EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, NOVEMBER 30, 2007 James E. Rankin: (202) 606-5301 (Personal Income)BEA 07-54 Michael Armah: (202) 606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: OCTOBER 2007 Personal income increased $21.2 billion, or 0.2 percent, and disposable personal income (DPI) increased $14.0 billion, or 0.1 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $23.8 billion, or 0.2 percent. In September, personal income increased $50.4 billion, or 0.4 percent, DPI increased $43.2 billion, or 0.4 percent, and PCE increased $33.0 billion, or 0.3 percent, based on revised estimates. 2007 June July Aug. Sept. Oct. (Percent change from preceding month) Personal income, current dollars 0.4 0.6 0.4 0.4 0.2 Disposable personal income: Current dollars 0.4 0.6 0.5 0.4 0.1 Chained (2000) dollars 0.3 0.5 0.5 0.2 -0.1 Personal consumption expenditures: Current dollars 0.2 0.4 0.4 0.3 0.2 Chained (2000) dollars 0.1 0.3 0.4 0.1 0.0 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for April through June 2007 (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 $1.5 billion in October, compared with an increase of $35.3 billion in September. Goods-producing industries' payrolls decreased $2.7 billion, in contrast to an increase of $3.0 billion; manufacturing payrolls decreased $1.2 billion, in contrast to an increase of $0.4 billion. Services-producing industries' payrolls increased $4.2 billion, compared with an increase of $32.3 billion. Government wage and salary disbursements increased $4.0 billion, the same increase as in September. Other personal income Supplements to wages and salaries increased $4.6 billion in October, compared with an increase of $5.9 billion in September. Proprietors' income decreased $1.7 billion in October, compared with a decrease of $6.9 billion in September. Farm proprietors' income increased $1.6 billion, compared with an increase of $1.8 billion. Nonfarm proprietors' income decreased $3.3 billion, compared with a decrease of $8.7 billion. Rental income of persons increased $1.4 billion in October, compared with an increase of $1.9 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $7.7 billion, compared with an increase of $14.5 billion. Personal current transfer receipts increased $4.4 billion, compared with an increase of $0.7 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $0.5 billion in October, compared with an increase of $5.1 billion in September. Personal current taxes and disposable personal income Personal current taxes increased $7.3 billion in October, compared with an increase of $7.1 billion in September. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $14.0 billion, or 0.1 percent, in October, compared with an increase of $43.2 billion, or 0.4 percent, in September. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $27.4 billion in October, compared with an increase of $36.0 billion in September. PCE increased $23.8 billion, compared with an increase of $33.0 billion. Personal saving -- DPI less personal outlays -- was $54.5 billion in October, compared with $67.9 billion in September. Personal saving as a percentage of disposable personal income was 0.5 percent in October, compared with 0.7 percent in September. 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 help finance consumption, 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 -- decreased 0.1 percent in October, in contrast to an increase of 0.2 percent in September. Real PCE -- PCE adjusted to remove price changes -- decreased less than 0.1 percent in October, in contrast to an increase of 0.1 percent in September. Purchases of durable goods decreased 0.6 percent, in contrast to an increase of 0.7 percent. Purchases of motor vehicles and parts accounted for most of the decrease in October and for most of the increase in September. Purchases of nondurable goods decreased 0.1 percent in October, in contrast to an increase of 0.3 percent in September. Purchases of services increased 0.1 percent, in contrast to a decrease of 0.2 percent. The price index for PCE increased 0.3 percent in October, the same increase as in September. The PCE price index, excluding food and energy, increased 0.2 percent in October, the same increase as in September. Revisions Estimates have been revised for April through September. Changes in personal income, current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for August and September -- revised and as published in last month's release -- are shown below. 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...................... 52.8 51.2 0.4 0.4 47.4 50.4 0.4 0.4 Disposable personal income: Current dollars...................... 48.6 47.5 0.5 0.5 40.6 43.2 0.4 0.4 Chained (2000) dollars............... 44.8 43.7 0.5 0.5 15.0 13.3 0.2 0.2 Personal consumption expenditures: Current dollars...................... 51.4 36.4 0.5 0.4 30.1 33.0 0.3 0.3 Chained (2000) dollars............... 46.9 34.2 0.6 0.4 7.1 5.7 0.1 0.1 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 21, 2007 at 8:30 A.M. EST for Personal Income and Outlays for November. Table 1.--Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr07\r\ May 07\r\ Jun 07\r\ Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,564.7 11,529.8 11,575.7 11,626.5 11,690.8 11,742.0 11,792.4 11,813.6 Compensation of employees, received...... 7,821.1 7,776.5 7,796.8 7,832.3 7,861.0 7,885.3 7,930.5 7,940.5 Wage and salary disbursements.......... 6,343.6 6,298.3 6,314.1 6,344.2 6,366.9 6,386.6 6,426.0 6,431.4 Private industries................... 5,288.5 5,239.1 5,252.3 5,279.4 5,299.2 5,312.9 5,348.2 5,349.7 Goods-producing industries......... 1,217.3 1,210.4 1,211.3 1,216.1 1,215.9 1,217.1 1,220.1 1,217.4 Manufacturing.................... 760.8 753.9 752.5 756.0 755.7 756.1 756.5 755.3 Services-producing industries...... 4,071.2 4,028.7 4,041.0 4,063.3 4,083.3 4,095.8 4,128.1 4,132.3 Trade, transportation, and utilities....................... 1,027.0 1,026.0 1,032.2 1,042.9 1,045.2 1,048.1 1,057.2 1,055.8 Other services-producing industries...................... 3,044.2 3,002.7 3,008.8 3,020.4 3,038.1 3,047.7 3,070.9 3,076.5 Government........................... 1,055.1 1,059.2 1,061.8 1,064.7 1,067.7 1,073.7 1,077.7 1,081.7 Supplements to wages and salaries...... 1,477.5 1,478.3 1,482.6 1,488.1 1,494.1 1,498.7 1,504.6 1,509.2 Employer contributions for employee pension and insurance funds......... 1,002.7 1,007.3 1,010.8 1,014.5 1,019.2 1,022.8 1,026.2 1,030.8 Employer contributions for government social insurance.................... 474.8 471.0 471.8 473.6 475.0 475.9 478.3 478.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,032.9 1,035.1 1,039.1 1,041.1 1,051.4 1,050.8 1,043.9 1,042.2 Farm................................... 30.5 31.9 33.1 34.4 35.7 37.6 39.4 41.0 Nonfarm................................ 1,002.3 1,003.1 1,006.1 1,006.7 1,015.7 1,013.2 1,004.5 1,001.2 Rental income of persons with capital consumption adjustment.................. 55.4 58.3 61.6 66.5 66.9 68.3 70.2 71.6 Personal income receipts on assets....... 1,906.6 1,918.4 1,930.1 1,941.5 1,956.6 1,971.4 1,985.9 1,993.6 Personal interest income............... 1,141.5 1,145.0 1,148.4 1,151.8 1,159.1 1,166.3 1,173.5 1,174.1 Personal dividend income............... 765.0 773.4 781.7 789.7 797.5 805.1 812.4 819.5 Personal current transfer receipts....... 1,725.3 1,711.4 1,719.7 1,720.4 1,733.3 1,746.6 1,747.3 1,751.7 Government social benefits to persons.. 1,697.6 1,683.7 1,691.9 1,692.5 1,705.4 1,718.7 1,719.3 1,723.6 Old-age, survivors, disability, and health insurance benefits........... 1,007.8 1,010.2 1,022.7 1,027.3 1,027.6 1,038.7 1,037.4 1,033.6 Government unemployment insurance benefits............................ 31.9 31.9 31.6 31.5 31.5 32.1 31.5 31.5 Other................................ 657.9 641.5 637.7 633.7 646.3 647.8 650.4 658.5 Other current transfer receipts, from business (net)........................ 27.7 27.7 27.8 27.9 27.9 28.0 28.0 28.1 Less: Contributions for government social insurance............................... 976.6 969.9 971.6 975.2 978.4 980.4 985.5 986.0 Less: Personal current taxes............... 1,469.1 1,470.0 1,476.8 1,486.1 1,485.6 1,489.3 1,496.4 1,503.7 Equals: Disposable personal income......... 10,095.5 10,059.8 10,098.9 10,140.4 10,205.3 10,252.8 10,296.0 10,310.0 Less: Personal outlays..................... 9,945.7 10,015.8 10,079.7 10,112.0 10,152.8 10,192.1 10,228.1 10,255.5 Personal consumption expenditures........ 9,573.0 9,631.8 9,684.5 9,705.6 9,742.6 9,779.0 9,812.0 9,835.8 Durable goods.......................... 1,073.6 1,068.9 1,086.6 1,068.6 1,063.5 1,086.2 1,091.5 1,086.2 Nondurable goods....................... 2,786.1 2,794.6 2,838.1 2,835.4 2,854.2 2,830.5 2,847.2 2,854.9 Services............................... 5,713.4 5,768.3 5,759.8 5,801.5 5,824.9 5,862.3 5,873.3 5,894.8 Personal interest payments\1\............ 238.3 248.9 259.5 270.1 272.4 274.8 277.1 280.0 Personal current transfer payments....... 134.4 135.1 135.7 136.4 137.8 138.4 139.0 139.7 To government.......................... 84.1 84.7 85.3 85.9 86.5 87.1 87.8 88.4 To the rest of the world (net)......... 50.4 50.5 50.5 50.5 51.3 51.3 51.3 51.3 Equals: Personal saving.................... 149.8 43.9 19.1 28.4 52.5 60.7 67.9 54.5 Personal saving as a percentage of disposable personal income.............. 1.5 .4 .2 .3 .5 .6 .7 .5 Addenda: Disposable personal income: Total, billions of chained (2000) dollars\2\............................ 8,659.9 8,604.5 8,597.0 8,619.9 8,666.7 8,710.4 8,723.7 8,711.3 Per capita: Current dollars...................... 33,451 33,307 33,411 33,521 33,707 33,835 33,948 33,964 Chained (2000) dollars............... 28,694 28,489 28,442 28,495 28,625 28,745 28,763 28,697 Population (midperiod, thousands)\3\..... 301,799 302,028 302,262 302,507 302,765 303,027 303,291 303,560 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2007. 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\r\ III 07\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 10,301.1 10,983.4 10,915.5 11,030.9 11,200.2 11,469.2 11,577.3 11,741.8 Compensation of employees, received...... 7,024.6 7,440.8 7,371.9 7,442.5 7,599.9 7,764.9 7,801.9 7,892.3 Wage and salary disbursements.......... 5,667.9 6,018.2 5,958.4 6,015.8 6,153.0 6,294.4 6,318.9 6,393.2 Private industries................... 4,686.9 4,997.6 4,944.6 4,988.8 5,115.7 5,242.7 5,256.9 5,320.1 Goods-producing industries......... 1,098.7 1,166.8 1,155.9 1,158.5 1,191.4 1,208.9 1,212.6 1,217.7 Manufacturing.................... 704.1 731.0 723.3 724.3 743.3 755.4 754.1 756.1 Services-producing industries...... 3,588.3 3,830.8 3,788.6 3,830.3 3,924.4 4,033.9 4,044.3 4,102.4 Trade, transportation, and utilities....................... 937.0 985.1 980.9 985.8 1,002.2 1,020.0 1,033.7 1,050.2 Other services-producing industries...................... 2,651.2 2,845.7 2,807.8 2,844.5 2,922.2 3,013.8 3,010.6 3,052.2 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 1,483.0 1,499.1 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.................... 429.1 451.8 448.0 451.3 460.2 471.3 472.1 476.4 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 1,048.7 Farm................................... 30.8 19.4 14.6 18.1 23.9 29.1 33.1 37.6 Nonfarm................................ 939.1 987.4 998.9 985.5 985.8 998.3 1,005.3 1,011.1 Rental income of persons with capital consumption adjustment.................. 42.9 54.5 55.4 52.9 50.9 53.2 62.1 68.5 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 1,971.3 Personal interest income............... 1,018.9 1,100.2 1,112.7 1,119.7 1,102.8 1,126.1 1,148.4 1,166.3 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 1,742.4 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 1,714.4 Old-age, survivors, disability, and health insurance benefits........... 845.3 946.4 940.1 956.1 972.0 999.4 1,020.1 1,034.6 Government unemployment insurance benefits............................ 31.3 29.9 29.2 30.0 30.3 31.8 31.7 31.7 Other................................ 606.4 609.0 603.9 617.1 615.7 651.8 637.6 648.2 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............................... 874.8 927.6 920.1 926.8 944.6 969.8 972.2 981.4 Less: Personal current taxes............... 1,209.1 1,354.3 1,342.6 1,355.2 1,401.0 1,454.7 1,477.6 1,490.4 Equals: Disposable personal income......... 9,092.0 9,629.1 9,572.9 9,675.8 9,799.2 10,014.5 10,099.7 10,251.3 Less: Personal outlays..................... 9,047.4 9,590.3 9,542.9 9,677.1 9,757.2 9,917.5 10,069.2 10,191.0 Personal consumption expenditures........ 8,707.8 9,224.5 9,183.9 9,305.7 9,373.7 9,540.5 9,674.0 9,777.9 Durable goods.......................... 1,023.9 1,048.9 1,042.8 1,053.8 1,056.5 1,074.0 1,074.7 1,080.4 Nondurable goods....................... 2,516.2 2,688.0 2,692.2 2,732.4 2,705.4 2,759.4 2,822.7 2,844.0 Services............................... 5,167.8 5,487.6 5,448.9 5,519.5 5,611.8 5,707.1 5,776.5 5,853.5 Personal interest payments\1\............ 217.7 238.0 231.0 242.3 251.6 243.3 259.5 274.8 Personal current transfer payments....... 121.8 127.8 128.0 129.1 131.8 133.7 135.7 138.4 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 51.3 Equals: Personal saving.................... 44.6 38.8 30.0 -1.4 42.0 97.0 30.5 60.3 Personal saving as a percentage of disposable personal income.............. .5 .4 .3 .0 .4 1.0 .3 .6 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 8,607.1 8,700.3 Per capita: Current dollars...................... 30,616 32,115 31,970 32,231 32,561 33,206 33,413 33,830 Chained (2000) dollars............... 27,436 28,005 27,881 27,930 28,280 28,595 28,475 28,711 Population (midperiod, thousands)\3\..... 296,972 299,833 299,432 300,196 300,950 301,590 302,266 303,028 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2007. 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] ----------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr07\r\ May 07\r\ Jun 07\r\ Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 97.2 -34.9 45.9 50.8 64.3 51.2 50.4 21.2 Compensation of employees, received...... 59.6 -44.6 20.3 35.5 28.7 24.3 45.2 10.0 Wage and salary disbursements.......... 52.4 -45.3 15.8 30.1 22.7 19.7 39.4 5.4 Private industries................... 49.4 -49.4 13.2 27.1 19.8 13.7 35.3 1.5 Goods-producing industries......... 11.4 -6.9 .9 4.8 -.2 1.2 3.0 -2.7 Manufacturing.................... 6.4 -6.9 -1.4 3.5 -.3 .4 .4 -1.2 Services-producing industries...... 38.0 -42.5 12.3 22.3 20.0 12.5 32.3 4.2 Trade, transportation, and utilities....................... 8.8 -1.0 6.2 10.7 2.3 2.9 9.1 -1.4 Other services-producing industries...................... 29.1 -41.5 6.1 11.6 17.7 9.6 23.2 5.6 Government........................... 3.0 4.1 2.6 2.9 3.0 6.0 4.0 4.0 Supplements to wages and salaries...... 7.2 .8 4.3 5.5 6.0 4.6 5.9 4.6 Employer contributions for employee pension and insurance funds......... 3.4 4.6 3.5 3.7 4.7 3.6 3.4 4.6 Employer contributions for government social insurance.................... 3.8 -3.8 .8 1.8 1.4 .9 2.4 .1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 3.3 2.2 4.0 2.0 10.3 -.6 -6.9 -1.7 Farm................................... 1.0 1.4 1.2 1.3 1.3 1.9 1.8 1.6 Nonfarm................................ 2.2 .8 3.0 .6 9.0 -2.5 -8.7 -3.3 Rental income of persons with capital consumption adjustment.................. 2.4 2.9 3.3 4.9 .4 1.4 1.9 1.4 Personal income receipts on assets....... 24.1 11.8 11.7 11.4 15.1 14.8 14.5 7.7 Personal interest income............... 15.4 3.5 3.4 3.4 7.3 7.2 7.2 .6 Personal dividend income............... 8.6 8.4 8.3 8.0 7.8 7.6 7.3 7.1 Personal current transfer receipts....... 14.9 -13.9 8.3 .7 12.9 13.3 .7 4.4 Government social benefits to persons.. 14.8 -13.9 8.2 .6 12.9 13.3 .6 4.3 Old-age, survivors, disability, and health insurance benefits........... 7.3 2.4 12.5 4.6 .3 11.1 -1.3 -3.8 Government unemployment insurance benefits............................ .0 .0 -.3 -.1 .0 .6 -.6 .0 Other................................ 7.6 -16.4 -3.8 -4.0 12.6 1.5 2.6 8.1 Other current transfer receipts, from business (net)........................ .1 .0 .1 .1 .0 .1 .0 .1 Less: Contributions for government social insurance............................... 7.1 -6.7 1.7 3.6 3.2 2.0 5.1 .5 Less: Personal current taxes............... 14.9 .9 6.8 9.3 -.5 3.7 7.1 7.3 Equals: Disposable personal income......... 82.2 -35.7 39.1 41.5 64.9 47.5 43.2 14.0 Less: Personal outlays..................... 17.8 70.1 63.9 32.3 40.8 39.3 36.0 27.4 Personal consumption expenditures........ 22.2 58.8 52.7 21.1 37.0 36.4 33.0 23.8 Durable goods.......................... .9 -4.7 17.7 -18.0 -5.1 22.7 5.3 -5.3 Nondurable goods....................... 35.1 8.5 43.5 -2.7 18.8 -23.7 16.7 7.7 Services............................... -13.7 54.9 -8.5 41.7 23.4 37.4 11.0 21.5 Personal interest payments\1\............ -5.0 10.6 10.6 10.6 2.3 2.4 2.3 2.9 Personal current transfer payments....... .7 .7 .6 .7 1.4 .6 .6 .7 To government.......................... .7 .6 .6 .6 .6 .6 .7 .6 To the rest of the world (net)......... .0 .1 .0 .0 .8 .0 .0 .0 Equals: Personal saving.................... 64.4 -105.9 -24.8 9.3 24.1 8.2 7.2 -13.4 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 32.2 -55.4 -7.5 22.9 46.8 43.7 13.3 -12.4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2007. 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\r\ III 07\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 573.9 682.3 128.4 115.4 169.3 269.0 108.1 164.5 Compensation of employees, received...... 353.2 416.2 23.2 70.6 157.4 165.0 37.0 90.4 Wage and salary disbursements.......... 273.4 350.3 12.8 57.4 137.2 141.4 24.5 74.3 Private industries................... 235.5 310.7 3.5 44.2 126.9 127.0 14.2 63.2 Goods-producing industries......... 49.5 68.1 -5.4 2.6 32.9 17.5 3.7 5.1 Manufacturing.................... 17.2 26.9 -9.6 1.0 19.0 12.1 -1.3 2.0 Services-producing industries...... 186.1 242.5 8.7 41.7 94.1 109.5 10.4 58.1 Trade, transportation, and utilities....................... 38.4 48.1 9.2 4.9 16.4 17.8 13.7 16.5 Other services-producing industries...................... 147.6 194.5 -.3 36.7 77.7 91.6 -3.2 41.6 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 12.5 16.1 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 .8 4.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 58.3 36.8 13.4 -9.9 6.2 17.6 11.0 10.3 Farm................................... -6.5 -11.4 -6.2 3.5 5.8 5.2 4.0 4.5 Nonfarm................................ 64.8 48.3 19.6 -13.4 .3 12.5 7.0 5.8 Rental income of persons with capital consumption adjustment.................. -75.5 11.6 -3.6 -2.5 -2.0 2.3 8.9 6.4 Personal income receipts on assets....... 185.7 178.7 70.1 32.4 8.5 46.3 47.1 41.3 Personal interest income............... 123.8 81.3 47.0 7.0 -16.9 23.3 22.3 17.9 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 25.3 Government social benefits to persons.. 87.0 102.2 26.4 29.9 14.8 65.1 6.3 25.0 Old-age, survivors, disability, and health insurance benefits........... 57.3 101.1 22.7 16.0 15.9 27.4 20.7 14.5 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 10.6 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 2.4 9.2 Less: Personal current taxes............... 162.8 145.2 24.0 12.6 45.8 53.7 22.9 12.8 Equals: Disposable personal income......... 411.1 537.1 104.4 102.9 123.4 215.3 85.2 151.6 Less: Personal outlays..................... 548.2 542.9 158.9 134.2 80.1 160.3 151.7 121.8 Personal consumption expenditures........ 511.9 516.7 149.2 121.8 68.0 166.8 133.5 103.9 Durable goods.......................... 40.0 25.0 .2 11.0 2.7 17.5 .7 5.7 Nondurable goods....................... 172.5 171.8 70.1 40.2 -27.0 54.0 63.3 21.3 Services............................... 299.5 319.8 78.9 70.6 92.3 95.3 69.4 77.0 Personal interest payments\1\............ 26.4 20.3 3.9 11.3 9.3 -8.3 16.2 15.3 Personal current transfer payments....... 9.7 6.0 5.8 1.1 2.7 1.9 2.0 2.7 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 .8 Equals: Personal saving.................... -137.1 -5.8 -54.5 -31.4 43.4 55.0 -66.5 29.8 Addendum: Real disposable personal income, billions of chained (2000) dollars\2\............ 139.0 249.0 4.4 35.9 126.2 113.2 -16.8 93.2 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2007. 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] ----------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr07\r\ May 07\r\ Jun 07\r\ Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .8 -.3 .4 .4 .6 .4 .4 .2 Compensation of employees, received...... .8 -.6 .3 .5 .4 .3 .6 .1 Wage and salary disbursements.......... .8 -.7 .3 .5 .4 .3 .6 .1 Supplements to wages and salaries...... .5 .1 .3 .4 .4 .3 .4 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. .3 .2 .4 .2 1.0 -.1 -.7 -.2 Rental income of persons with capital consumption adjustment.................. 4.6 5.2 5.7 7.9 .6 2.1 2.8 2.0 Personal income receipts on assets....... 1.3 .6 .6 .6 .8 .8 .7 .4 Personal interest income............... 1.4 .3 .3 .3 .6 .6 .6 .1 Personal dividend income............... 1.1 1.1 1.1 1.0 1.0 1.0 .9 .9 Personal current transfer receipts....... .9 -.8 .5 .0 .8 .8 .0 .2 Less: Contributions for government social insurance............................... .7 -.7 .2 .4 .3 .2 .5 .1 Less: Personal current taxes............... 1.0 .1 .5 .6 .0 .2 .5 .5 Equals: Disposable personal income......... .8 -.4 .4 .4 .6 .5 .4 .1 Addenda: Personal consumption expenditures........ .2 .6 .5 .2 .4 .4 .3 .2 Durable goods.......................... .1 -.4 1.7 -1.7 -.5 2.1 .5 -.5 Nondurable goods....................... 1.3 .3 1.6 -.1 .7 -.8 .6 .3 Services............................... -.2 1.0 -.1 .7 .4 .6 .2 .4 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... .4 -.6 -.1 .3 .5 .5 .2 -.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 2007. 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\r\ III 07\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.9 6.6 4.8 4.3 6.3 10.0 3.8 5.8 Compensation of employees, received...... 5.3 5.9 1.3 3.9 8.7 9.0 1.9 4.7 Wage and salary disbursements.......... 5.1 6.2 .9 3.9 9.4 9.5 1.6 4.8 Supplements to wages and salaries...... 6.3 4.8 3.0 3.8 5.8 6.7 3.4 4.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 6.4 3.8 5.5 -3.9 2.5 7.2 4.4 4.0 Rental income of persons with capital consumption adjustment.................. -63.8 27.2 -22.4 -16.7 -14.0 19.2 85.9 47.5 Personal income receipts on assets....... 13.0 11.0 17.3 7.4 1.9 10.5 10.4 8.8 Personal interest income............... 13.8 8.0 18.9 2.5 -5.9 8.7 8.2 6.4 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 1.0 3.8 Less: Personal current taxes............... 15.6 12.0 7.5 3.8 14.2 16.2 6.5 3.5 Equals: Disposable personal income......... 4.7 5.9 4.5 4.4 5.2 9.1 3.4 6.1 Addenda: Personal consumption expenditures........ 6.2 5.9 6.8 5.4 3.0 7.3 5.7 4.4 Durable goods.......................... 4.1 2.4 .1 4.3 1.0 6.8 .3 2.1 Nondurable goods....................... 7.4 6.8 11.1 6.1 -3.9 8.2 9.5 3.0 Services............................... 6.2 6.2 6.0 5.3 6.9 7.0 5.0 5.4 ---------------------------------------------------------------------------------------- Based on chained (2000) dollar measures ---------------------------------------------------------------------------------------- Real disposable personal income.......... 1.7 3.1 .2 1.7 6.2 5.4 -.8 4.4 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2007. Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8,211.7 8,238.5 8,244.3 8,250.2 8,273.7 8,307.9 8,313.6 8,310.7 Durable goods............................ 1,223.4 1,220.7 1,242.9 1,221.4 1,217.2 1,247.7 1,256.4 1,249.3 Nondurable goods......................... 2,388.4 2,379.8 2,386.4 2,385.1 2,398.7 2,389.6 2,396.3 2,393.1 Services................................. 4,625.1 4,660.4 4,643.8 4,665.9 4,678.1 4,697.7 4,690.6 4,695.9 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -17.6 26.8 5.8 5.9 23.5 34.2 5.7 -2.9 Durable goods............................ 2.6 -2.7 22.2 -21.5 -4.2 30.5 8.7 -7.1 Nondurable goods......................... 3.2 -8.6 6.6 -1.3 13.6 -9.1 6.7 -3.2 Services................................. -21.3 35.3 -16.6 22.1 12.2 19.6 -7.1 5.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.2 .3 .1 .1 .3 .4 .1 .0 Durable goods............................ .2 -.2 1.8 -1.7 -.4 2.5 .7 -.6 Nondurable goods......................... .1 -.4 .3 -.1 .6 -.4 .3 -.1 Services................................. -.5 .8 -.4 .5 .3 .4 -.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] ----------------------------------------------------------------------------------------------------------------------------------- 2005 2006 II 06 III 06 IV 06 I 07 II 07 III 07\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- 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 8,298.5 Durable goods............................ 1,137.4 1,180.5 1,170.2 1,186.3 1,197.6 1,223.2 1,228.4 1,240.4 Nondurable goods......................... 2,255.4 2,337.7 2,325.6 2,343.9 2,368.8 2,386.6 2,383.8 2,394.9 Services................................. 4,427.3 4,545.5 4,531.6 4,554.0 4,595.5 4,630.7 4,656.7 4,688.8 ---------------------------------------------------------------------------------------- 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 54.2 Durable goods............................ 52.6 43.1 2.4 16.1 11.3 25.6 5.2 12.0 Nondurable goods......................... 77.8 82.3 13.3 18.3 24.9 17.8 -2.8 11.1 Services................................. 116.3 118.2 30.6 22.4 41.5 35.2 26.0 32.1 ---------------------------------------------------------------------------------------- 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 2.7 Durable goods............................ 4.9 3.8 .8 5.6 3.9 8.8 1.7 4.0 Nondurable goods......................... 3.6 3.6 2.3 3.2 4.3 3.0 -.5 1.9 Services................................. 2.7 2.7 2.7 2.0 3.7 3.1 2.3 2.8 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2000=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 116.582 116.917 117.474 117.644 117.757 117.711 118.027 118.356 Durable goods............................ 87.754 87.559 87.421 87.484 87.364 87.045 86.866 86.939 Nondurable goods......................... 116.647 117.433 118.925 118.881 118.988 118.451 118.813 119.297 Services................................. 123.538 123.780 124.038 124.346 124.523 124.800 125.222 125.539 Addenda: PCE excluding food and energy............ 113.846 113.972 114.105 114.270 114.434 114.591 114.872 115.074 Market-based PCE\1\...................... 114.981 115.335 115.934 116.083 116.182 116.065 116.345 116.687 Market-based PCE excluding food and energy\1\........................... 111.278 111.386 111.485 111.623 111.779 111.891 112.119 112.309 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .4 .3 .5 .1 .1 .0 .3 .3 Durable goods............................ -.1 -.2 -.2 .1 -.1 -.4 -.2 .1 Nondurable goods......................... 1.1 .7 1.3 .0 .1 -.5 .3 .4 Services................................. .2 .2 .2 .2 .1 .2 .3 .3 Addenda: PCE excluding food and energy............ .1 .1 .1 .1 .1 .1 .2 .2 Market-based PCE\1\...................... .5 .3 .5 .1 .1 -.1 .2 .3 Market-based PCE excluding food and energy\1\........................... .1 .1 .1 .1 .1 .1 .2 .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 ----------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr07\r\ May 07\r\ Jun 07\r\ Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 3.7 3.1 3.2 3.0 3.7 4.1 3.5 2.7 Personal consumption expenditures.......... 3.0 3.0 2.9 2.9 2.5 3.2 3.0 2.4 Durable goods............................ 4.7 3.8 6.8 4.3 1.9 6.2 5.6 5.2 Nondurable goods......................... 3.4 2.3 2.6 2.6 2.2 2.0 2.3 1.6 Services................................. 2.4 3.2 2.4 2.7 2.8 3.2 2.9 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 2007. Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Mar 07 Apr07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.5 2.3 2.4 2.3 2.1 1.8 2.4 2.9 Durable goods............................ -1.6 -1.9 -2.0 -1.6 -1.8 -2.2 -1.9 -1.8 Nondurable goods......................... 2.6 2.2 2.5 2.2 1.8 1.0 2.8 4.5 Services................................. 3.3 3.2 3.2 3.1 3.0 3.0 3.0 3.1 Addenda: PCE excluding food and energy............ 2.3 2.1 2.0 1.9 1.9 1.8 1.9 1.9 Market-based PCE\1\...................... 2.4 2.2 2.3 2.2 2.0 1.7 2.3 3.0 Market-based PCE excluding food and energy\1\........................... 2.1 1.9 1.8 1.7 1.8 1.6 1.7 1.7 ----------------------------------------------------------------------------------------------------------------------------------- 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.