EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, NOVEMBER 25, 2009 James Rankin: (202) 606-5301 (Personal Income)BEA 09-51 Brendan Leary: (202) 606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: OCTOBER 2009 Personal income increased $30.1 billion, or 0.2 percent, and disposable personal income (DPI) increased $45.7 billion, or 0.4 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $68.3 billion, or 0.7 percent. In September, personal income increased $20.7 billion, or 0.2 percent, DPI increased $21.3 billion, or 0.2 percent, and PCE decreased $60.3 billion, or 0.6 percent, based on revised estimates. Real disposable income increased 0.2 percent in October, compared with an increase of 0.1 percent in September. Real PCE increased 0.4 percent, in contrast to a decrease of 0.7 percent. 2009 June July Aug. Sept. Oct. (Percent change from preceding month) Personal income, current dollars -1.0 0.3 0.3 0.2 0.2 Disposable personal income: Current dollars -0.9 0.1 0.3 0.2 0.4 Chained (2005) dollars -1.5 0.1 -0.1 0.1 0.2 Personal consumption expenditures: Current dollars 0.7 0.2 1.3 -0.6 0.7 Chained (2005) dollars 0.2 0.2 1.0 -0.7 0.4 Wages and salaries Private wage and salary disbursements increased $2.1 billion in October, in contrast to a decrease of $6.2 billion in September. Goods-producing industries' payrolls decreased $3.3 billion, compared with a decrease of $6.8 billion; manufacturing payrolls decreased $3.6 billion, compared with a decrease of $0.3 billion. Services-producing industries' payrolls increased $5.4 billion, compared with an increase of $0.6 billion. Government wage and salary disbursements increased $0.6 billion, in contrast to a decrease of $1.7 billion. Other personal income Supplements to wages and salaries increased $1.3 billion in October, compared with an increase of $0.4 billion in September. Proprietors' income increased $10.0 billion in October, compared with an increase of $2.5 billion in September. Farm proprietors' income increased $4.6 billion, in contrast to a decrease of $1.4 billion. Nonfarm proprietors' income increased $5.4 billion, compared with an increase of $3.9 billion. Rental income of persons increased $4.3 billion in October, compared with an increase of $5.2 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $4.8 billion, in contrast to a decrease of $2.0 billion. Personal current transfer receipts increased $7.2 billion, compared with an increase of $21.6 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $0.2 billion in October, in contrast to a decrease of $0.9 billion in September. Personal current taxes and disposable personal income Personal current taxes decreased $15.6 billion in October, compared with a decrease of $0.7 billion in September. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $45.7 billion, or 0.4 percent, in October, compared with an increase of $21.3 billion, or 0.2 percent in September. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $65.8 billion in October, in contrast to a decrease of $60.6 billion in September. PCE increased $68.3 billion, in contrast to a decrease of $60.3 billion. Personal saving -- DPI less personal outlays -- was $490.3 billion in October, compared with $510.4 billion in September. Personal saving as a percentage of disposable personal income was 4.4 percent in October, compared with 4.6 percent in September. 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 -- increased 0.2 percent in October, compared with an increase of 0.1 percent in September. Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in October, in contrast to a decrease of 0.7 percent in September. Purchases of durable goods increased 2.0 percent, in contrast to a decrease of 8.7 percent. Purchases of motor vehicles and parts accounted for the increase in October and accounted for most of the decrease in September. The September decrease reflected the impact of the CARS program (popularly called “cash for clunkers”), which had boosted motor vehicle sales in July and in August. 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 0.2 percent in October, compared with an increase of 0.6 percent in September. Purchases of services increased 0.3 percent, compared with an increase of 0.2 percent. PCE price index -- The price index for PCE increased 0.3 percent in October, compared with an increase of 0.1 percent in September. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. Revisions Estimates of personal income have been revised for April through September; estimates of PCE have been revised for July through September. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for August and September -- revised and as published in last month's release -- are shown below. For April through June, the revisions to wages and salaries reflected the incorporation of newly available BLS tabulations for second-quarter private wages and salaries from the quarterly census of employment and wages. Wages and salaries were revised up for all three months. Revisions to personal current taxes reflected the revision to wages and salaries and the incorporation of revised annual targets based on collections data from Monthly Treasury Statements. Beginning in July, revisions to personal current transfer receipts reflect updated estimates of the impact of the American Recovery and Reinvestment Act of 2009 (ARRA). Change from preceding month August September Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 17.4 31.0 0.1 0.3 -0.1 20.7 0.0 0.2 Disposable personal income: Current Dollars 14.1 28.7 0.1 0.3 -0.2 21.3 0.0 0.2 Chained (2005) dollars -21.2 -8.9 -0.2 -0.1 -11.9 8.2 -0.1 0.1 Personal consumption expenditures: Current dollars 139.8 131.4 1.4 1.3 -47.2 -60.3 -0.5 -0.6 Chained (2005) dollars 96.0 87.7 1.0 1.0 -54.1 -65.3 -0.6 -0.7 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 --December 23, 2009 at 8:30 A.M. EST for Personal Income and Outlays for November. -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] ----------------------------------------------------------------------------------------------------------------------------------- Mar 09 Apr 09\r\ May 09\r\ Jun 09\r\ Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,882.7 11,969.8 12,146.9 12,029.7 12,061.1 12,092.1 12,112.8 12,142.9 Compensation of employees, received...... 7,756.0 7,804.2 7,820.1 7,823.6 7,829.1 7,845.7 7,838.3 7,842.3 Wage and salary disbursements.......... 6,260.3 6,303.6 6,317.0 6,318.9 6,322.7 6,337.2 6,329.2 6,331.9 Private industries................... 5,085.5 5,123.0 5,132.0 5,131.4 5,138.1 5,151.3 5,145.1 5,147.2 Goods-producing industries......... 1,090.7 1,077.4 1,066.2 1,059.7 1,060.5 1,055.6 1,048.8 1,045.5 Manufacturing.................... 672.1 668.0 660.5 657.4 662.5 660.0 659.7 656.1 Services-producing industries...... 3,994.8 4,045.5 4,065.8 4,071.8 4,077.6 4,095.7 4,096.3 4,101.7 Trade, transportation, and utilities....................... 992.7 989.7 991.0 987.1 985.7 991.1 989.3 990.9 Other services-producing industries...................... 3,002.1 3,055.8 3,074.8 3,084.6 3,091.9 3,104.6 3,107.0 3,110.7 Government........................... 1,174.8 1,180.6 1,185.0 1,187.4 1,184.6 1,185.8 1,184.1 1,184.7 Supplements to wages and salaries...... 1,495.7 1,500.6 1,503.1 1,504.7 1,506.4 1,508.6 1,509.0 1,510.3 Employer contributions for employee pension and insurance funds......... 1,038.9 1,040.6 1,042.0 1,043.4 1,045.0 1,046.2 1,047.2 1,048.6 Employer contributions for government social insurance.................... 456.8 460.0 461.1 461.3 461.4 462.4 461.8 461.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,027.1 1,026.0 1,026.8 1,031.2 1,035.2 1,039.4 1,041.9 1,051.9 Farm................................... 25.0 27.1 29.1 30.6 29.1 27.8 26.4 31.0 Nonfarm................................ 1,002.1 998.9 997.7 1,000.6 1,006.1 1,011.6 1,015.5 1,020.9 Rental income of persons with capital consumption adjustment.................. 249.7 255.4 261.9 268.7 273.9 279.0 284.2 288.5 Personal income receipts on assets....... 1,797.1 1,785.2 1,773.4 1,761.5 1,759.5 1,757.5 1,755.5 1,760.3 Personal interest income............... 1,225.8 1,233.5 1,241.1 1,248.7 1,242.2 1,235.7 1,229.1 1,234.8 Personal dividend income............... 571.2 551.8 532.3 512.8 517.3 521.8 526.3 525.5 Personal current transfer receipts....... 2,016.2 2,068.3 2,236.1 2,116.6 2,135.9 2,144.8 2,166.4 2,173.6 Government social benefits to persons.. 1,983.6 2,035.7 2,203.4 2,083.9 2,103.2 2,112.0 2,133.6 2,140.7 Old-age, survivors, disability, and health insurance benefits........... 1,136.0 1,148.4 1,145.7 1,159.1 1,158.4 1,162.8 1,176.3 1,175.8 Government unemployment insurance benefits............................ 108.3 113.9 121.6 132.0 131.1 136.9 137.6 137.8 Other................................ 739.3 773.4 936.1 792.8 813.7 812.3 819.7 827.1 Other current transfer receipts, from business (net)........................ 32.6 32.6 32.7 32.7 32.8 32.8 32.8 32.9 Less: Contributions for government social insurance, domestic..................... 963.3 969.3 971.4 971.9 972.5 974.4 973.5 973.7 Less: Personal current taxes............... 1,156.4 1,094.4 1,083.0 1,070.5 1,087.7 1,090.1 1,089.4 1,073.8 Equals: Disposable personal income......... 10,726.3 10,875.4 11,063.9 10,959.3 10,973.4 11,002.1 11,023.4 11,069.1 Less: Personal outlays..................... 10,353.1 10,340.3 10,350.4 10,420.6 10,442.4 10,573.6 10,513.0 10,578.8 Personal consumption expenditures........ 9,978.9 9,968.1 9,979.3 10,050.6 10,072.6 10,204.0 10,143.7 10,212.0 Goods.................................. 3,190.3 3,166.8 3,179.4 3,235.1 3,245.5 3,355.2 3,277.4 3,308.5 Durable goods........................ 1,014.3 1,000.6 1,011.5 1,022.5 1,038.8 1,103.6 1,009.5 1,030.6 Nondurable goods..................... 2,176.0 2,166.2 2,167.9 2,212.6 2,206.7 2,251.6 2,268.0 2,277.9 Services............................... 6,788.6 6,801.3 6,799.9 6,815.6 6,827.0 6,848.8 6,866.3 6,903.5 Personal interest payments\1\............ 219.7 218.2 216.7 215.2 214.5 213.8 213.1 210.3 Personal current transfer payments....... 154.6 154.1 154.5 154.8 155.4 155.7 156.2 156.5 To government.......................... 90.7 91.0 91.4 91.7 92.1 92.5 92.9 93.3 To the rest of the world (net)......... 63.8 63.1 63.1 63.1 63.3 63.3 63.3 63.3 Equals: Personal saving.................... 373.2 535.0 713.5 538.6 531.0 428.5 510.4 490.3 Personal saving as a percentage of disposable personal income.............. 3.5 4.9 6.4 4.9 4.8 3.9 4.6 4.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,094.5 9,119.4 9,122.0 9,075.4 9,084.4 9,072.9 9,061.9 9,059.0 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,887.0 10,016.5 10,183.3 10,033.1 10,043.8 10,034.9 10,043.1 10,058.3 Per capita: Current dollars...................... 35,003 35,465 36,055 35,686 35,703 35,766 35,804 35,923 Chained (2005) dollars............... 32,264 32,664 33,185 32,670 32,679 32,622 32,620 32,643 Population (midperiod, thousands)\3\..... 306,443 306,648 306,865 307,103 307,351 307,613 307,882 308,135 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. 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\r\ III 09\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,894.1 12,238.8 12,292.9 12,286.6 12,233.5 11,952.7 12,048.8 12,088.7 Compensation of employees, received...... 7,862.7 8,042.4 8,032.8 8,069.1 8,050.3 7,805.8 7,815.9 7,837.7 Wage and salary disbursements.......... 6,408.9 6,545.9 6,539.2 6,567.7 6,543.5 6,307.8 6,313.1 6,329.7 Private industries................... 5,319.8 5,404.6 5,402.8 5,419.2 5,388.6 5,136.0 5,128.8 5,144.8 Goods-producing industries......... 1,212.9 1,206.5 1,210.6 1,206.2 1,192.2 1,107.3 1,067.8 1,055.0 Manufacturing.................... 753.5 742.0 745.3 740.3 732.2 681.0 662.0 660.8 Services-producing industries...... 4,106.9 4,198.1 4,192.2 4,213.0 4,196.5 4,028.8 4,061.0 4,089.9 Trade, transportation, and utilities....................... 1,044.7 1,048.3 1,050.7 1,047.8 1,039.4 1,002.3 989.3 988.7 Other services-producing industries...................... 3,062.2 3,149.8 3,141.5 3,165.2 3,157.1 3,026.5 3,071.7 3,101.2 Government........................... 1,089.1 1,141.3 1,136.4 1,148.5 1,154.9 1,171.8 1,184.4 1,184.8 Supplements to wages and salaries...... 1,453.8 1,496.6 1,493.5 1,501.4 1,506.8 1,498.0 1,502.8 1,508.0 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.................... 460.8 472.7 471.8 474.7 473.6 460.2 460.8 461.9 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 1,038.8 Farm................................... 39.4 48.7 49.4 49.3 39.0 27.3 28.9 27.8 Nonfarm................................ 1,056.9 1,057.5 1,062.5 1,065.1 1,044.5 1,010.5 999.1 1,011.0 Rental income of persons with capital consumption adjustment.................. 144.9 210.4 202.8 222.2 236.7 245.9 262.0 279.0 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 1,757.5 Personal interest income............... 1,266.4 1,308.0 1,306.6 1,327.8 1,292.9 1,243.4 1,241.1 1,235.7 Personal dividend income............... 765.1 686.4 690.7 673.7 665.2 602.1 532.3 521.8 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 2,149.1 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 2,116.3 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 1,165.8 Government unemployment insurance benefits............................ 32.3 50.6 38.7 57.7 70.3 96.2 122.5 135.2 Other................................ 651.7 722.4 801.3 703.5 708.0 730.1 834.1 815.2 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..................... 959.3 990.6 988.9 994.9 993.3 969.7 970.9 973.4 Less: Personal current taxes............... 1,490.9 1,432.4 1,326.2 1,437.3 1,434.3 1,187.3 1,082.6 1,089.1 Equals: Disposable personal income......... 10,403.1 10,806.4 10,966.7 10,849.3 10,799.1 10,765.4 10,966.2 10,999.6 Less: Personal outlays..................... 10,224.3 10,520.0 10,592.2 10,613.6 10,389.9 10,362.3 10,370.5 10,509.7 Personal consumption expenditures........ 9,826.4 10,129.9 10,194.7 10,220.1 10,009.8 9,987.7 9,999.3 10,140.1 Goods.................................. 3,365.0 3,403.2 3,474.9 3,463.0 3,227.5 3,197.7 3,193.8 3,292.7 Durable goods........................ 1,160.5 1,095.2 1,126.5 1,088.5 1,019.9 1,025.2 1,011.5 1,050.6 Nondurable goods..................... 2,204.5 2,308.0 2,348.4 2,374.5 2,207.6 2,172.4 2,182.2 2,242.1 Services............................... 6,461.4 6,726.8 6,719.8 6,757.1 6,782.3 6,790.0 6,805.6 6,847.4 Personal interest payments\1\............ 256.8 237.7 243.9 238.3 228.8 220.4 216.7 213.8 Personal current transfer payments....... 141.0 152.3 153.6 155.2 151.3 154.2 154.5 155.7 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 63.3 Equals: Personal saving.................... 178.9 286.4 374.4 235.7 409.2 403.1 595.7 489.9 Personal saving as a percentage of disposable personal income.............. 1.7 2.7 3.4 2.2 3.8 3.7 5.4 4.5 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 9,105.5 9,073.0 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 10,077.5 10,040.6 Per capita: Current dollars...................... 34,478 35,486 36,059 35,586 35,335 35,153 35,735 35,758 Chained (2005) dollars............... 32,679 32,546 33,075 32,270 32,460 32,413 32,840 32,640 Population (midperiod, thousands)\3\..... 301,737 304,529 304,128 304,872 305,620 306,245 306,872 307,615 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. 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] ----------------------------------------------------------------------------------------------------------------------------------- Mar 09 Apr 09\r\ May 09\r\ Jun 09\r\ Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -54.4 87.1 177.1 -117.2 31.4 31.0 20.7 30.1 Compensation of employees, received...... -42.4 48.2 15.9 3.5 5.5 16.6 -7.4 4.0 Wage and salary disbursements.......... -40.7 43.3 13.4 1.9 3.8 14.5 -8.0 2.7 Private industries................... -43.9 37.5 9.0 -.6 6.7 13.2 -6.2 2.1 Goods-producing industries......... -14.8 -13.3 -11.2 -6.5 .8 -4.9 -6.8 -3.3 Manufacturing.................... -8.3 -4.1 -7.5 -3.1 5.1 -2.5 -.3 -3.6 Services-producing industries...... -29.1 50.7 20.3 6.0 5.8 18.1 .6 5.4 Trade, transportation, and utilities....................... -10.1 -3.0 1.3 -3.9 -1.4 5.4 -1.8 1.6 Other services-producing industries...................... -19.0 53.7 19.0 9.8 7.3 12.7 2.4 3.7 Government........................... 3.3 5.8 4.4 2.4 -2.8 1.2 -1.7 .6 Supplements to wages and salaries...... -1.7 4.9 2.5 1.6 1.7 2.2 .4 1.3 Employer contributions for employee pension and insurance funds......... 1.1 1.7 1.4 1.4 1.6 1.2 1.0 1.4 Employer contributions for government social insurance.................... -2.8 3.2 1.1 .2 .1 1.0 -.6 -.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. -9.1 -1.1 .8 4.4 4.0 4.2 2.5 10.0 Farm................................... -1.1 2.1 2.0 1.5 -1.5 -1.3 -1.4 4.6 Nonfarm................................ -8.0 -3.2 -1.2 2.9 5.5 5.5 3.9 5.4 Rental income of persons with capital consumption adjustment.................. 3.8 5.7 6.5 6.8 5.2 5.1 5.2 4.3 Personal income receipts on assets....... -48.4 -11.9 -11.8 -11.9 -2.0 -2.0 -2.0 4.8 Personal interest income............... -17.6 7.7 7.6 7.6 -6.5 -6.5 -6.6 5.7 Personal dividend income............... -30.9 -19.4 -19.5 -19.5 4.5 4.5 4.5 -.8 Personal current transfer receipts....... 36.5 52.1 167.8 -119.5 19.3 8.9 21.6 7.2 Government social benefits to persons.. 36.4 52.1 167.7 -119.5 19.3 8.8 21.6 7.1 Old-age, survivors, disability, and health insurance benefits........... 6.9 12.4 -2.7 13.4 -.7 4.4 13.5 -.5 Government unemployment insurance benefits............................ 15.9 5.6 7.7 10.4 -.9 5.8 .7 .2 Other................................ 13.6 34.1 162.7 -143.3 20.9 -1.4 7.4 7.4 Other current transfer receipts, from business (net)........................ .1 .0 .1 .0 .1 .0 .0 .1 Less: Contributions for government social insurance, domestic..................... -5.3 6.0 2.1 .5 .6 1.9 -.9 .2 Less: Personal current taxes............... -33.1 -62.0 -11.4 -12.5 17.2 2.4 -.7 -15.6 Equals: Disposable personal income......... -21.4 149.1 188.5 -104.6 14.1 28.7 21.3 45.7 Less: Personal outlays..................... -32.9 -12.8 10.1 70.2 21.8 131.2 -60.6 65.8 Personal consumption expenditures........ -32.4 -10.8 11.2 71.3 22.0 131.4 -60.3 68.3 Goods.................................. -29.4 -23.5 12.6 55.7 10.4 109.7 -77.8 31.1 Durable goods........................ -15.9 -13.7 10.9 11.0 16.3 64.8 -94.1 21.1 Nondurable goods..................... -13.5 -9.8 1.7 44.7 -5.9 44.9 16.4 9.9 Services............................... -3.0 12.7 -1.4 15.7 11.4 21.8 17.5 37.2 Personal interest payments\1\............ -.7 -1.5 -1.5 -1.5 -.7 -.7 -.7 -2.8 Personal current transfer payments....... .4 -.5 .4 .3 .6 .3 .5 .3 To government.......................... .3 .3 .4 .3 .4 .4 .4 .4 To the rest of the world (net)......... .0 -.7 .0 .0 .2 .0 .0 .0 Equals: Personal saving.................... 11.5 161.8 178.5 -174.9 -7.6 -102.5 81.9 -20.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -74.8 24.9 2.6 -46.6 9.0 -11.5 -11.0 -2.9 Disposable personal income, billions of chained (2005) dollars\2\............ -10.0 129.5 166.8 -150.2 10.7 -8.9 8.2 15.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. 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\r\ III 09\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 626.0 344.7 150.7 -6.3 -53.1 -280.8 96.1 39.9 Compensation of employees, received...... 387.0 179.7 15.3 36.3 -18.8 -244.5 10.1 21.8 Wage and salary disbursements.......... 340.0 137.0 6.2 28.5 -24.2 -235.7 5.3 16.6 Private industries................... 286.1 84.8 -4.9 16.4 -30.6 -252.6 -7.2 16.0 Goods-producing industries......... 36.9 -6.4 -6.5 -4.4 -14.0 -84.9 -39.5 -12.8 Manufacturing.................... 14.8 -11.5 -4.8 -5.0 -8.1 -51.2 -19.0 -1.2 Services-producing industries...... 249.1 91.2 1.6 20.8 -16.5 -167.7 32.2 28.9 Trade, transportation, and utilities....................... 48.7 3.6 -4.6 -2.9 -8.4 -37.1 -13.0 -.6 Other services-producing industries...................... 200.4 87.6 6.2 23.7 -8.1 -130.6 45.2 29.5 Government........................... 53.9 52.2 11.1 12.1 6.4 16.9 12.6 .4 Supplements to wages and salaries...... 46.9 42.8 9.0 7.9 5.4 -8.8 4.8 5.2 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 .6 1.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. -36.6 9.9 -3.3 2.5 -30.8 -45.8 -9.8 10.8 Farm................................... 10.1 9.3 -7.8 -.1 -10.3 -11.7 1.6 -1.1 Nonfarm................................ -46.7 .6 4.6 2.6 -20.6 -34.0 -11.4 11.9 Rental income of persons with capital consumption adjustment.................. -1.6 65.5 22.9 19.4 14.5 9.2 16.1 17.0 Personal income receipts on assets....... 201.8 -37.1 -23.5 4.1 -43.3 -112.6 -72.1 -15.9 Personal interest income............... 138.9 41.6 2.0 21.2 -34.9 -49.5 -2.3 -5.4 Personal dividend income............... 62.9 -78.7 -25.5 -17.0 -8.5 -63.1 -69.8 -10.5 Personal current transfer receipts....... 113.0 157.9 142.9 -62.7 23.7 89.3 153.0 8.8 Government social benefits to persons.. 104.2 155.4 142.9 -62.7 23.6 89.4 153.0 8.6 Old-age, survivors, disability, and health insurance benefits........... 60.4 66.6 15.4 16.0 6.5 41.5 22.6 14.7 Government unemployment insurance benefits............................ 2.4 18.3 3.0 19.0 12.6 25.9 26.3 12.7 Other................................ 41.3 70.7 124.6 -97.8 4.5 22.1 104.0 -18.9 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 1.2 2.5 Less: Personal current taxes............... 138.5 -58.5 -205.6 111.1 -3.0 -247.0 -104.7 6.5 Equals: Disposable personal income......... 487.4 403.3 356.3 -117.4 -50.2 -33.7 200.8 33.4 Less: Personal outlays..................... 543.6 295.7 108.1 21.4 -223.7 -27.6 8.2 139.2 Personal consumption expenditures........ 503.7 303.5 99.6 25.4 -210.3 -22.1 11.6 140.8 Goods.................................. 143.3 38.2 27.7 -11.9 -235.5 -29.8 -3.9 98.9 Durable goods........................ 27.5 -65.3 -19.3 -38.0 -68.6 5.3 -13.7 39.1 Nondurable goods..................... 115.8 103.5 47.0 26.1 -166.9 -35.2 9.8 59.9 Services............................... 360.5 265.4 71.9 37.3 25.2 7.7 15.6 41.8 Personal interest payments\1\............ 26.7 -19.1 4.1 -5.6 -9.5 -8.4 -3.7 -2.9 Personal current transfer payments....... 13.0 11.3 4.4 1.6 -3.9 2.9 .3 1.2 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 .2 Equals: Personal saving.................... -56.1 107.5 248.1 -138.7 173.5 -6.1 192.6 -105.8 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 -83.2 -32.5 Disposable personal income, billions of chained (2005) dollars\2\............ 209.9 50.7 232.2 -220.7 82.1 6.0 151.1 -36.9 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. 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] ----------------------------------------------------------------------------------------------------------------------------------- Mar 09 Apr 09\r\ May 09\r\ Jun 09\r\ Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ -.5 .7 1.5 -1.0 .3 .3 .2 .2 Compensation of employees, received...... -.5 .6 .2 .0 .1 .2 -.1 .1 Wage and salary disbursements.......... -.6 .7 .2 .0 .1 .2 -.1 .0 Supplements to wages and salaries...... -.1 .3 .2 .1 .1 .1 .0 .1 Proprietors' income with inventory valuation and capital consumption adjustments............................. -.9 -.1 .1 .4 .4 .4 .2 1.0 Rental income of persons with capital consumption adjustment.................. 1.5 2.3 2.6 2.6 1.9 1.9 1.9 1.5 Personal income receipts on assets....... -2.6 -.7 -.7 -.7 -.1 -.1 -.1 .3 Personal interest income............... -1.4 .6 .6 .6 -.5 -.5 -.5 .5 Personal dividend income............... -5.1 -3.4 -3.5 -3.7 .9 .9 .9 -.2 Personal current transfer receipts....... 1.8 2.6 8.1 -5.3 .9 .4 1.0 .3 Less: Contributions for government social insurance, domestic..................... -.6 .6 .2 .0 .1 .2 -.1 .0 Less: Personal current taxes............... -2.8 -5.4 -1.0 -1.2 1.6 .2 -.1 -1.4 Equals: Disposable personal income......... -.2 1.4 1.7 -.9 .1 .3 .2 .4 Addenda: Personal consumption expenditures........ -.3 -.1 .1 .7 .2 1.3 -.6 .7 Goods.................................. -.9 -.7 .4 1.8 .3 3.4 -2.3 .9 Durable goods........................ -1.5 -1.4 1.1 1.1 1.6 6.2 -8.5 2.1 Nondurable goods..................... -.6 -.4 .1 2.1 -.3 2.0 .7 .4 Services............................... .0 .2 .0 .2 .2 .3 .3 .5 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.8 .3 .0 -.5 .1 -.1 -.1 .0 Real disposable personal income.......... -.1 1.3 1.7 -1.5 .1 -.1 .1 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. 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\r\ III 09\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.6 2.9 5.1 -.2 -1.7 -8.9 3.3 1.3 Compensation of employees, received...... 5.2 2.3 .8 1.8 -.9 -11.6 .5 1.1 Wage and salary disbursements.......... 5.6 2.1 .4 1.8 -1.5 -13.6 .3 1.1 Supplements to wages and salaries...... 3.3 2.9 2.4 2.1 1.4 -2.3 1.3 1.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. -3.2 .9 -1.2 .9 -10.6 -15.9 -3.7 4.3 Rental income of persons with capital consumption adjustment.................. -1.1 45.2 61.7 44.0 28.8 16.4 28.9 28.7 Personal income receipts on assets....... 11.0 -1.8 -4.6 .8 -8.4 -21.1 -14.7 -3.5 Personal interest income............... 12.3 3.3 .6 6.6 -10.1 -14.5 -.7 -1.7 Personal dividend income............... 9.0 -10.3 -13.5 -9.5 -5.0 -32.8 -38.9 -7.6 Personal current transfer receipts....... 7.0 9.2 35.9 -12.3 5.1 20.2 34.6 1.6 Less: Contributions for government social insurance, domestic..................... 4.1 3.3 1.4 2.4 -.6 -9.2 .5 1.1 Less: Personal current taxes............... 10.2 -3.9 -43.8 38.0 -.8 -53.1 -30.9 2.4 Equals: Disposable personal income......... 4.9 3.9 14.1 -4.2 -1.8 -1.2 7.7 1.2 Addenda: Personal consumption expenditures........ 5.4 3.1 4.0 1.0 -8.0 -.9 .5 5.8 Goods.................................. 4.4 1.1 3.3 -1.4 -24.5 -3.7 -.5 13.0 Durable goods........................ 2.4 -5.6 -6.6 -12.8 -22.9 2.1 -5.2 16.4 Nondurable goods..................... 5.5 4.7 8.4 4.5 -25.3 -6.2 1.8 11.4 Services............................... 5.9 4.1 4.4 2.2 1.5 .5 .9 2.5 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 2.6 -1.5 -.9 -.6 .6 -3.2 -.9 -.4 Real disposable personal income.......... 2.2 .5 9.8 -8.5 3.4 .2 6.2 -1.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Mar 09 Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,198.1 9,180.8 9,185.1 9,201.3 9,219.3 9,307.0 9,241.7 9,279.5 Goods.................................... 3,119.2 3,095.0 3,106.1 3,114.9 3,130.8 3,214.7 3,134.0 3,156.6 Durable goods.......................... 1,075.2 1,059.2 1,072.5 1,083.5 1,106.5 1,181.5 1,078.1 1,099.6 Nondurable goods....................... 2,035.9 2,026.9 2,025.8 2,024.5 2,019.9 2,035.5 2,046.8 2,050.0 Services................................. 6,074.9 6,080.3 6,074.3 6,081.9 6,084.8 6,092.6 6,103.8 6,119.7 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -20.8 -17.3 4.3 16.2 18.0 87.7 -65.3 37.8 Goods.................................... -22.1 -24.2 11.1 8.8 15.9 83.9 -80.7 22.6 Durable goods.......................... -16.6 -16.0 13.3 11.0 23.0 75.0 -103.4 21.5 Nondurable goods....................... -6.6 -9.0 -1.1 -1.3 -4.6 15.6 11.3 3.2 Services................................. .0 5.4 -6.0 7.6 2.9 7.8 11.2 15.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.2 -.2 .0 .2 .2 1.0 -.7 .4 Goods.................................... -.7 -.8 .4 .3 .5 2.7 -2.5 .7 Durable goods.......................... -1.5 -1.5 1.2 1.0 2.1 6.8 -8.7 2.0 Nondurable goods....................... -.3 -.4 -.1 -.1 -.2 .8 .6 .2 Services................................. .0 .1 -.1 .1 .0 .1 .2 .3 ----------------------------------------------------------------------------------------------------------------------------------- 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\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- 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 9,256.0 Goods.................................... 3,273.7 3,206.0 3,257.8 3,193.6 3,110.4 3,129.8 3,105.4 3,159.8 Durable goods.......................... 1,199.9 1,146.3 1,175.7 1,139.6 1,076.8 1,087.2 1,071.7 1,122.0 Nondurable goods....................... 2,074.8 2,057.3 2,081.4 2,051.5 2,026.1 2,035.5 2,025.7 2,034.1 Services................................. 6,040.8 6,083.1 6,092.5 6,072.4 6,080.4 6,076.0 6,078.8 6,093.7 ---------------------------------------------------------------------------------------- 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 67.0 Goods.................................... 99.8 -67.7 -4.3 -64.2 -83.2 19.4 -24.4 54.4 Durable goods.......................... 49.5 -53.6 -17.5 -36.1 -62.8 10.4 -15.5 50.3 Nondurable goods....................... 51.2 -17.5 11.3 -29.9 -25.4 9.4 -9.8 8.4 Services................................. 141.1 42.3 5.4 -20.1 8.0 -4.4 2.8 14.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.6 -.2 .1 -3.5 -3.1 .6 -.9 2.9 Goods.................................... 3.1 -2.1 -.5 -7.7 -10.0 2.5 -3.1 7.2 Durable goods.......................... 4.3 -4.5 -5.7 -11.7 -20.3 3.9 -5.6 20.1 Nondurable goods....................... 2.5 -.8 2.2 -5.6 -4.9 1.9 -1.9 1.7 Services................................. 2.4 .7 .4 -1.3 .5 -.3 .2 1.0 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Mar 09 Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 108.485 108.571 108.644 109.228 109.252 109.634 109.757 110.046 Goods.................................... 102.292 102.335 102.379 103.877 103.684 104.391 104.594 104.831 Durable goods.......................... 94.365 94.488 94.344 94.389 93.904 93.430 93.650 93.748 Nondurable goods....................... 106.883 106.882 107.024 109.302 109.260 110.628 110.821 111.132 Services................................. 111.747 111.857 111.944 112.061 112.196 112.410 112.490 112.807 Addenda: Energy goods and services\1\............. 102.315 99.934 100.171 108.596 108.153 113.631 114.492 116.353 PCE excluding food and energy\2\......... 108.307 108.586 108.694 108.855 108.950 109.062 109.190 109.400 Market-based PCE\3\...................... 108.541 108.602 108.648 109.293 109.282 109.712 109.823 110.030 Market-based PCE excluding food and energy\3\........................... 108.346 108.628 108.712 108.871 108.937 109.059 109.173 109.275 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ -.1 .1 .1 .5 .0 .3 .1 .3 Goods.................................... -.2 .0 .0 1.5 -.2 .7 .2 .2 Durable goods.......................... .0 .1 -.2 .0 -.5 -.5 .2 .1 Nondurable goods....................... -.3 .0 .1 2.1 .0 1.3 .2 .3 Services................................. .0 .1 .1 .1 .1 .2 .1 .3 Addenda: Energy goods and services\1\............. -3.2 -2.3 .2 8.4 -.4 5.1 .8 1.6 PCE excluding food and energy\2\......... .1 .3 .1 .1 .1 .1 .1 .2 Market-based PCE\3\...................... -.1 .1 .0 .6 .0 .4 .1 .2 Market-based PCE excluding food and energy\3\........................... .2 .3 .1 .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 ----------------------------------------------------------------------------------------------------------------------------------- Mar 09 Apr 09\r\ May 09\r\ Jun 09\r\ Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .8 2.1 -1.3 -.2 1.5 2.4 2.3 2.2 Personal consumption expenditures.......... -1.7 -1.9 -1.8 -1.5 -.7 .3 .0 .8 Goods.................................... -4.6 -5.2 -4.8 -4.1 -2.2 -.2 -.8 1.0 Durable goods.......................... -9.1 -10.2 -9.1 -7.2 -2.8 2.1 -4.0 1.7 Nondurable goods....................... -2.4 -2.7 -2.7 -2.7 -1.9 -1.3 .6 .6 Services................................. -.2 -.3 -.2 -.1 .1 .5 .5 .6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Mar 09 Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... .2 .1 -.3 -.4 -.9 -.6 -.6 .2 Goods.................................... -3.5 -3.5 -3.7 -3.5 -4.5 -3.6 -3.6 -1.9 Durable goods.......................... -1.8 -1.6 -1.5 -1.4 -1.9 -2.2 -1.8 -1.5 Nondurable goods....................... -4.2 -4.3 -4.7 -4.5 -5.6 -4.3 -4.4 -2.0 Services................................. 2.0 1.8 1.5 1.2 1.0 1.0 1.0 1.2 Addenda: Energy goods and services\1\............. -24.8 -26.1 -27.7 -26.2 -28.9 -23.8 -22.6 -14.4 PCE excluding food and energy\2\......... 1.7 1.7 1.6 1.5 1.4 1.3 1.3 1.4 Market-based PCE\3\...................... .4 .2 -.1 -.2 -.8 -.5 -.5 .1 Market-based PCE excluding food and energy\3\........................... 2.1 2.2 2.1 2.0 1.8 1.7 1.6 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.