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James E. Rankin: (202) 606-5301 (Personal Income)BEA 05-48
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2005
Personal income increased $173.5 billion, or 1.7 percent, and disposable personal income (DPI)
increased $171.2 billion, or 1.9 percent, in September, according to the Bureau of Economic
Analysis. Personal consumption expenditures (PCE) increased $44.1 billion, or 0.5 percent. In
August, personal income decreased $94.9 billion, or 0.9 percent, DPI decreased $95.4 billion, or 1.1
percent, and PCE decreased $48.4 billion, or 0.5 percent, based on revised estimates.
2005
May June July Aug. Sept.
(Percent change from preceding month)
Personal income, current dollars 0.2 0.4 0.4 -0.9 1.7
Disposable personal income:
Current dollars 0.2 0.4 0.4 -1.1 1.9
Chained (2000) dollars 0.1 0.4 0.1 -1.5 1.0
Personal consumption expenditures:
Current dollars 0.0 1.0 1.4 -0.5 0.5
Chained (2000) dollars 0.0 1.0 1.1 -1.0 -0.4
The September and August estimates of personal income reflect the effects of Hurricanes
Rita and Katrina, which hit the Gulf Coast of the United States. Rental income of persons and
proprietors' income together were reduced by about $5 billion (at an annual rate) in September
and about $240 billion (at an annual rate) in August to reflect the uninsured losses of
residential and business property. "Other current transfer receipts from business (net)" was
boosted by about $7 billion (at an annual rate) in September and about $120 billion (at an
annual rate) in August to reflect insurance benefits paid to persons. Excluding these effects,
which are discussed more fully below, personal income increased $50.8 billion, or 0.5 percent
in September, after increasing $26.0 billion, or 0.3 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 $11.6 billion in September, compared with an
increase of $2.8 billion in August. Goods-producing industries' payrolls decreased $0.8 billion, in
contrast to an increase of $2.9 billion; manufacturing payrolls decreased $3.9 billion, in contrast to
an increase of $1.1 billion. Services-producing industries' payrolls increased $12.5 billion, in
contrast to a decrease of $0.2 billion. Government wage and salary disbursements increased $5.1
billion, compared with an increase of $2.8 billion.
Other personal income
Supplements to wages and salaries increased $8.3 billion in September, compared with an
increase of $7.0 billion in August.
Proprietors' income increased $44.8 billion in September, following a decrease of $34.1 billion
in August. Farm proprietors' income increased $0.9 billion, in contrast to a decrease of $1.7 billion.
Nonfarm proprietors' income increased $43.9 billion, following a decrease of $32.4 billion. Nonfarm
proprietors' income was reduced $0.5 billion (at an annual rate) in September and $41.6 billion (at
an annual rate) in August to reflect uninsured losses of business property from the impact of the
hurricanes. (Proprietors' income is reported net of such losses.)
Rental income of persons increased $192.9 billion in September, following a decrease of
$202.2 billion in August. Rental income was reduced $4.8 billion in September (at an annual rate)
and $199.6 billion in August (at an annual rate) to reflect uninsured losses of residential property
from the impacts of the hurricanes.
Personal income receipts on assets (personal interest income plus personal dividend income)
increased $6.3 billion in September, compared with an increase of $6.2 billion in August.
Personal current transfer receipts decreased $94.0 billion in September, in contrast to an
increase of $122.7 billion in August. Personal current transfer receipts was boosted $7.1 billion (at
an annual rate) in September and $120.3 billion (at an annual rate) in August to reflect increases in
insurance benefits paid to persons for damage to insured property from the impact of the hurricanes.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $1.4 billion in September, compared with an increase of $0.2 billion in August.
Personal current taxes and disposable personal income
Personal current taxes increased $2.4 billion in September, compared an increase of $0.4 billion
in August. Disposable personal income (DPI) -- personal income less personal current taxes --
increased $171.2 billion, or 1.9 percent, in September, in contrast to a decrease of $95.4 billion, or
1.1 percent, in August.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $45.2 billion in September, in contrast to a decrease of $47.3 billion in August. PCE
increased $44.1 billion, in contrast to a decrease of $48.4 billion.
Personal saving -- DPI less personal outlays -- was a negative $32.0 billion in September,
compared with a negative $158.0 billion in August. Personal saving as a percentage of disposable
personal income was a negative 0.4 percent in September, compared with a negative 1.8 percent in
August. 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 1.0 percent in September, in
contrast to a decrease of 1.5 percent in August.
Real PCE - PCE adjusted to remove price changes -- decreased 0.4 percent in September,
compared with a decrease of 1.0 percent in August. The decrease in real PCE in September, in
contrast to the increase in current-dollar PCE, reflects an increase in the PCE implicit price deflator.
Purchases of durable goods decreased 2.4 percent, compared with a decrease of 8.6 percent.
Purchases of motor vehicles and parts accounted for most of the decreases in September and August.
Purchases of nondurable goods decreased 1.0 percent in September, in contrast to an increase of 0.1
percent in August. Purchases of services increased 0.3 percent, compared with an increase of 0.2
percent.
Revisions
Estimates have been revised for July and August. Changes in personal income, current-dollar
and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for July and
August -- revised and as published in last month's release -- are shown below.
Change from preceding month
July August
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars........... 34.9 39.6 0.3 0.4 -5.3 -94.9 -0.1 -0.9
Disposable personal income:
Current dollars........... 34.1 39.0 0.4 0.4 -7.4 -95.4 -0.1 -1.1
Chained (2000) dollars.... 6.3 10.4 0.1 0.1 -43.6 -118.7 -0.5 -1.5
Personal consumption expenditures:
Current dollars........... 106.5 120.3 1.2 1.4 -47.2 -48.4 -0.5 -0.5
Chained (2000) dollars.... 72.3 84.4 0.9 1.1 -78.4 -76.0 -1.0 -1.0
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 October will be released on
December 1, 2005, at 8:30 A.M. EST.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,072.9 10,122.0 10,190.6 10,214.1 10,258.8 10,298.4 10,203.5 10,377.0
Compensation of employees, received...... 7,001.6 7,040.3 7,087.8 7,097.3 7,117.5 7,170.3 7,182.9 7,207.9
Wage and salary disbursements.......... 5,629.8 5,655.3 5,698.8 5,706.9 5,725.0 5,767.2 5,772.8 5,789.5
Private industries................... 4,667.5 4,691.1 4,732.8 4,739.4 4,756.6 4,795.6 4,798.4 4,810.0
Goods-producing industries......... 1,099.1 1,105.9 1,113.5 1,117.3 1,119.4 1,125.1 1,128.0 1,127.2
Manufacturing.................... 715.2 719.2 722.4 725.4 725.2 728.3 729.4 725.5
Services-producing industries...... 3,568.4 3,585.2 3,619.3 3,622.1 3,637.3 3,670.5 3,670.3 3,682.8
Trade, transportation, and
utilities....................... 937.6 942.0 949.8 947.9 949.6 957.8 957.3 955.1
Other services-producing
industries...................... 2,630.8 2,643.2 2,669.6 2,674.3 2,687.7 2,712.7 2,713.1 2,727.6
Government........................... 962.4 964.1 965.9 967.5 968.4 971.6 974.4 979.5
Supplements to wages and salaries...... 1,371.7 1,385.0 1,389.0 1,390.4 1,392.5 1,403.1 1,410.1 1,418.4
Employer contributions for employee
pension and insurance funds......... 949.9 961.8 963.2 964.4 965.6 973.8 980.9 988.5
Employer contributions for government
social insurance.................... 421.8 423.2 425.8 426.0 426.9 429.3 429.3 429.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 916.8 924.1 930.8 933.5 945.7 945.3 911.2 956.0
Farm................................... 24.6 25.9 23.2 19.7 15.8 18.9 17.2 18.1
Nonfarm................................ 892.2 898.2 907.5 913.8 929.9 926.4 894.0 937.9
Rental income of persons with capital
consumption adjustment.................. 118.5 114.4 109.4 104.1 99.7 98.0 -104.2 88.7
Personal income receipts on assets....... 1,407.4 1,413.1 1,426.8 1,439.7 1,452.8 1,459.1 1,465.3 1,471.6
Personal interest income............... 915.4 918.1 927.0 936.0 944.9 946.3 947.7 949.1
Personal dividend income............... 492.0 495.0 499.8 503.8 507.9 512.8 517.6 522.5
Personal current transfer receipts....... 1,489.6 1,494.0 1,504.9 1,509.1 1,514.8 1,502.4 1,625.1 1,531.1
Government social benefits to persons.. 1,460.4 1,464.8 1,475.7 1,479.8 1,485.5 1,473.0 1,475.4 1,494.6
Old-age, survivors, disability, and
health insurance benefits........... 828.6 832.1 838.8 842.2 845.6 847.3 851.2 851.9
Government unemployment insurance
benefits............................ 29.4 29.2 28.1 27.7 28.1 27.9 27.6 30.0
Other................................ 602.4 603.6 608.8 609.9 611.8 597.8 596.6 612.7
Other current transfer receipts, from
business (net)........................ 29.1 29.1 29.2 29.2 29.3 29.3 149.7 36.5
Less: Contributions for government social
insurance............................... 860.9 863.8 869.1 869.6 871.6 876.7 876.9 878.3
Less: Personal current taxes............... 1,171.5 1,179.8 1,204.5 1,212.2 1,221.1 1,221.7 1,222.1 1,224.5
Equals: Disposable personal income......... 8,901.4 8,942.2 8,986.1 9,002.0 9,037.7 9,076.7 8,981.3 9,152.5
Less: Personal outlays..................... 8,860.5 8,902.2 8,966.7 8,971.4 9,065.4 9,186.7 9,139.4 9,184.6
Personal consumption expenditures........ 8,541.6 8,582.6 8,646.6 8,647.2 8,737.3 8,857.6 8,809.2 8,853.3
Durable goods.......................... 1,017.5 1,030.7 1,046.4 1,008.9 1,051.2 1,128.5 1,029.0 1,004.9
Nondurable goods....................... 2,483.3 2,485.4 2,529.2 2,525.1 2,546.8 2,567.2 2,597.7 2,632.3
Services............................... 5,040.8 5,066.5 5,071.0 5,113.2 5,139.2 5,161.9 5,182.5 5,216.1
Personal interest payments\1\............ 198.1 198.4 201.8 205.3 208.8 209.4 210.0 210.6
Personal current transfer payments....... 120.8 121.3 118.3 118.8 119.3 119.7 120.2 120.7
To government.......................... 72.5 72.9 73.4 74.0 74.4 75.0 75.4 76.0
To the rest of the world (net)......... 48.3 48.3 44.9 44.9 44.9 44.8 44.8 44.8
Equals: Personal saving.................... 40.9 40.0 19.4 30.6 -27.7 -110.1 -158.0 -32.0
Personal saving as a percentage of
disposable personal income.............. .5 .4 .2 .3 -.3 -1.2 -1.8 -.4
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,101.8 8,105.6 8,111.4 8,121.7 8,153.1 8,163.5 8,044.8 8,122.7
Per capita:
Current dollars...................... 30,101 30,218 30,344 30,373 30,468 30,573 30,224 30,772
Chained (2000) dollars............... 27,397 27,391 27,390 27,403 27,486 27,497 27,072 27,310
Population (midperiod, thousands)\3\..... 295,720 295,924 296,144 296,381 296,626 296,884 297,156 297,432
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,169.1 9,713.3 9,614.3 9,729.2 10,024.8 10,073.4 10,221.2 10,293.0
Compensation of employees, received...... 6,321.1 6,687.6 6,603.6 6,724.2 6,895.8 7,001.7 7,100.9 7,187.0
Wage and salary disbursements.......... 5,111.1 5,389.4 5,318.1 5,422.0 5,562.9 5,629.9 5,710.2 5,776.5
Private industries................... 4,207.8 4,450.0 4,380.3 4,479.2 4,612.9 4,668.1 4,743.0 4,801.3
Goods-producing industries......... 1,007.2 1,049.9 1,035.6 1,062.3 1,083.0 1,099.2 1,116.7 1,126.8
Manufacturing.................... 668.7 687.7 677.6 696.1 707.8 715.3 724.4 727.8
Services-producing industries...... 3,200.6 3,400.1 3,344.8 3,416.8 3,529.9 3,568.8 3,626.3 3,674.5
Trade, transportation, and
utilities....................... 858.6 899.7 889.5 906.3 931.1 937.8 949.1 956.7
Other services-producing
industries...................... 2,342.0 2,500.4 2,455.3 2,510.5 2,598.8 2,631.0 2,677.2 2,717.8
Government........................... 903.3 939.5 937.7 942.8 950.0 961.8 967.3 975.2
Supplements to wages and salaries...... 1,210.0 1,298.1 1,285.5 1,302.3 1,332.9 1,371.8 1,390.6 1,410.5
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.................... 380.0 402.7 398.0 404.4 413.4 421.9 426.2 429.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 810.2 889.6 898.4 889.1 900.9 917.9 936.6 937.5
Farm................................... 27.7 35.8 44.1 29.7 24.6 24.7 19.6 18.1
Nonfarm................................ 782.4 853.8 854.2 859.4 876.3 893.2 917.1 919.4
Rental income of persons with capital
consumption adjustment.................. 131.7 134.2 141.8 122.1 128.7 118.0 104.4 27.5
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 1,552.8
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 1,481.0
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................................ 521.4 569.2 570.7 570.1 581.5 602.2 610.2 602.4
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............................... 776.6 822.2 813.0 825.9 843.5 861.0 870.1 877.3
Less: Personal current taxes............... 999.9 1,049.1 1,034.0 1,058.4 1,094.3 1,171.4 1,212.6 1,222.8
Equals: Disposable personal income......... 8,169.2 8,664.2 8,580.3 8,670.9 8,930.4 8,902.0 9,008.6 9,070.2
Less: Personal outlays..................... 7,996.3 8,512.5 8,439.1 8,566.3 8,725.0 8,854.6 9,001.2 9,170.2
Personal consumption expenditures........ 7,709.9 8,214.3 8,145.6 8,263.2 8,416.1 8,535.8 8,677.0 8,840.0
Durable goods.......................... 950.1 987.8 974.6 993.8 1,008.6 1,017.3 1,035.5 1,054.1
Nondurable goods....................... 2,189.0 2,368.3 2,355.2 2,378.4 2,437.1 2,476.6 2,533.7 2,599.1
Services............................... 4,570.8 4,858.2 4,815.9 4,891.0 4,970.4 5,041.8 5,107.8 5,186.8
Personal interest payments\1\............ 183.2 186.7 182.2 190.3 196.2 198.1 205.3 210.0
Personal current transfer payments....... 103.3 111.5 111.3 112.8 112.7 120.8 118.8 120.2
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 44.8
Equals: Personal saving.................... 172.8 151.8 141.2 104.6 205.4 47.4 7.4 -100.1
Personal saving as a percentage of
disposable personal income.............. 2.1 1.8 1.6 1.2 2.3 .5 .1 -1.1
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 8,128.7 8,110.5
Per capita:
Current dollars...................... 28,065 29,475 29,231 29,461 30,265 30,103 30,395 30,523
Chained (2000) dollars............... 26,596 27,230 27,045 27,159 27,685 27,384 27,426 27,294
Population (midperiod, thousands)\3\..... 291,085 293,951 293,540 294,315 295,077 295,720 296,383 297,157
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 47.7 49.1 68.6 23.5 44.7 39.6 -94.9 173.5
Compensation of employees, received...... 38.3 38.7 47.5 9.5 20.2 52.8 12.6 25.0
Wage and salary disbursements.......... 25.2 25.5 43.5 8.1 18.1 42.2 5.6 16.7
Private industries................... 21.9 23.6 41.7 6.6 17.2 39.0 2.8 11.6
Goods-producing industries......... 6.4 6.8 7.6 3.8 2.1 5.7 2.9 -.8
Manufacturing.................... 3.6 4.0 3.2 3.0 -.2 3.1 1.1 -3.9
Services-producing industries...... 15.5 16.8 34.1 2.8 15.2 33.2 -.2 12.5
Trade, transportation, and
utilities....................... 3.8 4.4 7.8 -1.9 1.7 8.2 -.5 -2.2
Other services-producing
industries...................... 11.7 12.4 26.4 4.7 13.4 25.0 .4 14.5
Government........................... 3.4 1.7 1.8 1.6 .9 3.2 2.8 5.1
Supplements to wages and salaries...... 13.0 13.3 4.0 1.4 2.1 10.6 7.0 8.3
Employer contributions for employee
pension and insurance funds......... 11.7 11.9 1.4 1.2 1.2 8.2 7.1 7.6
Employer contributions for government
social insurance.................... 1.3 1.4 2.6 .2 .9 2.4 .0 .6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 3.9 7.3 6.7 2.7 12.2 -.4 -34.1 44.8
Farm................................... .9 1.3 -2.7 -3.5 -3.9 3.1 -1.7 .9
Nonfarm................................ 3.0 6.0 9.3 6.3 16.1 -3.5 -32.4 43.9
Rental income of persons with capital
consumption adjustment.................. -2.6 -4.1 -5.0 -5.3 -4.4 -1.7 -202.2 192.9
Personal income receipts on assets....... 4.1 5.7 13.7 12.9 13.1 6.3 6.2 6.3
Personal interest income............... 2.7 2.7 8.9 9.0 8.9 1.4 1.4 1.4
Personal dividend income............... 1.4 3.0 4.8 4.0 4.1 4.9 4.8 4.9
Personal current transfer receipts....... 6.8 4.4 10.9 4.2 5.7 -12.4 122.7 -94.0
Government social benefits to persons.. 6.7 4.4 10.9 4.1 5.7 -12.5 2.4 19.2
Old-age, survivors, disability, and
health insurance benefits........... 5.3 3.5 6.7 3.4 3.4 1.7 3.9 .7
Government unemployment insurance
benefits............................ -.2 -.2 -1.1 -.4 .4 -.2 -.3 2.4
Other................................ 1.6 1.2 5.2 1.1 1.9 -14.0 -1.2 16.1
Other current transfer receipts, from
business (net)........................ .0 .0 .1 .0 .1 .0 120.4 -113.2
Less: Contributions for government social
insurance............................... 2.7 2.9 5.3 .5 2.0 5.1 .2 1.4
Less: Personal current taxes............... 8.6 8.3 24.7 7.7 8.9 .6 .4 2.4
Equals: Disposable personal income......... 39.1 40.8 43.9 15.9 35.7 39.0 -95.4 171.2
Less: Personal outlays..................... 59.3 41.7 64.5 4.7 94.0 121.3 -47.3 45.2
Personal consumption expenditures........ 58.5 41.0 64.0 .6 90.1 120.3 -48.4 44.1
Durable goods.......................... 13.7 13.2 15.7 -37.5 42.3 77.3 -99.5 -24.1
Nondurable goods....................... 22.1 2.1 43.8 -4.1 21.7 20.4 30.5 34.6
Services............................... 22.7 25.7 4.5 42.2 26.0 22.7 20.6 33.6
Personal interest payments\1\............ .3 .3 3.4 3.5 3.5 .6 .6 .6
Personal current transfer payments....... .5 .5 -3.0 .5 .5 .4 .5 .5
To government.......................... .5 .4 .5 .6 .4 .6 .4 .6
To the rest of the world (net)......... .0 .0 -3.4 .0 .0 -.1 .0 .0
Equals: Personal saving.................... -20.2 -.9 -20.6 11.2 -58.3 -82.4 -47.9 126.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 15.1 3.8 5.8 10.3 31.4 10.4 -118.7 77.9
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 287.2 544.2 129.5 114.9 295.6 48.6 147.8 71.8
Compensation of employees, received...... 229.9 366.5 76.9 120.6 171.6 105.9 99.2 86.1
Wage and salary disbursements.......... 130.2 278.3 63.3 103.9 140.9 67.0 80.3 66.3
Private industries................... 92.8 242.2 52.8 98.9 133.7 55.2 74.9 58.3
Goods-producing industries......... -3.5 42.7 16.9 26.7 20.7 16.2 17.5 10.1
Manufacturing.................... -6.8 19.0 8.3 18.5 11.7 7.5 9.1 3.4
Services-producing industries...... 96.4 199.5 36.1 72.0 113.1 38.9 57.5 48.2
Trade, transportation, and
utilities....................... 15.5 41.1 17.7 16.8 24.8 6.7 11.3 7.6
Other services-producing
industries...................... 80.9 158.4 18.3 55.2 88.3 32.2 46.2 40.6
Government........................... 37.4 36.2 10.4 5.1 7.2 11.8 5.5 7.9
Supplements to wages and salaries...... 99.7 88.1 13.6 16.8 30.6 38.9 18.8 19.9
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 4.3 3.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 41.8 79.4 28.2 -9.3 11.8 17.0 18.7 .9
Farm................................... 17.1 8.1 -.7 -14.4 -5.1 .1 -5.1 -1.5
Nonfarm................................ 24.6 71.4 28.8 5.2 16.9 16.9 23.9 2.3
Rental income of persons with capital
consumption adjustment.................. -21.2 2.5 -2.4 -19.7 6.6 -10.7 -13.6 -76.9
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 43.2
Government social benefits to persons.. 64.6 81.0 20.2 6.3 22.4 40.2 20.7 .6
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 -7.8
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 9.1 7.2
Less: Personal current taxes............... -51.9 49.2 24.4 24.4 35.9 77.1 41.2 10.2
Equals: Disposable personal income......... 339.1 495.0 105.0 90.6 259.5 -28.4 106.6 61.6
Less: Personal outlays..................... 351.0 516.2 119.7 127.2 158.7 129.6 146.6 169.0
Personal consumption expenditures........ 359.2 504.4 113.3 117.6 152.9 119.7 141.2 163.0
Durable goods.......................... 26.2 37.7 .4 19.2 14.8 8.7 18.2 18.6
Nondurable goods....................... 109.4 179.3 52.5 23.2 58.7 39.5 57.1 65.4
Services............................... 223.6 287.4 60.5 75.1 79.4 71.4 66.0 79.0
Personal interest payments\1\............ -13.2 3.5 4.2 8.1 5.9 1.9 7.2 4.7
Personal current transfer payments....... 5.1 8.2 2.1 1.5 -.1 8.1 -2.0 1.4
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 -.1
Equals: Personal saving.................... -11.9 -21.0 -14.6 -36.6 100.8 -158.0 -40.0 -107.5
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 179.6 262.5 23.7 54.5 175.9 -71.1 30.6 -18.2
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .5 .5 .7 .2 .4 .4 -.9 1.7
Compensation of employees, received...... .5 .6 .7 .1 .3 .7 .2 .3
Wage and salary disbursements.......... .5 .5 .8 .1 .3 .7 .1 .3
Supplements to wages and salaries...... 1.0 1.0 .3 .1 .2 .8 .5 .6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .4 .8 .7 .3 1.3 .0 -3.6 4.9
Rental income of persons with capital
consumption adjustment.................. -2.1 -3.5 -4.3 -4.8 -4.3 -1.7 ... ...
Personal income receipts on assets....... .3 .4 1.0 .9 .9 .4 .4 .4
Personal interest income............... .3 .3 1.0 1.0 1.0 .1 .1 .1
Personal dividend income............... .3 .6 1.0 .8 .8 1.0 .9 .9
Personal current transfer receipts....... .5 .3 .7 .3 .4 -.8 8.2 -5.8
Less: Contributions for government social
insurance............................... .3 .3 .6 .1 .2 .6 .0 .2
Less: Personal current taxes............... .7 .7 2.1 .6 .7 .0 .0 .2
Equals: Disposable personal income......... .4 .5 .5 .2 .4 .4 -1.1 1.9
Addenda:
Personal consumption expenditures........ .7 .5 .7 .0 1.0 1.4 -.5 .5
Durable goods.......................... 1.4 1.3 1.5 -3.6 4.2 7.4 -8.8 -2.3
Nondurable goods....................... .9 .1 1.8 -.2 .9 .8 1.2 1.3
Services............................... .5 .5 .1 .8 .5 .4 .4 .6
Real disposable personal income.......... .2 .0 .1 .1 .4 .1 -1.5 1.0
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.2 5.9 5.6 4.9 12.7 2.0 6.0 2.8
Compensation of employees, received...... 3.8 5.8 4.8 7.5 10.6 6.3 5.8 4.9
Wage and salary disbursements.......... 2.6 5.4 4.9 8.0 10.8 4.9 5.8 4.7
Supplements to wages and salaries...... 9.0 7.3 4.3 5.3 9.8 12.2 5.6 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 .4
Rental income of persons with capital
consumption adjustment.................. -13.9 1.9 -6.7 -44.9 23.6 -29.5 -38.6 -99.5
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 12.0
Less: Contributions for government social
insurance............................... 3.5 5.9 3.4 6.5 8.8 8.5 4.3 3.3
Less: Personal current taxes............... -4.9 4.9 10.0 9.8 14.3 31.3 14.8 3.4
Equals: Disposable personal income......... 4.3 6.1 5.1 4.3 12.5 -1.3 4.9 2.8
Addenda:
Personal consumption expenditures........ 4.9 6.5 5.8 5.9 7.6 5.8 6.8 7.7
Durable goods.......................... 2.8 4.0 .2 8.1 6.1 3.5 7.3 7.4
Nondurable goods....................... 5.3 8.2 9.4 4.0 10.3 6.6 9.5 10.7
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 1.5 -.9
-----------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,774.3 7,779.7 7,804.9 7,801.7 7,882.1 7,966.5 7,890.5 7,857.1
Durable goods............................ 1,122.9 1,137.8 1,156.1 1,112.1 1,163.5 1,254.4 1,146.8 1,119.3
Nondurable goods......................... 2,276.3 2,255.4 2,273.5 2,279.8 2,304.3 2,306.3 2,309.1 2,286.4
Services................................. 4,390.4 4,403.7 4,396.2 4,421.5 4,435.0 4,443.7 4,451.3 4,462.5
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 33.6 5.4 25.2 -3.2 80.4 84.4 -76.0 -33.4
Durable goods............................ 16.7 14.9 18.3 -44.0 51.4 90.9 -107.6 -27.5
Nondurable goods......................... 11.2 -20.9 18.1 6.3 24.5 2.0 2.8 -22.7
Services................................. 8.5 13.3 -7.5 25.3 13.5 8.7 7.6 11.2
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .4 .1 .3 .0 1.0 1.1 -1.0 -.4
Durable goods............................ 1.5 1.3 1.6 -3.8 4.6 7.8 -8.6 -2.4
Nondurable goods......................... .5 -.9 .8 .3 1.1 .1 .1 -1.0
Services................................. .2 .3 -.2 .6 .3 .2 .2 .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]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 II 04 III 04 IV 04 I 05 II 05 III 05
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
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 7,904.7
Durable goods............................ 1,028.5 1,089.9 1,072.5 1,100.4 1,115.1 1,122.3 1,143.9 1,173.5
Nondurable goods......................... 2,101.8 2,200.4 2,186.1 2,206.9 2,236.5 2,265.6 2,285.9 2,300.6
Services................................. 4,183.9 4,310.9 4,288.6 4,324.0 4,362.1 4,392.0 4,417.6 4,452.5
----------------------------------------------------------------------------------------
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 75.2
Durable goods............................ 63.7 61.4 .9 27.9 14.7 7.2 21.6 29.6
Nondurable goods......................... 64.7 98.6 14.2 20.8 29.6 29.1 20.3 14.7
Services................................. 83.5 127.0 19.6 35.4 38.1 29.9 25.6 34.9
----------------------------------------------------------------------------------------
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 3.9
Durable goods............................ 6.6 6.0 .4 10.8 5.5 2.6 7.9 10.8
Nondurable goods......................... 3.2 4.7 2.6 3.9 5.5 5.3 3.6 2.6
Services................................. 2.0 3.0 1.8 3.4 3.6 2.8 2.3 3.2
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 109.878 110.329 110.792 110.847 110.858 111.191 111.647 112.684
Durable goods............................ 90.620 90.584 90.512 90.715 90.354 89.972 89.732 89.787
Nondurable goods......................... 109.102 110.211 111.257 110.769 110.536 111.320 112.505 115.137
Services................................. 114.824 115.060 115.358 115.653 115.888 116.172 116.434 116.895
Addenda:
PCE excluding food and energy............ 108.611 108.812 108.901 109.146 109.203 109.277 109.425 109.643
Market-based PCE\1\...................... 108.884 109.358 109.849 109.867 109.864 110.227 110.715 111.834
Market-based PCE excluding food
and energy\1\........................... 107.103 107.282 107.331 107.569 107.617 107.677 107.803 107.961
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .3 .4 .4 .0 .0 .3 .4 .9
Durable goods............................ -.1 .0 -.1 .2 -.4 -.4 -.3 .1
Nondurable goods......................... .4 1.0 .9 -.4 -.2 .7 1.1 2.3
Services................................. .3 .2 .3 .3 .2 .2 .2 .4
Addenda:
PCE excluding food and energy............ .2 .2 .1 .2 .1 .1 .1 .2
Market-based PCE\1\...................... .3 .4 .4 .0 .0 .3 .4 1.0
Market-based PCE excluding food
and energy\1\........................... .2 .2 .0 .2 .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
-----------------------------------------------------------------------------------------------------------------------------------
Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 2.3 2.3 2.2 2.2 2.7 2.4 .5 1.5
Personal consumption expenditures.......... 3.8 3.4 4.0 3.1 4.6 4.7 3.7 2.9
Durable goods............................ 5.0 5.0 9.2 1.8 9.1 13.0 4.7 2.1
Nondurable goods......................... 5.7 3.1 4.5 3.8 5.4 5.0 4.9 2.8
Services................................. 2.7 3.3 2.8 3.0 3.3 3.0 2.9 3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.6 2.7 2.9 2.5 2.2 2.6 2.9 3.8
Durable goods............................ -.3 -.3 -.4 -.2 -.5 -.6 -.5 -.5
Nondurable goods......................... 3.0 3.2 4.1 2.5 2.0 3.3 4.4 6.8
Services................................. 3.0 3.0 3.0 3.0 2.9 2.9 2.9 3.1
Addenda:
PCE excluding food and energy............ 2.2 2.1 2.0 2.0 1.9 1.9 2.0 2.0
Market-based PCE\1\...................... 2.4 2.5 2.7 2.3 2.1 2.5 2.9 3.8
Market-based PCE excluding food
and energy\1\........................... 1.8 1.7 1.6 1.7 1.6 1.6 1.7 1.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
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