EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 1, 2008 James E. Rankin: (202) 606-5301 (Personal Income) BEA 08-19 Michael Armah: (202) 606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: MARCH 2008 Personal income increased $38.8 billion, or 0.3 percent, and disposable personal income (DPI) increased $29.6 billion, or 0.3 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $42.9 billion, or 0.4 percent. In February, personal income increased $58.2 billion, or 0.5 percent, DPI increased $50.3 billion, or 0.5 percent, and PCE increased $11.0 billion, or 0.1 percent, based on revised estimates. Real disposable income decreased less than 0.1 percent in March, in contrast to an increase of 0.3 percent in February. Real PCE increased 0.1 percent, in contrast to a decrease of less than 0.1 percent. 2007 2008 Nov. Dec. Jan. Feb. Mar. (Percent change from preceding month) Personal income, current dollars 0.3 0.4 0.3 0.5 0.3 Disposable personal income: Current dollars 0.3 0.4 0.4 0.5 0.3 Chained (2000) dollars -0.3 0.2 0.1 0.3 0.0 Personal consumption expenditures: Current dollars 1.0 0.2 0.4 0.1 0.4 Chained (2000) dollars 0.3 -0.1 0.1 0.0 0.1 Wages and salaries Private wage and salary disbursements increased $26.1 billion in March, compared with an increase of $17.3 billion in February. Goods-producing industries' payrolls increased $4.8 billion, compared with an increase of $3.3 billion; manufacturing payrolls increased $2.4 billion, compared with an increase of $1.9 billion. Services-producing industries' payrolls increased $21.3 billion, compared with an increase of $14.0 billion. Government wage and salary disbursements increased $3.6 billion, compared with an increase of $5.3 billion. Other personal income Supplements to wages and salaries increased $5.9 billion in March, compared with an increase of $5.8 billion in February. Proprietors' income decreased $4.9 billion in March, compared with a decrease of $7.2 billion in February. Farm proprietors' income decreased $3.2 billion, compared with a decrease of $3.0 billion. Nonfarm proprietors' income decreased $1.6 billion, compared with a decrease of $4.1 billion. Rental income of persons decreased $1.0 billion in March, compared with a decrease of $1.3 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) increased $4.9 billion, compared with an increase of $5.3 billion. Personal current transfer receipts increased $8.1 billion in March, compared with an increase of $36.0 billion in February, and a decrease of $12.0 billion in January. The changes in personal current transfer receipts primarily reflect the pattern of federal Medicare part D prescription drug payments; these payments were reduced in January to recover overpayments that were made in 2006. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.9 billion in March, compared with an increase of $3.0 billion in February. Personal current taxes and disposable personal income Personal current taxes increased $9.2 billion in March, compared with an increase of $7.9 billion in February. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $29.6 billion, or 0.3 percent, in March, compared with an increase of $50.3 billion, or 0.5 percent, in February. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $42.1 billion in March, compared with an increase of $10.4 billion in February. PCE increased $42.9 billion, compared with an increase of $11.0 billion. Personal saving -- DPI less personal outlays -- was $25.2 billion in March, compared with $37.7 billion in February. Personal saving as a percentage of disposable personal income was 0.2 percent in March, compared with 0.4 percent in February. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on "Personal Saving" on BEA's Web site. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's flow of funds accounts and data on changes in net worth (which help finance consumption), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- decreased less than 0.1 percent in March, in contrast to an increase of 0.3 percent in February. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in March, in contrast to a decrease of less than 0.1 percent in February. Purchases of durable goods decreased 0.5 percent, in contrast to an increase of 0.1 percent. Purchases of nondurable goods increased 0.2 percent, in contrast to a decrease of less than 0.1 percent. Purchases of services increased 0.2 percent, in contrast to a decrease of 0.1 percent. PCE prices -- The price index for PCE increased 0.3 percent in March, compared with an increase of 0.1 percent in February. Prices, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. Revisions Estimates have been revised for January and February. Changes in personal income, current- dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for January and February -- revised and as published in last month's release -- are shown below. Change from preceding month January February Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars..................... 30.4 30.7 0.3 0.3 56.0 58.2 0.5 0.5 Disposable personal income: Current dollars..................... 43.7 43.4 0.4 0.4 48.7 50.3 0.5 0.5 Chained (2000) dollars.............. 10.6 12.1 0.1 0.1 30.2 29.6 0.3 0.3 Personal consumption expenditures: Current dollars..................... 42.0 42.1 0.4 0.4 12.0 11.0 0.1 0.1 Chained (2000) dollars.............. 10.2 12.0 0.1 0.1 0.0 -2.7 0.0 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 -- May 30, 2008 at 8:30 A.M. EDT for Personal Income and Outlays for April. Table 1.--Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08\r\ Feb 08\r\ Mar 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,735.9 11,785.5 11,814.7 11,851.3 11,903.8 11,934.5 11,992.7 12,031.5 Compensation of employees, received...... 7,876.4 7,918.1 7,927.1 7,958.7 7,985.7 8,034.2 8,062.5 8,098.0 Wage and salary disbursements.......... 6,376.8 6,412.9 6,417.3 6,443.8 6,466.1 6,501.8 6,524.4 6,554.0 Private industries................... 5,303.1 5,335.7 5,336.4 5,359.5 5,377.2 5,402.4 5,419.7 5,445.8 Goods-producing industries......... 1,217.1 1,219.6 1,216.9 1,221.1 1,219.0 1,220.2 1,223.5 1,228.3 Manufacturing.................... 754.9 754.2 752.2 755.3 753.3 754.8 756.7 759.1 Services-producing industries...... 4,086.0 4,116.0 4,119.5 4,138.5 4,158.2 4,182.2 4,196.2 4,217.5 Trade, transportation, and utilities....................... 1,031.3 1,036.9 1,036.1 1,038.0 1,042.9 1,046.4 1,046.7 1,052.2 Other services-producing industries...................... 3,054.7 3,079.1 3,083.4 3,100.5 3,115.3 3,135.8 3,149.5 3,165.3 Government........................... 1,073.7 1,077.2 1,080.9 1,084.3 1,088.9 1,099.4 1,104.7 1,108.3 Supplements to wages and salaries...... 1,499.6 1,505.2 1,509.8 1,514.9 1,519.6 1,532.3 1,538.1 1,544.0 Employer contributions for employee pension and insurance funds......... 1,022.8 1,026.2 1,030.7 1,034.3 1,037.7 1,044.1 1,048.5 1,052.5 Employer contributions for government social insurance.................... 476.8 479.0 479.1 480.6 481.9 488.3 489.6 491.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,050.7 1,043.9 1,050.6 1,059.8 1,057.4 1,063.1 1,055.9 1,051.0 Farm................................... 38.7 41.0 42.1 43.7 45.7 42.2 39.2 36.0 Nonfarm................................ 1,012.0 1,002.9 1,008.5 1,016.1 1,011.7 1,020.8 1,016.7 1,015.1 Rental income of persons with capital consumption adjustment.................. 68.3 70.1 74.0 77.8 81.6 80.5 79.2 78.2 Personal income receipts on assets....... 1,976.3 1,993.2 1,996.5 1,999.9 2,003.1 2,007.4 2,012.7 2,017.6 Personal interest income............... 1,171.1 1,180.8 1,177.0 1,173.2 1,169.4 1,169.4 1,169.3 1,169.2 Personal dividend income............... 805.1 812.4 819.5 826.6 833.7 838.1 843.4 848.4 Personal current transfer receipts....... 1,746.6 1,747.1 1,754.0 1,746.0 1,769.5 1,757.5 1,793.5 1,801.6 Government social benefits to persons.. 1,718.6 1,719.0 1,725.9 1,717.9 1,741.4 1,729.4 1,765.4 1,773.5 Old-age, survivors, disability, and health insurance benefits........... 1,038.7 1,037.4 1,035.8 1,027.1 1,045.3 1,031.0 1,064.3 1,069.2 Government unemployment insurance benefits............................ 32.1 31.5 31.5 32.3 33.3 33.4 34.6 35.8 Other................................ 647.7 650.2 658.5 658.5 662.7 665.0 666.5 668.5 Other current transfer receipts, from business (net)........................ 28.0 28.0 28.1 28.1 28.2 28.1 28.1 28.2 Less: Contributions for government social insurance............................... 982.3 986.9 987.4 990.8 993.6 1,008.1 1,011.1 1,015.0 Less: Personal current taxes............... 1,488.7 1,496.3 1,501.1 1,508.3 1,514.7 1,502.0 1,509.9 1,519.1 Equals: Disposable personal income......... 10,247.2 10,289.2 10,313.6 10,343.1 10,389.1 10,432.5 10,482.8 10,512.4 Less: Personal outlays..................... 10,198.3 10,250.6 10,280.9 10,373.0 10,392.8 10,434.7 10,445.1 10,487.2 Personal consumption expenditures........ 9,783.1 9,832.0 9,865.9 9,960.7 9,983.2 10,025.3 10,036.3 10,079.2 Durable goods.......................... 1,085.8 1,095.7 1,092.8 1,083.0 1,071.7 1,065.2 1,067.2 1,062.7 Nondurable goods....................... 2,830.6 2,854.0 2,868.4 2,920.2 2,924.8 2,939.4 2,936.3 2,949.2 Services............................... 5,866.7 5,882.3 5,904.7 5,957.5 5,986.7 6,020.7 6,032.8 6,067.3 Personal interest payments\1\............ 275.8 278.7 275.6 272.5 269.5 268.3 267.2 266.0 Personal current transfer payments....... 139.3 140.0 139.4 139.7 140.1 141.1 141.6 142.0 To government.......................... 87.1 87.8 88.1 88.5 88.9 89.3 89.7 90.2 To the rest of the world (net)......... 52.2 52.2 51.2 51.2 51.2 51.9 51.9 51.9 Equals: Personal saving.................... 48.9 38.5 32.7 -29.9 -3.7 -2.2 37.7 25.2 Personal saving as a percentage of disposable personal income.............. .5 .4 .3 -.3 .0 .0 .4 .2 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,702.5 8,713.5 8,710.3 8,680.5 8,695.0 8,707.1 8,736.7 8,735.3 Per capita: Current dollars...................... 33,880 33,988 34,039 34,110 34,236 34,355 34,498 34,572 Chained (2000) dollars............... 28,773 28,783 28,748 28,627 28,653 28,673 28,752 28,728 Population (midperiod, thousands)\3\..... 302,450 302,728 302,989 303,228 303,457 303,670 303,866 304,070 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.--Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007 IV 06 I 07 II 07 III 07 IV 07 I 08 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 10,983.4 11,659.5 11,200.2 11,469.2 11,577.3 11,735.0 11,856.6 11,986.2 Compensation of employees, received...... 7,440.8 7,851.7 7,599.9 7,764.9 7,801.9 7,882.7 7,957.2 8,064.9 Wage and salary disbursements.......... 6,018.2 6,359.6 6,153.0 6,294.4 6,318.9 6,382.7 6,442.4 6,526.8 Private industries................... 4,997.6 5,291.8 5,115.7 5,242.7 5,256.9 5,309.8 5,357.7 5,422.6 Goods-producing industries......... 1,166.8 1,214.5 1,191.4 1,208.9 1,212.6 1,217.5 1,219.0 1,224.0 Manufacturing.................... 731.0 754.5 743.3 755.4 754.1 754.7 753.6 756.9 Services-producing industries...... 3,830.8 4,077.3 3,924.4 4,033.9 4,044.3 4,092.3 4,138.7 4,198.6 Trade, transportation, and utilities....................... 985.1 1,031.5 1,002.2 1,020.0 1,033.7 1,033.3 1,039.0 1,048.4 Other services-producing industries...................... 2,845.7 3,045.8 2,922.2 3,013.8 3,010.6 3,059.0 3,099.7 3,150.2 Government........................... 1,020.6 1,067.8 1,037.2 1,051.7 1,061.9 1,072.9 1,084.7 1,104.1 Supplements to wages and salaries...... 1,422.6 1,492.1 1,446.9 1,470.5 1,483.0 1,500.0 1,514.8 1,538.1 Employer contributions for employee pension and insurance funds......... 970.7 1,016.8 986.7 999.2 1,010.9 1,022.7 1,034.3 1,048.3 Employer contributions for government social insurance.................... 451.8 475.3 460.2 471.3 472.1 477.3 480.5 489.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,006.7 1,042.6 1,009.8 1,027.4 1,038.4 1,048.7 1,055.9 1,056.6 Farm................................... 19.4 36.2 23.9 29.1 33.1 38.6 43.8 39.1 Nonfarm................................ 987.4 1,006.4 985.8 998.3 1,005.3 1,010.0 1,012.1 1,017.5 Rental income of persons with capital consumption adjustment.................. 54.5 65.4 50.9 53.2 62.1 68.4 77.8 79.3 Personal income receipts on assets....... 1,796.5 1,947.2 1,836.6 1,882.9 1,930.0 1,976.2 1,999.8 2,012.6 Personal interest income............... 1,100.2 1,154.7 1,102.8 1,126.1 1,148.4 1,171.1 1,173.2 1,169.3 Personal dividend income............... 696.3 792.5 733.8 756.8 781.6 805.0 826.6 843.3 Personal current transfer receipts....... 1,612.5 1,731.7 1,647.7 1,710.7 1,717.1 1,742.3 1,756.5 1,784.2 Government social benefits to persons.. 1,585.3 1,703.8 1,618.0 1,683.1 1,689.4 1,714.4 1,728.4 1,756.1 Old-age, survivors, disability, and health insurance benefits........... 946.4 1,022.5 972.0 999.4 1,020.1 1,034.6 1,036.1 1,054.8 Government unemployment insurance benefits............................ 29.9 31.9 30.3 31.8 31.7 31.7 32.4 34.6 Other................................ 609.0 649.4 615.7 651.8 637.6 648.1 659.9 666.6 Other current transfer receipts, from business (net)........................ 27.2 27.9 29.7 27.6 27.8 28.0 28.1 28.1 Less: Contributions for government social insurance............................... 927.6 979.0 944.6 969.8 972.2 983.2 990.6 1,011.4 Less: Personal current taxes............... 1,354.3 1,482.5 1,401.0 1,454.7 1,477.6 1,489.8 1,508.0 1,510.3 Equals: Disposable personal income......... 9,629.1 10,177.0 9,799.2 10,014.5 10,099.7 10,245.2 10,348.6 10,475.9 Less: Personal outlays..................... 9,590.3 10,134.1 9,757.2 9,917.5 10,069.2 10,200.9 10,348.9 10,455.7 Personal consumption expenditures........ 9,224.5 9,734.2 9,373.7 9,540.5 9,674.0 9,785.7 9,936.6 10,046.9 Durable goods.......................... 1,048.9 1,078.2 1,056.5 1,074.0 1,074.7 1,081.6 1,082.5 1,065.1 Nondurable goods....................... 2,688.0 2,833.2 2,705.4 2,759.4 2,822.7 2,846.3 2,904.5 2,941.6 Services............................... 5,487.6 5,822.8 5,611.8 5,707.1 5,776.5 5,857.8 5,949.7 6,040.2 Personal interest payments\1\............ 238.0 262.8 251.6 243.3 259.5 275.8 272.5 267.2 Personal current transfer payments....... 127.8 137.1 131.8 133.7 135.7 139.3 139.7 141.6 To government.......................... 78.9 86.1 81.2 83.4 85.3 87.1 88.5 89.7 To the rest of the world (net)......... 48.9 51.1 50.6 50.4 50.5 52.2 51.2 51.9 Equals: Personal saving.................... 38.8 42.9 42.0 97.0 30.5 44.4 -.3 20.2 Personal saving as a percentage of disposable personal income.............. .4 .4 .4 1.0 .3 .4 .0 .2 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,396.9 8,654.4 8,510.7 8,623.9 8,607.1 8,692.1 8,695.2 8,726.4 Per capita: Current dollars...................... 32,183 33,689 32,626 33,270 33,480 33,874 34,128 34,475 Chained (2000) dollars............... 28,064 28,649 28,336 28,650 28,532 28,739 28,676 28,718 Population (midperiod, thousands)\3\..... 299,199 302,087 300,351 301,004 301,667 302,452 303,225 303,869 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08\r\ Feb 08\r\ Mar 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 52.2 49.6 29.2 36.6 52.5 30.7 58.2 38.8 Compensation of employees, received...... 22.7 41.7 9.0 31.6 27.0 48.5 28.3 35.5 Wage and salary disbursements.......... 18.2 36.1 4.4 26.5 22.3 35.7 22.6 29.6 Private industries................... 12.3 32.6 .7 23.1 17.7 25.2 17.3 26.1 Goods-producing industries......... 1.3 2.5 -2.7 4.2 -2.1 1.2 3.3 4.8 Manufacturing.................... -.2 -.7 -2.0 3.1 -2.0 1.5 1.9 2.4 Services-producing industries...... 11.0 30.0 3.5 19.0 19.7 24.0 14.0 21.3 Trade, transportation, and utilities....................... -.6 5.6 -.8 1.9 4.9 3.5 .3 5.5 Other services-producing industries...................... 11.5 24.4 4.3 17.1 14.8 20.5 13.7 15.8 Government........................... 6.0 3.5 3.7 3.4 4.6 10.5 5.3 3.6 Supplements to wages and salaries...... 4.5 5.6 4.6 5.1 4.7 12.7 5.8 5.9 Employer contributions for employee pension and insurance funds......... 3.6 3.4 4.5 3.6 3.4 6.4 4.4 4.0 Employer contributions for government social insurance.................... .8 2.2 .1 1.5 1.3 6.4 1.3 1.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. -.6 -6.8 6.7 9.2 -2.4 5.7 -7.2 -4.9 Farm................................... 2.5 2.3 1.1 1.6 2.0 -3.5 -3.0 -3.2 Nonfarm................................ -3.1 -9.1 5.6 7.6 -4.4 9.1 -4.1 -1.6 Rental income of persons with capital consumption adjustment.................. 1.4 1.8 3.9 3.8 3.8 -1.1 -1.3 -1.0 Personal income receipts on assets....... 17.3 16.9 3.3 3.4 3.2 4.3 5.3 4.9 Personal interest income............... 9.6 9.7 -3.8 -3.8 -3.8 .0 -.1 -.1 Personal dividend income............... 7.6 7.3 7.1 7.1 7.1 4.4 5.3 5.0 Personal current transfer receipts....... 13.4 .5 6.9 -8.0 23.5 -12.0 36.0 8.1 Government social benefits to persons.. 13.2 .4 6.9 -8.0 23.5 -12.0 36.0 8.1 Old-age, survivors, disability, and health insurance benefits........... 11.1 -1.3 -1.6 -8.7 18.2 -14.3 33.3 4.9 Government unemployment insurance benefits............................ .6 -.6 .0 .8 1.0 .1 1.2 1.2 Other................................ 1.5 2.5 8.3 .0 4.2 2.3 1.5 2.0 Other current transfer receipts, from business (net)........................ .1 .0 .1 .0 .1 -.1 .0 .1 Less: Contributions for government social insurance............................... 1.9 4.6 .5 3.4 2.8 14.5 3.0 3.9 Less: Personal current taxes............... 4.4 7.6 4.8 7.2 6.4 -12.7 7.9 9.2 Equals: Disposable personal income......... 47.8 42.0 24.4 29.5 46.0 43.4 50.3 29.6 Less: Personal outlays..................... 44.6 52.3 30.3 92.1 19.8 41.9 10.4 42.1 Personal consumption expenditures........ 41.1 48.9 33.9 94.8 22.5 42.1 11.0 42.9 Durable goods.......................... 22.4 9.9 -2.9 -9.8 -11.3 -6.5 2.0 -4.5 Nondurable goods....................... -23.7 23.4 14.4 51.8 4.6 14.6 -3.1 12.9 Services............................... 42.4 15.6 22.4 52.8 29.2 34.0 12.1 34.5 Personal interest payments\1\............ 2.9 2.9 -3.1 -3.1 -3.0 -1.2 -1.1 -1.2 Personal current transfer payments....... .6 .7 -.6 .3 .4 1.0 .5 .4 To government.......................... .6 .7 .3 .4 .4 .4 .4 .5 To the rest of the world (net)......... .0 .0 -1.0 .0 .0 .7 .0 .0 Equals: Personal saving.................... 3.2 -10.4 -5.8 -62.6 26.2 1.5 39.9 -12.5 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 42.2 11.0 -3.2 -29.8 14.5 12.1 29.6 -1.4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007 IV 06 I 07 II 07 III 07 IV 07 I 08 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 682.3 676.1 169.3 269.0 108.1 157.7 121.6 129.6 Compensation of employees, received...... 416.2 410.9 157.4 165.0 37.0 80.8 74.5 107.7 Wage and salary disbursements.......... 350.3 341.4 137.2 141.4 24.5 63.8 59.7 84.4 Private industries................... 310.7 294.2 126.9 127.0 14.2 52.9 47.9 64.9 Goods-producing industries......... 68.1 47.7 32.9 17.5 3.7 4.9 1.5 5.0 Manufacturing.................... 26.9 23.5 19.0 12.1 -1.3 .6 -1.1 3.3 Services-producing industries...... 242.5 246.5 94.1 109.5 10.4 48.0 46.4 59.9 Trade, transportation, and utilities....................... 48.1 46.4 16.4 17.8 13.7 -.4 5.7 9.4 Other services-producing industries...................... 194.5 200.1 77.7 91.6 -3.2 48.4 40.7 50.5 Government........................... 39.7 47.2 10.2 14.5 10.2 11.0 11.8 19.4 Supplements to wages and salaries...... 65.8 69.5 20.2 23.6 12.5 17.0 14.8 23.3 Employer contributions for employee pension and insurance funds......... 43.0 46.1 11.3 12.5 11.7 11.8 11.6 14.0 Employer contributions for government social insurance.................... 22.7 23.5 8.9 11.1 .8 5.2 3.2 9.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 36.8 35.9 6.2 17.6 11.0 10.3 7.2 .7 Farm................................... -11.4 16.8 5.8 5.2 4.0 5.5 5.2 -4.7 Nonfarm................................ 48.3 19.0 .3 12.5 7.0 4.7 2.1 5.4 Rental income of persons with capital consumption adjustment.................. 11.6 10.9 -2.0 2.3 8.9 6.3 9.4 1.5 Personal income receipts on assets....... 178.7 150.7 8.5 46.3 47.1 46.2 23.6 12.8 Personal interest income............... 81.3 54.5 -16.9 23.3 22.3 22.7 2.1 -3.9 Personal dividend income............... 97.4 96.2 25.4 23.0 24.8 23.4 21.6 16.7 Personal current transfer receipts....... 91.8 119.2 17.1 63.0 6.4 25.2 14.2 27.7 Government social benefits to persons.. 102.2 118.5 14.8 65.1 6.3 25.0 14.0 27.7 Old-age, survivors, disability, and health insurance benefits........... 101.1 76.1 15.9 27.4 20.7 14.5 1.5 18.7 Government unemployment insurance benefits............................ -1.4 2.0 .3 1.5 -.1 .0 .7 2.2 Other................................ 2.6 40.4 -1.4 36.1 -14.2 10.5 11.8 6.7 Other current transfer receipts, from business (net)........................ -10.4 .7 2.3 -2.1 .2 .2 .1 .0 Less: Contributions for government social insurance............................... 52.8 51.4 17.8 25.2 2.4 11.0 7.4 20.8 Less: Personal current taxes............... 145.2 128.2 45.8 53.7 22.9 12.2 18.2 2.3 Equals: Disposable personal income......... 537.1 547.9 123.4 215.3 85.2 145.5 103.4 127.3 Less: Personal outlays..................... 542.9 543.8 80.1 160.3 151.7 131.7 148.0 106.8 Personal consumption expenditures........ 516.7 509.7 68.0 166.8 133.5 111.7 150.9 110.3 Durable goods.......................... 25.0 29.3 2.7 17.5 .7 6.9 .9 -17.4 Nondurable goods....................... 171.8 145.2 -27.0 54.0 63.3 23.6 58.2 37.1 Services............................... 319.8 335.2 92.3 95.3 69.4 81.3 91.9 90.5 Personal interest payments\1\............ 20.3 24.8 9.3 -8.3 16.2 16.3 -3.3 -5.3 Personal current transfer payments....... 6.0 9.3 2.7 1.9 2.0 3.6 .4 1.9 To government.......................... 4.4 7.2 1.6 2.2 1.9 1.8 1.4 1.2 To the rest of the world (net)......... 1.6 2.2 1.1 -.2 .1 1.7 -1.0 .7 Equals: Personal saving.................... -5.8 4.1 43.4 55.0 -66.5 13.9 -44.7 20.5 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 249.0 257.5 126.2 113.2 -16.8 85.0 3.1 31.2 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08\r\ Feb 08\r\ Mar 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .4 .4 .2 .3 .4 .3 .5 .3 Compensation of employees, received...... .3 .5 .1 .4 .3 .6 .4 .4 Wage and salary disbursements.......... .3 .6 .1 .4 .3 .6 .3 .5 Supplements to wages and salaries...... .3 .4 .3 .3 .3 .8 .4 .4 Proprietors' income with inventory valuation and capital consumption adjustments............................. -.1 -.6 .6 .9 -.2 .5 -.7 -.5 Rental income of persons with capital consumption adjustment.................. 2.1 2.7 5.5 5.2 5.0 -1.4 -1.7 -1.2 Personal income receipts on assets....... .9 .9 .2 .2 .2 .2 .3 .2 Personal interest income............... .8 .8 -.3 -.3 -.3 .0 .0 .0 Personal dividend income............... 1.0 .9 .9 .9 .8 .5 .6 .6 Personal current transfer receipts....... .8 .0 .4 -.5 1.3 -.7 2.1 .5 Less: Contributions for government social insurance............................... .2 .5 .0 .3 .3 1.5 .3 .4 Less: Personal current taxes............... .3 .5 .3 .5 .4 -.8 .5 .6 Equals: Disposable personal income......... .5 .4 .2 .3 .4 .4 .5 .3 Addenda: Personal consumption expenditures........ .4 .5 .3 1.0 .2 .4 .1 .4 Durable goods.......................... 2.1 .9 -.3 -.9 -1.0 -.6 .2 -.4 Nondurable goods....................... -.8 .8 .5 1.8 .2 .5 -.1 .4 Services............................... .7 .3 .4 .9 .5 .6 .2 .6 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... .5 .1 .0 -.3 .2 .1 .3 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007 IV 06 I 07 II 07 III 07 IV 07 I 08 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 6.6 6.2 6.3 10.0 3.8 5.6 4.2 4.4 Compensation of employees, received...... 5.9 5.5 8.7 9.0 1.9 4.2 3.8 5.5 Wage and salary disbursements.......... 6.2 5.7 9.4 9.5 1.6 4.1 3.8 5.3 Supplements to wages and salaries...... 4.8 4.9 5.8 6.7 3.4 4.7 4.0 6.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 3.8 3.6 2.5 7.2 4.4 4.0 2.8 .3 Rental income of persons with capital consumption adjustment.................. 27.2 19.9 -14.0 19.2 85.9 47.1 67.1 8.0 Personal income receipts on assets....... 11.0 8.4 1.9 10.5 10.4 9.9 4.9 2.6 Personal interest income............... 8.0 5.0 -5.9 8.7 8.2 8.2 .7 -1.3 Personal dividend income............... 16.3 13.8 15.1 13.1 13.8 12.5 11.2 8.3 Personal current transfer receipts....... 6.0 7.4 4.3 16.2 1.5 6.0 3.3 6.5 Less: Contributions for government social insurance............................... 6.0 5.5 7.9 11.1 1.0 4.6 3.0 8.7 Less: Personal current taxes............... 12.0 9.5 14.2 16.2 6.5 3.3 5.0 .6 Equals: Disposable personal income......... 5.9 5.7 5.2 9.1 3.4 5.9 4.1 5.0 Addenda: Personal consumption expenditures........ 5.9 5.5 3.0 7.3 5.7 4.7 6.3 4.5 Durable goods.......................... 2.4 2.8 1.0 6.8 .3 2.6 .3 -6.3 Nondurable goods....................... 6.8 5.4 -3.9 8.2 9.5 3.4 8.4 5.2 Services............................... 6.2 6.1 6.9 7.0 5.0 5.7 6.4 6.2 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... 3.1 3.1 6.2 5.4 -.8 4.0 .1 1.4 ----------------------------------------------------------------------------------------------------------------------------------- Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08\r\ Feb 08\r\ Mar 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,308.4 8,326.4 8,332.2 8,359.6 8,355.3 8,367.3 8,364.6 8,375.3 Durable goods............................ 1,247.3 1,261.2 1,257.2 1,248.6 1,238.7 1,229.9 1,231.0 1,225.3 Nondurable goods......................... 2,389.7 2,402.0 2,406.0 2,407.6 2,398.8 2,395.3 2,394.9 2,398.7 Services................................. 4,698.3 4,693.8 4,698.5 4,728.7 4,739.9 4,760.7 4,757.9 4,768.1 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 36.4 18.0 5.8 27.4 -4.3 12.0 -2.7 10.7 Durable goods............................ 30.1 13.9 -4.0 -8.6 -9.9 -8.8 1.1 -5.7 Nondurable goods......................... -9.1 12.3 4.0 1.6 -8.8 -3.5 -.4 3.8 Services................................. 22.0 -4.5 4.7 30.2 11.2 20.8 -2.8 10.2 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .4 .2 .1 .3 -.1 .1 .0 .1 Durable goods............................ 2.5 1.1 -.3 -.7 -.8 -.7 .1 -.5 Nondurable goods......................... -.4 .5 .2 .1 -.4 -.1 .0 .2 Services................................. .5 -.1 .1 .6 .2 .4 -.1 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2006 2007 IV 06 I 07 II 07 III 07 IV 07 I 08 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,044.1 8,277.8 8,141.2 8,215.7 8,244.3 8,302.2 8,349.1 8,369.1 Durable goods............................ 1,180.5 1,235.4 1,197.6 1,223.2 1,228.4 1,241.9 1,248.1 1,228.7 Nondurable goods......................... 2,337.7 2,392.8 2,368.8 2,386.6 2,383.8 2,396.8 2,404.2 2,396.3 Services................................. 4,545.5 4,674.8 4,595.5 4,630.7 4,656.7 4,689.5 4,722.4 4,762.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 240.5 233.7 77.4 74.5 28.6 57.9 46.9 20.0 Durable goods............................ 43.1 54.9 11.3 25.6 5.2 13.5 6.2 -19.4 Nondurable goods......................... 82.3 55.1 24.9 17.8 -2.8 13.0 7.4 -7.9 Services................................. 118.2 129.3 41.5 35.2 26.0 32.8 32.9 39.8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 3.1 2.9 3.9 3.7 1.4 2.8 2.3 1.0 Durable goods............................ 3.8 4.7 3.9 8.8 1.7 4.5 2.0 -6.1 Nondurable goods......................... 3.6 2.4 4.3 3.0 -.5 2.2 1.2 -1.3 Services................................. 2.7 2.8 3.7 3.1 2.3 2.8 2.8 3.4 ----------------------------------------------------------------------------------------------------------------------------------- Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08\r\ Feb 08\r\ Mar 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2000=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 117.755 118.087 118.412 119.158 119.488 119.820 119.989 120.348 Durable goods............................ 87.044 86.865 86.927 86.736 86.514 86.608 86.694 86.728 Nondurable goods......................... 118.451 118.813 119.219 121.286 121.923 122.714 122.607 122.947 Services................................. 124.877 125.329 125.680 125.995 126.312 126.475 126.804 127.255 Addenda: PCE excluding food and energy............ 114.645 114.946 115.188 115.403 115.618 115.847 116.007 116.203 Market-based PCE\1\...................... 116.053 116.333 116.665 117.498 117.853 118.175 118.310 118.651 Market-based PCE excluding food and energy\1\........................... 111.876 112.105 112.338 112.554 112.778 112.973 113.086 113.228 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .0 .3 .3 .6 .3 .3 .1 .3 Durable goods............................ -.4 -.2 .1 -.2 -.3 .1 .1 .0 Nondurable goods......................... -.5 .3 .3 1.7 .5 .6 -.1 .3 Services................................. .3 .4 .3 .3 .3 .1 .3 .4 Addenda: PCE excluding food and energy............ .2 .3 .2 .2 .2 .2 .1 .2 Market-based PCE\1\...................... -.1 .2 .3 .7 .3 .3 .1 .3 Market-based PCE excluding food and energy\1\........................... .1 .2 .2 .2 .2 .2 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------- Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08\r\ Feb 08\r\ Mar 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 4.0 3.4 2.7 2.0 1.8 1.4 1.3 .9 Personal consumption expenditures.......... 3.2 3.2 2.7 2.8 2.2 2.0 1.6 2.0 Durable goods............................ 6.2 6.0 5.8 4.6 2.3 .4 .8 .2 Nondurable goods......................... 2.0 2.6 2.1 1.9 .4 .4 .4 .4 Services................................. 3.2 3.0 2.4 2.9 3.1 3.0 2.4 3.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08\r\ Feb 08\r\ Mar 08\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.8 2.5 3.0 3.6 3.5 3.5 3.4 3.2 Durable goods............................ -2.2 -1.9 -1.8 -1.7 -1.6 -1.3 -1.3 -1.2 Nondurable goods......................... 1.0 2.8 4.4 6.6 6.3 6.8 6.3 5.4 Services................................. 3.0 3.1 3.2 3.2 3.2 2.9 2.9 3.0 Addenda: PCE excluding food and energy............ 1.9 1.9 2.0 2.1 2.2 2.0 2.0 2.1 Market-based PCE\1\...................... 1.7 2.3 3.0 3.7 3.6 3.6 3.4 3.2 Market-based PCE excluding food and energy\1\........................... 1.6 1.6 1.7 1.9 2.0 1.8 1.7 1.8 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions.