EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, MARCH 28, 2011 BEA 11-14 James Rankin:(202)606-5301 (Personal Income) piniwd@bea.gov Kyle Brown: (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: FEBRUARY 2011 Personal income increased $38.1 billion, or 0.3 percent, and disposable personal income (DPI) increased $36.0 billion, or 0.3 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $69.1 billion, or 0.7 percent. In January, personal income increased $147.4 billion, or 1.2 percent, DPI increased $92.0 billion, or 0.8 percent, and PCE increased $29.5 billion, or 0.3 percent, based on revised estimates. Real disposable income decreased 0.1 percent in February, in contrast to an increase of 0.5 percent in January. Real PCE increased 0.3 percent, in contrast to a decrease of less than 0.1 percent. 2010 2011 Oct. Nov. Dec. Jan. Feb. (Percent change from preceding month) Personal income, current dollars 0.5 0.3 0.5 1.2 0.3 Disposable personal income: Current dollars 0.5 0.3 0.5 0.8 0.3 Chained (2005) dollars 0.3 0.2 0.2 0.5 -0.1 Personal consumption expenditures: Current dollars 0.7 0.3 0.4 0.3 0.7 Chained (2005) dollars 0.5 0.3 0.1 0.0 0.3 The January change in disposable personal income (DPI) was affected by two large special factors. Reduced employee contributions for government social insurance, which reflected provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, boosted DPI in January by reducing the employee social security contribution rates (employee contributions for government social insurance are a subtraction in the calculation of personal income). This effect was partly offset by the expiration of the Making Work Pay provisions of the American Recovery and Reinvestment Act of 2009, which boosted personal current taxes and reduced DPI (personal current taxes are a subtraction in the calculation of DPI). Excluding these two special factors, which are discussed more fully below, DPI increased $36.0 billion, or 0.3 percent, in February, following an increase of $25.2 billion, or 0.2 percent, in January. Wages and salaries Private wage and salary disbursements increased $16.4 billion in February, compared with an increase of $16.7 billion in January. Goods-producing industries' payrolls decreased $1.0 billion, in contrast to an increase of $12.0 billion; manufacturing payrolls decreased $1.6 billion, in contrast to an increase of $8.3 billion. Services-producing industries' payrolls increased $17.4 billion, compared with an increase of $4.7 billion. Government wage and salary disbursements increased $0.3 billion, compared with an increase of $2.5 billion. Other personal income Employer contributions for employee pension and insurance funds increased $2.7 billion in February, compared with an increase of $3.5 billion in January. Employer contributions for government social insurance increased $1.0 billion in February, compared with an increase of $8.9 billion in January. The January change reflected an increase in the tax rates paid by employers to state unemployment insurance funds, which had boosted January contributions by $7.5 billion. (Changes in employer contributions for government social insurance do not affect personal income, because employer contributions for government social insurance are also included in total contributions for government social insurance, which is a subtraction in the calculation of personal income.) Proprietors' income increased $2.9 billion in February, compared with an increase of $4.2 billion in January. Farm proprietors' income increased $0.5 billion, the same increase as in January. Nonfarm proprietors' income increased $2.5 billion in February, compared with an increase of $3.7 billion in January. Rental income of persons increased $8.3 billion in February, compared with an increase of $8.2 billion in January. Personal income receipts on assets (personal interest income plus personal dividend income) increased $7.7 billion, compared with an increase of $8.8 billion. Personal current transfer receipts increased $1.1 billion, in contrast to a decrease of $0.1 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.2 billion in February, in contrast to a decrease of $94.6 billion in January. The January change reflected decreases in personal contributions for government social insurance and increases in employer contributions. The January change in personal contributions for government social insurance reflected the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which temporarily decreased the social security contribution rate for employees and self-employed workers by 2.0 percentage points for 2011, or $105.4 billion in January. As noted above, employer contributions were boosted $7.5 billion in January by increases in the unemployment insurance rate. Personal current taxes and disposable personal income Personal current taxes increased $2.2 billion in February, compared with an increase of $55.4 billion in January. The January change reflected the expiration of the Making Work Pay Credit provision of the American Recovery and Reinvestment Act of 2009, which had boosted federal withheld income taxes by $38.6 billion in January. The January change also reflected increased federal net nonwitheld income taxes (payments of estimated taxes plus final settlements less refunds), which had boosted January net withheld taxes by $11.3 billion. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $36.0 billion, or 0.3 percent, in February, compared with an increase of $92.0 billion, or 0.8 percent in January. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $69.8 billion in February, compared with an increase of $30.2 billion in January. PCE increased $69.1 billion, compared with an increase of $29.5 billion. Personal saving -- DPI less personal outlays -- was $676.7 billion in February, compared with $710.5 billion in January. Personal saving as a percentage of disposable personal income was 5.8 percent in February, compared with 6.1 percent in January. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.1 percent in February, in contrast to an increase of 0.5 percent in January. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in February, in contrast to a decrease of less than 0.1 percent in January. Purchases of durable goods increased 1.4 percent, compared with an increase of 0.2 percent. Purchases of motor vehicles and parts accounted for most of the increase in durable goods in February. Purchases of nondurable goods increased 0.4 percent in February, in contrast to a decrease of 0.1 percent in January. Purchases of services increased less than 0.1 percent, in contrast to a decrease of 0.1 percent. PCE price index -- The price index for PCE increased 0.4 percent in February, compared with an increase of 0.3 percent in January. The PCE price index, excluding food and energy, increased 0.2 percent, the same increase as in January. Revisions Estimates have been revised for October 2010 through January 2011. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for December and January -- revised and as published in last month's release -- are shown below. Change from preceding month December January Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 56.6 60.0 0.4 0.5 133.2 147.4 1.0 1.2 Disposable personal income: Current dollars 48.5 52.6 0.4 0.5 78.3 92.0 0.7 0.8 Chained (2005) dollars 15.3 21.0 0.1 0.2 40.0 48.7 0.4 0.5 Personal consumption expenditures: Current dollars 56.5 40.7 0.5 0.4 23.7 29.5 0.2 0.3 Chained (2005) dollars 25.0 12.7 0.3 0.1 -6.3 -4.2 -0.1 0.0 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 – April 29, 2011 at 8:30 A.M. EDT for Personal Income and Outlays for March. ________________________ 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] ----------------------------------------------------------------------------------------------------------------------------------- Jul 10 Aug 10 Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\r\ Feb 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,558.8 12,615.3 12,612.3 12,680.3 12,715.8 12,775.8 12,923.2 12,961.3 Compensation of employees, received...... 8,016.7 8,040.9 8,050.9 8,092.4 8,092.8 8,115.8 8,147.4 8,167.8 Wage and salary disbursements.......... 6,428.2 6,448.0 6,455.0 6,491.2 6,489.1 6,508.3 6,527.7 6,544.3 Private industries................... 5,236.3 5,264.0 5,275.0 5,307.1 5,305.0 5,323.1 5,339.8 5,356.2 Goods-producing industries......... 1,061.7 1,068.8 1,070.5 1,072.1 1,071.5 1,073.9 1,085.9 1,084.9 Manufacturing.................... 679.3 682.3 684.4 685.1 683.9 686.8 695.1 693.5 Services-producing industries...... 4,174.6 4,195.2 4,204.6 4,234.9 4,233.6 4,249.2 4,253.9 4,271.3 Trade, transportation, and utilities....................... 1,014.1 1,017.6 1,020.3 1,028.3 1,027.0 1,034.3 1,034.2 1,039.0 Other services-producing industries...................... 3,160.5 3,177.6 3,184.3 3,206.7 3,206.6 3,214.9 3,219.8 3,232.3 Government........................... 1,191.9 1,184.0 1,179.9 1,184.1 1,184.1 1,185.3 1,187.8 1,188.1 Supplements to wages and salaries...... 1,588.5 1,592.9 1,595.9 1,601.2 1,603.7 1,607.4 1,619.7 1,623.5 Employer contributions for employee pension and insurance funds......... 1,107.8 1,110.2 1,112.8 1,115.6 1,118.1 1,120.8 1,124.3 1,127.0 Employer contributions for government social insurance.................... 480.8 482.7 483.1 485.6 485.6 486.6 495.5 496.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,050.5 1,061.3 1,066.7 1,073.5 1,079.5 1,087.4 1,091.6 1,094.5 Farm................................... 44.4 48.5 52.6 54.0 55.5 57.0 57.5 58.0 Nonfarm................................ 1,006.1 1,012.8 1,014.1 1,019.5 1,024.0 1,030.4 1,034.1 1,036.6 Rental income of persons with capital consumption adjustment.................. 301.2 303.6 306.7 307.3 308.3 309.5 317.7 326.0 Personal income receipts on assets....... 1,902.8 1,888.0 1,878.5 1,893.4 1,913.1 1,938.6 1,947.4 1,955.1 Personal interest income............... 1,190.1 1,174.7 1,159.3 1,175.1 1,190.9 1,206.7 1,205.7 1,204.7 Personal dividend income............... 712.7 713.3 719.2 718.3 722.2 731.9 741.8 750.4 Personal current transfer receipts....... 2,295.2 2,332.5 2,321.5 2,330.5 2,339.0 2,343.6 2,343.5 2,344.6 Government social benefits to persons.. 2,257.8 2,295.2 2,284.5 2,291.2 2,300.4 2,305.2 2,304.9 2,307.3 Old-age, survivors, disability, and health insurance benefits........... 1,219.5 1,221.5 1,229.5 1,229.8 1,228.9 1,239.2 1,240.7 1,245.5 Government unemployment insurance benefits............................ 123.2 150.5 133.3 128.7 131.1 123.4 122.9 113.3 Other................................ 915.1 923.3 921.6 932.7 940.4 942.6 941.3 948.5 Other current transfer receipts, from business (net)........................ 37.4 37.3 37.0 39.3 38.6 38.4 38.6 37.3 Less: Contributions for government social insurance, domestic..................... 1,007.6 1,011.0 1,012.0 1,016.9 1,016.9 1,019.1 924.5 926.7 Less: Personal current taxes............... 1,170.7 1,178.9 1,185.1 1,199.9 1,204.0 1,211.4 1,266.8 1,269.0 Equals: Disposable personal income......... 11,388.2 11,436.4 11,427.3 11,480.4 11,511.8 11,564.4 11,656.4 11,692.4 Less: Personal outlays..................... 10,696.2 10,743.2 10,769.6 10,844.3 10,876.6 10,915.7 10,945.9 11,015.7 Personal consumption expenditures........ 10,322.1 10,373.2 10,403.6 10,477.5 10,511.4 10,552.1 10,581.6 10,650.7 Goods.................................. 3,384.0 3,421.8 3,453.0 3,512.8 3,520.9 3,543.1 3,571.2 3,624.4 Durable goods........................ 1,081.2 1,081.8 1,100.5 1,136.5 1,129.7 1,138.3 1,141.8 1,160.5 Nondurable goods..................... 2,302.7 2,340.0 2,352.5 2,376.3 2,391.2 2,404.8 2,429.4 2,463.9 Services............................... 6,938.1 6,951.4 6,950.6 6,964.7 6,990.5 7,009.0 7,010.4 7,026.3 Personal interest payments\1\............ 201.8 197.1 192.5 190.6 188.6 186.7 187.1 187.6 Personal current transfer payments....... 172.3 172.9 173.5 176.3 176.6 176.9 177.2 177.4 To government.......................... 101.2 101.8 102.4 102.7 103.0 103.3 103.6 103.9 To the rest of the world (net)......... 71.1 71.1 71.1 73.6 73.6 73.6 73.6 73.6 Equals: Personal saving.................... 692.0 693.2 657.7 636.1 635.2 648.7 710.5 676.7 Personal saving as a percentage of disposable personal income.............. 6.1 6.1 5.8 5.5 5.5 5.6 6.1 5.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,249.9 9,252.5 9,253.9 9,288.2 9,306.0 9,332.0 9,433.4 9,428.9 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,263.4 10,290.6 10,275.9 10,302.8 10,323.8 10,344.8 10,393.5 10,384.2 Per capita: Current dollars...................... 36,714 36,839 36,780 36,923 36,998 37,143 37,418 37,511 Chained (2005) dollars............... 33,088 33,149 33,074 33,136 33,180 33,226 33,364 33,314 Population (midperiod, thousands)\3\..... 310,185 310,439 310,691 310,927 311,149 311,345 311,521 311,706 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010\r\ III 09 IV 09 I 10 II 10 III 10 IV 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,174.9 12,546.7 12,164.0 12,239.0 12,350.3 12,517.1 12,595.5 12,724.0 Compensation of employees, received...... 7,806.7 7,991.1 7,798.7 7,831.4 7,858.1 7,969.9 8,036.2 8,100.3 Wage and salary disbursements.......... 6,274.1 6,405.0 6,263.9 6,284.9 6,291.4 6,388.8 6,443.7 6,496.2 Private industries................... 5,100.5 5,217.9 5,088.3 5,110.0 5,105.9 5,195.7 5,258.5 5,311.7 Goods-producing industries......... 1,064.0 1,056.5 1,046.7 1,046.1 1,032.2 1,054.3 1,067.0 1,072.5 Manufacturing.................... 661.5 673.1 649.8 658.3 652.6 672.4 682.0 685.3 Services-producing industries...... 4,036.6 4,161.5 4,041.6 4,064.0 4,073.7 4,141.4 4,191.4 4,239.2 Trade, transportation, and utilities....................... 990.5 1,010.1 986.9 988.2 988.0 1,005.4 1,017.3 1,029.8 Other services-producing industries...................... 3,046.1 3,151.3 3,054.7 3,075.7 3,085.8 3,136.0 3,174.1 3,209.4 Government........................... 1,173.6 1,187.1 1,175.6 1,174.9 1,185.5 1,193.1 1,185.3 1,184.5 Supplements to wages and salaries...... 1,532.6 1,586.1 1,534.8 1,546.5 1,566.7 1,581.1 1,592.4 1,604.1 Employer contributions for employee pension and insurance funds......... 1,072.0 1,106.8 1,074.0 1,084.0 1,095.8 1,103.1 1,110.3 1,118.2 Employer contributions for government social insurance.................... 460.6 479.2 460.8 462.5 470.9 478.0 482.2 485.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,011.9 1,055.0 1,006.4 1,022.1 1,030.7 1,049.7 1,059.5 1,080.2 Farm................................... 30.5 44.9 28.0 36.2 36.8 38.9 48.5 55.5 Nonfarm................................ 981.5 1,010.1 978.4 985.9 994.0 1,010.8 1,011.0 1,024.7 Rental income of persons with capital consumption adjustment.................. 274.0 300.9 279.1 282.8 292.7 298.8 303.8 308.4 Personal income receipts on assets....... 1,919.7 1,907.6 1,891.1 1,889.2 1,911.1 1,914.4 1,889.7 1,915.0 Personal interest income............... 1,222.3 1,194.9 1,213.3 1,205.8 1,208.7 1,205.3 1,174.7 1,190.9 Personal dividend income............... 697.4 712.7 677.8 683.4 702.4 709.2 715.0 724.2 Personal current transfer receipts....... 2,132.8 2,296.4 2,159.3 2,188.2 2,245.5 2,286.1 2,316.4 2,337.7 Government social benefits to persons.. 2,096.8 2,259.0 2,123.4 2,152.5 2,208.9 2,249.1 2,279.2 2,298.9 Old-age, survivors, disability, and health insurance benefits........... 1,164.5 1,213.9 1,172.6 1,188.8 1,191.3 1,208.1 1,223.5 1,232.6 Government unemployment insurance benefits............................ 128.6 136.6 145.0 143.4 146.1 136.8 135.7 127.7 Other................................ 803.7 908.6 805.9 820.2 871.5 904.2 920.0 938.6 Other current transfer receipts, from business (net)........................ 36.0 37.4 35.8 35.8 36.6 37.0 37.2 38.8 Less: Contributions for government social insurance, domestic..................... 970.3 1,004.4 970.6 974.8 987.8 1,001.9 1,010.2 1,017.6 Less: Personal current taxes............... 1,140.0 1,166.8 1,117.0 1,117.2 1,134.7 1,149.1 1,178.2 1,205.1 Equals: Disposable personal income......... 11,034.9 11,379.9 11,047.0 11,121.7 11,215.6 11,368.0 11,417.3 11,518.9 Less: Personal outlays..................... 10,379.6 10,720.7 10,423.6 10,505.7 10,603.9 10,663.7 10,736.3 10,878.9 Personal consumption expenditures........ 10,001.3 10,349.1 10,040.7 10,131.5 10,230.8 10,285.4 10,366.3 10,513.6 Goods.................................. 3,230.7 3,425.7 3,276.1 3,312.9 3,380.0 3,377.5 3,419.6 3,525.6 Durable goods........................ 1,026.5 1,089.4 1,045.2 1,043.9 1,060.7 1,074.1 1,087.8 1,134.8 Nondurable goods..................... 2,204.2 2,336.3 2,231.0 2,269.0 2,319.3 2,303.4 2,331.8 2,390.8 Services............................... 6,770.6 6,923.4 6,764.6 6,818.6 6,850.9 6,907.9 6,946.7 6,988.1 Personal interest payments\1\............ 216.8 198.9 220.9 207.8 203.8 206.0 197.1 188.6 Personal current transfer payments....... 161.4 172.7 161.9 166.4 169.2 172.3 172.9 176.6 To government.......................... 95.0 100.8 95.6 97.0 98.5 100.1 101.8 103.0 To the rest of the world (net)......... 66.5 71.9 66.3 69.5 70.7 72.2 71.1 73.6 Equals: Personal saving.................... 655.3 659.2 623.4 616.0 611.8 704.3 681.0 640.0 Personal saving as a percentage of disposable personal income.............. 5.9 5.8 5.6 5.5 5.5 6.2 6.0 5.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,191.1 9,224.8 9,128.7 9,109.7 9,111.7 9,226.6 9,252.1 9,308.7 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,099.8 10,241.4 10,079.7 10,080.4 10,113.3 10,251.9 10,276.6 10,323.8 Per capita: Current dollars...................... 35,888 36,697 35,888 36,049 36,282 36,704 36,778 37,021 Chained (2005) dollars............... 32,847 33,025 32,746 32,673 32,717 33,100 33,103 33,181 Population (midperiod, thousands)\3\..... 307,483 310,106 307,815 308,521 309,120 309,724 310,438 311,140 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Jul 10 Aug 10 Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\r\ Feb 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 18.8 56.5 -3.0 68.0 35.5 60.0 147.4 38.1 Compensation of employees, received...... 31.9 24.2 10.0 41.5 .4 23.0 31.6 20.4 Wage and salary disbursements.......... 27.8 19.8 7.0 36.2 -2.1 19.2 19.4 16.6 Private industries................... 29.3 27.7 11.0 32.1 -2.1 18.1 16.7 16.4 Goods-producing industries......... 7.5 7.1 1.7 1.6 -.6 2.4 12.0 -1.0 Manufacturing.................... 6.2 3.0 2.1 .7 -1.2 2.9 8.3 -1.6 Services-producing industries...... 21.7 20.6 9.4 30.3 -1.3 15.6 4.7 17.4 Trade, transportation, and utilities....................... 7.9 3.5 2.7 8.0 -1.3 7.3 -.1 4.8 Other services-producing industries...................... 13.9 17.1 6.7 22.4 -.1 8.3 4.9 12.5 Government........................... -1.5 -7.9 -4.1 4.2 .0 1.2 2.5 .3 Supplements to wages and salaries...... 4.1 4.4 3.0 5.3 2.5 3.7 12.3 3.8 Employer contributions for employee pension and insurance funds......... 2.3 2.4 2.6 2.8 2.5 2.7 3.5 2.7 Employer contributions for government social insurance.................... 1.8 1.9 .4 2.5 .0 1.0 8.9 1.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 2.2 10.8 5.4 6.8 6.0 7.9 4.2 2.9 Farm................................... 4.1 4.1 4.1 1.4 1.5 1.5 .5 .5 Nonfarm................................ -1.9 6.7 1.3 5.4 4.5 6.4 3.7 2.5 Rental income of persons with capital consumption adjustment.................. 1.6 2.4 3.1 .6 1.0 1.2 8.2 8.3 Personal income receipts on assets....... -14.5 -14.8 -9.5 14.9 19.7 25.5 8.8 7.7 Personal interest income............... -15.5 -15.4 -15.4 15.8 15.8 15.8 -1.0 -1.0 Personal dividend income............... .9 .6 5.9 -.9 3.9 9.7 9.9 8.6 Personal current transfer receipts....... 1.4 37.3 -11.0 9.0 8.5 4.6 -.1 1.1 Government social benefits to persons.. 1.3 37.4 -10.7 6.7 9.2 4.8 -.3 2.4 Old-age, survivors, disability, and health insurance benefits........... 10.9 2.0 8.0 .3 -.9 10.3 1.5 4.8 Government unemployment insurance benefits............................ -12.9 27.3 -17.2 -4.6 2.4 -7.7 -.5 -9.6 Other................................ 3.2 8.2 -1.7 11.1 7.7 2.2 -1.3 7.2 Other current transfer receipts, from business (net)........................ .2 -.1 -.3 2.3 -.7 -.2 .2 -1.3 Less: Contributions for government social insurance, domestic..................... 3.7 3.4 1.0 4.9 .0 2.2 -94.6 2.2 Less: Personal current taxes............... 18.7 8.2 6.2 14.8 4.1 7.4 55.4 2.2 Equals: Disposable personal income......... .2 48.2 -9.1 53.1 31.4 52.6 92.0 36.0 Less: Personal outlays..................... 28.1 47.0 26.4 74.7 32.3 39.1 30.2 69.8 Personal consumption expenditures........ 33.3 51.1 30.4 73.9 33.9 40.7 29.5 69.1 Goods.................................. 22.8 37.8 31.2 59.8 8.1 22.2 28.1 53.2 Durable goods........................ 11.7 .6 18.7 36.0 -6.8 8.6 3.5 18.7 Nondurable goods..................... 11.0 37.3 12.5 23.8 14.9 13.6 24.6 34.5 Services............................... 10.5 13.3 -.8 14.1 25.8 18.5 1.4 15.9 Personal interest payments\1\............ -4.7 -4.7 -4.6 -1.9 -2.0 -1.9 .4 .5 Personal current transfer payments....... -.5 .6 .6 2.8 .3 .3 .3 .2 To government.......................... .6 .6 .6 .3 .3 .3 .3 .3 To the rest of the world (net)......... -1.1 .0 .0 2.5 .0 .0 .0 .0 Equals: Personal saving.................... -27.8 1.2 -35.5 -21.6 -.9 13.5 61.8 -33.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -.9 2.6 1.4 34.3 17.8 26.0 101.4 -4.5 Disposable personal income, billions of chained (2005) dollars\2\............ -18.2 27.2 -14.7 26.9 21.0 21.0 48.7 -9.3 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010\r\ III 09 IV 09 I 10 II 10 III 10 IV 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -216.2 371.8 -39.4 75.0 111.3 166.8 78.4 128.5 Compensation of employees, received...... -259.1 184.4 -20.3 32.7 26.7 111.8 66.3 64.1 Wage and salary disbursements.......... -284.9 130.9 -23.8 21.0 6.5 97.4 54.9 52.5 Private industries................... -314.6 117.4 -23.1 21.7 -4.1 89.8 62.8 53.2 Goods-producing industries......... -143.6 -7.5 -16.3 -.6 -13.9 22.1 12.7 5.5 Manufacturing.................... -79.7 11.6 -9.3 8.5 -5.7 19.8 9.6 3.3 Services-producing industries...... -170.8 124.9 -6.9 22.4 9.7 67.7 50.0 47.8 Trade, transportation, and utilities....................... -60.4 19.6 -3.0 1.3 -.2 17.4 11.9 12.5 Other services-producing industries...................... -110.5 105.2 -3.8 21.0 10.1 50.2 38.1 35.3 Government........................... 29.6 13.5 -.6 -.7 10.6 7.6 -7.8 -.8 Supplements to wages and salaries...... 25.8 53.5 3.4 11.7 20.2 14.4 11.3 11.7 Employer contributions for employee pension and insurance funds......... 35.4 34.8 4.1 10.0 11.8 7.3 7.2 7.9 Employer contributions for government social insurance.................... -9.5 18.6 -.7 1.7 8.4 7.1 4.2 3.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. -90.1 43.1 5.9 15.7 8.6 19.0 9.8 20.7 Farm................................... -20.3 14.4 .0 8.2 .6 2.1 9.6 7.0 Nonfarm................................ -69.7 28.6 5.9 7.5 8.1 16.8 .2 13.7 Rental income of persons with capital consumption adjustment.................. 52.0 26.9 9.7 3.7 9.9 6.1 5.0 4.6 Personal income receipts on assets....... -189.6 -12.1 -34.8 -1.9 21.9 3.3 -24.7 25.3 Personal interest income............... -92.4 -27.4 -16.2 -7.5 2.9 -3.4 -30.6 16.2 Personal dividend income............... -97.2 15.3 -18.6 5.6 19.0 6.8 5.8 9.2 Personal current transfer receipts....... 253.6 163.6 -.9 28.9 57.3 40.6 30.3 21.3 Government social benefits to persons.. 254.2 162.2 -.7 29.1 56.4 40.2 30.1 19.7 Old-age, survivors, disability, and health insurance benefits........... 96.2 49.4 14.4 16.2 2.5 16.8 15.4 9.1 Government unemployment insurance benefits............................ 77.9 8.0 17.3 -1.6 2.7 -9.3 -1.1 -8.0 Other................................ 80.1 104.9 -32.2 14.3 51.3 32.7 15.8 18.6 Other current transfer receipts, from business (net)........................ -.7 1.4 -.3 .0 .8 .4 .2 1.6 Less: Contributions for government social insurance, domestic..................... -16.9 34.1 -1.0 4.2 13.0 14.1 8.3 7.4 Less: Personal current taxes............... -298.2 26.8 4.5 .2 17.5 14.4 29.1 26.9 Equals: Disposable personal income......... 82.0 345.0 -43.9 74.7 93.9 152.4 49.3 101.6 Less: Personal outlays..................... -125.4 341.1 126.2 82.1 98.2 59.8 72.6 142.6 Personal consumption expenditures........ -103.2 347.8 120.6 90.8 99.3 54.6 80.9 147.3 Goods.................................. -148.8 195.0 100.7 36.8 67.1 -2.5 42.1 106.0 Durable goods........................ -57.0 62.9 40.5 -1.3 16.8 13.4 13.7 47.0 Nondurable goods..................... -91.8 132.1 60.3 38.0 50.3 -15.9 28.4 59.0 Services............................... 45.6 152.8 19.9 54.0 32.3 57.0 38.8 41.4 Personal interest payments\1\............ -29.4 -17.9 2.5 -13.1 -4.0 2.2 -8.9 -8.5 Personal current transfer payments....... 7.1 11.3 3.0 4.5 2.8 3.1 .6 3.7 To government.......................... 5.3 5.8 1.3 1.4 1.5 1.6 1.7 1.2 To the rest of the world (net)......... 1.9 5.4 1.7 3.2 1.2 1.5 -1.1 2.5 Equals: Personal saving.................... 207.4 3.9 -170.1 -7.4 -4.2 92.5 -23.3 -41.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -447.4 33.7 -101.5 -19.0 2.0 114.9 25.5 56.6 Disposable personal income, billions of chained (2005) dollars\2\............ 56.9 141.6 -113.3 .7 32.9 138.6 24.7 47.2 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Jul 10 Aug 10 Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\r\ Feb 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .2 .4 .0 .5 .3 .5 1.2 .3 Compensation of employees, received...... .4 .3 .1 .5 .0 .3 .4 .3 Wage and salary disbursements.......... .4 .3 .1 .6 .0 .3 .3 .3 Supplements to wages and salaries...... .3 .3 .2 .3 .2 .2 .8 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .2 1.0 .5 .6 .6 .7 .4 .3 Rental income of persons with capital consumption adjustment.................. .5 .8 1.0 .2 .3 .4 2.7 2.6 Personal income receipts on assets....... -.8 -.8 -.5 .8 1.0 1.3 .5 .4 Personal interest income............... -1.3 -1.3 -1.3 1.4 1.3 1.3 -.1 -.1 Personal dividend income............... .1 .1 .8 -.1 .5 1.3 1.3 1.2 Personal current transfer receipts....... .1 1.6 -.5 .4 .4 .2 .0 .0 Less: Contributions for government social insurance, domestic..................... .4 .3 .1 .5 .0 .2 -9.3 .2 Less: Personal current taxes............... 1.6 .7 .5 1.3 .3 .6 4.6 .2 Equals: Disposable personal income......... .0 .4 -.1 .5 .3 .5 .8 .3 Addenda: Personal consumption expenditures........ .3 .5 .3 .7 .3 .4 .3 .7 Goods.................................. .7 1.1 .9 1.7 .2 .6 .8 1.5 Durable goods........................ 1.1 .1 1.7 3.3 -.6 .8 .3 1.6 Nondurable goods..................... .5 1.6 .5 1.0 .6 .6 1.0 1.4 Services............................... .2 .2 .0 .2 .4 .3 .0 .2 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .0 .0 .0 .4 .2 .3 1.1 .0 Real disposable personal income.......... -.2 .3 -.1 .3 .2 .2 .5 -.1 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010\r\ III 09 IV 09 I 10 II 10 III 10 IV 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ -1.7 3.1 -1.3 2.5 3.7 5.5 2.5 4.1 Compensation of employees, received...... -3.2 2.4 -1.0 1.7 1.4 5.8 3.4 3.2 Wage and salary disbursements.......... -4.3 2.1 -1.5 1.3 .4 6.3 3.5 3.3 Supplements to wages and salaries...... 1.7 3.5 .9 3.1 5.3 3.7 2.9 3.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. -8.2 4.3 2.4 6.4 3.4 7.6 3.8 8.0 Rental income of persons with capital consumption adjustment.................. 23.4 9.8 15.3 5.4 14.7 8.7 6.9 6.1 Personal income receipts on assets....... -9.0 -.6 -7.0 -.4 4.7 .7 -5.1 5.5 Personal interest income............... -7.0 -2.2 -5.2 -2.5 1.0 -1.1 -9.8 5.6 Personal dividend income............... -12.2 2.2 -10.2 3.3 11.6 3.9 3.4 5.2 Personal current transfer receipts....... 13.5 7.7 -.2 5.5 10.9 7.4 5.4 3.7 Less: Contributions for government social insurance, domestic..................... -1.7 3.5 -.4 1.7 5.4 5.9 3.3 3.0 Less: Personal current taxes............... -20.7 2.3 1.6 .1 6.4 5.2 10.5 9.4 Equals: Disposable personal income......... .7 3.1 -1.6 2.7 3.4 5.5 1.7 3.6 Addenda: Personal consumption expenditures........ -1.0 3.5 5.0 3.7 4.0 2.1 3.2 5.8 Goods.................................. -4.4 6.0 13.3 4.6 8.3 -.3 5.1 13.0 Durable goods........................ -5.3 6.1 17.1 -.5 6.6 5.1 5.2 18.4 Nondurable goods..................... -4.0 6.0 11.6 7.0 9.2 -2.7 5.0 10.5 Services............................... .7 2.3 1.2 3.2 1.9 3.4 2.3 2.4 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -4.6 .4 -1.1 -.2 .0 1.3 .3 .6 Real disposable personal income.......... .6 1.4 -4.4 .0 1.3 5.6 1.0 1.9 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jul 10 Aug 10 Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\r\ Feb 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,302.6 9,333.9 9,355.4 9,402.8 9,426.6 9,439.3 9,435.1 9,459.0 Goods.................................... 3,231.9 3,254.3 3,279.4 3,323.5 3,330.0 3,331.7 3,332.4 3,356.5 Durable goods.......................... 1,172.0 1,172.2 1,193.6 1,235.4 1,231.2 1,244.9 1,247.9 1,265.6 Nondurable goods....................... 2,060.4 2,081.2 2,087.1 2,094.2 2,103.6 2,094.3 2,092.5 2,100.9 Services................................. 6,071.0 6,080.9 6,078.7 6,084.1 6,101.3 6,112.1 6,107.4 6,108.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 13.3 31.3 21.5 47.4 23.8 12.7 -4.2 23.9 Goods.................................... 9.6 22.4 25.1 44.1 6.5 1.7 .7 24.1 Durable goods.......................... 15.8 .2 21.4 41.8 -4.2 13.7 3.0 17.7 Nondurable goods....................... -4.0 20.8 5.9 7.1 9.4 -9.3 -1.8 8.4 Services................................. 4.1 9.9 -2.2 5.4 17.2 10.8 -4.7 .8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .1 .3 .2 .5 .3 .1 .0 .3 Goods.................................... .3 .7 .8 1.3 .2 .1 .0 .7 Durable goods.......................... 1.4 .0 1.8 3.5 -.3 1.1 .2 1.4 Nondurable goods....................... -.2 1.0 .3 .3 .5 -.4 -.1 .4 Services................................. .1 .2 .0 .1 .3 .2 -.1 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010\r\ III 09 IV 09 I 10 II 10 III 10 IV 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,153.9 9,313.6 9,161.6 9,182.9 9,225.4 9,275.7 9,330.6 9,422.9 Goods.................................... 3,117.4 3,250.4 3,138.2 3,151.8 3,195.4 3,222.6 3,255.2 3,328.4 Durable goods.......................... 1,094.6 1,178.3 1,118.3 1,115.1 1,138.9 1,157.8 1,179.3 1,237.2 Nondurable goods....................... 2,017.4 2,072.6 2,016.9 2,032.3 2,053.5 2,063.4 2,076.2 2,097.4 Services................................. 6,032.7 6,064.7 6,020.7 6,028.7 6,029.6 6,053.4 6,076.9 6,099.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -111.1 159.7 44.6 21.3 42.5 50.3 54.9 92.3 Goods.................................... -62.9 133.0 54.2 13.6 43.6 27.2 32.6 73.2 Durable goods.......................... -41.8 83.7 50.1 -3.2 23.8 18.9 21.5 57.9 Nondurable goods....................... -23.8 55.2 8.6 15.4 21.2 9.9 12.8 21.2 Services................................. -49.6 32.0 -7.0 8.0 .9 23.8 23.5 22.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -1.2 1.7 2.0 .9 1.9 2.2 2.4 4.0 Goods.................................... -2.0 4.3 7.2 1.7 5.7 3.4 4.1 9.3 Durable goods.......................... -3.7 7.7 20.1 -1.1 8.8 6.8 7.6 21.1 Nondurable goods....................... -1.2 2.7 1.7 3.1 4.2 1.9 2.5 4.1 Services................................. -.8 .5 -.5 .5 .1 1.6 1.6 1.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jul 10 Aug 10 Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\r\ Feb 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 110.962 111.137 111.207 111.432 111.510 111.792 112.153 112.601 Goods.................................... 104.713 105.155 105.305 105.702 105.740 106.354 107.173 107.988 Durable goods.......................... 92.243 92.273 92.188 91.977 91.739 91.426 91.480 91.684 Nondurable goods....................... 111.771 112.446 112.728 113.477 113.676 114.835 116.106 117.284 Services................................. 114.282 114.316 114.343 114.474 114.574 114.674 114.785 115.031 Addenda: PCE excluding food and energy............ 110.299 110.328 110.327 110.379 110.456 110.474 110.654 110.826 Food\1\.................................. 113.836 113.919 114.212 114.317 114.370 114.459 115.212 116.106 Energy goods and services\2\............. 117.102 119.873 120.838 124.159 124.281 129.352 132.266 136.888 Market-based PCE\3\...................... 110.923 111.182 111.276 111.460 111.532 111.851 112.192 112.693 Market-based PCE excluding food and energy\3\........................... 110.141 110.243 110.259 110.236 110.304 110.325 110.452 110.642 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 .2 .1 .2 .1 .3 .3 .4 Goods.................................... .4 .4 .1 .4 .0 .6 .8 .8 Durable goods.......................... -.3 .0 -.1 -.2 -.3 -.3 .1 .2 Nondurable goods....................... .7 .6 .3 .7 .2 1.0 1.1 1.0 Services................................. .1 .0 .0 .1 .1 .1 .1 .2 Addenda: PCE excluding food and energy............ .0 .0 .0 .0 .1 .0 .2 .2 Food\1\.................................. .1 .1 .3 .1 .0 .1 .7 .8 Energy goods and services\2\............. 2.6 2.4 .8 2.7 .1 4.1 2.3 3.5 Market-based PCE\3\...................... .2 .2 .1 .2 .1 .3 .3 .4 Market-based PCE excluding food and energy\3\........................... .1 .1 .0 .0 .1 .0 .1 .2 ----------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------- Jul 10 Aug 10 Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\r\ Feb 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.7 2.1 2.1 2.6 2.5 2.2 2.9 2.7 Personal consumption expenditures.......... 1.9 1.3 2.3 2.5 2.7 2.6 2.7 2.5 Goods.................................... 3.9 1.9 5.4 6.0 5.4 5.5 5.5 5.1 Durable goods.......................... 6.5 -.4 10.7 12.2 10.0 10.6 11.8 11.9 Nondurable goods....................... 2.7 3.1 3.0 3.2 3.3 3.1 2.6 2.1 Services................................. .9 1.0 .9 .9 1.4 1.2 1.3 1.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jul 10 Aug 10 Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\r\ Feb 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.5 1.4 1.3 1.2 1.0 1.1 1.2 1.6 Goods.................................... .8 .6 .5 .8 .6 1.0 1.2 2.1 Durable goods.......................... -1.4 -1.0 -1.4 -1.8 -2.0 -2.2 -1.9 -1.4 Nondurable goods....................... 1.8 1.4 1.4 2.0 1.8 2.5 2.7 3.9 Services................................. 1.9 1.7 1.7 1.4 1.3 1.2 1.2 1.3 Addenda: PCE excluding food and energy............ 1.3 1.2 1.1 .9 .8 .7 .8 .9 Food\1\.................................. .7 .7 1.3 1.3 1.3 1.2 1.7 2.4 Energy goods and services\2\............. 5.6 4.0 4.2 6.3 4.0 7.4 6.7 11.0 Market-based PCE\3\...................... 1.3 1.2 1.2 1.2 1.1 1.2 1.3 1.7 Market-based PCE excluding food and energy\3\........................... 1.1 1.1 1.0 .8 .8 .7 .8 .9 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.