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James E. Rankin: (202) 606-5301 (Personal Income)BEA 05-51
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: OCTOBER 2005
Personal income increased $42.5 billion, or 0.4 percent, and disposable personal income (DPI)
increased $26.4 billion, or 0.3 percent, in October, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $15.1 billion, or 0.2 percent. In September,
personal income rebounded from the effects of Hurricane Katrina and increased $174.8 billion, or
1.7 percent, DPI increased $172.0 billion, or 1.9 percent, and PCE increased $46.8 billion, or 0.5
percent, based on revised estimates.
2005
June July Aug. Sept. Oct.
(Percent change from preceding month)
Personal income, current dollars 0.5 0.4 -1.0 1.7 0.4
Disposable personal income:
Current dollars 0.5 0.4 -1.1 1.9 0.3
Chained (2000) dollars 0.4 0.1 -1.5 1.0 0.2
Personal consumption expenditures:
Current dollars 1.0 1.4 -0.5 0.5 0.2
Chained (2000) dollars 1.0 1.1 -0.9 -0.4 0.1
This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for April through June 2005 (second quarter). These
estimates reflect newly available second-quarter wage and salary tabulations from the quarterly
census of employment and wages from the Bureau of Labor Statistics.
The October, September, and August estimates of personal income reflect the effects of
Hurricanes Wilma, Rita and Katrina. Rental income of persons and proprietors' income together
were reduced by about $10 billion (at an annual rate) in October, by about $5 billion in September,
and by about $240 billion in August to reflect the uninsured losses of residential and business
property. "Other current transfer receipts from business (net)" was boosted by about $13 billion (at
an annual rate) in October, by about $7 billion in September, and by about $120 billion in August to
reflect insurance benefits payments to persons. Excluding these effects, which are discussed more
fully below, personal income increased $42.1 billion, or 0.4 percent, in October, after increasing
$52.1 billion, or 0.5 percent, in September, and $19.8 billion, or 0.2 percent, in August. Because
other effects of the hurricanes were embedded in BEA's source data and could not be separately
identified, BEA did not attempt to quantify their impact.
For more information on how disasters are treated in the national accounts, see FAQs on
"Disasters" on BEA's Web site.
Wages and salaries
Private wage and salary disbursements increased $32.9 billion in October, compared with an
increase of $15.2 billion in September. Goods-producing industries' payrolls increased $12.6
billion, in contrast to a decrease of $1.9 billion; manufacturing payrolls increased $10.2 billion, in
contrast to a decrease of $3.0 billion. Services-producing industries' payrolls increased $20.3
billion, compared with an increase of $17.1 billion. Government wage and salary disbursements
increased $1.5 billion, compared with an increase of $4.3 billion.
Other personal income
Supplements to wages and salaries increased $7.1 billion in October, compared with an
increase of $8.5 billion in September.
Proprietors' income decreased $1.7 billion in October, in contrast to an increase of $43.9 billion
in September. Farm proprietors' income decreased $0.4 billion, in contrast to an increase of $0.5
billion. Nonfarm proprietors' income decreased $1.4 billion, in contrast to an increase of $43.3
billion. Changes in nonfarm proprietors' income reflected the impact of Hurricanes Wilma, Rita,
and Katrina, which subtracted $1.5 billion (at an annual rate) in October, subtracted $0.5 billion in
September, and subtracted $41.6 billion in August.
Rental income of persons decreased $13.8 billion in October, in contrast to an increase of
$192.6 billion in September. Changes in rental income reflected the impact of the hurricanes, which
subtracted $9.0 billion (at an annual rate) in October, subtracted $4.8 billion in September, and
subtracted $199.6 billion in August.
Personal income receipts on assets (personal interest income plus personal dividend income)
increased $8.1 billion in October, compared with an increase of $6.3 billion in September.
Personal current transfer receipts increased $12.4 billion in October, in contrast to a decrease of
$94.0 billion in September. Changes in personal current transfer receipts reflected the impact of net
insurance settlements associated with the hurricanes, which added $12.7 billion (at an annual rate) in
October, added $7.1 billion in September, and added $120.3 billion in August.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $4.1 billion in October, compared with an increase $1.9 billion in September.
Personal current taxes and disposable personal income
Personal current taxes was increased $16.0 billion in October, compared with an increase of
$2.9 billion in September. Disposable personal income (DPI) -- personal income less personal
current taxes -- increased $26.4 billion, or 0.3 percent, in October, compared with an increase of
$172.0 billion, or 1.9 percent, in September.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $17.0 billion in October, compared with an increase of $48.1 billion in September. PCE
increased $15.1 billion, compared with an increase of $46.8 billion.
Personal saving -- DPI less personal outlays -- was a negative $61.5 billion in October,
compared with a negative $70.9 billion in September. Personal saving as a percentage of disposable
personal income was a negative 0.7 percent in October, compared with a negative 0.8 percent in
September. 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 0.2 percent in October,
compared with an increase of 1.0 percent in September.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in October, in
contrast to a decrease of 0.4 percent in September. Purchases of durable goods decreased 2.5
percent, compared with a decrease of 3.0 percent. Purchases of motor vehicles and parts accounted
for most of the decreases in October and in September. Purchases of nondurable goods increased
1.0 percent in October, in contrast to a decrease of 0.7 percent in September. Purchases of services
increased 0.1 percent, compared with an increase of 0.3 percent.
Revisions
Estimates have been revised for April through September. Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
August and September -- revised and as published in last month's release -- are shown below.
For April through September, the revisions to wages and salaries reflected the incorporation of
the most recently available BLS tabulations of second-quarter private wages and salaries from the
quarterly census of employment and wages. Wages and salaries were revised down for all six
months. Revisions to personal current taxes and to contributions for government social insurance
reflected the revisions to wages and salaries.
Change from preceding month
August September
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars............-94.9 -101.1 -0.9 -1.0 173.5 174.8 1.7 1.7
Disposable personal income:
Current dollars............-95.4 -100.6 -1.1 -1.1 171.2 172.0 1.9 1.9
Chained (2000) dollars....-118.7 -123.6 -1.5 -1.5 77.9 79.1 1.0 1.0
Personal consumption expenditures:
Current dollars............-48.4 -40.1 -0.5 -0.5 44.1 46.8 0.5 0.5
Chained (2000) dollars.....-76.0 -68.6 -1.0 -0.9 -33.4 -31.0 -0.4 -0.4
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 November will be released on
December 22, 2005, at 8:30 A.M. EST.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,122.0 10,145.1 10,180.6 10,231.5 10,268.8 10,167.7 10,342.5 10,385.0
Compensation of employees, received...... 7,040.3 7,035.6 7,058.8 7,086.1 7,135.4 7,141.7 7,169.6 7,211.3
Wage and salary disbursements.......... 5,655.3 5,650.1 5,671.1 5,695.7 5,734.7 5,734.4 5,753.9 5,788.3
Private industries................... 4,691.1 4,684.2 4,703.6 4,727.4 4,763.1 4,759.8 4,775.0 4,807.9
Goods-producing industries......... 1,105.9 1,102.9 1,106.8 1,111.8 1,117.0 1,120.1 1,118.2 1,130.8
Manufacturing.................... 719.2 713.9 715.1 717.5 720.5 721.8 718.8 729.0
Services-producing industries...... 3,585.2 3,581.2 3,596.8 3,615.6 3,646.1 3,639.7 3,656.8 3,677.1
Trade, transportation, and
utilities....................... 942.0 946.4 950.9 955.9 964.2 960.2 961.1 964.9
Other services-producing
industries...................... 2,643.2 2,634.8 2,645.9 2,659.7 2,682.0 2,679.4 2,695.7 2,712.2
Government........................... 964.1 965.9 967.5 968.4 971.6 974.6 978.9 980.4
Supplements to wages and salaries...... 1,385.0 1,385.5 1,387.7 1,390.4 1,400.7 1,407.3 1,415.8 1,422.9
Employer contributions for employee
pension and insurance funds......... 961.8 963.2 964.4 965.6 973.8 980.8 988.4 993.6
Employer contributions for government
social insurance.................... 423.2 422.3 423.4 424.8 427.0 426.5 427.4 429.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 924.1 930.8 933.5 945.7 946.4 912.3 956.2 954.5
Farm................................... 25.9 23.2 19.7 15.8 19.1 17.5 18.0 17.6
Nonfarm................................ 898.2 907.5 913.8 929.9 927.3 894.9 938.2 936.8
Rental income of persons with capital
consumption adjustment.................. 114.4 109.4 104.1 99.7 97.7 -104.8 87.8 74.0
Personal income receipts on assets....... 1,413.1 1,426.8 1,439.7 1,452.8 1,459.1 1,465.3 1,471.6 1,479.7
Personal interest income............... 918.1 927.0 936.0 944.9 946.3 947.7 949.1 952.0
Personal dividend income............... 495.0 499.8 503.8 507.9 512.8 517.6 522.5 527.7
Personal current transfer receipts....... 1,494.0 1,504.9 1,509.1 1,514.8 1,502.4 1,624.8 1,530.8 1,543.2
Government social benefits to persons.. 1,464.8 1,475.7 1,479.8 1,485.5 1,473.1 1,475.1 1,494.3 1,501.0
Old-age, survivors, disability, and
health insurance benefits........... 832.1 838.8 842.2 845.6 847.3 851.2 851.9 855.7
Government unemployment insurance
benefits............................ 29.2 28.1 27.7 28.1 27.9 27.6 30.0 30.7
Other................................ 603.6 608.8 609.9 611.8 597.9 596.3 612.4 614.6
Other current transfer receipts, from
business (net)........................ 29.1 29.2 29.2 29.3 29.3 149.7 36.5 42.1
Less: Contributions for government social
insurance............................... 863.8 862.4 864.7 867.6 872.2 871.6 873.5 877.6
Less: Personal current taxes............... 1,179.8 1,196.1 1,206.0 1,216.1 1,216.2 1,215.7 1,218.6 1,234.6
Equals: Disposable personal income......... 8,942.2 8,949.0 8,974.6 9,015.4 9,052.6 8,952.0 9,124.0 9,150.4
Less: Personal outlays..................... 8,902.2 8,966.7 8,971.4 9,065.4 9,185.5 9,146.8 9,194.9 9,211.9
Personal consumption expenditures........ 8,582.6 8,646.6 8,647.2 8,737.3 8,856.5 8,816.4 8,863.2 8,878.3
Durable goods.......................... 1,030.7 1,046.4 1,008.9 1,051.2 1,129.9 1,030.5 1,000.2 975.1
Nondurable goods....................... 2,485.4 2,529.2 2,525.1 2,546.8 2,566.8 2,603.7 2,645.4 2,661.5
Services............................... 5,066.5 5,071.0 5,113.2 5,139.2 5,159.8 5,182.2 5,217.6 5,241.7
Personal interest payments\1\............ 198.4 201.8 205.3 208.8 209.7 210.5 211.4 212.7
Personal current transfer payments....... 121.3 118.3 118.8 119.3 119.3 119.8 120.3 120.8
To government.......................... 72.9 73.4 74.0 74.4 75.0 75.4 76.0 76.5
To the rest of the world (net)......... 48.3 44.9 44.9 44.9 44.4 44.4 44.4 44.4
Equals: Personal saving.................... 40.0 -17.7 3.2 -50.0 -132.9 -194.8 -70.9 -61.5
Personal saving as a percentage of
disposable personal income.............. .4 -.2 .0 -.6 -1.5 -2.2 -.8 -.7
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,105.6 8,077.9 8,097.1 8,133.0 8,143.8 8,020.2 8,099.3 8,114.5
Per capita:
Current dollars...................... 30,218 30,218 30,281 30,393 30,492 30,125 30,676 30,736
Chained (2000) dollars............... 27,391 27,277 27,320 27,418 27,431 26,990 27,231 27,257
Population (midperiod, thousands)\3\..... 295,924 296,144 296,381 296,626 296,884 297,156 297,432 297,707
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2005.
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\r\ 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 10,259.7
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 7,148.9
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 5,741.0
Private industries................... 4,207.8 4,450.0 4,380.3 4,479.2 4,612.9 4,668.1 4,705.0 4,766.0
Goods-producing industries......... 1,007.2 1,049.9 1,035.6 1,062.3 1,083.0 1,099.2 1,107.2 1,118.4
Manufacturing.................... 668.7 687.7 677.6 696.1 707.8 715.3 715.5 720.4
Services-producing industries...... 3,200.6 3,400.1 3,344.8 3,416.8 3,529.9 3,568.8 3,597.9 3,647.5
Trade, transportation, and
utilities....................... 858.6 899.7 889.5 906.3 931.1 937.8 951.1 961.8
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 2,685.7
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 1,408.0
Employer contributions for employee
pension and insurance funds......... 830.0 895.5 887.5 897.9 919.6 950.0 964.4 981.0
Employer contributions for government
social insurance.................... 380.0 402.7 398.0 404.4 413.4 421.9 423.5 426.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 810.2 889.6 898.4 889.1 900.9 917.9 936.6 938.3
Farm................................... 27.7 35.8 44.1 29.7 24.6 24.7 19.6 18.2
Nonfarm................................ 782.4 853.8 854.2 859.4 876.3 893.2 917.1 920.1
Rental income of persons with capital
consumption adjustment.................. 131.7 134.2 141.8 122.1 128.7 118.0 104.4 26.9
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 1,465.4
Personal interest income............... 917.6 905.9 905.1 904.7 907.4 915.4 936.0 947.7
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 1,552.7
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 1,480.8
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................................ 521.4 569.2 570.7 570.1 581.5 602.2 610.2 602.2
Other current transfer receipts, from
business (net)........................ 30.5 33.0 28.9 44.4 29.8 29.1 29.2 71.8
Less: Contributions for government social
insurance............................... 776.6 822.2 813.0 825.9 843.5 861.0 864.9 872.5
Less: Personal current taxes............... 999.9 1,049.1 1,034.0 1,058.4 1,094.3 1,171.4 1,206.0 1,216.8
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 9,042.8
Less: Personal outlays..................... 7,996.3 8,512.5 8,439.1 8,566.3 8,725.0 8,854.6 9,001.2 9,175.7
Personal consumption expenditures........ 7,709.9 8,214.3 8,145.6 8,263.2 8,416.1 8,535.8 8,677.0 8,845.4
Durable goods.......................... 950.1 987.8 974.6 993.8 1,008.6 1,017.3 1,035.5 1,053.5
Nondurable goods....................... 2,189.0 2,368.3 2,355.2 2,378.4 2,437.1 2,476.6 2,533.7 2,605.3
Services............................... 4,570.8 4,858.2 4,815.9 4,891.0 4,970.4 5,041.8 5,107.8 5,186.5
Personal interest payments\1\............ 183.2 186.7 182.2 190.3 196.2 198.1 205.3 210.5
Personal current transfer payments....... 103.3 111.5 111.3 112.8 112.7 120.8 118.8 119.8
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 -132.9
Personal saving as a percentage of
disposable personal income.............. 2.1 1.8 1.6 1.2 2.3 .5 -.2 -1.5
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 8,088.0
Per capita:
Current dollars...................... 28,065 29,475 29,231 29,461 30,265 30,103 30,298 30,431
Chained (2000) dollars............... 26,596 27,230 27,045 27,159 27,685 27,384 27,338 27,218
Population (midperiod, thousands)\3\..... 291,085 293,951 293,540 294,315 295,077 295,720 296,383 297,157
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2005.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 49.1 23.1 35.5 50.9 37.3 -101.1 174.8 42.5
Compensation of employees, received...... 38.7 -4.7 23.2 27.3 49.3 6.3 27.9 41.7
Wage and salary disbursements.......... 25.5 -5.2 21.0 24.6 39.0 -.3 19.5 34.4
Private industries................... 23.6 -6.9 19.4 23.8 35.7 -3.3 15.2 32.9
Goods-producing industries......... 6.8 -3.0 3.9 5.0 5.2 3.1 -1.9 12.6
Manufacturing.................... 4.0 -5.3 1.2 2.4 3.0 1.3 -3.0 10.2
Services-producing industries...... 16.8 -4.0 15.6 18.8 30.5 -6.4 17.1 20.3
Trade, transportation, and
utilities....................... 4.4 4.4 4.5 5.0 8.3 -4.0 .9 3.8
Other services-producing
industries...................... 12.4 -8.4 11.1 13.8 22.3 -2.6 16.3 16.5
Government........................... 1.7 1.8 1.6 .9 3.2 3.0 4.3 1.5
Supplements to wages and salaries...... 13.3 .5 2.2 2.7 10.3 6.6 8.5 7.1
Employer contributions for employee
pension and insurance funds......... 11.9 1.4 1.2 1.2 8.2 7.0 7.6 5.2
Employer contributions for government
social insurance.................... 1.4 -.9 1.1 1.4 2.2 -.5 .9 2.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 7.3 6.7 2.7 12.2 .7 -34.1 43.9 -1.7
Farm................................... 1.3 -2.7 -3.5 -3.9 3.3 -1.6 .5 -.4
Nonfarm................................ 6.0 9.3 6.3 16.1 -2.6 -32.4 43.3 -1.4
Rental income of persons with capital
consumption adjustment.................. -4.1 -5.0 -5.3 -4.4 -2.0 -202.5 192.6 -13.8
Personal income receipts on assets....... 5.7 13.7 12.9 13.1 6.3 6.2 6.3 8.1
Personal interest income............... 2.7 8.9 9.0 8.9 1.4 1.4 1.4 2.9
Personal dividend income............... 3.0 4.8 4.0 4.1 4.9 4.8 4.9 5.2
Personal current transfer receipts....... 4.4 10.9 4.2 5.7 -12.4 122.4 -94.0 12.4
Government social benefits to persons.. 4.4 10.9 4.1 5.7 -12.4 2.0 19.2 6.7
Old-age, survivors, disability, and
health insurance benefits........... 3.5 6.7 3.4 3.4 1.7 3.9 .7 3.8
Government unemployment insurance
benefits............................ -.2 -1.1 -.4 .4 -.2 -.3 2.4 .7
Other................................ 1.2 5.2 1.1 1.9 -13.9 -1.6 16.1 2.2
Other current transfer receipts, from
business (net)........................ .0 .1 .0 .1 .0 120.4 -113.2 5.6
Less: Contributions for government social
insurance............................... 2.9 -1.4 2.3 2.9 4.6 -.6 1.9 4.1
Less: Personal current taxes............... 8.3 16.3 9.9 10.1 .1 -.5 2.9 16.0
Equals: Disposable personal income......... 40.8 6.8 25.6 40.8 37.2 -100.6 172.0 26.4
Less: Personal outlays..................... 41.7 64.5 4.7 94.0 120.1 -38.7 48.1 17.0
Personal consumption expenditures........ 41.0 64.0 .6 90.1 119.2 -40.1 46.8 15.1
Durable goods.......................... 13.2 15.7 -37.5 42.3 78.7 -99.4 -30.3 -25.1
Nondurable goods....................... 2.1 43.8 -4.1 21.7 20.0 36.9 41.7 16.1
Services............................... 25.7 4.5 42.2 26.0 20.6 22.4 35.4 24.1
Personal interest payments\1\............ .3 3.4 3.5 3.5 .9 .8 .9 1.3
Personal current transfer payments....... .5 -3.0 .5 .5 .0 .5 .5 .5
To government.......................... .4 .5 .6 .4 .6 .4 .6 .5
To the rest of the world (net)......... .0 -3.4 .0 .0 -.5 .0 .0 .0
Equals: Personal saving.................... -.9 -57.7 20.9 -53.2 -82.9 -61.9 123.9 9.4
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 3.8 -27.7 19.2 35.9 10.8 -123.6 79.1 15.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2005.
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\r\ III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 287.2 544.2 129.5 114.9 295.6 48.6 112.3 74.0
Compensation of employees, received...... 229.9 366.5 76.9 120.6 171.6 105.9 58.5 88.7
Wage and salary disbursements.......... 130.2 278.3 63.3 103.9 140.9 67.0 42.4 68.7
Private industries................... 92.8 242.2 52.8 98.9 133.7 55.2 36.9 61.0
Goods-producing industries......... -3.5 42.7 16.9 26.7 20.7 16.2 8.0 11.2
Manufacturing.................... -6.8 19.0 8.3 18.5 11.7 7.5 .2 4.9
Services-producing industries...... 96.4 199.5 36.1 72.0 113.1 38.9 29.1 49.6
Trade, transportation, and
utilities....................... 15.5 41.1 17.7 16.8 24.8 6.7 13.3 10.7
Other services-producing
industries...................... 80.9 158.4 18.3 55.2 88.3 32.2 15.8 38.9
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 20.1
Employer contributions for employee
pension and insurance funds......... 84.9 65.5 10.5 10.4 21.7 30.4 14.4 16.6
Employer contributions for government
social insurance.................... 14.8 22.7 3.1 6.4 9.0 8.5 1.6 3.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 41.8 79.4 28.2 -9.3 11.8 17.0 18.7 1.7
Farm................................... 17.1 8.1 -.7 -14.4 -5.1 .1 -5.1 -1.4
Nonfarm................................ 24.6 71.4 28.8 5.2 16.9 16.9 23.9 3.0
Rental income of persons with capital
consumption adjustment.................. -21.2 2.5 -2.4 -19.7 6.6 -10.7 -13.6 -77.5
Personal income receipts on assets....... 5.5 57.8 13.5 14.3 115.4 -85.7 31.9 25.6
Personal interest income............... -18.5 -11.7 -1.5 -.4 2.7 8.0 20.6 11.7
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 43.1
Government social benefits to persons.. 64.6 81.0 20.2 6.3 22.4 40.2 20.7 .4
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 -8.0
Other current transfer receipts, from
business (net)........................ -6.8 2.5 -.1 15.5 -14.6 -.7 .1 42.6
Less: Contributions for government social
insurance............................... 26.6 45.6 6.7 12.9 17.6 17.5 3.9 7.6
Less: Personal current taxes............... -51.9 49.2 24.4 24.4 35.9 77.1 34.6 10.8
Equals: Disposable personal income......... 339.1 495.0 105.0 90.6 259.5 -28.4 77.7 63.1
Less: Personal outlays..................... 351.0 516.2 119.7 127.2 158.7 129.6 146.6 174.5
Personal consumption expenditures........ 359.2 504.4 113.3 117.6 152.9 119.7 141.2 168.4
Durable goods.......................... 26.2 37.7 .4 19.2 14.8 8.7 18.2 18.0
Nondurable goods....................... 109.4 179.3 52.5 23.2 58.7 39.5 57.1 71.6
Services............................... 223.6 287.4 60.5 75.1 79.4 71.4 66.0 78.7
Personal interest payments\1\............ -13.2 3.5 4.2 8.1 5.9 1.9 7.2 5.2
Personal current transfer payments....... 5.1 8.2 2.1 1.5 -.1 8.1 -2.0 1.0
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 -111.4
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 -14.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2005.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .5 .2 .4 .5 .4 -1.0 1.7 .4
Compensation of employees, received...... .6 -.1 .3 .4 .7 .1 .4 .6
Wage and salary disbursements.......... .5 -.1 .4 .4 .7 .0 .3 .6
Supplements to wages and salaries...... 1.0 .0 .2 .2 .7 .5 .6 .5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .8 .7 .3 1.3 .1 -3.6 4.8 -.2
Rental income of persons with capital
consumption adjustment.................. -3.5 -4.3 -4.8 -4.3 -2.0 ..... ..... .....
Personal income receipts on assets....... .4 1.0 .9 .9 .4 .4 .4 .6
Personal interest income............... .3 1.0 1.0 1.0 .1 .1 .1 .3
Personal dividend income............... .6 1.0 .8 .8 1.0 .9 .9 1.0
Personal current transfer receipts....... .3 .7 .3 .4 -.8 8.1 -5.8 .8
Less: Contributions for government social
insurance............................... .3 -.2 .3 .3 .5 -.1 .2 .5
Less: Personal current taxes............... .7 1.4 .8 .8 .0 .0 .2 1.3
Equals: Disposable personal income......... .5 .1 .3 .5 .4 -1.1 1.9 .3
Addenda:
Personal consumption expenditures........ .5 .7 .0 1.0 1.4 -.5 .5 .2
Durable goods.......................... 1.3 1.5 -3.6 4.2 7.5 -8.8 -2.9 -2.5
Nondurable goods....................... .1 1.8 -.2 .9 .8 1.4 1.6 .6
Services............................... .5 .1 .8 .5 .4 .4 .7 .5
Real disposable personal income.......... .0 -.3 .2 .4 .1 -1.5 1.0 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2005.
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\r\ III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.2 5.9 5.6 4.9 12.7 2.0 4.5 2.9
Compensation of employees, received...... 3.8 5.8 4.8 7.5 10.6 6.3 3.4 5.1
Wage and salary disbursements.......... 2.6 5.4 4.9 8.0 10.8 4.9 3.0 4.9
Supplements to wages and salaries...... 9.0 7.3 4.3 5.3 9.8 12.2 4.8 5.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 5.4 9.8 13.6 -4.0 5.4 7.8 8.4 .7
Rental income of persons with capital
consumption adjustment.................. -13.9 1.9 -6.7 -44.9 23.6 -29.5 -38.6 -99.6
Personal income receipts on assets....... .4 4.3 4.0 4.3 37.9 -21.0 9.4 7.3
Personal interest income............... -2.0 -1.3 -.6 -.2 1.2 3.6 9.3 5.1
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 11.9
Less: Contributions for government social
insurance............................... 3.5 5.9 3.4 6.5 8.8 8.5 1.8 3.5
Less: Personal current taxes............... -4.9 4.9 10.0 9.8 14.3 31.3 12.4 3.6
Equals: Disposable personal income......... 4.3 6.1 5.1 4.3 12.5 -1.3 3.5 2.8
Addenda:
Personal consumption expenditures........ 4.9 6.5 5.8 5.9 7.6 5.8 6.8 8.0
Durable goods.......................... 2.8 4.0 .2 8.1 6.1 3.5 7.3 7.1
Nondurable goods....................... 5.3 8.2 9.4 4.0 10.3 6.6 9.5 11.8
Services............................... 5.1 6.3 5.2 6.4 6.7 5.9 5.3 6.3
Real disposable personal income.......... 2.4 3.4 1.2 2.8 9.1 -3.4 .2 -.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2005.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Mar 05 Apr 05 May 05 Jun 05 Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,779.7 7,804.9 7,801.7 7,882.1 7,967.4 7,898.8 7,867.8 7,873.2
Durable goods............................ 1,137.8 1,156.1 1,112.1 1,163.5 1,255.8 1,148.4 1,113.9 1,086.2
Nondurable goods......................... 2,255.4 2,273.5 2,279.8 2,304.3 2,306.1 2,314.7 2,298.0 2,321.3
Services................................. 4,403.7 4,396.2 4,421.5 4,435.0 4,443.6 4,452.7 4,465.6 4,469.3
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 5.4 25.2 -3.2 80.4 85.3 -68.6 -31.0 5.4
Durable goods............................ 14.9 18.3 -44.0 51.4 92.3 -107.4 -34.5 -27.7
Nondurable goods......................... -20.9 18.1 6.3 24.5 1.8 8.6 -16.7 23.3
Services................................. 13.3 -7.5 25.3 13.5 8.6 9.1 12.9 3.7
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .1 .3 .0 1.0 1.1 -.9 -.4 .1
Durable goods............................ 1.3 1.6 -3.8 4.6 7.9 -8.5 -3.0 -2.5
Nondurable goods......................... -.9 .8 .3 1.1 .1 .4 -.7 1.0
Services................................. .3 -.2 .6 .3 .2 .2 .3 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
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 7,911.4
Durable goods............................ 1,028.5 1,089.9 1,072.5 1,100.4 1,115.1 1,122.3 1,143.9 1,172.7
Nondurable goods......................... 2,101.8 2,200.4 2,186.1 2,206.9 2,236.5 2,265.6 2,285.9 2,306.3
Services................................. 4,183.9 4,310.9 4,288.6 4,324.0 4,362.1 4,392.0 4,417.6 4,454.0
----------------------------------------------------------------------------------------
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 81.9
Durable goods............................ 63.7 61.4 .9 27.9 14.7 7.2 21.6 28.8
Nondurable goods......................... 64.7 98.6 14.2 20.8 29.6 29.1 20.3 20.4
Services................................. 83.5 127.0 19.6 35.4 38.1 29.9 25.6 36.4
----------------------------------------------------------------------------------------
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 4.2
Durable goods............................ 6.6 6.0 .4 10.8 5.5 2.6 7.9 10.5
Nondurable goods......................... 3.2 4.7 2.6 3.9 5.5 5.3 3.6 3.6
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)
-----------------------------------------------------------------------------------------------------------------------------------
Mar 05 Apr 05 May 05 Jun 05 Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 110.329 110.792 110.847 110.858 111.165 111.622 112.657 112.771
Durable goods............................ 90.584 90.512 90.715 90.354 89.978 89.740 89.797 89.781
Nondurable goods......................... 110.211 111.257 110.769 110.536 111.314 112.495 115.125 114.668
Services................................. 115.060 115.358 115.653 115.888 116.127 116.393 116.847 117.290
Addenda:
PCE excluding food and energy............ 108.812 108.901 109.146 109.203 109.245 109.394 109.607 109.757
Market-based PCE\1\...................... 109.358 109.849 109.867 109.864 110.204 110.693 111.813 111.911
Market-based PCE excluding food
and energy\1\........................... 107.282 107.331 107.569 107.617 107.648 107.774 107.931 108.069
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .4 .4 .0 .0 .3 .4 .9 .1
Durable goods............................ .0 -.1 .2 -.4 -.4 -.3 .1 .0
Nondurable goods......................... 1.0 .9 -.4 -.2 .7 1.1 2.3 -.4
Services................................. .2 .3 .3 .2 .2 .2 .4 .4
Addenda:
PCE excluding food and energy............ .2 .1 .2 .1 .0 .1 .2 .1
Market-based PCE\1\...................... .4 .4 .0 .0 .3 .4 1.0 .1
Market-based PCE excluding food
and energy\1\........................... .2 .0 .2 .0 .0 .1 .1 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 2.3 1.8 1.9 2.5 2.2 .2 1.2 .9
Personal consumption expenditures.......... 3.4 4.0 3.1 4.6 4.7 3.8 3.0 2.6
Durable goods............................ 5.0 9.2 1.8 9.1 13.1 4.9 1.6 -1.3
Nondurable goods......................... 3.1 4.5 3.8 5.4 5.0 5.2 3.4 3.8
Services................................. 3.3 2.8 3.0 3.3 3.0 3.0 3.1 2.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2005.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Mar 05 Apr 05 May 05 Jun 05 Jul 05\r\ Aug 05\r\ Sep 05\r\ Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.7 2.9 2.5 2.2 2.6 2.9 3.7 3.3
Durable goods............................ -.3 -.4 -.2 -.5 -.6 -.5 -.5 -.7
Nondurable goods......................... 3.2 4.1 2.5 2.0 3.3 4.4 6.8 5.1
Services................................. 3.0 3.0 3.0 2.9 2.9 2.9 3.1 3.2
Addenda:
PCE excluding food and energy............ 2.1 2.0 2.0 1.9 1.9 1.9 2.0 1.8
Market-based PCE\1\...................... 2.5 2.7 2.3 2.1 2.4 2.9 3.8 3.4
Market-based PCE excluding food
and energy\1\........................... 1.7 1.6 1.7 1.6 1.6 1.7 1.7 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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