News Release: Personal Income and Outlays
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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, JULY 31, 2007
James E. Rankin: (202) 606-5301 (Personal Income) BEA 07-35
Michael Armah: 606-5302 (Personal Outlays)
Kurt Kunze: 606-9748 (Annual Revision)
PERSONAL INCOME AND OUTLAYS: JUNE 2007
REVISED ESTIMATES: 2004 THROUGH MAY 2007
Personal income increased $51.7 billion, or 0.4 percent, and disposable personal income (DPI)
increased $42.1 billion, or 0.4 percent, in June, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $11.1 billion, or 0.1 percent. In May, personal
income increased $50.5 billion, or 0.4 percent, DPI increased $41.1 billion, or 0.4 percent, and PCE
increased $62.5 billion, or 0.6 percent, based on revised estimates.
2007
Feb. Mar. Apr. May June
(Percent change from preceding month)
Personal income, current dollars 0.7 0.8 -0.2 0.4 0.4
Disposable personal income:
Current dollars 0.7 0.8 -0.3 0.4 0.4
Chained (2000) dollars 0.4 0.3 -0.6 -0.1 0.3
Personal consumption expenditures:
Current dollars 0.6 0.2 0.6 0.6 0.1
Chained (2000) dollars 0.3 -0.2 0.3 0.2 0.0
The estimates released today reflect the annual revision to the national income and product
accounts, beginning with January 2004. Annual revisions, which are usually released in July,
incorporate source data that are more complete, more detailed, and otherwise more reliable than those
previously available. This release includes revised estimates of monthly personal income, disposable
personal income, and outlays and provides an overview of the effects of the revision.
The August 2007 Survey of Current Business will contain national income and product accounts
tables and an article describing the revisions. The revised estimates will be available from BEA's
Web site at www.bea.gov.
Wages and salaries
Private wage and salary disbursements increased $29.1 billion in June, compared with an
increase of $23.4 billion in May. Goods-producing industries' payrolls increased $5.1 billion,
compared with an increase of $4.7 billion; manufacturing payrolls increased $3.5 billion, compared
with an increase of $0.9 billion. Services-producing industries' payrolls increased $23.9 billion,
compared with an increase of $18.8 billion. Government wage and salary disbursements increased
$4.7 billion, compared with an increase of $3.7 billion.
Other personal income
Supplements to wages and salaries increased $5.7 billion in June, compared with an increase of
$5.3 billion in May.
Proprietors' income increased $3.8 billion in June, compared with an increase of $2.7 billion in
May. Farm proprietors' income decreased $0.9 billion, compared with a decrease of $2.4 billion.
Nonfarm proprietors' income increased $4.7 billion, compared with an increase of $5.0 billion.
Rental income of persons increased $3.0 billion in June, compared with an increase of $1.5
billion in May. Personal income receipts on assets (personal interest income plus personal dividend
income) increased $8.8 billion, compared with an increase of $9.1 billion. Personal current transfer
receipts increased $0.6 billion in June, compared with an increase of $8.2 billion in May.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $4.2 billion in June, compared with an increase of $3.3 billion in May.
Personal current taxes and disposable personal income
Personal current taxes increased $9.7 billion in June, compared with an increase $9.3 billion in
May. Disposable personal income (DPI) -- personal income less personal current taxes -- increased
$42.1 billion, or 0.4 percent, in June, compared with an increase of $41.1 billion, or 0.4 percent, in
May.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $16.4 billion in June, compared with an increase of $67.9 billion in May. PCE increased
$11.1 billion, compared with an increase of $62.5 billion.
Personal saving -- DPI less personal outlays -- was $64.0 billion in June, compared with $38.5
billion in May. Personal saving as a percentage of disposable personal income was 0.6 percent in
June, compared with 0.4 percent in May. 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, 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 0.3 percent in June, in contrast
to a decrease of 0.1 percent in May.
Real PCE -- PCE adjusted to remove price changes -- decreased less than 0.1 percent in June,
in contrast to an increase of 0.2 percent in May. Purchases of durable goods decreased 1.6 percent,
in contrast to an increase of 1.7 percent. Purchases of motor vehicles and parts accounted for about
half of the decrease in June. Purchases of nondurable goods increased less than 0.1 percent in June,
compared with an increase of 0.2 percent in May. Purchases of services increased 0.2 percent, in
contrast to a decrease of 0.1 percent.
PCE price index -- The PCE price index increased 0.1 percent in June, compared with an
increase of 0.5 percent in May. The PCE price index, excluding food and energy, increased 0.1
percent in June, the same increase as in May.
Revision of the Personal Income and Outlays Estimates
Personal income, personal outlays, DPI, and personal saving are revised, beginning with
January 2004 to reflect the results of the annual revision in the national income and product accounts
(NIPAs) released last week. The NIPAs usually are revised each July to incorporate newly available
and more comprehensive source data, as well as improved estimating methodologies.
The revised annual revisions to the estimates of personal income and outlays for 2004-2006
are shown in table 12. Revised and previously published monthly estimates of personal income,
DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in table 13;
revised and previously published annual and quarterly estimates are shown in table 14.
Personal income was revised down $4.2 billion, or less than 0.1 percent, for 2004; was
revised up $61.9 billion, or 0.6 percent, for 2005; and was revised up $92.2 billion, or 0.8 percent,
for 2006. For 2004, a downward revision to rental income of persons was partly offset by an
upward revision to compensation of employees. For 2005, large upward revisions to personal
interest income and to personal dividend income were partly offset by a large downward revision to
rental income of persons. For 2006, large upward revisions to personal interest income and to
personal dividend income were partly offset by downward revisions to compensation of employees,
to rental income of persons, and to proprietors' income. Within compensation of employees,
supplements to wages and salaries accounted for most of the downward revision, although wage and
salary disbursements was also revised down. In addition, contributions for government social
insurance, which are subtracted in the calculation of personal income, was revised down.
Disposable personal income (DPI) was revised down $0.7 billion, or less than 0.1 percent, for
2004; was revised up $55.9 billion, or 0.6 percent, for 2005; and was revised up $100.0 billion, or
1.0 percent, for 2006. The revisions were roughly similar to those to personal income, reflecting
small revisions to personal current taxes. Personal current taxes was revised down $3.5 billion for
2004; was revised up $6.0 billion for 2005, and was revised down $7.8 billion for 2006. The percent
change from the preceding year in real DPI was unrevised at 3.6 percent for 2004, was revised up
from 1.2 percent to 1.7 percent for 2005, and was revised up from 2.6 percent to 3.1 percent for
2006.
Personal outlays was revised down for all 3 years: $8.0 billion for 2004, $23.5 billion for
2005, and $35.2 billion for 2006. Downward revisions to PCE more than accounted for the
revisions for all 3 years. The personal saving rate was revised up from 2.0 percent to 2.1 percent for
2004, was revised up from negative 0.4 percent to positive 0.5 percent for 2005, and was revised up
from negative 1.0 percent to positive 0.4 percent for 2006.
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 July will be released on
August 31, 2007, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
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Dec 03 Jan 04 Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04
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Personal income............................ 9,389.0 9,434.4 9,486.6 9,527.3 9,575.8 9,641.1 9,671.9 9,720.2 9,789.2 9,803.5 9,886.7
Compensation of employees, received...... 6,444.9 6,484.3 6,512.4 6,530.6 6,579.6 6,629.9 6,644.9 6,698.0 6,733.5 6,772.7 6,810.7
Wage and salary disbursements.......... 5,217.2 5,240.9 5,263.9 5,277.8 5,319.4 5,362.2 5,372.0 5,417.7 5,446.3 5,479.5 5,510.3
Private industries................... 4,302.5 4,313.5 4,332.9 4,341.4 4,375.2 4,421.4 4,430.2 4,473.5 4,499.7 4,531.2 4,559.5
Goods-producing industries......... 1,029.8 1,017.7 1,017.1 1,019.0 1,031.3 1,044.4 1,045.5 1,058.0 1,066.3 1,070.7 1,072.6
Manufacturing.................... 682.1 670.3 668.5 667.0 676.2 684.6 683.4 694.2 699.6 701.3 700.3
Services-producing industries...... 3,272.7 3,295.8 3,315.9 3,322.4 3,343.9 3,377.0 3,384.6 3,415.5 3,433.4 3,460.5 3,486.9
Trade, transportation, and
utilities....................... 868.5 874.6 878.6 879.3 887.9 893.4 895.8 902.2 905.1 912.1 918.3
Other services-producing
industries...................... 2,404.3 2,421.1 2,437.3 2,443.2 2,456.1 2,483.6 2,488.8 2,513.3 2,528.3 2,548.5 2,568.6
Government........................... 914.7 927.4 930.9 936.4 944.2 940.8 941.8 944.2 946.7 948.2 950.9
Supplements to wages and salaries...... 1,227.7 1,243.4 1,248.5 1,252.7 1,260.2 1,267.8 1,272.9 1,280.3 1,287.2 1,293.2 1,300.3
Employer contributions for employee
pension and insurance funds......... 838.3 845.4 848.7 852.1 857.1 861.4 865.8 870.3 875.2 879.2 884.3
Employer contributions for government
social insurance.................... 389.4 398.0 399.8 400.7 403.1 406.4 407.1 409.9 412.0 414.0 416.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 850.9 858.9 876.9 902.2 900.1 909.8 916.2 916.5 915.2 910.5 937.1
Farm................................... 33.6 38.8 40.6 41.4 40.4 39.7 38.7 35.0 32.6 31.4 37.1
Nonfarm................................ 817.2 820.1 836.3 860.8 859.7 870.1 877.5 881.5 882.6 879.1 899.9
Rental income of persons with capital
consumption adjustment.................. 157.8 145.7 140.7 134.8 129.7 125.7 122.6 124.0 116.0 76.4 107.4
Personal income receipts on assets....... 1,350.6 1,356.0 1,359.5 1,363.9 1,372.7 1,383.8 1,396.5 1,408.9 1,420.1 1,431.5 1,446.0
Personal interest income............... 901.8 894.1 887.6 882.4 883.4 885.5 888.7 891.8 894.0 896.4 900.7
Personal dividend income............... 448.8 461.9 471.9 481.5 489.3 498.4 507.8 517.1 526.1 535.1 545.3
Personal current transfer receipts....... 1,377.2 1,397.2 1,408.5 1,408.9 1,411.8 1,416.4 1,417.7 1,404.8 1,440.4 1,452.8 1,430.0
Government social benefits to persons.. 1,347.6 1,370.9 1,383.6 1,384.8 1,388.5 1,393.7 1,395.6 1,383.3 1,404.2 1,401.1 1,409.0
Old-age, survivors, disability, and
health insurance benefits........... 760.8 769.9 778.4 779.2 781.3 783.2 785.2 781.2 796.8 793.1 797.8
Government unemployment insurance
benefits............................ 51.7 44.9 43.3 39.6 34.9 36.7 35.4 33.0 35.7 32.0 32.4
Other................................ 535.1 556.2 562.0 566.1 572.3 573.9 574.9 569.0 571.8 576.0 578.8
Other current transfer receipts, from
business (net)........................ 29.7 26.3 24.9 24.1 23.3 22.7 22.1 21.6 36.2 51.7 21.0
Less: Contributions for government social
insurance............................... 792.4 807.8 811.4 813.2 818.2 824.6 826.0 832.0 836.0 840.3 844.4
Less: Personal current taxes............... 1,018.1 1,005.6 1,008.5 1,010.2 1,016.4 1,025.6 1,031.3 1,050.3 1,061.7 1,074.2 1,082.6
Equals: Disposable personal income......... 8,370.9 8,428.8 8,478.1 8,517.1 8,559.3 8,615.5 8,640.6 8,669.8 8,727.4 8,729.4 8,804.1
Less: Personal outlays..................... 8,173.9 8,265.1 8,287.8 8,345.7 8,373.8 8,478.3 8,446.6 8,518.1 8,535.6 8,607.4 8,667.7
Personal consumption expenditures........ 7,885.3 7,975.3 7,998.3 8,056.7 8,079.9 8,180.2 8,144.7 8,213.0 8,227.0 8,295.3 8,353.3
Durable goods.......................... 955.7 959.6 968.3 980.8 972.1 997.6 954.8 985.5 972.9 1,002.4 996.9
Nondurable goods....................... 2,232.2 2,272.5 2,267.8 2,312.3 2,298.4 2,342.8 2,341.9 2,347.3 2,347.6 2,365.7 2,407.9
Services............................... 4,697.4 4,743.1 4,762.1 4,763.5 4,809.4 4,839.8 4,848.1 4,880.3 4,906.4 4,927.2 4,948.4
Personal interest payments\1\............ 181.9 181.6 180.5 179.1 182.8 186.2 189.4 192.1 195.0 198.0 201.0
Personal current transfer payments....... 106.8 108.3 109.1 109.8 111.2 111.8 112.5 113.0 113.6 114.1 113.3
To government.......................... 63.7 65.2 66.1 66.8 67.5 68.1 68.8 69.4 70.0 70.5 71.1
To the rest of the world (net)......... 43.1 43.0 43.0 43.0 43.7 43.7 43.7 43.6 43.6 43.6 42.2
Equals: Personal saving.................... 197.0 163.7 190.2 171.4 185.5 137.2 193.9 151.8 191.8 122.0 136.4
Personal saving as a percentage of
disposable personal income.............. 2.4 1.9 2.2 2.0 2.2 1.6 2.2 1.8 2.2 1.4 1.5
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,867.8 7,892.6 7,910.1 7,923.3 7,945.7 7,959.3 7,960.3 7,982.6 8,030.5 8,023.4 8,051.5
Per capita:
Current dollars...................... 28,606 28,785 28,934 29,046 29,167 29,336 29,397 29,470 29,639 29,619 29,846
Chained (2000) dollars............... 26,887 26,954 26,996 27,021 27,076 27,101 27,082 27,134 27,272 27,224 27,295
Population (midperiod, thousands)\3\..... 292,626 292,816 293,011 293,226 293,455 293,687 293,930 294,189 294,455 294,722 294,981
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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 1.--Personal Income and Its Disposition (Months)--Continued
[Billions of dollars; months seasonally adjusted at annual rates]
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Nov 04 Dec 04 Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05
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Personal income............................ 9,917.8 10,272.0 10,032.3 10,074.6 10,115.4 10,189.5 10,225.3 10,287.5 10,363.0 10,150.8 10,472.0
Compensation of employees, received...... 6,815.2 6,845.1 6,877.3 6,889.4 6,904.6 6,944.1 6,954.1 6,985.6 7,066.0 7,082.9 7,116.6
Wage and salary disbursements.......... 5,509.8 5,534.3 5,551.3 5,558.0 5,568.1 5,601.4 5,607.3 5,633.4 5,703.2 5,715.2 5,742.8
Private industries................... 4,557.1 4,581.1 4,582.7 4,586.6 4,595.1 4,626.0 4,630.1 4,654.3 4,721.4 4,731.3 4,756.1
Goods-producing industries......... 1,071.5 1,076.8 1,075.7 1,076.0 1,075.1 1,082.1 1,085.1 1,091.4 1,108.5 1,115.5 1,115.8
Manufacturing.................... 697.3 700.5 700.8 698.9 695.3 698.6 699.6 701.3 709.3 711.9 708.6
Services-producing industries...... 3,485.6 3,504.3 3,507.0 3,510.6 3,520.0 3,543.9 3,545.0 3,562.9 3,612.9 3,615.8 3,640.3
Trade, transportation, and
utilities....................... 916.6 919.3 920.8 920.3 922.4 931.7 930.1 932.6 945.4 943.3 945.3
Other services-producing
industries...................... 2,569.1 2,585.0 2,586.2 2,590.2 2,597.6 2,612.2 2,614.9 2,630.3 2,667.5 2,672.6 2,695.0
Government........................... 952.6 953.2 968.6 971.4 973.0 975.4 977.2 979.0 981.8 983.8 986.7
Supplements to wages and salaries...... 1,305.4 1,310.8 1,326.0 1,331.4 1,336.5 1,342.6 1,346.8 1,352.2 1,362.8 1,367.8 1,373.8
Employer contributions for employee
pension and insurance funds......... 889.5 893.5 903.8 909.0 913.7 917.7 921.5 925.5 931.3 935.5 940.0
Employer contributions for government
social insurance.................... 415.9 417.3 422.2 422.4 422.8 425.0 425.3 426.7 431.6 432.3 433.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 943.8 952.5 945.2 946.5 954.6 962.8 967.9 982.7 983.3 925.3 992.6
Farm................................... 36.8 35.5 30.9 29.7 29.8 33.6 34.2 34.2 32.7 29.4 30.6
Nonfarm................................ 907.0 917.0 914.3 916.8 924.8 929.2 933.7 948.4 950.6 895.9 962.1
Rental income of persons with capital
consumption adjustment.................. 101.5 96.1 92.3 87.5 83.1 78.8 74.5 70.2 64.1 -264.2 50.6
Personal income receipts on assets....... 1,463.9 1,782.4 1,508.3 1,527.8 1,546.8 1,567.9 1,590.1 1,612.2 1,628.5 1,644.1 1,659.2
Personal interest income............... 911.1 925.2 949.1 964.9 977.9 989.8 1,004.5 1,018.9 1,026.8 1,034.0 1,040.6
Personal dividend income............... 552.8 857.3 559.2 562.9 568.9 578.1 585.6 593.3 601.7 610.1 618.6
Personal current transfer receipts....... 1,437.8 1,443.6 1,469.3 1,484.2 1,488.3 1,502.4 1,505.8 1,507.3 1,500.9 1,643.8 1,537.3
Government social benefits to persons.. 1,416.7 1,421.6 1,445.5 1,459.5 1,463.0 1,476.9 1,480.0 1,481.2 1,474.5 1,496.7 1,502.2
Old-age, survivors, disability, and
health insurance benefits........... 802.5 808.1 819.6 832.3 833.4 840.4 841.7 845.9 847.5 851.7 852.7
Government unemployment insurance
benefits............................ 33.3 30.8 33.6 32.0 31.4 30.9 32.0 29.9 30.6 31.1 30.0
Other................................ 580.8 582.7 592.3 595.2 598.2 605.6 606.3 605.4 596.4 613.9 619.5
Other current transfer receipts, from
business (net)........................ 21.2 22.0 23.9 24.7 25.3 25.5 25.8 26.1 26.4 147.0 35.0
Less: Contributions for government social
insurance............................... 844.5 847.6 860.1 860.8 862.0 866.4 867.1 870.3 879.7 881.1 884.3
Less: Personal current taxes............... 1,089.3 1,100.1 1,158.8 1,166.3 1,174.2 1,188.1 1,194.5 1,203.9 1,215.7 1,222.4 1,232.3
Equals: Disposable personal income......... 8,828.6 9,171.9 8,873.5 8,908.3 8,941.3 9,001.4 9,030.8 9,083.6 9,147.4 8,928.3 9,239.7
Less: Personal outlays..................... 8,706.4 8,757.7 8,771.4 8,824.5 8,861.2 8,945.3 8,935.5 9,031.5 9,130.4 9,134.7 9,196.7
Personal consumption expenditures........ 8,389.0 8,437.7 8,442.6 8,494.2 8,529.5 8,611.5 8,597.2 8,689.2 8,787.9 8,791.4 8,852.4
Durable goods.......................... 997.1 1,018.2 1,000.8 1,009.1 1,019.1 1,051.8 1,005.2 1,050.9 1,096.6 1,032.7 1,003.1
Nondurable goods....................... 2,410.6 2,409.5 2,415.2 2,442.5 2,438.6 2,485.7 2,478.2 2,489.1 2,513.1 2,552.2 2,605.8
Services............................... 4,981.4 5,010.0 5,026.6 5,042.6 5,071.7 5,074.0 5,113.8 5,149.1 5,178.2 5,206.5 5,243.5
Personal interest payments\1\............ 203.6 205.8 207.2 208.3 209.3 213.6 217.6 221.4 221.9 222.4 223.0
Personal current transfer payments....... 113.8 114.2 121.6 122.0 122.4 120.2 120.6 121.0 120.6 121.0 121.3
To government.......................... 71.6 72.0 72.5 72.9 73.2 73.7 74.0 74.4 74.8 75.1 75.5
To the rest of the world (net)......... 42.2 42.2 49.2 49.2 49.2 46.6 46.6 46.6 45.8 45.8 45.8
Equals: Personal saving.................... 122.1 414.1 102.1 83.8 80.1 56.1 95.3 52.1 17.0 -206.4 43.0
Personal saving as a percentage of
disposable personal income.............. 1.4 4.5 1.2 .9 .9 .6 1.1 .6 .2 -2.3 .5
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,055.4 8,369.1 8,085.9 8,092.7 8,091.0 8,114.4 8,132.0 8,176.2 8,199.4 7,971.3 8,174.9
Per capita:
Current dollars...................... 29,904 31,043 30,011 30,109 30,198 30,377 30,451 30,604 30,792 30,027 31,047
Chained (2000) dollars............... 27,286 28,326 27,348 27,352 27,326 27,383 27,421 27,547 27,601 26,809 27,469
Population (midperiod, thousands)\3\..... 295,225 295,460 295,671 295,871 296,092 296,326 296,563 296,812 297,074 297,339 297,606
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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 1.--Personal Income and Its Disposition (Months)--Continued
[Billions of dollars; months seasonally adjusted at annual rates]
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Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06
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Personal income............................ 10,518.1 10,558.4 10,625.8 10,749.5 10,787.5 10,824.4 10,873.9 10,893.9 10,978.6 10,987.7 11,028.0
Compensation of employees, received...... 7,128.2 7,148.7 7,197.9 7,314.7 7,359.9 7,371.6 7,370.9 7,338.6 7,406.1 7,414.4 7,432.0
Wage and salary disbursements.......... 5,752.3 5,768.9 5,812.6 5,916.3 5,956.0 5,964.5 5,960.2 5,927.4 5,987.5 5,993.0 6,006.0
Private industries................... 4,764.0 4,777.6 4,818.1 4,915.5 4,951.1 4,956.9 4,949.7 4,913.8 4,970.2 4,971.2 4,979.0
Goods-producing industries......... 1,117.1 1,116.2 1,125.6 1,154.6 1,164.9 1,164.3 1,156.0 1,151.0 1,160.7 1,156.0 1,158.0
Manufacturing.................... 710.0 705.3 709.9 728.2 735.7 734.9 726.8 722.4 720.8 723.0 724.7
Services-producing industries...... 3,646.9 3,661.5 3,692.5 3,760.8 3,786.2 3,792.6 3,793.7 3,762.8 3,809.4 3,815.1 3,821.0
Trade, transportation, and
utilities....................... 945.6 950.3 956.8 967.5 973.0 974.7 981.3 974.9 986.5 983.7 983.9
Other services-producing
industries...................... 2,701.3 2,711.1 2,735.7 2,793.3 2,813.2 2,817.9 2,812.4 2,787.9 2,822.9 2,831.4 2,837.2
Government........................... 988.3 991.3 994.5 1,000.9 1,004.9 1,007.6 1,010.5 1,013.6 1,017.4 1,021.8 1,026.9
Supplements to wages and salaries...... 1,375.9 1,379.8 1,385.4 1,398.4 1,403.9 1,407.2 1,410.6 1,411.2 1,418.6 1,421.4 1,426.0
Employer contributions for employee
pension and insurance funds......... 941.6 944.7 947.5 952.2 955.3 958.2 962.2 965.4 968.8 971.4 975.5
Employer contributions for government
social insurance.................... 434.3 435.1 437.9 446.2 448.6 448.9 448.4 445.8 449.8 450.0 450.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 991.5 991.1 995.3 998.9 994.9 1,006.3 1,011.3 1,018.6 1,010.7 1,002.9 1,007.0
Farm................................... 30.0 28.3 26.2 23.2 20.7 18.5 15.2 14.2 14.3 16.6 18.0
Nonfarm................................ 961.5 962.8 969.1 975.8 974.2 987.8 996.1 1,004.3 996.4 986.3 989.0
Rental income of persons with capital
consumption adjustment.................. 54.2 61.5 62.1 60.6 58.3 58.0 57.0 55.7 53.3 52.8 52.7
Personal income receipts on assets....... 1,687.2 1,710.4 1,730.8 1,722.4 1,724.3 1,730.0 1,768.4 1,796.3 1,822.3 1,821.9 1,827.8
Personal interest income............... 1,059.9 1,074.2 1,085.8 1,069.7 1,064.6 1,062.7 1,093.5 1,113.7 1,131.0 1,122.1 1,119.3
Personal dividend income............... 627.4 636.2 645.0 652.7 659.8 667.3 674.8 682.7 691.4 699.8 708.4
Personal current transfer receipts....... 1,542.6 1,533.9 1,532.3 1,567.5 1,570.4 1,579.7 1,587.0 1,600.5 1,609.8 1,620.2 1,634.3
Government social benefits to persons.. 1,504.7 1,507.1 1,505.6 1,541.6 1,544.7 1,554.2 1,561.5 1,574.7 1,583.6 1,593.4 1,606.9
Old-age, survivors, disability, and
health insurance benefits........... 855.8 856.5 866.3 907.8 917.7 926.6 930.8 939.7 949.8 947.7 958.2
Government unemployment insurance
benefits............................ 33.6 31.0 30.0 32.1 29.7 28.6 30.5 29.6 27.5 31.1 29.2
Other................................ 615.4 619.7 609.3 601.7 597.3 599.0 600.2 605.4 606.3 614.6 619.5
Other current transfer receipts, from
business (net)........................ 37.8 26.8 26.6 25.9 25.7 25.5 25.5 25.8 26.2 26.8 27.4
Less: Contributions for government social
insurance............................... 885.5 887.3 892.6 914.7 920.4 921.2 920.6 915.9 923.7 924.5 925.7
Less: Personal current taxes............... 1,240.8 1,249.4 1,262.9 1,306.6 1,320.2 1,329.0 1,338.2 1,338.0 1,351.5 1,347.9 1,352.7
Equals: Disposable personal income......... 9,277.3 9,309.0 9,362.9 9,442.9 9,467.3 9,495.5 9,535.7 9,555.9 9,627.1 9,639.8 9,675.3
Less: Personal outlays..................... 9,233.7 9,233.5 9,269.8 9,341.9 9,389.7 9,420.5 9,497.0 9,549.7 9,582.1 9,673.3 9,680.4
Personal consumption expenditures........ 8,887.7 8,887.2 8,923.2 8,995.0 9,040.3 9,068.8 9,139.2 9,190.6 9,221.8 9,307.9 9,309.1
Durable goods.......................... 987.2 1,007.2 1,022.8 1,049.7 1,035.7 1,042.4 1,049.1 1,037.5 1,041.7 1,063.3 1,045.4
Nondurable goods....................... 2,631.0 2,575.6 2,567.2 2,622.0 2,619.8 2,624.6 2,674.0 2,700.2 2,702.4 2,743.8 2,747.9
Services............................... 5,269.5 5,304.4 5,333.3 5,323.3 5,384.8 5,401.9 5,416.2 5,452.8 5,477.7 5,500.8 5,515.7
Personal interest payments\1\............ 222.6 222.5 222.6 225.0 227.2 229.1 230.2 231.0 231.7 236.8 242.2
Personal current transfer payments....... 123.4 123.8 124.1 121.9 122.2 122.6 127.6 128.0 128.5 128.6 129.1
To government.......................... 75.8 76.2 76.5 76.5 76.9 77.2 77.7 78.1 78.6 79.1 79.6
To the rest of the world (net)......... 47.6 47.6 47.6 45.3 45.3 45.3 49.9 49.9 49.9 49.5 49.5
Equals: Personal saving.................... 43.6 75.5 93.1 101.0 77.6 74.9 38.7 6.3 45.0 -33.5 -5.0
Personal saving as a percentage of
disposable personal income.............. .5 .8 1.0 1.1 .8 .8 .4 .1 .5 -.3 -.1
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,189.6 8,248.7 8,299.9 8,333.3 8,348.4 8,351.1 8,345.5 8,327.6 8,372.6 8,358.3 8,368.6
Per capita:
Current dollars...................... 31,146 31,227 31,383 31,629 31,690 31,761 31,871 31,914 32,125 32,140 32,230
Chained (2000) dollars............... 27,495 27,670 27,820 27,913 27,945 27,934 27,893 27,812 27,939 27,867 27,877
Population (midperiod, thousands)\3\..... 297,864 298,108 298,343 298,551 298,747 298,964 299,194 299,429 299,674 299,933 300,195
----------------------------------------------------------------------------------------------------------------------------------------------
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 1.--Personal Income and Its Disposition (Months)--Continued
[Billions of dollars; months seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07\p\
-------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 11,077.0 11,140.4 11,187.3 11,272.9 11,401.1 11,480.4 11,570.9 11,547.5 11,598.0 11,649.7
Compensation of employees, received...... 7,481.2 7,556.4 7,596.9 7,646.4 7,743.6 7,778.4 7,830.3 7,807.5 7,839.9 7,879.5
Wage and salary disbursements.......... 6,048.6 6,115.7 6,150.2 6,193.0 6,276.9 6,306.1 6,351.3 6,326.2 6,353.4 6,387.1
Private industries................... 5,016.2 5,080.6 5,113.0 5,153.6 5,229.2 5,253.9 5,296.2 5,266.8 5,290.2 5,319.3
Goods-producing industries......... 1,161.4 1,185.4 1,189.5 1,199.2 1,204.2 1,205.8 1,216.1 1,219.6 1,224.3 1,229.4
Manufacturing.................... 725.4 741.3 741.2 747.4 747.2 749.3 754.0 756.7 757.6 761.1
Services-producing industries...... 3,854.8 3,895.3 3,923.4 3,954.4 4,025.0 4,048.1 4,080.1 4,047.2 4,066.0 4,089.9
Trade, transportation, and
utilities....................... 989.7 996.1 1,004.2 1,006.3 1,013.7 1,015.5 1,021.7 1,022.4 1,026.5 1,032.6
Other services-producing
industries...................... 2,865.1 2,899.2 2,919.3 2,948.1 3,011.3 3,032.7 3,058.4 3,024.9 3,039.5 3,057.3
Government........................... 1,032.4 1,035.1 1,037.3 1,039.4 1,047.7 1,052.1 1,055.1 1,059.4 1,063.1 1,067.8
Supplements to wages and salaries...... 1,432.6 1,440.7 1,446.7 1,453.5 1,466.8 1,472.3 1,479.1 1,481.3 1,486.6 1,492.3
Employer contributions for employee
pension and insurance funds......... 979.4 982.8 986.7 990.6 995.7 999.3 1,002.7 1,007.3 1,010.9 1,014.6
Employer contributions for government
social insurance.................... 453.2 457.9 459.9 462.9 471.1 473.0 476.4 474.0 475.7 477.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,001.0 1,002.8 1,007.1 1,019.4 1,019.8 1,029.6 1,032.9 1,032.1 1,034.8 1,038.6
Farm................................... 19.7 22.7 24.1 25.0 27.2 29.5 30.5 27.6 25.2 24.3
Nonfarm................................ 981.3 980.0 982.9 994.5 992.6 1,000.1 1,002.3 1,004.5 1,009.5 1,014.2
Rental income of persons with capital
consumption adjustment.................. 53.1 51.6 51.1 50.0 51.2 53.0 55.4 56.4 57.9 60.9
Personal income receipts on assets....... 1,834.6 1,835.8 1,836.6 1,837.2 1,859.5 1,882.5 1,906.6 1,915.7 1,924.8 1,933.6
Personal interest income............... 1,117.6 1,110.4 1,102.7 1,095.3 1,110.7 1,126.1 1,141.5 1,142.3 1,143.1 1,143.9
Personal dividend income............... 717.1 725.5 733.9 741.9 748.8 756.4 765.0 773.4 781.7 789.7
Personal current transfer receipts....... 1,637.4 1,634.0 1,639.7 1,669.5 1,696.4 1,710.4 1,725.3 1,711.4 1,719.6 1,720.2
Government social benefits to persons.. 1,609.3 1,605.0 1,610.0 1,639.1 1,668.8 1,682.8 1,697.6 1,683.7 1,691.8 1,692.4
Old-age, survivors, disability, and
health insurance benefits........... 962.3 963.0 966.9 986.2 990.0 1,000.5 1,007.8 1,010.2 1,022.7 1,027.4
Government unemployment insurance
benefits............................ 29.8 30.9 28.9 31.2 31.6 31.9 31.9 31.9 31.6 31.6
Other................................ 617.3 611.0 614.2 621.8 647.3 650.3 657.9 641.5 637.5 633.4
Other current transfer receipts, from
business (net)........................ 28.1 29.0 29.6 30.4 27.6 27.6 27.7 27.7 27.8 27.9
Less: Contributions for government social
insurance............................... 930.3 940.2 944.0 949.7 969.4 973.5 979.6 975.7 979.0 983.2
Less: Personal current taxes............... 1,364.9 1,384.7 1,399.8 1,418.6 1,446.5 1,458.2 1,472.5 1,477.2 1,486.5 1,496.2
Equals: Disposable personal income......... 9,712.1 9,755.7 9,787.5 9,854.4 9,954.6 10,022.2 10,098.4 10,070.3 10,111.4 10,153.5
Less: Personal outlays..................... 9,677.7 9,712.4 9,739.1 9,820.0 9,878.8 9,927.9 9,945.7 10,005.1 10,073.0 10,089.4
Personal consumption expenditures........ 9,300.1 9,331.3 9,355.7 9,434.2 9,497.5 9,550.8 9,573.0 9,626.5 9,689.0 9,700.1
Durable goods.......................... 1,052.8 1,051.7 1,053.3 1,064.4 1,075.6 1,072.7 1,073.6 1,069.1 1,085.8 1,068.8
Nondurable goods....................... 2,705.4 2,688.6 2,689.2 2,738.5 2,741.1 2,751.0 2,786.1 2,793.8 2,834.1 2,833.8
Services............................... 5,541.9 5,591.0 5,613.1 5,631.3 5,680.8 5,727.1 5,713.4 5,763.6 5,769.1 5,797.5
Personal interest payments\1\............ 248.0 249.9 251.6 253.3 248.3 243.3 238.3 243.0 247.8 252.6
Personal current transfer payments....... 129.6 131.2 131.8 132.5 133.0 133.7 134.4 135.5 136.1 136.7
To government.......................... 80.1 80.6 81.2 81.8 82.7 83.4 84.1 84.7 85.3 85.9
To the rest of the world (net)......... 49.5 50.6 50.6 50.6 50.4 50.4 50.4 50.8 50.8 50.8
Equals: Personal saving.................... 34.4 43.3 48.3 34.4 75.8 94.4 152.7 65.2 38.5 64.0
Personal saving as a percentage of
disposable personal income.............. .4 .4 .5 .3 .8 .9 1.5 .6 .4 .6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,426.4 8,484.1 8,509.6 8,538.4 8,601.1 8,635.4 8,662.4 8,612.8 8,606.2 8,629.6
Per capita:
Current dollars...................... 32,324 32,442 32,522 32,719 33,029 33,232 33,461 33,342 33,453 33,565
Chained (2000) dollars............... 28,045 28,213 28,276 28,350 28,538 28,634 28,703 28,516 28,473 28,528
Population (midperiod, thousands)\3\..... 300,459 300,714 300,953 301,183 301,389 301,583 301,799 302,028 302,262 302,500
-------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
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]
----------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 2006 IV 03 I 04 II 04 III 04 IV 04
----------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,163.6 9,727.2 10,301.1 10,983.4 9,341.3 9,482.8 9,629.6 9,770.9 10,025.5
Compensation of employees, received...... 6,310.4 6,671.4 7,024.6 7,440.8 6,434.3 6,509.1 6,618.2 6,734.7 6,823.6
Wage and salary disbursements.......... 5,112.7 5,394.5 5,667.9 6,018.2 5,210.4 5,260.9 5,351.2 5,447.8 5,518.1
Private industries................... 4,208.3 4,451.4 4,686.9 4,997.6 4,298.2 4,329.3 4,408.9 4,501.5 4,565.9
Goods-producing industries......... 1,007.9 1,049.2 1,098.7 1,166.8 1,029.1 1,017.9 1,040.4 1,065.0 1,073.6
Manufacturing.................... 668.9 686.9 704.1 731.0 682.2 668.6 681.4 698.4 699.3
Services-producing industries...... 3,200.4 3,402.2 3,588.3 3,830.8 3,269.0 3,311.4 3,368.5 3,436.5 3,492.3
Trade, transportation, and
utilities....................... 858.3 898.6 937.0 985.1 871.6 877.5 892.4 906.4 918.1
Other services-producing
industries...................... 2,342.1 2,503.6 2,651.2 2,845.7 2,397.5 2,433.9 2,476.2 2,530.0 2,574.2
Government........................... 904.4 943.1 980.9 1,020.6 912.2 931.6 942.3 946.4 952.2
Supplements to wages and salaries...... 1,197.7 1,276.9 1,356.8 1,422.6 1,223.9 1,248.2 1,266.9 1,286.9 1,305.5
Employer contributions for employee
pension and insurance funds......... 815.6 868.5 927.7 970.7 834.7 848.7 861.4 874.9 889.1
Employer contributions for government
social insurance.................... 382.1 408.3 429.1 451.8 389.2 399.5 405.5 412.0 416.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 811.3 911.6 969.9 1,006.7 840.8 879.3 908.7 914.1 944.4
Farm................................... 29.2 37.3 30.8 19.4 32.5 40.3 39.6 33.0 36.5
Nonfarm................................ 782.1 874.3 939.1 987.4 808.3 839.1 869.1 881.1 908.0
Rental income of persons with capital
consumption adjustment.................. 133.0 118.4 42.9 54.5 147.6 140.4 126.0 105.5 101.7
Personal income receipts on assets....... 1,336.6 1,432.1 1,617.8 1,796.5 1,343.1 1,359.8 1,384.4 1,420.1 1,564.1
Personal interest income............... 914.1 895.1 1,018.9 1,100.2 902.4 888.1 885.9 894.0 912.3
Personal dividend income............... 422.6 537.0 598.9 696.3 440.7 471.8 498.5 526.1 651.8
Personal current transfer receipts....... 1,351.0 1,422.5 1,520.7 1,612.5 1,367.6 1,404.9 1,415.3 1,432.7 1,437.1
Government social benefits to persons.. 1,316.7 1,396.1 1,483.1 1,585.3 1,336.4 1,379.8 1,392.6 1,396.2 1,415.7
Old-age, survivors, disability, and
health insurance benefits........... 741.3 788.0 845.3 946.4 753.9 775.8 783.2 790.4 802.8
Government unemployment insurance
benefits............................ 52.8 36.0 31.3 29.9 51.4 42.6 35.7 33.6 32.2
Other................................ 522.5 572.0 606.4 609.0 531.1 561.4 573.7 572.2 580.8
Other current transfer receipts, from
business (net)........................ 34.3 26.4 37.6 27.2 31.2 25.1 22.7 36.5 21.4
Less: Contributions for government social
insurance............................... 778.6 828.8 874.8 927.6 791.9 810.8 822.9 836.1 845.5
Less: Personal current taxes............... 1,001.1 1,046.3 1,209.1 1,354.3 1,015.4 1,008.1 1,024.5 1,062.1 1,090.7
Equals: Disposable personal income......... 8,162.5 8,680.9 9,092.0 9,629.1 8,326.0 8,474.7 8,605.1 8,708.9 8,934.8
Less: Personal outlays..................... 7,987.7 8,499.2 9,047.4 9,590.3 8,143.5 8,299.5 8,432.9 8,553.7 8,710.6
Personal consumption expenditures........ 7,703.6 8,195.9 8,707.8 9,224.5 7,855.3 8,010.1 8,135.0 8,245.1 8,393.3
Durable goods.......................... 942.7 983.9 1,023.9 1,048.9 957.4 969.6 974.8 986.9 1,004.1
Nondurable goods....................... 2,190.2 2,343.7 2,516.2 2,688.0 2,229.5 2,284.2 2,327.7 2,353.5 2,409.3
Services............................... 4,570.8 4,868.3 5,167.8 5,487.6 4,668.4 4,756.3 4,832.4 4,904.6 4,979.9
Personal interest payments\1\............ 182.5 191.3 217.7 238.0 181.9 180.4 186.1 195.0 203.5
Personal current transfer payments....... 101.5 112.1 121.8 127.8 106.3 109.1 111.8 113.6 113.8
To government.......................... 61.3 68.9 74.5 78.9 63.2 66.0 68.1 70.0 71.5
To the rest of the world (net)......... 40.2 43.1 47.3 48.9 43.1 43.0 43.7 43.6 42.2
Equals: Personal saving.................... 174.9 181.7 44.6 38.8 182.5 175.1 172.2 155.2 224.2
Personal saving as a percentage of
disposable personal income.............. 2.1 2.1 .5 .4 2.2 2.1 2.0 1.8 2.5
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,729.9 8,008.9 8,147.9 8,396.9 7,837.3 7,908.7 7,955.1 8,012.2 8,158.8
Per capita:
Current dollars...................... 28,020 29,517 30,616 32,115 28,473 28,922 29,300 29,576 30,265
Chained (2000) dollars............... 26,535 27,232 27,436 28,005 26,802 26,990 27,087 27,210 27,636
Population (midperiod, thousands)\3\..... 291,311 294,096 296,972 299,833 292,415 293,018 293,691 294,455 295,222
----------------------------------------------------------------------------------------------------------------------------
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)--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07
-------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,074.1 10,234.1 10,328.6 10,567.4 10,787.1 10,915.5 11,030.9 11,200.2 11,484.1 11,598.4
Compensation of employees, received...... 6,890.5 6,961.3 7,088.5 7,158.3 7,348.7 7,371.9 7,442.5 7,599.9 7,784.1 7,842.3
Wage and salary disbursements.......... 5,559.1 5,614.0 5,720.4 5,777.9 5,945.6 5,958.4 6,015.8 6,153.0 6,311.4 6,355.6
Private industries................... 4,588.1 4,636.8 4,736.3 4,786.6 4,941.1 4,944.6 4,988.8 5,115.7 5,259.8 5,292.1
Goods-producing industries......... 1,075.6 1,086.2 1,113.2 1,119.6 1,161.3 1,155.9 1,158.5 1,191.4 1,208.7 1,224.4
Manufacturing.................... 698.3 699.8 709.9 708.4 732.9 723.3 724.3 743.3 750.2 758.4
Services-producing industries...... 3,512.5 3,550.6 3,623.0 3,666.9 3,779.9 3,788.6 3,830.3 3,924.4 4,051.1 4,067.7
Trade, transportation, and
utilities....................... 921.2 931.5 944.6 950.9 971.7 980.9 985.8 1,002.2 1,016.9 1,027.2
Other services-producing
industries...................... 2,591.4 2,619.1 2,678.4 2,716.0 2,808.1 2,807.8 2,844.5 2,922.2 3,034.1 3,040.5
Government........................... 971.0 977.2 984.1 991.4 1,004.4 1,013.8 1,027.0 1,037.2 1,051.7 1,063.5
Supplements to wages and salaries...... 1,331.3 1,347.2 1,368.1 1,380.4 1,403.1 1,413.5 1,426.7 1,446.9 1,472.7 1,486.7
Employer contributions for employee
pension and insurance funds......... 908.9 921.6 935.6 944.6 955.2 965.5 975.4 986.7 999.2 1,010.9
Employer contributions for government
social insurance.................... 422.5 425.7 432.5 435.8 447.9 448.0 451.3 460.2 473.5 475.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 948.8 971.1 967.1 992.6 1,000.1 1,013.5 1,003.6 1,009.8 1,027.4 1,035.1
Farm................................... 30.1 34.0 30.9 28.2 20.8 14.6 18.1 23.9 29.1 25.7
Nonfarm................................ 918.6 937.1 936.2 964.4 979.3 998.9 985.5 985.8 998.3 1,009.4
Rental income of persons with capital
consumption adjustment.................. 87.6 74.5 -49.8 59.3 59.0 55.4 52.9 50.9 53.2 58.4
Personal income receipts on assets....... 1,527.6 1,590.0 1,643.9 1,709.5 1,725.6 1,795.7 1,828.1 1,836.6 1,882.9 1,924.7
Personal interest income............... 964.0 1,004.4 1,033.8 1,073.3 1,065.7 1,112.7 1,119.7 1,102.8 1,126.1 1,143.1
Personal dividend income............... 563.6 585.7 610.1 636.2 659.9 682.9 708.4 733.8 756.8 781.6
Personal current transfer receipts....... 1,480.6 1,505.2 1,560.6 1,536.2 1,572.5 1,599.1 1,630.6 1,647.7 1,710.7 1,717.1
Government social benefits to persons.. 1,456.0 1,479.4 1,491.1 1,505.8 1,546.9 1,573.3 1,603.2 1,618.0 1,683.1 1,689.3
Old-age, survivors, disability, and
health insurance benefits........... 828.4 842.7 850.6 859.5 917.4 940.1 956.1 972.0 999.4 1,020.1
Government unemployment insurance
benefits............................ 32.3 30.9 30.6 31.5 30.2 29.2 30.0 30.3 31.8 31.7
Other................................ 595.2 605.8 610.0 614.8 599.3 603.9 617.1 615.7 651.8 637.5
Other current transfer receipts, from
business (net)........................ 24.6 25.8 69.5 30.4 25.7 25.9 27.4 29.7 27.6 27.8
Less: Contributions for government social
insurance............................... 861.0 867.9 881.7 888.5 918.8 920.1 926.8 944.6 974.1 979.3
Less: Personal current taxes............... 1,166.4 1,195.5 1,223.5 1,251.0 1,318.6 1,342.6 1,355.2 1,401.0 1,459.0 1,486.7
Equals: Disposable personal income......... 8,907.7 9,038.6 9,105.1 9,316.4 9,468.5 9,572.9 9,675.8 9,799.2 10,025.1 10,111.7
Less: Personal outlays..................... 8,819.0 8,970.8 9,153.9 9,245.7 9,384.0 9,542.9 9,677.1 9,757.2 9,917.5 10,055.8
Personal consumption expenditures........ 8,488.8 8,632.6 8,810.5 8,899.3 9,034.7 9,183.9 9,305.7 9,373.7 9,540.5 9,671.9
Durable goods.......................... 1,009.7 1,036.0 1,044.1 1,005.7 1,042.6 1,042.8 1,053.8 1,056.5 1,074.0 1,074.6
Nondurable goods....................... 2,432.1 2,484.3 2,557.0 2,591.3 2,622.1 2,692.2 2,732.4 2,705.4 2,759.4 2,820.6
Services............................... 5,047.0 5,112.3 5,209.4 5,302.4 5,370.0 5,448.9 5,519.5 5,611.8 5,707.1 5,776.8
Personal interest payments\1\............ 208.3 217.5 222.4 222.6 227.1 231.0 242.3 251.6 243.3 247.8
Personal current transfer payments....... 122.0 120.6 121.0 123.7 122.2 128.0 129.1 131.8 133.7 136.1
To government.......................... 72.9 74.0 75.1 76.2 76.9 78.1 79.6 81.2 83.4 85.3
To the rest of the world (net)......... 49.2 46.6 45.8 47.6 45.3 49.9 49.5 50.6 50.4 50.8
Equals: Personal saving.................... 88.7 67.8 -48.8 70.8 84.5 30.0 -1.4 42.0 107.6 55.9
Personal saving as a percentage of
disposable personal income.............. 1.0 .8 -.5 .8 .9 .3 .0 .4 1.1 .6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,089.8 8,140.9 8,115.4 8,246.0 8,344.2 8,348.6 8,384.5 8,510.7 8,633.0 8,616.1
Per capita:
Current dollars...................... 30,106 30,477 30,622 31,252 31,693 31,970 32,231 32,561 33,241 33,453
Chained (2000) dollars............... 27,342 27,450 27,293 27,661 27,930 27,881 27,930 28,280 28,625 28,505
Population (midperiod, thousands)\3\..... 295,878 296,567 297,339 298,105 298,754 299,432 300,196 300,950 301,590 302,263
-------------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Jan 04 Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04 Nov 04 Dec 04 Jan 05 Feb 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 45.4 52.2 40.7 48.5 65.3 30.8 48.3 69.0 14.3 83.2 31.1 354.2 -239.7 42.3
Compensation of employees, received...... 39.4 28.1 18.2 49.0 50.3 15.0 53.1 35.5 39.2 38.0 4.5 29.9 32.2 12.1
Wage and salary disbursements.......... 23.7 23.0 13.9 41.6 42.8 9.8 45.7 28.6 33.2 30.8 -.5 24.5 17.0 6.7
Private industries................... 11.0 19.4 8.5 33.8 46.2 8.8 43.3 26.2 31.5 28.3 -2.4 24.0 1.6 3.9
Goods-producing industries......... -12.1 -.6 1.9 12.3 13.1 1.1 12.5 8.3 4.4 1.9 -1.1 5.3 -1.1 .3
Manufacturing.................... -11.8 -1.8 -1.5 9.2 8.4 -1.2 10.8 5.4 1.7 -1.0 -3.0 3.2 .3 -1.9
Services-producing industries...... 23.1 20.1 6.5 21.5 33.1 7.6 30.9 17.9 27.1 26.4 -1.3 18.7 2.7 3.6
Trade, transportation, and
utilities....................... 6.1 4.0 .7 8.6 5.5 2.4 6.4 2.9 7.0 6.2 -1.7 2.7 1.5 -.5
Other services-producing
industries...................... 16.8 16.2 5.9 12.9 27.5 5.2 24.5 15.0 20.2 20.1 .5 15.9 1.2 4.0
Government........................... 12.7 3.5 5.5 7.8 -3.4 1.0 2.4 2.5 1.5 2.7 1.7 .6 15.4 2.8
Supplements to wages and salaries...... 15.7 5.1 4.2 7.5 7.6 5.1 7.4 6.9 6.0 7.1 5.1 5.4 15.2 5.4
Employer contributions for employee
pension and insurance funds......... 7.1 3.3 3.4 5.0 4.3 4.4 4.5 4.9 4.0 5.1 5.2 4.0 10.3 5.2
Employer contributions for government
social insurance.................... 8.6 1.8 .9 2.4 3.3 .7 2.8 2.1 2.0 2.0 -.1 1.4 4.9 .2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 8.0 18.0 25.3 -2.1 9.7 6.4 .3 -1.3 -4.7 26.6 6.7 8.7 -7.3 1.3
Farm................................... 5.2 1.8 .8 -1.0 -.7 -1.0 -3.7 -2.4 -1.2 5.7 -.3 -1.3 -4.6 -1.2
Nonfarm................................ 2.9 16.2 24.5 -1.1 10.4 7.4 4.0 1.1 -3.5 20.8 7.1 10.0 -2.7 2.5
Rental income of persons with capital
consumption adjustment.................. -12.1 -5.0 -5.9 -5.1 -4.0 -3.1 1.4 -8.0 -39.6 31.0 -5.9 -5.4 -3.8 -4.8
Personal income receipts on assets....... 5.4 3.5 4.4 8.8 11.1 12.7 12.4 11.2 11.4 14.5 17.9 318.5 -274.1 19.5
Personal interest income............... -7.7 -6.5 -5.2 1.0 2.1 3.2 3.1 2.2 2.4 4.3 10.4 14.1 23.9 15.8
Personal dividend income............... 13.1 10.0 9.6 7.8 9.1 9.4 9.3 9.0 9.0 10.2 7.5 304.5 -298.1 3.7
Personal current transfer receipts....... 20.0 11.3 .4 2.9 4.6 1.3 -12.9 35.6 12.4 -22.8 7.8 5.8 25.7 14.9
Government social benefits to persons.. 23.3 12.7 1.2 3.7 5.2 1.9 -12.3 20.9 -3.1 7.9 7.7 4.9 23.9 14.0
Old-age, survivors, disability, and
health insurance benefits........... 9.1 8.5 .8 2.1 1.9 2.0 -4.0 15.6 -3.7 4.7 4.7 5.6 11.5 12.7
Government unemployment insurance
benefits............................ -6.8 -1.6 -3.7 -4.7 1.8 -1.3 -2.4 2.7 -3.7 .4 .9 -2.5 2.8 -1.6
Other................................ 21.1 5.8 4.1 6.2 1.6 1.0 -5.9 2.8 4.2 2.8 2.0 1.9 9.6 2.9
Other current transfer receipts, from
business (net)........................ -3.4 -1.4 -.8 -.8 -.6 -.6 -.5 14.6 15.5 -30.7 .2 .8 1.9 .8
Less: Contributions for government social
insurance............................... 15.4 3.6 1.8 5.0 6.4 1.4 6.0 4.0 4.3 4.1 .1 3.1 12.5 .7
Less: Personal current taxes............... -12.5 2.9 1.7 6.2 9.2 5.7 19.0 11.4 12.5 8.4 6.7 10.8 58.7 7.5
Equals: Disposable personal income......... 57.9 49.3 39.0 42.2 56.2 25.1 29.2 57.6 2.0 74.7 24.5 343.3 -298.4 34.8
Less: Personal outlays..................... 91.2 22.7 57.9 28.1 104.5 -31.7 71.5 17.5 71.8 60.3 38.7 51.3 13.7 53.1
Personal consumption expenditures........ 90.0 23.0 58.4 23.2 100.3 -35.5 68.3 14.0 68.3 58.0 35.7 48.7 4.9 51.6
Durable goods.......................... 3.9 8.7 12.5 -8.7 25.5 -42.8 30.7 -12.6 29.5 -5.5 .2 21.1 -17.4 8.3
Nondurable goods....................... 40.3 -4.7 44.5 -13.9 44.4 -.9 5.4 .3 18.1 42.2 2.7 -1.1 5.7 27.3
Services............................... 45.7 19.0 1.4 45.9 30.4 8.3 32.2 26.1 20.8 21.2 33.0 28.6 16.6 16.0
Personal interest payments\1\............ -.3 -1.1 -1.4 3.7 3.4 3.2 2.7 2.9 3.0 3.0 2.6 2.2 1.4 1.1
Personal current transfer payments....... 1.5 .8 .7 1.4 .6 .7 .5 .6 .5 -.8 .5 .4 7.4 .4
To government.......................... 1.5 .9 .7 .7 .6 .7 .6 .6 .5 .6 .5 .4 .5 .4
To the rest of the world (net)......... -.1 .0 .0 .7 .0 .0 -.1 .0 .0 -1.4 .0 .0 7.0 .0
Equals: Personal saving.................... -33.3 26.5 -18.8 14.1 -48.3 56.7 -42.1 40.0 -69.8 14.4 -14.3 292.0 -312.0 -18.3
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 24.8 17.5 13.2 22.4 13.6 1.0 22.3 47.9 -7.1 28.1 3.9 313.7 -283.2 6.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)--Continued
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 Mar 06 Apr 06
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 40.8 74.1 35.8 62.2 75.5 -212.2 321.2 46.1 40.3 67.4 123.7 38.0 36.9 49.5
Compensation of employees, received...... 15.2 39.5 10.0 31.5 80.4 16.9 33.7 11.6 20.5 49.2 116.8 45.2 11.7 -.7
Wage and salary disbursements.......... 10.1 33.3 5.9 26.1 69.8 12.0 27.6 9.5 16.6 43.7 103.7 39.7 8.5 -4.3
Private industries................... 8.5 30.9 4.1 24.2 67.1 9.9 24.8 7.9 13.6 40.5 97.4 35.6 5.8 -7.2
Goods-producing industries......... -.9 7.0 3.0 6.3 17.1 7.0 .3 1.3 -.9 9.4 29.0 10.3 -.6 -8.3
Manufacturing.................... -3.6 3.3 1.0 1.7 8.0 2.6 -3.3 1.4 -4.7 4.6 18.3 7.5 -.8 -8.1
Services-producing industries...... 9.4 23.9 1.1 17.9 50.0 2.9 24.5 6.6 14.6 31.0 68.3 25.4 6.4 1.1
Trade, transportation, and
utilities....................... 2.1 9.3 -1.6 2.5 12.8 -2.1 2.0 .3 4.7 6.5 10.7 5.5 1.7 6.6
Other services-producing
industries...................... 7.4 14.6 2.7 15.4 37.2 5.1 22.4 6.3 9.8 24.6 57.6 19.9 4.7 -5.5
Government........................... 1.6 2.4 1.8 1.8 2.8 2.0 2.9 1.6 3.0 3.2 6.4 4.0 2.7 2.9
Supplements to wages and salaries...... 5.1 6.1 4.2 5.4 10.6 5.0 6.0 2.1 3.9 5.6 13.0 5.5 3.3 3.4
Employer contributions for employee
pension and insurance funds......... 4.7 4.0 3.8 4.0 5.8 4.2 4.5 1.6 3.1 2.8 4.7 3.1 2.9 4.0
Employer contributions for government
social insurance.................... .4 2.2 .3 1.4 4.9 .7 1.5 .5 .8 2.8 8.3 2.4 .3 -.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 8.1 8.2 5.1 14.8 .6 -58.0 67.3 -1.1 -.4 4.2 3.6 -4.0 11.4 5.0
Farm................................... .1 3.8 .6 .0 -1.5 -3.3 1.2 -.6 -1.7 -2.1 -3.0 -2.5 -2.2 -3.3
Nonfarm................................ 8.0 4.4 4.5 14.7 2.2 -54.7 66.2 -.6 1.3 6.3 6.7 -1.6 13.6 8.3
Rental income of persons with capital
consumption adjustment.................. -4.4 -4.3 -4.3 -4.3 -6.1 -328.3 314.8 3.6 7.3 .6 -1.5 -2.3 -.3 -1.0
Personal income receipts on assets....... 19.0 21.1 22.2 22.1 16.3 15.6 15.1 28.0 23.2 20.4 -8.4 1.9 5.7 38.4
Personal interest income............... 13.0 11.9 14.7 14.4 7.9 7.2 6.6 19.3 14.3 11.6 -16.1 -5.1 -1.9 30.8
Personal dividend income............... 6.0 9.2 7.5 7.7 8.4 8.4 8.5 8.8 8.8 8.8 7.7 7.1 7.5 7.5
Personal current transfer receipts....... 4.1 14.1 3.4 1.5 -6.4 142.9 -106.5 5.3 -8.7 -1.6 35.2 2.9 9.3 7.3
Government social benefits to persons.. 3.5 13.9 3.1 1.2 -6.7 22.2 5.5 2.5 2.4 -1.5 36.0 3.1 9.5 7.3
Old-age, survivors, disability, and
health insurance benefits........... 1.1 7.0 1.3 4.2 1.6 4.2 1.0 3.1 .7 9.8 41.5 9.9 8.9 4.2
Government unemployment insurance
benefits............................ -.6 -.5 1.1 -2.1 .7 .5 -1.1 3.6 -2.6 -1.0 2.1 -2.4 -1.1 1.9
Other................................ 3.0 7.4 .7 -.9 -9.0 17.5 5.6 -4.1 4.3 -10.4 -7.6 -4.4 1.7 1.2
Other current transfer receipts, from
business (net)........................ .6 .2 .3 .3 .3 120.6 -112.0 2.8 -11.0 -.2 -.7 -.2 -.2 .0
Less: Contributions for government social
insurance............................... 1.2 4.4 .7 3.2 9.4 1.4 3.2 1.2 1.8 5.3 22.1 5.7 .8 -.6
Less: Personal current taxes............... 7.9 13.9 6.4 9.4 11.8 6.7 9.9 8.5 8.6 13.5 43.7 13.6 8.8 9.2
Equals: Disposable personal income......... 33.0 60.1 29.4 52.8 63.8 -219.1 311.4 37.6 31.7 53.9 80.0 24.4 28.2 40.2
Less: Personal outlays..................... 36.7 84.1 -9.8 96.0 98.9 4.3 62.0 37.0 -.2 36.3 72.1 47.8 30.8 76.5
Personal consumption expenditures........ 35.3 82.0 -14.3 92.0 98.7 3.5 61.0 35.3 -.5 36.0 71.8 45.3 28.5 70.4
Durable goods.......................... 10.0 32.7 -46.6 45.7 45.7 -63.9 -29.6 -15.9 20.0 15.6 26.9 -14.0 6.7 6.7
Nondurable goods....................... -3.9 47.1 -7.5 10.9 24.0 39.1 53.6 25.2 -55.4 -8.4 54.8 -2.2 4.8 49.4
Services............................... 29.1 2.3 39.8 35.3 29.1 28.3 37.0 26.0 34.9 28.9 -10.0 61.5 17.1 14.3
Personal interest payments\1\............ 1.0 4.3 4.0 3.8 .5 .5 .6 -.4 -.1 .1 2.4 2.2 1.9 1.1
Personal current transfer payments....... .4 -2.2 .4 .4 -.4 .4 .3 2.1 .4 .3 -2.2 .3 .4 5.0
To government.......................... .3 .5 .3 .4 .4 .3 .4 .3 .4 .3 .0 .4 .3 .5
To the rest of the world (net)......... .0 -2.6 .0 .0 -.8 .0 .0 1.8 .0 .0 -2.3 .0 .0 4.6
Equals: Personal saving.................... -3.7 -24.0 39.2 -43.2 -35.1 -223.4 249.4 .6 31.9 17.6 7.9 -23.4 -2.7 -36.2
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -1.7 23.4 17.6 44.2 23.2 -228.1 203.6 14.7 59.1 51.2 33.4 15.1 2.7 -5.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)--Continued
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07\p\
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 20.0 84.7 9.1 40.3 49.0 63.4 46.9 85.6 128.2 79.3 90.5 -23.4 50.5 51.7
Compensation of employees, received...... -32.3 67.5 8.3 17.6 49.2 75.2 40.5 49.5 97.2 34.8 51.9 -22.8 32.4 39.6
Wage and salary disbursements.......... -32.8 60.1 5.5 13.0 42.6 67.1 34.5 42.8 83.9 29.2 45.2 -25.1 27.2 33.7
Private industries................... -35.9 56.4 1.0 7.8 37.2 64.4 32.4 40.6 75.6 24.7 42.3 -29.4 23.4 29.1
Goods-producing industries......... -5.0 9.7 -4.7 2.0 3.4 24.0 4.1 9.7 5.0 1.6 10.3 3.5 4.7 5.1
Manufacturing.................... -4.4 -1.6 2.2 1.7 .7 15.9 -.1 6.2 -.2 2.1 4.7 2.7 .9 3.5
Services-producing industries...... -30.9 46.6 5.7 5.9 33.8 40.5 28.1 31.0 70.6 23.1 32.0 -32.9 18.8 23.9
Trade, transportation, and
utilities....................... -6.4 11.6 -2.8 .2 5.8 6.4 8.1 2.1 7.4 1.8 6.2 .7 4.1 6.1
Other services-producing
industries...................... -24.5 35.0 8.5 5.8 27.9 34.1 20.1 28.8 63.2 21.4 25.7 -33.5 14.6 17.8
Government........................... 3.1 3.8 4.4 5.1 5.5 2.7 2.2 2.1 8.3 4.4 3.0 4.3 3.7 4.7
Supplements to wages and salaries...... .6 7.4 2.8 4.6 6.6 8.1 6.0 6.8 13.3 5.5 6.8 2.2 5.3 5.7
Employer contributions for employee
pension and insurance funds......... 3.2 3.4 2.6 4.1 3.9 3.4 3.9 3.9 5.1 3.6 3.4 4.6 3.6 3.7
Employer contributions for government
social insurance.................... -2.6 4.0 .2 .5 2.7 4.7 2.0 3.0 8.2 1.9 3.4 -2.4 1.7 2.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 7.3 -7.9 -7.8 4.1 -6.0 1.8 4.3 12.3 .4 9.8 3.3 -.8 2.7 3.8
Farm................................... -1.0 .1 2.3 1.4 1.7 3.0 1.4 .9 2.2 2.3 1.0 -2.9 -2.4 -.9
Nonfarm................................ 8.2 -7.9 -10.1 2.7 -7.7 -1.3 2.9 11.6 -1.9 7.5 2.2 2.2 5.0 4.7
Rental income of persons with capital
consumption adjustment.................. -1.3 -2.4 -.5 -.1 .4 -1.5 -.5 -1.1 1.2 1.8 2.4 1.0 1.5 3.0
Personal income receipts on assets....... 27.9 26.0 -.4 5.9 6.8 1.2 .8 .6 22.3 23.0 24.1 9.1 9.1 8.8
Personal interest income............... 20.2 17.3 -8.9 -2.8 -1.7 -7.2 -7.7 -7.4 15.4 15.4 15.4 .8 .8 .8
Personal dividend income............... 7.9 8.7 8.4 8.6 8.7 8.4 8.4 8.0 6.9 7.6 8.6 8.4 8.3 8.0
Personal current transfer receipts....... 13.5 9.3 10.4 14.1 3.1 -3.4 5.7 29.8 26.9 14.0 14.9 -13.9 8.2 .6
Government social benefits to persons.. 13.2 8.9 9.8 13.5 2.4 -4.3 5.0 29.1 29.7 14.0 14.8 -13.9 8.1 .6
Old-age, survivors, disability, and
health insurance benefits........... 8.9 10.1 -2.1 10.5 4.1 .7 3.9 19.3 3.8 10.5 7.3 2.4 12.5 4.7
Government unemployment insurance
benefits............................ -.9 -2.1 3.6 -1.9 .6 1.1 -2.0 2.3 .4 .3 .0 .0 -.3 .0
Other................................ 5.2 .9 8.3 4.9 -2.2 -6.3 3.2 7.6 25.5 3.0 7.6 -16.4 -4.0 -4.1
Other current transfer receipts, from
business (net)........................ .3 .4 .6 .6 .7 .9 .6 .8 -2.8 .0 .1 .0 .1 .1
Less: Contributions for government social
insurance............................... -4.7 7.8 .8 1.2 4.6 9.9 3.8 5.7 19.7 4.1 6.1 -3.9 3.3 4.2
Less: Personal current taxes............... -.2 13.5 -3.6 4.8 12.2 19.8 15.1 18.8 27.9 11.7 14.3 4.7 9.3 9.7
Equals: Disposable personal income......... 20.2 71.2 12.7 35.5 36.8 43.6 31.8 66.9 100.2 67.6 76.2 -28.1 41.1 42.1
Less: Personal outlays..................... 52.7 32.4 91.2 7.1 -2.7 34.7 26.7 80.9 58.8 49.1 17.8 59.4 67.9 16.4
Personal consumption expenditures........ 51.4 31.2 86.1 1.2 -9.0 31.2 24.4 78.5 63.3 53.3 22.2 53.5 62.5 11.1
Durable goods.......................... -11.6 4.2 21.6 -17.9 7.4 -1.1 1.6 11.1 11.2 -2.9 .9 -4.5 16.7 -17.0
Nondurable goods....................... 26.2 2.2 41.4 4.1 -42.5 -16.8 .6 49.3 2.6 9.9 35.1 7.7 40.3 -.3
Services............................... 36.6 24.9 23.1 14.9 26.2 49.1 22.1 18.2 49.5 46.3 -13.7 50.2 5.5 28.4
Personal interest payments\1\............ .8 .7 5.1 5.4 5.8 1.9 1.7 1.7 -5.0 -5.0 -5.0 4.7 4.8 4.8
Personal current transfer payments....... .4 .5 .1 .5 .5 1.6 .6 .7 .5 .7 .7 1.1 .6 .6
To government.......................... .4 .5 .5 .5 .5 .5 .6 .6 .9 .7 .7 .6 .6 .6
To the rest of the world (net)......... .0 .0 -.4 .0 .0 1.1 .0 .0 -.2 .0 .0 .4 .0 .0
Equals: Personal saving.................... -32.4 38.7 -78.5 28.5 39.4 8.9 5.0 -13.9 41.4 18.6 58.3 -87.5 -26.7 25.5
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -17.9 45.0 -14.3 10.3 57.8 57.7 25.5 28.8 62.7 34.3 27.0 -49.6 -6.6 23.4
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
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]
-----------------------------------------------------------------------------------------------------------
2003 2004 2005 2006 I 04 II 04 III 04 IV 04
-----------------------------------------------------------------------------------------------------------
Personal income............................ 281.7 563.6 573.9 682.3 141.5 146.8 141.3 254.6
Compensation of employees, received...... 219.2 361.0 353.2 416.2 74.8 109.1 116.5 88.9
Wage and salary disbursements.......... 131.8 281.8 273.4 350.3 50.5 90.3 96.6 70.3
Private industries................... 93.3 243.1 235.5 310.7 31.1 79.6 92.6 64.4
Goods-producing industries......... -2.8 41.3 49.5 68.1 -11.2 22.5 24.6 8.6
Manufacturing.................... -6.6 18.0 17.2 26.9 -13.6 12.8 17.0 .9
Services-producing industries...... 96.2 201.8 186.1 242.5 42.4 57.1 68.0 55.8
Trade, transportation, and
utilities....................... 15.2 40.3 38.4 48.1 5.9 14.9 14.0 11.7
Other services-producing
industries...................... 81.0 161.5 147.6 194.5 36.4 42.3 53.8 44.2
Government........................... 38.5 38.7 37.8 39.7 19.4 10.7 4.1 5.8
Supplements to wages and salaries...... 87.4 79.2 79.9 65.8 24.3 18.7 20.0 18.6
Employer contributions for employee
pension and insurance funds......... 70.5 52.9 59.2 43.0 14.0 12.7 13.5 14.2
Employer contributions for government
social insurance.................... 16.9 26.2 20.8 22.7 10.3 6.0 6.5 4.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 42.9 100.3 58.3 36.8 38.5 29.4 5.4 30.3
Farm................................... 18.6 8.1 -6.5 -11.4 7.8 -.7 -6.6 3.5
Nonfarm................................ 24.3 92.2 64.8 48.3 30.8 30.0 12.0 26.9
Rental income of persons with capital
consumption adjustment.................. -19.9 -14.6 -75.5 11.6 -7.2 -14.4 -20.5 -3.8
Personal income receipts on assets....... 3.4 95.5 185.7 178.7 16.7 24.6 35.7 144.0
Personal interest income............... -22.0 -19.0 123.8 81.3 -14.3 -2.2 8.1 18.3
Personal dividend income............... 25.4 114.4 61.9 97.4 31.1 26.7 27.6 125.7
Personal current transfer receipts....... 64.8 71.5 98.2 91.8 37.3 10.4 17.4 4.4
Government social benefits to persons.. 67.8 79.4 87.0 102.2 43.4 12.8 3.6 19.5
Old-age, survivors, disability, and
health insurance benefits........... 33.8 46.7 57.3 101.1 21.9 7.4 7.2 12.4
Government unemployment insurance
benefits............................ -.4 -16.8 -4.7 -1.4 -8.8 -6.9 -2.1 -1.4
Other................................ 34.3 49.5 34.4 2.6 30.3 12.3 -1.5 8.6
Other current transfer receipts, from
business (net)........................ -3.0 -7.9 11.2 -10.4 -6.1 -2.4 13.8 -15.1
Less: Contributions for government social
insurance............................... 28.6 50.2 46.0 52.8 18.9 12.1 13.2 9.4
Less: Personal current taxes............... -50.7 45.2 162.8 145.2 -7.3 16.4 37.6 28.6
Equals: Disposable personal income......... 332.4 518.4 411.1 537.1 148.7 130.4 103.8 225.9
Less: Personal outlays..................... 342.4 511.5 548.2 542.9 156.0 133.4 120.8 156.9
Personal consumption expenditures........ 352.9 492.3 511.9 516.7 154.8 124.9 110.1 148.2
Durable goods.......................... 18.8 41.2 40.0 25.0 12.2 5.2 12.1 17.2
Nondurable goods....................... 110.6 153.5 172.5 171.8 54.7 43.5 25.8 55.8
Services............................... 223.6 297.5 299.5 319.8 87.9 76.1 72.2 75.3
Personal interest payments\1\............ -13.9 8.8 26.4 20.3 -1.5 5.7 8.9 8.5
Personal current transfer payments....... 3.3 10.6 9.7 6.0 2.8 2.7 1.8 .2
To government.......................... 3.1 7.6 5.6 4.4 2.8 2.1 1.9 1.5
To the rest of the world (net)......... .2 2.9 4.2 1.6 -.1 .7 -.1 -1.4
Equals: Personal saving.................... -9.8 6.8 -137.1 -5.8 -7.4 -2.9 -17.0 69.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 167.7 279.0 139.0 249.0 71.4 46.4 57.1 146.6
-----------------------------------------------------------------------------------------------------------
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)--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------
I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07
---------------------------------------------------------------------------------------------------------------------------
Personal income............................ 48.6 160.0 94.5 238.8 219.7 128.4 115.4 169.3 283.9 114.3
Compensation of employees, received...... 66.9 70.8 127.2 69.8 190.4 23.2 70.6 157.4 184.2 58.2
Wage and salary disbursements.......... 41.0 54.9 106.4 57.5 167.7 12.8 57.4 137.2 158.4 44.2
Private industries................... 22.2 48.7 99.5 50.3 154.5 3.5 44.2 126.9 144.1 32.3
Goods-producing industries......... 2.0 10.6 27.0 6.4 41.7 -5.4 2.6 32.9 17.3 15.7
Manufacturing.................... -1.0 1.5 10.1 -1.5 24.5 -9.6 1.0 19.0 6.9 8.2
Services-producing industries...... 20.2 38.1 72.4 43.9 113.0 8.7 41.7 94.1 126.7 16.6
Trade, transportation, and
utilities....................... 3.1 10.3 13.1 6.3 20.8 9.2 4.9 16.4 14.7 10.3
Other services-producing
industries...................... 17.2 27.7 59.3 37.6 92.1 -.3 36.7 77.7 111.9 6.4
Government........................... 18.8 6.2 6.9 7.3 13.0 9.4 13.2 10.2 14.5 11.8
Supplements to wages and salaries...... 25.8 15.9 20.9 12.3 22.7 10.4 13.2 20.2 25.8 14.0
Employer contributions for employee
pension and insurance funds......... 19.8 12.7 14.0 9.0 10.6 10.3 9.9 11.3 12.5 11.7
Employer contributions for government
social insurance.................... 6.1 3.2 6.8 3.3 12.1 .1 3.3 8.9 13.3 2.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 4.4 22.3 -4.0 25.5 7.5 13.4 -9.9 6.2 17.6 7.7
Farm................................... -6.4 3.9 -3.1 -2.7 -7.4 -6.2 3.5 5.8 5.2 -3.4
Nonfarm................................ 10.6 18.5 -.9 28.2 14.9 19.6 -13.4 .3 12.5 11.1
Rental income of persons with capital
consumption adjustment.................. -14.1 -13.1 -124.3 109.1 -.3 -3.6 -2.5 -2.0 2.3 5.2
Personal income receipts on assets....... -36.5 62.4 53.9 65.6 16.1 70.1 32.4 8.5 46.3 41.8
Personal interest income............... 51.7 40.4 29.4 39.5 -7.6 47.0 7.0 -16.9 23.3 17.0
Personal dividend income............... -88.2 22.1 24.4 26.1 23.7 23.0 25.5 25.4 23.0 24.8
Personal current transfer receipts....... 43.5 24.6 55.4 -24.4 36.3 26.6 31.5 17.1 63.0 6.4
Government social benefits to persons.. 40.3 23.4 11.7 14.7 41.1 26.4 29.9 14.8 65.1 6.2
Old-age, survivors, disability, and
health insurance benefits........... 25.6 14.3 7.9 8.9 57.9 22.7 16.0 15.9 27.4 20.7
Government unemployment insurance
benefits............................ .1 -1.4 -.3 .9 -1.3 -1.0 .8 .3 1.5 -.1
Other................................ 14.4 10.6 4.2 4.8 -15.5 4.6 13.2 -1.4 36.1 -14.3
Other current transfer receipts, from
business (net)........................ 3.2 1.2 43.7 -39.1 -4.7 .2 1.5 2.3 -2.1 .2
Less: Contributions for government social
insurance............................... 15.5 6.9 13.8 6.8 30.3 1.3 6.7 17.8 29.5 5.2
Less: Personal current taxes............... 75.7 29.1 28.0 27.5 67.6 24.0 12.6 45.8 58.0 27.7
Equals: Disposable personal income......... -27.1 130.9 66.5 211.3 152.1 104.4 102.9 123.4 225.9 86.6
Less: Personal outlays..................... 108.4 151.8 183.1 91.8 138.3 158.9 134.2 80.1 160.3 138.3
Personal consumption expenditures........ 95.5 143.8 177.9 88.8 135.4 149.2 121.8 68.0 166.8 131.4
Durable goods.......................... 5.6 26.3 8.1 -38.4 36.9 .2 11.0 2.7 17.5 .6
Nondurable goods....................... 22.8 52.2 72.7 34.3 30.8 70.1 40.2 -27.0 54.0 61.2
Services............................... 67.1 65.3 97.1 93.0 67.6 78.9 70.6 92.3 95.3 69.7
Personal interest payments\1\............ 4.8 9.2 4.9 .2 4.5 3.9 11.3 9.3 -8.3 4.5
Personal current transfer payments....... 8.2 -1.4 .4 2.7 -1.5 5.8 1.1 2.7 1.9 2.4
To government.......................... 1.4 1.1 1.1 1.1 .7 1.2 1.5 1.6 2.2 1.9
To the rest of the world (net)......... 7.0 -2.6 -.8 1.8 -2.3 4.6 -.4 1.1 -.2 .4
Equals: Personal saving.................... -135.5 -20.9 -116.6 119.6 13.7 -54.5 -31.4 43.4 65.6 -51.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -69.0 51.1 -25.5 130.6 98.2 4.4 35.9 126.2 122.3 -16.9
---------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Jan 04 Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04 Nov 04 Dec 04 Jan 05 Feb 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------------------------------
Personal income............................ .5 .6 .4 .5 .7 .3 .5 .7 .1 .8 .3 3.6 -2.3 .4
Compensation of employees, received...... .6 .4 .3 .8 .8 .2 .8 .5 .6 .6 .1 .4 .5 .2
Wage and salary disbursements.......... .5 .4 .3 .8 .8 .2 .9 .5 .6 .6 .0 .4 .3 .1
Supplements to wages and salaries...... 1.3 .4 .3 .6 .6 .4 .6 .5 .5 .6 .4 .4 1.2 .4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .9 2.1 2.9 -.2 1.1 .7 .0 -.1 -.5 2.9 .7 .9 -.8 .1
Rental income of persons with capital
consumption adjustment.................. -7.7 -3.4 -4.2 -3.8 -3.1 -2.5 1.1 -6.5 -34.1 40.6 -5.5 -5.4 -4.0 -5.1
Personal income receipts on assets....... .4 .3 .3 .6 .8 .9 .9 .8 .8 1.0 1.2 21.8 -15.4 1.3
Personal interest income............... -.9 -.7 -.6 .1 .2 .4 .3 .3 .3 .5 1.2 1.5 2.6 1.7
Personal dividend income............... 2.9 2.2 2.0 1.6 1.9 1.9 1.8 1.7 1.7 1.9 1.4 55.1 -34.8 .7
Personal current transfer receipts....... 1.5 .8 .0 .2 .3 .1 -.9 2.5 .9 -1.6 .6 .4 1.8 1.0
Less: Contributions for government social
insurance............................... 1.9 .5 .2 .6 .8 .2 .7 .5 .5 .5 .0 .4 1.5 .1
Less: Personal current taxes............... -1.2 .3 .2 .6 .9 .6 1.8 1.1 1.2 .8 .6 1.0 5.3 .6
Equals: Disposable personal income......... .7 .6 .5 .5 .7 .3 .3 .7 .0 .9 .3 3.9 -3.3 .4
Addenda:
Personal consumption expenditures........ 1.1 .3 .7 .3 1.2 -.4 .8 .2 .8 .7 .4 .6 .1 .6
Durable goods.......................... .4 .9 1.3 -.9 2.6 -4.3 3.2 -1.3 3.0 -.5 .0 2.1 -1.7 .8
Nondurable goods....................... 1.8 -.2 2.0 -.6 1.9 .0 .2 .0 .8 1.8 .1 .0 .2 1.1
Services............................... 1.0 .4 .0 1.0 .6 .2 .7 .5 .4 .4 .7 .6 .3 .3
----------------------------------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------------------------------
Real disposable personal income.......... .3 .2 .2 .3 .2 .0 .3 .6 -.1 .4 .0 3.9 -3.4 .1
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)--Continued
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 Mar 06 Apr 06
-----------------------------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------------------------------
Personal income............................ .4 .7 .4 .6 .7 -2.0 3.2 .4 .4 .6 1.2 .4 .3 .5
Compensation of employees, received...... .2 .6 .1 .5 1.2 .2 .5 .2 .3 .7 1.6 .6 .2 .0
Wage and salary disbursements.......... .2 .6 .1 .5 1.2 .2 .5 .2 .3 .8 1.8 .7 .1 -.1
Supplements to wages and salaries...... .4 .5 .3 .4 .8 .4 .4 .2 .3 .4 .9 .4 .2 .2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .9 .9 .5 1.5 .1 -5.9 7.3 -.1 .0 .4 .4 -.4 1.1 .5
Rental income of persons with capital
consumption adjustment.................. -5.0 -5.3 -5.4 -5.8 -8.7 ..... ..... 7.1 13.5 .9 -2.4 -3.7 -.6 -1.7
Personal income receipts on assets....... 1.2 1.4 1.4 1.4 1.0 1.0 .9 1.7 1.4 1.2 -.5 .1 .3 2.2
Personal interest income............... 1.3 1.2 1.5 1.4 .8 .7 .6 1.8 1.4 1.1 -1.5 -.5 -.2 2.9
Personal dividend income............... 1.1 1.6 1.3 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.2 1.1 1.1 1.1
Personal current transfer receipts....... .3 .9 .2 .1 -.4 9.5 -6.5 .3 -.6 -.1 2.3 .2 .6 .5
Less: Contributions for government social
insurance............................... .1 .5 .1 .4 1.1 .2 .4 .1 .2 .6 2.5 .6 .1 -.1
Less: Personal current taxes............... .7 1.2 .5 .8 1.0 .6 .8 .7 .7 1.1 3.5 1.0 .7 .7
Equals: Disposable personal income......... .4 .7 .3 .6 .7 -2.4 3.5 .4 .3 .6 .9 .3 .3 .4
Addenda:
Personal consumption expenditures........ .4 1.0 -.2 1.1 1.1 .0 .7 .4 .0 .4 .8 .5 .3 .8
Durable goods.......................... 1.0 3.2 -4.4 4.5 4.4 -5.8 -2.9 -1.6 2.0 1.5 2.6 -1.3 .6 .6
Nondurable goods....................... -.2 1.9 -.3 .4 1.0 1.6 2.1 1.0 -2.1 -.3 2.1 -.1 .2 1.9
Services............................... .6 .0 .8 .7 .6 .5 .7 .5 .7 .5 -.2 1.2 .3 .3
----------------------------------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------------------------------
Real disposable personal income.......... .0 .3 .2 .5 .3 -2.8 2.6 .2 .7 .6 .4 .2 .0 -.1
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)--Continued
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07\p\
-----------------------------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------------------------------
Personal income............................ .2 .8 .1 .4 .4 .6 .4 .8 1.1 .7 .8 -.2 .4 .4
Compensation of employees, received...... -.4 .9 .1 .2 .7 1.0 .5 .7 1.3 .4 .7 -.3 .4 .5
Wage and salary disbursements.......... -.6 1.0 .1 .2 .7 1.1 .6 .7 1.4 .5 .7 -.4 .4 .5
Supplements to wages and salaries...... .0 .5 .2 .3 .5 .6 .4 .5 .9 .4 .5 .2 .4 .4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .7 -.8 -.8 .4 -.6 .2 .4 1.2 .0 1.0 .3 -.1 .3 .4
Rental income of persons with capital
consumption adjustment.................. -2.2 -4.4 -1.0 -.1 .8 -2.9 -.9 -2.1 2.4 3.3 4.6 1.9 2.6 5.1
Personal income receipts on assets....... 1.6 1.4 .0 .3 .4 .1 .0 .0 1.2 1.2 1.3 .5 .5 .5
Personal interest income............... 1.8 1.6 -.8 -.2 -.2 -.6 -.7 -.7 1.4 1.4 1.4 .1 .1 .1
Personal dividend income............... 1.2 1.3 1.2 1.2 1.2 1.2 1.2 1.1 .9 1.0 1.1 1.1 1.1 1.0
Personal current transfer receipts....... .9 .6 .6 .9 .2 -.2 .3 1.8 1.6 .8 .9 -.8 .5 .0
Less: Contributions for government social
insurance............................... -.5 .9 .1 .1 .5 1.1 .4 .6 2.1 .4 .6 -.4 .3 .4
Less: Personal current taxes............... .0 1.0 -.3 .4 .9 1.5 1.1 1.3 2.0 .8 1.0 .3 .6 .6
Equals: Disposable personal income......... .2 .7 .1 .4 .4 .4 .3 .7 1.0 .7 .8 -.3 .4 .4
Addenda:
Personal consumption expenditures........ .6 .3 .9 .0 -.1 .3 .3 .8 .7 .6 .2 .6 .6 .1
Durable goods.......................... -1.1 .4 2.1 -1.7 .7 -.1 .2 1.1 1.0 -.3 .1 -.4 1.6 -1.6
Nondurable goods....................... 1.0 .1 1.5 .1 -1.5 -.6 .0 1.8 .1 .4 1.3 .3 1.4 .0
Services............................... .7 .5 .4 .3 .5 .9 .4 .3 .9 .8 -.2 .9 .1 .5
----------------------------------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------------------------------
Real disposable personal income.......... -.2 .5 -.2 .1 .7 .7 .3 .3 .7 .4 .3 -.6 -.1 .3
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------
2003 2004 2005 2006 I 04 II 04 III 04 IV 04
-----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------
Personal income............................ 3.2 6.2 5.9 6.6 6.2 6.3 6.0 10.8
Compensation of employees, received...... 3.6 5.7 5.3 5.9 4.7 6.9 7.2 5.4
Wage and salary disbursements.......... 2.6 5.5 5.1 6.2 3.9 7.0 7.4 5.3
Supplements to wages and salaries...... 7.9 6.6 6.3 4.8 8.2 6.1 6.4 5.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 5.6 12.4 6.4 3.8 19.7 14.0 2.4 14.0
Rental income of persons with capital
consumption adjustment.................. -13.1 -11.0 -63.8 27.2 -18.1 -35.2 -50.9 -13.7
Personal income receipts on assets....... .3 7.1 13.0 11.0 5.1 7.4 10.7 47.1
Personal interest income............... -2.3 -2.1 13.8 8.0 -6.2 -1.0 3.7 8.4
Personal dividend income............... 6.4 27.1 11.5 16.3 31.4 24.6 24.1 135.5
Personal current transfer receipts....... 5.0 5.3 6.9 6.0 11.4 3.0 5.0 1.3
Less: Contributions for government social
insurance............................... 3.8 6.4 5.5 6.0 9.9 6.1 6.6 4.6
Less: Personal current taxes............... -4.8 4.5 15.6 12.0 -2.8 6.7 15.5 11.2
Equals: Disposable personal income......... 4.2 6.4 4.7 5.9 7.3 6.3 4.9 10.8
Addenda:
Personal consumption expenditures........ 4.8 6.4 6.2 5.9 8.1 6.4 5.5 7.4
Durable goods.......................... 2.0 4.4 4.1 2.4 5.2 2.2 5.1 7.1
Nondurable goods....................... 5.3 7.0 7.4 6.8 10.2 7.8 4.5 9.8
Services............................... 5.1 6.5 6.2 6.2 7.7 6.6 6.1 6.3
----------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------
Real disposable personal income.......... 2.2 3.6 1.7 3.1 3.7 2.4 2.9 7.5
-----------------------------------------------------------------------------------------------------------
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)--Continued
[Quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------
I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07
---------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Based on current-dollar measures
--------------------------------------------------------------------------------
Personal income............................ 2.0 6.5 3.7 9.6 8.6 4.8 4.3 6.3 10.5 4.0
Compensation of employees, received...... 4.0 4.2 7.5 4.0 11.1 1.3 3.9 8.7 10.1 3.0
Wage and salary disbursements.......... 3.0 4.0 7.8 4.1 12.1 .9 3.9 9.4 10.7 2.8
Supplements to wages and salaries...... 8.1 4.9 6.4 3.6 6.8 3.0 3.8 5.8 7.3 3.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1.8 9.8 -1.6 11.0 3.0 5.5 -3.9 2.5 7.2 3.0
Rental income of persons with capital
consumption adjustment.................. -44.8 -47.8 ..... ..... -1.8 -22.4 -16.7 -14.0 19.2 45.4
Personal income receipts on assets....... -9.0 17.4 14.3 16.9 3.8 17.3 7.4 1.9 10.5 9.2
Personal interest income............... 24.6 17.9 12.2 16.2 -2.8 18.9 2.5 -5.9 8.7 6.2
Personal dividend income............... -44.1 16.6 17.8 18.2 15.8 14.7 15.8 15.1 13.1 13.8
Personal current transfer receipts....... 12.7 6.8 15.6 -6.1 9.8 6.9 8.1 4.3 16.2 1.5
Less: Contributions for government social
insurance............................... 7.5 3.3 6.5 3.1 14.4 .6 3.0 7.9 13.1 2.1
Less: Personal current taxes............... 30.8 10.4 9.7 9.3 23.4 7.5 3.8 14.2 17.6 7.8
Equals: Disposable personal income......... -1.2 6.0 3.0 9.6 6.7 4.5 4.4 5.2 9.5 3.5
Addenda:
Personal consumption expenditures........ 4.6 7.0 8.5 4.1 6.2 6.8 5.4 3.0 7.3 5.6
Durable goods.......................... 2.3 10.8 3.2 -13.9 15.5 .1 4.3 1.0 6.8 .2
Nondurable goods....................... 3.8 8.9 12.2 5.5 4.9 11.1 6.1 -3.9 8.2 9.2
Services............................... 5.5 5.3 7.8 7.3 5.2 6.0 5.3 6.9 7.0 5.0
--------------------------------------------------------------------------------
Based on chained (2000) dollar measures
--------------------------------------------------------------------------------
Real disposable personal income.......... -3.3 2.5 -1.2 6.6 4.9 .2 1.7 6.2 5.9 -.8
---------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Dec 03 Jan 04 Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04 Nov 04 Dec 04 Jan 05 Feb 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,411.4 7,467.9 7,462.4 7,495.0 7,500.6 7,557.2 7,503.6 7,562.0 7,570.0 7,624.5 7,639.3 7,654.4 7,699.2 7,693.3 7,716.5
Durable goods............................ 1,052.1 1,055.8 1,064.8 1,078.1 1,067.9 1,096.5 1,049.6 1,086.7 1,077.8 1,110.1 1,102.2 1,102.5 1,125.5 1,104.9 1,116.1
Nondurable goods......................... 2,131.9 2,157.9 2,140.6 2,171.7 2,158.0 2,173.1 2,163.6 2,174.2 2,176.6 2,193.4 2,203.2 2,204.8 2,214.6 2,224.1 2,236.9
Services................................. 4,236.4 4,263.3 4,267.1 4,258.2 4,284.9 4,301.8 4,297.1 4,313.3 4,325.8 4,336.4 4,347.5 4,360.2 4,375.6 4,377.2 4,378.4
------------------------------------------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... -2.1 56.5 -5.5 32.6 5.6 56.6 -53.6 58.4 8.0 54.5 14.8 15.1 44.8 -5.9 23.2
Durable goods............................ -9.2 3.7 9.0 13.3 -10.2 28.6 -46.9 37.1 -8.9 32.3 -7.9 .3 23.0 -20.6 11.2
Nondurable goods......................... -11.3 26.0 -17.3 31.1 -13.7 15.1 -9.5 10.6 2.4 16.8 9.8 1.6 9.8 9.5 12.8
Services................................. 16.2 26.9 3.8 -8.9 26.7 16.9 -4.7 16.2 12.5 10.6 11.1 12.7 15.4 1.6 1.2
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Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... .0 .8 -.1 .4 .1 .8 -.7 .8 .1 .7 .2 .2 .6 -.1 .3
Durable goods............................ -.9 .3 .9 1.2 -.9 2.7 -4.3 3.5 -.8 3.0 -.7 .0 2.1 -1.8 1.0
Nondurable goods......................... -.5 1.2 -.8 1.5 -.6 .7 -.4 .5 .1 .8 .4 .1 .4 .4 .6
Services................................. .4 .6 .1 -.2 .6 .4 -.1 .4 .3 .2 .3 .3 .4 .0 .0
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Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 Mar 06 Apr 06
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----------------------------------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,718.4 7,763.0 7,741.6 7,821.2 7,877.2 7,849.0 7,832.2 7,845.6 7,874.9 7,910.1 7,938.0 7,971.8 7,975.9 7,998.6
Durable goods............................ 1,127.1 1,164.1 1,110.4 1,164.4 1,219.5 1,152.7 1,118.4 1,101.4 1,125.7 1,144.3 1,174.4 1,159.9 1,169.0 1,175.9
Nondurable goods......................... 2,219.5 2,244.2 2,242.5 2,254.8 2,254.3 2,265.4 2,263.0 2,289.8 2,285.1 2,285.4 2,313.4 2,314.6 2,308.9 2,326.5
Services................................. 4,388.2 4,378.4 4,401.5 4,424.0 4,435.7 4,449.5 4,461.9 4,461.6 4,475.8 4,494.9 4,472.2 4,514.1 4,516.6 4,516.2
----------------------------------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.9 44.6 -21.4 79.6 56.0 -28.2 -16.8 13.4 29.3 35.2 27.9 33.8 4.1 22.7
Durable goods............................ 11.0 37.0 -53.7 54.0 55.1 -66.8 -34.3 -17.0 24.3 18.6 30.1 -14.5 9.1 6.9
Nondurable goods......................... -17.4 24.7 -1.7 12.3 -.5 11.1 -2.4 26.8 -4.7 .3 28.0 1.2 -5.7 17.6
Services................................. 9.8 -9.8 23.1 22.5 11.7 13.8 12.4 -.3 14.2 19.1 -22.7 41.9 2.5 -.4
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Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... .0 .6 -.3 1.0 .7 -.4 -.2 .2 .4 .4 .4 .4 .1 .3
Durable goods............................ 1.0 3.3 -4.6 4.9 4.7 -5.5 -3.0 -1.5 2.2 1.7 2.6 -1.2 .8 .6
Nondurable goods......................... -.8 1.1 -.1 .5 .0 .5 -.1 1.2 -.2 .0 1.2 .0 -.2 .8
Services................................. .2 -.2 .5 .5 .3 .3 .3 .0 .3 .4 -.5 .9 .1 .0
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Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07\p\
-----------------------------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,009.2 8,020.