EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, DECEMBER 23, 2009 James Rankin: (202) 606-5301 (Personal Income)BEA 09-58 Brendan Leary:(202) 606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: NOVEMBER 2009 Personal income increased $49.7 billion, or 0.4 percent, and disposable personal income (DPI) increased $54.1 billion, or 0.5 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $47.9 billion, or 0.5 percent. In October, personal income increased $33.6 billion, or 0.3 percent, DPI increased $50.2 billion, or 0.5 percent, and PCE increased $63.5 billion, or 0.6 percent, based on revised estimates. Real disposable income increased 0.2 percent in November, the same increase as in October. Real PCE increased 0.2 percent in November, compared with an increase of 0.4 percent in October. 2009 July Aug. Sept. Oct. Nov. (Percent change from preceding month) Personal income, current dollars 0.2 0.3 0.3 0.3 0.4 Disposable personal income: Current dollars 0.0 0.3 0.3 0.5 0.5 Chained (2005) dollars 0.0 0.0 0.2 0.2 0.2 Personal consumption expenditures: Current dollars 0.2 1.3 -0.6 0.6 0.5 Chained (2005) dollars 0.2 1.0 -0.7 0.4 0.2 Wages and salaries Private wage and salary disbursements increased $16.1 billion in November, compared with an increase of $3.2 billion in October. Goods-producing industries' payrolls increased $0.4 billion, in contrast to a decrease of $2.0 billion; manufacturing payrolls increased $1.6 billion, in contrast to a decrease of $2.4 billion. Services-producing industries' payrolls increased $15.7 billion, compared with an increase of $5.2 billion. Government wage and salary disbursements increased $1.7 billion, compared with an increase of $2.8 billion. Other personal income Supplements to wages and salaries increased $2.1 billion in November, compared with an increase of $1.6 billion in October. Proprietors' income increased $12.3 billion in November, compared with an increase of $14.8 billion in October. Farm proprietors' income increased $7.0 billion, compared with an increase of $6.9 billion. Nonfarm proprietors' income increased $5.3 billion, compared with an increase of $7.9 billion. Rental income of persons increased $1.7 billion in November, compared with an increase of $2.2 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) increased $6.7 billion, compared with an increase of $6.6 billion. Personal current transfer receipts increased $11.3 billion, compared with an increase of $2.8 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.3 billion in November, compared with an increase of $0.5 billion in October. Personal current taxes and disposable personal income Personal current taxes decreased $4.5 billion in November, compared with a decrease of $16.7 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $54.1 billion, or 0.5 percent, in November, compared with an increase of $50.2 billion, or 0.5 percent in October. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $45.7 billion in November, compared with an increase of $61.3 billion in October. PCE increased $47.9 billion, compared with an increase of $63.5 billion. Personal saving -- DPI less personal outlays -- was $525.1 billion in November, compared with $516.7 billion in October. Personal saving as a percentage of disposable personal income was 4.7 percent in November, the same as in October. 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 November, the same increase as in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in November, compared with an increase of 0.4 percent in October. Purchases of durable goods increased 1.2 percent, compared with an increase of 2.5 percent. Purchases of nondurable goods increased 0.6 percent, compared with an increase of less than 0.1 percent. Purchases of services decreased 0.1 percent, in contrast to an increase of 0.2 percent. PCE price index -- The price index for PCE increased 0.2 percent in November, compared with an increase of 0.3 percent in October. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared with an increase of 0.2 percent. Revisions Estimates have been revised for July through October. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for September and October -- revised and as published in last month's release -- are shown below. Change from preceding month September October Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 20.7 32.0 0.2 0.3 30.1 33.6 0.2 0.3 Disposable personal income: Current Dollars 21.3 33.1 0.2 0.3 45.7 50.2 0.4 0.5 Chained (2005) dollars 8.2 20.5 0.1 0.2 15.2 20.4 0.2 0.2 Personal consumption expenditures: Current dollars -60.3 -64.6 -0.6 -0.6 68.3 63.5 0.7 0.6 Chained (2005) dollars -65.3 -67.9 -0.7 -0.7 37.8 34.5 0.4 0.4 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 – February 1, 2010 at 8:30 A.M. EST for Personal Income and Outlays for December. Release Dates for 2010 December 2010...February 1 April 2010...May 28 August 2010......October 1 January 2010....March 1 May 2010.....June 28 September 2010...November 1 February 2010...March 29 June 2010....August 3 October 2010.....November 24 March 2010......May 3 July 2010....August 30 November 2010....December 23 -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] ----------------------------------------------------------------------------------------------------------------------------------- Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\r\ Nov 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,969.8 12,146.9 12,029.7 12,050.6 12,084.5 12,116.5 12,150.1 12,199.8 Compensation of employees, received...... 7,804.2 7,820.1 7,823.6 7,829.0 7,845.7 7,849.7 7,857.2 7,877.2 Wage and salary disbursements.......... 6,303.6 6,317.0 6,318.9 6,322.6 6,337.2 6,339.9 6,345.8 6,363.6 Private industries................... 5,123.0 5,132.0 5,131.4 5,138.1 5,151.3 5,155.7 5,158.9 5,175.0 Goods-producing industries......... 1,077.4 1,066.2 1,059.7 1,060.5 1,055.6 1,050.4 1,048.4 1,048.8 Manufacturing.................... 668.0 660.5 657.4 662.5 660.0 660.3 657.9 659.5 Services-producing industries...... 4,045.5 4,065.8 4,071.8 4,077.6 4,095.7 4,105.3 4,110.5 4,126.2 Trade, transportation, and utilities....................... 989.7 991.0 987.1 985.7 991.1 991.1 991.7 996.7 Other services-producing industries...................... 3,055.8 3,074.8 3,084.6 3,091.8 3,104.6 3,114.2 3,118.9 3,129.6 Government........................... 1,180.6 1,185.0 1,187.4 1,184.6 1,185.8 1,184.1 1,186.9 1,188.6 Supplements to wages and salaries...... 1,500.6 1,503.1 1,504.7 1,506.4 1,508.6 1,509.8 1,511.4 1,513.5 Employer contributions for employee pension and insurance funds......... 1,040.6 1,042.0 1,043.4 1,045.0 1,046.2 1,047.2 1,048.7 1,049.7 Employer contributions for government social insurance.................... 460.0 461.1 461.3 461.4 462.4 462.7 462.7 463.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,026.0 1,026.8 1,031.2 1,035.0 1,038.4 1,040.2 1,055.0 1,067.3 Farm................................... 27.1 29.1 30.6 28.2 25.8 23.5 30.4 37.4 Nonfarm................................ 998.9 997.7 1,000.6 1,006.8 1,012.6 1,016.7 1,024.6 1,029.9 Rental income of persons with capital consumption adjustment.................. 255.4 261.9 268.7 273.3 277.9 282.6 284.8 286.5 Personal income receipts on assets....... 1,785.2 1,773.4 1,761.5 1,762.3 1,763.1 1,763.9 1,770.5 1,777.2 Personal interest income............... 1,233.5 1,241.1 1,248.7 1,241.8 1,234.9 1,228.0 1,229.9 1,231.8 Personal dividend income............... 551.8 532.3 512.8 520.5 528.2 535.9 540.7 545.4 Personal current transfer receipts....... 2,068.3 2,236.1 2,116.6 2,123.4 2,133.7 2,155.3 2,158.1 2,169.4 Government social benefits to persons.. 2,035.7 2,203.4 2,083.9 2,090.6 2,100.9 2,122.4 2,125.2 2,136.5 Old-age, survivors, disability, and health insurance benefits........... 1,148.4 1,145.7 1,159.1 1,158.4 1,162.8 1,176.3 1,175.7 1,181.6 Government unemployment insurance benefits............................ 113.9 121.6 132.0 131.5 137.4 138.1 135.2 133.7 Other................................ 773.4 936.1 792.8 800.7 800.7 808.0 814.3 821.2 Other current transfer receipts, from business (net)........................ 32.6 32.7 32.7 32.8 32.8 32.8 32.9 32.9 Less: Contributions for government social insurance, domestic..................... 969.3 971.4 971.9 972.5 974.4 975.0 975.5 977.8 Less: Personal current taxes............... 1,094.4 1,083.0 1,070.5 1,086.4 1,086.5 1,085.5 1,068.8 1,064.3 Equals: Disposable personal income......... 10,875.4 11,063.9 10,959.3 10,964.2 10,998.0 11,031.1 11,081.3 11,135.4 Less: Personal outlays..................... 10,340.3 10,350.4 10,420.6 10,437.7 10,567.3 10,503.3 10,564.6 10,610.3 Personal consumption expenditures........ 9,968.1 9,979.3 10,050.6 10,068.4 10,197.4 10,132.8 10,196.3 10,244.2 Goods.................................. 3,166.8 3,179.4 3,235.1 3,245.0 3,353.6 3,278.4 3,312.1 3,357.4 Durable goods........................ 1,000.6 1,011.5 1,022.5 1,038.7 1,102.7 1,012.4 1,038.7 1,050.6 Nondurable goods..................... 2,166.2 2,167.9 2,212.6 2,206.2 2,250.8 2,266.0 2,273.4 2,306.8 Services............................... 6,801.3 6,799.9 6,815.6 6,823.4 6,843.8 6,854.5 6,884.2 6,886.8 Personal interest payments\1\............ 218.2 216.7 215.2 215.3 215.5 215.6 213.1 210.5 Personal current transfer payments....... 154.1 154.5 154.8 154.0 154.4 154.8 155.2 155.7 To government.......................... 91.0 91.4 91.7 92.1 92.5 92.9 93.3 93.7 To the rest of the world (net)......... 63.1 63.1 63.1 61.9 61.9 61.9 61.9 61.9 Equals: Personal saving.................... 535.0 713.5 538.6 526.5 430.7 527.8 516.7 525.1 Personal saving as a percentage of disposable personal income.............. 4.9 6.4 4.9 4.8 3.9 4.8 4.7 4.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,119.4 9,122.0 9,075.4 9,087.6 9,079.3 9,080.1 9,085.3 9,097.5 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,016.5 10,183.3 10,033.1 10,036.9 10,034.8 10,055.3 10,075.7 10,099.8 Per capita: Current dollars...................... 35,465 36,055 35,686 35,673 35,753 35,829 35,962 36,111 Chained (2005) dollars............... 32,664 33,185 32,670 32,656 32,622 32,660 32,699 32,752 Population (midperiod, thousands)\3\..... 306,648 306,865 307,103 307,351 307,613 307,882 308,134 308,368 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 II 08 III 08 IV 08 I 09 II 09 III 09\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,894.1 12,238.8 12,292.9 12,286.6 12,233.5 11,952.7 12,048.8 12,083.9 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 7,841.5 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 6,333.2 Private industries................... 5,319.8 5,404.6 5,402.8 5,419.2 5,388.6 5,136.0 5,128.8 5,148.4 Goods-producing industries......... 1,212.9 1,206.5 1,210.6 1,206.2 1,192.2 1,107.3 1,067.8 1,055.5 Manufacturing.................... 753.5 742.0 745.3 740.3 732.2 681.0 662.0 661.0 Services-producing industries...... 4,106.9 4,198.1 4,192.2 4,213.0 4,196.5 4,028.8 4,061.0 4,092.9 Trade, transportation, and utilities....................... 1,044.7 1,048.3 1,050.7 1,047.8 1,039.4 1,002.3 989.3 989.3 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 3,103.5 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 1,508.3 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.................... 460.8 472.7 471.8 474.7 473.6 460.2 460.8 462.2 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 1,037.9 Farm................................... 39.4 48.7 49.4 49.3 39.0 27.3 28.9 25.8 Nonfarm................................ 1,056.9 1,057.5 1,062.5 1,065.1 1,044.5 1,010.5 999.1 1,012.0 Rental income of persons with capital consumption adjustment.................. 144.9 210.4 202.8 222.2 236.7 245.9 262.0 277.9 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 1,763.1 Personal interest income............... 1,266.4 1,308.0 1,306.6 1,327.8 1,292.9 1,243.4 1,241.1 1,234.9 Personal dividend income............... 765.1 686.4 690.7 673.7 665.2 602.1 532.3 528.2 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 2,137.5 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 2,104.7 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 96.2 122.5 135.7 Other................................ 651.7 722.4 801.3 703.5 708.0 730.1 834.1 803.2 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..................... 959.3 990.6 988.9 994.9 993.3 969.7 970.9 974.0 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 1,086.1 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 10,997.8 Less: Personal outlays..................... 10,224.3 10,520.0 10,592.2 10,613.6 10,389.9 10,362.3 10,370.5 10,502.8 Personal consumption expenditures........ 9,826.4 10,129.9 10,194.7 10,220.1 10,009.8 9,987.7 9,999.3 10,132.9 Goods.................................. 3,365.0 3,403.2 3,474.9 3,463.0 3,227.5 3,197.7 3,193.8 3,292.3 Durable goods........................ 1,160.5 1,095.2 1,126.5 1,088.5 1,019.9 1,025.2 1,011.5 1,051.3 Nondurable goods..................... 2,204.5 2,308.0 2,348.4 2,374.5 2,207.6 2,172.4 2,182.2 2,241.0 Services............................... 6,461.4 6,726.8 6,719.8 6,757.1 6,782.3 6,790.0 6,805.6 6,840.6 Personal interest payments\1\............ 256.8 237.7 243.9 238.3 228.8 220.4 216.7 215.5 Personal current transfer payments....... 141.0 152.3 153.6 155.2 151.3 154.2 154.5 154.4 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 61.9 Equals: Personal saving.................... 178.9 286.4 374.4 235.7 409.2 403.1 595.7 495.0 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 9,082.3 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 10,042.3 Per capita: Current dollars...................... 34,478 35,486 36,059 35,586 35,335 35,153 35,735 35,752 Chained (2005) dollars............... 32,679 32,546 33,075 32,270 32,460 32,413 32,840 32,646 Population (midperiod, thousands)\3\..... 301,737 304,529 304,128 304,872 305,620 306,245 306,872 307,615 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\r\ Nov 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 87.1 177.1 -117.2 20.9 33.9 32.0 33.6 49.7 Compensation of employees, received...... 48.2 15.9 3.5 5.4 16.7 4.0 7.5 20.0 Wage and salary disbursements.......... 43.3 13.4 1.9 3.7 14.6 2.7 5.9 17.8 Private industries................... 37.5 9.0 -.6 6.7 13.2 4.4 3.2 16.1 Goods-producing industries......... -13.3 -11.2 -6.5 .8 -4.9 -5.2 -2.0 .4 Manufacturing.................... -4.1 -7.5 -3.1 5.1 -2.5 .3 -2.4 1.6 Services-producing industries...... 50.7 20.3 6.0 5.8 18.1 9.6 5.2 15.7 Trade, transportation, and utilities....................... -3.0 1.3 -3.9 -1.4 5.4 .0 .6 5.0 Other services-producing industries...................... 53.7 19.0 9.8 7.2 12.8 9.6 4.7 10.7 Government........................... 5.8 4.4 2.4 -2.8 1.2 -1.7 2.8 1.7 Supplements to wages and salaries...... 4.9 2.5 1.6 1.7 2.2 1.2 1.6 2.1 Employer contributions for employee pension and insurance funds......... 1.7 1.4 1.4 1.6 1.2 1.0 1.5 1.0 Employer contributions for government social insurance.................... 3.2 1.1 .2 .1 1.0 .3 .0 1.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. -1.1 .8 4.4 3.8 3.4 1.8 14.8 12.3 Farm................................... 2.1 2.0 1.5 -2.4 -2.4 -2.3 6.9 7.0 Nonfarm................................ -3.2 -1.2 2.9 6.2 5.8 4.1 7.9 5.3 Rental income of persons with capital consumption adjustment.................. 5.7 6.5 6.8 4.6 4.6 4.7 2.2 1.7 Personal income receipts on assets....... -11.9 -11.8 -11.9 .8 .8 .8 6.6 6.7 Personal interest income............... 7.7 7.6 7.6 -6.9 -6.9 -6.9 1.9 1.9 Personal dividend income............... -19.4 -19.5 -19.5 7.7 7.7 7.7 4.8 4.7 Personal current transfer receipts....... 52.1 167.8 -119.5 6.8 10.3 21.6 2.8 11.3 Government social benefits to persons.. 52.1 167.7 -119.5 6.7 10.3 21.5 2.8 11.3 Old-age, survivors, disability, and health insurance benefits........... 12.4 -2.7 13.4 -.7 4.4 13.5 -.6 5.9 Government unemployment insurance benefits............................ 5.6 7.7 10.4 -.5 5.9 .7 -2.9 -1.5 Other................................ 34.1 162.7 -143.3 7.9 .0 7.3 6.3 6.9 Other current transfer receipts, from business (net)........................ .0 .1 .0 .1 .0 .0 .1 .0 Less: Contributions for government social insurance, domestic..................... 6.0 2.1 .5 .6 1.9 .6 .5 2.3 Less: Personal current taxes............... -62.0 -11.4 -12.5 15.9 .1 -1.0 -16.7 -4.5 Equals: Disposable personal income......... 149.1 188.5 -104.6 4.9 33.8 33.1 50.2 54.1 Less: Personal outlays..................... -12.8 10.1 70.2 17.1 129.6 -64.0 61.3 45.7 Personal consumption expenditures........ -10.8 11.2 71.3 17.8 129.0 -64.6 63.5 47.9 Goods.................................. -23.5 12.6 55.7 9.9 108.6 -75.2 33.7 45.3 Durable goods........................ -13.7 10.9 11.0 16.2 64.0 -90.3 26.3 11.9 Nondurable goods..................... -9.8 1.7 44.7 -6.4 44.6 15.2 7.4 33.4 Services............................... 12.7 -1.4 15.7 7.8 20.4 10.7 29.7 2.6 Personal interest payments\1\............ -1.5 -1.5 -1.5 .1 .2 .1 -2.5 -2.6 Personal current transfer payments....... -.5 .4 .3 -.8 .4 .4 .4 .5 To government.......................... .3 .4 .3 .4 .4 .4 .4 .4 To the rest of the world (net)......... -.7 .0 .0 -1.2 .0 .0 .0 .0 Equals: Personal saving.................... 161.8 178.5 -174.9 -12.1 -95.8 97.1 -11.1 8.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 24.9 2.6 -46.6 12.2 -8.3 .8 5.2 12.2 Disposable personal income, billions of chained (2005) dollars\2\............ 129.5 166.8 -150.2 3.8 -2.1 20.5 20.4 24.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 II 08 III 08 IV 08 I 09 II 09 III 09\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 626.0 344.7 150.7 -6.3 -53.1 -280.8 96.1 35.1 Compensation of employees, received...... 387.0 179.7 15.3 36.3 -18.8 -244.5 10.1 25.6 Wage and salary disbursements.......... 340.0 137.0 6.2 28.5 -24.2 -235.7 5.3 20.1 Private industries................... 286.1 84.8 -4.9 16.4 -30.6 -252.6 -7.2 19.6 Goods-producing industries......... 36.9 -6.4 -6.5 -4.4 -14.0 -84.9 -39.5 -12.3 Manufacturing.................... 14.8 -11.5 -4.8 -5.0 -8.1 -51.2 -19.0 -1.0 Services-producing industries...... 249.1 91.2 1.6 20.8 -16.5 -167.7 32.2 31.9 Trade, transportation, and utilities....................... 48.7 3.6 -4.6 -2.9 -8.4 -37.1 -13.0 .0 Other services-producing industries...................... 200.4 87.6 6.2 23.7 -8.1 -130.6 45.2 31.8 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 5.5 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 1.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. -36.6 9.9 -3.3 2.5 -30.8 -45.8 -9.8 9.9 Farm................................... 10.1 9.3 -7.8 -.1 -10.3 -11.7 1.6 -3.1 Nonfarm................................ -46.7 .6 4.6 2.6 -20.6 -34.0 -11.4 12.9 Rental income of persons with capital consumption adjustment.................. -1.6 65.5 22.9 19.4 14.5 9.2 16.1 15.9 Personal income receipts on assets....... 201.8 -37.1 -23.5 4.1 -43.3 -112.6 -72.1 -10.3 Personal interest income............... 138.9 41.6 2.0 21.2 -34.9 -49.5 -2.3 -6.2 Personal dividend income............... 62.9 -78.7 -25.5 -17.0 -8.5 -63.1 -69.8 -4.1 Personal current transfer receipts....... 113.0 157.9 142.9 -62.7 23.7 89.3 153.0 -2.8 Government social benefits to persons.. 104.2 155.4 142.9 -62.7 23.6 89.4 153.0 -3.0 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 13.2 Other................................ 41.3 70.7 124.6 -97.8 4.5 22.1 104.0 -30.9 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 3.1 Less: Personal current taxes............... 138.5 -58.5 -205.6 111.1 -3.0 -247.0 -104.7 3.5 Equals: Disposable personal income......... 487.4 403.3 356.3 -117.4 -50.2 -33.7 200.8 31.6 Less: Personal outlays..................... 543.6 295.7 108.1 21.4 -223.7 -27.6 8.2 132.3 Personal consumption expenditures........ 503.7 303.5 99.6 25.4 -210.3 -22.1 11.6 133.6 Goods.................................. 143.3 38.2 27.7 -11.9 -235.5 -29.8 -3.9 98.5 Durable goods........................ 27.5 -65.3 -19.3 -38.0 -68.6 5.3 -13.7 39.8 Nondurable goods..................... 115.8 103.5 47.0 26.1 -166.9 -35.2 9.8 58.8 Services............................... 360.5 265.4 71.9 37.3 25.2 7.7 15.6 35.0 Personal interest payments\1\............ 26.7 -19.1 4.1 -5.6 -9.5 -8.4 -3.7 -1.2 Personal current transfer payments....... 13.0 11.3 4.4 1.6 -3.9 2.9 .3 -.1 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 -1.2 Equals: Personal saving.................... -56.1 107.5 248.1 -138.7 173.5 -6.1 192.6 -100.7 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 -23.2 Disposable personal income, billions of chained (2005) dollars\2\............ 209.9 50.7 232.2 -220.7 82.1 6.0 151.1 -35.2 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\r\ Nov 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .7 1.5 -1.0 .2 .3 .3 .3 .4 Compensation of employees, received...... .6 .2 .0 .1 .2 .1 .1 .3 Wage and salary disbursements.......... .7 .2 .0 .1 .2 .0 .1 .3 Supplements to wages and salaries...... .3 .2 .1 .1 .1 .1 .1 .1 Proprietors' income with inventory valuation and capital consumption adjustments............................. -.1 .1 .4 .4 .3 .2 1.4 1.2 Rental income of persons with capital consumption adjustment.................. 2.3 2.6 2.6 1.7 1.7 1.7 .8 .6 Personal income receipts on assets....... -.7 -.7 -.7 .0 .0 .0 .4 .4 Personal interest income............... .6 .6 .6 -.6 -.6 -.6 .2 .2 Personal dividend income............... -3.4 -3.5 -3.7 1.5 1.5 1.5 .9 .9 Personal current transfer receipts....... 2.6 8.1 -5.3 .3 .5 1.0 .1 .5 Less: Contributions for government social insurance, domestic..................... .6 .2 .0 .1 .2 .1 .0 .2 Less: Personal current taxes............... -5.4 -1.0 -1.2 1.5 .0 -.1 -1.5 -.4 Equals: Disposable personal income......... 1.4 1.7 -.9 .0 .3 .3 .5 .5 Addenda: Personal consumption expenditures........ -.1 .1 .7 .2 1.3 -.6 .6 .5 Goods.................................. -.7 .4 1.8 .3 3.3 -2.2 1.0 1.4 Durable goods........................ -1.4 1.1 1.1 1.6 6.2 -8.2 2.6 1.1 Nondurable goods..................... -.4 .1 2.1 -.3 2.0 .7 .3 1.5 Services............................... .2 .0 .2 .1 .3 .2 .4 .0 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .3 .0 -.5 .1 -.1 .0 .1 .1 Real disposable personal income.......... 1.3 1.7 -1.5 .0 .0 .2 .2 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 II 08 III 08 IV 08 I 09 II 09 III 09\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.6 2.9 5.1 -.2 -1.7 -8.9 3.3 1.2 Compensation of employees, received...... 5.2 2.3 .8 1.8 -.9 -11.6 .5 1.3 Wage and salary disbursements.......... 5.6 2.1 .4 1.8 -1.5 -13.6 .3 1.3 Supplements to wages and salaries...... 3.3 2.9 2.4 2.1 1.4 -2.3 1.3 1.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. -3.2 .9 -1.2 .9 -10.6 -15.9 -3.7 3.9 Rental income of persons with capital consumption adjustment.................. -1.1 45.2 61.7 44.0 28.8 16.4 28.9 26.7 Personal income receipts on assets....... 11.0 -1.8 -4.6 .8 -8.4 -21.1 -14.7 -2.3 Personal interest income............... 12.3 3.3 .6 6.6 -10.1 -14.5 -.7 -2.0 Personal dividend income............... 9.0 -10.3 -13.5 -9.5 -5.0 -32.8 -38.9 -3.0 Personal current transfer receipts....... 7.0 9.2 35.9 -12.3 5.1 20.2 34.6 -.5 Less: Contributions for government social insurance, domestic..................... 4.1 3.3 1.4 2.4 -.6 -9.2 .5 1.3 Less: Personal current taxes............... 10.2 -3.9 -43.8 38.0 -.8 -53.1 -30.9 1.3 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 5.5 Goods.................................. 4.4 1.1 3.3 -1.4 -24.5 -3.7 -.5 12.9 Durable goods........................ 2.4 -5.6 -6.6 -12.8 -22.9 2.1 -5.2 16.7 Nondurable goods..................... 5.5 4.7 8.4 4.5 -25.3 -6.2 1.8 11.2 Services............................... 5.9 4.1 4.4 2.2 1.5 .5 .9 2.1 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 2.6 -1.5 -.9 -.6 .6 -3.2 -.9 -.3 Real disposable personal income.......... 2.2 .5 9.8 -8.5 3.4 .2 6.2 -1.4 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\r\ Nov 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,180.8 9,185.1 9,201.3 9,216.8 9,304.4 9,236.5 9,271.0 9,291.4 Goods.................................... 3,095.0 3,106.1 3,114.9 3,130.4 3,213.3 3,135.2 3,160.4 3,185.4 Durable goods.......................... 1,059.2 1,072.5 1,083.5 1,106.4 1,180.6 1,081.2 1,108.2 1,121.6 Nondurable goods....................... 2,026.9 2,025.8 2,024.5 2,019.6 2,035.0 2,045.3 2,046.3 2,058.6 Services................................. 6,080.3 6,074.3 6,081.9 6,082.8 6,091.3 6,097.7 6,107.9 6,104.4 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -17.3 4.3 16.2 15.5 87.6 -67.9 34.5 20.4 Goods.................................... -24.2 11.1 8.8 15.5 82.9 -78.1 25.2 25.0 Durable goods.......................... -16.0 13.3 11.0 22.9 74.2 -99.4 27.0 13.4 Nondurable goods....................... -9.0 -1.1 -1.3 -4.9 15.4 10.3 1.0 12.3 Services................................. 5.4 -6.0 7.6 .9 8.5 6.4 10.2 -3.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.2 .0 .2 .2 1.0 -.7 .4 .2 Goods.................................... -.8 .4 .3 .5 2.7 -2.4 .8 .8 Durable goods.......................... -1.5 1.2 1.0 2.1 6.7 -8.4 2.5 1.2 Nondurable goods....................... -.4 -.1 -.1 -.2 .8 .5 .0 .6 Services................................. .1 -.1 .1 .0 .1 .1 .2 -.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2007 2008 II 08 III 08 IV 08 I 09 II 09 III 09\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 9,252.6 Goods.................................... 3,273.7 3,206.0 3,257.8 3,193.6 3,110.4 3,129.8 3,105.4 3,159.6 Durable goods.......................... 1,199.9 1,146.3 1,175.7 1,139.6 1,076.8 1,087.2 1,071.7 1,122.7 Nondurable goods....................... 2,074.8 2,057.3 2,081.4 2,051.5 2,026.1 2,035.5 2,025.7 2,033.3 Services................................. 6,040.8 6,083.1 6,092.5 6,072.4 6,080.4 6,076.0 6,078.8 6,090.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 240.4 -23.0 1.4 -83.3 -72.4 13.9 -20.2 63.6 Goods.................................... 99.8 -67.7 -4.3 -64.2 -83.2 19.4 -24.4 54.2 Durable goods.......................... 49.5 -53.6 -17.5 -36.1 -62.8 10.4 -15.5 51.0 Nondurable goods....................... 51.2 -17.5 11.3 -29.9 -25.4 9.4 -9.8 7.6 Services................................. 141.1 42.3 5.4 -20.1 8.0 -4.4 2.8 11.8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.6 -.2 .1 -3.5 -3.1 .6 -.9 2.8 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 20.4 Nondurable goods....................... 2.5 -.8 2.2 -5.6 -4.9 1.9 -1.9 1.5 Services................................. 2.4 .7 .4 -1.3 .5 -.3 .2 .8 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\r\ Nov 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 108.571 108.644 109.228 109.236 109.594 109.701 109.977 110.251 Goods.................................... 102.335 102.379 103.877 103.680 104.383 104.584 104.817 105.416 Durable goods.......................... 94.488 94.344 94.389 93.903 93.429 93.647 93.744 93.685 Nondurable goods....................... 106.882 107.024 109.302 109.255 110.618 110.807 111.113 112.071 Services................................. 111.857 111.944 112.061 112.174 112.353 112.410 112.709 112.815 Addenda: Energy goods and services\1\............. 99.934 100.171 108.596 108.131 113.576 114.413 116.271 121.342 PCE excluding food and energy\2\......... 108.586 108.694 108.855 108.933 109.019 109.129 109.326 109.333 Market-based PCE\3\...................... 108.602 108.648 109.293 109.281 109.710 109.826 109.981 110.278 Market-based PCE excluding food and energy\3\........................... 108.628 108.712 108.871 108.938 109.060 109.182 109.223 109.212 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .1 .5 .0 .3 .1 .3 .2 Goods.................................... .0 .0 1.5 -.2 .7 .2 .2 .6 Durable goods.......................... .1 -.2 .0 -.5 -.5 .2 .1 -.1 Nondurable goods....................... .0 .1 2.1 .0 1.2 .2 .3 .9 Services................................. .1 .1 .1 .1 .2 .1 .3 .1 Addenda: Energy goods and services\1\............. -2.3 .2 8.4 -.4 5.0 .7 1.6 4.4 PCE excluding food and energy\2\......... .3 .1 .1 .1 .1 .1 .2 .0 Market-based PCE\3\...................... .1 .0 .6 .0 .4 .1 .1 .3 Market-based PCE excluding food and energy\3\........................... .3 .1 .1 .1 .1 .1 .0 .0 ----------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------- Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\r\ Nov 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.1 -1.3 -.2 1.4 2.3 2.5 2.4 1.5 Personal consumption expenditures.......... -1.9 -1.8 -1.5 -.7 .3 .0 .7 .8 Goods.................................... -5.2 -4.8 -4.1 -2.2 -.2 -.8 1.1 1.7 Durable goods.......................... -10.2 -9.1 -7.2 -2.8 2.0 -3.7 2.5 3.6 Nondurable goods....................... -2.7 -2.7 -2.7 -1.9 -1.3 .6 .5 .9 Services................................. -.3 -.2 -.1 .0 .5 .4 .4 .3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Apr 09 May 09 Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\r\ Nov 09\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... .1 -.3 -.4 -.9 -.6 -.6 .1 1.5 Goods.................................... -3.5 -3.7 -3.5 -4.5 -3.6 -3.6 -1.9 2.2 Durable goods.......................... -1.6 -1.5 -1.4 -1.9 -2.2 -1.8 -1.5 -1.1 Nondurable goods....................... -4.3 -4.7 -4.5 -5.6 -4.3 -4.4 -2.0 3.7 Services................................. 1.8 1.5 1.2 .9 1.0 .9 1.1 1.2 Addenda: Energy goods and services\1\............. -26.1 -27.7 -26.2 -29.0 -23.8 -22.6 -14.4 8.8 PCE excluding food and energy\2\......... 1.7 1.6 1.5 1.3 1.3 1.2 1.4 1.4 Market-based PCE\3\...................... .2 -.1 -.2 -.8 -.5 -.5 .1 1.6 Market-based PCE excluding food and energy\3\........................... 2.2 2.1 2.0 1.8 1.7 1.6 1.5 1.5 ----------------------------------------------------------------------------------------------------------------------------------- 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.