EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, AUGUST 30, 2010 James Rankin:(202)606-5301 (Personal Income)BEA 10-42 Kyle Brown: (202)606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: JULY 2010 Personal income increased $30.0 billion, or 0.2 percent, and disposable personal income (DPI) increased $17.6 billion, or 0.2 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $44.1 billion, or 0.4 percent. In June, personal income decreased $2.7 billion, or less than 0.1 percent, DPI decreased $0.2 billion, or less than 0.1 percent, and PCE decreased $4.0 billion, or less than 0.1 percent, based on revised estimates. Real disposable income decreased 0.1 percent in July, in contrast to an increase of 0.1 percent in June. Real PCE increased 0.2 percent, compared with an increase of 0.1 percent. 2010 Mar. Apr. May June July (Percent change from preceding month) Personal income, current dollars 0.4 0.5 0.3 0.0 0.2 Disposable personal income: Current dollars 0.4 0.5 0.3 0.0 0.2 Chained (2005) dollars 0.3 0.6 0.4 0.1 -0.1 Personal consumption expenditures: Current dollars 0.5 -0.1 0.1 0.0 0.4 Chained (2005) dollars 0.3 -0.1 0.2 0.1 0.2 This news release also presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2010 (first quarter). These estimates reflect newly available first-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. Wages and salaries Private wage and salary disbursements increased $23.3 billion in July, in contrast to a decrease of $5.0 billion in June. Goods-producing industries' payrolls increased $6.3 billion, in contrast to a decrease of $8.5 billion; manufacturing payrolls increased $5.3 billion, in contrast to a decrease of $5.3 billion. Services-producing industries' payrolls increased $17.0 billion, compared with an increase of $3.5 billion. Government wage and salary disbursements decreased $1.1 billion, compared with a decrease of $3.3 billion. The decline in the number of temporary workers for Census 2010 subtracted $1.4 billion at an annual rate from federal civilian payrolls in July and subtracted $3.4 billion in June. Other personal income Supplements to wages and salaries increased $3.6 billion in July, compared with an increase of $1.9 billion in June. Proprietors' income increased $1.6 billion in July, in contrast to a decrease of $5.3 billion in June. Farm proprietors' income increased $5.5 billion, in contrast to a decrease of $0.2 billion. Nonfarm proprietors' income decreased $4.0 billion, compared with a decrease of $5.1 billion. Rental income of persons increased $2.8 billion in July, compared with an increase of $1.7 billion in June. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $3.4 billion, compared with a decrease of $1.4 billion. Personal current transfer receipts increased $6.2 billion, compared with an increase of $7.9 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.9 billion in July, in contrast to a decrease of $0.7 billion in June. Personal current taxes and disposable personal income Personal current taxes increased $12.4 billion in July, in contrast to a decrease of $2.5 billion in June. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $17.6 billion, or 0.2 percent, in July, in contrast to a decrease of $0.2 billion, or less than 0.1 percent in June. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $44.0 billion in July, in contrast to a decrease of $7.3 billion in June. PCE increased $44.1 billion, in contrast to a decrease of $4.0 billion. Personal saving -- DPI less personal outlays -- was $673.4 billion in July, compared with $699.7 billion in June. Personal saving as a percentage of disposable personal income was 5.9 percent in July, compared with 6.2 percent in June. 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 July, in contrast to an increase of 0.1 percent in June. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in July, compared with an increase of 0.1 percent in June. Purchases of durable goods increased 1.2 percent, in contrast to a decrease of 0.1 percent. Purchases of motor vehicles and parts accounted for about one-half of the increase in July and more than accounted for the decrease in June. Purchases of nondurable goods decreased 0.3 percent in July, in contrast to an increase of 0.2 percent in June. Purchases of services increased 0.2 percent, compared with an increase of 0.1 percent. PCE price index -- The price index for PCE increased 0.2 percent in July, in contrast to a decrease of 0.1 percent in June. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of less than 0.1 percent. Revisions Estimates of personal income have been revised for January through June; estimates for PCE have been revised for April through June. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for May and June -- revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from January through June. The revisions to first-quarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of first-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for April, May, and June reflect extrapolations from the revised first-quarter level of wages. In addition, revisions to May and June reflect revised BLS employment, hours, and earnings data for May and June. Change from preceding month May June Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 40.5 38.3 0.3 0.3 3.0 -2.7 0.0 0.0 Disposable personal income: Current dollars 36.9 34.5 0.3 0.3 5.1 -0.2 0.0 0.0 Chained (2005) dollars 40.7 40.1 0.4 0.4 19.3 14.3 0.2 0.1 Personal consumption expenditures: Current dollars 8.6 13.4 0.1 0.1 -2.9 -4.0 0.0 0.0 Chained (2005) dollars 14.5 20.1 0.2 0.2 10.7 9.6 0.1 0.1 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 – October 1, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for August. ________________________ 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] ----------------------------------------------------------------------------------------------------------------------------------- Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\r\ May 10\r\ Jun 10\r\ Jul 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,300.7 12,324.3 12,337.2 12,389.4 12,446.6 12,484.9 12,482.2 12,512.2 Compensation of employees, received...... 7,842.4 7,855.0 7,851.0 7,868.3 7,899.4 7,931.3 7,925.0 7,950.6 Wage and salary disbursements.......... 6,291.5 6,291.3 6,284.8 6,298.1 6,325.3 6,352.8 6,344.6 6,366.7 Private industries................... 5,116.7 5,107.6 5,099.7 5,110.5 5,135.2 5,156.9 5,151.9 5,175.2 Goods-producing industries......... 1,046.9 1,037.4 1,028.8 1,030.3 1,035.6 1,046.7 1,038.2 1,044.5 Manufacturing.................... 660.6 655.6 651.0 651.3 655.0 663.4 658.1 663.4 Services-producing industries...... 4,069.8 4,070.1 4,070.8 4,080.2 4,099.6 4,110.2 4,113.7 4,130.7 Trade, transportation, and utilities....................... 987.6 987.9 986.4 989.6 995.8 998.6 996.4 1,002.0 Other services-producing industries...................... 3,082.2 3,082.2 3,084.4 3,090.6 3,103.7 3,111.6 3,117.3 3,128.7 Government........................... 1,174.8 1,183.7 1,185.2 1,187.6 1,190.1 1,195.9 1,192.6 1,191.5 Supplements to wages and salaries...... 1,550.9 1,563.7 1,566.1 1,570.2 1,574.1 1,578.5 1,580.4 1,584.0 Employer contributions for employee pension and insurance funds......... 1,088.1 1,093.1 1,095.8 1,098.5 1,100.7 1,103.1 1,105.4 1,107.6 Employer contributions for government social insurance.................... 462.8 470.6 470.3 471.7 473.3 475.4 475.0 476.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,025.3 1,027.0 1,028.0 1,037.2 1,048.8 1,050.9 1,045.6 1,047.2 Farm................................... 38.0 37.4 36.8 36.2 35.9 35.7 35.5 41.0 Nonfarm................................ 987.3 989.7 991.2 1,001.0 1,012.9 1,015.2 1,010.1 1,006.1 Rental income of persons with capital consumption adjustment.................. 282.3 287.4 292.5 298.0 299.0 300.7 302.4 305.2 Personal income receipts on assets....... 1,915.9 1,913.3 1,916.1 1,903.8 1,908.8 1,910.1 1,908.7 1,905.3 Personal interest income............... 1,216.6 1,212.6 1,208.7 1,204.7 1,204.4 1,204.1 1,203.7 1,198.9 Personal dividend income............... 699.3 700.7 707.4 699.0 704.4 706.0 705.0 706.4 Personal current transfer receipts....... 2,210.5 2,228.7 2,236.3 2,271.4 2,283.5 2,288.9 2,296.8 2,303.0 Government social benefits to persons.. 2,174.7 2,192.1 2,199.7 2,234.7 2,246.8 2,251.9 2,259.5 2,266.0 Old-age, survivors, disability, and health insurance benefits........... 1,198.4 1,187.3 1,190.7 1,195.9 1,207.5 1,208.2 1,208.6 1,219.3 Government unemployment insurance benefits............................ 150.1 143.3 138.2 156.8 142.0 140.3 139.3 124.6 Other................................ 826.2 861.6 870.8 882.1 897.2 903.4 911.6 922.1 Other current transfer receipts, from business (net)........................ 35.8 36.6 36.6 36.7 36.7 37.0 37.2 37.0 Less: Contributions for government social insurance, domestic..................... 975.8 987.3 986.7 989.3 992.9 996.9 996.2 999.1 Less: Personal current taxes............... 1,116.8 1,133.1 1,133.6 1,137.4 1,134.4 1,138.3 1,135.8 1,148.2 Equals: Disposable personal income......... 11,183.9 11,191.2 11,203.6 11,252.1 11,312.1 11,346.6 11,346.4 11,364.0 Less: Personal outlays..................... 10,536.4 10,554.0 10,602.9 10,654.6 10,643.9 10,653.9 10,646.6 10,690.6 Personal consumption expenditures........ 10,168.4 10,182.8 10,229.9 10,279.7 10,272.0 10,285.4 10,281.4 10,325.5 Goods.................................. 3,327.0 3,346.8 3,375.3 3,417.9 3,396.9 3,374.7 3,363.3 3,381.3 Durable goods........................ 1,051.8 1,041.0 1,052.2 1,089.0 1,078.1 1,074.6 1,069.9 1,080.1 Nondurable goods..................... 2,275.2 2,305.8 2,323.1 2,328.9 2,318.8 2,300.1 2,293.4 2,301.3 Services............................... 6,841.4 6,836.1 6,854.6 6,861.8 6,875.1 6,910.6 6,918.1 6,944.2 Personal interest payments\1\............ 201.1 202.5 203.8 205.2 201.3 197.5 193.6 192.9 Personal current transfer payments....... 166.9 168.7 169.2 169.7 170.5 171.1 171.6 172.2 To government.......................... 97.4 97.9 98.5 99.0 99.5 100.1 100.6 101.2 To the rest of the world (net)......... 69.5 70.7 70.7 70.7 71.0 71.0 71.0 71.0 Equals: Personal saving.................... 647.5 637.2 600.6 597.4 668.3 692.8 699.7 673.4 Personal saving as a percentage of disposable personal income.............. 5.8 5.7 5.4 5.3 5.9 6.1 6.2 5.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,128.6 9,110.5 9,111.8 9,112.9 9,155.5 9,193.4 9,196.7 9,196.5 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,118.1 10,099.3 10,106.5 10,134.3 10,190.6 10,230.7 10,245.0 10,236.8 Per capita: Current dollars...................... 36,225 36,226 36,244 36,378 36,549 36,635 36,608 36,637 Chained (2005) dollars............... 32,773 32,691 32,695 32,764 32,925 33,032 33,054 33,003 Population (midperiod, thousands)\3\..... 308,733 308,930 309,119 309,312 309,509 309,718 309,946 310,180 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first 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] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 I 09 II 09 III 09 IV 09 I 10\r\ II 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,391.1 12,174.9 12,093.2 12,203.4 12,164.0 12,239.0 12,350.3 12,471.2 Compensation of employees, received...... 8,065.8 7,806.7 7,777.7 7,819.0 7,798.7 7,831.4 7,858.1 7,918.6 Wage and salary disbursements.......... 6,559.0 6,274.1 6,260.0 6,287.7 6,263.9 6,284.9 6,291.4 6,340.9 Private industries................... 5,415.1 5,100.5 5,092.5 5,111.4 5,088.3 5,110.0 5,105.9 5,148.0 Goods-producing industries......... 1,207.6 1,064.0 1,100.2 1,063.0 1,046.7 1,046.1 1,032.2 1,040.2 Manufacturing.................... 741.2 661.5 678.6 659.1 649.8 658.3 652.6 658.8 Services-producing industries...... 4,207.4 4,036.6 3,992.3 4,048.5 4,041.6 4,064.0 4,073.7 4,107.8 Trade, transportation, and utilities....................... 1,050.9 990.5 997.0 989.9 986.9 988.2 988.0 996.9 Other services-producing industries...................... 3,156.6 3,046.1 2,995.3 3,058.5 3,054.7 3,075.7 3,085.8 3,110.9 Government........................... 1,144.0 1,173.6 1,167.6 1,176.2 1,175.6 1,174.9 1,185.5 1,192.9 Supplements to wages and salaries...... 1,506.8 1,532.6 1,517.7 1,531.4 1,534.8 1,546.5 1,566.7 1,577.7 Employer contributions for employee pension and insurance funds......... 1,036.6 1,072.0 1,060.2 1,069.9 1,074.0 1,084.0 1,095.8 1,103.1 Employer contributions for government social insurance.................... 470.1 460.6 457.4 461.5 460.8 462.5 470.9 474.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,102.0 1,011.9 1,018.7 1,000.5 1,006.4 1,022.1 1,030.7 1,048.4 Farm................................... 50.8 30.5 29.6 28.0 28.0 36.2 36.8 35.7 Nonfarm................................ 1,051.2 981.5 989.0 972.5 978.4 985.9 994.0 1,012.7 Rental income of persons with capital consumption adjustment.................. 222.0 274.0 264.7 269.4 279.1 282.8 292.7 300.7 Personal income receipts on assets....... 2,109.3 1,919.7 1,972.7 1,925.9 1,891.1 1,889.2 1,911.1 1,909.2 Personal interest income............... 1,314.7 1,222.3 1,240.5 1,229.5 1,213.3 1,205.8 1,208.7 1,204.1 Personal dividend income............... 794.6 697.4 732.2 696.4 677.8 683.4 702.4 705.1 Personal current transfer receipts....... 1,879.2 2,132.8 2,023.7 2,160.2 2,159.3 2,188.2 2,245.5 2,289.7 Government social benefits to persons.. 1,842.6 2,096.8 1,987.2 2,124.1 2,123.4 2,152.5 2,208.9 2,252.7 Old-age, survivors, disability, and health insurance benefits........... 1,068.3 1,164.5 1,138.6 1,158.2 1,172.6 1,188.8 1,191.3 1,208.1 Government unemployment insurance benefits............................ 50.7 128.6 98.2 127.7 145.0 143.4 146.1 140.5 Other................................ 723.6 803.7 750.4 838.1 805.9 820.2 871.5 904.1 Other current transfer receipts, from business (net)........................ 36.7 36.0 36.5 36.1 35.8 35.8 36.6 37.0 Less: Contributions for government social insurance, domestic..................... 987.2 970.3 964.2 971.6 970.6 974.8 987.8 995.3 Less: Personal current taxes............... 1,438.2 1,140.0 1,213.4 1,112.5 1,117.0 1,117.2 1,134.7 1,136.2 Equals: Disposable personal income......... 10,952.9 11,034.9 10,879.8 11,090.9 11,047.0 11,121.7 11,215.6 11,335.1 Less: Personal outlays..................... 10,505.0 10,379.6 10,291.6 10,297.4 10,423.6 10,505.7 10,603.9 10,648.1 Personal consumption expenditures........ 10,104.5 10,001.3 9,913.0 9,920.1 10,040.7 10,131.5 10,230.8 10,279.6 Goods.................................. 3,379.5 3,230.7 3,158.4 3,175.4 3,276.1 3,312.9 3,380.0 3,378.3 Durable goods........................ 1,083.5 1,026.5 1,012.2 1,004.7 1,045.2 1,043.9 1,060.7 1,074.2 Nondurable goods..................... 2,296.0 2,204.2 2,146.2 2,170.7 2,231.0 2,269.0 2,319.3 2,304.1 Services............................... 6,725.0 6,770.6 6,754.6 6,744.7 6,764.6 6,818.6 6,850.9 6,901.3 Personal interest payments\1\............ 246.2 216.8 220.1 218.4 220.9 207.8 203.8 197.5 Personal current transfer payments....... 154.3 161.4 158.5 158.9 161.9 166.4 169.2 171.1 To government.......................... 89.7 95.0 93.1 94.3 95.6 97.0 98.5 100.1 To the rest of the world (net)......... 64.6 66.5 65.4 64.6 66.3 69.5 70.7 71.0 Equals: Personal saving.................... 447.9 655.3 588.2 793.5 623.4 616.0 611.8 686.9 Personal saving as a percentage of disposable personal income.............. 4.1 5.9 5.4 7.2 5.6 5.5 5.5 6.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,638.5 9,191.1 9,298.7 9,230.2 9,128.7 9,109.7 9,111.7 9,181.8 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,042.9 10,099.8 10,046.9 10,193.0 10,079.7 10,080.4 10,113.3 10,222.1 Per capita: Current dollars...................... 35,931 35,888 35,497 36,115 35,888 36,049 36,282 36,597 Chained (2005) dollars............... 32,946 32,847 32,780 33,191 32,746 32,673 32,717 33,004 Population (midperiod, thousands)\3\..... 304,831 307,483 306,496 307,101 307,815 308,521 309,120 309,724 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first 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] ----------------------------------------------------------------------------------------------------------------------------------- Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\r\ May 10\r\ Jun 10\r\ Jul 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 63.3 23.6 12.9 52.2 57.2 38.3 -2.7 30.0 Compensation of employees, received...... 3.7 12.6 -4.0 17.3 31.1 31.9 -6.3 25.6 Wage and salary disbursements.......... .3 -.2 -6.5 13.3 27.2 27.5 -8.2 22.1 Private industries................... .5 -9.1 -7.9 10.8 24.7 21.7 -5.0 23.3 Goods-producing industries......... -3.6 -9.5 -8.6 1.5 5.3 11.1 -8.5 6.3 Manufacturing.................... -1.7 -5.0 -4.6 .3 3.7 8.4 -5.3 5.3 Services-producing industries...... 4.1 .3 .7 9.4 19.4 10.6 3.5 17.0 Trade, transportation, and utilities....................... -.6 .3 -1.5 3.2 6.2 2.8 -2.2 5.6 Other services-producing industries...................... 4.7 .0 2.2 6.2 13.1 7.9 5.7 11.4 Government........................... -.3 8.9 1.5 2.4 2.5 5.8 -3.3 -1.1 Supplements to wages and salaries...... 3.4 12.8 2.4 4.1 3.9 4.4 1.9 3.6 Employer contributions for employee pension and insurance funds......... 4.0 5.0 2.7 2.7 2.2 2.4 2.3 2.2 Employer contributions for government social insurance.................... -.6 7.8 -.3 1.4 1.6 2.1 -.4 1.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. .1 1.7 1.0 9.2 11.6 2.1 -5.3 1.6 Farm................................... 1.3 -.6 -.6 -.6 -.3 -.2 -.2 5.5 Nonfarm................................ -1.2 2.4 1.5 9.8 11.9 2.3 -5.1 -4.0 Rental income of persons with capital consumption adjustment.................. -.7 5.1 5.1 5.5 1.0 1.7 1.7 2.8 Personal income receipts on assets....... 35.1 -2.6 2.8 -12.3 5.0 1.3 -1.4 -3.4 Personal interest income............... 12.9 -4.0 -3.9 -4.0 -.3 -.3 -.4 -4.8 Personal dividend income............... 22.2 1.4 6.7 -8.4 5.4 1.6 -1.0 1.4 Personal current transfer receipts....... 24.8 18.2 7.6 35.1 12.1 5.4 7.9 6.2 Government social benefits to persons.. 24.8 17.4 7.6 35.0 12.1 5.1 7.6 6.5 Old-age, survivors, disability, and health insurance benefits........... 13.7 -11.1 3.4 5.2 11.6 .7 .4 10.7 Government unemployment insurance benefits............................ 5.8 -6.8 -5.1 18.6 -14.8 -1.7 -1.0 -14.7 Other................................ 5.3 35.4 9.2 11.3 15.1 6.2 8.2 10.5 Other current transfer receipts, from business (net)........................ .0 .8 .0 .1 .0 .3 .2 -.2 Less: Contributions for government social insurance, domestic..................... -.2 11.5 -.6 2.6 3.6 4.0 -.7 2.9 Less: Personal current taxes............... -1.0 16.3 .5 3.8 -3.0 3.9 -2.5 12.4 Equals: Disposable personal income......... 64.3 7.3 12.4 48.5 60.0 34.5 -.2 17.6 Less: Personal outlays..................... 34.1 17.6 48.9 51.7 -10.7 10.0 -7.3 44.0 Personal consumption expenditures........ 40.2 14.4 47.1 49.8 -7.7 13.4 -4.0 44.1 Goods.................................. 4.4 19.8 28.5 42.6 -21.0 -22.2 -11.4 18.0 Durable goods........................ 3.6 -10.8 11.2 36.8 -10.9 -3.5 -4.7 10.2 Nondurable goods..................... .8 30.6 17.3 5.8 -10.1 -18.7 -6.7 7.9 Services............................... 35.8 -5.3 18.5 7.2 13.3 35.5 7.5 26.1 Personal interest payments\1\............ -6.6 1.4 1.3 1.4 -3.9 -3.8 -3.9 -.7 Personal current transfer payments....... .5 1.8 .5 .5 .8 .6 .5 .6 To government.......................... .5 .5 .6 .5 .5 .6 .5 .6 To the rest of the world (net)......... .0 1.2 .0 .0 .3 .0 .0 .0 Equals: Personal saving.................... 30.1 -10.3 -36.6 -3.2 70.9 24.5 6.9 -26.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 19.7 -18.1 1.3 1.1 42.6 37.9 3.3 -.2 Disposable personal income, billions of chained (2005) dollars\2\............ 41.4 -18.8 7.2 27.8 56.3 40.1 14.3 -8.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first 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] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 I 09 II 09 III 09 IV 09 I 10\r\ II 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 478.8 -216.2 -263.1 110.2 -39.4 75.0 111.3 120.9 Compensation of employees, received...... 203.6 -259.1 -243.0 41.3 -20.3 32.7 26.7 60.5 Wage and salary disbursements.......... 137.3 -284.9 -237.3 27.7 -23.8 21.0 6.5 49.5 Private industries................... 82.4 -314.6 -245.0 18.9 -23.1 21.7 -4.1 42.1 Goods-producing industries......... -5.8 -143.6 -75.8 -37.2 -16.3 -.6 -13.9 8.0 Manufacturing.................... -11.0 -79.7 -41.0 -19.5 -9.3 8.5 -5.7 6.2 Services-producing industries...... 88.1 -170.8 -169.3 56.2 -6.9 22.4 9.7 34.1 Trade, transportation, and utilities....................... 5.7 -60.4 -38.0 -7.1 -3.0 1.3 -.2 8.9 Other services-producing industries...................... 82.5 -110.5 -131.3 63.2 -3.8 21.0 10.1 25.1 Government........................... 55.0 29.6 7.9 8.6 -.6 -.7 10.6 7.4 Supplements to wages and salaries...... 66.4 25.8 -5.8 13.7 3.4 11.7 20.2 11.0 Employer contributions for employee pension and insurance funds......... 56.1 35.4 4.7 9.7 4.1 10.0 11.8 7.3 Employer contributions for government social insurance.................... 10.2 -9.5 -10.6 4.1 -.7 1.7 8.4 3.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 11.6 -90.1 -54.3 -18.2 5.9 15.7 8.6 17.7 Farm................................... 13.0 -20.3 -9.9 -1.6 .0 8.2 .6 -1.1 Nonfarm................................ -1.4 -69.7 -44.5 -16.5 5.9 7.5 8.1 18.7 Rental income of persons with capital consumption adjustment.................. 78.3 52.0 2.1 4.7 9.7 3.7 9.9 8.0 Personal income receipts on assets....... 52.3 -189.6 -96.4 -46.8 -34.8 -1.9 21.9 -1.9 Personal interest income............... 49.6 -92.4 -55.4 -11.0 -16.2 -7.5 2.9 -4.6 Personal dividend income............... 2.7 -97.2 -41.0 -35.8 -18.6 5.6 19.0 2.7 Personal current transfer receipts....... 160.7 253.6 109.5 136.5 -.9 28.9 57.3 44.2 Government social benefits to persons.. 154.7 254.2 110.1 136.9 -.7 29.1 56.4 43.8 Old-age, survivors, disability, and health insurance benefits........... 65.1 96.2 47.7 19.6 14.4 16.2 2.5 16.8 Government unemployment insurance benefits............................ 18.4 77.9 26.7 29.5 17.3 -1.6 2.7 -5.6 Other................................ 71.2 80.1 35.7 87.7 -32.2 14.3 51.3 32.6 Other current transfer receipts, from business (net)........................ 6.2 -.7 -.6 -.4 -.3 .0 .8 .4 Less: Contributions for government social insurance, domestic..................... 27.7 -16.9 -19.2 7.4 -1.0 4.2 13.0 7.5 Less: Personal current taxes............... -50.5 -298.2 -229.6 -100.9 4.5 .2 17.5 1.5 Equals: Disposable personal income......... 529.3 82.0 -33.5 211.1 -43.9 74.7 93.9 119.5 Less: Personal outlays..................... 296.1 -125.4 -53.7 5.8 126.2 82.1 98.2 44.2 Personal consumption expenditures........ 298.2 -103.2 -54.2 7.1 120.6 90.8 99.3 48.8 Goods.................................. 21.8 -148.8 -35.6 17.0 100.7 36.8 67.1 -1.7 Durable goods........................ -75.9 -57.0 6.6 -7.5 40.5 -1.3 16.8 13.5 Nondurable goods..................... 97.8 -91.8 -42.2 24.5 60.3 38.0 50.3 -15.2 Services............................... 276.4 45.6 -18.7 -9.9 19.9 54.0 32.3 50.4 Personal interest payments\1\............ -14.7 -29.4 -4.9 -1.7 2.5 -13.1 -4.0 -6.3 Personal current transfer payments....... 12.6 7.1 5.4 .4 3.0 4.5 2.8 1.9 To government.......................... 7.3 5.3 1.1 1.2 1.3 1.4 1.5 1.6 To the rest of the world (net)......... 5.3 1.9 4.3 -.8 1.7 3.2 1.2 .3 Equals: Personal saving.................... 233.2 207.4 20.2 205.3 -170.1 -7.4 -4.2 75.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -18.0 -447.4 -304.2 -68.5 -101.5 -19.0 2.0 70.1 Disposable personal income, billions of chained (2005) dollars\2\............ 168.7 56.9 10.6 146.1 -113.3 .7 32.9 108.8 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first 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] ----------------------------------------------------------------------------------------------------------------------------------- Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\r\ May 10\r\ Jun 10\r\ Jul 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .5 .2 .1 .4 .5 .3 .0 .2 Compensation of employees, received...... .0 .2 -.1 .2 .4 .4 -.1 .3 Wage and salary disbursements.......... .0 .0 -.1 .2 .4 .4 -.1 .3 Supplements to wages and salaries...... .2 .8 .2 .3 .2 .3 .1 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .0 .2 .1 .9 1.1 .2 -.5 .2 Rental income of persons with capital consumption adjustment.................. -.3 1.8 1.8 1.9 .3 .6 .6 .9 Personal income receipts on assets....... 1.9 -.1 .1 -.6 .3 .1 -.1 -.2 Personal interest income............... 1.1 -.3 -.3 -.3 .0 .0 .0 -.4 Personal dividend income............... 3.3 .2 1.0 -1.2 .8 .2 -.1 .2 Personal current transfer receipts....... 1.1 .8 .3 1.6 .5 .2 .3 .3 Less: Contributions for government social insurance, domestic..................... .0 1.2 -.1 .3 .4 .4 -.1 .3 Less: Personal current taxes............... -.1 1.5 .0 .3 -.3 .3 -.2 1.1 Equals: Disposable personal income......... .6 .1 .1 .4 .5 .3 .0 .2 Addenda: Personal consumption expenditures........ .4 .1 .5 .5 -.1 .1 .0 .4 Goods.................................. .1 .6 .9 1.3 -.6 -.7 -.3 .5 Durable goods........................ .3 -1.0 1.1 3.5 -1.0 -.3 -.4 .9 Nondurable goods..................... .0 1.3 .8 .2 -.4 -.8 -.3 .3 Services............................... .5 -.1 .3 .1 .2 .5 .1 .4 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .2 -.2 .0 .0 .5 .4 .0 .0 Real disposable personal income.......... .4 -.2 .1 .3 .6 .4 .1 -.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2010. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 I 09 II 09 III 09 IV 09 I 10\r\ II 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 4.0 -1.7 -8.2 3.7 -1.3 2.5 3.7 4.0 Compensation of employees, received...... 2.6 -3.2 -11.6 2.1 -1.0 1.7 1.4 3.1 Wage and salary disbursements.......... 2.1 -4.3 -13.8 1.8 -1.5 1.3 .4 3.2 Supplements to wages and salaries...... 4.6 1.7 -1.5 3.7 .9 3.1 5.3 2.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.1 -8.2 -18.8 -6.9 2.4 6.4 3.4 7.0 Rental income of persons with capital consumption adjustment.................. 54.5 23.4 3.1 7.3 15.3 5.4 14.7 11.4 Personal income receipts on assets....... 2.5 -9.0 -17.4 -9.2 -7.0 -.4 4.7 -.4 Personal interest income............... 3.9 -7.0 -16.0 -3.5 -5.2 -2.5 1.0 -1.5 Personal dividend income............... .3 -12.2 -19.6 -18.2 -10.2 3.3 11.6 1.6 Personal current transfer receipts....... 9.4 13.5 24.9 29.8 -.2 5.5 10.9 8.1 Less: Contributions for government social insurance, domestic..................... 2.9 -1.7 -7.6 3.1 -.4 1.7 5.4 3.1 Less: Personal current taxes............... -3.4 -20.7 -50.0 -29.4 1.6 .1 6.4 .5 Equals: Disposable personal income......... 5.1 .7 -1.2 8.0 -1.6 2.7 3.4 4.3 Addenda: Personal consumption expenditures........ 3.0 -1.0 -2.2 .3 5.0 3.7 4.0 1.9 Goods.................................. .7 -4.4 -4.4 2.2 13.3 4.6 8.3 -.2 Durable goods........................ -6.6 -5.3 2.7 -3.0 17.1 -.5 6.6 5.2 Nondurable goods..................... 4.4 -4.0 -7.5 4.7 11.6 7.0 9.2 -2.6 Services............................... 4.3 .7 -1.1 -.6 1.2 3.2 1.9 3.0 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.2 -4.6 -3.2 -.7 -1.1 -.2 .0 .8 Real disposable personal income.......... 1.7 .6 .4 5.9 -4.4 .0 1.3 4.4 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2010. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Dec 09 Jan 10 Feb 10 Mar 10 Apr 10\r\ May 10\r\ Jun 10\r\ Jul 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,199.3 9,189.3 9,228.2 9,258.6 9,253.7 9,273.8 9,283.4 9,301.3 Goods.................................... 3,158.6 3,159.9 3,193.0 3,233.3 3,224.2 3,221.9 3,224.5 3,229.3 Durable goods.......................... 1,125.2 1,116.5 1,131.0 1,169.2 1,159.1 1,158.2 1,156.7 1,170.7 Nondurable goods....................... 2,030.3 2,038.7 2,057.7 2,064.0 2,063.9 2,062.4 2,066.1 2,059.0 Services................................. 6,038.4 6,027.4 6,034.6 6,026.7 6,030.4 6,052.3 6,059.2 6,072.1 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 21.1 -10.0 38.9 30.4 -4.9 20.1 9.6 17.9 Goods.................................... -1.5 1.3 33.1 40.3 -9.1 -2.3 2.6 4.8 Durable goods.......................... 6.2 -8.7 14.5 38.2 -10.1 -.9 -1.5 14.0 Nondurable goods....................... -6.6 8.4 19.0 6.3 -.1 -1.5 3.7 -7.1 Services................................. 22.0 -11.0 7.2 -7.9 3.7 21.9 6.9 12.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .2 -.1 .4 .3 -.1 .2 .1 .2 Goods.................................... .0 .0 1.0 1.3 -.3 -.1 .1 .1 Durable goods.......................... .6 -.8 1.3 3.4 -.9 -.1 -.1 1.2 Nondurable goods....................... -.3 .4 .9 .3 .0 -.1 .2 -.3 Services................................. .4 -.2 .1 -.1 .1 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 I 09 II 09 III 09 IV 09 I 10 II 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,265.0 9,153.9 9,154.1 9,117.0 9,161.6 9,182.9 9,225.4 9,270.3 Goods.................................... 3,180.3 3,117.4 3,095.7 3,084.0 3,138.2 3,151.8 3,195.4 3,223.5 Durable goods.......................... 1,136.4 1,094.6 1,076.6 1,068.2 1,118.3 1,115.1 1,138.9 1,158.0 Nondurable goods....................... 2,041.2 2,017.4 2,012.0 2,008.3 2,016.9 2,032.3 2,053.5 2,064.1 Services................................. 6,082.3 6,032.7 6,053.6 6,027.7 6,020.7 6,028.7 6,029.6 6,047.3 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -24.5 -111.1 -12.2 -37.1 44.6 21.3 42.5 44.9 Goods.................................... -81.3 -62.9 13.4 -11.7 54.2 13.6 43.6 28.1 Durable goods.......................... -62.2 -41.8 12.7 -8.4 50.1 -3.2 23.8 19.1 Nondurable goods....................... -23.1 -23.8 1.9 -3.7 8.6 15.4 21.2 10.6 Services................................. 54.0 -49.6 -24.9 -25.9 -7.0 8.0 .9 17.7 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.3 -1.2 -.5 -1.6 2.0 .9 1.9 2.0 Goods.................................... -2.5 -2.0 1.8 -1.5 7.2 1.7 5.7 3.6 Durable goods.......................... -5.2 -3.7 4.8 -3.1 20.1 -1.1 8.8 6.9 Nondurable goods....................... -1.1 -1.2 .4 -.7 1.7 3.1 4.2 2.1 Services................................. .9 -.8 -1.6 -1.7 -.5 .5 .1 1.2 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Dec 09 Jan 10 Feb 10 Mar 10 Apr 10\r\ May 10\r\ Jun 10\r\ Jul 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 110.536 110.815 110.858 111.032 111.008 110.909 110.753 111.014 Goods.................................... 105.337 105.922 105.716 105.714 105.362 104.752 104.312 104.715 Durable goods.......................... 93.462 93.224 93.013 93.126 93.001 92.775 92.488 92.246 Nondurable goods....................... 112.065 113.105 112.903 112.838 112.357 111.532 111.007 111.774 Services................................. 113.299 113.416 113.589 113.856 114.007 114.182 114.175 114.361 Addenda: PCE excluding food and energy............ 109.677 109.774 109.856 110.030 110.080 110.197 110.246 110.364 Food\1\.................................. 113.134 113.262 113.391 113.746 113.989 113.987 113.771 113.821 Energy goods and services\2\............. 120.446 124.010 123.286 123.189 121.484 117.557 114.047 117.002 Market-based PCE\3\...................... 110.517 110.774 110.792 110.906 110.888 110.768 110.660 110.926 Market-based PCE excluding food and energy\3\........................... 109.509 109.552 109.610 109.715 109.784 109.911 110.050 110.150 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 .3 .0 .2 .0 -.1 -.1 .2 Goods.................................... .2 .6 -.2 .0 -.3 -.6 -.4 .4 Durable goods.......................... -.2 -.3 -.2 .1 -.1 -.2 -.3 -.3 Nondurable goods....................... .4 .9 -.2 -.1 -.4 -.7 -.5 .7 Services................................. .2 .1 .2 .2 .1 .2 .0 .2 Addenda: PCE excluding food and energy............ .1 .1 .1 .2 .0 .1 .0 .1 Food\1\.................................. .2 .1 .1 .3 .2 .0 -.2 .0 Energy goods and services\2\............. .8 3.0 -.6 -.1 -1.4 -3.2 -3.0 2.6 Market-based PCE\3\...................... .1 .2 .0 .1 .0 -.1 -.1 .2 Market-based PCE excluding food and energy\3\........................... .1 .0 .1 .1 .1 .1 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Dec 09 Jan 10\r\ Feb 10\r\ Mar 10\r\ Apr 10\r\ May 10\r\ Jun 10\r\ Jul 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .8 .1 .9 1.0 .6 -.7 1.0 1.4 Personal consumption expenditures.......... .8 .1 .7 1.5 1.5 1.7 1.8 1.9 Goods.................................... 3.5 1.8 2.8 5.1 5.0 4.3 4.3 3.8 Durable goods.......................... 7.0 2.9 4.5 10.0 9.8 8.1 7.3 6.4 Nondurable goods....................... 1.9 1.4 2.0 2.8 2.9 2.5 2.9 2.7 Services................................. -.5 -.7 -.3 -.2 -.1 .5 .6 .9 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2010. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Dec 09 Jan 10 Feb 10 Mar 10 Apr 10\r\ May 10\r\ Jun 10\r\ Jul 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.4 2.5 2.3 2.5 2.3 2.1 1.4 1.5 Goods.................................... 4.1 4.3 3.3 3.4 2.9 2.2 .3 .8 Durable goods.......................... -.7 -.8 -1.1 -1.0 -1.1 -1.3 -1.7 -1.4 Nondurable goods....................... 6.4 6.7 5.4 5.6 4.8 3.8 1.2 1.8 Services................................. 1.6 1.7 1.8 2.0 2.0 2.0 1.9 1.9 Addenda: PCE excluding food and energy............ 1.8 1.8 1.7 1.8 1.5 1.5 1.4 1.4 Food\1\.................................. -1.5 -1.4 -1.0 -.5 .1 .4 .2 .7 Energy goods and services\2\............. 20.4 21.8 16.5 20.1 19.7 15.3 3.3 5.5 Market-based PCE\3\...................... 2.5 2.4 2.1 2.2 2.0 1.8 1.1 1.3 Market-based PCE excluding food and energy\3\........................... 1.8 1.6 1.4 1.3 1.1 1.1 1.1 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.