EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, NOVEMBER 24, 2010 BEA 10-55 James Rankin: (202) 606-5301 (Personal Income) piniwd@bea.gov Kyle Brown: (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: OCTOBER 2010 Personal income increased $57.6 billion, or 0.5 percent, and disposable personal income (DPI) increased $48.3 billion, or 0.4 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $44.0 billion, or 0.4 percent. In September, personal income decreased $2.8 billion, or less than 0.1 percent, DPI decreased $8.6 billion, or 0.1 percent, and PCE increased $26.9 billion, or 0.3 percent, based on revised estimates. Real disposable income increased 0.3 percent in October, in contrast to a decrease of 0.2 percent in September. Real PCE increased 0.3 percent, compared with an increase of 0.2 percent. 2010 June July Aug. Sept. Oct. (Percent change from preceding month) Personal income, current dollars 0.1 0.2 0.5 0.0 0.5 Disposable personal income: Current dollars 0.1 0.0 0.5 -0.1 0.4 Chained (2005) dollars 0.2 -0.2 0.3 -0.2 0.3 Personal consumption expenditures: Current dollars 0.0 0.5 0.5 0.3 0.4 Chained (2005) dollars 0.1 0.3 0.3 0.2 0.3 This news release also presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for April through June 2010 (second quarter). These estimates reflect newly available second-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. Wages and salaries Private wage and salary disbursements increased $33.2 billion in October, compared with an increase of $8.0 billion in September. Goods-producing industries' payrolls increased $5.5 billion, in contrast to a decrease of $0.1 billion; manufacturing payrolls increased $3.4 billion, in contrast to a decrease of $0.1 billion. Services-producing industries' payrolls increased $27.6 billion, compared with an increase of $8.2 billion. Government wage and salary disbursements increased $2.5 billion, in contrast to a decrease of $4.6 billion. Other personal income Supplements to wages and salaries increased $5.1 billion in October, compared with an increase of $2.8 billion in September. Proprietors' income increased $9.9 billion in October, compared with an increase of $4.9 billion in September. Farm proprietors' income increased $5.3 billion, compared with an increase of $3.6 billion. Nonfarm proprietors' income increased $4.5 billion, compared with an increase of $1.3 billion. Rental income of persons increased $1.6 billion in October, compared with an increase of $3.5 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $6.9 billion, in contrast to a decrease of $4.9 billion. Personal current transfer receipts increased $3.3 billion, in contrast to a decrease of $12.1 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $4.7 billion in October, compared with an increase of $0.6 billion in September. Personal current taxes and disposable personal income Personal current taxes increased $9.4 billion in October, compared with an increase of $5.7 billion in September. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $48.3 billion, or 0.4 percent, in October, in contrast to a decrease of $8.6 billion, or 0.1 percent in September. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $43.0 billion in October, compared with an increase of $23.5 billion in September. PCE increased $44.0 billion, compared with an increase of $26.9 billion. Personal saving -- DPI less personal outlays -- was $651.1 billion in October, compared with $645.8 billion in September. Personal saving as a percentage of disposable personal income was 5.7 percent in October, compared with 5.6 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 0.3 percent in October, in contrast to a decrease of 0.2 percent in September. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in October, compared with an increase of 0.2 percent in September. Purchases of durable goods increased 2.2 percent, compared with an increase of 1.7 percent. Purchases of motor vehicles and parts accounted for most of the increases in October and in September. Purchases of nondurable goods increased 0.2 percent in October, in contrast to a decrease of 0.2 percent in September. Purchases of services decreased less than 0.1 percent in October, in contrast to an increase of 0.1 percent in September. PCE price index -- The price index for PCE increased 0.2 percent in October, compared with an increase of 0.1 percent in September. The PCE price index, excluding food and energy, increased less than 0.1 percent in both October and September. Revisions Estimates of personal income have been revised for April through September; estimates for 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. Estimates of wages and salaries were revised April through September. The revisions to second-quarter wages and salaries reflect the incorporation of BLS tabulations of second-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for July, August, and September reflect extrapolations from the revised second-quarter level of wages. In addition, revisions for August and September reflect revised BLS employment, hours, and earnings data. 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 54.4 62.3 0.4 0.5 -16.8 -2.8 -0.1 0.0 Disposable personal income: Current dollars 47.9 53.8 0.4 0.5 -20.3 -8.6 -0.2 -0.1 Chained (2005) dollars 23.5 28.6 0.2 0.3 -26.7 -17.7 -0.3 -0.2 Personal consumption expenditures: Current dollars 52.5 54.5 0.5 0.5 17.3 26.9 0.2 0.3 Chained (2005) dollars 29.3 31.0 0.3 0.3 7.9 15.1 0.1 0.2 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, 2010, at 8:30 A.M. EST for Personal Income and Outlays for November. Release dates in 2011 December 2010....January 31 April 2011...May 27 August 2011......September 30 January 2011.....February 28 May 2011.....June 27 September 2011...October 28 February 2011....March 28 June 2011....August 2 October 2011.....November 23 March 2011.......April 29 July 2011....August 29 November 2011....December 23 ________________________ 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 10 Apr 10\r\ May 10\r\ Jun 10\r\ Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,389.4 12,478.5 12,532.8 12,540.0 12,559.8 12,622.1 12,619.3 12,676.9 Compensation of employees, received...... 7,868.3 7,939.1 7,985.8 7,984.8 8,013.4 8,038.7 8,045.0 8,085.7 Wage and salary disbursements.......... 6,298.1 6,362.4 6,403.7 6,400.4 6,425.1 6,446.0 6,449.5 6,485.1 Private industries................... 5,110.5 5,172.2 5,207.8 5,207.0 5,233.2 5,262.0 5,270.0 5,303.2 Goods-producing industries......... 1,030.3 1,045.7 1,062.9 1,054.2 1,061.3 1,068.7 1,068.6 1,074.1 Manufacturing.................... 651.3 664.6 679.6 673.1 678.7 681.7 681.6 685.0 Services-producing industries...... 4,080.2 4,126.5 4,144.9 4,152.9 4,172.0 4,193.3 4,201.5 4,229.1 Trade, transportation, and utilities....................... 989.6 1,002.7 1,007.2 1,006.2 1,012.1 1,014.0 1,017.2 1,023.5 Other services-producing industries...................... 3,090.6 3,123.7 3,137.7 3,146.6 3,159.9 3,179.3 3,184.3 3,205.6 Government........................... 1,187.6 1,190.1 1,195.9 1,193.4 1,191.9 1,184.0 1,179.4 1,181.9 Supplements to wages and salaries...... 1,570.2 1,576.7 1,582.1 1,584.4 1,588.3 1,592.7 1,595.5 1,600.6 Employer contributions for employee pension and insurance funds......... 1,098.5 1,100.7 1,103.1 1,105.5 1,107.8 1,110.2 1,112.8 1,115.6 Employer contributions for government social insurance.................... 471.7 476.0 479.0 479.0 480.6 482.5 482.7 485.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,037.2 1,049.2 1,051.7 1,048.3 1,049.2 1,059.3 1,064.2 1,074.1 Farm................................... 36.2 37.6 38.9 40.3 43.9 47.4 51.0 56.3 Nonfarm................................ 1,001.0 1,011.6 1,012.7 1,008.0 1,005.3 1,011.9 1,013.2 1,017.7 Rental income of persons with capital consumption adjustment.................. 298.0 298.1 298.8 299.6 301.7 304.5 308.0 309.6 Personal income receipts on assets....... 1,903.8 1,911.1 1,915.0 1,917.3 1,907.5 1,897.8 1,892.9 1,899.8 Personal interest income............... 1,204.7 1,205.0 1,205.3 1,205.6 1,194.8 1,184.1 1,173.4 1,184.9 Personal dividend income............... 699.0 706.0 709.7 711.8 712.7 713.7 719.5 714.9 Personal current transfer receipts....... 2,271.4 2,279.0 2,285.4 2,293.8 2,295.2 2,332.5 2,320.4 2,323.7 Government social benefits to persons.. 2,234.7 2,242.3 2,248.4 2,256.5 2,257.8 2,295.2 2,283.3 2,284.3 Old-age, survivors, disability, and health insurance benefits........... 1,195.9 1,207.9 1,207.9 1,208.6 1,219.5 1,221.5 1,229.3 1,230.5 Government unemployment insurance benefits............................ 156.8 137.2 137.1 136.1 123.2 150.5 133.3 127.9 Other................................ 882.1 897.2 903.4 911.9 915.1 923.2 920.7 925.8 Other current transfer receipts, from business (net)........................ 36.7 36.7 37.0 37.2 37.4 37.3 37.0 39.3 Less: Contributions for government social insurance, domestic..................... 989.3 998.0 1,003.9 1,003.9 1,007.2 1,010.7 1,011.3 1,016.0 Less: Personal current taxes............... 1,137.4 1,143.5 1,151.8 1,152.0 1,171.0 1,179.5 1,185.2 1,194.6 Equals: Disposable personal income......... 11,252.1 11,335.0 11,381.0 11,388.0 11,388.8 11,442.6 11,434.0 11,482.3 Less: Personal outlays..................... 10,654.6 10,652.6 10,670.4 10,668.1 10,713.6 10,764.7 10,788.2 10,831.2 Personal consumption expenditures........ 10,279.7 10,275.2 10,292.1 10,288.8 10,338.3 10,392.8 10,419.7 10,463.7 Goods.................................. 3,417.9 3,396.4 3,374.8 3,361.2 3,384.8 3,420.6 3,438.6 3,477.8 Durable goods........................ 1,089.0 1,078.1 1,074.6 1,069.5 1,081.2 1,081.6 1,098.9 1,119.7 Nondurable goods..................... 2,328.9 2,318.3 2,300.1 2,291.7 2,303.6 2,339.0 2,339.7 2,358.1 Services............................... 6,861.8 6,878.8 6,917.3 6,927.6 6,953.5 6,972.2 6,981.1 6,985.9 Personal interest payments\1\............ 205.2 205.6 206.0 206.5 202.5 198.5 194.5 192.9 Personal current transfer payments....... 169.7 171.7 172.3 172.8 172.8 173.4 174.0 174.6 To government.......................... 99.0 99.5 100.1 100.6 101.2 101.8 102.4 103.0 To the rest of the world (net)......... 70.7 72.2 72.2 72.2 71.6 71.6 71.6 71.6 Equals: Personal saving.................... 597.4 682.4 710.6 719.8 675.1 677.9 645.8 651.1 Personal saving as a percentage of disposable personal income.............. 5.3 6.0 6.2 6.3 5.9 5.9 5.6 5.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,112.9 9,188.9 9,240.2 9,250.8 9,248.1 9,252.8 9,252.2 9,285.7 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,134.3 10,211.9 10,262.4 10,281.6 10,261.0 10,289.6 10,271.9 10,298.4 Per capita: Current dollars...................... 36,378 36,622 36,746 36,742 36,716 36,859 36,802 36,928 Chained (2005) dollars............... 32,764 32,994 33,135 33,172 33,080 33,145 33,062 33,121 Population (midperiod, thousands)\3\..... 309,312 309,509 309,718 309,946 310,185 310,439 310,691 310,935 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 II 09 III 09 IV 09 I 10 II 10\r\ III 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,391.1 12,174.9 12,203.4 12,164.0 12,239.0 12,350.3 12,517.1 12,600.4 Compensation of employees, received...... 8,065.8 7,806.7 7,819.0 7,798.7 7,831.4 7,858.1 7,969.9 8,032.4 Wage and salary disbursements.......... 6,559.0 6,274.1 6,287.7 6,263.9 6,284.9 6,291.4 6,388.8 6,440.2 Private industries................... 5,415.1 5,100.5 5,111.4 5,088.3 5,110.0 5,105.9 5,195.7 5,255.1 Goods-producing industries......... 1,207.6 1,064.0 1,063.0 1,046.7 1,046.1 1,032.2 1,054.3 1,066.2 Manufacturing.................... 741.2 661.5 659.1 649.8 658.3 652.6 672.4 680.7 Services-producing industries...... 4,207.4 4,036.6 4,048.5 4,041.6 4,064.0 4,073.7 4,141.4 4,188.9 Trade, transportation, and utilities....................... 1,050.9 990.5 989.9 986.9 988.2 988.0 1,005.4 1,014.4 Other services-producing industries...................... 3,156.6 3,046.1 3,058.5 3,054.7 3,075.7 3,085.8 3,136.0 3,174.5 Government........................... 1,144.0 1,173.6 1,176.2 1,175.6 1,174.9 1,185.5 1,193.1 1,185.1 Supplements to wages and salaries...... 1,506.8 1,532.6 1,531.4 1,534.8 1,546.5 1,566.7 1,581.1 1,592.2 Employer contributions for employee pension and insurance funds......... 1,036.6 1,072.0 1,069.9 1,074.0 1,084.0 1,095.8 1,103.1 1,110.3 Employer contributions for government social insurance.................... 470.1 460.6 461.5 460.8 462.5 470.9 478.0 481.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,102.0 1,011.9 1,000.5 1,006.4 1,022.1 1,030.7 1,049.7 1,057.6 Farm................................... 50.8 30.5 28.0 28.0 36.2 36.8 38.9 47.4 Nonfarm................................ 1,051.2 981.5 972.5 978.4 985.9 994.0 1,010.8 1,010.2 Rental income of persons with capital consumption adjustment.................. 222.0 274.0 269.4 279.1 282.8 292.7 298.8 304.7 Personal income receipts on assets....... 2,109.3 1,919.7 1,925.9 1,891.1 1,889.2 1,911.1 1,914.4 1,899.4 Personal interest income............... 1,314.7 1,222.3 1,229.5 1,213.3 1,205.8 1,208.7 1,205.3 1,184.1 Personal dividend income............... 794.6 697.4 696.4 677.8 683.4 702.4 709.2 715.3 Personal current transfer receipts....... 1,879.2 2,132.8 2,160.2 2,159.3 2,188.2 2,245.5 2,286.1 2,316.0 Government social benefits to persons.. 1,842.6 2,096.8 2,124.1 2,123.4 2,152.5 2,208.9 2,249.1 2,278.8 Old-age, survivors, disability, and health insurance benefits........... 1,068.3 1,164.5 1,158.2 1,172.6 1,188.8 1,191.3 1,208.1 1,223.5 Government unemployment insurance benefits............................ 50.7 128.6 127.7 145.0 143.4 146.1 136.8 135.7 Other................................ 723.6 803.7 838.1 805.9 820.2 871.5 904.2 919.7 Other current transfer receipts, from business (net)........................ 36.7 36.0 36.1 35.8 35.8 36.6 37.0 37.2 Less: Contributions for government social insurance, domestic..................... 987.2 970.3 971.6 970.6 974.8 987.8 1,001.9 1,009.7 Less: Personal current taxes............... 1,438.2 1,140.0 1,112.5 1,117.0 1,117.2 1,134.7 1,149.1 1,178.6 Equals: Disposable personal income......... 10,952.9 11,034.9 11,090.9 11,047.0 11,121.7 11,215.6 11,368.0 11,421.8 Less: Personal outlays..................... 10,505.0 10,379.6 10,297.4 10,423.6 10,505.7 10,603.9 10,663.7 10,755.5 Personal consumption expenditures........ 10,104.5 10,001.3 9,920.1 10,040.7 10,131.5 10,230.8 10,285.4 10,383.6 Goods.................................. 3,379.5 3,230.7 3,175.4 3,276.1 3,312.9 3,380.0 3,377.5 3,414.7 Durable goods........................ 1,083.5 1,026.5 1,004.7 1,045.2 1,043.9 1,060.7 1,074.1 1,087.2 Nondurable goods..................... 2,296.0 2,204.2 2,170.7 2,231.0 2,269.0 2,319.3 2,303.4 2,327.4 Services............................... 6,725.0 6,770.6 6,744.7 6,764.6 6,818.6 6,850.9 6,907.9 6,968.9 Personal interest payments\1\............ 246.2 216.8 218.4 220.9 207.8 203.8 206.0 198.5 Personal current transfer payments....... 154.3 161.4 158.9 161.9 166.4 169.2 172.3 173.4 To government.......................... 89.7 95.0 94.3 95.6 97.0 98.5 100.1 101.8 To the rest of the world (net)......... 64.6 66.5 64.6 66.3 69.5 70.7 72.2 71.6 Equals: Personal saving.................... 447.9 655.3 793.5 623.4 616.0 611.8 704.3 666.3 Personal saving as a percentage of disposable personal income.............. 4.1 5.9 7.2 5.6 5.5 5.5 6.2 5.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,638.5 9,191.1 9,230.2 9,128.7 9,109.7 9,111.7 9,226.6 9,251.0 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,042.9 10,099.8 10,193.0 10,079.7 10,080.4 10,113.3 10,251.9 10,274.2 Per capita: Current dollars...................... 35,931 35,888 36,115 35,888 36,049 36,282 36,704 36,792 Chained (2005) dollars............... 32,946 32,847 33,191 32,746 32,673 32,717 33,100 33,096 Population (midperiod, thousands)\3\..... 304,831 307,483 307,101 307,815 308,521 309,120 309,724 310,438 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Mar 10 Apr 10\r\ May 10\r\ Jun 10\r\ Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 52.2 89.1 54.3 7.2 19.8 62.3 -2.8 57.6 Compensation of employees, received...... 17.3 70.8 46.7 -1.0 28.6 25.3 6.3 40.7 Wage and salary disbursements.......... 13.3 64.3 41.3 -3.3 24.7 20.9 3.5 35.6 Private industries................... 10.8 61.7 35.6 -.8 26.2 28.8 8.0 33.2 Goods-producing industries......... 1.5 15.4 17.2 -8.7 7.1 7.4 -.1 5.5 Manufacturing.................... .3 13.3 15.0 -6.5 5.6 3.0 -.1 3.4 Services-producing industries...... 9.4 46.3 18.4 8.0 19.1 21.3 8.2 27.6 Trade, transportation, and utilities....................... 3.2 13.1 4.5 -1.0 5.9 1.9 3.2 6.3 Other services-producing industries...................... 6.2 33.1 14.0 8.9 13.3 19.4 5.0 21.3 Government........................... 2.4 2.5 5.8 -2.5 -1.5 -7.9 -4.6 2.5 Supplements to wages and salaries...... 4.1 6.5 5.4 2.3 3.9 4.4 2.8 5.1 Employer contributions for employee pension and insurance funds......... 2.7 2.2 2.4 2.4 2.3 2.4 2.6 2.8 Employer contributions for government social insurance.................... 1.4 4.3 3.0 .0 1.6 1.9 .2 2.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 9.2 12.0 2.5 -3.4 .9 10.1 4.9 9.9 Farm................................... -.6 1.4 1.3 1.4 3.6 3.5 3.6 5.3 Nonfarm................................ 9.8 10.6 1.1 -4.7 -2.7 6.6 1.3 4.5 Rental income of persons with capital consumption adjustment.................. 5.5 .1 .7 .8 2.1 2.8 3.5 1.6 Personal income receipts on assets....... -12.3 7.3 3.9 2.3 -9.8 -9.7 -4.9 6.9 Personal interest income............... -4.0 .3 .3 .3 -10.8 -10.7 -10.7 11.5 Personal dividend income............... -8.4 7.0 3.7 2.1 .9 1.0 5.8 -4.6 Personal current transfer receipts....... 35.1 7.6 6.4 8.4 1.4 37.3 -12.1 3.3 Government social benefits to persons.. 35.0 7.6 6.1 8.1 1.3 37.4 -11.9 1.0 Old-age, survivors, disability, and health insurance benefits........... 5.2 12.0 .0 .7 10.9 2.0 7.8 1.2 Government unemployment insurance benefits............................ 18.6 -19.6 -.1 -1.0 -12.9 27.3 -17.2 -5.4 Other................................ 11.3 15.1 6.2 8.5 3.2 8.1 -2.5 5.1 Other current transfer receipts, from business (net)........................ .1 .0 .3 .2 .2 -.1 -.3 2.3 Less: Contributions for government social insurance, domestic..................... 2.6 8.7 5.9 .0 3.3 3.5 .6 4.7 Less: Personal current taxes............... 3.8 6.1 8.3 .2 19.0 8.5 5.7 9.4 Equals: Disposable personal income......... 48.5 82.9 46.0 7.0 .8 53.8 -8.6 48.3 Less: Personal outlays..................... 51.7 -2.0 17.8 -2.3 45.5 51.1 23.5 43.0 Personal consumption expenditures........ 49.8 -4.5 16.9 -3.3 49.5 54.5 26.9 44.0 Goods.................................. 42.6 -21.5 -21.6 -13.6 23.6 35.8 18.0 39.2 Durable goods........................ 36.8 -10.9 -3.5 -5.1 11.7 .4 17.3 20.8 Nondurable goods..................... 5.8 -10.6 -18.2 -8.4 11.9 35.4 .7 18.4 Services............................... 7.2 17.0 38.5 10.3 25.9 18.7 8.9 4.8 Personal interest payments\1\............ 1.4 .4 .4 .5 -4.0 -4.0 -4.0 -1.6 Personal current transfer payments....... .5 2.0 .6 .5 .0 .6 .6 .6 To government.......................... .5 .5 .6 .5 .6 .6 .6 .6 To the rest of the world (net)......... .0 1.5 .0 .0 -.6 .0 .0 .0 Equals: Personal saving.................... -3.2 85.0 28.2 9.2 -44.7 2.8 -32.1 5.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 1.1 76.0 51.3 10.6 -2.7 4.7 -.6 33.5 Disposable personal income, billions of chained (2005) dollars\2\............ 27.8 77.6 50.5 19.2 -20.6 28.6 -17.7 26.5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 II 09 III 09 IV 09 I 10 II 10\r\ III 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 478.8 -216.2 110.2 -39.4 75.0 111.3 166.8 83.3 Compensation of employees, received...... 203.6 -259.1 41.3 -20.3 32.7 26.7 111.8 62.5 Wage and salary disbursements.......... 137.3 -284.9 27.7 -23.8 21.0 6.5 97.4 51.4 Private industries................... 82.4 -314.6 18.9 -23.1 21.7 -4.1 89.8 59.4 Goods-producing industries......... -5.8 -143.6 -37.2 -16.3 -.6 -13.9 22.1 11.9 Manufacturing.................... -11.0 -79.7 -19.5 -9.3 8.5 -5.7 19.8 8.3 Services-producing industries...... 88.1 -170.8 56.2 -6.9 22.4 9.7 67.7 47.5 Trade, transportation, and utilities....................... 5.7 -60.4 -7.1 -3.0 1.3 -.2 17.4 9.0 Other services-producing industries...................... 82.5 -110.5 63.2 -3.8 21.0 10.1 50.2 38.5 Government........................... 55.0 29.6 8.6 -.6 -.7 10.6 7.6 -8.0 Supplements to wages and salaries...... 66.4 25.8 13.7 3.4 11.7 20.2 14.4 11.1 Employer contributions for employee pension and insurance funds......... 56.1 35.4 9.7 4.1 10.0 11.8 7.3 7.2 Employer contributions for government social insurance.................... 10.2 -9.5 4.1 -.7 1.7 8.4 7.1 3.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 11.6 -90.1 -18.2 5.9 15.7 8.6 19.0 7.9 Farm................................... 13.0 -20.3 -1.6 .0 8.2 .6 2.1 8.5 Nonfarm................................ -1.4 -69.7 -16.5 5.9 7.5 8.1 16.8 -.6 Rental income of persons with capital consumption adjustment.................. 78.3 52.0 4.7 9.7 3.7 9.9 6.1 5.9 Personal income receipts on assets....... 52.3 -189.6 -46.8 -34.8 -1.9 21.9 3.3 -15.0 Personal interest income............... 49.6 -92.4 -11.0 -16.2 -7.5 2.9 -3.4 -21.2 Personal dividend income............... 2.7 -97.2 -35.8 -18.6 5.6 19.0 6.8 6.1 Personal current transfer receipts....... 160.7 253.6 136.5 -.9 28.9 57.3 40.6 29.9 Government social benefits to persons.. 154.7 254.2 136.9 -.7 29.1 56.4 40.2 29.7 Old-age, survivors, disability, and health insurance benefits........... 65.1 96.2 19.6 14.4 16.2 2.5 16.8 15.4 Government unemployment insurance benefits............................ 18.4 77.9 29.5 17.3 -1.6 2.7 -9.3 -1.1 Other................................ 71.2 80.1 87.7 -32.2 14.3 51.3 32.7 15.5 Other current transfer receipts, from business (net)........................ 6.2 -.7 -.4 -.3 .0 .8 .4 .2 Less: Contributions for government social insurance, domestic..................... 27.7 -16.9 7.4 -1.0 4.2 13.0 14.1 7.8 Less: Personal current taxes............... -50.5 -298.2 -100.9 4.5 .2 17.5 14.4 29.5 Equals: Disposable personal income......... 529.3 82.0 211.1 -43.9 74.7 93.9 152.4 53.8 Less: Personal outlays..................... 296.1 -125.4 5.8 126.2 82.1 98.2 59.8 91.8 Personal consumption expenditures........ 298.2 -103.2 7.1 120.6 90.8 99.3 54.6 98.2 Goods.................................. 21.8 -148.8 17.0 100.7 36.8 67.1 -2.5 37.2 Durable goods........................ -75.9 -57.0 -7.5 40.5 -1.3 16.8 13.4 13.1 Nondurable goods..................... 97.8 -91.8 24.5 60.3 38.0 50.3 -15.9 24.0 Services............................... 276.4 45.6 -9.9 19.9 54.0 32.3 57.0 61.0 Personal interest payments\1\............ -14.7 -29.4 -1.7 2.5 -13.1 -4.0 2.2 -7.5 Personal current transfer payments....... 12.6 7.1 .4 3.0 4.5 2.8 3.1 1.1 To government.......................... 7.3 5.3 1.2 1.3 1.4 1.5 1.6 1.7 To the rest of the world (net)......... 5.3 1.9 -.8 1.7 3.2 1.2 1.5 -.6 Equals: Personal saving.................... 233.2 207.4 205.3 -170.1 -7.4 -4.2 92.5 -38.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -18.0 -447.4 -68.5 -101.5 -19.0 2.0 114.9 24.4 Disposable personal income, billions of chained (2005) dollars\2\............ 168.7 56.9 146.1 -113.3 .7 32.9 138.6 22.3 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Mar 10 Apr 10\r\ May 10\r\ Jun 10\r\ Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .4 .7 .4 .1 .2 .5 .0 .5 Compensation of employees, received...... .2 .9 .6 .0 .4 .3 .1 .5 Wage and salary disbursements.......... .2 1.0 .6 -.1 .4 .3 .1 .6 Supplements to wages and salaries...... .3 .4 .3 .1 .2 .3 .2 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. .9 1.2 .2 -.3 .1 1.0 .5 .9 Rental income of persons with capital consumption adjustment.................. 1.9 .0 .3 .3 .7 .9 1.2 .5 Personal income receipts on assets....... -.6 .4 .2 .1 -.5 -.5 -.3 .4 Personal interest income............... -.3 .0 .0 .0 -.9 -.9 -.9 1.0 Personal dividend income............... -1.2 1.0 .5 .3 .1 .1 .8 -.6 Personal current transfer receipts....... 1.6 .3 .3 .4 .1 1.6 -.5 .1 Less: Contributions for government social insurance, domestic..................... .3 .9 .6 .0 .3 .3 .1 .5 Less: Personal current taxes............... .3 .5 .7 .0 1.6 .7 .5 .8 Equals: Disposable personal income......... .4 .7 .4 .1 .0 .5 -.1 .4 Addenda: Personal consumption expenditures........ .5 .0 .2 .0 .5 .5 .3 .4 Goods.................................. 1.3 -.6 -.6 -.4 .7 1.1 .5 1.1 Durable goods........................ 3.5 -1.0 -.3 -.5 1.1 .0 1.6 1.9 Nondurable goods..................... .2 -.5 -.8 -.4 .5 1.5 .0 .8 Services............................... .1 .2 .6 .1 .4 .3 .1 .1 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .0 .8 .6 .1 .0 .1 .0 .4 Real disposable personal income.......... .3 .8 .5 .2 -.2 .3 -.2 .3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 II 09 III 09 IV 09 I 10 II 10\r\ III 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 4.0 -1.7 3.7 -1.3 2.5 3.7 5.5 2.7 Compensation of employees, received...... 2.6 -3.2 2.1 -1.0 1.7 1.4 5.8 3.2 Wage and salary disbursements.......... 2.1 -4.3 1.8 -1.5 1.3 .4 6.3 3.3 Supplements to wages and salaries...... 4.6 1.7 3.7 .9 3.1 5.3 3.7 2.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.1 -8.2 -6.9 2.4 6.4 3.4 7.6 3.0 Rental income of persons with capital consumption adjustment.................. 54.5 23.4 7.3 15.3 5.4 14.7 8.7 8.1 Personal income receipts on assets....... 2.5 -9.0 -9.2 -7.0 -.4 4.7 .7 -3.1 Personal interest income............... 3.9 -7.0 -3.5 -5.2 -2.5 1.0 -1.1 -6.8 Personal dividend income............... .3 -12.2 -18.2 -10.2 3.3 11.6 3.9 3.5 Personal current transfer receipts....... 9.4 13.5 29.8 -.2 5.5 10.9 7.4 5.3 Less: Contributions for government social insurance, domestic..................... 2.9 -1.7 3.1 -.4 1.7 5.4 5.9 3.1 Less: Personal current taxes............... -3.4 -20.7 -29.4 1.6 .1 6.4 5.2 10.7 Equals: Disposable personal income......... 5.1 .7 8.0 -1.6 2.7 3.4 5.5 1.9 Addenda: Personal consumption expenditures........ 3.0 -1.0 .3 5.0 3.7 4.0 2.1 3.9 Goods.................................. .7 -4.4 2.2 13.3 4.6 8.3 -.3 4.5 Durable goods........................ -6.6 -5.3 -3.0 17.1 -.5 6.6 5.1 5.0 Nondurable goods..................... 4.4 -4.0 4.7 11.6 7.0 9.2 -2.7 4.2 Services............................... 4.3 .7 -.6 1.2 3.2 1.9 3.4 3.6 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.2 -4.6 -.7 -1.1 -.2 .0 1.3 .3 Real disposable personal income.......... 1.7 .6 5.9 -4.4 .0 1.3 5.6 .9 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Mar 10 Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,258.6 9,257.2 9,280.5 9,289.3 9,314.6 9,345.6 9,360.7 9,384.9 Goods.................................... 3,233.3 3,223.7 3,221.8 3,222.3 3,232.7 3,253.2 3,265.8 3,292.4 Durable goods.......................... 1,169.2 1,159.1 1,158.2 1,156.2 1,172.0 1,172.0 1,191.9 1,217.8 Nondurable goods....................... 2,064.0 2,063.4 2,062.3 2,064.4 2,061.2 2,080.3 2,075.8 2,079.5 Services................................. 6,026.7 6,034.4 6,058.9 6,066.9 6,081.9 6,093.2 6,096.3 6,095.3 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 30.4 -1.4 23.3 8.8 25.3 31.0 15.1 24.2 Goods.................................... 40.3 -9.6 -1.9 .5 10.4 20.5 12.6 26.6 Durable goods.......................... 38.2 -10.1 -.9 -2.0 15.8 .0 19.9 25.9 Nondurable goods....................... 6.3 -.6 -1.1 2.1 -3.2 19.1 -4.5 3.7 Services................................. -7.9 7.7 24.5 8.0 15.0 11.3 3.1 -1.0 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .3 .0 .3 .1 .3 .3 .2 .3 Goods.................................... 1.3 -.3 -.1 .0 .3 .6 .4 .8 Durable goods.......................... 3.4 -.9 -.1 -.2 1.4 .0 1.7 2.2 Nondurable goods....................... .3 .0 -.1 .1 -.2 .9 -.2 .2 Services................................. -.1 .1 .4 .1 .2 .2 .1 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009 II 09 III 09 IV 09 I 10 II 10 III 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,265.0 9,153.9 9,117.0 9,161.6 9,182.9 9,225.4 9,275.7 9,340.3 Goods.................................... 3,180.3 3,117.4 3,084.0 3,138.2 3,151.8 3,195.4 3,222.6 3,250.6 Durable goods.......................... 1,136.4 1,094.6 1,068.2 1,118.3 1,115.1 1,138.9 1,157.8 1,178.6 Nondurable goods....................... 2,041.2 2,017.4 2,008.3 2,016.9 2,032.3 2,053.5 2,063.4 2,072.4 Services................................. 6,082.3 6,032.7 6,027.7 6,020.7 6,028.7 6,029.6 6,053.4 6,090.5 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -24.5 -111.1 -37.1 44.6 21.3 42.5 50.3 64.6 Goods.................................... -81.3 -62.9 -11.7 54.2 13.6 43.6 27.2 28.0 Durable goods.......................... -62.2 -41.8 -8.4 50.1 -3.2 23.8 18.9 20.8 Nondurable goods....................... -23.1 -23.8 -3.7 8.6 15.4 21.2 9.9 9.0 Services................................. 54.0 -49.6 -25.9 -7.0 8.0 .9 23.8 37.1 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.3 -1.2 -1.6 2.0 .9 1.9 2.2 2.8 Goods.................................... -2.5 -2.0 -1.5 7.2 1.7 5.7 3.4 3.5 Durable goods.......................... -5.2 -3.7 -3.1 20.1 -1.1 8.8 6.8 7.4 Nondurable goods....................... -1.1 -1.2 -.7 1.7 3.1 4.2 1.9 1.8 Services................................. .9 -.8 -1.7 -.5 .5 .1 1.6 2.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Mar 10 Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 111.032 111.000 110.902 110.762 110.993 111.208 111.316 111.499 Goods.................................... 105.714 105.364 104.755 104.318 104.712 105.153 105.300 105.640 Durable goods.......................... 93.126 93.001 92.775 92.488 92.243 92.273 92.188 91.937 Nondurable goods....................... 112.838 112.360 111.537 111.016 111.769 112.442 112.721 113.403 Services................................. 113.856 113.994 114.169 114.186 114.331 114.425 114.513 114.611 Addenda: PCE excluding food and energy............ 110.030 110.071 110.188 110.255 110.336 110.410 110.453 110.459 Food\1\.................................. 113.746 113.989 113.987 113.771 113.836 113.919 114.211 114.292 Energy goods and services\2\............. 123.189 121.491 117.572 114.081 117.093 119.857 120.814 124.227 Market-based PCE\3\...................... 110.906 110.881 110.752 110.655 110.921 111.178 111.273 111.376 Market-based PCE excluding food and energy\3\........................... 109.715 109.776 109.892 110.042 110.139 110.241 110.257 110.141 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 .0 -.1 -.1 .2 .2 .1 .2 Goods.................................... .0 -.3 -.6 -.4 .4 .4 .1 .3 Durable goods.......................... .1 -.1 -.2 -.3 -.3 .0 -.1 -.3 Nondurable goods....................... -.1 -.4 -.7 -.5 .7 .6 .2 .6 Services................................. .2 .1 .2 .0 .1 .1 .1 .1 Addenda: PCE excluding food and energy............ .2 .0 .1 .1 .1 .1 .0 .0 Food\1\.................................. .3 .2 .0 -.2 .1 .1 .3 .1 Energy goods and services\2\............. -.1 -1.4 -3.2 -3.0 2.6 2.4 .8 2.8 Market-based PCE\3\...................... .1 .0 -.1 -.1 .2 .2 .1 .1 Market-based PCE excluding food and energy\3\........................... .1 .1 .1 .1 .1 .1 .0 -.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Mar 10 Apr 10\r\ May 10\r\ Jun 10\r\ Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.0 .8 -.4 1.4 1.7 2.1 2.1 2.5 Personal consumption expenditures.......... 1.5 1.6 1.8 1.9 2.0 1.4 2.4 2.3 Goods.................................... 5.1 5.0 4.3 4.2 3.9 1.9 5.0 5.0 Durable goods.......................... 10.0 9.8 8.1 7.3 6.5 -.4 10.6 10.6 Nondurable goods....................... 2.8 2.9 2.5 2.9 2.8 3.0 2.5 2.4 Services................................. -.2 -.1 .6 .7 1.1 1.2 1.2 1.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Mar 10 Apr 10 May 10 Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.5 2.3 2.1 1.4 1.5 1.4 1.4 1.3 Goods.................................... 3.4 2.9 2.2 .3 .8 .6 .5 .7 Durable goods.......................... -1.0 -1.1 -1.3 -1.7 -1.4 -1.0 -1.4 -1.9 Nondurable goods....................... 5.6 4.8 3.8 1.2 1.8 1.4 1.4 2.0 Services................................. 2.0 2.0 2.0 1.9 1.9 1.8 1.8 1.5 Addenda: PCE excluding food and energy............ 1.8 1.5 1.5 1.4 1.4 1.3 1.2 .9 Food\1\.................................. -.5 .1 .4 .2 .7 .7 1.3 1.3 Energy goods and services\2\............. 20.1 19.7 15.3 3.4 5.5 3.9 4.1 6.3 Market-based PCE\3\...................... 2.2 2.0 1.8 1.1 1.3 1.2 1.2 1.1 Market-based PCE excluding food and energy\3\........................... 1.3 1.1 1.1 1.1 1.1 1.1 1.0 .7 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.