EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, NOVEMBER 1, 2007 James E. Rankin: (202) 606-5301 (Personal Income) BEA 07-51 Michael Armah: (202) 606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2007 Personal income increased $47.4 billion, or 0.4 percent, and disposable personal income (DPI) increased $40.6 billion, or 0.4 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $30.1 billion, or 0.3 percent. In August, personal income increased $52.8 billion, or 0.4 percent, DPI increased $48.6 billion, or 0.5 percent, and PCE increased $51.4 billion, or 0.5 percent, based on revised estimates. 2007 May June July Aug. Sept. (Percent change from preceding month) Personal income, current dollars 0.5 0.5 0.5 0.4 0.4 Disposable personal income: Current dollars 0.5 0.4 0.6 0.5 0.4 Chained (2000) dollars 0.0 0.3 0.5 0.5 0.2 Personal consumption expenditures: Current dollars 0.5 0.2 0.4 0.5 0.3 Chained (2000) dollars 0.1 0.1 0.3 0.6 0.1 Wages and salaries Private wage and salary disbursements increased $33.4 billion in September, compared with an increase of $17.0 billion in August. Goods-producing industries' payrolls increased $2.0 billion, compared with an increase of $2.1 billion; manufacturing payrolls increased $0.3 billion, compared with an increase of $1.0 billion. Services-producing industries' payrolls increased $31.5 billion, compared with an increase of $14.9 billion. Government wage and salary disbursements increased $4.5 billion, compared with an increase of $5.8 billion. Other personal income Supplements to wages and salaries increased $5.8 billion in September, compared with an increase of $4.8 billion in August. Proprietors' income decreased $7.1 billion in September, compared with a decrease of $0.4 billion in August. Farm proprietors' income increased $2.5 billion, compared with an increase of $2.3 billion. Nonfarm proprietors' income decreased $9.6 billion, compared with a decrease of $2.7 billion. Rental income of persons increased $1.4 billion in September, compared with an increase of $1.0 billion in August. Personal income receipts on assets (personal interest income plus personal dividend income) increased $13.6 billion, compared with an increase of $13.8 billion. Personal current transfer receipts increased $0.7 billion in September, compared with an increase of $13.2 billion in August. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $4.9 billion in September, compared with an increase of $2.4 billion in August. Personal current taxes and disposable personal income Personal current taxes increased $6.8 billion in September, compared with an increase of $4.2 billion in August. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $40.6 billion, or 0.4 percent, in September, compared with an increase of $48.6 billion, or 0.5 percent, in August. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $33.0 billion in September, compared with an increase of $54.3 billion in August. PCE increased $30.1 billion, compared with an increase of $51.4 billion. Personal saving -- DPI less personal outlays -- was $89.7 billion in September, compared with $82.1 billion in August. Personal saving as a percentage of disposable personal income was 0.9 percent in September, compared with 0.8 percent in August. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on "Personal Saving" on BEA's Web site. 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 (which helped finance negative saving), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in September, compared with an increase of 0.5 percent in August. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in September, compared with an increase of 0.6 percent in August. Purchases of durable goods increased 0.4 percent, compared with an increase of 2.9 percent. Purchases of nondurable goods increased 0.3 percent, in contrast to a decrease of 0.1 percent. Purchases of services decreased 0.1 percent, in contrast to an increase of 0.5 percent. PCE price index -- The PCE price index increased 0.2 percent in September, in contrast to a decrease of less than 0.1 percent in August. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent in August. Revisions Estimates have been revised for July and August. Changes in personal income, current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for July and August -- revised and as published in last month's release -- are shown below. Change from preceding month July August Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars...................... 61.5 60.6 0.5 0.5 40.2 52.8 0.3 0.4 Disposable personal income: Current dollars...................... 60.3 61.0 0.6 0.6 37.2 48.6 0.4 0.5 Chained (2000) dollars............... 44.0 42.4 0.5 0.5 38.4 44.8 0.4 0.5 Personal consumption expenditures: Current dollars...................... 37.3 35.7 0.4 0.4 54.8 51.4 0.6 0.5 Chained (2000) dollars............... 24.7 21.4 0.3 0.3 53.2 46.9 0.6 0.6 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 -- Personal Income and Outlays for October will be released on November 30, 2007, at 8:30 A.M. EST. Table 1.--Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,467.5 11,564.7 11,565.0 11,620.0 11,672.8 11,733.4 11,786.2 11,833.6 Compensation of employees, received...... 7,761.5 7,821.1 7,816.9 7,847.6 7,885.3 7,915.0 7,942.5 7,986.3 Wage and salary disbursements.......... 6,291.2 6,343.6 6,335.9 6,361.5 6,393.7 6,417.3 6,440.0 6,478.0 Private industries................... 5,239.1 5,288.5 5,276.7 5,299.7 5,328.9 5,349.5 5,366.5 5,399.9 Goods-producing industries......... 1,205.9 1,217.3 1,220.8 1,224.2 1,230.9 1,230.5 1,232.6 1,234.6 Manufacturing.................... 754.4 760.8 763.5 764.4 769.8 769.4 770.4 770.7 Services-producing industries...... 4,033.2 4,071.2 4,055.9 4,075.4 4,098.1 4,119.0 4,133.9 4,165.4 Trade, transportation, and utilities....................... 1,018.2 1,027.0 1,026.7 1,030.4 1,038.9 1,042.0 1,045.4 1,051.9 Other services-producing industries...................... 3,015.1 3,044.2 3,029.2 3,045.0 3,059.2 3,077.0 3,088.5 3,113.5 Government........................... 1,052.1 1,055.1 1,059.2 1,061.8 1,064.7 1,067.7 1,073.5 1,078.0 Supplements to wages and salaries...... 1,470.3 1,477.5 1,481.0 1,486.1 1,491.7 1,497.7 1,502.5 1,508.3 Employer contributions for employee pension and insurance funds......... 999.3 1,002.7 1,007.3 1,010.8 1,014.5 1,019.2 1,022.8 1,026.3 Employer contributions for government social insurance.................... 471.0 474.8 473.7 475.2 477.1 478.6 479.7 482.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,029.6 1,032.9 1,035.1 1,039.1 1,041.1 1,048.3 1,047.9 1,040.8 Farm................................... 29.5 30.5 31.9 33.1 34.4 36.0 38.3 40.8 Nonfarm................................ 1,000.1 1,002.3 1,003.1 1,006.1 1,006.7 1,012.3 1,009.6 1,000.0 Rental income of persons with capital consumption adjustment.................. 53.0 55.4 58.3 61.6 66.5 66.5 67.5 68.9 Personal income receipts on assets....... 1,882.5 1,906.6 1,918.4 1,930.1 1,941.5 1,955.6 1,969.4 1,983.0 Personal interest income............... 1,126.1 1,141.5 1,145.0 1,148.4 1,151.8 1,158.1 1,164.3 1,170.5 Personal dividend income............... 756.4 765.0 773.4 781.7 789.7 797.5 805.1 812.4 Personal current transfer receipts....... 1,710.4 1,725.3 1,711.4 1,719.7 1,720.4 1,733.3 1,746.5 1,747.2 Government social benefits to persons.. 1,682.8 1,697.6 1,683.7 1,691.9 1,692.5 1,705.4 1,718.5 1,719.1 Old-age, survivors, disability, and health insurance benefits........... 1,000.5 1,007.8 1,010.2 1,022.7 1,027.3 1,027.6 1,038.7 1,037.3 Government unemployment insurance benefits............................ 31.9 31.9 31.9 31.6 31.5 31.5 32.1 31.5 Other................................ 650.3 657.9 641.5 637.7 633.7 646.2 647.6 650.4 Other current transfer receipts, from business (net)........................ 27.6 27.7 27.7 27.8 27.9 27.9 28.0 28.0 Less: Contributions for government social insurance............................... 969.5 976.6 975.0 978.1 982.0 985.2 987.6 992.5 Less: Personal current taxes............... 1,454.2 1,469.1 1,476.7 1,485.2 1,494.9 1,494.5 1,498.7 1,505.5 Equals: Disposable personal income......... 10,013.3 10,095.5 10,088.2 10,134.7 10,177.9 10,238.9 10,287.5 10,328.1 Less: Personal outlays..................... 9,927.9 9,945.7 10,015.8 10,079.7 10,112.0 10,151.1 10,205.4 10,238.4 Personal consumption expenditures........ 9,550.8 9,573.0 9,631.8 9,684.5 9,705.6 9,741.3 9,792.7 9,822.8 Durable goods.......................... 1,072.7 1,073.6 1,068.9 1,086.6 1,068.6 1,063.2 1,089.6 1,091.8 Nondurable goods....................... 2,751.0 2,786.1 2,794.6 2,838.1 2,835.4 2,854.6 2,838.8 2,855.8 Services............................... 5,727.1 5,713.4 5,768.3 5,759.8 5,801.5 5,823.4 5,864.2 5,875.1 Personal interest payments\1\............ 243.3 238.3 248.9 259.5 270.1 272.4 274.6 276.9 Personal current transfer payments....... 133.7 134.4 135.1 135.7 136.4 137.5 138.1 138.7 To government.......................... 83.4 84.1 84.7 85.3 85.9 86.5 87.1 87.8 To the rest of the world (net)......... 50.4 50.4 50.5 50.5 50.5 51.0 51.0 51.0 Equals: Personal saving.................... 85.4 149.8 72.4 55.0 65.9 87.8 82.1 89.7 Personal saving as a percentage of disposable personal income.............. .9 1.5 .7 .5 .6 .9 .8 .9 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,627.7 8,659.9 8,628.9 8,627.5 8,651.7 8,694.1 8,738.9 8,753.9 Per capita: Current dollars...................... 33,202 33,451 33,402 33,530 33,645 33,818 33,949 34,053 Chained (2000) dollars............... 28,608 28,694 28,570 28,543 28,600 28,716 28,839 28,863 Population (midperiod, thousands)\3\..... 301,583 301,799 302,028 302,262 302,507 302,765 303,027 303,292 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income 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] ----------------------------------------------------------------------------------------------------------------------------------- 2005 2006 II 06 III 06 IV 06 I 07 II 07 III 07 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 10,301.1 10,983.4 10,915.5 11,030.9 11,200.2 11,469.2 11,619.2 11,784.4 Compensation of employees, received...... 7,024.6 7,440.8 7,371.9 7,442.5 7,599.9 7,764.9 7,849.9 7,947.9 Wage and salary disbursements.......... 5,667.9 6,018.2 5,958.4 6,015.8 6,153.0 6,294.4 6,363.7 6,445.1 Private industries................... 4,686.9 4,997.6 4,944.6 4,988.8 5,115.7 5,242.7 5,301.8 5,372.0 Goods-producing industries......... 1,098.7 1,166.8 1,155.9 1,158.5 1,191.4 1,208.9 1,225.3 1,232.6 Manufacturing.................... 704.1 731.0 723.3 724.3 743.3 755.4 765.9 770.2 Services-producing industries...... 3,588.3 3,830.8 3,788.6 3,830.3 3,924.4 4,033.9 4,076.5 4,139.4 Trade, transportation, and utilities....................... 937.0 985.1 980.9 985.8 1,002.2 1,020.0 1,032.0 1,046.5 Other services-producing industries...................... 2,651.2 2,845.7 2,807.8 2,844.5 2,922.2 3,013.8 3,044.5 3,093.0 Government........................... 980.9 1,020.6 1,013.8 1,027.0 1,037.2 1,051.7 1,061.9 1,073.1 Supplements to wages and salaries...... 1,356.8 1,422.6 1,413.5 1,426.7 1,446.9 1,470.5 1,486.2 1,502.9 Employer contributions for employee pension and insurance funds......... 927.7 970.7 965.5 975.4 986.7 999.2 1,010.9 1,022.7 Employer contributions for government social insurance.................... 429.1 451.8 448.0 451.3 460.2 471.3 475.4 480.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 969.9 1,006.7 1,013.5 1,003.6 1,009.8 1,027.4 1,038.4 1,045.7 Farm................................... 30.8 19.4 14.6 18.1 23.9 29.1 33.1 38.4 Nonfarm................................ 939.1 987.4 998.9 985.5 985.8 998.3 1,005.3 1,007.3 Rental income of persons with capital consumption adjustment.................. 42.9 54.5 55.4 52.9 50.9 53.2 62.1 67.6 Personal income receipts on assets....... 1,617.8 1,796.5 1,795.7 1,828.1 1,836.6 1,882.9 1,930.0 1,969.3 Personal interest income............... 1,018.9 1,100.2 1,112.7 1,119.7 1,102.8 1,126.1 1,148.4 1,164.3 Personal dividend income............... 598.9 696.3 682.9 708.4 733.8 756.8 781.6 805.0 Personal current transfer receipts....... 1,520.7 1,612.5 1,599.1 1,630.6 1,647.7 1,710.7 1,717.1 1,742.3 Government social benefits to persons.. 1,483.1 1,585.3 1,573.3 1,603.2 1,618.0 1,683.1 1,689.4 1,714.3 Old-age, survivors, disability, and health insurance benefits........... 845.3 946.4 940.1 956.1 972.0 999.4 1,020.1 1,034.5 Government unemployment insurance benefits............................ 31.3 29.9 29.2 30.0 30.3 31.8 31.7 31.7 Other................................ 606.4 609.0 603.9 617.1 615.7 651.8 637.6 648.1 Other current transfer receipts, from business (net)........................ 37.6 27.2 25.9 27.4 29.7 27.6 27.8 28.0 Less: Contributions for government social insurance............................... 874.8 927.6 920.1 926.8 944.6 969.8 978.4 988.4 Less: Personal current taxes............... 1,209.1 1,354.3 1,342.6 1,355.2 1,401.0 1,454.7 1,485.6 1,499.6 Equals: Disposable personal income......... 9,092.0 9,629.1 9,572.9 9,675.8 9,799.2 10,014.5 10,133.6 10,284.8 Less: Personal outlays..................... 9,047.4 9,590.3 9,542.9 9,677.1 9,757.2 9,917.5 10,069.2 10,198.3 Personal consumption expenditures........ 8,707.8 9,224.5 9,183.9 9,305.7 9,373.7 9,540.5 9,674.0 9,785.6 Durable goods.......................... 1,023.9 1,048.9 1,042.8 1,053.8 1,056.5 1,074.0 1,074.7 1,081.6 Nondurable goods....................... 2,516.2 2,688.0 2,692.2 2,732.4 2,705.4 2,759.4 2,822.7 2,849.8 Services............................... 5,167.8 5,487.6 5,448.9 5,519.5 5,611.8 5,707.1 5,776.5 5,854.3 Personal interest payments\1\............ 217.7 238.0 231.0 242.3 251.6 243.3 259.5 274.6 Personal current transfer payments....... 121.8 127.8 128.0 129.1 131.8 133.7 135.7 138.1 To government.......................... 74.5 78.9 78.1 79.6 81.2 83.4 85.3 87.1 To the rest of the world (net)......... 47.3 48.9 49.9 49.5 50.6 50.4 50.5 51.0 Equals: Personal saving.................... 44.6 38.8 30.0 -1.4 42.0 97.0 64.4 86.5 Personal saving as a percentage of disposable personal income.............. .5 .4 .3 .0 .4 1.0 .6 .8 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,147.9 8,396.9 8,348.6 8,384.5 8,510.7 8,623.9 8,636.0 8,729.0 Per capita: Current dollars...................... 30,616 32,115 31,970 32,231 32,561 33,206 33,525 33,940 Chained (2000) dollars............... 27,436 28,005 27,881 27,930 28,280 28,595 28,571 28,806 Population (midperiod, thousands)\3\..... 296,972 299,833 299,432 300,196 300,950 301,590 302,266 303,028 ----------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 92.0 97.2 .3 55.0 52.8 60.6 52.8 47.4 Compensation of employees, received...... 49.4 59.6 -4.2 30.7 37.7 29.7 27.5 43.8 Wage and salary disbursements.......... 42.8 52.4 -7.7 25.6 32.2 23.6 22.7 38.0 Private industries................... 38.4 49.4 -11.8 23.0 29.2 20.6 17.0 33.4 Goods-producing industries......... 2.5 11.4 3.5 3.4 6.7 -.4 2.1 2.0 Manufacturing.................... 3.5 6.4 2.7 .9 5.4 -.4 1.0 .3 Services-producing industries...... 36.0 38.0 -15.3 19.5 22.7 20.9 14.9 31.5 Trade, transportation, and utilities....................... 3.3 8.8 -.3 3.7 8.5 3.1 3.4 6.5 Other services-producing industries...................... 32.8 29.1 -15.0 15.8 14.2 17.8 11.5 25.0 Government........................... 4.4 3.0 4.1 2.6 2.9 3.0 5.8 4.5 Supplements to wages and salaries...... 6.6 7.2 3.5 5.1 5.6 6.0 4.8 5.8 Employer contributions for employee pension and insurance funds......... 3.6 3.4 4.6 3.5 3.7 4.7 3.6 3.5 Employer contributions for government social insurance.................... 3.0 3.8 -1.1 1.5 1.9 1.5 1.1 2.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 9.8 3.3 2.2 4.0 2.0 7.2 -.4 -7.1 Farm................................... 2.3 1.0 1.4 1.2 1.3 1.6 2.3 2.5 Nonfarm................................ 7.5 2.2 .8 3.0 .6 5.6 -2.7 -9.6 Rental income of persons with capital consumption adjustment.................. 1.8 2.4 2.9 3.3 4.9 .0 1.0 1.4 Personal income receipts on assets....... 23.0 24.1 11.8 11.7 11.4 14.1 13.8 13.6 Personal interest income............... 15.4 15.4 3.5 3.4 3.4 6.3 6.2 6.2 Personal dividend income............... 7.6 8.6 8.4 8.3 8.0 7.8 7.6 7.3 Personal current transfer receipts....... 14.0 14.9 -13.9 8.3 .7 12.9 13.2 .7 Government social benefits to persons.. 14.0 14.8 -13.9 8.2 .6 12.9 13.1 .6 Old-age, survivors, disability, and health insurance benefits........... 10.5 7.3 2.4 12.5 4.6 .3 11.1 -1.4 Government unemployment insurance benefits............................ .3 .0 .0 -.3 -.1 .0 .6 -.6 Other................................ 3.0 7.6 -16.4 -3.8 -4.0 12.5 1.4 2.8 Other current transfer receipts, from business (net)........................ .0 .1 .0 .1 .1 .0 .1 .0 Less: Contributions for government social insurance............................... 6.0 7.1 -1.6 3.1 3.9 3.2 2.4 4.9 Less: Personal current taxes............... 13.4 14.9 7.6 8.5 9.7 -.4 4.2 6.8 Equals: Disposable personal income......... 78.6 82.2 -7.3 46.5 43.2 61.0 48.6 40.6 Less: Personal outlays..................... 49.1 17.8 70.1 63.9 32.3 39.1 54.3 33.0 Personal consumption expenditures........ 53.3 22.2 58.8 52.7 21.1 35.7 51.4 30.1 Durable goods.......................... -2.9 .9 -4.7 17.7 -18.0 -5.4 26.4 2.2 Nondurable goods....................... 9.9 35.1 8.5 43.5 -2.7 19.2 -15.8 17.0 Services............................... 46.3 -13.7 54.9 -8.5 41.7 21.9 40.8 10.9 Personal interest payments\1\............ -5.0 -5.0 10.6 10.6 10.6 2.3 2.2 2.3 Personal current transfer payments....... .7 .7 .7 .6 .7 1.1 .6 .6 To government.......................... .7 .7 .6 .6 .6 .6 .6 .7 To the rest of the world (net)......... .0 .0 .1 .0 .0 .5 .0 .0 Equals: Personal saving.................... 29.5 64.4 -77.4 -17.4 10.9 21.9 -5.7 7.6 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 43.8 32.2 -31.0 -1.4 24.2 42.4 44.8 15.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income 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] ----------------------------------------------------------------------------------------------------------------------------------- 2005 2006 II 06 III 06 IV 06 I 07 II 07 III 07 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 573.9 682.3 128.4 115.4 169.3 269.0 150.0 165.2 Compensation of employees, received...... 353.2 416.2 23.2 70.6 157.4 165.0 85.0 98.0 Wage and salary disbursements.......... 273.4 350.3 12.8 57.4 137.2 141.4 69.3 81.4 Private industries................... 235.5 310.7 3.5 44.2 126.9 127.0 59.1 70.2 Goods-producing industries......... 49.5 68.1 -5.4 2.6 32.9 17.5 16.4 7.3 Manufacturing.................... 17.2 26.9 -9.6 1.0 19.0 12.1 10.5 4.3 Services-producing industries...... 186.1 242.5 8.7 41.7 94.1 109.5 42.6 62.9 Trade, transportation, and utilities....................... 38.4 48.1 9.2 4.9 16.4 17.8 12.0 14.5 Other services-producing industries...................... 147.6 194.5 -.3 36.7 77.7 91.6 30.7 48.5 Government........................... 37.8 39.7 9.4 13.2 10.2 14.5 10.2 11.2 Supplements to wages and salaries...... 79.9 65.8 10.4 13.2 20.2 23.6 15.7 16.7 Employer contributions for employee pension and insurance funds......... 59.2 43.0 10.3 9.9 11.3 12.5 11.7 11.8 Employer contributions for government social insurance.................... 20.8 22.7 .1 3.3 8.9 11.1 4.1 4.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 58.3 36.8 13.4 -9.9 6.2 17.6 11.0 7.3 Farm................................... -6.5 -11.4 -6.2 3.5 5.8 5.2 4.0 5.3 Nonfarm................................ 64.8 48.3 19.6 -13.4 .3 12.5 7.0 2.0 Rental income of persons with capital consumption adjustment.................. -75.5 11.6 -3.6 -2.5 -2.0 2.3 8.9 5.5 Personal income receipts on assets....... 185.7 178.7 70.1 32.4 8.5 46.3 47.1 39.3 Personal interest income............... 123.8 81.3 47.0 7.0 -16.9 23.3 22.3 15.9 Personal dividend income............... 61.9 97.4 23.0 25.5 25.4 23.0 24.8 23.4 Personal current transfer receipts....... 98.2 91.8 26.6 31.5 17.1 63.0 6.4 25.2 Government social benefits to persons.. 87.0 102.2 26.4 29.9 14.8 65.1 6.3 24.9 Old-age, survivors, disability, and health insurance benefits........... 57.3 101.1 22.7 16.0 15.9 27.4 20.7 14.4 Government unemployment insurance benefits............................ -4.7 -1.4 -1.0 .8 .3 1.5 -.1 .0 Other................................ 34.4 2.6 4.6 13.2 -1.4 36.1 -14.2 10.5 Other current transfer receipts, from business (net)........................ 11.2 -10.4 .2 1.5 2.3 -2.1 .2 .2 Less: Contributions for government social insurance............................... 46.0 52.8 1.3 6.7 17.8 25.2 8.6 10.0 Less: Personal current taxes............... 162.8 145.2 24.0 12.6 45.8 53.7 30.9 14.0 Equals: Disposable personal income......... 411.1 537.1 104.4 102.9 123.4 215.3 119.1 151.2 Less: Personal outlays..................... 548.2 542.9 158.9 134.2 80.1 160.3 151.7 129.1 Personal consumption expenditures........ 511.9 516.7 149.2 121.8 68.0 166.8 133.5 111.6 Durable goods.......................... 40.0 25.0 .2 11.0 2.7 17.5 .7 6.9 Nondurable goods....................... 172.5 171.8 70.1 40.2 -27.0 54.0 63.3 27.1 Services............................... 299.5 319.8 78.9 70.6 92.3 95.3 69.4 77.8 Personal interest payments\1\............ 26.4 20.3 3.9 11.3 9.3 -8.3 16.2 15.1 Personal current transfer payments....... 9.7 6.0 5.8 1.1 2.7 1.9 2.0 2.4 To government.......................... 5.6 4.4 1.2 1.5 1.6 2.2 1.9 1.8 To the rest of the world (net)......... 4.2 1.6 4.6 -.4 1.1 -.2 .1 .5 Equals: Personal saving.................... -137.1 -5.8 -54.5 -31.4 43.4 55.0 -32.6 22.1 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 139.0 249.0 4.4 35.9 126.2 113.2 12.1 93.0 ----------------------------------------------------------------------------------------------------------------------------------- 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .8 .8 .0 .5 .5 .5 .4 .4 Compensation of employees, received...... .6 .8 -.1 .4 .5 .4 .3 .6 Wage and salary disbursements.......... .7 .8 -.1 .4 .5 .4 .4 .6 Supplements to wages and salaries...... .4 .5 .2 .3 .4 .4 .3 .4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.0 .3 .2 .4 .2 .7 .0 -.7 Rental income of persons with capital consumption adjustment.................. 3.3 4.6 5.2 5.7 7.9 .0 1.5 2.2 Personal income receipts on assets....... 1.2 1.3 .6 .6 .6 .7 .7 .7 Personal interest income............... 1.4 1.4 .3 .3 .3 .5 .5 .5 Personal dividend income............... 1.0 1.1 1.1 1.1 1.0 1.0 1.0 .9 Personal current transfer receipts....... .8 .9 -.8 .5 .0 .7 .8 .0 Less: Contributions for government social insurance............................... .6 .7 -.2 .3 .4 .3 .2 .5 Less: Personal current taxes............... .9 1.0 .5 .6 .7 .0 .3 .5 Equals: Disposable personal income......... .8 .8 -.1 .5 .4 .6 .5 .4 Addenda: Personal consumption expenditures........ .6 .2 .6 .5 .2 .4 .5 .3 Durable goods.......................... -.3 .1 -.4 1.7 -1.7 -.5 2.5 .2 Nondurable goods....................... .4 1.3 .3 1.6 -.1 .7 -.6 .6 Services............................... .8 -.2 1.0 -.1 .7 .4 .7 .2 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... .5 .4 -.4 .0 .3 .5 .5 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2005 2006 II 06 III 06 IV 06 I 07 II 07 III 07 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.9 6.6 4.8 4.3 6.3 10.0 5.3 5.8 Compensation of employees, received...... 5.3 5.9 1.3 3.9 8.7 9.0 4.5 5.1 Wage and salary disbursements.......... 5.1 6.2 .9 3.9 9.4 9.5 4.5 5.2 Supplements to wages and salaries...... 6.3 4.8 3.0 3.8 5.8 6.7 4.3 4.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 6.4 3.8 5.5 -3.9 2.5 7.2 4.4 2.8 Rental income of persons with capital consumption adjustment.................. -63.8 27.2 -22.4 -16.7 -14.0 19.2 85.9 40.3 Personal income receipts on assets....... 13.0 11.0 17.3 7.4 1.9 10.5 10.4 8.4 Personal interest income............... 13.8 8.0 18.9 2.5 -5.9 8.7 8.2 5.7 Personal dividend income............... 11.5 16.3 14.7 15.8 15.1 13.1 13.8 12.5 Personal current transfer receipts....... 6.9 6.0 6.9 8.1 4.3 16.2 1.5 6.0 Less: Contributions for government social insurance............................... 5.5 6.0 .6 3.0 7.9 11.1 3.6 4.2 Less: Personal current taxes............... 15.6 12.0 7.5 3.8 14.2 16.2 8.8 3.8 Equals: Disposable personal income......... 4.7 5.9 4.5 4.4 5.2 9.1 4.8 6.1 Addenda: Personal consumption expenditures........ 6.2 5.9 6.8 5.4 3.0 7.3 5.7 4.7 Durable goods.......................... 4.1 2.4 .1 4.3 1.0 6.8 .3 2.6 Nondurable goods....................... 7.4 6.8 11.1 6.1 -3.9 8.2 9.5 3.9 Services............................... 6.2 6.2 6.0 5.3 6.9 7.0 5.0 5.5 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... 1.7 3.1 .2 1.7 6.2 5.4 .6 4.4 ----------------------------------------------------------------------------------------------------------------------------------- Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,229.3 8,211.7 8,238.5 8,244.3 8,250.2 8,271.6 8,318.5 8,325.6 Durable goods............................ 1,220.8 1,223.4 1,220.7 1,242.9 1,221.4 1,216.9 1,251.7 1,256.8 Nondurable goods......................... 2,385.2 2,388.4 2,379.8 2,386.4 2,385.1 2,399.0 2,396.6 2,403.6 Services................................. 4,646.4 4,625.1 4,660.4 4,643.8 4,665.9 4,675.9 4,698.2 4,694.7 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 23.2 -17.6 26.8 5.8 5.9 21.4 46.9 7.1 Durable goods............................ -4.5 2.6 -2.7 22.2 -21.5 -4.5 34.8 5.1 Nondurable goods......................... -.9 3.2 -8.6 6.6 -1.3 13.9 -2.4 7.0 Services................................. 25.7 -21.3 35.3 -16.6 22.1 10.0 22.3 -3.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .3 -.2 .3 .1 .1 .3 .6 .1 Durable goods............................ -.4 .2 -.2 1.8 -1.7 -.4 2.9 .4 Nondurable goods......................... .0 .1 -.4 .3 -.1 .6 -.1 .3 Services................................. .6 -.5 .8 -.4 .5 .2 .5 -.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] ----------------------------------------------------------------------------------------------------------------------------------- 2005 2006 II 06 III 06 IV 06 I 07 II 07 III 07 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 7,803.6 8,044.1 8,009.3 8,063.8 8,141.2 8,215.7 8,244.3 8,305.3 Durable goods............................ 1,137.4 1,180.5 1,170.2 1,186.3 1,197.6 1,223.2 1,228.4 1,241.8 Nondurable goods......................... 2,255.4 2,337.7 2,325.6 2,343.9 2,368.8 2,386.6 2,383.8 2,399.8 Services................................. 4,427.3 4,545.5 4,531.6 4,554.0 4,595.5 4,630.7 4,656.7 4,689.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 242.2 240.5 47.4 54.5 77.4 74.5 28.6 61.0 Durable goods............................ 52.6 43.1 2.4 16.1 11.3 25.6 5.2 13.4 Nondurable goods......................... 77.8 82.3 13.3 18.3 24.9 17.8 -2.8 16.0 Services................................. 116.3 118.2 30.6 22.4 41.5 35.2 26.0 32.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 3.2 3.1 2.4 2.8 3.9 3.7 1.4 3.0 Durable goods............................ 4.9 3.8 .8 5.6 3.9 8.8 1.7 4.4 Nondurable goods......................... 3.6 3.6 2.3 3.2 4.3 3.0 -.5 2.7 Services................................. 2.7 2.7 2.7 2.0 3.7 3.1 2.3 2.9 ----------------------------------------------------------------------------------------------------------------------------------- Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2000=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 116.064 116.582 116.917 117.474 117.644 117.772 117.725 117.987 Durable goods............................ 87.862 87.754 87.559 87.421 87.484 87.363 87.044 86.863 Nondurable goods......................... 115.337 116.647 117.433 118.925 118.881 118.988 118.450 118.812 Services................................. 123.266 123.538 123.780 124.038 124.346 124.550 124.826 125.153 Addenda: PCE excluding food and energy............ 113.773 113.846 113.972 114.105 114.270 114.452 114.607 114.821 Market-based PCE\1\...................... 114.397 114.981 115.335 115.934 116.083 116.178 116.064 116.300 Market-based PCE excluding food and energy\1\........................... 111.212 111.278 111.386 111.485 111.623 111.775 111.887 112.060 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .3 .4 .3 .5 .1 .1 .0 .2 Durable goods............................ .1 -.1 -.2 -.2 .1 -.1 -.4 -.2 Nondurable goods......................... .4 1.1 .7 1.3 .0 .1 -.5 .3 Services................................. .3 .2 .2 .2 .2 .2 .2 .3 Addenda: PCE excluding food and energy............ .2 .1 .1 .1 .1 .2 .1 .2 Market-based PCE\1\...................... .3 .5 .3 .5 .1 .1 -.1 .2 Market-based PCE excluding food and energy\1\........................... .2 .1 .1 .1 .1 .1 .1 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. 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, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 3.3 3.7 3.4 3.6 3.3 4.0 4.4 3.9 Personal consumption expenditures.......... 3.2 3.0 3.0 2.9 2.9 2.5 3.3 3.2 Durable goods............................ 5.3 4.7 3.8 6.8 4.3 1.9 6.5 5.7 Nondurable goods......................... 3.0 3.4 2.3 2.6 2.6 2.2 2.3 2.6 Services................................. 2.9 2.4 3.2 2.4 2.7 2.7 3.2 3.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.3 2.5 2.3 2.4 2.3 2.1 1.8 2.4 Durable goods............................ -1.6 -1.6 -1.9 -2.0 -1.6 -1.8 -2.2 -1.9 Nondurable goods......................... 1.9 2.6 2.2 2.5 2.2 1.8 1.0 2.8 Services................................. 3.3 3.3 3.2 3.2 3.1 3.1 3.0 2.9 Addenda: PCE excluding food and energy............ 2.5 2.3 2.1 2.0 1.9 1.9 1.8 1.8 Market-based PCE\1\...................... 2.2 2.4 2.2 2.3 2.2 2.0 1.7 2.3 Market-based PCE excluding food and energy\1\........................... 2.3 2.1 1.9 1.8 1.7 1.8 1.6 1.6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. 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, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions.