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James E. Rankin: (202) 606-5301 (Personal Income)BEA 05-58
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: NOVEMBER 2005
Personal income increased $29.8 billion, or 0.3 percent, and disposable personal income
(DPI) increased $25.1 billion, or 0.3 percent, in November, according to the Bureau of Economic
Analysis. Personal consumption expenditures (PCE) increased $25.3 billion, or 0.3 percent. In
October, personal income increased $53.5 billion, or 0.5 percent, DPI increased $40.0 billion, or
0.4 percent, and PCE increased $13.4 billion, or 0.2 percent, based on revised estimates.
2005
July Aug. Sept. Oct. Nov.
(Percent change from preceding month)
Personal income, current dollars 0.4 -2.1 3.0 0.5 0.3
Disposable personal income:
Current dollars 0.5 -2.4 3.4 0.4 0.3
Chained (2000) dollars 0.2 -2.8 2.4 0.3 0.7
Personal consumption expenditures:
Current dollars 1.4 -0.4 0.4 0.2 0.3
Chained (2000) dollars 1.1 -0.9 -0.5 0.0 0.7
Wages and salaries
Private wage and salary disbursements increased $7.8 billion in November, compared with an
increase of $31.0 billion in October. Goods-producing industries' payrolls increased $1.2 billion,
compared with an increase of $12.6 billion; manufacturing payrolls decreased $0.7 billion, in
contrast to an increase of $9.5 billion. Services-producing industries' payrolls increased $6.5
billion, compared with an increase of $18.5 billion. Government wage and salary disbursements
increased $1.8 billion, compared with an increase of $0.9 billion.
Other personal income
Supplements to wages and salaries increased $4.0 billion in November, compared with an
increase of $6.2 billion in October.
Proprietors' income increased $1.0 billion in November, in contrast to a decrease of $0.4
billion in October. Farm proprietors' income decreased $1.0 billion, compared with a decrease of
$0.7 billion. Nonfarm proprietors' income increased $1.9 billion, compared with an increase of
0.4 billion.
Rental income of persons increased $6.4 billion in November, in contrast to a decrease of
$11.7 billion in October. The changes in rental income reflected the impact of Hurricane Wilma,
which subtracted $9.0 billion (at an annual rate) in October.
Personal income receipts on assets (personal interest income plus personal dividend income)
increased $13.3 billion in November, compared with an increase of $13.4 billion in October.
Personal current transfer receipts decreased $3.7 billion in November, in contrast to an
increase of $17.7 billion in October. Changes in personal current transfer receipts reflected the
impact of net insurance settlements associated with Hurricane Wilma, which added $12.7 billion
(at an annual rate) in October.
Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $0.8 billion in November, compared with an increase of $3.8 billion in October.
Personal current taxes and disposable personal income
Personal current taxes increased $4.7 billion in November, compared with an increase of
$13.4 billion in October. Disposable personal income (DPI) -- personal income less personal
current taxes -- increased $25.1 billion, or 0.3 percent, in November, compared with an increase
of $40.0 billion, or 0.4 percent, in October.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $25.9 billion in November, compared with an increase of $14.0 billion in October. PCE
increased $25.3 billion, compared with an increase of $13.4 billion.
Personal saving -- DPI less personal outlays -- was a negative $19.1 billion in November,
compared with a negative $18.3 billion in October. Personal saving as a percentage of disposable
personal income was a negative 0.2 percent in both November and October. 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.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.7 percent in November,
compared with an increase of 0.3 percent in October. In November, the larger increase in real DPI
than in current-dollar DPI reflected a decrease in the PCE implicit price deflator, which is used to
deflate DPI. The decrease in the PCE implicit price deflator was largely accounted for by large
decreases in energy prices.
Real PCE -- PCE adjusted to remove price changes -- increased 0.7 percent in November,
compared with an increase of less 0.1 percent in October. Purchases of durable goods increased
2.9 percent, in contrast to a decrease of 2.4 percent. Purchases of motor vehicles and parts
accounted for two-thirds of the increase in November and more than accounted for the decrease in
October. Purchases of nondurable goods increased 0.9 percent in November, the same increase as
in October. Purchases of services increased 0.2 percent in November, compared with an increase
of 0.1 percent in October.
Revisions
Estimates have been revised for July through October. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
September and October -- revised and as published in last month's release -- are shown below.
Revisions to August reflect revised estimates of the damage and insurance settlements from
Hurricane Katrina. For more information on these revisions, see the Hurricane Katrina FAQs on
"What are the effects of Hurricanes Katrina, Rita, and Wilma on Monthly Personal Income?" on
BEA's Web site.
Change from preceding month
September October
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars............174.8 300.9 1.7 3.0 42.5 53.5 0.4 0.5
Disposable personal income:
Current dollars............172.0 297.6 1.9 3.4 26.4 40.0 0.3 0.4
Chained (2000) dollars..... 79.1 189.8 1.0 2.4 15.2 26.2 0.2 0.3
Personal consumption expenditures:
Current dollars............ 46.8 35.7 0.5 0.4 15.1 13.4 0.2 0.2
Chained (2000) dollars.....-31.0 -42.3 -0.4 -0.5 5.4 2.9 0.1 0.0
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 December will be released on
January 30, 2006, at 8:30 A.M. EST.
Release dates in 2006
December 2005... January 30 April 2006.... May 26 August 2006........ September 29
January 2006....... March 1 May 2006..... June 30 September 2006... October 30
February 2006..... March 31 June 2006..... August 1 October 2006....... November 30
March 2006......... May 1 July 2006..... August 31 November 2006... December 22
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 05 May 05 Jun 05 Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\r\ Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,145.1 10,180.6 10,231.5 10,274.7 10,058.7 10,359.6 10,413.1 10,442.9
Compensation of employees, received...... 7,035.6 7,058.8 7,086.1 7,139.9 7,147.6 7,178.7 7,216.8 7,230.5
Wage and salary disbursements.......... 5,650.1 5,671.1 5,695.7 5,734.4 5,734.1 5,756.3 5,788.3 5,797.8
Private industries................... 4,684.2 4,703.6 4,727.4 4,762.8 4,759.5 4,777.4 4,808.4 4,816.2
Goods-producing industries......... 1,102.9 1,106.8 1,111.8 1,117.0 1,120.1 1,119.9 1,132.5 1,133.7
Manufacturing.................... 713.9 715.1 717.5 720.5 721.8 720.0 729.5 728.8
Services-producing industries...... 3,581.2 3,596.8 3,615.6 3,645.8 3,639.4 3,657.5 3,676.0 3,682.5
Trade, transportation, and
utilities....................... 946.4 950.9 955.9 964.2 960.2 961.4 965.0 965.6
Other services-producing
industries...................... 2,634.8 2,645.9 2,659.7 2,681.7 2,679.2 2,696.1 2,711.0 2,716.9
Government........................... 965.9 967.5 968.4 971.6 974.6 978.9 979.8 981.6
Supplements to wages and salaries...... 1,385.5 1,387.7 1,390.4 1,405.5 1,413.5 1,422.4 1,428.6 1,432.6
Employer contributions for employee
pension and insurance funds......... 963.2 964.4 965.6 978.5 987.0 994.8 999.1 1,003.0
Employer contributions for government
social insurance.................... 422.3 423.4 424.8 427.0 426.5 427.6 429.5 429.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 930.8 933.5 945.7 947.3 891.4 958.4 958.0 959.0
Farm................................... 23.2 19.7 15.8 19.0 17.4 17.7 17.0 16.0
Nonfarm................................ 907.5 913.8 929.9 928.2 874.1 940.7 941.1 943.0
Rental income of persons with capital
consumption adjustment.................. 109.4 104.1 99.7 96.5 -213.4 83.6 71.9 78.3
Personal income receipts on assets....... 1,426.8 1,439.7 1,452.8 1,460.9 1,468.8 1,476.9 1,490.3 1,503.6
Personal interest income............... 927.0 936.0 944.9 948.1 951.2 954.4 962.6 970.7
Personal dividend income............... 499.8 503.8 507.9 512.8 517.6 522.5 527.7 532.9
Personal current transfer receipts....... 1,504.9 1,509.1 1,514.8 1,502.4 1,635.9 1,536.0 1,553.7 1,550.0
Government social benefits to persons.. 1,475.7 1,479.8 1,485.5 1,473.1 1,478.1 1,498.5 1,511.6 1,520.6
Old-age, survivors, disability, and
health insurance benefits........... 838.8 842.2 845.6 847.3 851.2 851.9 855.7 857.1
Government unemployment insurance
benefits............................ 28.1 27.7 28.1 27.9 27.6 30.0 30.7 29.6
Other................................ 608.8 609.9 611.8 597.9 599.3 616.5 625.2 633.9
Other current transfer receipts, from
business (net)........................ 29.2 29.2 29.3 29.3 157.8 37.5 42.1 29.5
Less: Contributions for government social
insurance............................... 862.4 864.7 867.6 872.2 871.6 873.9 877.7 878.5
Less: Personal current taxes............... 1,196.1 1,206.0 1,216.1 1,215.0 1,214.6 1,218.1 1,231.5 1,236.2
Equals: Disposable personal income......... 8,949.0 8,974.6 9,015.4 9,059.6 8,844.0 9,141.6 9,181.6 9,206.7
Less: Personal outlays..................... 8,966.7 8,971.4 9,065.4 9,186.8 9,149.1 9,185.9 9,199.9 9,225.8
Personal consumption expenditures........ 8,646.6 8,647.2 8,737.3 8,858.0 8,819.1 8,854.8 8,868.2 8,893.5
Durable goods.......................... 1,046.4 1,008.9 1,051.2 1,130.0 1,031.7 990.9 966.7 993.1
Nondurable goods....................... 2,529.2 2,525.1 2,546.8 2,566.9 2,603.6 2,644.1 2,657.4 2,631.0
Services............................... 5,071.0 5,113.2 5,139.2 5,161.2 5,183.8 5,219.8 5,244.1 5,269.4
Personal interest payments\1\............ 201.8 205.3 208.8 209.5 210.1 210.7 210.8 210.9
Personal current transfer payments....... 118.3 118.8 119.3 119.4 119.8 120.4 120.9 121.4
To government.......................... 73.4 74.0 74.4 75.0 75.4 76.0 76.5 77.0
To the rest of the world (net)......... 44.9 44.9 44.9 44.4 44.4 44.4 44.4 44.4
Equals: Personal saving.................... -17.7 3.2 -50.0 -127.2 -305.0 -44.4 -18.3 -19.1
Personal saving as a percentage of
disposable personal income.............. -.2 .0 -.6 -1.4 -3.4 -.5 -.2 -.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,077.9 8,097.1 8,133.0 8,148.8 7,921.5 8,111.3 8,137.5 8,194.9
Per capita:
Current dollars...................... 30,218 30,281 30,393 30,516 29,762 30,736 30,843 30,901
Chained (2000) dollars............... 27,277 27,320 27,418 27,448 26,658 27,272 27,336 27,505
Population (midperiod, thousands)\3\..... 296,144 296,381 296,626 296,884 297,156 297,427 297,686 297,938
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 II 04 III 04 IV 04 I 05 II 05 III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,169.1 9,713.3 9,614.3 9,729.2 10,024.8 10,073.4 10,185.7 10,231.0
Compensation of employees, received...... 6,321.1 6,687.6 6,603.6 6,724.2 6,895.8 7,001.7 7,060.2 7,155.4
Wage and salary disbursements.......... 5,111.1 5,389.4 5,318.1 5,422.0 5,562.9 5,629.9 5,672.3 5,741.6
Private industries................... 4,207.8 4,450.0 4,380.3 4,479.2 4,612.9 4,668.1 4,705.0 4,766.6
Goods-producing industries......... 1,007.2 1,049.9 1,035.6 1,062.3 1,083.0 1,099.2 1,107.2 1,119.0
Manufacturing.................... 668.7 687.7 677.6 696.1 707.8 715.3 715.5 720.8
Services-producing industries...... 3,200.6 3,400.1 3,344.8 3,416.8 3,529.9 3,568.8 3,597.9 3,647.6
Trade, transportation, and
utilities....................... 858.6 899.7 889.5 906.3 931.1 937.8 951.1 961.9
Other services-producing
industries...................... 2,342.0 2,500.4 2,455.3 2,510.5 2,598.8 2,631.0 2,646.8 2,685.6
Government........................... 903.3 939.5 937.7 942.8 950.0 961.8 967.3 975.0
Supplements to wages and salaries...... 1,210.0 1,298.1 1,285.5 1,302.3 1,332.9 1,371.8 1,387.9 1,413.8
Employer contributions for employee
pension and insurance funds......... 830.0 895.5 887.5 897.9 919.6 950.0 964.4 986.8
Employer contributions for government
social insurance.................... 380.0 402.7 398.0 404.4 413.4 421.9 423.5 427.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 810.2 889.6 898.4 889.1 900.9 917.9 936.6 932.4
Farm................................... 27.7 35.8 44.1 29.7 24.6 24.7 19.6 18.0
Nonfarm................................ 782.4 853.8 854.2 859.4 876.3 893.2 917.1 914.3
Rental income of persons with capital
consumption adjustment.................. 131.7 134.2 141.8 122.1 128.7 118.0 104.4 -11.1
Personal income receipts on assets....... 1,338.7 1,396.5 1,363.9 1,378.2 1,493.6 1,407.9 1,439.8 1,468.9
Personal interest income............... 917.6 905.9 905.1 904.7 907.4 915.4 936.0 951.2
Personal dividend income............... 421.1 490.6 458.8 473.5 586.2 492.5 503.8 517.6
Personal current transfer receipts....... 1,344.0 1,427.5 1,419.8 1,441.5 1,449.2 1,488.8 1,509.6 1,558.1
Government social benefits to persons.. 1,313.5 1,394.5 1,390.8 1,397.1 1,419.5 1,459.7 1,480.4 1,483.2
Old-age, survivors, disability, and
health insurance benefits........... 739.3 789.3 784.9 793.7 805.5 828.0 842.2 850.1
Government unemployment insurance
benefits............................ 52.8 36.0 35.3 33.3 32.4 29.4 28.0 28.5
Other................................ 521.4 569.2 570.7 570.1 581.5 602.2 610.2 604.6
Other current transfer receipts, from
business (net)........................ 30.5 33.0 28.9 44.4 29.8 29.1 29.2 74.8
Less: Contributions for government social
insurance............................... 776.6 822.2 813.0 825.9 843.5 861.0 864.9 872.6
Less: Personal current taxes............... 999.9 1,049.1 1,034.0 1,058.4 1,094.3 1,171.4 1,206.0 1,215.9
Equals: Disposable personal income......... 8,169.2 8,664.2 8,580.3 8,670.9 8,930.4 8,902.0 8,979.7 9,015.1
Less: Personal outlays..................... 7,996.3 8,512.5 8,439.1 8,566.3 8,725.0 8,854.6 9,001.2 9,173.9
Personal consumption expenditures........ 7,709.9 8,214.3 8,145.6 8,263.2 8,416.1 8,535.8 8,677.0 8,844.0
Durable goods.......................... 950.1 987.8 974.6 993.8 1,008.6 1,017.3 1,035.5 1,050.9
Nondurable goods....................... 2,189.0 2,368.3 2,355.2 2,378.4 2,437.1 2,476.6 2,533.7 2,604.9
Services............................... 4,570.8 4,858.2 4,815.9 4,891.0 4,970.4 5,041.8 5,107.8 5,188.3
Personal interest payments\1\............ 183.2 186.7 182.2 190.3 196.2 198.1 205.3 210.1
Personal current transfer payments....... 103.3 111.5 111.3 112.8 112.7 120.8 118.8 119.9
To government.......................... 62.1 68.6 67.8 69.4 71.0 72.5 73.9 75.4
To the rest of the world (net)......... 41.2 42.9 43.5 43.4 41.7 48.3 44.9 44.4
Equals: Personal saving.................... 172.8 151.8 141.2 104.6 205.4 47.4 -21.5 -158.9
Personal saving as a percentage of
disposable personal income.............. 2.1 1.8 1.6 1.2 2.3 .5 -.2 -1.8
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,741.8 8,004.3 7,938.8 7,993.3 8,169.2 8,098.1 8,102.6 8,060.8
Per capita:
Current dollars...................... 28,065 29,475 29,231 29,461 30,265 30,103 30,298 30,338
Chained (2000) dollars............... 26,596 27,230 27,045 27,159 27,685 27,384 27,338 27,127
Population (midperiod, thousands)\3\..... 291,085 293,951 293,540 294,315 295,077 295,720 296,383 297,155
-----------------------------------------------------------------------------------------------------------------------------------
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 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 05 May 05 Jun 05 Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\r\ Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 23.1 35.5 50.9 43.2 -216.0 300.9 53.5 29.8
Compensation of employees, received...... -4.7 23.2 27.3 53.8 7.7 31.1 38.1 13.7
Wage and salary disbursements.......... -5.2 21.0 24.6 38.7 -.3 22.2 32.0 9.5
Private industries................... -6.9 19.4 23.8 35.4 -3.3 17.9 31.0 7.8
Goods-producing industries......... -3.0 3.9 5.0 5.2 3.1 -.2 12.6 1.2
Manufacturing.................... -5.3 1.2 2.4 3.0 1.3 -1.8 9.5 -.7
Services-producing industries...... -4.0 15.6 18.8 30.2 -6.4 18.1 18.5 6.5
Trade, transportation, and
utilities....................... 4.4 4.5 5.0 8.3 -4.0 1.2 3.6 .6
Other services-producing
industries...................... -8.4 11.1 13.8 22.0 -2.5 16.9 14.9 5.9
Government........................... 1.8 1.6 .9 3.2 3.0 4.3 .9 1.8
Supplements to wages and salaries...... .5 2.2 2.7 15.1 8.0 8.9 6.2 4.0
Employer contributions for employee
pension and insurance funds......... 1.4 1.2 1.2 12.9 8.5 7.8 4.3 3.9
Employer contributions for government
social insurance.................... -.9 1.1 1.4 2.2 -.5 1.1 1.9 .1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.7 2.7 12.2 1.6 -55.9 67.0 -.4 1.0
Farm................................... -2.7 -3.5 -3.9 3.2 -1.6 .3 -.7 -1.0
Nonfarm................................ 9.3 6.3 16.1 -1.7 -54.1 66.6 .4 1.9
Rental income of persons with capital
consumption adjustment.................. -5.0 -5.3 -4.4 -3.2 -309.9 297.0 -11.7 6.4
Personal income receipts on assets....... 13.7 12.9 13.1 8.1 7.9 8.1 13.4 13.3
Personal interest income............... 8.9 9.0 8.9 3.2 3.1 3.2 8.2 8.1
Personal dividend income............... 4.8 4.0 4.1 4.9 4.8 4.9 5.2 5.2
Personal current transfer receipts....... 10.9 4.2 5.7 -12.4 133.5 -99.9 17.7 -3.7
Government social benefits to persons.. 10.9 4.1 5.7 -12.4 5.0 20.4 13.1 9.0
Old-age, survivors, disability, and
health insurance benefits........... 6.7 3.4 3.4 1.7 3.9 .7 3.8 1.4
Government unemployment insurance
benefits............................ -1.1 -.4 .4 -.2 -.3 2.4 .7 -1.1
Other................................ 5.2 1.1 1.9 -13.9 1.4 17.2 8.7 8.7
Other current transfer receipts, from
business (net)........................ .1 .0 .1 .0 128.5 -120.3 4.6 -12.6
Less: Contributions for government social
insurance............................... -1.4 2.3 2.9 4.6 -.6 2.3 3.8 .8
Less: Personal current taxes............... 16.3 9.9 10.1 -1.1 -.4 3.5 13.4 4.7
Equals: Disposable personal income......... 6.8 25.6 40.8 44.2 -215.6 297.6 40.0 25.1
Less: Personal outlays..................... 64.5 4.7 94.0 121.4 -37.7 36.8 14.0 25.9
Personal consumption expenditures........ 64.0 .6 90.1 120.7 -38.9 35.7 13.4 25.3
Durable goods.......................... 15.7 -37.5 42.3 78.8 -98.3 -40.8 -24.2 26.4
Nondurable goods....................... 43.8 -4.1 21.7 20.1 36.7 40.5 13.3 -26.4
Services............................... 4.5 42.2 26.0 22.0 22.6 36.0 24.3 25.3
Personal interest payments\1\............ 3.4 3.5 3.5 .7 .6 .6 .1 .1
Personal current transfer payments....... -3.0 .5 .5 .1 .4 .6 .5 .5
To government.......................... .5 .6 .4 .6 .4 .6 .5 .5
To the rest of the world (net)......... -3.4 .0 .0 -.5 .0 .0 .0 .0
Equals: Personal saving.................... -57.7 20.9 -53.2 -77.2 -177.8 260.6 26.1 -.8
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -27.7 19.2 35.9 15.8 -227.3 189.8 26.2 57.4
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 II 04 III 04 IV 04 I 05 II 05 III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 287.2 544.2 129.5 114.9 295.6 48.6 112.3 45.3
Compensation of employees, received...... 229.9 366.5 76.9 120.6 171.6 105.9 58.5 95.2
Wage and salary disbursements.......... 130.2 278.3 63.3 103.9 140.9 67.0 42.4 69.3
Private industries................... 92.8 242.2 52.8 98.9 133.7 55.2 36.9 61.6
Goods-producing industries......... -3.5 42.7 16.9 26.7 20.7 16.2 8.0 11.8
Manufacturing.................... -6.8 19.0 8.3 18.5 11.7 7.5 .2 5.3
Services-producing industries...... 96.4 199.5 36.1 72.0 113.1 38.9 29.1 49.7
Trade, transportation, and
utilities....................... 15.5 41.1 17.7 16.8 24.8 6.7 13.3 10.8
Other services-producing
industries...................... 80.9 158.4 18.3 55.2 88.3 32.2 15.8 38.8
Government........................... 37.4 36.2 10.4 5.1 7.2 11.8 5.5 7.7
Supplements to wages and salaries...... 99.7 88.1 13.6 16.8 30.6 38.9 16.1 25.9
Employer contributions for employee
pension and insurance funds......... 84.9 65.5 10.5 10.4 21.7 30.4 14.4 22.4
Employer contributions for government
social insurance.................... 14.8 22.7 3.1 6.4 9.0 8.5 1.6 3.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 41.8 79.4 28.2 -9.3 11.8 17.0 18.7 -4.2
Farm................................... 17.1 8.1 -.7 -14.4 -5.1 .1 -5.1 -1.6
Nonfarm................................ 24.6 71.4 28.8 5.2 16.9 16.9 23.9 -2.8
Rental income of persons with capital
consumption adjustment.................. -21.2 2.5 -2.4 -19.7 6.6 -10.7 -13.6 -115.5
Personal income receipts on assets....... 5.5 57.8 13.5 14.3 115.4 -85.7 31.9 29.1
Personal interest income............... -18.5 -11.7 -1.5 -.4 2.7 8.0 20.6 15.2
Personal dividend income............... 23.9 69.5 14.9 14.7 112.7 -93.7 11.3 13.8
Personal current transfer receipts....... 57.8 83.5 20.2 21.7 7.7 39.6 20.8 48.5
Government social benefits to persons.. 64.6 81.0 20.2 6.3 22.4 40.2 20.7 2.8
Old-age, survivors, disability, and
health insurance benefits........... 31.8 50.0 12.0 8.8 11.8 22.5 14.2 7.9
Government unemployment insurance
benefits............................ -.4 -16.8 -7.8 -2.0 -.9 -3.0 -1.4 .5
Other................................ 33.2 47.8 16.1 -.6 11.4 20.7 8.0 -5.6
Other current transfer receipts, from
business (net)........................ -6.8 2.5 -.1 15.5 -14.6 -.7 .1 45.6
Less: Contributions for government social
insurance............................... 26.6 45.6 6.7 12.9 17.6 17.5 3.9 7.7
Less: Personal current taxes............... -51.9 49.2 24.4 24.4 35.9 77.1 34.6 9.9
Equals: Disposable personal income......... 339.1 495.0 105.0 90.6 259.5 -28.4 77.7 35.4
Less: Personal outlays..................... 351.0 516.2 119.7 127.2 158.7 129.6 146.6 172.7
Personal consumption expenditures........ 359.2 504.4 113.3 117.6 152.9 119.7 141.2 167.0
Durable goods.......................... 26.2 37.7 .4 19.2 14.8 8.7 18.2 15.4
Nondurable goods....................... 109.4 179.3 52.5 23.2 58.7 39.5 57.1 71.2
Services............................... 223.6 287.4 60.5 75.1 79.4 71.4 66.0 80.5
Personal interest payments\1\............ -13.2 3.5 4.2 8.1 5.9 1.9 7.2 4.8
Personal current transfer payments....... 5.1 8.2 2.1 1.5 -.1 8.1 -2.0 1.1
To government.......................... 3.9 6.5 1.7 1.6 1.6 1.5 1.4 1.5
To the rest of the world (net)......... 1.2 1.7 .5 -.1 -1.7 6.6 -3.4 -.5
Equals: Personal saving.................... -11.9 -21.0 -14.6 -36.6 100.8 -158.0 -68.9 -137.4
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 179.6 262.5 23.7 54.5 175.9 -71.1 4.5 -41.8
-----------------------------------------------------------------------------------------------------------------------------------
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 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 05 May 05 Jun 05 Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\r\ Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .2 .4 .5 .4 -2.1 3.0 .5 .3
Compensation of employees, received...... -.1 .3 .4 .8 .1 .4 .5 .2
Wage and salary disbursements.......... -.1 .4 .4 .7 .0 .4 .6 .2
Supplements to wages and salaries...... .0 .2 .2 1.1 .6 .6 .4 .3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .7 .3 1.3 .2 -5.9 7.5 .0 .1
Rental income of persons with capital
consumption adjustment.................. -4.3 -4.8 -4.3 -3.2 ..... ..... -13.9 8.8
Personal income receipts on assets....... 1.0 .9 .9 .6 .5 .5 .9 .9
Personal interest income............... 1.0 1.0 1.0 .3 .3 .3 .9 .8
Personal dividend income............... 1.0 .8 .8 1.0 .9 .9 1.0 1.0
Personal current transfer receipts....... .7 .3 .4 -.8 8.9 -6.1 1.2 -.2
Less: Contributions for government social
insurance............................... -.2 .3 .3 .5 -.1 .3 .4 .1
Less: Personal current taxes............... 1.4 .8 .8 -.1 .0 .3 1.1 .4
Equals: Disposable personal income......... .1 .3 .5 .5 -2.4 3.4 .4 .3
Addenda:
Personal consumption expenditures........ .7 .0 1.0 1.4 -.4 .4 .2 .3
Durable goods.......................... 1.5 -3.6 4.2 7.5 -8.7 -4.0 -2.4 2.7
Nondurable goods....................... 1.8 -.2 .9 .8 1.4 1.6 .5 -1.0
Services............................... .1 .8 .5 .4 .4 .7 .5 .5
Real disposable personal income.......... -.3 .2 .4 .2 -2.8 2.4 .3 .7
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 II 04 III 04 IV 04 I 05 II 05 III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.2 5.9 5.6 4.9 12.7 2.0 4.5 1.8
Compensation of employees, received...... 3.8 5.8 4.8 7.5 10.6 6.3 3.4 5.5
Wage and salary disbursements.......... 2.6 5.4 4.9 8.0 10.8 4.9 3.0 5.0
Supplements to wages and salaries...... 9.0 7.3 4.3 5.3 9.8 12.2 4.8 7.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 5.4 9.8 13.6 -4.0 5.4 7.8 8.4 -1.8
Rental income of persons with capital
consumption adjustment.................. -13.9 1.9 -6.7 -44.9 23.6 -29.5 -38.6 .....
Personal income receipts on assets....... .4 4.3 4.0 4.3 37.9 -21.0 9.4 8.3
Personal interest income............... -2.0 -1.3 -.6 -.2 1.2 3.6 9.3 6.7
Personal dividend income............... 6.0 16.5 14.1 13.5 134.9 -50.2 9.5 11.4
Personal current transfer receipts....... 4.5 6.2 5.9 6.3 2.2 11.4 5.7 13.5
Less: Contributions for government social
insurance............................... 3.5 5.9 3.4 6.5 8.8 8.5 1.8 3.6
Less: Personal current taxes............... -4.9 4.9 10.0 9.8 14.3 31.3 12.4 3.3
Equals: Disposable personal income......... 4.3 6.1 5.1 4.3 12.5 -1.3 3.5 1.6
Addenda:
Personal consumption expenditures........ 4.9 6.5 5.8 5.9 7.6 5.8 6.8 7.9
Durable goods.......................... 2.8 4.0 .2 8.1 6.1 3.5 7.3 6.1
Nondurable goods....................... 5.3 8.2 9.4 4.0 10.3 6.6 9.5 11.7
Services............................... 5.1 6.3 5.2 6.4 6.7 5.9 5.3 6.5
Real disposable personal income.......... 2.4 3.4 1.2 2.8 9.1 -3.4 .2 -2.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Apr 05 May 05 Jun 05 Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\r\ Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,804.9 7,801.7 7,882.1 7,967.5 7,899.2 7,856.9 7,859.8 7,916.2
Durable goods............................ 1,156.1 1,112.1 1,163.5 1,255.9 1,149.8 1,103.6 1,077.0 1,108.2
Nondurable goods......................... 2,273.5 2,279.8 2,304.3 2,306.1 2,314.5 2,296.7 2,317.5 2,338.2
Services................................. 4,396.2 4,421.5 4,435.0 4,443.7 4,452.2 4,464.5 4,467.2 4,477.4
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 25.2 -3.2 80.4 85.4 -68.3 -42.3 2.9 56.4
Durable goods............................ 18.3 -44.0 51.4 92.4 -106.1 -46.2 -26.6 31.2
Nondurable goods......................... 18.1 6.3 24.5 1.8 8.4 -17.8 20.8 20.7
Services................................. -7.5 25.3 13.5 8.7 8.5 12.3 2.7 10.2
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .3 .0 1.0 1.1 -.9 -.5 .0 .7
Durable goods............................ 1.6 -3.8 4.6 7.9 -8.5 -4.0 -2.4 2.9
Nondurable goods......................... .8 .3 1.1 .1 .4 -.8 .9 .9
Services................................. -.2 .6 .3 .2 .2 .3 .1 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 II 04 III 04 IV 04 I 05 II 05 III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,306.6 7,588.6 7,536.6 7,617.5 7,698.8 7,764.9 7,829.5 7,907.9
Durable goods............................ 1,028.5 1,089.9 1,072.5 1,100.4 1,115.1 1,122.3 1,143.9 1,169.7
Nondurable goods......................... 2,101.8 2,200.4 2,186.1 2,206.9 2,236.5 2,265.6 2,285.9 2,305.8
Services................................. 4,183.9 4,310.9 4,288.6 4,324.0 4,362.1 4,392.0 4,417.6 4,453.5
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 207.3 282.0 35.2 80.9 81.3 66.1 64.6 78.4
Durable goods............................ 63.7 61.4 .9 27.9 14.7 7.2 21.6 25.8
Nondurable goods......................... 64.7 98.6 14.2 20.8 29.6 29.1 20.3 19.9
Services................................. 83.5 127.0 19.6 35.4 38.1 29.9 25.6 35.9
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 2.9 3.9 1.9 4.4 4.3 3.5 3.4 4.1
Durable goods............................ 6.6 6.0 .4 10.8 5.5 2.6 7.9 9.3
Nondurable goods......................... 3.2 4.7 2.6 3.9 5.5 5.3 3.6 3.5
Services................................. 2.0 3.0 1.8 3.4 3.6 2.8 2.3 3.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Apr 05 May 05 Jun 05 Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\r\ Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 110.792 110.847 110.858 111.181 111.651 112.707 112.835 112.351
Durable goods............................ 90.512 90.715 90.354 89.979 89.742 89.795 89.771 89.621
Nondurable goods......................... 111.257 110.769 110.536 111.318 112.499 115.138 114.677 112.531
Services................................. 115.358 115.653 115.888 116.154 116.442 116.929 117.399 117.698
Addenda:
PCE excluding food and energy............ 108.901 109.146 109.203 109.264 109.428 109.658 109.819 109.964
Market-based PCE\1\...................... 109.849 109.867 109.864 110.213 110.704 111.834 111.939 111.377
Market-based PCE excluding food
and energy\1\........................... 107.331 107.569 107.617 107.657 107.787 107.946 108.086 108.260
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .4 .0 .0 .3 .4 .9 .1 -.4
Durable goods............................ -.1 .2 -.4 -.4 -.3 .1 .0 -.2
Nondurable goods......................... .9 -.4 -.2 .7 1.1 2.3 -.4 -1.9
Services................................. .3 .3 .2 .2 .2 .4 .4 .3
Addenda:
PCE excluding food and energy............ .1 .2 .1 .1 .2 .2 .1 .1
Market-based PCE\1\...................... .4 .0 .0 .3 .4 1.0 .1 -.5
Market-based PCE excluding food
and energy\1\........................... .0 .2 .0 .0 .1 .1 .1 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Apr 05 May 05 Jun 05 Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\r\ Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.8 1.9 2.5 2.2 -1.0 1.4 1.2 1.5
Personal consumption expenditures.......... 4.0 3.1 4.6 4.7 3.8 2.9 2.5 3.0
Durable goods............................ 9.2 1.8 9.1 13.1 5.0 .7 -2.1 .1
Nondurable goods......................... 4.5 3.8 5.4 5.0 5.2 3.3 3.6 4.8
Services................................. 2.8 3.0 3.3 3.0 3.0 3.0 2.8 2.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Apr 05 May 05 Jun 05 Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\r\ Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.9 2.5 2.2 2.6 2.9 3.8 3.4 2.7
Durable goods............................ -.4 -.2 -.5 -.6 -.5 -.5 -.7 -.9
Nondurable goods......................... 4.1 2.5 2.0 3.3 4.4 6.8 5.1 3.1
Services................................. 3.0 3.0 2.9 2.9 2.9 3.2 3.3 3.2
Addenda:
PCE excluding food and energy............ 2.0 2.0 1.9 1.9 2.0 2.0 1.9 1.8
Market-based PCE\1\...................... 2.7 2.3 2.1 2.4 2.9 3.8 3.4 2.7
Market-based PCE excluding food
and energy\1\........................... 1.6 1.7 1.6 1.6 1.7 1.7 1.6 1.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
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