EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, DECEMBER 23, 2010 BEA 10-63 James Rankin: (202)606-5301 (Personal Income) piniwd@bea.gov Michael Armah: (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: NOVEMBER 2010 Personal income increased $42.3 billion, or 0.3 percent, and disposable personal income (DPI) increased $37.8 billion, or 0.3 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $43.3 billion, or 0.4 percent. In October, personal income increased $49.5 billion, or 0.4 percent, DPI increased $39.3 billion, or 0.3 percent, and PCE increased $68.9 billion, or 0.7 percent, based on revised estimates. Real disposable income increased 0.2 percent in November, the same increase as in October. Real PCE increased 0.3 percent in November, compared with an increase of 0.5 percent in October. 2010 July Aug. Sept. Oct. Nov. (Percent change from preceding month) Personal income, current dollars 0.1 0.5 0.0 0.4 0.3 Disposable personal income: Current dollars 0.0 0.4 -0.1 0.3 0.3 Chained (2005) dollars -0.2 0.3 -0.2 0.2 0.2 Personal consumption expenditures: Current dollars 0.3 0.5 0.3 0.7 0.4 Chained (2005) dollars 0.1 0.3 0.2 0.5 0.3 Wages and salaries Private wage and salary disbursements increased $6.6 billion in November, compared with an increase of $31.2 billion in October. Goods-producing industries' payrolls decreased $3.0 billion, in contrast to an increase of $3.8 billion; manufacturing payrolls decreased $1.9 billion, in contrast to an increase of $2.6 billion. Services-producing industries' payrolls increased $9.6 billion, compared with an increase of $27.4 billion. Government wage and salary disbursements increased $0.8 billion, compared with an increase of $3.2 billion. Other personal income Supplements to wages and salaries increased $2.7 billion in November, compared with an increase of $5.0 billion in October. Proprietors' income increased $7.2 billion in November, compared with an increase of $8.2 billion in October. Farm proprietors' income increased $4.0 billion, compared with an increase of $4.1 billion. Nonfarm proprietors' income increased $3.1 billion, compared with an increase of $4.2 billion. Rental income of persons increased $2.1 billion in November, compared with an increase of $2.0 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) increased $16.8 billion, compared with an increase of $6.5 billion. Personal current transfer receipts increased $6.9 billion, in contrast to a decrease of $1.9 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $0.7 billion in November, compared with an increase of $4.6 billion in October. Personal current taxes and disposable personal income Personal current taxes increased $4.5 billion in November, compared with an increase of $10.3 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $37.8 billion, or 0.3 percent, in November, compared with an increase of $39.3 billion, or 0.3 percent in October. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $45.9 billion in November, compared with an increase of $71.3 billion in October. PCE increased $43.3 billion, compared with an increase of $68.9 billion. Personal saving -- DPI less personal outlays -- was $614.8 billion in November, compared with $622.8 billion in October. Personal saving as a percentage of disposable personal income was 5.3 percent in November, compared with 5.4 percent in October. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in November, the same increase as in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in November, compared with an increase of 0.5 percent in October. Purchases of durable goods increased 0.2 percent, compared with an increase of 3.7 percent. Purchases of motor vehicles and parts turned down in November, after accounting for most of the increase in October. Purchases of nondurable goods increased 0.5 percent in November, compared with an increase of 0.3 percent in October. Purchases of services increased 0.3 percent, compared with an increase of 0.1 percent. PCE price index -- The price index for PCE increased 0.1 percent in November, compared with an increase of 0.2 percent in October. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of less than 0.1 percent. Revisions Estimates have been revised for July through October. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) 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 -2.8 -4.5 0.0 0.0 57.6 49.5 0.5 0.4 Disposable personal income: Current dollars -8.6 -10.4 -0.1 -0.1 48.3 39.3 0.4 0.3 Chained (2005) dollars -17.7 -15.8 -0.2 -0.2 26.5 18.1 0.3 0.2 Personal consumption expenditures: Current dollars 26.9 30.4 0.3 0.3 44.0 68.9 0.4 0.7 Chained (2005) dollars 15.1 21.5 0.2 0.2 24.2 46.2 0.3 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 – January 31, 2011, at 8:30 A.M. EST for Personal Income and Outlays for December. Release dates in 2011 December 2010....January 31 April 2011...May 27 August 2011......September 30 January 2011.....February 28 May 2011.....June 27 September 2011...October 28 February 2011....March 28 June 2011....August 2 October 2011.....November 23 March 2011.......April 29 July 2011....August 29 November 2011....December 23 ________________________ 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] ----------------------------------------------------------------------------------------------------------------------------------- Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\r\ Nov 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,478.5 12,532.8 12,540.0 12,556.0 12,613.4 12,608.9 12,658.4 12,700.7 Compensation of employees, received...... 7,939.1 7,985.8 7,984.8 8,013.5 8,038.7 8,046.9 8,086.3 8,096.4 Wage and salary disbursements.......... 6,362.4 6,403.7 6,400.4 6,425.2 6,446.0 6,451.3 6,485.6 6,493.0 Private industries................... 5,172.2 5,207.8 5,207.0 5,233.3 5,262.0 5,271.3 5,302.5 5,309.1 Goods-producing industries......... 1,045.7 1,062.9 1,054.2 1,061.3 1,068.7 1,067.0 1,070.8 1,067.8 Manufacturing.................... 664.6 679.6 673.1 678.7 681.7 680.7 683.3 681.4 Services-producing industries...... 4,126.5 4,144.9 4,152.9 4,172.0 4,193.3 4,204.3 4,231.7 4,241.3 Trade, transportation, and utilities....................... 1,002.7 1,007.2 1,006.2 1,012.1 1,014.0 1,017.4 1,024.0 1,025.2 Other services-producing industries...................... 3,123.7 3,137.7 3,146.6 3,159.9 3,179.3 3,186.9 3,207.7 3,216.1 Government........................... 1,190.1 1,195.9 1,193.4 1,191.9 1,184.0 1,179.9 1,183.1 1,183.9 Supplements to wages and salaries...... 1,576.7 1,582.1 1,584.4 1,588.3 1,592.7 1,595.7 1,600.7 1,603.4 Employer contributions for employee pension and insurance funds......... 1,100.7 1,103.1 1,105.5 1,107.8 1,110.2 1,112.8 1,115.6 1,118.1 Employer contributions for government social insurance.................... 476.0 479.0 479.0 480.6 482.5 482.8 485.1 485.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,049.2 1,051.7 1,048.3 1,050.5 1,061.3 1,066.7 1,074.9 1,082.1 Farm................................... 37.6 38.9 40.3 44.4 48.5 52.6 56.7 60.7 Nonfarm................................ 1,011.6 1,012.7 1,008.0 1,006.1 1,012.8 1,014.1 1,018.3 1,021.4 Rental income of persons with capital consumption adjustment.................. 298.1 298.8 299.6 301.2 303.6 306.7 308.7 310.8 Personal income receipts on assets....... 1,911.1 1,915.0 1,917.3 1,902.8 1,888.0 1,878.5 1,885.0 1,901.8 Personal interest income............... 1,205.0 1,205.3 1,205.6 1,190.1 1,174.7 1,159.3 1,171.8 1,184.4 Personal dividend income............... 706.0 709.7 711.8 712.7 713.3 719.2 713.2 717.4 Personal current transfer receipts....... 2,279.0 2,285.4 2,293.8 2,295.2 2,332.5 2,321.5 2,319.6 2,326.5 Government social benefits to persons.. 2,242.3 2,248.4 2,256.5 2,257.8 2,295.2 2,284.5 2,280.3 2,287.9 Old-age, survivors, disability, and health insurance benefits........... 1,207.9 1,207.9 1,208.6 1,219.5 1,221.5 1,229.5 1,229.8 1,228.9 Government unemployment insurance benefits............................ 137.2 137.1 136.1 123.2 150.5 133.3 128.7 131.2 Other................................ 897.2 903.4 911.9 915.1 923.3 921.6 921.8 927.8 Other current transfer receipts, from business (net)........................ 36.7 37.0 37.2 37.4 37.3 37.0 39.3 38.6 Less: Contributions for government social insurance, domestic..................... 998.0 1,003.9 1,003.9 1,007.2 1,010.7 1,011.5 1,016.1 1,016.8 Less: Personal current taxes............... 1,143.5 1,151.8 1,152.0 1,170.1 1,178.5 1,184.4 1,194.7 1,199.2 Equals: Disposable personal income......... 11,335.0 11,381.0 11,388.0 11,385.9 11,434.9 11,424.5 11,463.8 11,501.6 Less: Personal outlays..................... 10,652.6 10,670.4 10,668.1 10,696.2 10,743.2 10,769.6 10,840.9 10,886.8 Personal consumption expenditures........ 10,275.2 10,292.1 10,288.8 10,322.1 10,373.2 10,403.6 10,472.5 10,515.8 Goods.................................. 3,396.4 3,374.8 3,361.2 3,384.0 3,421.8 3,453.0 3,512.1 3,528.7 Durable goods........................ 1,078.1 1,074.6 1,069.5 1,081.2 1,081.8 1,100.5 1,137.6 1,136.5 Nondurable goods..................... 2,318.3 2,300.1 2,291.7 2,302.7 2,340.0 2,352.5 2,374.5 2,392.2 Services............................... 6,878.8 6,917.3 6,927.6 6,938.1 6,951.4 6,950.6 6,960.4 6,987.1 Personal interest payments\1\............ 205.6 206.0 206.5 201.8 197.1 192.5 194.4 196.3 Personal current transfer payments....... 171.7 172.3 172.8 172.3 172.9 173.5 174.1 174.7 To government.......................... 99.5 100.1 100.6 101.2 101.8 102.4 103.0 103.6 To the rest of the world (net)......... 72.2 72.2 72.2 71.1 71.1 71.1 71.1 71.1 Equals: Personal saving.................... 682.4 710.6 719.8 689.7 691.6 654.9 622.8 614.8 Personal saving as a percentage of disposable personal income.............. 6.0 6.2 6.3 6.1 6.0 5.7 5.4 5.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,188.9 9,240.2 9,250.8 9,247.4 9,250.8 9,250.8 9,281.6 9,305.1 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,211.9 10,262.4 10,281.6 10,261.3 10,289.2 10,273.4 10,291.5 10,316.2 Per capita: Current dollars...................... 36,622 36,746 36,742 36,707 36,835 36,771 36,870 36,964 Chained (2005) dollars............... 32,994 33,135 33,172 33,081 33,144 33,066 33,099 33,154 Population (midperiod, thousands)\3\..... 309,509 309,718 309,946 310,185 310,439 310,691 310,927 311,157 ----------------------------------------------------------------------------------------------------------------------------------- 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\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,391.1 12,174.9 12,203.4 12,164.0 12,239.0 12,350.3 12,517.1 12,592.8 Compensation of employees, received...... 8,065.8 7,806.7 7,819.0 7,798.7 7,831.4 7,858.1 7,969.9 8,033.0 Wage and salary disbursements.......... 6,559.0 6,274.1 6,287.7 6,263.9 6,284.9 6,291.4 6,388.8 6,440.8 Private industries................... 5,415.1 5,100.5 5,111.4 5,088.3 5,110.0 5,105.9 5,195.7 5,255.5 Goods-producing industries......... 1,207.6 1,064.0 1,063.0 1,046.7 1,046.1 1,032.2 1,054.3 1,065.7 Manufacturing.................... 741.2 661.5 659.1 649.8 658.3 652.6 672.4 680.4 Services-producing industries...... 4,207.4 4,036.6 4,048.5 4,041.6 4,064.0 4,073.7 4,141.4 4,189.9 Trade, transportation, and utilities....................... 1,050.9 990.5 989.9 986.9 988.2 988.0 1,005.4 1,014.5 Other services-producing industries...................... 3,156.6 3,046.1 3,058.5 3,054.7 3,075.7 3,085.8 3,136.0 3,175.4 Government........................... 1,144.0 1,173.6 1,176.2 1,175.6 1,174.9 1,185.5 1,193.1 1,185.3 Supplements to wages and salaries...... 1,506.8 1,532.6 1,531.4 1,534.8 1,546.5 1,566.7 1,581.1 1,592.2 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.................... 470.1 460.6 461.5 460.8 462.5 470.9 478.0 482.0 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 1,059.5 Farm................................... 50.8 30.5 28.0 28.0 36.2 36.8 38.9 48.5 Nonfarm................................ 1,051.2 981.5 972.5 978.4 985.9 994.0 1,010.8 1,011.0 Rental income of persons with capital consumption adjustment.................. 222.0 274.0 269.4 279.1 282.8 292.7 298.8 303.8 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 1,889.7 Personal interest income............... 1,314.7 1,222.3 1,229.5 1,213.3 1,205.8 1,208.7 1,205.3 1,174.7 Personal dividend income............... 794.6 697.4 696.4 677.8 683.4 702.4 709.2 715.0 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 2,316.4 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 2,279.2 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............................ 50.7 128.6 127.7 145.0 143.4 146.1 136.8 135.7 Other................................ 723.6 803.7 838.1 805.9 820.2 871.5 904.2 920.0 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 1,001.9 1,009.8 Less: Personal current taxes............... 1,438.2 1,140.0 1,112.5 1,117.0 1,117.2 1,134.7 1,149.1 1,177.7 Equals: Disposable personal income......... 10,952.9 11,034.9 11,090.9 11,047.0 11,121.7 11,215.6 11,368.0 11,415.1 Less: Personal outlays..................... 10,505.0 10,379.6 10,297.4 10,423.6 10,505.7 10,603.9 10,663.7 10,736.3 Personal consumption expenditures........ 10,104.5 10,001.3 9,920.1 10,040.7 10,131.5 10,230.8 10,285.4 10,366.3 Goods.................................. 3,379.5 3,230.7 3,175.4 3,276.1 3,312.9 3,380.0 3,377.5 3,419.6 Durable goods........................ 1,083.5 1,026.5 1,004.7 1,045.2 1,043.9 1,060.7 1,074.1 1,087.8 Nondurable goods..................... 2,296.0 2,204.2 2,170.7 2,231.0 2,269.0 2,319.3 2,303.4 2,331.8 Services............................... 6,725.0 6,770.6 6,744.7 6,764.6 6,818.6 6,850.9 6,907.9 6,946.7 Personal interest payments\1\............ 246.2 216.8 218.4 220.9 207.8 203.8 206.0 197.1 Personal current transfer payments....... 154.3 161.4 158.9 161.9 166.4 169.2 172.3 172.9 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 71.1 Equals: Personal saving.................... 447.9 655.3 793.5 623.4 616.0 611.8 704.3 678.7 Personal saving as a percentage of disposable personal income.............. 4.1 5.9 7.2 5.6 5.5 5.5 6.2 5.9 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 9,226.6 9,249.6 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 10,251.9 10,274.6 Per capita: Current dollars...................... 35,931 35,888 36,115 35,888 36,049 36,282 36,704 36,771 Chained (2005) dollars............... 32,946 32,847 33,191 32,746 32,673 32,717 33,100 33,097 Population (midperiod, thousands)\3\..... 304,831 307,483 307,101 307,815 308,521 309,120 309,724 310,438 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\r\ Nov 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 89.1 54.3 7.2 16.0 57.4 -4.5 49.5 42.3 Compensation of employees, received...... 70.8 46.7 -1.0 28.7 25.2 8.2 39.4 10.1 Wage and salary disbursements.......... 64.3 41.3 -3.3 24.8 20.8 5.3 34.3 7.4 Private industries................... 61.7 35.6 -.8 26.3 28.7 9.3 31.2 6.6 Goods-producing industries......... 15.4 17.2 -8.7 7.1 7.4 -1.7 3.8 -3.0 Manufacturing.................... 13.3 15.0 -6.5 5.6 3.0 -1.0 2.6 -1.9 Services-producing industries...... 46.3 18.4 8.0 19.1 21.3 11.0 27.4 9.6 Trade, transportation, and utilities....................... 13.1 4.5 -1.0 5.9 1.9 3.4 6.6 1.2 Other services-producing industries...................... 33.1 14.0 8.9 13.3 19.4 7.6 20.8 8.4 Government........................... 2.5 5.8 -2.5 -1.5 -7.9 -4.1 3.2 .8 Supplements to wages and salaries...... 6.5 5.4 2.3 3.9 4.4 3.0 5.0 2.7 Employer contributions for employee pension and insurance funds......... 2.2 2.4 2.4 2.3 2.4 2.6 2.8 2.5 Employer contributions for government social insurance.................... 4.3 3.0 .0 1.6 1.9 .3 2.3 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 12.0 2.5 -3.4 2.2 10.8 5.4 8.2 7.2 Farm................................... 1.4 1.3 1.4 4.1 4.1 4.1 4.1 4.0 Nonfarm................................ 10.6 1.1 -4.7 -1.9 6.7 1.3 4.2 3.1 Rental income of persons with capital consumption adjustment.................. .1 .7 .8 1.6 2.4 3.1 2.0 2.1 Personal income receipts on assets....... 7.3 3.9 2.3 -14.5 -14.8 -9.5 6.5 16.8 Personal interest income............... .3 .3 .3 -15.5 -15.4 -15.4 12.5 12.6 Personal dividend income............... 7.0 3.7 2.1 .9 .6 5.9 -6.0 4.2 Personal current transfer receipts....... 7.6 6.4 8.4 1.4 37.3 -11.0 -1.9 6.9 Government social benefits to persons.. 7.6 6.1 8.1 1.3 37.4 -10.7 -4.2 7.6 Old-age, survivors, disability, and health insurance benefits........... 12.0 .0 .7 10.9 2.0 8.0 .3 -.9 Government unemployment insurance benefits............................ -19.6 -.1 -1.0 -12.9 27.3 -17.2 -4.6 2.5 Other................................ 15.1 6.2 8.5 3.2 8.2 -1.7 .2 6.0 Other current transfer receipts, from business (net)........................ .0 .3 .2 .2 -.1 -.3 2.3 -.7 Less: Contributions for government social insurance, domestic..................... 8.7 5.9 .0 3.3 3.5 .8 4.6 .7 Less: Personal current taxes............... 6.1 8.3 .2 18.1 8.4 5.9 10.3 4.5 Equals: Disposable personal income......... 82.9 46.0 7.0 -2.1 49.0 -10.4 39.3 37.8 Less: Personal outlays..................... -2.0 17.8 -2.3 28.1 47.0 26.4 71.3 45.9 Personal consumption expenditures........ -4.5 16.9 -3.3 33.3 51.1 30.4 68.9 43.3 Goods.................................. -21.5 -21.6 -13.6 22.8 37.8 31.2 59.1 16.6 Durable goods........................ -10.9 -3.5 -5.1 11.7 .6 18.7 37.1 -1.1 Nondurable goods..................... -10.6 -18.2 -8.4 11.0 37.3 12.5 22.0 17.7 Services............................... 17.0 38.5 10.3 10.5 13.3 -.8 9.8 26.7 Personal interest payments\1\............ .4 .4 .5 -4.7 -4.7 -4.6 1.9 1.9 Personal current transfer payments....... 2.0 .6 .5 -.5 .6 .6 .6 .6 To government.......................... .5 .6 .5 .6 .6 .6 .6 .6 To the rest of the world (net)......... 1.5 .0 .0 -1.1 .0 .0 .0 .0 Equals: Personal saving.................... 85.0 28.2 9.2 -30.1 1.9 -36.7 -32.1 -8.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 76.0 51.3 10.6 -3.4 3.4 .0 30.8 23.5 Disposable personal income, billions of chained (2005) dollars\2\............ 77.6 50.5 19.2 -20.3 27.9 -15.8 18.1 24.7 ----------------------------------------------------------------------------------------------------------------------------------- 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\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 478.8 -216.2 110.2 -39.4 75.0 111.3 166.8 75.7 Compensation of employees, received...... 203.6 -259.1 41.3 -20.3 32.7 26.7 111.8 63.1 Wage and salary disbursements.......... 137.3 -284.9 27.7 -23.8 21.0 6.5 97.4 52.0 Private industries................... 82.4 -314.6 18.9 -23.1 21.7 -4.1 89.8 59.8 Goods-producing industries......... -5.8 -143.6 -37.2 -16.3 -.6 -13.9 22.1 11.4 Manufacturing.................... -11.0 -79.7 -19.5 -9.3 8.5 -5.7 19.8 8.0 Services-producing industries...... 88.1 -170.8 56.2 -6.9 22.4 9.7 67.7 48.5 Trade, transportation, and utilities....................... 5.7 -60.4 -7.1 -3.0 1.3 -.2 17.4 9.1 Other services-producing industries...................... 82.5 -110.5 63.2 -3.8 21.0 10.1 50.2 39.4 Government........................... 55.0 29.6 8.6 -.6 -.7 10.6 7.6 -7.8 Supplements to wages and salaries...... 66.4 25.8 13.7 3.4 11.7 20.2 14.4 11.1 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 7.1 4.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 11.6 -90.1 -18.2 5.9 15.7 8.6 19.0 9.8 Farm................................... 13.0 -20.3 -1.6 .0 8.2 .6 2.1 9.6 Nonfarm................................ -1.4 -69.7 -16.5 5.9 7.5 8.1 16.8 .2 Rental income of persons with capital consumption adjustment.................. 78.3 52.0 4.7 9.7 3.7 9.9 6.1 5.0 Personal income receipts on assets....... 52.3 -189.6 -46.8 -34.8 -1.9 21.9 3.3 -24.7 Personal interest income............... 49.6 -92.4 -11.0 -16.2 -7.5 2.9 -3.4 -30.6 Personal dividend income............... 2.7 -97.2 -35.8 -18.6 5.6 19.0 6.8 5.8 Personal current transfer receipts....... 160.7 253.6 136.5 -.9 28.9 57.3 40.6 30.3 Government social benefits to persons.. 154.7 254.2 136.9 -.7 29.1 56.4 40.2 30.1 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 -1.1 Other................................ 71.2 80.1 87.7 -32.2 14.3 51.3 32.7 15.8 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 14.1 7.9 Less: Personal current taxes............... -50.5 -298.2 -100.9 4.5 .2 17.5 14.4 28.6 Equals: Disposable personal income......... 529.3 82.0 211.1 -43.9 74.7 93.9 152.4 47.1 Less: Personal outlays..................... 296.1 -125.4 5.8 126.2 82.1 98.2 59.8 72.6 Personal consumption expenditures........ 298.2 -103.2 7.1 120.6 90.8 99.3 54.6 80.9 Goods.................................. 21.8 -148.8 17.0 100.7 36.8 67.1 -2.5 42.1 Durable goods........................ -75.9 -57.0 -7.5 40.5 -1.3 16.8 13.4 13.7 Nondurable goods..................... 97.8 -91.8 24.5 60.3 38.0 50.3 -15.9 28.4 Services............................... 276.4 45.6 -9.9 19.9 54.0 32.3 57.0 38.8 Personal interest payments\1\............ -14.7 -29.4 -1.7 2.5 -13.1 -4.0 2.2 -8.9 Personal current transfer payments....... 12.6 7.1 .4 3.0 4.5 2.8 3.1 .6 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 -1.1 Equals: Personal saving.................... 233.2 207.4 205.3 -170.1 -7.4 -4.2 92.5 -25.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -18.0 -447.4 -68.5 -101.5 -19.0 2.0 114.9 23.0 Disposable personal income, billions of chained (2005) dollars\2\............ 168.7 56.9 146.1 -113.3 .7 32.9 138.6 22.7 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\r\ Nov 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .7 .4 .1 .1 .5 .0 .4 .3 Compensation of employees, received...... .9 .6 .0 .4 .3 .1 .5 .1 Wage and salary disbursements.......... 1.0 .6 -.1 .4 .3 .1 .5 .1 Supplements to wages and salaries...... .4 .3 .1 .2 .3 .2 .3 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.2 .2 -.3 .2 1.0 .5 .8 .7 Rental income of persons with capital consumption adjustment.................. .0 .3 .3 .5 .8 1.0 .6 .7 Personal income receipts on assets....... .4 .2 .1 -.8 -.8 -.5 .3 .9 Personal interest income............... .0 .0 .0 -1.3 -1.3 -1.3 1.1 1.1 Personal dividend income............... 1.0 .5 .3 .1 .1 .8 -.8 .6 Personal current transfer receipts....... .3 .3 .4 .1 1.6 -.5 -.1 .3 Less: Contributions for government social insurance, domestic..................... .9 .6 .0 .3 .3 .1 .5 .1 Less: Personal current taxes............... .5 .7 .0 1.6 .7 .5 .9 .4 Equals: Disposable personal income......... .7 .4 .1 .0 .4 -.1 .3 .3 Addenda: Personal consumption expenditures........ .0 .2 .0 .3 .5 .3 .7 .4 Goods.................................. -.6 -.6 -.4 .7 1.1 .9 1.7 .5 Durable goods........................ -1.0 -.3 -.5 1.1 .1 1.7 3.4 -.1 Nondurable goods..................... -.5 -.8 -.4 .5 1.6 .5 .9 .7 Services............................... .2 .6 .1 .2 .2 .0 .1 .4 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .8 .6 .1 .0 .0 .0 .3 .3 Real disposable personal income.......... .8 .5 .2 -.2 .3 -.2 .2 .2 ----------------------------------------------------------------------------------------------------------------------------------- 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\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 4.0 -1.7 3.7 -1.3 2.5 3.7 5.5 2.4 Compensation of employees, received...... 2.6 -3.2 2.1 -1.0 1.7 1.4 5.8 3.2 Wage and salary disbursements.......... 2.1 -4.3 1.8 -1.5 1.3 .4 6.3 3.3 Supplements to wages and salaries...... 4.6 1.7 3.7 .9 3.1 5.3 3.7 2.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.1 -8.2 -6.9 2.4 6.4 3.4 7.6 3.8 Rental income of persons with capital consumption adjustment.................. 54.5 23.4 7.3 15.3 5.4 14.7 8.7 6.9 Personal income receipts on assets....... 2.5 -9.0 -9.2 -7.0 -.4 4.7 .7 -5.1 Personal interest income............... 3.9 -7.0 -3.5 -5.2 -2.5 1.0 -1.1 -9.8 Personal dividend income............... .3 -12.2 -18.2 -10.2 3.3 11.6 3.9 3.4 Personal current transfer receipts....... 9.4 13.5 29.8 -.2 5.5 10.9 7.4 5.4 Less: Contributions for government social insurance, domestic..................... 2.9 -1.7 3.1 -.4 1.7 5.4 5.9 3.2 Less: Personal current taxes............... -3.4 -20.7 -29.4 1.6 .1 6.4 5.2 10.3 Equals: Disposable personal income......... 5.1 .7 8.0 -1.6 2.7 3.4 5.5 1.7 Addenda: Personal consumption expenditures........ 3.0 -1.0 .3 5.0 3.7 4.0 2.1 3.2 Goods.................................. .7 -4.4 2.2 13.3 4.6 8.3 -.3 5.1 Durable goods........................ -6.6 -5.3 -3.0 17.1 -.5 6.6 5.1 5.2 Nondurable goods..................... 4.4 -4.0 4.7 11.6 7.0 9.2 -2.7 5.0 Services............................... 4.3 .7 -.6 1.2 3.2 1.9 3.4 2.3 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.2 -4.6 -.7 -1.1 -.2 .0 1.3 .2 Real disposable personal income.......... 1.7 .6 5.9 -4.4 .0 1.3 5.6 .9 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\r\ Nov 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,257.2 9,280.5 9,289.3 9,302.6 9,333.9 9,355.4 9,401.6 9,432.0 Goods.................................... 3,223.7 3,221.8 3,222.3 3,231.9 3,254.3 3,279.4 3,324.6 3,338.3 Durable goods.......................... 1,159.1 1,158.2 1,156.2 1,172.0 1,172.2 1,193.6 1,237.2 1,239.1 Nondurable goods....................... 2,063.4 2,062.3 2,064.4 2,060.4 2,081.2 2,087.1 2,093.7 2,104.9 Services................................. 6,034.4 6,058.9 6,066.9 6,071.0 6,080.9 6,078.7 6,081.9 6,098.9 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -1.4 23.3 8.8 13.3 31.3 21.5 46.2 30.4 Goods.................................... -9.6 -1.9 .5 9.6 22.4 25.1 45.2 13.7 Durable goods.......................... -10.1 -.9 -2.0 15.8 .2 21.4 43.6 1.9 Nondurable goods....................... -.6 -1.1 2.1 -4.0 20.8 5.9 6.6 11.2 Services................................. 7.7 24.5 8.0 4.1 9.9 -2.2 3.2 17.0 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .0 .3 .1 .1 .3 .2 .5 .3 Goods.................................... -.3 -.1 .0 .3 .7 .8 1.4 .4 Durable goods.......................... -.9 -.1 -.2 1.4 .0 1.8 3.7 .2 Nondurable goods....................... .0 -.1 .1 -.2 1.0 .3 .3 .5 Services................................. .1 .4 .1 .1 .2 .0 .1 .3 ----------------------------------------------------------------------------------------------------------------------------------- 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\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- 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 9,330.6 Goods.................................... 3,180.3 3,117.4 3,084.0 3,138.2 3,151.8 3,195.4 3,222.6 3,255.2 Durable goods.......................... 1,136.4 1,094.6 1,068.2 1,118.3 1,115.1 1,138.9 1,157.8 1,179.3 Nondurable goods....................... 2,041.2 2,017.4 2,008.3 2,016.9 2,032.3 2,053.5 2,063.4 2,076.2 Services................................. 6,082.3 6,032.7 6,027.7 6,020.7 6,028.7 6,029.6 6,053.4 6,076.9 ---------------------------------------------------------------------------------------- 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 54.9 Goods.................................... -81.3 -62.9 -11.7 54.2 13.6 43.6 27.2 32.6 Durable goods.......................... -62.2 -41.8 -8.4 50.1 -3.2 23.8 18.9 21.5 Nondurable goods....................... -23.1 -23.8 -3.7 8.6 15.4 21.2 9.9 12.8 Services................................. 54.0 -49.6 -25.9 -7.0 8.0 .9 23.8 23.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.3 -1.2 -1.6 2.0 .9 1.9 2.2 2.4 Goods.................................... -2.5 -2.0 -1.5 7.2 1.7 5.7 3.4 4.1 Durable goods.......................... -5.2 -3.7 -3.1 20.1 -1.1 8.8 6.8 7.6 Nondurable goods....................... -1.1 -1.2 -.7 1.7 3.1 4.2 1.9 2.5 Services................................. .9 -.8 -1.7 -.5 .5 .1 1.6 1.6 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\r\ Nov 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 111.000 110.902 110.762 110.962 111.137 111.207 111.394 111.493 Goods.................................... 105.364 104.755 104.318 104.713 105.155 105.305 105.650 105.715 Durable goods.......................... 93.001 92.775 92.488 92.243 92.273 92.188 91.936 91.708 Nondurable goods....................... 112.360 111.537 111.016 111.771 112.446 112.728 113.420 113.657 Services................................. 113.994 114.169 114.186 114.282 114.316 114.343 114.443 114.561 Addenda: PCE excluding food and energy............ 110.071 110.188 110.255 110.299 110.328 110.327 110.333 110.424 Food\1\.................................. 113.989 113.987 113.771 113.836 113.919 114.212 114.292 114.411 Energy goods and services\2\............. 121.491 117.572 114.081 117.102 119.873 120.838 124.274 124.497 Market-based PCE\3\...................... 110.881 110.752 110.655 110.923 111.182 111.276 111.395 111.505 Market-based PCE excluding food and energy\3\........................... 109.776 109.892 110.042 110.141 110.243 110.259 110.157 110.258 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .0 -.1 -.1 .2 .2 .1 .2 .1 Goods.................................... -.3 -.6 -.4 .4 .4 .1 .3 .1 Durable goods.......................... -.1 -.2 -.3 -.3 .0 -.1 -.3 -.2 Nondurable goods....................... -.4 -.7 -.5 .7 .6 .3 .6 .2 Services................................. .1 .2 .0 .1 .0 .0 .1 .1 Addenda: PCE excluding food and energy............ .0 .1 .1 .0 .0 .0 .0 .1 Food\1\.................................. .2 .0 -.2 .1 .1 .3 .1 .1 Energy goods and services\2\............. -1.4 -3.2 -3.0 2.6 2.4 .8 2.8 .2 Market-based PCE\3\...................... .0 -.1 -.1 .2 .2 .1 .1 .1 Market-based PCE excluding food and energy\3\........................... .1 .1 .1 .1 .1 .0 -.1 .1 ----------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------- Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\r\ Nov 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .8 -.4 1.4 1.7 2.1 2.1 2.4 2.4 Personal consumption expenditures.......... 1.6 1.8 1.9 1.9 1.3 2.3 2.5 2.8 Goods.................................... 5.0 4.3 4.2 3.9 1.9 5.4 6.0 5.6 Durable goods.......................... 9.8 8.1 7.3 6.5 -.4 10.7 12.4 10.7 Nondurable goods....................... 2.9 2.5 2.9 2.7 3.1 3.0 3.1 3.3 Services................................. -.1 .6 .7 .9 1.0 .9 .8 1.4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\r\ Nov 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.3 2.1 1.4 1.5 1.4 1.3 1.2 1.0 Goods.................................... 2.9 2.2 .3 .8 .6 .5 .7 .5 Durable goods.......................... -1.1 -1.3 -1.7 -1.4 -1.0 -1.4 -1.9 -2.1 Nondurable goods....................... 4.8 3.8 1.2 1.8 1.4 1.4 2.0 1.8 Services................................. 2.0 2.0 1.9 1.9 1.7 1.7 1.4 1.3 Addenda: PCE excluding food and energy............ 1.5 1.5 1.4 1.3 1.2 1.1 .8 .8 Food\1\.................................. .1 .4 .2 .7 .7 1.3 1.3 1.3 Energy goods and services\2\............. 19.7 15.3 3.4 5.6 4.0 4.2 6.4 4.2 Market-based PCE\3\...................... 2.0 1.8 1.1 1.3 1.2 1.2 1.1 1.0 Market-based PCE excluding food and energy\3\........................... 1.1 1.1 1.1 1.1 1.1 1.0 .7 .8 ----------------------------------------------------------------------------------------------------------------------------------- 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.