EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 30, 2009 Janet Kmitch: (202) 606-5301 (Personal Income)BEA 09-48 Brendan Leary:(202) 606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2009 Personal income decreased $0.1 billion, or less than 0.1 percent, and disposable personal income (DPI) decreased $0.2 billion, or less than 0.1 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $47.2 billion, or 0.5 percent. In August, personal income increased $17.4 billion, or 0.1 percent, DPI increased $14.1 billion, or 0.1 percent, and PCE increased $139.8 billion, or 1.4 percent, based on revised estimates. Real disposable income decreased 0.1 percent in September, compared with a decrease of 0.2 percent in August. Real PCE decreased 0.6 percent, in contrast to an increase of 1.0 percent. 2009 May June July Aug. Sept. (Percent change from preceding month) Personal income, current dollars 1.3 -1.1 0.1 0.1 0.0 Disposable personal income: Current dollars 1.6 -1.1 -0.1 0.1 0.0 Chained (2005) dollars 1.5 -1.6 -0.1 -0.2 -0.1 Personal consumption expenditures: Current dollars 0.1 0.7 0.2 1.4 -0.5 Chained (2005) dollars 0.0 0.2 0.2 1.0 -0.6 Wages and salaries Private wage and salary disbursements decreased $11.2 billion in September, in contrast to an increase of $10.1 billion in August. Goods-producing industries' payrolls decreased $7.8 billion, compared with a decrease of $6.3 billion; manufacturing payrolls decreased $1.5 billion, compared with a decrease of $4.1 billion. Services-producing industries' payrolls decreased $3.4 billion, in contrast to an increase of $16.4 billion. Government wage and salary disbursements increased $0.2 billion compared with an increase of $2.4 billion. Other personal income Supplements to wages and salaries increased $0.1 billion in September, compared with an increase of $2.0 billion in August. Proprietors' income increased $0.7 billion in September, compared with an increase of $3.4 billion in August. Farm proprietors' income decreased $1.6 billion, compared with a decrease of $1.2 billion. Nonfarm proprietors' income increased $2.3 billion, compared with an increase of $4.6 billion. Rental income of persons increased $5.4 billion in September, compared with an increase of $5.2 billion in August. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $13.8 billion, the same decrease as in August. Personal current transfer receipts increased $17.3 billion in September, compared with an increase of $9.6 billion in August. Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $1.4 billion in September, in contrast to an increase of $1.7 billion in August. Personal current taxes and disposable personal income Personal current taxes increased $0.1 billion in September, compared with an increase of $3.3 billion in August. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $0.2 billion, or less than 0.1 percent, in September, in contrast to an increase of $14.1 billion, or 0.1 percent, in August. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $48.8 billion in September, in contrast to an increase of $138.2 billion in August. PCE decreased $47.2 billion, in contrast to an increase of $139.8 billion. Personal saving -- DPI less personal outlays -- was $355.6 billion in September, compared with $307.0 billion in August. Personal saving as a percentage of disposable personal income was 3.3 percent in September, compared with 2.8 percent in August. 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 September, compared with a decrease of 0.2 percent in August. Real PCE -- PCE adjusted to remove price changes -- decreased 0.6 percent in September, in contrast to an increase of 1.0 percent in August. Purchases of durable goods decreased 7.2 percent, in contrast to an increase of 6.7 percent. Purchases of motor vehicles and parts accounted for most of the decrease in September and for most of the increase in August, reflecting the impact of the federal CARS program (popularly called “cash for clunkers”). The program, which provided a credit for customers who purchased a qualifying new, more fuel efficient auto or light truck, ended on August 24, 2009. For further information on how the CARS program is reflected in the GDP statistics, please see the FAQ at BEA’s Web site, www.bea.gov, “How will the federal Consumer Assistance to Recycle and Save Act of 2009 (i.e., the CARS program) be reflected in the National Income and Product Accounts (NIPAs)?” Purchases of nondurable goods increased 0.5 percent in September, compared with an increase of 0.9 percent in August. Purchases of services increased 0.1 percent, compared with an increase of 0.2 percent. PCE price index -- The price index for PCE increased 0.1 percent in September, compared with an increase of 0.3 percent in August. The PCE price index, excluding food and energy, increased 0.1 percent, the same increase as in August. Revisions Estimates have been revised for July and August. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for July and August -- revised and as published in last month's release -- are shown below. Change from preceding month July August Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 19.4 10.4 0.2 0.1 19.3 17.4 0.2 0.1 Disposable personal income: Current Dollars -2.0 -7.6 0.0 -0.1 15.5 14.1 0.1 0.1 Chained (2005) dollars -5.6 -10.8 -0.1 -0.1 -19.7 -21.2 -0.2 -0.2 Personal consumption expenditures: Current dollars 25.2 23.5 0.3 0.2 129.6 139.8 1.3 1.4 Chained (2005) dollars 19.5 17.9 0.2 0.2 86.9 96.0 0.9 1.0 BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- November 25, 2009 at 8:30 A.M. EST for Personal Income and Outlays for October. -more- ________________________ 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] ----------------------------------------------------------------------------------------------------------------------------------- Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,937.1 11,882.7 11,911.6 12,069.6 11,934.3 11,944.7 11,962.1 11,962.0 Compensation of employees, received...... 7,798.4 7,756.0 7,737.5 7,731.6 7,714.3 7,720.9 7,735.4 7,724.5 Wage and salary disbursements.......... 6,301.0 6,260.3 6,241.3 6,234.4 6,216.8 6,221.7 6,234.2 6,223.1 Private industries................... 5,129.4 5,085.5 5,060.7 5,049.4 5,029.4 5,034.8 5,044.9 5,033.7 Goods-producing industries......... 1,105.5 1,090.7 1,078.7 1,067.5 1,057.7 1,058.3 1,052.0 1,044.2 Manufacturing.................... 680.4 672.1 667.2 659.5 653.9 658.8 654.7 653.2 Services-producing industries...... 4,023.9 3,994.8 3,982.0 3,981.9 3,971.7 3,976.5 3,992.9 3,989.5 Trade, transportation, and utilities....................... 1,002.8 992.7 990.2 991.6 987.5 985.1 990.6 987.9 Other services-producing industries...................... 3,021.1 3,002.1 2,991.8 2,990.3 2,984.2 2,991.4 3,002.3 3,001.6 Government........................... 1,171.5 1,174.8 1,180.6 1,185.0 1,187.4 1,186.9 1,189.3 1,189.5 Supplements to wages and salaries...... 1,497.4 1,495.7 1,496.2 1,497.2 1,497.5 1,499.2 1,501.2 1,501.3 Employer contributions for employee pension and insurance funds......... 1,037.8 1,038.9 1,040.6 1,042.0 1,043.4 1,045.0 1,046.2 1,047.1 Employer contributions for government social insurance.................... 459.6 456.8 455.5 455.2 454.1 454.2 455.0 454.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,036.2 1,027.1 1,026.0 1,026.8 1,031.2 1,035.8 1,039.2 1,039.9 Farm................................... 26.1 25.0 27.1 29.1 30.6 29.8 28.6 27.0 Nonfarm................................ 1,010.1 1,002.1 998.9 997.7 1,000.6 1,006.0 1,010.6 1,012.9 Rental income of persons with capital consumption adjustment.................. 245.9 249.7 255.4 261.9 268.7 273.9 279.1 284.5 Personal income receipts on assets....... 1,845.5 1,797.1 1,785.2 1,773.4 1,761.5 1,753.7 1,739.9 1,726.1 Personal interest income............... 1,243.4 1,225.8 1,233.5 1,241.1 1,248.7 1,241.3 1,233.9 1,226.5 Personal dividend income............... 602.1 571.2 551.8 532.3 512.8 512.3 506.0 499.6 Personal current transfer receipts....... 1,979.7 2,016.2 2,068.3 2,236.1 2,116.6 2,119.1 2,128.7 2,146.0 Government social benefits to persons.. 1,947.2 1,983.6 2,035.7 2,203.4 2,083.9 2,086.4 2,096.0 2,113.2 Old-age, survivors, disability, and health insurance benefits........... 1,129.1 1,136.0 1,148.4 1,145.7 1,159.1 1,158.4 1,162.8 1,176.4 Government unemployment insurance benefits............................ 92.4 108.3 113.9 121.6 132.0 131.1 136.9 133.2 Other................................ 725.7 739.3 773.4 936.1 792.8 796.9 796.3 803.6 Other current transfer receipts, from business (net)........................ 32.5 32.6 32.6 32.7 32.7 32.8 32.8 32.8 Less: Contributions for government social insurance, domestic..................... 968.6 963.3 960.9 960.2 958.0 958.6 960.3 958.9 Less: Personal current taxes............... 1,189.5 1,156.4 1,083.4 1,068.5 1,052.7 1,070.8 1,074.1 1,074.2 Equals: Disposable personal income......... 10,747.7 10,726.3 10,828.1 11,001.1 10,881.5 10,873.9 10,888.0 10,887.8 Less: Personal outlays..................... 10,386.0 10,353.1 10,340.3 10,350.4 10,420.6 10,442.8 10,581.0 10,532.2 Personal consumption expenditures........ 10,011.3 9,978.9 9,968.1 9,979.3 10,050.6 10,074.1 10,213.9 10,166.7 Goods.................................. 3,219.7 3,190.3 3,166.8 3,179.4 3,235.1 3,245.3 3,357.4 3,296.3 Durable goods........................ 1,030.2 1,014.3 1,000.6 1,011.5 1,022.5 1,038.7 1,102.4 1,025.6 Nondurable goods..................... 2,189.5 2,176.0 2,166.2 2,167.9 2,212.6 2,206.6 2,255.0 2,270.8 Services............................... 6,791.6 6,788.6 6,801.3 6,799.9 6,815.6 6,828.8 6,856.6 6,870.3 Personal interest payments\1\............ 220.4 219.7 218.2 216.7 215.2 213.2 211.2 209.3 Personal current transfer payments....... 154.2 154.6 154.1 154.5 154.8 155.5 155.9 156.3 To government.......................... 90.4 90.7 91.0 91.4 91.7 92.1 92.5 92.9 To the rest of the world (net)......... 63.8 63.8 63.1 63.1 63.1 63.4 63.4 63.4 Equals: Personal saving.................... 361.7 373.2 487.8 650.7 460.9 431.2 307.0 355.6 Personal saving as a percentage of disposable personal income.............. 3.4 3.5 4.5 5.9 4.2 4.0 2.8 3.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,169.3 9,094.5 9,065.8 9,050.9 8,988.0 8,991.8 8,968.1 8,941.7 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,897.0 9,887.0 9,973.0 10,125.6 9,961.9 9,951.1 9,929.9 9,918.0 Per capita: Current dollars...................... 35,095 35,003 35,311 35,850 35,433 35,380 35,395 35,364 Chained (2005) dollars............... 32,317 32,264 32,522 32,997 32,438 32,377 32,281 32,214 Population (midperiod, thousands)\3\..... 306,243 306,443 306,648 306,865 307,103 307,351 307,613 307,883 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 II 08 III 08 IV 08 I 09 II 09 III 09 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,894.1 12,238.8 12,292.9 12,286.6 12,233.5 11,952.7 11,971.8 11,956.3 Compensation of employees, received...... 7,862.7 8,042.4 8,032.8 8,069.1 8,050.3 7,805.8 7,727.8 7,726.9 Wage and salary disbursements.......... 6,408.9 6,545.9 6,539.2 6,567.7 6,543.5 6,307.8 6,230.9 6,226.4 Private industries................... 5,319.8 5,404.6 5,402.8 5,419.2 5,388.6 5,136.0 5,046.5 5,037.8 Goods-producing industries......... 1,212.9 1,206.5 1,210.6 1,206.2 1,192.2 1,107.3 1,068.0 1,051.5 Manufacturing.................... 753.5 742.0 745.3 740.3 732.2 681.0 660.2 655.6 Services-producing industries...... 4,106.9 4,198.1 4,192.2 4,213.0 4,196.5 4,028.8 3,978.5 3,986.3 Trade, transportation, and utilities....................... 1,044.7 1,048.3 1,050.7 1,047.8 1,039.4 1,002.3 989.8 987.9 Other services-producing industries...................... 3,062.2 3,149.8 3,141.5 3,165.2 3,157.1 3,026.5 2,988.8 2,998.4 Government........................... 1,089.1 1,141.3 1,136.4 1,148.5 1,154.9 1,171.8 1,184.4 1,188.6 Supplements to wages and salaries...... 1,453.8 1,496.6 1,493.5 1,501.4 1,506.8 1,498.0 1,496.9 1,500.5 Employer contributions for employee pension and insurance funds......... 993.0 1,023.9 1,021.7 1,026.7 1,033.2 1,037.8 1,042.0 1,046.1 Employer contributions for government social insurance.................... 460.8 472.7 471.8 474.7 473.6 460.2 454.9 454.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,096.4 1,106.3 1,111.9 1,114.4 1,083.6 1,037.8 1,028.0 1,038.3 Farm................................... 39.4 48.7 49.4 49.3 39.0 27.3 28.9 28.5 Nonfarm................................ 1,056.9 1,057.5 1,062.5 1,065.1 1,044.5 1,010.5 999.1 1,009.8 Rental income of persons with capital consumption adjustment.................. 144.9 210.4 202.8 222.2 236.7 245.9 262.0 279.2 Personal income receipts on assets....... 2,031.5 1,994.4 1,997.3 2,001.4 1,958.1 1,845.5 1,773.4 1,739.9 Personal interest income............... 1,266.4 1,308.0 1,306.6 1,327.8 1,292.9 1,243.4 1,241.1 1,233.9 Personal dividend income............... 765.1 686.4 690.7 673.7 665.2 602.1 532.3 506.0 Personal current transfer receipts....... 1,718.0 1,875.9 1,937.0 1,874.3 1,898.0 1,987.3 2,140.3 2,131.3 Government social benefits to persons.. 1,687.8 1,843.2 1,904.4 1,841.7 1,865.3 1,954.7 2,107.7 2,098.5 Old-age, survivors, disability, and health insurance benefits........... 1,003.7 1,070.3 1,064.5 1,080.5 1,087.0 1,128.5 1,151.1 1,165.9 Government unemployment insurance benefits............................ 32.3 50.6 38.7 57.7 70.3 96.2 122.5 133.7 Other................................ 651.7 722.4 801.3 703.5 708.0 730.1 834.1 798.9 Other current transfer receipts, from business (net)........................ 30.2 32.6 32.6 32.6 32.7 32.5 32.7 32.8 Less: Contributions for government social insurance, domestic..................... 959.3 990.6 988.9 994.9 993.3 969.7 959.7 959.3 Less: Personal current taxes............... 1,490.9 1,432.4 1,326.2 1,437.3 1,434.3 1,187.3 1,068.2 1,073.0 Equals: Disposable personal income......... 10,403.1 10,806.4 10,966.7 10,849.3 10,799.1 10,765.4 10,903.6 10,883.2 Less: Personal outlays..................... 10,224.3 10,520.0 10,592.2 10,613.6 10,389.9 10,362.3 10,370.5 10,518.7 Personal consumption expenditures........ 9,826.4 10,129.9 10,194.7 10,220.1 10,009.8 9,987.7 9,999.3 10,151.6 Goods.................................. 3,365.0 3,403.2 3,474.9 3,463.0 3,227.5 3,197.7 3,193.8 3,299.7 Durable goods........................ 1,160.5 1,095.2 1,126.5 1,088.5 1,019.9 1,025.2 1,011.5 1,055.5 Nondurable goods..................... 2,204.5 2,308.0 2,348.4 2,374.5 2,207.6 2,172.4 2,182.2 2,244.1 Services............................... 6,461.4 6,726.8 6,719.8 6,757.1 6,782.3 6,790.0 6,805.6 6,851.9 Personal interest payments\1\............ 256.8 237.7 243.9 238.3 228.8 220.4 216.7 211.2 Personal current transfer payments....... 141.0 152.3 153.6 155.2 151.3 154.2 154.5 155.9 To government.......................... 82.3 87.9 87.4 88.5 89.5 90.4 91.4 92.5 To the rest of the world (net)......... 58.7 64.5 66.2 66.7 61.8 63.8 63.1 63.4 Equals: Personal saving.................... 178.9 286.4 374.4 235.7 409.2 403.1 533.1 364.6 Personal saving as a percentage of disposable personal income.............. 1.7 2.7 3.4 2.2 3.8 3.7 4.9 3.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,645.4 9,504.6 9,498.8 9,442.0 9,494.4 9,188.7 9,034.8 8,967.1 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,860.6 9,911.3 10,059.0 9,838.3 9,920.4 9,926.4 10,020.0 9,933.0 Per capita: Current dollars...................... 34,478 35,486 36,059 35,586 35,335 35,153 35,531 35,379 Chained (2005) dollars............... 32,679 32,546 33,075 32,270 32,460 32,413 32,652 32,290 Population (midperiod, thousands)\3\..... 301,737 304,529 304,128 304,872 305,620 306,245 306,872 307,616 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -101.2 -54.4 28.9 158.0 -135.3 10.4 17.4 -.1 Compensation of employees, received...... -64.6 -42.4 -18.5 -5.9 -17.3 6.6 14.5 -10.9 Wage and salary disbursements.......... -61.2 -40.7 -19.0 -6.9 -17.6 4.9 12.5 -11.1 Private industries................... -63.8 -43.9 -24.8 -11.3 -20.0 5.4 10.1 -11.2 Goods-producing industries......... -20.1 -14.8 -12.0 -11.2 -9.8 .6 -6.3 -7.8 Manufacturing.................... -10.0 -8.3 -4.9 -7.7 -5.6 4.9 -4.1 -1.5 Services-producing industries...... -43.7 -29.1 -12.8 -.1 -10.2 4.8 16.4 -3.4 Trade, transportation, and utilities....................... -8.7 -10.1 -2.5 1.4 -4.1 -2.4 5.5 -2.7 Other services-producing industries...................... -35.0 -19.0 -10.3 -1.5 -6.1 7.2 10.9 -.7 Government........................... 2.5 3.3 5.8 4.4 2.4 -.5 2.4 .2 Supplements to wages and salaries...... -3.5 -1.7 .5 1.0 .3 1.7 2.0 .1 Employer contributions for employee pension and insurance funds......... 1.1 1.1 1.7 1.4 1.4 1.6 1.2 .9 Employer contributions for government social insurance.................... -4.6 -2.8 -1.3 -.3 -1.1 .1 .8 -.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. -14.0 -9.1 -1.1 .8 4.4 4.6 3.4 .7 Farm................................... -4.9 -1.1 2.1 2.0 1.5 -.8 -1.2 -1.6 Nonfarm................................ -9.1 -8.0 -3.2 -1.2 2.9 5.4 4.6 2.3 Rental income of persons with capital consumption adjustment.................. 3.7 3.8 5.7 6.5 6.8 5.2 5.2 5.4 Personal income receipts on assets....... -48.5 -48.4 -11.9 -11.8 -11.9 -7.8 -13.8 -13.8 Personal interest income............... -17.6 -17.6 7.7 7.6 7.6 -7.4 -7.4 -7.4 Personal dividend income............... -30.9 -30.9 -19.4 -19.5 -19.5 -.5 -6.3 -6.4 Personal current transfer receipts....... 13.7 36.5 52.1 167.8 -119.5 2.5 9.6 17.3 Government social benefits to persons.. 13.7 36.4 52.1 167.7 -119.5 2.5 9.6 17.2 Old-age, survivors, disability, and health insurance benefits........... 8.7 6.9 12.4 -2.7 13.4 -.7 4.4 13.6 Government unemployment insurance benefits............................ 4.6 15.9 5.6 7.7 10.4 -.9 5.8 -3.7 Other................................ .4 13.6 34.1 162.7 -143.3 4.1 -.6 7.3 Other current transfer receipts, from business (net)........................ .0 .1 .0 .1 .0 .1 .0 .0 Less: Contributions for government social insurance, domestic..................... -8.5 -5.3 -2.4 -.7 -2.2 .6 1.7 -1.4 Less: Personal current taxes............... -26.4 -33.1 -73.0 -14.9 -15.8 18.1 3.3 .1 Equals: Disposable personal income......... -74.7 -21.4 101.8 173.0 -119.6 -7.6 14.1 -.2 Less: Personal outlays..................... 38.2 -32.9 -12.8 10.1 70.2 22.2 138.2 -48.8 Personal consumption expenditures........ 38.6 -32.4 -10.8 11.2 71.3 23.5 139.8 -47.2 Goods.................................. 36.7 -29.4 -23.5 12.6 55.7 10.2 112.1 -61.1 Durable goods........................ -1.0 -15.9 -13.7 10.9 11.0 16.2 63.7 -76.8 Nondurable goods..................... 37.7 -13.5 -9.8 1.7 44.7 -6.0 48.4 15.8 Services............................... 1.9 -3.0 12.7 -1.4 15.7 13.2 27.8 13.7 Personal interest payments\1\............ -.8 -.7 -1.5 -1.5 -1.5 -2.0 -2.0 -1.9 Personal current transfer payments....... .3 .4 -.5 .4 .3 .7 .4 .4 To government.......................... .3 .3 .3 .4 .3 .4 .4 .4 To the rest of the world (net)......... .0 .0 -.7 .0 .0 .3 .0 .0 Equals: Personal saving.................... -112.8 11.5 114.6 162.9 -189.8 -29.7 -124.2 48.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -133.2 -74.8 -28.7 -14.9 -62.9 3.8 -23.7 -26.4 Disposable personal income, billions of chained (2005) dollars\2\............ -98.3 -10.0 86.0 152.6 -163.7 -10.8 -21.2 -11.9 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 II 08 III 08 IV 08 I 09 II 09 III 09 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 626.0 344.7 150.7 -6.3 -53.1 -280.8 19.1 -15.5 Compensation of employees, received...... 387.0 179.7 15.3 36.3 -18.8 -244.5 -78.0 -.9 Wage and salary disbursements.......... 340.0 137.0 6.2 28.5 -24.2 -235.7 -76.9 -4.5 Private industries................... 286.1 84.8 -4.9 16.4 -30.6 -252.6 -89.5 -8.7 Goods-producing industries......... 36.9 -6.4 -6.5 -4.4 -14.0 -84.9 -39.3 -16.5 Manufacturing.................... 14.8 -11.5 -4.8 -5.0 -8.1 -51.2 -20.8 -4.6 Services-producing industries...... 249.1 91.2 1.6 20.8 -16.5 -167.7 -50.3 7.8 Trade, transportation, and utilities....................... 48.7 3.6 -4.6 -2.9 -8.4 -37.1 -12.5 -1.9 Other services-producing industries...................... 200.4 87.6 6.2 23.7 -8.1 -130.6 -37.7 9.6 Government........................... 53.9 52.2 11.1 12.1 6.4 16.9 12.6 4.2 Supplements to wages and salaries...... 46.9 42.8 9.0 7.9 5.4 -8.8 -1.1 3.6 Employer contributions for employee pension and insurance funds......... 32.9 30.9 7.7 5.0 6.5 4.6 4.2 4.1 Employer contributions for government social insurance.................... 14.1 11.9 1.3 2.9 -1.1 -13.4 -5.3 -.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. -36.6 9.9 -3.3 2.5 -30.8 -45.8 -9.8 10.3 Farm................................... 10.1 9.3 -7.8 -.1 -10.3 -11.7 1.6 -.4 Nonfarm................................ -46.7 .6 4.6 2.6 -20.6 -34.0 -11.4 10.7 Rental income of persons with capital consumption adjustment.................. -1.6 65.5 22.9 19.4 14.5 9.2 16.1 17.2 Personal income receipts on assets....... 201.8 -37.1 -23.5 4.1 -43.3 -112.6 -72.1 -33.5 Personal interest income............... 138.9 41.6 2.0 21.2 -34.9 -49.5 -2.3 -7.2 Personal dividend income............... 62.9 -78.7 -25.5 -17.0 -8.5 -63.1 -69.8 -26.3 Personal current transfer receipts....... 113.0 157.9 142.9 -62.7 23.7 89.3 153.0 -9.0 Government social benefits to persons.. 104.2 155.4 142.9 -62.7 23.6 89.4 153.0 -9.2 Old-age, survivors, disability, and health insurance benefits........... 60.4 66.6 15.4 16.0 6.5 41.5 22.6 14.8 Government unemployment insurance benefits............................ 2.4 18.3 3.0 19.0 12.6 25.9 26.3 11.2 Other................................ 41.3 70.7 124.6 -97.8 4.5 22.1 104.0 -35.2 Other current transfer receipts, from business (net)........................ 8.8 2.4 .0 .0 .1 -.2 .2 .1 Less: Contributions for government social insurance, domestic..................... 37.5 31.3 3.6 6.0 -1.6 -23.6 -10.0 -.4 Less: Personal current taxes............... 138.5 -58.5 -205.6 111.1 -3.0 -247.0 -119.1 4.8 Equals: Disposable personal income......... 487.4 403.3 356.3 -117.4 -50.2 -33.7 138.2 -20.4 Less: Personal outlays..................... 543.6 295.7 108.1 21.4 -223.7 -27.6 8.2 148.2 Personal consumption expenditures........ 503.7 303.5 99.6 25.4 -210.3 -22.1 11.6 152.3 Goods.................................. 143.3 38.2 27.7 -11.9 -235.5 -29.8 -3.9 105.9 Durable goods........................ 27.5 -65.3 -19.3 -38.0 -68.6 5.3 -13.7 44.0 Nondurable goods..................... 115.8 103.5 47.0 26.1 -166.9 -35.2 9.8 61.9 Services............................... 360.5 265.4 71.9 37.3 25.2 7.7 15.6 46.3 Personal interest payments\1\............ 26.7 -19.1 4.1 -5.6 -9.5 -8.4 -3.7 -5.5 Personal current transfer payments....... 13.0 11.3 4.4 1.6 -3.9 2.9 .3 1.4 To government.......................... 5.9 5.6 1.3 1.1 1.0 .9 1.0 1.1 To the rest of the world (net)......... 7.1 5.8 3.1 .5 -4.9 2.0 -.7 .3 Equals: Personal saving.................... -56.1 107.5 248.1 -138.7 173.5 -6.1 130.0 -168.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 240.6 -140.8 -85.1 -56.8 52.4 -305.7 -153.9 -67.7 Disposable personal income, billions of chained (2005) dollars\2\............ 209.9 50.7 232.2 -220.7 82.1 6.0 93.6 -87.0 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ -.8 -.5 .2 1.3 -1.1 .1 .1 .0 Compensation of employees, received...... -.8 -.5 -.2 -.1 -.2 .1 .2 -.1 Wage and salary disbursements.......... -1.0 -.6 -.3 -.1 -.3 .1 .2 -.2 Supplements to wages and salaries...... -.2 -.1 .0 .1 .0 .1 .1 .0 Proprietors' income with inventory valuation and capital consumption adjustments............................. -1.3 -.9 -.1 .1 .4 .4 .3 .1 Rental income of persons with capital consumption adjustment.................. 1.5 1.5 2.3 2.6 2.6 2.0 1.9 1.9 Personal income receipts on assets....... -2.6 -2.6 -.7 -.7 -.7 -.4 -.8 -.8 Personal interest income............... -1.4 -1.4 .6 .6 .6 -.6 -.6 -.6 Personal dividend income............... -4.9 -5.1 -3.4 -3.5 -3.7 -.1 -1.2 -1.3 Personal current transfer receipts....... .7 1.8 2.6 8.1 -5.3 .1 .5 .8 Less: Contributions for government social insurance, domestic..................... -.9 -.6 -.2 -.1 -.2 .1 .2 -.1 Less: Personal current taxes............... -2.2 -2.8 -6.3 -1.4 -1.5 1.7 .3 .0 Equals: Disposable personal income......... -.7 -.2 .9 1.6 -1.1 -.1 .1 .0 Addenda: Personal consumption expenditures........ .4 -.3 -.1 .1 .7 .2 1.4 -.5 Goods.................................. 1.2 -.9 -.7 .4 1.8 .3 3.5 -1.8 Durable goods........................ -.1 -1.5 -1.4 1.1 1.1 1.6 6.1 -7.0 Nondurable goods..................... 1.7 -.6 -.4 .1 2.1 -.3 2.2 .7 Services............................... .0 .0 .2 .0 .2 .2 .4 .2 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -1.4 -.8 -.3 -.2 -.7 .0 -.3 -.3 Real disposable personal income.......... -1.0 -.1 .9 1.5 -1.6 -.1 -.2 -.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 II 08 III 08 IV 08 I 09 II 09 III 09 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.6 2.9 5.1 -.2 -1.7 -8.9 .6 -.5 Compensation of employees, received...... 5.2 2.3 .8 1.8 -.9 -11.6 -3.9 .0 Wage and salary disbursements.......... 5.6 2.1 .4 1.8 -1.5 -13.6 -4.8 -.3 Supplements to wages and salaries...... 3.3 2.9 2.4 2.1 1.4 -2.3 -.3 1.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. -3.2 .9 -1.2 .9 -10.6 -15.9 -3.7 4.1 Rental income of persons with capital consumption adjustment.................. -1.1 45.2 61.7 44.0 28.8 16.4 28.9 28.9 Personal income receipts on assets....... 11.0 -1.8 -4.6 .8 -8.4 -21.1 -14.7 -7.3 Personal interest income............... 12.3 3.3 .6 6.6 -10.1 -14.5 -.7 -2.3 Personal dividend income............... 9.0 -10.3 -13.5 -9.5 -5.0 -32.8 -38.9 -18.4 Personal current transfer receipts....... 7.0 9.2 35.9 -12.3 5.1 20.2 34.6 -1.7 Less: Contributions for government social insurance, domestic..................... 4.1 3.3 1.4 2.4 -.6 -9.2 -4.0 -.2 Less: Personal current taxes............... 10.2 -3.9 -43.8 38.0 -.8 -53.1 -34.5 1.8 Equals: Disposable personal income......... 4.9 3.9 14.1 -4.2 -1.8 -1.2 5.2 -.7 Addenda: Personal consumption expenditures........ 5.4 3.1 4.0 1.0 -8.0 -.9 .5 6.2 Goods.................................. 4.4 1.1 3.3 -1.4 -24.5 -3.7 -.5 13.9 Durable goods........................ 2.4 -5.6 -6.6 -12.8 -22.9 2.1 -5.2 18.6 Nondurable goods..................... 5.5 4.7 8.4 4.5 -25.3 -6.2 1.8 11.8 Services............................... 5.9 4.1 4.4 2.2 1.5 .5 .9 2.8 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 2.6 -1.5 -.9 -.6 .6 -3.2 -1.7 -.7 Real disposable personal income.......... 2.2 .5 9.8 -8.5 3.4 .2 3.8 -3.4 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,218.9 9,198.1 9,180.8 9,185.1 9,201.3 9,219.2 9,315.2 9,261.1 Goods.................................... 3,141.3 3,119.2 3,095.0 3,106.1 3,114.9 3,130.5 3,216.6 3,152.0 Durable goods.......................... 1,091.8 1,075.2 1,059.2 1,072.5 1,083.5 1,106.3 1,180.0 1,095.2 Nondurable goods....................... 2,042.5 2,035.9 2,026.9 2,025.8 2,024.5 2,019.8 2,038.5 2,049.3 Services................................. 6,074.9 6,074.9 6,080.3 6,074.3 6,081.9 6,085.0 6,098.8 6,106.1 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8.3 -20.8 -17.3 4.3 16.2 17.9 96.0 -54.1 Goods.................................... 12.5 -22.1 -24.2 11.1 8.8 15.6 86.1 -64.6 Durable goods.......................... -2.9 -16.6 -16.0 13.3 11.0 22.8 73.7 -84.8 Nondurable goods....................... 14.5 -6.6 -9.0 -1.1 -1.3 -4.7 18.7 10.8 Services................................. -3.4 .0 5.4 -6.0 7.6 3.1 13.8 7.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .1 -.2 -.2 .0 .2 .2 1.0 -.6 Goods.................................... .4 -.7 -.8 .4 .3 .5 2.8 -2.0 Durable goods.......................... -.3 -1.5 -1.5 1.2 1.0 2.1 6.7 -7.2 Nondurable goods....................... .7 -.3 -.4 -.1 -.1 -.2 .9 .5 Services................................. -.1 .0 .1 -.1 .1 .0 .2 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 II 08 III 08 IV 08 I 09 II 09 III 09 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,313.9 9,290.9 9,351.0 9,267.7 9,195.3 9,209.2 9,189.0 9,265.1 Goods.................................... 3,273.7 3,206.0 3,257.8 3,193.6 3,110.4 3,129.8 3,105.4 3,166.3 Durable goods.......................... 1,199.9 1,146.3 1,175.7 1,139.6 1,076.8 1,087.2 1,071.7 1,127.2 Nondurable goods....................... 2,074.8 2,057.3 2,081.4 2,051.5 2,026.1 2,035.5 2,025.7 2,035.9 Services................................. 6,040.8 6,083.1 6,092.5 6,072.4 6,080.4 6,076.0 6,078.8 6,096.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 240.4 -23.0 1.4 -83.3 -72.4 13.9 -20.2 76.1 Goods.................................... 99.8 -67.7 -4.3 -64.2 -83.2 19.4 -24.4 60.9 Durable goods.......................... 49.5 -53.6 -17.5 -36.1 -62.8 10.4 -15.5 55.5 Nondurable goods....................... 51.2 -17.5 11.3 -29.9 -25.4 9.4 -9.8 10.2 Services................................. 141.1 42.3 5.4 -20.1 8.0 -4.4 2.8 17.8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.6 -.2 .1 -3.5 -3.1 .6 -.9 3.4 Goods.................................... 3.1 -2.1 -.5 -7.7 -10.0 2.5 -3.1 8.1 Durable goods.......................... 4.3 -4.5 -5.7 -11.7 -20.3 3.9 -5.6 22.3 Nondurable goods....................... 2.5 -.8 2.2 -5.6 -4.9 1.9 -1.9 2.0 Services................................. 2.4 .7 .4 -1.3 .5 -.3 .2 1.2 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 108.592 108.485 108.571 108.644 109.228 109.270 109.645 109.775 Goods.................................... 102.511 102.292 102.335 102.379 103.877 103.686 104.395 104.600 Durable goods.......................... 94.386 94.365 94.488 94.344 94.389 93.910 93.439 93.662 Nondurable goods....................... 107.207 106.883 106.882 107.024 109.302 109.262 110.632 110.826 Services................................. 111.797 111.747 111.857 111.944 112.061 112.223 112.424 112.514 Addenda: Energy goods and services\1\............. 105.708 102.315 99.934 100.171 108.596 108.157 113.637 114.496 PCE excluding food and energy\2\......... 108.202 108.307 108.586 108.694 108.855 108.970 109.073 109.209 Market-based PCE\3\...................... 108.605 108.541 108.602 108.648 109.293 109.285 109.703 109.826 Market-based PCE excluding food and energy\3\........................... 108.155 108.346 108.628 108.712 108.871 108.941 109.048 109.177 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .3 -.1 .1 .1 .5 .0 .3 .1 Goods.................................... .7 -.2 .0 .0 1.5 -.2 .7 .2 Durable goods.......................... .2 .0 .1 -.2 .0 -.5 -.5 .2 Nondurable goods....................... 1.0 -.3 .0 .1 2.1 .0 1.3 .2 Services................................. .1 .0 .1 .1 .1 .1 .2 .1 Addenda: Energy goods and services\1\............. 3.4 -3.2 -2.3 .2 8.4 -.4 5.1 .8 PCE excluding food and energy\2\......... .2 .1 .3 .1 .1 .1 .1 .1 Market-based PCE\3\...................... .4 -.1 .1 .0 .6 .0 .4 .1 Market-based PCE excluding food and energy\3\........................... .2 .2 .3 .1 .1 .1 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .7 .8 1.7 -1.8 -.9 .5 1.3 1.1 Personal consumption expenditures.......... -1.3 -1.7 -1.9 -1.8 -1.5 -.7 .4 .3 Goods.................................... -3.2 -4.6 -5.2 -4.8 -4.1 -2.2 -.1 -.3 Durable goods.......................... -8.5 -9.1 -10.2 -9.1 -7.2 -2.8 2.0 -2.5 Nondurable goods....................... -.5 -2.4 -2.7 -2.7 -2.7 -1.9 -1.1 .8 Services................................. -.3 -.2 -.3 -.2 -.1 .1 .6 .5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... .6 .2 .1 -.3 -.4 -.8 -.5 -.5 Goods.................................... -2.9 -3.5 -3.5 -3.7 -3.5 -4.5 -3.6 -3.6 Durable goods.......................... -1.7 -1.8 -1.6 -1.5 -1.4 -1.9 -2.2 -1.7 Nondurable goods....................... -3.5 -4.2 -4.3 -4.7 -4.5 -5.6 -4.3 -4.4 Services................................. 2.4 2.0 1.8 1.5 1.2 1.0 1.0 1.0 Addenda: Energy goods and services\1\............. -20.6 -24.8 -26.1 -27.7 -26.2 -28.9 -23.8 -22.6 PCE excluding food and energy\2\......... 1.8 1.7 1.7 1.6 1.5 1.4 1.3 1.3 Market-based PCE\3\...................... .7 .4 .2 -.1 -.2 -.8 -.5 -.5 Market-based PCE excluding food and energy\3\........................... 2.1 2.1 2.2 2.1 2.0 1.8 1.7 1.6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households.