 2.8 2.2 3.7 3.9 2.0 --------------------------------------------------------------------------------------------------------------------- Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters)--Table Ends [Quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 ---------------------------------------------------------------------------------------------------------- Change from preceding period in billions of dollars: Personal income................... 122.2 154.7 41.9 150.7 -6.3 -53.1 -251.7 Previously published............ 152.9 141.7 88.4 191.7 18.2 -50.9 -70.7 Disposable personal income........ 103.3 133.4 32.0 356.3 -117.4 -50.2 -9.9 Previously published............ 140.8 122.7 74.0 380.5 -106.3 -57.7 131.7 Personal consumption expenditures. 103.1 153.6 75.9 99.6 25.4 -210.3 -22.1 Previously published............ 108.1 127.1 109.6 135.7 25.5 -235.6 10.6 Personal saving as a percentage of disposable personal income...... 1.6 1.5 1.2 3.4 2.2 3.8 4.0 Previously published.............. .5 .4 .2 2.5 1.3 3.2 4.3 ---------------------------------------------------------------------- Percent change from preceding period for current-dollar measures ---------------------------------------------------------------------- Personal income..................... 4.2 5.3 1.4 5.1 -.2 -1.7 -8.0 Previously published.............. 5.4 4.9 3.0 6.6 .6 -1.7 -2.3 Disposable personal income.......... 4.1 5.2 1.2 14.1 -4.2 -1.8 -.4 Previously published.............. 5.7 4.9 2.9 15.4 -3.9 -2.1 5.0 Personal consumption expenditures... 4.3 6.4 3.1 4.0 1.0 -8.0 -.9 Previously published.............. 4.6 5.3 4.5 5.5 1.0 -9.0 .4 ---------------------------------------------------------------------- Percent change from preceding period for chained-dollar measures ---------------------------------------------------------------------- Real disposable personal income..... 1.7 .1 -2.4 9.8 -8.5 3.4 1.1 Previously published.............. 3.1 .6 -.7 10.7 -8.5 2.9 6.0 Real personal consumption expenditures....................... 1.9 1.2 -.6 .1 -3.5 -3.1 .6 Previously published.............. 2.0 1.0 .9 1.2 -3.8 -4.3 1.4 ----------------------------------------------------------------------------------------------------------