EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 27, 2011 BEA 11-23 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: APRIL 2011 Personal income increased $46.1 billion, or 0.4 percent, and disposable personal income (DPI) increased $35.1 billion, or 0.3 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $41.5 billion, or 0.4 percent. In March, personal income increased $54.6 billion, or 0.4 percent, DPI increased $46.3 billion, or 0.4 percent, and PCE increased $54.8 billion, or 0.5 percent, based on revised estimates. Real DPI decreased less than 0.1 percent in April, in contrast to an increase of less than 0.1 percent in March. Real PCE increased 0.1 percent in April, the same increase as in March. 2010 2011 Dec. Jan. Feb. Mar. Apr. (Percent change from preceding month) Personal income, current dollars 0.4 1.1 0.4 0.4 0.4 Disposable personal income: Current dollars 0.4 0.4 0.3 0.4 0.3 Chained (2005) dollars 0.2 0.1 -0.1 0.0 0.0 Personal consumption expenditures: Current dollars 0.4 0.4 0.8 0.5 0.4 Chained (2005) dollars 0.1 0.1 0.4 0.1 0.1 Wages and salaries Private wage and salary disbursements increased $27.3 billion in April, compared with an increase of $20.6 billion in March. Goods-producing industries' payrolls increased $6.3 billion, compared with an increase of $7.5 billion; manufacturing payrolls increased $0.8 billion, compared with an increase of $6.6 billion. Services-producing industries' payrolls increased $20.9 billion, compared with an increase of $13.1 billion. Government wage and salary disbursements increased $0.3 billion, compared with an increase of $1.3 billion. Other personal income Supplements to wages and salaries increased $4.2 billion in April, compared with an increase of $4.3 billion in March. Proprietors' income increased $4.4 billion in April, compared with an increase of $5.4 billion in March. Farm proprietors' income decreased $2.1 billion, in contrast to an increase of $0.2 billion. Nonfarm proprietors' income increased $6.5 billion, compared with an increase of $5.3 billion. Rental income of persons increased $3.1 billion in April, compared with an increase of $8.4 billion in March. Personal income receipts on assets (personal interest income plus personal dividend income) increased $5.0 billion, in contrast to a decrease of $2.1 billion. Personal current transfer receipts increased $5.5 billion, compared with an increase of $20.1 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.8 billion in April, compared with an increase of $3.3 billion in March. Personal current taxes and disposable personal income Personal current taxes increased $11.0 billion in April, compared with an increase of $8.3 billion in March. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $35.1 billion, or 0.3 percent, in April, compared with an increase of $46.3 billion, or 0.4 percent in March. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $41.3 billion in April, compared with an increase of $54.8 billion in March. PCE increased $41.5 billion, compared with an increase of $54.8 billion. Personal saving -- DPI less personal outlays -- was $570.6 billion in April, compared with $576.7 billion in March. Personal saving as a percentage of disposable personal income was 4.9 percent in April, the same as in March. 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 less than 0.1 percent in April, in contrast to an increase of less than 0.1 percent in March. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in April, the same increase as in March. Purchases of durable goods increased less than 0.1 percent in April, in contrast to a decrease of 0.6 percent in March. Purchases of nondurable goods increased less than 0.1 percent, in contrast to a decrease of 0.2 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.4 percent. PCE price index -- The price index for PCE increased 0.3 percent in April, compared with an increase of 0.4 percent in March. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. Revisions Estimates for personal income and DPI have been revised for October through March; estimates for PCE have been revised for January through March. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for February and March -- revised and as published in last month's release -- are shown below. For October through December 2010, the revisions to wages and salaries reflect the incorporation of newly available BLS tabulations of fourth-quarter private wages and salaries from the quarterly census of employment and wages. Change from preceding month February March Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 53.1 47.8 0.4 0.4 67.0 54.6 0.5 0.4 Disposable personal income: Current dollars 49.6 37.8 0.4 0.3 64.4 46.3 0.6 0.4 Chained (2005) dollars 1.3 -8.1 0.0 -0.1 15.4 1.4 0.1 0.0 Personal consumption expenditures: Current dollars 94.4 80.2 0.9 0.8 60.7 54.8 0.6 0.5 Chained (2005) dollars 44.9 33.1 0.5 0.4 15.7 12.2 0.2 0.1 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for October through December 2010 (fourth quarter). These estimates reflect newly available fourth-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released along with estimates for June 2011 on August 2. Personal income, disposable personal income, and their components will be revised back to January 2008, and PCE and personal saving will be revised back to January 2003. The August Survey of Current Business will contain an article that describes the annual revision in detail. 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 – June 27, 2011 at 8:30 A.M. EDT for Personal Income and Outlays for May ________________________ 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. Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,612.3 12,665.7 12,691.3 12,745.8 12,880.9 12,928.7 12,983.3 13,029.4 Compensation of employees, received...... 8,050.9 8,075.7 8,064.7 8,081.4 8,117.5 8,147.7 8,173.9 8,205.7 Wage and salary disbursements.......... 6,455.0 6,475.6 6,462.8 6,476.3 6,499.8 6,525.5 6,547.4 6,575.0 Private industries................... 5,275.0 5,291.5 5,278.8 5,291.0 5,313.1 5,338.5 5,359.1 5,386.4 Goods-producing industries......... 1,070.5 1,070.1 1,068.0 1,069.7 1,082.2 1,083.2 1,090.7 1,097.0 Manufacturing.................... 684.4 686.3 685.6 688.8 697.3 696.6 703.2 704.0 Services-producing industries...... 4,204.6 4,221.3 4,210.8 4,221.3 4,231.0 4,255.3 4,268.4 4,289.3 Trade, transportation, and utilities....................... 1,020.3 1,020.9 1,014.9 1,019.2 1,019.4 1,024.8 1,029.4 1,036.6 Other services-producing industries...................... 3,184.3 3,200.4 3,195.9 3,202.1 3,211.5 3,230.5 3,239.0 3,252.8 Government........................... 1,179.9 1,184.1 1,184.1 1,185.3 1,186.6 1,187.0 1,188.3 1,188.6 Supplements to wages and salaries...... 1,595.9 1,600.1 1,601.9 1,605.1 1,617.7 1,622.2 1,626.5 1,630.7 Employer contributions for employee pension and insurance funds......... 1,112.8 1,115.6 1,118.1 1,120.8 1,124.2 1,127.0 1,129.6 1,132.0 Employer contributions for government social insurance.................... 483.1 484.5 483.8 484.3 493.5 495.2 496.8 498.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,066.7 1,073.5 1,079.5 1,087.4 1,091.7 1,097.8 1,103.2 1,107.6 Farm................................... 52.6 54.0 55.5 57.0 57.1 57.2 57.4 55.3 Nonfarm................................ 1,014.1 1,019.5 1,024.0 1,030.4 1,034.6 1,040.6 1,045.9 1,052.4 Rental income of persons with capital consumption adjustment.................. 306.7 307.3 308.3 309.5 317.1 325.0 333.4 336.5 Personal income receipts on assets....... 1,878.5 1,893.4 1,913.1 1,938.6 1,943.7 1,950.5 1,948.4 1,953.4 Personal interest income............... 1,159.3 1,175.1 1,190.9 1,206.7 1,207.4 1,208.1 1,208.8 1,209.6 Personal dividend income............... 719.2 718.3 722.2 731.9 736.3 742.4 739.5 743.8 Personal current transfer receipts....... 2,321.5 2,330.5 2,339.0 2,343.6 2,331.6 2,331.9 2,352.0 2,357.5 Government social benefits to persons.. 2,284.5 2,291.2 2,300.4 2,305.2 2,293.1 2,294.6 2,314.2 2,319.6 Old-age, survivors, disability, and health insurance benefits........... 1,229.5 1,229.8 1,228.9 1,239.2 1,242.8 1,249.0 1,259.1 1,272.8 Government unemployment insurance benefits............................ 133.3 128.7 131.1 123.4 122.8 112.8 117.9 108.1 Other................................ 921.6 932.7 940.4 942.6 927.5 932.8 937.2 938.7 Other current transfer receipts, from business (net)........................ 37.0 39.3 38.6 38.4 38.6 37.3 37.8 37.9 Less: Contributions for government social insurance, domestic..................... 1,012.0 1,014.8 1,013.3 1,014.6 920.8 924.3 927.6 931.4 Less: Personal current taxes............... 1,185.1 1,198.5 1,201.7 1,209.4 1,292.9 1,302.9 1,311.2 1,322.2 Equals: Disposable personal income......... 11,427.3 11,467.2 11,489.6 11,536.5 11,588.0 11,625.8 11,672.1 11,707.2 Less: Personal outlays..................... 10,769.6 10,844.3 10,876.6 10,915.7 10,960.4 11,040.6 11,095.4 11,136.7 Personal consumption expenditures........ 10,403.6 10,477.5 10,511.4 10,552.1 10,596.5 10,676.7 10,731.5 10,773.0 Goods.................................. 3,453.0 3,512.8 3,520.9 3,543.1 3,580.0 3,640.2 3,655.8 3,680.5 Durable goods........................ 1,100.5 1,136.5 1,129.7 1,138.3 1,144.0 1,169.0 1,161.3 1,165.1 Nondurable goods..................... 2,352.5 2,376.3 2,391.2 2,404.8 2,436.0 2,471.3 2,494.4 2,515.5 Services............................... 6,950.6 6,964.7 6,990.5 7,009.0 7,016.5 7,036.4 7,075.7 7,092.5 Personal interest payments\1\............ 192.5 190.6 188.6 186.7 186.5 186.3 186.0 185.5 Personal current transfer payments....... 173.5 176.3 176.6 176.9 177.4 177.7 177.9 178.1 To government.......................... 102.4 102.7 103.0 103.3 103.6 103.9 104.1 104.3 To the rest of the world (net)......... 71.1 73.6 73.6 73.6 73.8 73.8 73.8 73.8 Equals: Personal saving.................... 657.7 622.9 613.0 620.7 627.5 585.2 576.7 570.6 Personal saving as a percentage of disposable personal income.............. 5.8 5.4 5.3 5.4 5.4 5.0 4.9 4.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,253.9 9,275.1 9,284.0 9,305.2 9,405.3 9,409.5 9,404.1 9,408.5 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,275.9 10,291.0 10,303.9 10,319.9 10,331.4 10,323.3 10,324.7 10,321.3 Per capita: Current dollars...................... 36,780 36,881 36,926 37,054 37,198 37,298 37,426 37,517 Chained (2005) dollars............... 33,074 33,098 33,116 33,146 33,164 33,120 33,106 33,075 Population (midperiod, thousands)\3\..... 310,691 310,927 311,149 311,345 311,521 311,696 311,870 312,055 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010. 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\ IV 09 I 10 II 10 III 10 IV 10\r\ I 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,174.9 12,541.0 12,239.0 12,350.3 12,517.1 12,595.5 12,700.9 12,930.9 Compensation of employees, received...... 7,806.7 7,984.5 7,831.4 7,858.1 7,969.9 8,036.2 8,073.9 8,146.3 Wage and salary disbursements.......... 6,274.1 6,398.9 6,284.9 6,291.4 6,388.8 6,443.7 6,471.6 6,524.2 Private industries................... 5,100.5 5,211.8 5,110.0 5,105.9 5,195.7 5,258.5 5,287.1 5,336.9 Goods-producing industries......... 1,064.0 1,055.7 1,046.1 1,032.2 1,054.3 1,067.0 1,069.2 1,085.3 Manufacturing.................... 661.5 673.5 658.3 652.6 672.4 682.0 686.9 699.0 Services-producing industries...... 4,036.6 4,156.1 4,064.0 4,073.7 4,141.4 4,191.4 4,217.8 4,251.6 Trade, transportation, and utilities....................... 990.5 1,007.3 988.2 988.0 1,005.4 1,017.3 1,018.3 1,024.5 Other services-producing industries...................... 3,046.1 3,148.9 3,075.7 3,085.8 3,136.0 3,174.1 3,199.5 3,227.0 Government........................... 1,173.6 1,187.1 1,174.9 1,185.5 1,193.1 1,185.3 1,184.5 1,187.3 Supplements to wages and salaries...... 1,532.6 1,585.6 1,546.5 1,566.7 1,581.1 1,592.4 1,602.4 1,622.1 Employer contributions for employee pension and insurance funds......... 1,072.0 1,106.8 1,084.0 1,095.8 1,103.1 1,110.3 1,118.2 1,126.9 Employer contributions for government social insurance.................... 460.6 478.8 462.5 470.9 478.0 482.2 484.2 495.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,011.9 1,055.0 1,022.1 1,030.7 1,049.7 1,059.5 1,080.2 1,097.6 Farm................................... 30.5 44.9 36.2 36.8 38.9 48.5 55.5 57.2 Nonfarm................................ 981.5 1,010.1 985.9 994.0 1,010.8 1,011.0 1,024.7 1,040.3 Rental income of persons with capital consumption adjustment.................. 274.0 300.9 282.8 292.7 298.8 303.8 308.4 325.2 Personal income receipts on assets....... 1,919.7 1,907.6 1,889.2 1,911.1 1,914.4 1,889.7 1,915.0 1,947.5 Personal interest income............... 1,222.3 1,194.9 1,205.8 1,208.7 1,205.3 1,174.7 1,190.9 1,208.1 Personal dividend income............... 697.4 712.7 683.4 702.4 709.2 715.0 724.2 739.4 Personal current transfer receipts....... 2,132.8 2,296.4 2,188.2 2,245.5 2,286.1 2,316.4 2,337.7 2,338.5 Government social benefits to persons.. 2,096.8 2,259.0 2,152.5 2,208.9 2,249.1 2,279.2 2,298.9 2,300.6 Old-age, survivors, disability, and health insurance benefits........... 1,164.5 1,213.9 1,188.8 1,191.3 1,208.1 1,223.5 1,232.6 1,250.3 Government unemployment insurance benefits............................ 128.6 136.6 143.4 146.1 136.8 135.7 127.7 117.8 Other................................ 803.7 908.6 820.2 871.5 904.2 920.0 938.6 932.5 Other current transfer receipts, from business (net)........................ 36.0 37.4 35.8 36.6 37.0 37.2 38.8 37.9 Less: Contributions for government social insurance, domestic..................... 970.3 1,003.5 974.8 987.8 1,001.9 1,010.2 1,014.2 924.2 Less: Personal current taxes............... 1,140.0 1,166.3 1,117.2 1,134.7 1,149.1 1,178.2 1,203.2 1,302.3 Equals: Disposable personal income......... 11,034.9 11,374.7 11,121.7 11,215.6 11,368.0 11,417.3 11,497.8 11,628.6 Less: Personal outlays..................... 10,379.6 10,720.7 10,505.7 10,603.9 10,663.7 10,736.3 10,878.9 11,032.1 Personal consumption expenditures........ 10,001.3 10,349.1 10,131.5 10,230.8 10,285.4 10,366.3 10,513.6 10,668.2 Goods.................................. 3,230.7 3,425.7 3,312.9 3,380.0 3,377.5 3,419.6 3,525.6 3,625.3 Durable goods........................ 1,026.5 1,089.4 1,043.9 1,060.7 1,074.1 1,087.8 1,134.8 1,158.1 Nondurable goods..................... 2,204.2 2,336.3 2,269.0 2,319.3 2,303.4 2,331.8 2,390.8 2,467.2 Services............................... 6,770.6 6,923.4 6,818.6 6,850.9 6,907.9 6,946.7 6,988.1 7,042.9 Personal interest payments\1\............ 216.8 198.9 207.8 203.8 206.0 197.1 188.6 186.3 Personal current transfer payments....... 161.4 172.7 166.4 169.2 172.3 172.9 176.6 177.7 To government.......................... 95.0 100.8 97.0 98.5 100.1 101.8 103.0 103.9 To the rest of the world (net)......... 66.5 71.9 69.5 70.7 72.2 71.1 73.6 73.8 Equals: Personal saving.................... 655.3 653.9 616.0 611.8 704.3 681.0 618.9 596.5 Personal saving as a percentage of disposable personal income.............. 5.9 5.7 5.5 5.5 6.2 6.0 5.4 5.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,191.1 9,219.6 9,109.7 9,111.7 9,226.6 9,252.1 9,288.0 9,406.2 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,099.8 10,236.6 10,080.4 10,113.3 10,251.9 10,276.6 10,304.9 10,326.3 Per capita: Current dollars...................... 35,888 36,680 36,049 36,282 36,704 36,778 36,954 37,308 Chained (2005) dollars............... 32,847 33,010 32,673 32,717 33,100 33,103 33,120 33,130 Population (midperiod, thousands)\3\..... 307,483 310,106 308,521 309,120 309,724 310,438 311,140 311,696 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010. 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] ----------------------------------------------------------------------------------------------------------------------------------- Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -3.0 53.4 25.6 54.5 135.1 47.8 54.6 46.1 Compensation of employees, received...... 10.0 24.8 -11.0 16.7 36.1 30.2 26.2 31.8 Wage and salary disbursements.......... 7.0 20.6 -12.8 13.5 23.5 25.7 21.9 27.6 Private industries................... 11.0 16.5 -12.7 12.2 22.1 25.4 20.6 27.3 Goods-producing industries......... 1.7 -.4 -2.1 1.7 12.5 1.0 7.5 6.3 Manufacturing.................... 2.1 1.9 -.7 3.2 8.5 -.7 6.6 .8 Services-producing industries...... 9.4 16.7 -10.5 10.5 9.7 24.3 13.1 20.9 Trade, transportation, and utilities....................... 2.7 .6 -6.0 4.3 .2 5.4 4.6 7.2 Other services-producing industries...................... 6.7 16.1 -4.5 6.2 9.4 19.0 8.5 13.8 Government........................... -4.1 4.2 .0 1.2 1.3 .4 1.3 .3 Supplements to wages and salaries...... 3.0 4.2 1.8 3.2 12.6 4.5 4.3 4.2 Employer contributions for employee pension and insurance funds......... 2.6 2.8 2.5 2.7 3.4 2.8 2.6 2.4 Employer contributions for government social insurance.................... .4 1.4 -.7 .5 9.2 1.7 1.6 1.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 5.4 6.8 6.0 7.9 4.3 6.1 5.4 4.4 Farm................................... 4.1 1.4 1.5 1.5 .1 .1 .2 -2.1 Nonfarm................................ 1.3 5.4 4.5 6.4 4.2 6.0 5.3 6.5 Rental income of persons with capital consumption adjustment.................. 3.1 .6 1.0 1.2 7.6 7.9 8.4 3.1 Personal income receipts on assets....... -9.5 14.9 19.7 25.5 5.1 6.8 -2.1 5.0 Personal interest income............... -15.4 15.8 15.8 15.8 .7 .7 .7 .8 Personal dividend income............... 5.9 -.9 3.9 9.7 4.4 6.1 -2.9 4.3 Personal current transfer receipts....... -11.0 9.0 8.5 4.6 -12.0 .3 20.1 5.5 Government social benefits to persons.. -10.7 6.7 9.2 4.8 -12.1 1.5 19.6 5.4 Old-age, survivors, disability, and health insurance benefits........... 8.0 .3 -.9 10.3 3.6 6.2 10.1 13.7 Government unemployment insurance benefits............................ -17.2 -4.6 2.4 -7.7 -.6 -10.0 5.1 -9.8 Other................................ -1.7 11.1 7.7 2.2 -15.1 5.3 4.4 1.5 Other current transfer receipts, from business (net)........................ -.3 2.3 -.7 -.2 .2 -1.3 .5 .1 Less: Contributions for government social insurance, domestic..................... 1.0 2.8 -1.5 1.3 -93.8 3.5 3.3 3.8 Less: Personal current taxes............... 6.2 13.4 3.2 7.7 83.5 10.0 8.3 11.0 Equals: Disposable personal income......... -9.1 39.9 22.4 46.9 51.5 37.8 46.3 35.1 Less: Personal outlays..................... 26.4 74.7 32.3 39.1 44.7 80.2 54.8 41.3 Personal consumption expenditures........ 30.4 73.9 33.9 40.7 44.4 80.2 54.8 41.5 Goods.................................. 31.2 59.8 8.1 22.2 36.9 60.2 15.6 24.7 Durable goods........................ 18.7 36.0 -6.8 8.6 5.7 25.0 -7.7 3.8 Nondurable goods..................... 12.5 23.8 14.9 13.6 31.2 35.3 23.1 21.1 Services............................... -.8 14.1 25.8 18.5 7.5 19.9 39.3 16.8 Personal interest payments\1\............ -4.6 -1.9 -2.0 -1.9 -.2 -.2 -.3 -.5 Personal current transfer payments....... .6 2.8 .3 .3 .5 .3 .2 .2 To government.......................... .6 .3 .3 .3 .3 .3 .2 .2 To the rest of the world (net)......... .0 2.5 .0 .0 .2 .0 .0 .0 Equals: Personal saving.................... -35.5 -34.8 -9.9 7.7 6.8 -42.3 -8.5 -6.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 1.4 21.2 8.9 21.2 100.1 4.2 -5.4 4.4 Disposable personal income, billions of chained (2005) dollars\2\............ -14.7 15.1 12.9 16.0 11.5 -8.1 1.4 -3.4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010. 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\ IV 09 I 10 II 10 III 10 IV 10\r\ I 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -216.2 366.1 75.0 111.3 166.8 78.4 105.4 230.0 Compensation of employees, received...... -259.1 177.8 32.7 26.7 111.8 66.3 37.7 72.4 Wage and salary disbursements.......... -284.9 124.8 21.0 6.5 97.4 54.9 27.9 52.6 Private industries................... -314.6 111.3 21.7 -4.1 89.8 62.8 28.6 49.8 Goods-producing industries......... -143.6 -8.3 -.6 -13.9 22.1 12.7 2.2 16.1 Manufacturing.................... -79.7 12.0 8.5 -5.7 19.8 9.6 4.9 12.1 Services-producing industries...... -170.8 119.5 22.4 9.7 67.7 50.0 26.4 33.8 Trade, transportation, and utilities....................... -60.4 16.8 1.3 -.2 17.4 11.9 1.0 6.2 Other services-producing industries...................... -110.5 102.8 21.0 10.1 50.2 38.1 25.4 27.5 Government........................... 29.6 13.5 -.7 10.6 7.6 -7.8 -.8 2.8 Supplements to wages and salaries...... 25.8 53.0 11.7 20.2 14.4 11.3 10.0 19.7 Employer contributions for employee pension and insurance funds......... 35.4 34.8 10.0 11.8 7.3 7.2 7.9 8.7 Employer contributions for government social insurance.................... -9.5 18.2 1.7 8.4 7.1 4.2 2.0 11.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. -90.1 43.1 15.7 8.6 19.0 9.8 20.7 17.4 Farm................................... -20.3 14.4 8.2 .6 2.1 9.6 7.0 1.7 Nonfarm................................ -69.7 28.6 7.5 8.1 16.8 .2 13.7 15.6 Rental income of persons with capital consumption adjustment.................. 52.0 26.9 3.7 9.9 6.1 5.0 4.6 16.8 Personal income receipts on assets....... -189.6 -12.1 -1.9 21.9 3.3 -24.7 25.3 32.5 Personal interest income............... -92.4 -27.4 -7.5 2.9 -3.4 -30.6 16.2 17.2 Personal dividend income............... -97.2 15.3 5.6 19.0 6.8 5.8 9.2 15.2 Personal current transfer receipts....... 253.6 163.6 28.9 57.3 40.6 30.3 21.3 .8 Government social benefits to persons.. 254.2 162.2 29.1 56.4 40.2 30.1 19.7 1.7 Old-age, survivors, disability, and health insurance benefits........... 96.2 49.4 16.2 2.5 16.8 15.4 9.1 17.7 Government unemployment insurance benefits............................ 77.9 8.0 -1.6 2.7 -9.3 -1.1 -8.0 -9.9 Other................................ 80.1 104.9 14.3 51.3 32.7 15.8 18.6 -6.1 Other current transfer receipts, from business (net)........................ -.7 1.4 .0 .8 .4 .2 1.6 -.9 Less: Contributions for government social insurance, domestic..................... -16.9 33.2 4.2 13.0 14.1 8.3 4.0 -90.0 Less: Personal current taxes............... -298.2 26.3 .2 17.5 14.4 29.1 25.0 99.1 Equals: Disposable personal income......... 82.0 339.8 74.7 93.9 152.4 49.3 80.5 130.8 Less: Personal outlays..................... -125.4 341.1 82.1 98.2 59.8 72.6 142.6 153.2 Personal consumption expenditures........ -103.2 347.8 90.8 99.3 54.6 80.9 147.3 154.6 Goods.................................. -148.8 195.0 36.8 67.1 -2.5 42.1 106.0 99.7 Durable goods........................ -57.0 62.9 -1.3 16.8 13.4 13.7 47.0 23.3 Nondurable goods..................... -91.8 132.1 38.0 50.3 -15.9 28.4 59.0 76.4 Services............................... 45.6 152.8 54.0 32.3 57.0 38.8 41.4 54.8 Personal interest payments\1\............ -29.4 -17.9 -13.1 -4.0 2.2 -8.9 -8.5 -2.3 Personal current transfer payments....... 7.1 11.3 4.5 2.8 3.1 .6 3.7 1.1 To government.......................... 5.3 5.8 1.4 1.5 1.6 1.7 1.2 .9 To the rest of the world (net)......... 1.9 5.4 3.2 1.2 1.5 -1.1 2.5 .2 Equals: Personal saving.................... 207.4 -1.4 -7.4 -4.2 92.5 -23.3 -62.1 -22.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -447.4 28.5 -19.0 2.0 114.9 25.5 35.9 118.2 Disposable personal income, billions of chained (2005) dollars\2\............ 56.9 136.8 .7 32.9 138.6 24.7 28.3 21.4 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010. 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] ----------------------------------------------------------------------------------------------------------------------------------- Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .0 .4 .2 .4 1.1 .4 .4 .4 Compensation of employees, received...... .1 .3 -.1 .2 .4 .4 .3 .4 Wage and salary disbursements.......... .1 .3 -.2 .2 .4 .4 .3 .4 Supplements to wages and salaries...... .2 .3 .1 .2 .8 .3 .3 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. .5 .6 .6 .7 .4 .6 .5 .4 Rental income of persons with capital consumption adjustment.................. 1.0 .2 .3 .4 2.5 2.5 2.6 .9 Personal income receipts on assets....... -.5 .8 1.0 1.3 .3 .4 -.1 .3 Personal interest income............... -1.3 1.4 1.3 1.3 .1 .1 .1 .1 Personal dividend income............... .8 -.1 .5 1.3 .6 .8 -.4 .6 Personal current transfer receipts....... -.5 .4 .4 .2 -.5 .0 .9 .2 Less: Contributions for government social insurance, domestic..................... .1 .3 -.1 .1 -9.2 .4 .4 .4 Less: Personal current taxes............... .5 1.1 .3 .6 6.9 .8 .6 .8 Equals: Disposable personal income......... -.1 .3 .2 .4 .4 .3 .4 .3 Addenda: Personal consumption expenditures........ .3 .7 .3 .4 .4 .8 .5 .4 Goods.................................. .9 1.7 .2 .6 1.0 1.7 .4 .7 Durable goods........................ 1.7 3.3 -.6 .8 .5 2.2 -.7 .3 Nondurable goods..................... .5 1.0 .6 .6 1.3 1.4 .9 .8 Services............................... .0 .2 .4 .3 .1 .3 .6 .2 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .0 .2 .1 .2 1.1 .0 -.1 .0 Real disposable personal income.......... -.1 .1 .1 .2 .1 -.1 .0 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010\r\ IV 09 I 10 II 10 III 10 IV 10\r\ I 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ -1.7 3.0 2.5 3.7 5.5 2.5 3.4 7.4 Compensation of employees, received...... -3.2 2.3 1.7 1.4 5.8 3.4 1.9 3.6 Wage and salary disbursements.......... -4.3 2.0 1.3 .4 6.3 3.5 1.7 3.3 Supplements to wages and salaries...... 1.7 3.5 3.1 5.3 3.7 2.9 2.5 5.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. -8.2 4.3 6.4 3.4 7.6 3.8 8.0 6.6 Rental income of persons with capital consumption adjustment.................. 23.4 9.8 5.4 14.7 8.7 6.9 6.1 23.7 Personal income receipts on assets....... -9.0 -.6 -.4 4.7 .7 -5.1 5.5 7.0 Personal interest income............... -7.0 -2.2 -2.5 1.0 -1.1 -9.8 5.6 5.9 Personal dividend income............... -12.2 2.2 3.3 11.6 3.9 3.4 5.2 8.7 Personal current transfer receipts....... 13.5 7.7 5.5 10.9 7.4 5.4 3.7 .1 Less: Contributions for government social insurance, domestic..................... -1.7 3.4 1.7 5.4 5.9 3.3 1.6 -31.0 Less: Personal current taxes............... -20.7 2.3 .1 6.4 5.2 10.5 8.8 37.3 Equals: Disposable personal income......... .7 3.1 2.7 3.4 5.5 1.7 2.8 4.6 Addenda: Personal consumption expenditures........ -1.0 3.5 3.7 4.0 2.1 3.2 5.8 6.0 Goods.................................. -4.4 6.0 4.6 8.3 -.3 5.1 13.0 11.8 Durable goods........................ -5.3 6.1 -.5 6.6 5.1 5.2 18.4 8.5 Nondurable goods..................... -4.0 6.0 7.0 9.2 -2.7 5.0 10.5 13.4 Services............................... .7 2.3 3.2 1.9 3.4 2.3 2.4 3.2 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -4.6 .3 -.2 .0 1.3 .3 .4 1.3 Real disposable personal income.......... .6 1.4 .0 1.3 5.6 1.0 1.1 .8 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Sep 10 Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,355.4 9,402.8 9,426.6 9,439.3 9,447.4 9,480.5 9,492.7 9,497.7 Goods.................................... 3,279.4 3,323.5 3,330.0 3,331.7 3,340.9 3,371.7 3,359.3 3,360.3 Durable goods.......................... 1,193.6 1,235.4 1,231.2 1,244.9 1,250.3 1,274.8 1,266.7 1,266.8 Nondurable goods....................... 2,087.1 2,094.2 2,103.6 2,094.3 2,098.5 2,107.7 2,102.6 2,103.4 Services................................. 6,078.7 6,084.1 6,101.3 6,112.1 6,111.5 6,114.9 6,138.6 6,142.5 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 21.5 47.4 23.8 12.7 8.1 33.1 12.2 5.0 Goods.................................... 25.1 44.1 6.5 1.7 9.2 30.8 -12.4 1.0 Durable goods.......................... 21.4 41.8 -4.2 13.7 5.4 24.5 -8.1 .1 Nondurable goods....................... 5.9 7.1 9.4 -9.3 4.2 9.2 -5.1 .8 Services................................. -2.2 5.4 17.2 10.8 -.6 3.4 23.7 3.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .2 .5 .3 .1 .1 .4 .1 .1 Goods.................................... .8 1.3 .2 .1 .3 .9 -.4 .0 Durable goods.......................... 1.8 3.5 -.3 1.1 .4 2.0 -.6 .0 Nondurable goods....................... .3 .3 .5 -.4 .2 .4 -.2 .0 Services................................. .0 .1 .3 .2 .0 .1 .4 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 IV 09 I 10 II 10 III 10 IV 10 I 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,153.9 9,313.6 9,182.9 9,225.4 9,275.7 9,330.6 9,422.9 9,473.5 Goods.................................... 3,117.4 3,250.4 3,151.8 3,195.4 3,222.6 3,255.2 3,328.4 3,357.3 Durable goods.......................... 1,094.6 1,178.3 1,115.1 1,138.9 1,157.8 1,179.3 1,237.2 1,263.9 Nondurable goods....................... 2,017.4 2,072.6 2,032.3 2,053.5 2,063.4 2,076.2 2,097.4 2,102.9 Services................................. 6,032.7 6,064.7 6,028.7 6,029.6 6,053.4 6,076.9 6,099.2 6,121.7 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -111.1 159.7 21.3 42.5 50.3 54.9 92.3 50.6 Goods.................................... -62.9 133.0 13.6 43.6 27.2 32.6 73.2 28.9 Durable goods.......................... -41.8 83.7 -3.2 23.8 18.9 21.5 57.9 26.7 Nondurable goods....................... -23.8 55.2 15.4 21.2 9.9 12.8 21.2 5.5 Services................................. -49.6 32.0 8.0 .9 23.8 23.5 22.3 22.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -1.2 1.7 .9 1.9 2.2 2.4 4.0 2.2 Goods.................................... -2.0 4.3 1.7 5.7 3.4 4.1 9.3 3.5 Durable goods.......................... -3.7 7.7 -1.1 8.8 6.8 7.6 21.1 8.9 Nondurable goods....................... -1.2 2.7 3.1 4.2 1.9 2.5 4.1 1.1 Services................................. -.8 .5 .5 .1 1.6 1.6 1.5 1.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Sep 10 Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 111.207 111.432 111.510 111.792 112.166 112.620 113.054 113.432 Goods.................................... 105.305 105.702 105.740 106.354 107.165 107.972 108.836 109.539 Durable goods.......................... 92.188 91.977 91.739 91.426 91.483 91.684 91.674 91.958 Nondurable goods....................... 112.728 113.477 113.676 114.835 116.092 117.259 118.646 119.599 Services................................. 114.343 114.474 114.574 114.674 114.809 115.070 115.266 115.466 Addenda: PCE excluding food and energy............ 110.327 110.379 110.456 110.474 110.667 110.846 110.974 111.179 Food\1\.................................. 114.212 114.317 114.370 114.459 115.208 116.101 117.086 117.598 Energy goods and services\2\............. 120.838 124.159 124.281 129.352 132.315 136.964 142.049 145.332 Market-based PCE\3\...................... 111.276 111.460 111.532 111.851 112.211 112.724 113.188 113.619 Market-based PCE excluding food and energy\3\........................... 110.259 110.236 110.304 110.325 110.472 110.676 110.790 111.029 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .2 .1 .3 .3 .4 .4 .3 Goods.................................... .1 .4 .0 .6 .8 .8 .8 .6 Durable goods.......................... -.1 -.2 -.3 -.3 .1 .2 .0 .3 Nondurable goods....................... .3 .7 .2 1.0 1.1 1.0 1.2 .8 Services................................. .0 .1 .1 .1 .1 .2 .2 .2 Addenda: PCE excluding food and energy............ .0 .0 .1 .0 .2 .2 .1 .2 Food\1\.................................. .3 .1 .0 .1 .7 .8 .8 .4 Energy goods and services\2\............. .8 2.7 .1 4.1 2.3 3.5 3.7 2.3 Market-based PCE\3\...................... .1 .2 .1 .3 .3 .5 .4 .4 Market-based PCE excluding food and energy\3\........................... .0 .0 .1 .0 .1 .2 .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 ----------------------------------------------------------------------------------------------------------------------------------- Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.1 2.4 2.3 2.0 2.3 2.1 1.9 1.1 Personal consumption expenditures.......... 2.3 2.5 2.7 2.6 2.8 2.7 2.5 2.6 Goods.................................... 5.4 6.0 5.4 5.5 5.7 5.6 3.9 4.2 Durable goods.......................... 10.7 12.2 10.0 10.6 12.0 12.7 8.3 9.3 Nondurable goods....................... 3.0 3.2 3.3 3.1 2.9 2.4 1.9 1.9 Services................................. .9 .9 1.4 1.2 1.4 1.3 1.9 1.8 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Sep 10 Oct 10 Nov 10 Dec 10 Jan 11\r\ Feb 11\r\ Mar 11\r\ Apr 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.3 1.2 1.0 1.1 1.2 1.6 1.8 2.2 Goods.................................... .5 .8 .6 1.0 1.2 2.1 3.0 4.0 Durable goods.......................... -1.4 -1.8 -2.0 -2.2 -1.9 -1.4 -1.6 -1.1 Nondurable goods....................... 1.4 2.0 1.8 2.5 2.6 3.9 5.1 6.4 Services................................. 1.7 1.4 1.3 1.2 1.2 1.3 1.2 1.3 Addenda: PCE excluding food and energy............ 1.1 .9 .8 .7 .8 .9 .9 1.0 Food\1\.................................. 1.3 1.3 1.3 1.2 1.7 2.4 2.9 3.2 Energy goods and services\2\............. 4.2 6.3 4.0 7.4 6.7 11.1 15.3 19.6 Market-based PCE\3\...................... 1.2 1.2 1.1 1.2 1.3 1.7 2.1 2.5 Market-based PCE excluding food and energy\3\........................... 1.0 .8 .8 .7 .8 1.0 1.0 1.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.