News Release
Personal Income and Outlays, March 2007
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James E. Rankin: (202) 606-5301 (Personal Income) BEA 07-19
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: MARCH 2007
Personal income increased $79.9 billion, or 0.7 percent, and disposable personal income (DPI)
increased $65.5 billion, or 0.7 percent, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $24.4 billion, or 0.3 percent. In February,
personal income increased $74.9 billion, or 0.7 percent, DPI increased $62.3 billion, or 0.6 percent,
and PCE increased $69.2 billion, or 0.7 percent based on revised estimates.
2006 2007
Nov. Dec. Jan. Feb. Mar.
(Percent change from preceding month)
Personal income, current dollars 0.3 0.5 1.1 0.7 0.7
Disposable personal income:
Current dollars 0.3 0.5 0.9 0.6 0.7
Chained (2000) dollars 0.3 0.1 0.7 0.2 0.2
Personal consumption expenditures:
Current dollars 0.4 0.7 0.6 0.7 0.3
Chained (2000) dollars 0.4 0.4 0.4 0.3 -0.2
Wages and salaries
Private wage and salary disbursements increased $38.3 billion in March, compared with an
increase of $25.3 billion in February and an increase of $66.3 billion in January. The January change
in private wages and salaries reflected an adjustment of $50.0 billion (at an annual rate) for
unusually large bonus payments and the exercise of stock options, based on data from state
governments and from other sources. These types of irregular payments are not accounted for in the
primary monthly source data for wages and salaries. (The March and February changes to private
wages and salaries were not affected because the $50 billion adjustment was made to each month of
the first quarter.) Goods-producing industries' payrolls increased $11.5 billion in March, compared
with an increase of $1.5 billion in February; manufacturing payrolls increased $5.7 billion,
compared with an increase of $1.4 billion. Services-producing industries' payrolls increased $26.8
billion, compared with an increase of $23.7 billion Government wage and salary disbursements
increased $3.2 billion, compared with an increase of $4.4 billion.
Other personal income
Supplements to wages and salaries increased $5.2 billion in March, compared with an increase
of $4.4 billion in February.
Proprietors' income increased $2.5 billion in March, compared with an increase of $11.2 billion
in February. Farm proprietors' income increased $3.4 billion, the same increase as in February.
Nonfarm proprietors' income decreased $0.9 billion in March, in contrast to an increase of $7.8
billion in February.
Rental income of persons increased $2.2 billion in March, compared with an increase of $1.5
billion in February. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $19.8 billion, compared with an increase of $18.9 billion.
Personal current transfer receipts increased $14.4 billion in March, compared with an increase
of $13.7 billion in February.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $5.7 billion in March, compared with an increase of $4.4 billion in February.
Personal current taxes and disposable personal income
Personal current taxes increased $14.4 billion in March, compared with an increase of $12.5
billion in February. Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $65.5 billion, or 0.7 percent, in March, compared with an increase of $62.3 billion,
or 0.6 percent, in February.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments --
increased $25.9 billion in March, compared with an increase of $70.9 billion in February. PCE
increased $24.4 billion, compared with an increase of $69.2 billion.
Personal saving -- DPI less personal outlays -- was a negative $79.3 billion in March, compared
with a negative $118.8 billion in February. Personal saving as a percentage of disposable personal
income was a negative 0.8 percent in March, compared with a negative 1.2 percent in February.
Negative personal saving reflects personal outlays that exceed disposable personal income. Saving
from current income may be near zero or negative when outlays are financed by borrowing
(including borrowing financed through credit cards or home equity loans), by selling investments or
other assets, or by using savings from previous periods. For more information, see the FAQs on
"Personal Saving" on BEA's Web site. For a comparison of personal saving in BEA's national
income and product accounts with personal saving in the Federal Reserve Board's flow of funds
accounts and data on changes in net worth (which help finance consumption), go to
/bea/dn/nipaweb/Nipa-Frb.asp.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in March, the same
increase as in February.
Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in March, in
contrast to an increase of 0.3 percent in February. Purchases of durable goods increased 0.1 percent,
in contrast to a decrease of 0.4 percent. Purchases of nondurable goods decreased 0.1 percent,
compared with a decrease of less than 0.1 percent. Purchases of services decreased 0.3 percent, in
contrast to an increase of 0.6 percent.
PCE prices -- The price index for PCE increased 0.4 percent in March, the same increase as in
February. Prices, excluding food and energy, increased less than 0.1 percent, compared with an
increase of 0.3 percent.
Revisions
Estimates have been revised for January and February. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for January
and February -- revised and as published in last month's release -- are shown below.
Change from preceding month
January February
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.................... 110.5 120.6 1.0 1.1 65.4 74.9 0.6 0.7
Disposable personal income:
Current dollars.................... 74.2 85.1 0.8 0.9 53.8 62.3 0.5 0.6
Chained (2000) dollars............. 48.3 58.4 0.6 0.7 12.0 19.5 0.1 0.2
Personal consumption expenditures:
Current dollars.................... 50.2 57.0 0.5 0.6 55.5 69.2 0.6 0.7
Chained (2000) dollars............. 27.8 34.4 0.3 0.4 14.5 26.4 0.2 0.3
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 April will be released on
June 1, 2007 at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,937.1 10,988.7 11,024.1 11,058.2 11,114.1 11,234.7 11,309.6 11,389.5
Compensation of employees, received...... 7,480.0 7,519.8 7,558.4 7,589.3 7,631.0 7,720.7 7,754.7 7,801.3
Wage and salary disbursements.......... 6,019.0 6,052.3 6,083.8 6,108.9 6,144.2 6,218.7 6,248.4 6,289.9
Private industries................... 4,998.5 5,025.8 5,054.9 5,077.9 5,111.1 5,177.4 5,202.7 5,241.0
Goods-producing industries......... 1,171.3 1,171.1 1,177.6 1,178.5 1,183.1 1,187.1 1,188.6 1,200.1
Manufacturing.................... 729.3 727.4 731.4 730.1 732.1 732.9 734.3 740.0
Services-producing industries...... 3,827.2 3,854.7 3,877.3 3,899.4 3,928.0 3,990.4 4,014.1 4,040.9
Trade, transportation, and
utilities....................... 993.9 997.8 1,000.2 1,006.4 1,007.9 1,011.3 1,012.0 1,018.7
Other services-producing
industries...................... 2,833.3 2,857.0 2,877.1 2,893.0 2,920.1 2,979.1 3,002.1 3,022.2
Government........................... 1,020.5 1,026.5 1,028.9 1,031.0 1,033.0 1,041.3 1,045.7 1,048.9
Supplements to wages and salaries...... 1,461.1 1,467.5 1,474.6 1,480.4 1,486.9 1,501.9 1,506.3 1,511.5
Employer contributions for employee
pension and insurance funds......... 1,000.2 1,004.5 1,009.5 1,013.6 1,017.7 1,024.5 1,027.0 1,029.4
Employer contributions for government
social insurance.................... 460.9 463.0 465.1 466.8 469.1 477.5 479.3 482.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,017.2 1,017.4 1,023.9 1,025.3 1,026.6 1,029.2 1,040.4 1,042.9
Farm................................... 21.5 26.4 28.4 28.6 24.9 28.3 31.7 35.1
Nonfarm................................ 995.7 991.0 995.5 996.7 1,001.6 1,000.9 1,008.7 1,007.8
Rental income of persons with capital
consumption adjustment.................. 78.1 83.4 82.8 83.5 83.1 84.4 85.9 88.1
Personal income receipts on assets....... 1,683.5 1,690.6 1,691.0 1,691.6 1,692.1 1,710.3 1,729.2 1,749.0
Personal interest income............... 1,035.8 1,035.9 1,029.4 1,022.8 1,016.2 1,028.2 1,040.1 1,052.1
Personal dividend income............... 647.7 654.6 661.6 668.8 675.9 682.2 689.0 696.9
Personal current transfer receipts....... 1,622.5 1,625.5 1,621.5 1,625.1 1,643.1 1,671.5 1,685.2 1,699.6
Government social benefits to persons.. 1,587.0 1,589.8 1,585.6 1,589.1 1,607.0 1,635.4 1,649.1 1,663.4
Old-age, survivors, disability, and
health insurance benefits........... 938.9 939.7 941.6 945.8 964.8 967.2 976.6 982.5
Government unemployment insurance
benefits............................ 27.3 27.3 27.0 27.3 27.0 27.4 27.7 27.6
Other................................ 620.7 622.8 617.0 616.0 615.2 640.8 644.8 653.3
Other current transfer receipts, from
business (net)........................ 35.5 35.7 35.9 36.1 36.1 36.1 36.1 36.2
Less: Contributions for government social
insurance............................... 944.2 948.0 953.4 956.6 961.7 981.4 985.8 991.5
Less: Personal current taxes............... 1,361.0 1,365.6 1,377.8 1,385.9 1,395.6 1,431.1 1,443.6 1,458.0
Equals: Disposable personal income......... 9,576.1 9,623.0 9,646.3 9,672.3 9,718.5 9,803.6 9,865.9 9,931.4
Less: Personal outlays..................... 9,716.0 9,718.1 9,749.0 9,785.5 9,855.1 9,913.9 9,984.8 10,010.7
Personal consumption expenditures........ 9,352.7 9,348.5 9,376.0 9,410.8 9,478.5 9,535.5 9,604.7 9,629.1
Durable goods.......................... 1,068.9 1,072.3 1,074.1 1,080.8 1,084.4 1,096.4 1,092.5 1,092.5
Nondurable goods....................... 2,761.1 2,726.2 2,711.5 2,720.6 2,764.3 2,769.0 2,779.9 2,808.8
Services............................... 5,522.6 5,550.0 5,590.4 5,609.4 5,629.7 5,670.2 5,732.4 5,727.8
Personal interest payments\1\............ 235.5 241.2 242.7 244.3 245.8 247.1 248.4 249.7
Personal current transfer payments....... 127.8 128.3 130.2 130.5 130.8 131.3 131.6 131.9
To government.......................... 79.0 79.5 79.8 80.1 80.3 80.6 80.9 81.2
To the rest of the world (net)......... 48.8 48.8 50.5 50.5 50.5 50.8 50.8 50.8
Equals: Personal saving.................... -139.8 -95.0 -102.7 -113.2 -136.6 -110.3 -118.8 -79.3
Personal saving as a percentage of
disposable personal income.............. -1.5 -1.0 -1.1 -1.2 -1.4 -1.1 -1.2 -.8
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,294.2 8,361.4 8,401.2 8,422.8 8,435.1 8,493.5 8,513.0 8,531.7
Per capita:
Current dollars...................... 31,914 32,042 32,091 32,151 32,280 32,538 32,725 32,920
Chained (2000) dollars............... 27,641 27,841 27,949 27,998 28,017 28,190 28,237 28,280
Population (midperiod, thousands)\3\..... 300,065 300,326 300,592 300,836 301,070 301,296 301,481 301,684
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 IV 05 I 06 II 06 III 06 IV 06 I 07
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,239.2 10,883.4 10,483.7 10,721.4 10,807.3 10,939.4 11,065.5 11,311.2
Compensation of employees, received...... 7,030.3 7,477.0 7,184.4 7,400.3 7,425.5 7,489.3 7,592.9 7,758.9
Wage and salary disbursements.......... 5,664.8 6,022.7 5,787.0 5,970.1 5,980.9 6,027.6 6,112.3 6,252.3
Private industries................... 4,687.1 5,008.8 4,798.9 4,972.0 4,975.0 5,007.1 5,081.3 5,207.0
Goods-producing industries......... 1,101.3 1,175.4 1,124.9 1,177.3 1,173.0 1,171.5 1,179.7 1,191.9
Manufacturing.................... 704.7 734.0 715.0 742.8 732.8 729.1 731.2 735.7
Services-producing industries...... 3,585.8 3,833.5 3,673.9 3,794.7 3,802.0 3,835.6 3,901.6 4,015.1
Trade, transportation, and
utilities....................... 937.2 993.7 954.9 983.6 990.8 995.6 1,004.8 1,014.0
Other services-producing
industries...................... 2,648.5 2,839.7 2,719.0 2,811.0 2,811.2 2,840.0 2,896.7 3,001.1
Government........................... 977.7 1,013.9 988.1 998.1 1,005.9 1,020.5 1,031.0 1,045.3
Supplements to wages and salaries...... 1,365.5 1,454.3 1,397.4 1,430.3 1,444.5 1,461.6 1,480.6 1,506.6
Employer contributions for employee
pension and insurance funds......... 933.2 992.7 956.1 971.6 985.7 1,000.1 1,013.6 1,026.9
Employer contributions for government
social insurance.................... 432.3 461.5 441.3 458.7 458.9 461.5 467.0 479.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 970.7 1,015.1 996.8 1,008.3 1,011.9 1,014.8 1,025.3 1,037.5
Farm................................... 30.2 22.6 28.7 23.9 17.5 21.7 27.3 31.7
Nonfarm................................ 940.4 992.5 968.1 984.4 994.3 993.2 998.0 1,005.8
Rental income of persons with capital
consumption adjustment.................. 72.8 77.4 81.5 76.8 71.4 78.3 83.1 86.1
Personal income receipts on assets....... 1,519.4 1,656.3 1,580.2 1,602.3 1,647.7 1,683.6 1,691.6 1,729.5
Personal interest income............... 945.0 1,016.7 981.7 989.1 1,019.2 1,035.8 1,022.8 1,040.1
Personal dividend income............... 574.4 639.6 598.5 613.2 628.5 647.8 668.8 689.4
Personal current transfer receipts....... 1,526.6 1,602.2 1,539.8 1,570.4 1,589.7 1,618.6 1,629.9 1,685.4
Government social benefits to persons.. 1,480.9 1,566.9 1,500.8 1,536.0 1,554.7 1,583.1 1,593.9 1,649.3
Old-age, survivors, disability, and
health insurance benefits........... 844.9 931.4 854.6 909.9 928.1 936.7 950.7 975.4
Government unemployment insurance
benefits............................ 31.3 27.3 31.6 27.8 27.0 27.3 27.1 27.6
Other................................ 604.6 608.3 614.5 598.3 599.6 619.1 616.1 646.3
Other current transfer receipts, from
business (net)........................ 45.7 35.3 39.0 34.5 35.0 35.5 36.0 36.1
Less: Contributions for government social
insurance............................... 880.6 944.5 898.9 936.7 938.8 945.2 957.2 986.3
Less: Personal current taxes............... 1,203.1 1,360.6 1,247.6 1,332.6 1,361.0 1,362.5 1,386.5 1,444.3
Equals: Disposable personal income......... 9,036.1 9,522.8 9,236.1 9,388.8 9,446.2 9,577.0 9,679.0 9,867.0
Less: Personal outlays..................... 9,070.9 9,625.5 9,264.5 9,418.5 9,577.0 9,710.0 9,796.5 9,969.8
Personal consumption expenditures........ 8,742.4 9,268.9 8,927.8 9,079.2 9,228.1 9,346.7 9,421.8 9,589.8
Durable goods.......................... 1,033.1 1,070.3 1,019.6 1,064.1 1,061.8 1,075.5 1,079.8 1,093.8
Nondurable goods....................... 2,539.3 2,714.9 2,613.5 2,658.2 2,721.4 2,747.7 2,732.1 2,785.9
Services............................... 5,170.0 5,483.7 5,294.7 5,356.8 5,444.9 5,523.5 5,609.8 5,710.1
Personal interest payments\1\............ 209.4 230.3 214.9 218.5 222.9 235.5 244.3 248.4
Personal current transfer payments....... 119.2 126.3 121.8 120.9 126.0 127.8 130.5 131.6
To government.......................... 72.0 78.0 74.2 75.7 77.3 79.0 80.0 80.9
To the rest of the world (net)......... 47.1 48.3 47.6 45.2 48.7 48.8 50.5 50.8
Equals: Personal saving.................... -34.8 -102.8 -28.5 -29.7 -130.8 -133.0 -117.5 -102.8
Personal saving as a percentage of
disposable personal income.............. -.4 -1.1 -.3 -.3 -1.4 -1.4 -1.2 -1.0
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,104.6 8,313.0 8,183.3 8,276.8 8,245.4 8,311.0 8,419.7 8,512.8
Per capita:
Current dollars...................... 30,440 31,773 30,995 31,437 31,560 31,916 32,174 32,728
Chained (2000) dollars............... 27,302 27,737 27,462 27,714 27,548 27,698 27,988 28,236
Population (midperiod, thousands)\3\..... 296,852 299,715 297,985 298,651 299,312 300,064 300,833 301,487
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 44.6 51.6 35.4 34.1 55.9 120.6 74.9 79.9
Compensation of employees, received...... 12.1 39.8 38.6 30.9 41.7 89.7 34.0 46.6
Wage and salary disbursements.......... 7.4 33.3 31.5 25.1 35.3 74.5 29.7 41.5
Private industries................... 1.5 27.3 29.1 23.0 33.2 66.3 25.3 38.3
Goods-producing industries......... -.9 -.2 6.5 .9 4.6 4.0 1.5 11.5
Manufacturing.................... -1.2 -1.9 4.0 -1.3 2.0 .8 1.4 5.7
Services-producing industries...... 2.4 27.5 22.6 22.1 28.6 62.4 23.7 26.8
Trade, transportation, and
utilities....................... -1.3 3.9 2.4 6.2 1.5 3.4 .7 6.7
Other services-producing
industries...................... 3.7 23.7 20.1 15.9 27.1 59.0 23.0 20.1
Government........................... 5.9 6.0 2.4 2.1 2.0 8.3 4.4 3.2
Supplements to wages and salaries...... 4.8 6.4 7.1 5.8 6.5 15.0 4.4 5.2
Employer contributions for employee
pension and insurance funds......... 4.6 4.3 5.0 4.1 4.1 6.8 2.5 2.4
Employer contributions for government
social insurance.................... .2 2.1 2.1 1.7 2.3 8.4 1.8 2.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 7.3 .2 6.5 1.4 1.3 2.6 11.2 2.5
Farm................................... 4.4 4.9 2.0 .2 -3.7 3.4 3.4 3.4
Nonfarm................................ 2.8 -4.7 4.5 1.2 4.9 -.7 7.8 -.9
Rental income of persons with capital
consumption adjustment.................. 4.7 5.3 -.6 .7 -.4 1.3 1.5 2.2
Personal income receipts on assets....... 6.8 7.1 .4 .6 .5 18.2 18.9 19.8
Personal interest income............... .1 .1 -6.5 -6.6 -6.6 12.0 11.9 12.0
Personal dividend income............... 6.7 6.9 7.0 7.2 7.1 6.3 6.8 7.9
Personal current transfer receipts....... 14.5 3.0 -4.0 3.6 18.0 28.4 13.7 14.4
Government social benefits to persons.. 14.4 2.8 -4.2 3.5 17.9 28.4 13.7 14.3
Old-age, survivors, disability, and
health insurance benefits........... 7.5 .8 1.9 4.2 19.0 2.4 9.4 5.9
Government unemployment insurance
benefits............................ .0 .0 -.3 .3 -.3 .4 .3 -.1
Other................................ 6.9 2.1 -5.8 -1.0 -.8 25.6 4.0 8.5
Other current transfer receipts, from
business (net)........................ .1 .2 .2 .2 .0 .0 .0 .1
Less: Contributions for government social
insurance............................... .8 3.8 5.4 3.2 5.1 19.7 4.4 5.7
Less: Personal current taxes............... .2 4.6 12.2 8.1 9.7 35.5 12.5 14.4
Equals: Disposable personal income......... 44.3 46.9 23.3 26.0 46.2 85.1 62.3 65.5
Less: Personal outlays..................... 20.0 2.1 30.9 36.5 69.6 58.8 70.9 25.9
Personal consumption expenditures........ 13.8 -4.2 27.5 34.8 67.7 57.0 69.2 24.4
Durable goods.......................... -16.3 3.4 1.8 6.7 3.6 12.0 -3.9 .0
Nondurable goods....................... 5.2 -34.9 -14.7 9.1 43.7 4.7 10.9 28.9
Services............................... 24.8 27.4 40.4 19.0 20.3 40.5 62.2 -4.6
Personal interest payments\1\............ 5.6 5.7 1.5 1.6 1.5 1.3 1.3 1.3
Personal current transfer payments....... .6 .5 1.9 .3 .3 .5 .3 .3
To government.......................... .6 .5 .3 .3 .2 .3 .3 .3
To the rest of the world (net)......... .0 .0 1.7 .0 .0 .3 .0 .0
Equals: Personal saving.................... 24.4 44.8 -7.7 -10.5 -23.4 26.3 -8.5 39.5
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 16.6 67.2 39.8 21.6 12.3 58.4 19.5 18.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 IV 05 I 06 II 06 III 06 IV 06 I 07
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 507.8 644.2 221.0 237.7 85.9 132.1 126.1 245.7
Compensation of employees, received...... 365.0 446.7 90.8 215.9 25.2 63.8 103.6 166.0
Wage and salary disbursements.......... 272.7 357.9 71.8 183.1 10.8 46.7 84.7 140.0
Private industries................... 236.8 321.7 64.3 173.1 3.0 32.1 74.2 125.7
Goods-producing industries......... 50.5 74.1 11.0 52.4 -4.3 -1.5 8.2 12.2
Manufacturing.................... 16.7 29.3 5.3 27.8 -10.0 -3.7 2.1 4.5
Services-producing industries...... 186.3 247.7 53.2 120.8 7.3 33.6 66.0 113.5
Trade, transportation, and
utilities....................... 38.0 56.5 9.4 28.7 7.2 4.8 9.2 9.2
Other services-producing
industries...................... 148.2 191.2 43.8 92.0 .2 28.8 56.7 104.4
Government........................... 35.9 36.2 7.5 10.0 7.8 14.6 10.5 14.3
Supplements to wages and salaries...... 92.3 88.8 19.0 32.9 14.2 17.1 19.0 26.0
Employer contributions for employee
pension and insurance funds......... 67.1 59.5 14.0 15.5 14.1 14.4 13.5 13.3
Employer contributions for government
social insurance.................... 25.2 29.2 5.0 17.4 .2 2.6 5.5 12.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 59.6 44.4 29.5 11.5 3.6 2.9 10.5 12.2
Farm................................... -6.0 -7.6 -1.0 -4.8 -6.4 4.2 5.6 4.4
Nonfarm................................ 65.5 52.1 30.4 16.3 9.9 -1.1 4.8 7.8
Rental income of persons with capital
consumption adjustment.................. -54.2 4.6 93.0 -4.7 -5.4 6.9 4.8 3.0
Personal income receipts on assets....... 91.5 136.9 47.5 22.1 45.4 35.9 8.0 37.9
Personal interest income............... 54.2 71.7 30.5 7.4 30.1 16.6 -13.0 17.3
Personal dividend income............... 37.3 65.2 17.0 14.7 15.3 19.3 21.0 20.6
Personal current transfer receipts....... 100.1 75.6 -29.2 30.6 19.3 28.9 11.3 55.5
Government social benefits to persons.. 82.5 86.0 11.6 35.2 18.7 28.4 10.8 55.4
Old-age, survivors, disability, and
health insurance benefits........... 53.5 86.5 6.1 55.3 18.2 8.6 14.0 24.7
Government unemployment insurance
benefits............................ -4.7 -4.0 1.4 -3.8 -.8 .3 -.2 .5
Other................................ 33.6 3.7 4.1 -16.2 1.3 19.5 -3.0 30.2
Other current transfer receipts, from
business (net)........................ 17.6 -10.4 -40.8 -4.5 .5 .5 .5 .1
Less: Contributions for government social
insurance............................... 54.2 63.9 10.4 37.8 2.1 6.4 12.0 29.1
Less: Personal current taxes............... 153.3 157.5 32.6 85.0 28.4 1.5 24.0 57.8
Equals: Disposable personal income......... 354.5 486.7 188.4 152.7 57.4 130.8 102.0 188.0
Less: Personal outlays..................... 563.7 554.6 84.2 154.0 158.5 133.0 86.5 173.3
Personal consumption expenditures........ 530.9 526.5 80.5 151.4 148.9 118.6 75.1 168.0
Durable goods.......................... 46.8 37.2 -37.7 44.5 -2.3 13.7 4.3 14.0
Nondurable goods....................... 194.1 175.6 28.6 44.7 63.2 26.3 -15.6 53.8
Services............................... 289.9 313.7 89.6 62.1 88.1 78.6 86.3 100.3
Personal interest payments\1\............ 23.4 20.9 .3 3.6 4.4 12.6 8.8 4.1
Personal current transfer payments....... 9.5 7.1 3.3 -.9 5.1 1.8 2.7 1.1
To government.......................... 5.2 6.0 1.5 1.5 1.6 1.7 1.0 .9
To the rest of the world (net)......... 4.2 1.2 1.8 -2.4 3.5 .1 1.7 .3
Equals: Personal saving.................... -209.1 -68.0 104.1 -1.2 -101.1 -2.2 15.5 14.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 93.8 208.4 109.2 93.5 -31.4 65.6 108.7 93.1
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .4 .5 .3 .3 .5 1.1 .7 .7
Compensation of employees, received...... .2 .5 .5 .4 .5 1.2 .4 .6
Wage and salary disbursements.......... .1 .6 .5 .4 .6 1.2 .5 .7
Supplements to wages and salaries...... .3 .4 .5 .4 .4 1.0 .3 .3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .7 .0 .6 .1 .1 .3 1.1 .2
Rental income of persons with capital
consumption adjustment.................. 6.4 6.8 -.8 .8 -.5 1.6 1.7 2.6
Personal income receipts on assets....... .4 .4 .0 .0 .0 1.1 1.1 1.1
Personal interest income............... .0 .0 -.6 -.6 -.6 1.2 1.2 1.1
Personal dividend income............... 1.1 1.1 1.1 1.1 1.1 .9 1.0 1.1
Personal current transfer receipts....... .9 .2 -.2 .2 1.1 1.7 .8 .9
Less: Contributions for government social
insurance............................... .1 .4 .6 .3 .5 2.0 .5 .6
Less: Personal current taxes............... .0 .3 .9 .6 .7 2.5 .9 1.0
Equals: Disposable personal income......... .5 .5 .2 .3 .5 .9 .6 .7
Addenda:
Personal consumption expenditures........ .1 .0 .3 .4 .7 .6 .7 .3
Durable goods.......................... -1.5 .3 .2 .6 .3 1.1 -.4 .0
Nondurable goods....................... .2 -1.3 -.5 .3 1.6 .2 .4 1.0
Services............................... .5 .5 .7 .3 .4 .7 1.1 -.1
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... .2 .8 .5 .3 .1 .7 .2 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 IV 05 I 06 II 06 III 06 IV 06 I 07
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.2 6.3 8.9 9.4 3.2 5.0 4.7 9.2
Compensation of employees, received...... 5.5 6.4 5.2 12.6 1.4 3.5 5.7 9.0
Wage and salary disbursements.......... 5.1 6.3 5.1 13.3 .7 3.2 5.7 9.5
Supplements to wages and salaries...... 7.3 6.5 5.6 9.7 4.1 4.8 5.3 7.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.5 4.6 12.7 4.7 1.4 1.2 4.2 4.9
Rental income of persons with capital
consumption adjustment.................. -42.7 6.3 ..... -21.2 -25.2 44.6 26.9 15.4
Personal income receipts on assets....... 6.4 9.0 13.0 5.7 11.8 9.0 1.9 9.3
Personal interest income............... 6.1 7.6 13.5 3.0 12.7 6.7 -4.9 7.0
Personal dividend income............... 7.0 11.3 12.2 10.2 10.4 12.8 13.6 12.9
Personal current transfer receipts....... 7.0 5.0 -7.3 8.2 5.0 7.5 2.8 14.3
Less: Contributions for government social
insurance............................... 6.6 7.3 4.8 17.9 .9 2.7 5.2 12.7
Less: Personal current taxes............... 14.6 13.1 11.2 30.2 8.8 .4 7.2 17.8
Equals: Disposable personal income......... 4.1 5.4 8.6 6.8 2.5 5.7 4.3 8.0
Addenda:
Personal consumption expenditures........ 6.5 6.0 3.7 7.0 6.7 5.2 3.3 7.3
Durable goods.......................... 4.7 3.6 -13.5 18.6 -.9 5.3 1.6 5.3
Nondurable goods....................... 8.3 6.9 4.5 7.0 9.9 3.9 -2.2 8.1
Services............................... 5.9 6.1 7.1 4.8 6.7 5.9 6.4 7.3
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 1.2 2.6 5.5 4.6 -1.5 3.2 5.3 4.5
-----------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,100.7 8,122.8 8,165.8 8,195.1 8,226.8 8,261.2 8,287.6 8,272.0
Durable goods............................ 1,199.0 1,209.5 1,211.1 1,222.8 1,231.7 1,246.7 1,241.2 1,242.6
Nondurable goods......................... 2,357.4 2,362.1 2,377.2 2,392.3 2,412.6 2,412.4 2,412.0 2,409.2
Services................................. 4,566.4 4,575.4 4,600.4 4,605.3 4,609.9 4,631.7 4,661.0 4,647.8
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -9.4 22.1 43.0 29.3 31.7 34.4 26.4 -15.6
Durable goods............................ -19.0 10.5 1.6 11.7 8.9 15.0 -5.5 1.4
Nondurable goods......................... -3.5 4.7 15.1 15.1 20.3 -.2 -.4 -2.8
Services................................. 8.3 9.0 25.0 4.9 4.6 21.8 29.3 -13.2
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -.1 .3 .5 .4 .4 .4 .3 -.2
Durable goods............................ -1.6 .9 .1 1.0 .7 1.2 -.4 .1
Nondurable goods......................... -.1 .2 .6 .6 .8 .0 .0 -.1
Services................................. .2 .2 .5 .1 .1 .5 .6 -.3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 IV 05 I 06 II 06 III 06 IV 06 I 07
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,841.2 8,091.4 7,910.2 8,003.8 8,055.0 8,111.2 8,195.9 8,273.6
Durable goods............................ 1,145.3 1,202.9 1,137.9 1,190.5 1,190.3 1,208.8 1,221.9 1,243.5
Nondurable goods......................... 2,276.8 2,362.0 2,309.6 2,342.8 2,351.1 2,360.1 2,394.0 2,411.2
Services................................. 4,436.6 4,550.4 4,476.7 4,494.5 4,535.4 4,566.6 4,605.2 4,646.8
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 264.1 250.2 14.9 93.6 51.2 56.2 84.7 77.7
Durable goods............................ 59.6 57.6 -38.0 52.6 -.2 18.5 13.1 21.6
Nondurable goods......................... 97.6 85.2 22.0 33.2 8.3 9.0 33.9 17.2
Services................................. 112.7 113.8 22.2 17.8 40.9 31.2 38.6 41.6
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.5 3.2 .8 4.8 2.6 2.8 4.2 3.8
Durable goods............................ 5.5 5.0 -12.3 19.8 -.1 6.4 4.4 7.3
Nondurable goods......................... 4.5 3.7 3.9 5.9 1.4 1.5 5.9 2.9
Services................................. 2.6 2.6 2.0 1.6 3.7 2.8 3.4 3.7
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 115.465 115.098 114.830 114.844 115.225 115.434 115.902 116.415
Durable goods............................ 89.145 88.659 88.677 88.383 88.038 87.934 88.017 87.916
Nondurable goods......................... 117.143 115.434 114.081 113.740 114.600 114.798 115.271 116.602
Services................................. 120.948 121.308 121.530 121.810 122.132 122.430 122.995 123.245
Addenda:
PCE excluding food and energy............ 112.369 112.565 112.757 112.808 112.948 113.200 113.571 113.627
Market-based PCE\1\...................... 114.131 113.652 113.281 113.286 113.683 113.882 114.384 114.938
Market-based PCE excluding food
and energy\1\........................... 110.062 110.233 110.389 110.435 110.547 110.794 111.190 111.205
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .3 -.3 -.2 .0 .3 .2 .4 .4
Durable goods............................ .1 -.5 .0 -.3 -.4 -.1 .1 -.1
Nondurable goods......................... .3 -1.5 -1.2 -.3 .8 .2 .4 1.2
Services................................. .3 .3 .2 .2 .3 .2 .5 .2
Addenda:
PCE excluding food and energy............ .3 .2 .2 .0 .1 .2 .3 .0
Market-based PCE\1\...................... .2 -.4 -.3 .0 .4 .2 .4 .5
Market-based PCE excluding food
and energy\1\........................... .2 .2 .1 .0 .1 .2 .4 .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 4.4 2.9 3.2 2.9 2.6 2.9 2.8 2.9
Personal consumption expenditures.......... 2.7 3.2 3.7 3.6 3.5 3.6 3.4 3.1
Durable goods............................ 3.3 7.1 9.2 7.1 6.0 4.3 5.1 4.0
Nondurable goods......................... 3.0 3.0 2.8 3.8 4.4 3.0 2.8 3.0
Services................................. 2.4 2.6 3.1 2.9 2.6 3.7 3.5 3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 3.2 1.9 1.5 1.9 2.2 1.9 2.3 2.4
Durable goods............................ -.7 -1.3 -1.3 -1.3 -1.6 -1.8 -1.5 -1.5
Nondurable goods......................... 4.0 .3 -.5 1.1 2.1 1.3 1.9 2.3
Services................................. 3.6 3.4 3.0 2.9 3.1 3.0 3.2 3.1
Addenda:
PCE excluding food and energy............ 2.4 2.4 2.3 2.1 2.1 2.2 2.4 2.1
Market-based PCE\1\...................... 3.1 1.6 1.1 1.6 2.0 1.7 2.1 2.3
Market-based PCE excluding food
and energy\1\........................... 2.1 2.1 2.0 1.9 1.9 2.0 2.3 2.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.