EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, NOVEMBER 1, 2010 BEA 10-51 James Rankin: (202) 606-5301 (Personal Income) piniwd@bea.gov Kyle Brown: (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2010 Personal income decreased $16.8 billion, or 0.1 percent, and disposable personal income (DPI) decreased $20.3 billion, or 0.2 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $17.3 billion, or 0.2 percent. In August, personal income increased $54.4 billion, or 0.4 percent, DPI increased $47.9 billion, or 0.4 percent, and PCE increased $52.5 billion, or 0.5 percent, based on revised estimates. Real disposable income decreased 0.3 percent in September, in contrast to an increase of 0.2 percent in August. Real PCE increased 0.1 percent, compared with an increase of 0.3 percent. 2010 May June July Aug. Sept. (Percent change from preceding month) Personal income, current dollars 0.4 0.0 0.2 0.4 -0.1 Disposable personal income: Current dollars 0.4 0.0 0.0 0.4 -0.2 Chained (2005) dollars 0.4 0.2 -0.2 0.2 -0.3 Personal consumption expenditures: Current dollars 0.2 0.0 0.5 0.5 0.2 Chained (2005) dollars 0.3 0.1 0.2 0.3 0.1 The September change in personal income reflects provisions of unemployment compensation legislation, which had boosted emergency government unemployment benefits (within current transfer receipts) in August. Excluding emergency government unemployment insurance benefits, which are discussed more fully below, personal income increased $8.7 billion, or 0.1 percent, in September, following an increase of $33.9 billion, or 0.3 percent, in August. Wages and salaries Private wage and salary disbursements increased $3.3 billion in September, compared with an increase of $23.6 billion in August. Goods-producing industries' payrolls decreased $1.6 billion, in contrast to an increase of $6.7 billion; manufacturing payrolls decreased $1.0 billion, in contrast to an increase of $2.3 billion. Services-producing industries' payrolls increased $5.0 billion, compared with an increase of $16.8 billion. Government wage and salary disbursements decreased $4.8 billion, compared with a decrease of $8.2 billion. Other personal income Supplements to wages and salaries increased $2.4 billion in September, compared with an increase of $4.2 billion in August. Proprietors' income increased $5.6 billion in September, compared with an increase of $10.5 billion in August. Farm proprietors' income increased $4.8 billion, the same increase as in August. Nonfarm proprietors' income increased $0.9 billion in September, compared with an increase of $5.7 billion in August. Rental income of persons increased $3.7 billion in September, compared with an increase of $3.1 billion in August. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $5.7 billion, compared with a decrease of $10.7 billion. Personal current transfer receipts decreased $21.5 billion in September, in contrast to an increase of $35.1 billion in August. The September change reflected the effects of unemployment compensation legislation, which reduced emergency unemployment insurance benefits by $25.5 billion at an annual rate in September, after boosting benefits by $20.5 billion in August. Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $0.1 billion in September, in contrast to an increase of $3.0 billion in August. Personal current taxes and disposable personal income Personal current taxes increased $3.5 billion in September, compared with an increase of $6.5 billion in August. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $20.3 billion, or 0.2 percent, in September, in contrast to an increase of $47.9 billion, or 0.4 percent in August. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $14.1 billion in September, compared with an increase of $49.2 billion in August. PCE increased $17.3 billion, compared with an increase of $52.5 billion. Personal saving -- DPI less personal outlays -- was $607.6 billion in September, compared with $642.0 billion in August. Personal saving as a percentage of disposable personal income was 5.3 percent in September, compared with 5.6 percent in August. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.3 percent in September, in contrast to an increase of 0.2 percent in August. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in September, compared with an increase of 0.3 percent in August. Purchases of durable goods increased 0.8 percent, compared with an increase of less than 0.1 percent. Purchases of nondurable goods decreased 0.2 percent, in contrast to an increase of 0.8 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.2 percent. PCE price index -- The price index for PCE increased 0.1 percent in September, compared with an increase of 0.2 percent in August. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared with an increase of 0.1 percent. Revisions Estimates have been revised for July and August. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for July and August -- revised and as published in last month's release -- are shown below. Change from preceding month July August Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 22.0 19.1 0.2 0.2 59.3 54.4 0.5 0.4 Disposable personal income: Current dollars 5.7 2.2 0.0 0.0 52.0 47.9 0.5 0.4 Chained (2005) dollars -17.8 -19.4 -0.2 -0.2 22.9 23.5 0.2 0.2 Personal consumption expenditures: Current dollars 41.4 47.1 0.4 0.5 41.3 52.5 0.4 0.5 Chained (2005) dollars 16.5 23.1 0.2 0.2 15.4 29.3 0.2 0.3 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 – November 24, 2010, at 8:30 A.M. EST for Personal Income and Outlays for October. -more- ______________________ NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,337.2 12,389.4 12,443.6 12,488.2 12,489.7 12,508.8 12,563.2 12,546.4 Compensation of employees, received...... 7,851.0 7,868.3 7,899.1 7,934.7 7,927.2 7,955.6 7,975.2 7,976.1 Wage and salary disbursements.......... 6,284.8 6,298.1 6,325.0 6,356.0 6,346.6 6,371.1 6,386.5 6,385.0 Private industries................... 5,099.7 5,110.5 5,134.9 5,160.1 5,153.2 5,179.2 5,202.8 5,206.1 Goods-producing industries......... 1,028.8 1,030.3 1,035.4 1,050.0 1,039.3 1,046.2 1,052.9 1,051.3 Manufacturing.................... 651.0 651.3 654.8 666.8 658.4 663.8 666.1 665.1 Services-producing industries...... 4,070.8 4,080.2 4,099.5 4,110.1 4,113.9 4,133.0 4,149.8 4,154.8 Trade, transportation, and utilities....................... 986.4 989.6 995.8 998.6 996.0 1,001.7 1,004.2 1,006.5 Other services-producing industries...................... 3,084.4 3,090.6 3,103.6 3,111.5 3,117.9 3,131.2 3,145.6 3,148.2 Government........................... 1,185.2 1,187.6 1,190.1 1,195.9 1,193.4 1,191.9 1,183.7 1,178.9 Supplements to wages and salaries...... 1,566.1 1,570.2 1,574.1 1,578.7 1,580.6 1,584.5 1,588.7 1,591.1 Employer contributions for employee pension and insurance funds......... 1,095.8 1,098.5 1,100.7 1,103.1 1,105.5 1,107.8 1,110.2 1,112.9 Employer contributions for government social insurance.................... 470.3 471.7 473.3 475.6 475.1 476.7 478.4 478.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,028.0 1,037.2 1,049.2 1,051.7 1,048.3 1,049.9 1,060.4 1,066.0 Farm................................... 36.8 36.2 37.6 38.9 40.3 45.0 49.8 54.6 Nonfarm................................ 991.2 1,001.0 1,011.6 1,012.7 1,008.0 1,004.9 1,010.6 1,011.5 Rental income of persons with capital consumption adjustment.................. 292.5 298.0 298.1 298.8 299.6 302.1 305.2 308.9 Personal income receipts on assets....... 1,916.1 1,903.8 1,911.1 1,915.0 1,917.3 1,907.4 1,896.7 1,891.0 Personal interest income............... 1,208.7 1,204.7 1,205.0 1,205.3 1,205.6 1,194.4 1,183.2 1,172.0 Personal dividend income............... 707.4 699.0 706.0 709.7 711.8 713.1 713.5 719.0 Personal current transfer receipts....... 2,236.3 2,271.4 2,279.0 2,285.4 2,293.8 2,293.6 2,328.7 2,307.2 Government social benefits to persons.. 2,199.7 2,234.7 2,242.3 2,248.4 2,256.5 2,256.2 2,291.4 2,270.2 Old-age, survivors, disability, and health insurance benefits........... 1,190.7 1,195.9 1,207.9 1,207.9 1,208.6 1,219.5 1,221.5 1,229.3 Government unemployment insurance benefits............................ 138.2 156.8 137.2 137.1 136.1 121.6 147.5 120.7 Other................................ 870.8 882.1 897.2 903.4 911.9 915.1 922.4 920.1 Other current transfer receipts, from business (net)........................ 36.6 36.7 36.7 37.0 37.2 37.4 37.3 37.0 Less: Contributions for government social insurance, domestic..................... 986.7 989.3 992.9 997.4 996.5 999.9 1,002.9 1,002.8 Less: Personal current taxes............... 1,133.6 1,137.4 1,135.0 1,139.7 1,137.2 1,154.1 1,160.6 1,164.1 Equals: Disposable personal income......... 11,203.6 11,252.1 11,308.6 11,348.5 11,352.5 11,354.7 11,402.6 11,382.3 Less: Personal outlays..................... 10,602.9 10,654.6 10,652.6 10,670.4 10,668.1 10,711.4 10,760.6 10,774.7 Personal consumption expenditures........ 10,229.9 10,279.7 10,275.2 10,292.1 10,288.8 10,335.9 10,388.4 10,405.7 Goods.................................. 3,375.3 3,417.9 3,396.4 3,374.8 3,361.2 3,384.2 3,416.7 3,426.3 Durable goods........................ 1,052.2 1,089.0 1,078.1 1,074.6 1,069.5 1,081.0 1,081.5 1,089.6 Nondurable goods..................... 2,323.1 2,328.9 2,318.3 2,300.1 2,291.7 2,303.1 2,335.1 2,336.7 Services............................... 6,854.6 6,861.8 6,878.8 6,917.3 6,927.6 6,951.7 6,971.7 6,979.4 Personal interest payments\1\............ 203.8 205.2 205.6 206.0 206.5 202.7 198.8 195.0 Personal current transfer payments....... 169.2 169.7 171.7 172.3 172.8 172.8 173.4 174.0 To government.......................... 98.5 99.0 99.5 100.1 100.6 101.2 101.8 102.4 To the rest of the world (net)......... 70.7 70.7 72.2 72.2 72.2 71.6 71.6 71.6 Equals: Personal saving.................... 600.6 597.4 656.0 678.1 684.4 643.4 642.0 607.6 Personal saving as a percentage of disposable personal income.............. 5.4 5.3 5.8 6.0 6.0 5.7 5.6 5.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,111.8 9,112.9 9,157.5 9,200.0 9,205.5 9,203.6 9,203.4 9,200.0 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,106.5 10,134.3 10,188.1 10,233.1 10,249.7 10,230.3 10,253.8 10,227.1 Per capita: Current dollars...................... 36,244 36,378 36,537 36,642 36,627 36,606 36,731 36,634 Chained (2005) dollars............... 32,695 32,764 32,917 33,040 33,069 32,981 33,030 32,916 Population (midperiod, thousands)\3\..... 309,119 309,312 309,509 309,718 309,946 310,185 310,439 310,702 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 II 09 III 09 IV 09 I 10 II 10 III 10 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,391.1 12,174.9 12,203.4 12,164.0 12,239.0 12,350.3 12,473.8 12,539.5 Compensation of employees, received...... 8,065.8 7,806.7 7,819.0 7,798.7 7,831.4 7,858.1 7,920.3 7,968.9 Wage and salary disbursements.......... 6,559.0 6,274.1 6,287.7 6,263.9 6,284.9 6,291.4 6,342.5 6,380.9 Private industries................... 5,415.1 5,100.5 5,111.4 5,088.3 5,110.0 5,105.9 5,149.4 5,196.0 Goods-producing industries......... 1,207.6 1,064.0 1,063.0 1,046.7 1,046.1 1,032.2 1,041.6 1,050.2 Manufacturing.................... 741.2 661.5 659.1 649.8 658.3 652.6 660.0 665.0 Services-producing industries...... 4,207.4 4,036.6 4,048.5 4,041.6 4,064.0 4,073.7 4,107.8 4,145.9 Trade, transportation, and utilities....................... 1,050.9 990.5 989.9 986.9 988.2 988.0 996.8 1,004.2 Other services-producing industries...................... 3,156.6 3,046.1 3,058.5 3,054.7 3,075.7 3,085.8 3,111.0 3,141.7 Government........................... 1,144.0 1,173.6 1,176.2 1,175.6 1,174.9 1,185.5 1,193.1 1,184.8 Supplements to wages and salaries...... 1,506.8 1,532.6 1,531.4 1,534.8 1,546.5 1,566.7 1,577.8 1,588.1 Employer contributions for employee pension and insurance funds......... 1,036.6 1,072.0 1,069.9 1,074.0 1,084.0 1,095.8 1,103.1 1,110.3 Employer contributions for government social insurance.................... 470.1 460.6 461.5 460.8 462.5 470.9 474.7 477.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,102.0 1,011.9 1,000.5 1,006.4 1,022.1 1,030.7 1,049.7 1,058.8 Farm................................... 50.8 30.5 28.0 28.0 36.2 36.8 38.9 49.8 Nonfarm................................ 1,051.2 981.5 972.5 978.4 985.9 994.0 1,010.8 1,009.0 Rental income of persons with capital consumption adjustment.................. 222.0 274.0 269.4 279.1 282.8 292.7 298.8 305.4 Personal income receipts on assets....... 2,109.3 1,919.7 1,925.9 1,891.1 1,889.2 1,911.1 1,914.4 1,898.4 Personal interest income............... 1,314.7 1,222.3 1,229.5 1,213.3 1,205.8 1,208.7 1,205.3 1,183.2 Personal dividend income............... 794.6 697.4 696.4 677.8 683.4 702.4 709.2 715.2 Personal current transfer receipts....... 1,879.2 2,132.8 2,160.2 2,159.3 2,188.2 2,245.5 2,286.1 2,309.8 Government social benefits to persons.. 1,842.6 2,096.8 2,124.1 2,123.4 2,152.5 2,208.9 2,249.1 2,272.6 Old-age, survivors, disability, and health insurance benefits........... 1,068.3 1,164.5 1,158.2 1,172.6 1,188.8 1,191.3 1,208.1 1,223.5 Government unemployment insurance benefits............................ 50.7 128.6 127.7 145.0 143.4 146.1 136.8 129.9 Other................................ 723.6 803.7 838.1 805.9 820.2 871.5 904.2 919.2 Other current transfer receipts, from business (net)........................ 36.7 36.0 36.1 35.8 35.8 36.6 37.0 37.2 Less: Contributions for government social insurance, domestic..................... 987.2 970.3 971.6 970.6 974.8 987.8 995.6 1,001.9 Less: Personal current taxes............... 1,438.2 1,140.0 1,112.5 1,117.0 1,117.2 1,134.7 1,137.3 1,159.6 Equals: Disposable personal income......... 10,952.9 11,034.9 11,090.9 11,047.0 11,121.7 11,215.6 11,336.5 11,379.9 Less: Personal outlays..................... 10,505.0 10,379.6 10,297.4 10,423.6 10,505.7 10,603.9 10,663.7 10,748.9 Personal consumption expenditures........ 10,104.5 10,001.3 9,920.1 10,040.7 10,131.5 10,230.8 10,285.4 10,376.7 Goods.................................. 3,379.5 3,230.7 3,175.4 3,276.1 3,312.9 3,380.0 3,377.5 3,409.0 Durable goods........................ 1,083.5 1,026.5 1,004.7 1,045.2 1,043.9 1,060.7 1,074.1 1,084.1 Nondurable goods..................... 2,296.0 2,204.2 2,170.7 2,231.0 2,269.0 2,319.3 2,303.4 2,325.0 Services............................... 6,725.0 6,770.6 6,744.7 6,764.6 6,818.6 6,850.9 6,907.9 6,967.6 Personal interest payments\1\............ 246.2 216.8 218.4 220.9 207.8 203.8 206.0 198.8 Personal current transfer payments....... 154.3 161.4 158.9 161.9 166.4 169.2 172.3 173.4 To government.......................... 89.7 95.0 94.3 95.6 97.0 98.5 100.1 101.8 To the rest of the world (net)......... 64.6 66.5 64.6 66.3 69.5 70.7 72.2 71.6 Equals: Personal saving.................... 447.9 655.3 793.5 623.4 616.0 611.8 672.8 631.0 Personal saving as a percentage of disposable personal income.............. 4.1 5.9 7.2 5.6 5.5 5.5 5.9 5.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,638.5 9,191.1 9,230.2 9,128.7 9,109.7 9,111.7 9,187.6 9,202.4 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,042.9 10,099.8 10,193.0 10,079.7 10,080.4 10,113.3 10,223.6 10,237.1 Per capita: Current dollars...................... 35,931 35,888 36,115 35,888 36,049 36,282 36,602 36,657 Chained (2005) dollars............... 32,946 32,847 33,191 32,746 32,673 32,717 33,009 32,976 Population (midperiod, thousands)\3\..... 304,831 307,483 307,101 307,815 308,521 309,120 309,724 310,442 ----------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12.9 52.2 54.2 44.6 1.5 19.1 54.4 -16.8 Compensation of employees, received...... -4.0 17.3 30.8 35.6 -7.5 28.4 19.6 .9 Wage and salary disbursements.......... -6.5 13.3 26.9 31.0 -9.4 24.5 15.4 -1.5 Private industries................... -7.9 10.8 24.4 25.2 -6.9 26.0 23.6 3.3 Goods-producing industries......... -8.6 1.5 5.1 14.6 -10.7 6.9 6.7 -1.6 Manufacturing.................... -4.6 .3 3.5 12.0 -8.4 5.4 2.3 -1.0 Services-producing industries...... .7 9.4 19.3 10.6 3.8 19.1 16.8 5.0 Trade, transportation, and utilities....................... -1.5 3.2 6.2 2.8 -2.6 5.7 2.5 2.3 Other services-producing industries...................... 2.2 6.2 13.0 7.9 6.4 13.3 14.4 2.6 Government........................... 1.5 2.4 2.5 5.8 -2.5 -1.5 -8.2 -4.8 Supplements to wages and salaries...... 2.4 4.1 3.9 4.6 1.9 3.9 4.2 2.4 Employer contributions for employee pension and insurance funds......... 2.7 2.7 2.2 2.4 2.4 2.3 2.4 2.7 Employer contributions for government social insurance.................... -.3 1.4 1.6 2.3 -.5 1.6 1.7 -.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.0 9.2 12.0 2.5 -3.4 1.6 10.5 5.6 Farm................................... -.6 -.6 1.4 1.3 1.4 4.7 4.8 4.8 Nonfarm................................ 1.5 9.8 10.6 1.1 -4.7 -3.1 5.7 .9 Rental income of persons with capital consumption adjustment.................. 5.1 5.5 .1 .7 .8 2.5 3.1 3.7 Personal income receipts on assets....... 2.8 -12.3 7.3 3.9 2.3 -9.9 -10.7 -5.7 Personal interest income............... -3.9 -4.0 .3 .3 .3 -11.2 -11.2 -11.2 Personal dividend income............... 6.7 -8.4 7.0 3.7 2.1 1.3 .4 5.5 Personal current transfer receipts....... 7.6 35.1 7.6 6.4 8.4 -.2 35.1 -21.5 Government social benefits to persons.. 7.6 35.0 7.6 6.1 8.1 -.3 35.2 -21.2 Old-age, survivors, disability, and health insurance benefits........... 3.4 5.2 12.0 .0 .7 10.9 2.0 7.8 Government unemployment insurance benefits............................ -5.1 18.6 -19.6 -.1 -1.0 -14.5 25.9 -26.8 Other................................ 9.2 11.3 15.1 6.2 8.5 3.2 7.3 -2.3 Other current transfer receipts, from business (net)........................ .0 .1 .0 .3 .2 .2 -.1 -.3 Less: Contributions for government social insurance, domestic..................... -.6 2.6 3.6 4.5 -.9 3.4 3.0 -.1 Less: Personal current taxes............... .5 3.8 -2.4 4.7 -2.5 16.9 6.5 3.5 Equals: Disposable personal income......... 12.4 48.5 56.5 39.9 4.0 2.2 47.9 -20.3 Less: Personal outlays..................... 48.9 51.7 -2.0 17.8 -2.3 43.3 49.2 14.1 Personal consumption expenditures........ 47.1 49.8 -4.5 16.9 -3.3 47.1 52.5 17.3 Goods.................................. 28.5 42.6 -21.5 -21.6 -13.6 23.0 32.5 9.6 Durable goods........................ 11.2 36.8 -10.9 -3.5 -5.1 11.5 .5 8.1 Nondurable goods..................... 17.3 5.8 -10.6 -18.2 -8.4 11.4 32.0 1.6 Services............................... 18.5 7.2 17.0 38.5 10.3 24.1 20.0 7.7 Personal interest payments\1\............ 1.3 1.4 .4 .4 .5 -3.8 -3.9 -3.8 Personal current transfer payments....... .5 .5 2.0 .6 .5 .0 .6 .6 To government.......................... .6 .5 .5 .6 .5 .6 .6 .6 To the rest of the world (net)......... .0 .0 1.5 .0 .0 -.6 .0 .0 Equals: Personal saving.................... -36.6 -3.2 58.6 22.1 6.3 -41.0 -1.4 -34.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 1.3 1.1 44.6 42.5 5.5 -1.9 -.2 -3.4 Disposable personal income, billions of chained (2005) dollars\2\............ 7.2 27.8 53.8 45.0 16.6 -19.4 23.5 -26.7 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 II 09 III 09 IV 09 I 10 II 10 III 10 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 478.8 -216.2 110.2 -39.4 75.0 111.3 123.5 65.7 Compensation of employees, received...... 203.6 -259.1 41.3 -20.3 32.7 26.7 62.2 48.6 Wage and salary disbursements.......... 137.3 -284.9 27.7 -23.8 21.0 6.5 51.1 38.4 Private industries................... 82.4 -314.6 18.9 -23.1 21.7 -4.1 43.5 46.6 Goods-producing industries......... -5.8 -143.6 -37.2 -16.3 -.6 -13.9 9.4 8.6 Manufacturing.................... -11.0 -79.7 -19.5 -9.3 8.5 -5.7 7.4 5.0 Services-producing industries...... 88.1 -170.8 56.2 -6.9 22.4 9.7 34.1 38.1 Trade, transportation, and utilities....................... 5.7 -60.4 -7.1 -3.0 1.3 -.2 8.8 7.4 Other services-producing industries...................... 82.5 -110.5 63.2 -3.8 21.0 10.1 25.2 30.7 Government........................... 55.0 29.6 8.6 -.6 -.7 10.6 7.6 -8.3 Supplements to wages and salaries...... 66.4 25.8 13.7 3.4 11.7 20.2 11.1 10.3 Employer contributions for employee pension and insurance funds......... 56.1 35.4 9.7 4.1 10.0 11.8 7.3 7.2 Employer contributions for government social insurance.................... 10.2 -9.5 4.1 -.7 1.7 8.4 3.8 3.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 11.6 -90.1 -18.2 5.9 15.7 8.6 19.0 9.1 Farm................................... 13.0 -20.3 -1.6 .0 8.2 .6 2.1 10.9 Nonfarm................................ -1.4 -69.7 -16.5 5.9 7.5 8.1 16.8 -1.8 Rental income of persons with capital consumption adjustment.................. 78.3 52.0 4.7 9.7 3.7 9.9 6.1 6.6 Personal income receipts on assets....... 52.3 -189.6 -46.8 -34.8 -1.9 21.9 3.3 -16.0 Personal interest income............... 49.6 -92.4 -11.0 -16.2 -7.5 2.9 -3.4 -22.1 Personal dividend income............... 2.7 -97.2 -35.8 -18.6 5.6 19.0 6.8 6.0 Personal current transfer receipts....... 160.7 253.6 136.5 -.9 28.9 57.3 40.6 23.7 Government social benefits to persons.. 154.7 254.2 136.9 -.7 29.1 56.4 40.2 23.5 Old-age, survivors, disability, and health insurance benefits........... 65.1 96.2 19.6 14.4 16.2 2.5 16.8 15.4 Government unemployment insurance benefits............................ 18.4 77.9 29.5 17.3 -1.6 2.7 -9.3 -6.9 Other................................ 71.2 80.1 87.7 -32.2 14.3 51.3 32.7 15.0 Other current transfer receipts, from business (net)........................ 6.2 -.7 -.4 -.3 .0 .8 .4 .2 Less: Contributions for government social insurance, domestic..................... 27.7 -16.9 7.4 -1.0 4.2 13.0 7.8 6.3 Less: Personal current taxes............... -50.5 -298.2 -100.9 4.5 .2 17.5 2.6 22.3 Equals: Disposable personal income......... 529.3 82.0 211.1 -43.9 74.7 93.9 120.9 43.4 Less: Personal outlays..................... 296.1 -125.4 5.8 126.2 82.1 98.2 59.8 85.2 Personal consumption expenditures........ 298.2 -103.2 7.1 120.6 90.8 99.3 54.6 91.3 Goods.................................. 21.8 -148.8 17.0 100.7 36.8 67.1 -2.5 31.5 Durable goods........................ -75.9 -57.0 -7.5 40.5 -1.3 16.8 13.4 10.0 Nondurable goods..................... 97.8 -91.8 24.5 60.3 38.0 50.3 -15.9 21.6 Services............................... 276.4 45.6 -9.9 19.9 54.0 32.3 57.0 59.7 Personal interest payments\1\............ -14.7 -29.4 -1.7 2.5 -13.1 -4.0 2.2 -7.2 Personal current transfer payments....... 12.6 7.1 .4 3.0 4.5 2.8 3.1 1.1 To government.......................... 7.3 5.3 1.2 1.3 1.4 1.5 1.6 1.7 To the rest of the world (net)......... 5.3 1.9 -.8 1.7 3.2 1.2 1.5 -.6 Equals: Personal saving.................... 233.2 207.4 205.3 -170.1 -7.4 -4.2 61.0 -41.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -18.0 -447.4 -68.5 -101.5 -19.0 2.0 75.9 14.8 Disposable personal income, billions of chained (2005) dollars\2\............ 168.7 56.9 146.1 -113.3 .7 32.9 110.3 13.5 ----------------------------------------------------------------------------------------------------------------------------------- 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 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .1 .4 .4 .4 .0 .2 .4 -.1 Compensation of employees, received...... -.1 .2 .4 .5 -.1 .4 .2 .0 Wage and salary disbursements.......... -.1 .2 .4 .5 -.1 .4 .2 .0 Supplements to wages and salaries...... .2 .3 .2 .3 .1 .2 .3 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .1 .9 1.2 .2 -.3 .2 1.0 .5 Rental income of persons with capital consumption adjustment.................. 1.8 1.9 .0 .3 .3 .8 1.0 1.2 Personal income receipts on assets....... .1 -.6 .4 .2 .1 -.5 -.6 -.3 Personal interest income............... -.3 -.3 .0 .0 .0 -.9 -.9 -.9 Personal dividend income............... 1.0 -1.2 1.0 .5 .3 .2 .1 .8 Personal current transfer receipts....... .3 1.6 .3 .3 .4 .0 1.5 -.9 Less: Contributions for government social insurance, domestic..................... -.1 .3 .4 .5 -.1 .3 .3 .0 Less: Personal current taxes............... .0 .3 -.2 .4 -.2 1.5 .6 .3 Equals: Disposable personal income......... .1 .4 .5 .4 .0 .0 .4 -.2 Addenda: Personal consumption expenditures........ .5 .5 .0 .2 .0 .5 .5 .2 Goods.................................. .9 1.3 -.6 -.6 -.4 .7 1.0 .3 Durable goods........................ 1.1 3.5 -1.0 -.3 -.5 1.1 .0 .7 Nondurable goods..................... .8 .2 -.5 -.8 -.4 .5 1.4 .1 Services............................... .3 .1 .2 .6 .1 .3 .3 .1 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .0 .0 .5 .5 .1 .0 .0 .0 Real disposable personal income.......... .1 .3 .5 .4 .2 -.2 .2 -.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 II 09 III 09 IV 09 I 10 II 10 III 10 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 4.0 -1.7 3.7 -1.3 2.5 3.7 4.1 2.1 Compensation of employees, received...... 2.6 -3.2 2.1 -1.0 1.7 1.4 3.2 2.5 Wage and salary disbursements.......... 2.1 -4.3 1.8 -1.5 1.3 .4 3.3 2.4 Supplements to wages and salaries...... 4.6 1.7 3.7 .9 3.1 5.3 2.9 2.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.1 -8.2 -6.9 2.4 6.4 3.4 7.6 3.5 Rental income of persons with capital consumption adjustment.................. 54.5 23.4 7.3 15.3 5.4 14.7 8.7 9.0 Personal income receipts on assets....... 2.5 -9.0 -9.2 -7.0 -.4 4.7 .7 -3.3 Personal interest income............... 3.9 -7.0 -3.5 -5.2 -2.5 1.0 -1.1 -7.1 Personal dividend income............... .3 -12.2 -18.2 -10.2 3.3 11.6 3.9 3.5 Personal current transfer receipts....... 9.4 13.5 29.8 -.2 5.5 10.9 7.4 4.2 Less: Contributions for government social insurance, domestic..................... 2.9 -1.7 3.1 -.4 1.7 5.4 3.2 2.5 Less: Personal current taxes............... -3.4 -20.7 -29.4 1.6 .1 6.4 .9 8.1 Equals: Disposable personal income......... 5.1 .7 8.0 -1.6 2.7 3.4 4.4 1.5 Addenda: Personal consumption expenditures........ 3.0 -1.0 .3 5.0 3.7 4.0 2.1 3.6 Goods.................................. .7 -4.4 2.2 13.3 4.6 8.3 -.3 3.8 Durable goods........................ -6.6 -5.3 -3.0 17.1 -.5 6.6 5.1 3.8 Nondurable goods..................... 4.4 -4.0 4.7 11.6 7.0 9.2 -2.7 3.8 Services............................... 4.3 .7 -.6 1.2 3.2 1.9 3.4 3.5 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.2 -4.6 -.7 -1.1 -.2 .0 .8 .2 Real disposable personal income.......... 1.7 .6 5.9 -4.4 .0 1.3 4.4 .5 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,228.2 9,258.6 9,257.2 9,280.5 9,289.3 9,312.4 9,341.7 9,349.6 Goods.................................... 3,193.0 3,233.3 3,223.7 3,221.8 3,222.3 3,231.9 3,249.2 3,253.8 Durable goods.......................... 1,131.0 1,169.2 1,159.1 1,158.2 1,156.2 1,171.8 1,172.0 1,181.8 Nondurable goods....................... 2,057.7 2,064.0 2,063.4 2,062.3 2,064.4 2,060.5 2,076.6 2,072.8 Services................................. 6,034.6 6,026.7 6,034.4 6,058.9 6,066.9 6,080.6 6,093.2 6,096.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 38.9 30.4 -1.4 23.3 8.8 23.1 29.3 7.9 Goods.................................... 33.1 40.3 -9.6 -1.9 .5 9.6 17.3 4.6 Durable goods.......................... 14.5 38.2 -10.1 -.9 -2.0 15.6 .2 9.8 Nondurable goods....................... 19.0 6.3 -.6 -1.1 2.1 -3.9 16.1 -3.8 Services................................. 7.2 -7.9 7.7 24.5 8.0 13.7 12.6 3.4 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .4 .3 .0 .3 .1 .2 .3 .1 Goods.................................... 1.0 1.3 -.3 -.1 .0 .3 .5 .1 Durable goods.......................... 1.3 3.4 -.9 -.1 -.2 1.3 .0 .8 Nondurable goods....................... .9 .3 .0 -.1 .1 -.2 .8 -.2 Services................................. .1 -.1 .1 .4 .1 .2 .2 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 II 09 III 09 IV 09 I 10 II 10 III 10 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,265.0 9,153.9 9,117.0 9,161.6 9,182.9 9,225.4 9,275.7 9,334.6 Goods.................................... 3,180.3 3,117.4 3,084.0 3,138.2 3,151.8 3,195.4 3,222.6 3,245.0 Durable goods.......................... 1,136.4 1,094.6 1,068.2 1,118.3 1,115.1 1,138.9 1,157.8 1,175.2 Nondurable goods....................... 2,041.2 2,017.4 2,008.3 2,016.9 2,032.3 2,053.5 2,063.4 2,070.0 Services................................. 6,082.3 6,032.7 6,027.7 6,020.7 6,028.7 6,029.6 6,053.4 6,090.1 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -24.5 -111.1 -37.1 44.6 21.3 42.5 50.3 58.9 Goods.................................... -81.3 -62.9 -11.7 54.2 13.6 43.6 27.2 22.4 Durable goods.......................... -62.2 -41.8 -8.4 50.1 -3.2 23.8 18.9 17.4 Nondurable goods....................... -23.1 -23.8 -3.7 8.6 15.4 21.2 9.9 6.6 Services................................. 54.0 -49.6 -25.9 -7.0 8.0 .9 23.8 36.7 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.3 -1.2 -1.6 2.0 .9 1.9 2.2 2.6 Goods.................................... -2.5 -2.0 -1.5 7.2 1.7 5.7 3.4 2.8 Durable goods.......................... -5.2 -3.7 -3.1 20.1 -1.1 8.8 6.8 6.1 Nondurable goods....................... -1.1 -1.2 -.7 1.7 3.1 4.2 1.9 1.3 Services................................. .9 -.8 -1.7 -.5 .5 .1 1.6 2.5 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 110.858 111.032 111.000 110.902 110.762 110.993 111.206 111.298 Goods.................................... 105.716 105.714 105.364 104.755 104.318 104.719 105.162 105.309 Durable goods.......................... 93.013 93.126 93.001 92.775 92.488 92.243 92.272 92.187 Nondurable goods....................... 112.903 112.838 112.360 111.537 111.016 111.781 112.458 112.736 Services................................. 113.589 113.856 113.994 114.169 114.186 114.326 114.418 114.480 Addenda: PCE excluding food and energy............ 109.856 110.030 110.071 110.188 110.255 110.335 110.409 110.435 Food\1\.................................. 113.391 113.746 113.989 113.987 113.771 113.836 113.919 114.212 Energy goods and services\2\............. 123.286 123.189 121.491 117.572 114.081 117.088 119.843 120.786 Market-based PCE\3\...................... 110.792 110.906 110.881 110.752 110.655 110.920 111.174 111.259 Market-based PCE excluding food and energy\3\........................... 109.610 109.715 109.776 109.892 110.042 110.138 110.237 110.244 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .0 .2 .0 -.1 -.1 .2 .2 .1 Goods.................................... -.2 .0 -.3 -.6 -.4 .4 .4 .1 Durable goods.......................... -.2 .1 -.1 -.2 -.3 -.3 .0 -.1 Nondurable goods....................... -.2 -.1 -.4 -.7 -.5 .7 .6 .2 Services................................. .2 .2 .1 .2 .0 .1 .1 .1 Addenda: PCE excluding food and energy............ .1 .2 .0 .1 .1 .1 .1 .0 Food\1\.................................. .1 .3 .2 .0 -.2 .1 .1 .3 Energy goods and services\2\............. -.6 -.1 -1.4 -3.2 -3.0 2.6 2.4 .8 Market-based PCE\3\...................... .0 .1 .0 -.1 -.1 .2 .2 .1 Market-based PCE excluding food and energy\3\........................... .1 .1 .1 .1 .1 .1 .1 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .9 1.0 .6 -.7 1.0 1.3 1.7 1.6 Personal consumption expenditures.......... .7 1.5 1.6 1.8 1.9 2.0 1.4 2.3 Goods.................................... 2.8 5.1 5.0 4.3 4.2 3.9 1.8 4.6 Durable goods.......................... 4.5 10.0 9.8 8.1 7.3 6.5 -.4 9.6 Nondurable goods....................... 2.0 2.8 2.9 2.5 2.9 2.7 2.8 2.3 Services................................. -.3 -.2 -.1 .6 .7 1.1 1.2 1.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.3 2.5 2.3 2.1 1.4 1.5 1.4 1.4 Goods.................................... 3.3 3.4 2.9 2.2 .3 .8 .6 .5 Durable goods.......................... -1.1 -1.0 -1.1 -1.3 -1.7 -1.4 -1.0 -1.4 Nondurable goods....................... 5.4 5.6 4.8 3.8 1.2 1.8 1.4 1.4 Services................................. 1.8 2.0 2.0 2.0 1.9 1.9 1.8 1.8 Addenda: PCE excluding food and energy............ 1.7 1.8 1.5 1.5 1.4 1.4 1.3 1.2 Food\1\.................................. -1.0 -.5 .1 .4 .2 .7 .7 1.3 Energy goods and services\2\............. 16.5 20.1 19.7 15.3 3.4 5.5 3.9 4.1 Market-based PCE\3\...................... 2.1 2.2 2.0 1.8 1.1 1.3 1.2 1.2 Market-based PCE excluding food and energy\3\........................... 1.4 1.3 1.1 1.1 1.1 1.1 1.1 .9 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.