EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, FEBRUARY 2, 2009 James E. Rankin: (202) 606-5301 (Personal Income) BEA 09-03 Brendan Leary: (202) 606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: DECEMBER 2008 Personal income decreased $25.3 billion, or 0.2 percent, and disposable personal income (DPI) decreased $25.1 billion, or 0.2 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $102.4 billion, or 1.0 percent. In November, personal income decreased $44.0 billion, or 0.4 percent, DPI decreased $33.9 billion, or 0.3 percent, and PCE decreased $77.8 billion, or 0.8 percent, based on revised estimates. Real disposable income increased 0.3 percent in December, compared with an increase of 0.8 percent in November. Real PCE decreased 0.5 percent, in contrast to an increase of 0.3 percent. The price index for PCE decreased 0.5 percent, compared with a decrease of 1.1 percent. 2008 Aug. Sept. Oct. Nov. Dec. (Percent change from preceding month) Personal income, current dollars 0.3 0.0 -0.1 -0.4 -0.2 Disposable personal income: Current dollars -1.1 0.1 0.0 -0.3 -0.2 Chained (2000) dollars -1.1 0.0 0.5 0.8 0.3 Personal consumption expenditures: Current dollars -0.2 -0.4 -1.1 -0.8 -1.0 Chained (2000) dollars -0.1 -0.5 -0.6 0.3 -0.5 Wages and salaries Private wage and salary disbursements decreased $23.5 billion in December, compared with a decrease of $12.1 billion in November. Goods-producing industries' payrolls decreased $15.7 billion, compared with a decrease of $4.4 billion; manufacturing payrolls decreased $9.6 billion, compared with a decrease of $3.1 billion. Services-producing industries' payrolls decreased $7.8 billion, compared with a decrease $7.7 billion. Government wage and salary disbursements increased $2.3 billion, compared with an increase of $1.7 billion. Other personal income Proprietors' income decreased $6.8 billion in December, compared with a decrease of $17.6 billion in November. Farm proprietors' income decreased $0.9 billion, compared with a decrease of $1.3 billion. Nonfarm proprietors' income decreased $5.9 billion, compared with a decrease of $16.3 billion. Rental income of persons increased $4.3 billion in December, compared with an increase of $2.8 billion in November. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $29.0 billion, compared with a decrease of $28.8 billion. Personal current transfer receipts increased $24.4 billion in December, compared with an increase of $7.5 billion in November. The December increase in personal current transfer receipts reflected retroactive social security benefits payments of $7.4 billion at an annual rate, resulting from a recalculation of the earnings base underlying the benefits for recent retirees. The December increase in personal current transfer receipts also reflected provisions of the Supplemental Appropriations Act of 2008, which provides up to 13 weeks of additional unemployment compensation benefits to those who have exhausted their regular unemployment benefits. The additional unemployment benefits boosted the level of personal current transfer receipts by $7.1 billion in December. Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $3.1 billion in December, compared with a decrease of $1.9 billion in November. Personal current taxes and disposable personal income Personal current taxes decreased $0.2 billion in December, compared with a decrease of $10.1 billion in November. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $25.1 billion, or 0.2 percent, in December, compared with a decrease of $33.9 billion, or 0.3 percent, in November. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments decreased $104.6 billion in December, compared with a decrease of $80.0 billion in November. PCE decreased $102.4 billion, compared with a decrease of $77.8 billion. Personal saving -- DPI less personal outlays -- was $378.6 billion in December, compared with $299.1 billion in November. Personal saving as a percentage of disposable personal income was 3.6 percent in December, compared with 2.8 percent in November. 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 www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in December, compared with an increase of 0.8 percent in November. Real PCE -- PCE adjusted to remove price changes -- decreased 0.5 percent in December, in contrast to an increase of 0.3 percent in November. Purchases of durable goods decreased 0.8 percent, in contrast to an increase of 1.0 percent. Purchases of nondurable goods decreased 1.8 percent in December, in contrast to an increase of 0.9 percent in November. Purchases of services increased 0.1 percent, in contrast to a decrease of less than 0.1 percent. PCE price index -- the price index for PCE decreased 0.5 percent in December, compared with a decrease of 1.1 percent in November. The PCE price index, excluding food and energy, was essentially unchanged in December and in November. Revisions Estimates have been revised for October and November. Changes in personal income, current- dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for October and November -- revised and as published in last month's release -- are shown below. Change from preceding month October November Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars...................... 11.3 -11.3 0.1 -0.1 -20.7 -44.0 -0.2 -0.4 Disposable personal income: Current dollars...................... 16.7 -2.0 0.2 0.0 -11.8 -33.9 -0.1 -0.3 Chained (2000) dollars............... 61.2 47.0 0.7 0.5 88.1 70.7 1.0 0.8 Personal consumption expenditures: Current dollars...................... -102.6 -116.2 -1.0 -1.1 -56.1 -77.8 -0.6 -0.8 Chained (2000) dollars............... -38.6 -48.7 -0.5 -0.6 45.6 28.5 0.6 0.3 This release also includes revised estimates of population, per capita disposable personal income (DPI), and per capita real DPI. The revised population estimates reflect newly available estimates from the Census Bureau for March 2000 through December 2008. BEA population estimates are a mid-month average of Census Bureau data. The revised per capita estimates reflect the revisions to the population estimates. Estimates for the complete revision period are available on BEA's Web site at www.bea.gov/national/nipaweb/SelectTable.asp?Selected=Y#S2. 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 -- March 2, 2009, at 8:30 A.M. EST for Personal Income and Outlays for January. 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 Table 1.--Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,219.8 12,233.6 12,136.0 12,168.8 12,173.2 12,161.9 12,117.9 12,092.6 Compensation of employees, received...... 8,033.1 8,049.3 8,067.8 8,091.7 8,081.5 8,080.5 8,070.7 8,049.5 Wage and salary disbursements.......... 6,530.9 6,543.8 6,559.3 6,580.6 6,570.4 6,567.3 6,557.0 6,535.6 Private industries................... 5,407.3 5,415.4 5,425.0 5,442.0 5,428.3 5,422.0 5,409.9 5,386.4 Goods-producing industries......... 1,212.4 1,214.6 1,217.4 1,221.1 1,214.6 1,209.0 1,204.6 1,188.9 Manufacturing.................... 744.9 745.6 746.3 744.5 740.0 737.1 734.0 724.4 Services-producing industries...... 4,194.9 4,200.9 4,207.6 4,220.8 4,213.6 4,213.0 4,205.3 4,197.5 Trade, transportation, and utilities....................... 1,047.1 1,050.3 1,048.9 1,049.1 1,044.3 1,036.7 1,029.6 1,025.2 Other services-producing industries...................... 3,147.8 3,150.6 3,158.7 3,171.7 3,169.3 3,176.3 3,175.8 3,172.3 Government........................... 1,123.6 1,128.4 1,134.3 1,138.6 1,142.1 1,145.3 1,147.0 1,149.3 Supplements to wages and salaries...... 1,502.1 1,505.5 1,508.5 1,511.1 1,511.2 1,513.2 1,513.7 1,513.9 Employer contributions for employee pension and insurance funds......... 1,024.4 1,027.4 1,029.8 1,031.3 1,032.6 1,035.0 1,036.7 1,038.4 Employer contributions for government social insurance.................... 477.7 478.2 478.8 479.8 478.6 478.2 477.0 475.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,076.1 1,083.5 1,090.0 1,079.8 1,071.8 1,074.5 1,056.9 1,050.1 Farm................................... 38.4 36.1 35.0 32.5 29.6 27.1 25.8 24.9 Nonfarm................................ 1,037.7 1,047.4 1,055.0 1,047.3 1,042.2 1,047.4 1,031.1 1,025.2 Rental income of persons with capital consumption adjustment.................. 58.3 68.3 72.8 77.3 55.5 86.3 89.1 93.4 Personal income receipts on assets....... 2,052.3 2,052.8 2,054.1 2,055.6 2,057.3 2,028.5 1,999.7 1,970.7 Personal interest income............... 1,208.7 1,204.5 1,210.9 1,217.4 1,223.8 1,199.2 1,174.5 1,149.9 Personal dividend income............... 843.6 848.3 843.2 838.2 833.4 829.4 825.2 820.8 Personal current transfer receipts....... 1,995.3 1,976.0 1,849.0 1,864.3 1,904.8 1,889.2 1,896.7 1,921.1 Government social benefits to persons.. 1,962.9 1,943.5 1,816.5 1,831.7 1,845.3 1,856.5 1,863.9 1,888.3 Old-age, survivors, disability, and health insurance benefits........... 1,051.8 1,057.0 1,067.4 1,067.5 1,072.0 1,074.5 1,082.8 1,088.7 Government unemployment insurance benefits............................ 41.5 42.0 47.6 62.4 67.5 64.6 64.2 79.6 Other................................ 869.6 844.5 701.5 701.9 705.8 717.4 716.9 719.9 Other current transfer receipts, from business (net)........................ 32.4 32.4 32.5 32.6 59.5 32.7 32.8 32.8 Less: Contributions for government social insurance............................... 995.4 996.3 997.7 999.8 997.8 997.1 995.2 992.1 Less: Personal current taxes............... 1,147.9 1,363.0 1,371.3 1,520.3 1,514.3 1,505.0 1,494.9 1,494.7 Equals: Disposable personal income......... 11,071.9 10,870.6 10,764.7 10,648.6 10,658.9 10,656.9 10,623.0 10,597.9 Less: Personal outlays..................... 10,544.3 10,595.9 10,585.0 10,567.4 10,527.3 10,403.9 10,323.9 10,219.3 Personal consumption expenditures........ 10,144.2 10,196.4 10,187.1 10,170.9 10,132.4 10,016.2 9,938.4 9,836.0 Durable goods.......................... 1,065.5 1,049.1 1,016.6 1,033.7 998.4 946.0 949.7 937.4 Nondurable goods....................... 3,025.4 3,063.0 3,068.4 3,042.4 3,022.9 2,933.2 2,852.7 2,752.2 Services............................... 6,053.3 6,084.2 6,102.0 6,094.8 6,111.2 6,137.0 6,136.1 6,146.4 Personal interest payments\1\............ 253.8 252.9 250.9 248.9 246.9 244.1 241.3 238.5 Personal current transfer payments....... 146.4 146.7 147.1 147.5 148.0 143.6 144.1 144.8 To government.......................... 83.7 84.0 84.4 84.8 85.3 85.8 86.3 86.9 To the rest of the world (net)......... 62.7 62.7 62.7 62.7 62.7 57.8 57.8 57.8 Equals: Personal saving.................... 527.5 274.7 179.7 81.2 131.6 253.1 299.1 378.6 Personal saving as a percentage of disposable personal income.............. 4.8 2.5 1.7 .8 1.2 2.4 2.8 3.6 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 9,119.1 8,885.5 8,751.0 8,657.6 8,658.7 8,705.7 8,776.4 8,800.1 Per capita: Current dollars...................... 36,406 35,716 35,340 34,928 34,931 34,896 34,758 34,651 Chained (2000) dollars............... 29,985 29,194 28,729 28,398 28,376 28,507 28,716 28,773 Population (midperiod, thousands)\3\..... 304,121 304,360 304,608 304,870 305,138 305,390 305,624 305,848 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 III 07 IV 07 I 08 II 08 III 08 IV 08 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,663.2 12,099.0 11,730.4 11,872.1 11,960.5 12,152.2 12,159.4 12,124.1 Compensation of employees, received...... 7,818.6 8,047.6 7,839.3 7,941.0 8,009.7 8,033.5 8,080.4 8,066.9 Wage and salary disbursements.......... 6,362.0 6,543.2 6,377.7 6,465.5 6,518.0 6,531.3 6,570.1 6,553.3 Private industries................... 5,286.7 5,413.5 5,297.0 5,373.4 5,408.3 5,407.9 5,431.7 5,406.1 Goods-producing industries......... 1,205.4 1,212.3 1,204.3 1,218.2 1,217.7 1,212.7 1,217.7 1,200.8 Manufacturing.................... 746.0 742.2 743.4 750.2 748.4 745.0 743.6 731.8 Services-producing industries...... 4,081.3 4,201.3 4,092.6 4,155.3 4,190.5 4,195.2 4,214.0 4,205.3 Trade, transportation, and utilities....................... 1,035.2 1,044.2 1,035.3 1,048.3 1,050.4 1,048.4 1,047.4 1,030.5 Other services-producing industries...................... 3,046.1 3,157.1 3,057.4 3,106.9 3,140.2 3,146.7 3,166.6 3,174.8 Government........................... 1,075.2 1,129.7 1,080.8 1,092.1 1,109.7 1,123.4 1,138.3 1,147.2 Supplements to wages and salaries...... 1,456.6 1,504.4 1,461.6 1,475.5 1,491.7 1,502.2 1,510.3 1,513.6 Employer contributions for employee pension and insurance funds......... 991.9 1,026.9 996.5 1,005.9 1,015.3 1,024.4 1,031.2 1,036.7 Employer contributions for government social insurance.................... 464.7 477.5 465.1 469.6 476.4 477.8 479.0 476.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,056.2 1,072.4 1,063.8 1,073.8 1,071.7 1,076.9 1,080.5 1,060.5 Farm................................... 44.0 34.5 47.4 47.1 41.6 38.0 32.4 25.9 Nonfarm................................ 1,012.2 1,037.9 1,016.4 1,026.7 1,030.1 1,039.0 1,048.2 1,034.6 Rental income of persons with capital consumption adjustment.................. 40.0 63.9 41.8 38.6 39.1 58.6 68.5 89.6 Personal income receipts on assets....... 2,000.1 2,040.4 2,030.9 2,056.2 2,054.1 2,052.3 2,055.7 1,999.6 Personal interest income............... 1,214.3 1,206.3 1,236.2 1,242.7 1,224.6 1,208.7 1,217.4 1,174.5 Personal dividend income............... 785.8 834.1 794.7 813.5 829.5 843.6 838.3 825.1 Personal current transfer receipts....... 1,713.3 1,869.8 1,720.6 1,737.8 1,778.1 1,926.3 1,872.7 1,902.3 Government social benefits to persons.. 1,681.4 1,835.1 1,688.0 1,704.7 1,745.8 1,893.9 1,831.2 1,869.6 Old-age, survivors, disability, and health insurance benefits........... 999.4 1,058.3 1,008.8 1,009.6 1,032.4 1,050.0 1,068.9 1,082.0 Government unemployment insurance benefits............................ 32.3 52.0 32.5 34.3 38.2 41.4 59.2 69.5 Other................................ 649.6 724.7 646.7 660.9 675.3 802.5 703.1 718.0 Other current transfer receipts, from business (net)........................ 31.9 34.7 32.5 33.1 32.2 32.4 41.5 32.8 Less: Contributions for government social insurance............................... 965.1 995.2 966.0 975.3 992.2 995.4 998.4 994.8 Less: Personal current taxes............... 1,492.8 1,462.0 1,501.6 1,520.5 1,535.0 1,346.1 1,468.6 1,498.2 Equals: Disposable personal income......... 10,170.5 10,637.0 10,228.8 10,351.5 10,425.5 10,806.0 10,690.7 10,625.9 Less: Personal outlays..................... 10,113.1 10,454.6 10,182.0 10,309.2 10,404.9 10,538.2 10,559.9 10,315.7 Personal consumption expenditures........ 9,710.2 10,058.5 9,765.6 9,892.7 10,002.3 10,138.0 10,163.5 9,930.2 Durable goods.......................... 1,082.8 1,022.7 1,086.2 1,083.0 1,071.0 1,059.3 1,016.2 944.4 Nondurable goods....................... 2,833.0 2,966.9 2,846.6 2,906.2 2,950.7 3,026.2 3,044.6 2,846.0 Services............................... 5,794.4 6,068.9 5,832.8 5,903.5 5,980.6 6,052.5 6,102.7 6,139.8 Personal interest payments\1\............ 265.4 251.4 278.2 276.7 261.7 253.8 248.9 241.3 Personal current transfer payments....... 137.5 144.7 138.1 139.8 140.8 146.4 147.5 144.2 To government.......................... 81.2 84.4 81.8 82.5 82.9 83.7 84.8 86.3 To the rest of the world (net)......... 56.3 60.3 56.3 57.3 57.9 62.7 62.7 57.8 Equals: Personal saving.................... 57.4 182.4 46.8 42.4 20.6 267.9 130.8 310.3 Personal saving as a percentage of disposable personal income.............. .6 1.7 .5 .4 .2 2.5 1.2 2.9 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,644.0 8,752.3 8,671.1 8,683.1 8,667.9 8,891.0 8,689.1 8,760.4 Per capita: Current dollars...................... 33,706 34,929 33,858 34,179 34,351 35,531 35,066 34,768 Chained (2000) dollars............... 28,648 28,740 28,702 28,670 28,560 29,234 28,501 28,664 Population (midperiod, thousands)\3\..... 301,737 304,530 302,108 302,865 303,498 304,128 304,872 305,620 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 216.7 13.8 -97.6 32.8 4.4 -11.3 -44.0 -25.3 Compensation of employees, received...... 15.0 16.2 18.5 23.9 -10.2 -1.0 -9.8 -21.2 Wage and salary disbursements.......... 11.8 12.9 15.5 21.3 -10.2 -3.1 -10.3 -21.4 Private industries................... 6.2 8.1 9.6 17.0 -13.7 -6.3 -12.1 -23.5 Goods-producing industries......... 1.1 2.2 2.8 3.7 -6.5 -5.6 -4.4 -15.7 Manufacturing.................... .4 .7 .7 -1.8 -4.5 -2.9 -3.1 -9.6 Services-producing industries...... 5.1 6.0 6.7 13.2 -7.2 -.6 -7.7 -7.8 Trade, transportation, and utilities....................... -.8 3.2 -1.4 .2 -4.8 -7.6 -7.1 -4.4 Other services-producing industries...................... 5.9 2.8 8.1 13.0 -2.4 7.0 -.5 -3.5 Government........................... 5.5 4.8 5.9 4.3 3.5 3.2 1.7 2.3 Supplements to wages and salaries...... 3.2 3.4 3.0 2.6 .1 2.0 .5 .2 Employer contributions for employee pension and insurance funds......... 2.9 3.0 2.4 1.5 1.3 2.4 1.7 1.7 Employer contributions for government social insurance.................... .3 .5 .6 1.0 -1.2 -.4 -1.2 -1.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 4.9 7.4 6.5 -10.2 -8.0 2.7 -17.6 -6.8 Farm................................... -1.0 -2.3 -1.1 -2.5 -2.9 -2.5 -1.3 -.9 Nonfarm................................ 5.8 9.7 7.6 -7.7 -5.1 5.2 -16.3 -5.9 Rental income of persons with capital consumption adjustment.................. 9.2 10.0 4.5 4.5 -21.8 30.8 2.8 4.3 Personal income receipts on assets....... .5 .5 1.3 1.5 1.7 -28.8 -28.8 -29.0 Personal interest income............... -4.3 -4.2 6.4 6.5 6.4 -24.6 -24.7 -24.6 Personal dividend income............... 4.8 4.7 -5.1 -5.0 -4.8 -4.0 -4.2 -4.4 Personal current transfer receipts....... 187.8 -19.3 -127.0 15.3 40.5 -15.6 7.5 24.4 Government social benefits to persons.. 187.8 -19.4 -127.0 15.2 13.6 11.2 7.4 24.4 Old-age, survivors, disability, and health insurance benefits........... 10.8 5.2 10.4 .1 4.5 2.5 8.3 5.9 Government unemployment insurance benefits............................ .9 .5 5.6 14.8 5.1 -2.9 -.4 15.4 Other................................ 176.1 -25.1 -143.0 .4 3.9 11.6 -.5 3.0 Other current transfer receipts, from business (net)........................ .0 .0 .1 .1 26.9 -26.8 .1 .0 Less: Contributions for government social insurance............................... .9 .9 1.4 2.1 -2.0 -.7 -1.9 -3.1 Less: Personal current taxes............... -379.6 215.1 8.3 149.0 -6.0 -9.3 -10.1 -.2 Equals: Disposable personal income......... 596.3 -201.3 -105.9 -116.1 10.3 -2.0 -33.9 -25.1 Less: Personal outlays..................... 70.1 51.6 -10.9 -17.6 -40.1 -123.4 -80.0 -104.6 Personal consumption expenditures........ 70.7 52.2 -9.3 -16.2 -38.5 -116.2 -77.8 -102.4 Durable goods.......................... 2.3 -16.4 -32.5 17.1 -35.3 -52.4 3.7 -12.3 Nondurable goods....................... 35.0 37.6 5.4 -26.0 -19.5 -89.7 -80.5 -100.5 Services............................... 33.4 30.9 17.8 -7.2 16.4 25.8 -.9 10.3 Personal interest payments\1\............ -.9 -.9 -2.0 -2.0 -2.0 -2.8 -2.8 -2.8 Personal current transfer payments....... .3 .3 .4 .4 .5 -4.4 .5 .7 To government.......................... .3 .3 .4 .4 .5 .5 .5 .6 To the rest of the world (net)......... .0 .0 .0 .0 .0 -4.9 .0 .0 Equals: Personal saving.................... 526.1 -252.8 -95.0 -98.5 50.4 121.5 46.0 79.5 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 451.8 -233.6 -134.5 -93.4 1.1 47.0 70.7 23.7 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 III 07 IV 07 I 08 II 08 III 08 IV 08 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 669.3 435.8 152.9 141.7 88.4 191.7 7.2 -35.3 Compensation of employees, received...... 386.0 229.0 79.2 101.7 68.7 23.8 46.9 -13.5 Wage and salary disbursements.......... 334.8 181.2 67.0 87.8 52.5 13.3 38.8 -16.8 Private industries................... 282.5 126.8 54.5 76.4 34.9 -.4 23.8 -25.6 Goods-producing industries......... 38.2 6.9 3.6 13.9 -.5 -5.0 5.0 -16.9 Manufacturing.................... 14.8 -3.8 -.6 6.8 -1.8 -3.4 -1.4 -11.8 Services-producing industries...... 244.2 120.0 50.7 62.7 35.2 4.7 18.8 -8.7 Trade, transportation, and utilities....................... 48.5 9.0 -1.2 13.0 2.1 -2.0 -1.0 -16.9 Other services-producing industries...................... 195.7 111.0 52.0 49.5 33.3 6.5 19.9 8.2 Government........................... 52.2 54.5 12.7 11.3 17.6 13.7 14.9 8.9 Supplements to wages and salaries...... 51.3 47.8 12.2 13.9 16.2 10.5 8.1 3.3 Employer contributions for employee pension and insurance funds......... 35.1 35.0 8.8 9.4 9.4 9.1 6.8 5.5 Employer contributions for government social insurance.................... 16.2 12.8 3.4 4.5 6.8 1.4 1.2 -2.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 41.5 16.2 13.6 10.0 -2.1 5.2 3.6 -20.0 Farm................................... 27.8 -9.5 5.1 -.3 -5.5 -3.6 -5.6 -6.5 Nonfarm................................ 13.6 25.7 8.5 10.3 3.4 8.9 9.2 -13.6 Rental income of persons with capital consumption adjustment.................. -4.3 23.9 -2.8 -3.2 .5 19.5 9.9 21.1 Personal income receipts on assets....... 175.3 40.3 48.4 25.3 -2.1 -1.8 3.4 -56.1 Personal interest income............... 88.9 -8.0 30.1 6.5 -18.1 -15.9 8.7 -42.9 Personal dividend income............... 86.4 48.3 18.2 18.8 16.0 14.1 -5.3 -13.2 Personal current transfer receipts....... 110.3 156.5 21.4 17.2 40.3 148.2 -53.6 29.6 Government social benefits to persons.. 103.3 153.7 20.5 16.7 41.1 148.1 -62.7 38.4 Old-age, survivors, disability, and health insurance benefits........... 60.5 58.9 11.3 .8 22.8 17.6 18.9 13.1 Government unemployment insurance benefits............................ 2.4 19.7 1.3 1.8 3.9 3.2 17.8 10.3 Other................................ 40.3 75.1 7.9 14.2 14.4 127.2 -99.4 14.9 Other current transfer receipts, from business (net)........................ 7.0 2.8 .8 .6 -.9 .2 9.1 -8.7 Less: Contributions for government social insurance............................... 39.6 30.1 6.9 9.3 16.9 3.2 3.0 -3.6 Less: Personal current taxes............... 139.6 -30.8 12.2 18.9 14.5 -188.9 122.5 29.6 Equals: Disposable personal income......... 529.8 466.5 140.8 122.7 74.0 380.5 -115.3 -64.8 Less: Personal outlays..................... 543.1 341.5 125.1 127.2 95.7 133.3 21.7 -244.2 Personal consumption expenditures........ 503.0 348.3 108.1 127.1 109.6 135.7 25.5 -233.3 Durable goods.......................... 30.7 -60.1 .9 -3.2 -12.0 -11.7 -43.1 -71.8 Nondurable goods....................... 147.8 133.9 28.9 59.6 44.5 75.5 18.4 -198.6 Services............................... 324.5 274.5 78.4 70.7 77.1 71.9 50.2 37.1 Personal interest payments\1\............ 30.0 -14.0 15.6 -1.5 -15.0 -7.9 -4.9 -7.6 Personal current transfer payments....... 10.1 7.2 1.2 1.7 1.0 5.6 1.1 -3.3 To government.......................... 5.0 3.2 1.0 .7 .4 .8 1.1 1.5 To the rest of the world (net)......... 5.2 4.0 .3 1.0 .6 4.8 .0 -4.9 Equals: Personal saving.................... -13.3 125.0 15.7 -4.4 -21.8 247.3 -137.1 179.5 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 237.0 108.3 66.6 12.0 -15.2 223.1 -201.9 71.3 ----------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 1.8 .1 -.8 .3 .0 -.1 -.4 -.2 Compensation of employees, received...... .2 .2 .2 .3 -.1 .0 -.1 -.3 Wage and salary disbursements.......... .2 .2 .2 .3 -.2 .0 -.2 -.3 Supplements to wages and salaries...... .2 .2 .2 .2 .0 .1 .0 .0 Proprietors' income with inventory valuation and capital consumption adjustments............................. .5 .7 .6 -.9 -.7 .2 -1.6 -.6 Rental income of persons with capital consumption adjustment.................. 18.9 17.0 6.6 6.2 -28.1 55.3 3.3 4.8 Personal income receipts on assets....... .0 .0 .1 .1 .1 -1.4 -1.4 -1.5 Personal interest income............... -.3 -.4 .5 .5 .5 -2.0 -2.1 -2.1 Personal dividend income............... .6 .6 -.6 -.6 -.6 -.5 -.5 -.5 Personal current transfer receipts....... 10.4 -1.0 -6.4 .8 2.2 -.8 .4 1.3 Less: Contributions for government social insurance............................... .1 .1 .1 .2 -.2 -.1 -.2 -.3 Less: Personal current taxes............... -24.9 18.7 .6 10.9 -.4 -.6 -.7 .0 Equals: Disposable personal income......... 5.7 -1.8 -1.0 -1.1 .1 .0 -.3 -.2 Addenda: Personal consumption expenditures........ .7 .5 -.1 -.2 -.4 -1.1 -.8 -1.0 Durable goods.......................... .2 -1.5 -3.1 1.7 -3.4 -5.2 .4 -1.3 Nondurable goods....................... 1.2 1.2 .2 -.8 -.6 -3.0 -2.7 -3.5 Services............................... .6 .5 .3 -.1 .3 .4 .0 .2 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... 5.2 -2.6 -1.5 -1.1 .0 .5 .8 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 III 07 IV 07 I 08 II 08 III 08 IV 08 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 6.1 3.7 5.4 4.9 3.0 6.6 .2 -1.2 Compensation of employees, received...... 5.2 2.9 4.1 5.3 3.5 1.2 2.4 -.7 Wage and salary disbursements.......... 5.6 2.8 4.3 5.6 3.3 .8 2.4 -1.0 Supplements to wages and salaries...... 3.7 3.3 3.4 3.9 4.5 2.8 2.2 .9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 4.1 1.5 5.3 3.8 -.8 2.0 1.3 -7.2 Rental income of persons with capital consumption adjustment.................. -9.6 59.7 -22.7 -27.3 5.3 401.3 87.6 192.3 Personal income receipts on assets....... 9.6 2.0 10.1 5.1 -.4 -.3 .7 -10.5 Personal interest income............... 7.9 -.7 10.4 2.1 -5.7 -5.1 2.9 -13.4 Personal dividend income............... 12.4 6.1 9.8 9.8 8.1 7.0 -2.5 -6.1 Personal current transfer receipts....... 6.9 9.1 5.1 4.1 9.6 37.8 -10.7 6.5 Less: Contributions for government social insurance............................... 4.3 3.1 2.9 3.9 7.1 1.3 1.2 -1.4 Less: Personal current taxes............... 10.3 -2.1 3.3 5.1 3.9 -40.8 41.7 8.3 Equals: Disposable personal income......... 5.5 4.6 5.7 4.9 2.9 15.4 -4.2 -2.4 Addenda: Personal consumption expenditures........ 5.5 3.6 4.6 5.3 4.5 5.5 1.0 -8.9 Durable goods.......................... 2.9 -5.5 .3 -1.2 -4.3 -4.3 -15.3 -25.4 Nondurable goods....................... 5.5 4.7 4.2 8.7 6.3 10.6 2.4 -23.6 Services............................... 5.9 4.7 5.6 4.9 5.3 4.9 3.4 2.5 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... 2.8 1.3 3.1 .6 -.7 10.7 -8.8 3.3 ----------------------------------------------------------------------------------------------------------------------------------- Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,355.1 8,334.4 8,281.4 8,269.3 8,231.0 8,182.3 8,210.8 8,167.5 Durable goods............................ 1,237.1 1,217.0 1,178.5 1,200.4 1,161.4 1,103.2 1,114.3 1,105.4 Nondurable goods......................... 2,427.3 2,415.9 2,392.0 2,378.5 2,358.3 2,332.6 2,353.8 2,312.0 Services................................. 4,712.8 4,717.9 4,716.6 4,703.9 4,713.4 4,730.8 4,729.9 4,734.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 20.5 -20.7 -53.0 -12.1 -38.3 -48.7 28.5 -43.3 Durable goods............................ 6.3 -20.1 -38.5 21.9 -39.0 -58.2 11.1 -8.9 Nondurable goods......................... 8.3 -11.4 -23.9 -13.5 -20.2 -25.7 21.2 -41.8 Services................................. 7.1 5.1 -1.3 -12.7 9.5 17.4 -.9 4.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .2 -.2 -.6 -.1 -.5 -.6 .3 -.5 Durable goods............................ .5 -1.6 -3.2 1.9 -3.2 -5.0 1.0 -.8 Nondurable goods......................... .3 -.5 -1.0 -.6 -.8 -1.1 .9 -1.8 Services................................. .2 .1 .0 -.3 .2 .4 .0 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 III 07 IV 07 I 08 II 08 III 08 IV 08 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,252.8 8,276.2 8,278.5 8,298.2 8,316.1 8,341.3 8,260.6 8,186.9 Durable goods............................ 1,242.4 1,188.3 1,249.4 1,250.6 1,237.0 1,228.3 1,180.1 1,107.7 Nondurable goods......................... 2,392.6 2,381.9 2,398.6 2,400.2 2,397.9 2,420.7 2,376.3 2,332.8 Services................................. 4,646.2 4,714.8 4,659.8 4,676.1 4,704.3 4,712.1 4,711.3 4,731.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 223.8 23.4 41.2 19.7 17.9 25.2 -80.7 -73.7 Durable goods............................ 57.3 -54.1 7.1 1.2 -13.6 -8.7 -48.2 -72.4 Nondurable goods......................... 57.3 -10.7 7.1 1.6 -2.3 22.8 -44.4 -43.5 Services................................. 116.3 68.6 27.1 16.3 28.2 7.8 -.8 20.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.8 .3 2.0 1.0 .9 1.2 -3.8 -3.5 Durable goods............................ 4.8 -4.4 2.3 .4 -4.3 -2.8 -14.8 -22.4 Nondurable goods......................... 2.5 -.4 1.2 .3 -.4 3.9 -7.1 -7.1 Services................................. 2.6 1.5 2.4 1.4 2.4 .7 -.1 1.7 ----------------------------------------------------------------------------------------------------------------------------------- Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2000=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 121.419 122.346 123.017 123.002 123.106 122.419 121.047 120.434 Durable goods............................ 86.123 86.205 86.264 86.110 85.957 85.744 85.223 84.799 Nondurable goods......................... 124.646 126.793 128.282 127.920 128.186 125.766 121.205 119.050 Services................................. 128.451 128.967 129.379 129.574 129.661 129.730 129.735 129.836 Addenda: PCE excluding food and energy............ 116.742 117.072 117.286 117.493 117.664 117.657 117.651 117.621 Market-based PCE\1\...................... 119.578 120.574 121.348 121.292 121.406 120.634 119.042 118.336 Market-based PCE excluding food and energy\1\........................... 113.482 113.775 114.025 114.230 114.427 114.456 114.461 114.439 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .5 .8 .5 .0 .1 -.6 -1.1 -.5 Durable goods............................ -.3 .1 .1 -.2 -.2 -.2 -.6 -.5 Nondurable goods......................... .8 1.7 1.2 -.3 .2 -1.9 -3.6 -1.8 Services................................. .4 .4 .3 .2 .1 .1 .0 .1 Addenda: PCE excluding food and energy............ .2 .3 .2 .2 .1 .0 .0 .0 Market-based PCE\1\...................... .5 .8 .6 .0 .1 -.6 -1.3 -.6 Market-based PCE excluding food and energy\1\........................... .2 .3 .2 .2 .2 .0 .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 ----------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 6.1 3.2 1.2 -.2 -.4 .2 1.2 1.3 Personal consumption expenditures.......... 1.4 1.1 .2 -.2 -.6 -1.1 -1.2 -1.7 Durable goods............................ -1.7 -1.6 -4.4 -4.4 -7.8 -12.2 -11.0 -11.1 Nondurable goods......................... 1.4 .7 -.6 -.5 -1.7 -2.6 -2.1 -3.7 Services................................. 2.0 1.7 1.4 .7 1.2 1.6 1.0 1.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 3.5 4.1 4.5 4.4 4.1 3.2 1.4 .6 Durable goods............................ -1.3 -1.3 -1.1 -.9 -.9 -1.2 -1.6 -1.9 Nondurable goods......................... 5.6 7.2 8.2 8.0 7.7 5.3 -.3 -2.6 Services................................. 3.4 3.5 3.7 3.5 3.2 3.0 2.8 2.6 Addenda: PCE excluding food and energy............ 2.2 2.3 2.4 2.4 2.3 2.0 1.9 1.7 Market-based PCE\1\...................... 3.5 4.1 4.6 4.6 4.3 3.3 1.3 .4 Market-based PCE excluding food and energy\1\........................... 1.9 2.0 2.1 2.2 2.1 1.9 1.8 1.6 ----------------------------------------------------------------------------------------------------------------------------------- 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.