EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, DECEMBER 24, 2008 James E. Rankin: (202) 606-5301 (Personal Income)BEA 08-60 Brendan Leary: (202) 606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: NOVEMBER 2008 Personal income decreased $20.7 billion, or 0.2 percent, and disposable personal income (DPI) decreased $11.8 billion, or 0.1 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $56.1 billion, or 0.6 percent. In October, personal income increased $11.3 billion, or 0.1 percent, DPI increased $16.7 billion, or 0.2 percent, and PCE decreased $102.6 billion, or 1.0 percent, based on revised estimates. Real disposable income increased 1.0 percent in November, compared with an increase of 0.7 percent in October. Real PCE increased 0.6 percent, in contrast to a decrease of 0.5 percent. The price index for PCE decreased 1.1 percent, compared with a decrease of 0.5 percent. 2008 July Aug. Sept. Oct. Nov. (Percent change from preceding month) Personal income, current dollars -0.8 0.3 0.0 0.1 -0.2 Disposable personal income: Current dollars -1.0 -1.1 0.1 0.2 -0.1 Chained (2000) dollars -1.5 -1.1 0.0 0.7 1.0 Personal consumption expenditures: Current dollars -0.1 -0.2 -0.4 -1.0 -0.6 Chained (2000) dollars -0.6 -0.1 -0.5 -0.5 0.6 Wages and salaries Private wage and salary disbursements decreased $8.7 billion in November, compared with a decrease of $1.5 billion in October. Goods-producing industries' payrolls decreased $5.5 billion, compared with a decrease of $3.2 billion; manufacturing payrolls decreased $3.0 billion, compared with a decrease of $1.4 billion. Services-producing industries' payrolls decreased $3.2 billion, in contrast to an increase of $1.9 billion. Government wage and salary disbursements increased $3.5 billion compared with an increase of $5.9 billion. Other personal income Supplements to wages and salaries increased $0.8 billion in November, compared with an increase of $2.3 billion in October. Proprietors' income decreased $12.0 billion in November, in contrast to an increase of $1.2 billion in October. Farm proprietors' income decreased $3.9 billion, compared with a decrease of $5.3 billion. Nonfarm proprietors' income decreased $8.1 billion, in contrast to an increase of $6.5 billion. Changes in nonfarm proprietors’ income reflected the impact of Hurricane Ike, which subtracted $8.8 billion (at an annual rate) in September. Rental income of persons increased $3.0 billion in November, compared with an increase of $31.0 billion in October. Changes in rental income reflected the impact of the hurricane, which subtracted $26.6 billion (at an annual rate) in September. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $14.0 billion, compared with a decrease of $14.2 billion. Personal current transfer receipts increased $5.2 billion, in contrast to a decrease of $13.5 billion. Changes in personal current transfer receipts primarily reflected the impact of net insurance settlements associated with the hurricane, which added $26.9 billion (at an annual rate) in September. Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $1.5 billion in November, compared with a decrease of $0.1 billion in October. Personal current taxes and disposable personal income Personal current taxes decreased $8.9 billion in November, compared with a decrease of $5.4 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $11.8 billion, or 0.1 percent, in November, in contrast to an increase of $16.7 billion, or 0.2 percent in October. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $57.4 billion in November, compared with a decrease of $104.1 billion in October. PCE decreased $56.1 billion, compared with a decrease of $102.6 billion. Personal saving -- DPI less personal outlays -- was $298.0 billion in November, compared with $252.3 billion in October. Personal saving as a percentage of disposable personal income was 2.8 percent in November, compared with 2.4 percent in October. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth (which help finance consumption), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased 1.0 percent in November, compared with an increase of 0.7 percent in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.6 percent in November, in contrast to a decrease of 0.5 percent in October. The increase in real PCE in November, in contrast to the decrease in current-dollar PCE, reflects a decrease in the PCE implicit price deflator. Purchases of durable goods increased 0.6 percent in November, in contrast to a decrease of 4.0 percent in October. Purchases of nondurable goods increased 1.5 percent, in contrast to a decrease of 0.9 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.3 percent. PCE price index -- the price index for PCE decreased 1.1 percent in November, compared with a decrease of 0.5 percent in October. The PCE price index, excluding food and energy, was essentially unchanged in November and in October. Revisions Estimates have been revised for July through October. Changes in personal income, current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for September and October -- revised and as published in last month's release -- are shown below. Change from preceding month September October Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars..................... 8.0 4.4 0.1 0.0 42.4 11.3 0.3 0.1 Disposable personal income: Current dollars..................... 11.6 10.3 0.1 0.1 45.1 16.7 0.4 0.2 Chained (2000) dollars.............. 0.8 1.1 0.0 0.0 85.9 61.2 1.0 0.7 Personal consumption expenditures: Current dollars..................... -33.7 -38.5 -0.3 -0.4 -102.8 -102.6 -1.0 -1.0 Chained (2000) dollars.............. -35.7 -38.3 -0.4 -0.5 -37.2 -38.6 -0.5 -0.5 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 –- February 2, 2009, at 8:30 A.M. EST for Personal Income and Outlays for December. Release Dates for 2009 December 2008..February 2 April 2009.. June 1 August 2009... October 1 January 2009...March 2 May 2009.. June 26 September 2009. October 30 February 2009..March 27 June 2009.. August 4 October 2009.. November 25 March 2009.....April 30 July 2009... August 28 November 2009. December 23 - 6 - -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 (2000) 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] ----------------------------------------------------------------------------------------------------------------------------------- Apr 08 May 08 Jun 08 Jul 08\r\ Aug 08\r\ Sep 08\r\ Oct 08\r\ Nov 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,003.1 12,219.8 12,233.6 12,136.0 12,168.8 12,173.2 12,184.5 12,163.8 Compensation of employees, received...... 8,018.1 8,033.1 8,049.3 8,067.8 8,091.7 8,081.5 8,088.3 8,083.9 Wage and salary disbursements.......... 6,519.1 6,530.9 6,543.8 6,559.3 6,580.6 6,570.4 6,574.8 6,569.6 Private industries................... 5,401.1 5,407.3 5,415.4 5,425.0 5,442.0 5,428.3 5,426.8 5,418.1 Goods-producing industries......... 1,211.3 1,212.4 1,214.6 1,217.4 1,221.1 1,214.6 1,211.4 1,205.9 Manufacturing.................... 744.5 744.9 745.6 746.3 744.5 740.0 738.6 735.6 Services-producing industries...... 4,189.8 4,194.9 4,200.9 4,207.6 4,220.8 4,213.6 4,215.5 4,212.3 Trade, transportation, and utilities....................... 1,047.9 1,047.1 1,050.3 1,048.9 1,049.1 1,044.3 1,036.7 1,032.6 Other services-producing industries...................... 3,141.9 3,147.8 3,150.6 3,158.7 3,171.7 3,169.3 3,178.7 3,179.6 Government........................... 1,118.1 1,123.6 1,128.4 1,134.3 1,138.6 1,142.1 1,148.0 1,151.5 Supplements to wages and salaries...... 1,498.9 1,502.1 1,505.5 1,508.5 1,511.1 1,511.2 1,513.5 1,514.3 Employer contributions for employee pension and insurance funds......... 1,021.5 1,024.4 1,027.4 1,029.8 1,031.3 1,032.6 1,035.1 1,036.8 Employer contributions for government social insurance.................... 477.4 477.7 478.2 478.8 479.8 478.6 478.4 477.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,071.2 1,076.1 1,083.5 1,090.0 1,079.8 1,071.8 1,073.0 1,061.0 Farm................................... 39.4 38.4 36.1 35.0 32.5 29.6 24.3 20.4 Nonfarm................................ 1,031.9 1,037.7 1,047.4 1,055.0 1,047.3 1,042.2 1,048.7 1,040.6 Rental income of persons with capital consumption adjustment.................. 49.1 58.3 68.3 72.8 77.3 55.5 86.5 89.5 Personal income receipts on assets....... 2,051.8 2,052.3 2,052.8 2,054.1 2,055.6 2,057.3 2,043.1 2,029.1 Personal interest income............... 1,213.0 1,208.7 1,204.5 1,210.9 1,217.4 1,223.8 1,205.2 1,186.5 Personal dividend income............... 838.8 843.6 848.3 843.2 838.2 833.4 837.9 842.6 Personal current transfer receipts....... 1,807.5 1,995.3 1,976.0 1,849.0 1,864.3 1,904.8 1,891.3 1,896.5 Government social benefits to persons.. 1,775.1 1,962.9 1,943.5 1,816.5 1,831.7 1,845.3 1,858.6 1,863.8 Old-age, survivors, disability, and health insurance benefits........... 1,041.0 1,051.8 1,057.0 1,067.4 1,067.5 1,072.0 1,074.5 1,083.4 Government unemployment insurance benefits............................ 40.6 41.5 42.0 47.6 62.4 67.5 68.5 65.4 Other................................ 693.5 869.6 844.5 701.5 701.9 705.8 715.6 715.0 Other current transfer receipts, from business (net)........................ 32.4 32.4 32.4 32.5 32.6 59.5 32.7 32.8 Less: Contributions for government social insurance............................... 994.5 995.4 996.3 997.7 999.8 997.8 997.7 996.2 Less: Personal current taxes............... 1,527.5 1,147.9 1,363.0 1,371.3 1,520.3 1,514.3 1,508.9 1,500.0 Equals: Disposable personal income......... 10,475.6 11,071.9 10,870.6 10,764.7 10,648.6 10,658.9 10,675.6 10,663.8 Less: Personal outlays..................... 10,474.2 10,544.3 10,595.9 10,585.0 10,567.4 10,527.3 10,423.2 10,365.8 Personal consumption expenditures........ 10,073.5 10,144.2 10,196.4 10,187.1 10,170.9 10,132.4 10,029.8 9,973.7 Durable goods.......................... 1,063.2 1,065.5 1,049.1 1,016.6 1,033.7 998.4 955.6 955.9 Nondurable goods....................... 2,990.4 3,025.4 3,063.0 3,068.4 3,042.4 3,022.9 2,939.2 2,875.8 Services............................... 6,019.9 6,053.3 6,084.2 6,102.0 6,094.8 6,111.2 6,135.0 6,142.0 Personal interest payments\1\............ 254.7 253.8 252.9 250.9 248.9 246.9 245.0 243.1 Personal current transfer payments....... 146.1 146.4 146.7 147.1 147.5 148.0 148.5 149.0 To government.......................... 83.4 83.7 84.0 84.4 84.8 85.3 85.8 86.3 To the rest of the world (net)......... 62.7 62.7 62.7 62.7 62.7 62.7 62.7 62.7 Equals: Personal saving.................... 1.4 527.5 274.7 179.7 81.2 131.6 252.3 298.0 Personal saving as a percentage of disposable personal income.............. .0 4.8 2.5 1.7 .8 1.2 2.4 2.8 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,667.3 9,119.1 8,885.5 8,751.0 8,657.6 8,658.7 8,719.9 8,808.0 Per capita: Current dollars...................... 34,427 36,358 35,668 35,290 34,878 34,880 34,905 34,839 Chained (2000) dollars............... 28,484 29,946 29,154 28,688 28,357 28,334 28,510 28,776 Population (midperiod, thousands)\3\..... 304,287 304,521 304,775 305,039 305,311 305,589 305,850 306,090 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.--Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007 II 07 III 07 IV 07 I 08 II 08 III 08\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 10,993.9 11,663.2 11,577.5 11,730.4 11,872.1 11,960.5 12,152.2 12,159.4 Compensation of employees, received...... 7,432.6 7,818.6 7,760.1 7,839.3 7,941.0 8,009.7 8,033.5 8,080.4 Wage and salary disbursements.......... 6,027.2 6,362.0 6,310.7 6,377.7 6,465.5 6,518.0 6,531.3 6,570.1 Private industries................... 5,004.2 5,286.7 5,242.5 5,297.0 5,373.4 5,408.3 5,407.9 5,431.7 Goods-producing industries......... 1,167.2 1,205.4 1,200.7 1,204.3 1,218.2 1,217.7 1,212.7 1,217.7 Manufacturing.................... 731.2 746.0 744.0 743.4 750.2 748.4 745.0 743.6 Services-producing industries...... 3,837.1 4,081.3 4,041.9 4,092.6 4,155.3 4,190.5 4,195.2 4,214.0 Trade, transportation, and utilities....................... 986.7 1,035.2 1,036.5 1,035.3 1,048.3 1,050.4 1,048.4 1,047.4 Other services-producing industries...................... 2,850.4 3,046.1 3,005.4 3,057.4 3,106.9 3,140.2 3,146.7 3,166.6 Government........................... 1,023.0 1,075.2 1,068.1 1,080.8 1,092.1 1,109.7 1,123.4 1,138.3 Supplements to wages and salaries...... 1,405.3 1,456.6 1,449.4 1,461.6 1,475.5 1,491.7 1,502.2 1,510.3 Employer contributions for employee pension and insurance funds......... 956.8 991.9 987.7 996.5 1,005.9 1,015.3 1,024.4 1,031.2 Employer contributions for government social insurance.................... 448.5 464.7 461.7 465.1 469.6 476.4 477.8 479.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,014.7 1,056.2 1,050.2 1,063.8 1,073.8 1,071.7 1,076.9 1,080.5 Farm................................... 16.2 44.0 42.3 47.4 47.1 41.6 38.0 32.4 Nonfarm................................ 998.6 1,012.2 1,007.9 1,016.4 1,026.7 1,030.1 1,039.0 1,048.2 Rental income of persons with capital consumption adjustment.................. 44.3 40.0 44.6 41.8 38.6 39.1 58.6 68.5 Personal income receipts on assets....... 1,824.8 2,000.1 1,982.5 2,030.9 2,056.2 2,054.1 2,052.3 2,055.7 Personal interest income............... 1,125.4 1,214.3 1,206.1 1,236.2 1,242.7 1,224.6 1,208.7 1,217.4 Personal dividend income............... 699.4 785.8 776.5 794.7 813.5 829.5 843.6 838.3 Personal current transfer receipts....... 1,603.0 1,713.3 1,699.2 1,720.6 1,737.8 1,778.1 1,926.3 1,872.7 Government social benefits to persons.. 1,578.1 1,681.4 1,667.5 1,688.0 1,704.7 1,745.8 1,893.9 1,831.2 Old-age, survivors, disability, and health insurance benefits........... 938.9 999.4 997.5 1,008.8 1,009.6 1,032.4 1,050.0 1,068.9 Government unemployment insurance benefits............................ 29.9 32.3 31.2 32.5 34.3 38.2 41.4 59.2 Other................................ 609.3 649.6 638.8 646.7 660.9 675.3 802.5 703.1 Other current transfer receipts, from business (net)........................ 24.9 31.9 31.7 32.5 33.1 32.2 32.4 41.5 Less: Contributions for government social insurance............................... 925.5 965.1 959.1 966.0 975.3 992.2 995.4 998.4 Less: Personal current taxes............... 1,353.2 1,492.8 1,489.4 1,501.6 1,520.5 1,535.0 1,346.1 1,468.6 Equals: Disposable personal income......... 9,640.7 10,170.5 10,088.0 10,228.8 10,351.5 10,425.5 10,806.0 10,690.7 Less: Personal outlays..................... 9,570.0 10,113.1 10,056.9 10,182.0 10,309.2 10,404.9 10,538.2 10,559.9 Personal consumption expenditures........ 9,207.2 9,710.2 9,657.5 9,765.6 9,892.7 10,002.3 10,138.0 10,163.5 Durable goods.......................... 1,052.1 1,082.8 1,085.3 1,086.2 1,083.0 1,071.0 1,059.3 1,016.2 Nondurable goods....................... 2,685.2 2,833.0 2,817.7 2,846.6 2,906.2 2,950.7 3,026.2 3,044.6 Services............................... 5,469.9 5,794.4 5,754.4 5,832.8 5,903.5 5,980.6 6,052.5 6,102.7 Personal interest payments\1\............ 235.4 265.4 262.6 278.2 276.7 261.7 253.8 248.9 Personal current transfer payments....... 127.4 137.5 136.9 138.1 139.8 140.8 146.4 147.5 To government.......................... 76.2 81.2 80.8 81.8 82.5 82.9 83.7 84.8 To the rest of the world (net)......... 51.1 56.3 56.0 56.3 57.3 57.9 62.7 62.7 Equals: Personal saving.................... 70.7 57.4 31.1 46.8 42.4 20.6 267.9 130.8 Personal saving as a percentage of disposable personal income.............. .7 .6 .3 .5 .4 .2 2.5 1.2 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,407.0 8,644.0 8,604.5 8,671.1 8,683.1 8,667.9 8,891.0 8,689.1 Per capita: Current dollars...................... 32,222 33,667 33,441 33,820 34,138 34,309 35,485 35,016 Chained (2000) dollars............... 28,098 28,614 28,523 28,669 28,636 28,525 29,196 28,460 Population (midperiod, thousands)\3\..... 299,199 302,087 301,667 302,452 303,225 303,868 304,528 305,313 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 08 May 08 Jun 08 Jul 08\r\ Aug 08\r\ Sep 08\r\ Oct 08\r\ Nov 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 4.1 216.7 13.8 -97.6 32.8 4.4 11.3 -20.7 Compensation of employees, received...... -21.3 15.0 16.2 18.5 23.9 -10.2 6.8 -4.4 Wage and salary disbursements.......... -26.6 11.8 12.9 15.5 21.3 -10.2 4.4 -5.2 Private industries................... -31.1 6.2 8.1 9.6 17.0 -13.7 -1.5 -8.7 Goods-producing industries......... -9.9 1.1 2.2 2.8 3.7 -6.5 -3.2 -5.5 Manufacturing.................... -5.5 .4 .7 .7 -1.8 -4.5 -1.4 -3.0 Services-producing industries...... -21.2 5.1 6.0 6.7 13.2 -7.2 1.9 -3.2 Trade, transportation, and utilities....................... -6.0 -.8 3.2 -1.4 .2 -4.8 -7.6 -4.1 Other services-producing industries...................... -15.2 5.9 2.8 8.1 13.0 -2.4 9.4 .9 Government........................... 4.7 5.5 4.8 5.9 4.3 3.5 5.9 3.5 Supplements to wages and salaries...... 5.2 3.2 3.4 3.0 2.6 .1 2.3 .8 Employer contributions for employee pension and insurance funds......... 5.8 2.9 3.0 2.4 1.5 1.3 2.5 1.7 Employer contributions for government social insurance.................... -.6 .3 .5 .6 1.0 -1.2 -.2 -.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. -.2 4.9 7.4 6.5 -10.2 -8.0 1.2 -12.0 Farm................................... -1.6 -1.0 -2.3 -1.1 -2.5 -2.9 -5.3 -3.9 Nonfarm................................ 1.5 5.8 9.7 7.6 -7.7 -5.1 6.5 -8.1 Rental income of persons with capital consumption adjustment.................. 8.6 9.2 10.0 4.5 4.5 -21.8 31.0 3.0 Personal income receipts on assets....... .1 .5 .5 1.3 1.5 1.7 -14.2 -14.0 Personal interest income............... -4.2 -4.3 -4.2 6.4 6.5 6.4 -18.6 -18.7 Personal dividend income............... 4.3 4.8 4.7 -5.1 -5.0 -4.8 4.5 4.7 Personal current transfer receipts....... 16.2 187.8 -19.3 -127.0 15.3 40.5 -13.5 5.2 Government social benefits to persons.. 16.2 187.8 -19.4 -127.0 15.2 13.6 13.3 5.2 Old-age, survivors, disability, and health insurance benefits........... -1.5 10.8 5.2 10.4 .1 4.5 2.5 8.9 Government unemployment insurance benefits............................ 1.3 .9 .5 5.6 14.8 5.1 1.0 -3.1 Other................................ 16.4 176.1 -25.1 -143.0 .4 3.9 9.8 -.6 Other current transfer receipts, from business (net)........................ .0 .0 .0 .1 .1 26.9 -26.8 .1 Less: Contributions for government social insurance............................... -.8 .9 .9 1.4 2.1 -2.0 -.1 -1.5 Less: Personal current taxes............... -12.7 -379.6 215.1 8.3 149.0 -6.0 -5.4 -8.9 Equals: Disposable personal income......... 16.8 596.3 -201.3 -105.9 -116.1 10.3 16.7 -11.8 Less: Personal outlays..................... 37.9 70.1 51.6 -10.9 -17.6 -40.1 -104.1 -57.4 Personal consumption expenditures........ 33.8 70.7 52.2 -9.3 -16.2 -38.5 -102.6 -56.1 Durable goods.......................... -2.1 2.3 -16.4 -32.5 17.1 -35.3 -42.8 .3 Nondurable goods....................... 20.2 35.0 37.6 5.4 -26.0 -19.5 -83.7 -63.4 Services............................... 15.7 33.4 30.9 17.8 -7.2 16.4 23.8 7.0 Personal interest payments\1\............ -.9 -.9 -.9 -2.0 -2.0 -2.0 -1.9 -1.9 Personal current transfer payments....... 5.1 .3 .3 .4 .4 .5 .5 .5 To government.......................... .3 .3 .3 .4 .4 .5 .5 .5 To the rest of the world (net)......... 4.8 .0 .0 .0 .0 .0 .0 .0 Equals: Personal saving.................... -21.1 526.1 -252.8 -95.0 -98.5 50.4 120.7 45.7 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ -6.5 451.8 -233.6 -134.5 -93.4 1.1 61.2 88.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007 II 07 III 07 IV 07 I 08 II 08 III 08\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 724.1 669.3 104.5 152.9 141.7 88.4 191.7 7.2 Compensation of employees, received...... 406.8 386.0 26.1 79.2 101.7 68.7 23.8 46.9 Wage and salary disbursements.......... 355.5 334.8 16.7 67.0 87.8 52.5 13.3 38.8 Private industries................... 313.3 282.5 8.5 54.5 76.4 34.9 -.4 23.8 Goods-producing industries......... 68.0 38.2 2.3 3.6 13.9 -.5 -5.0 5.0 Manufacturing.................... 27.2 14.8 -2.4 -.6 6.8 -1.8 -3.4 -1.4 Services-producing industries...... 245.4 244.2 6.3 50.7 62.7 35.2 4.7 18.8 Trade, transportation, and utilities....................... 48.5 48.5 15.7 -1.2 13.0 2.1 -2.0 -1.0 Other services-producing industries...................... 196.9 195.7 -9.4 52.0 49.5 33.3 6.5 19.9 Government........................... 42.3 52.2 8.2 12.7 11.3 17.6 13.7 14.9 Supplements to wages and salaries...... 51.2 51.3 9.4 12.2 13.9 16.2 10.5 8.1 Employer contributions for employee pension and insurance funds......... 30.8 35.1 10.1 8.8 9.4 9.4 9.1 6.8 Employer contributions for government social insurance.................... 20.4 16.2 -.6 3.4 4.5 6.8 1.4 1.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 54.9 41.5 13.0 13.6 10.0 -2.1 5.2 3.6 Farm................................... -17.9 27.8 3.0 5.1 -.3 -5.5 -3.6 -5.6 Nonfarm................................ 72.9 13.6 10.0 8.5 10.3 3.4 8.9 9.2 Rental income of persons with capital consumption adjustment.................. 3.4 -4.3 9.5 -2.8 -3.2 .5 19.5 9.9 Personal income receipts on assets....... 227.9 175.3 51.6 48.4 25.3 -2.1 -1.8 3.4 Personal interest income............... 103.4 88.9 33.9 30.1 6.5 -18.1 -15.9 8.7 Personal dividend income............... 124.5 86.4 17.8 18.2 18.8 16.0 14.1 -5.3 Personal current transfer receipts....... 82.3 110.3 3.5 21.4 17.2 40.3 148.2 -53.6 Government social benefits to persons.. 96.2 103.3 2.2 20.5 16.7 41.1 148.1 -62.7 Old-age, survivors, disability, and health insurance benefits........... 94.4 60.5 15.6 11.3 .8 22.8 17.6 18.9 Government unemployment insurance benefits............................ -1.4 2.4 -.1 1.3 1.8 3.9 3.2 17.8 Other................................ 3.2 40.3 -13.3 7.9 14.2 14.4 127.2 -99.4 Other current transfer receipts, from business (net)........................ -13.9 7.0 1.3 .8 .6 -.9 .2 9.1 Less: Contributions for government social insurance............................... 51.2 39.6 -.7 6.9 9.3 16.9 3.2 3.0 Less: Personal current taxes............... 145.4 139.6 29.9 12.2 18.9 14.5 -188.9 122.5 Equals: Disposable personal income......... 578.7 529.8 74.5 140.8 122.7 74.0 380.5 -115.3 Less: Personal outlays..................... 540.5 543.1 152.7 125.1 127.2 95.7 133.3 21.7 Personal consumption expenditures........ 513.1 503.0 132.6 108.1 127.1 109.6 135.7 25.5 Durable goods.......................... 31.3 30.7 8.7 .9 -3.2 -12.0 -11.7 -43.1 Nondurable goods....................... 171.1 147.8 56.2 28.9 59.6 44.5 75.5 18.4 Services............................... 310.7 324.5 67.6 78.4 70.7 77.1 71.9 50.2 Personal interest payments\1\............ 20.4 30.0 18.6 15.6 -1.5 -15.0 -7.9 -4.9 Personal current transfer payments....... 7.0 10.1 1.6 1.2 1.7 1.0 5.6 1.1 To government.......................... 3.7 5.0 1.2 1.0 .7 .4 .8 1.1 To the rest of the world (net)......... 3.2 5.2 .3 .3 1.0 .6 4.8 .0 Equals: Personal saving.................... 38.2 -13.3 -78.2 15.7 -4.4 -21.8 247.3 -137.1 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 285.6 237.0 -13.2 66.6 12.0 -15.2 223.1 -201.9 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 08 May 08 Jun 08 Jul 08\r\ Aug 08\r\ Sep 08\r\ Oct 08\r\ Nov 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .0 1.8 .1 -.8 .3 .0 .1 -.2 Compensation of employees, received...... -.3 .2 .2 .2 .3 -.1 .1 -.1 Wage and salary disbursements.......... -.4 .2 .2 .2 .3 -.2 .1 -.1 Supplements to wages and salaries...... .4 .2 .2 .2 .2 .0 .2 .1 Proprietors' income with inventory valuation and capital consumption adjustments............................. .0 .5 .7 .6 -.9 -.7 .1 -1.1 Rental income of persons with capital consumption adjustment.................. 21.0 18.9 17.0 6.6 6.2 -28.1 55.7 3.4 Personal income receipts on assets....... .0 .0 .0 .1 .1 .1 -.7 -.7 Personal interest income............... -.3 -.3 -.4 .5 .5 .5 -1.5 -1.5 Personal dividend income............... .5 .6 .6 -.6 -.6 -.6 .5 .6 Personal current transfer receipts....... .9 10.4 -1.0 -6.4 .8 2.2 -.7 .3 Less: Contributions for government social insurance............................... -.1 .1 .1 .1 .2 -.2 .0 -.2 Less: Personal current taxes............... -.8 -24.9 18.7 .6 10.9 -.4 -.4 -.6 Equals: Disposable personal income......... .2 5.7 -1.8 -1.0 -1.1 .1 .2 -.1 Addenda: Personal consumption expenditures........ .3 .7 .5 -.1 -.2 -.4 -1.0 -.6 Durable goods.......................... -.2 .2 -1.5 -3.1 1.7 -3.4 -4.3 .0 Nondurable goods....................... .7 1.2 1.2 .2 -.8 -.6 -2.8 -2.2 Services............................... .3 .6 .5 .3 -.1 .3 .4 .1 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... -.1 5.2 -2.6 -1.5 -1.1 .0 .7 1.0 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007 II 07 III 07 IV 07 I 08 II 08 III 08\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 7.1 6.1 3.7 5.4 4.9 3.0 6.6 .2 Compensation of employees, received...... 5.8 5.2 1.4 4.1 5.3 3.5 1.2 2.4 Wage and salary disbursements.......... 6.3 5.6 1.1 4.3 5.6 3.3 .8 2.4 Supplements to wages and salaries...... 3.8 3.7 2.7 3.4 3.9 4.5 2.8 2.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 5.7 4.1 5.1 5.3 3.8 -.8 2.0 1.3 Rental income of persons with capital consumption adjustment.................. 8.3 -9.6 161.0 -22.7 -27.3 5.3 401.3 87.6 Personal income receipts on assets....... 14.3 9.6 11.1 10.1 5.1 -.4 -.3 .7 Personal interest income............... 10.1 7.9 12.1 10.4 2.1 -5.7 -5.1 2.9 Personal dividend income............... 21.7 12.4 9.7 9.8 9.8 8.1 7.0 -2.5 Personal current transfer receipts....... 5.4 6.9 .8 5.1 4.1 9.6 37.8 -10.7 Less: Contributions for government social insurance............................... 5.9 4.3 -.3 2.9 3.9 7.1 1.3 1.2 Less: Personal current taxes............... 12.0 10.3 8.5 3.3 5.1 3.9 -40.8 41.7 Equals: Disposable personal income......... 6.4 5.5 3.0 5.7 4.9 2.9 15.4 -4.2 Addenda: Personal consumption expenditures........ 5.9 5.5 5.7 4.6 5.3 4.5 5.5 1.0 Durable goods.......................... 3.1 2.9 3.3 .3 -1.2 -4.3 -4.3 -15.3 Nondurable goods....................... 6.8 5.5 8.4 4.2 8.7 6.3 10.6 2.4 Services............................... 6.0 5.9 4.8 5.6 4.9 5.3 4.9 3.4 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... 3.5 2.8 -.6 3.1 .6 -.7 10.7 -8.8 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 08 May 08 Jun 08 Jul 08\r\ Aug 08\r\ Sep 08\r\ Oct 08\r\ Nov 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,334.6 8,355.1 8,334.4 8,281.4 8,269.3 8,231.0 8,192.4 8,238.0 Durable goods............................ 1,230.8 1,237.1 1,217.0 1,178.5 1,200.4 1,161.4 1,114.6 1,121.7 Nondurable goods......................... 2,419.0 2,427.3 2,415.9 2,392.0 2,378.5 2,358.3 2,336.6 2,370.9 Services................................. 4,705.7 4,712.8 4,717.9 4,716.6 4,703.9 4,713.4 4,729.1 4,734.5 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8.4 20.5 -20.7 -53.0 -12.1 -38.3 -38.6 45.6 Durable goods............................ 1.3 6.3 -20.1 -38.5 21.9 -39.0 -46.8 7.1 Nondurable goods......................... 8.9 8.3 -11.4 -23.9 -13.5 -20.2 -21.7 34.3 Services................................. -1.6 7.1 5.1 -1.3 -12.7 9.5 15.7 5.4 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .1 .2 -.2 -.6 -.1 -.5 -.5 .6 Durable goods............................ .1 .5 -1.6 -3.2 1.9 -3.2 -4.0 .6 Nondurable goods......................... .4 .3 -.5 -1.0 -.6 -.8 -.9 1.5 Services................................. .0 .2 .1 .0 -.3 .2 .3 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007 II 07 III 07 IV 07 I 08 II 08 III 08\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,029.0 8,252.8 8,237.3 8,278.5 8,298.2 8,316.1 8,341.3 8,260.6 Durable goods............................ 1,185.1 1,242.4 1,242.3 1,249.4 1,250.6 1,237.0 1,228.3 1,180.1 Nondurable goods......................... 2,335.3 2,392.6 2,391.5 2,398.6 2,400.2 2,397.9 2,420.7 2,376.3 Services................................. 4,529.9 4,646.2 4,632.7 4,659.8 4,676.1 4,704.3 4,712.1 4,711.3 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 237.3 223.8 40.1 41.2 19.7 17.9 25.2 -80.7 Durable goods............................ 50.7 57.3 15.0 7.1 1.2 -13.6 -8.7 -48.2 Nondurable goods......................... 82.6 57.3 11.4 7.1 1.6 -2.3 22.8 -44.4 Services................................. 109.0 116.3 16.6 27.1 16.3 28.2 7.8 -.8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 3.0 2.8 2.0 2.0 1.0 .9 1.2 -3.8 Durable goods............................ 4.5 4.8 5.0 2.3 .4 -4.3 -2.8 -14.8 Nondurable goods......................... 3.7 2.5 1.9 1.2 .3 -.4 3.9 -7.1 Services................................. 2.5 2.6 1.4 2.4 1.4 2.4 .7 -.1 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 08 May 08 Jun 08 Jul 08\r\ Aug 08\r\ Sep 08\r\ Oct 08\r\ Nov 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2000=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 120.869 121.419 122.346 123.017 123.002 123.106 122.433 121.075 Durable goods............................ 86.382 86.123 86.205 86.264 86.110 85.957 85.737 85.216 Nondurable goods......................... 123.625 124.646 126.793 128.282 127.920 128.186 125.797 121.304 Services................................. 127.934 128.451 128.967 129.379 129.574 129.661 129.732 129.734 Addenda: PCE excluding food and energy............ 116.532 116.742 117.072 117.286 117.493 117.664 117.654 117.646 Market-based PCE\1\...................... 119.003 119.578 120.574 121.348 121.292 121.406 120.638 119.065 Market-based PCE excluding food and energy\1\........................... 113.309 113.482 113.775 114.025 114.230 114.427 114.437 114.443 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 .5 .8 .5 .0 .1 -.5 -1.1 Durable goods............................ -.3 -.3 .1 .1 -.2 -.2 -.3 -.6 Nondurable goods......................... .3 .8 1.7 1.2 -.3 .2 -1.9 -3.6 Services................................. .3 .4 .4 .3 .2 .1 .1 .0 Addenda: PCE excluding food and energy............ .2 .2 .3 .2 .2 .1 .0 .0 Market-based PCE\1\...................... .3 .5 .8 .6 .0 .1 -.6 -1.3 Market-based PCE excluding food and energy\1\........................... .2 .2 .3 .2 .2 .2 .0 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Apr 08 May 08 Jun 08 Jul 08\r\ Aug 08\r\ Sep 08\r\ Oct 08\r\ Nov 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .7 6.1 3.2 1.2 -.2 -.4 .4 1.6 Personal consumption expenditures.......... 1.3 1.4 1.1 .2 -.2 -.6 -1.0 -.9 Durable goods............................ -.1 -1.7 -1.6 -4.4 -4.4 -7.8 -11.3 -10.4 Nondurable goods......................... 1.5 1.4 .7 -.6 -.5 -1.7 -2.4 -1.4 Services................................. 1.5 2.0 1.7 1.4 .7 1.2 1.6 1.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Apr 08 May 08 Jun 08 Jul 08\r\ Aug 08\r\ Sep 08\r\ Oct 08\r\ Nov 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 3.4 3.5 4.1 4.5 4.4 4.1 3.2 1.4 Durable goods............................ -1.2 -1.3 -1.3 -1.1 -.9 -.9 -1.2 -1.6 Nondurable goods......................... 5.5 5.6 7.2 8.2 8.0 7.7 5.3 -.2 Services................................. 3.3 3.4 3.5 3.7 3.5 3.2 3.0 2.8 Addenda: PCE excluding food and energy............ 2.2 2.2 2.3 2.4 2.4 2.3 2.0 1.9 Market-based PCE\1\...................... 3.3 3.5 4.1 4.6 4.6 4.3 3.3 1.3 Market-based PCE excluding food and energy\1\........................... 1.8 1.9 2.0 2.1 2.2 2.1 1.9 1.8 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions.