News Release
Personal Income and Outlays, April 2006
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James E. Rankin: (202) 606-5301 (Personal Income)BEA 06-21
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: APRIL 2006
Personal income increased $57.9 billion, or 0.5 percent, and disposable personal income (DPI)
increased $36.6 billion, or 0.4 percent, in April, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $55.0 billion, or 0.6 percent. In March,
personal income increased $48.3 billion, or 0.5 percent, DPI increased $37.2 billion, or 0.4 percent,
and PCE increased $46.4 billion, or 0.5 percent, based on revised estimates.
2005 2006
Dec. Jan. Feb. Mar. Apr.
(Percent change from preceding month)
Personal income, current dollars 0.5 0.7 0.4 0.5 0.5
Disposable personal income:
Current dollars 0.5 0.3 0.3 0.4 0.4
Chained (2000) dollars 0.5 -0.2 0.2 0.0 -0.1
Personal consumption expenditures:
Current dollars 0.7 0.8 0.3 0.5 0.6
Chained (2000) dollars 0.7 0.3 0.2 0.1 0.1
This news release presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for October through December 2005 (fourth quarter).
These estimates reflect newly available fourth-quarter wage and salary tabulations from the quarterly
census of employment and wages from the Bureau of Labor Statistics.
Wages and salaries
Private wage and salary disbursements increased $50.4 billion in April, compared with an
increase of $27.3 billion in March. Goods-producing industries' payrolls increased $7.6 billion,
compared with an increase of $3.4 billion; manufacturing payrolls increased $5.2 billion, compared
with an increase of $2.2 billion. Services-producing industries' payrolls increased $42.6 billion,
compared with an increase of $24.0 billion. Government wage and salary disbursements increased
$1.5 billion in April, the same increase as in March.
Other personal income
Supplements to wages and salaries increased $8.2 billion in April, compared with an increase
of $9.6 billion in March.
Proprietors' income increased $1.6 billion in April, compared with an increase of $6.1 billion in
March. Farm proprietors' income decreased $0.6 billion, compared with a decrease of $2.3 billion.
Nonfarm proprietors' income increased $2.3 billion, compared with an increase of $8.3 billion.
Rental income of persons decreased $7.1 billion in April, compared with a decrease of $3.8
billion in March. Personal income receipts of assets (personal interest income plus personal
dividend income) increased $10.2 billion, compared with an increase of $2.6 billion. Personal
current transfer receipts increased $0.1 billion, compared with an increase of $8.6 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $6.9 billion in April, after increasing $3.6 billion in March.
Personal current taxes and disposable personal income
Personal current taxes increased $21.4 billion in April, compared with an increase of $11.0
billion in March. Disposable personal income (DPI) -- personal income less personal current taxes
-- increased $36.6 billion, or 0.4 percent, in April, compared with an increase of $37.2 billion, or 0.4
percent, in March.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $55.1 billion in April, compared with an increase of $48.7 billion in March. PCE
increased $55.0 billion, compared with an increase of $46.4 billion.
Personal saving -- DPI less personal outlays -- was a negative $146.8 billion in April, compared
with a negative $128.2 billion in March. Personal saving as a percentage of disposable personal
income was a negative 1.6 percent in April, compared with a negative 1.4 percent in March.
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 -- decreased 0.1 percent in April, in contrast
to an increase of less than 0.1 percent in March.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in April, the same
increase as in March. Purchases of durable goods increased 0.3 percent in April, compared with an
increase of 0.5 percent in March. Purchases of nondurable goods increased 0.2 percent, in contrast
to a decrease of 0.3 percent. Purchases of services increased 0.1 percent, compared with an increase
of 0.3 percent.
Revisions
Estimates for personal income and DPI have been revised for October through March;
estimates for PCE have been revised for January through March. Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
February and March are shown below.
For October through December, the revisions to wages and salaries reflected the incorporation
of newly available BLS tabulations of fourth-quarter private wages and salaries from the census of
employment and wages. Wages and salaries were revised down for all three months. Revisions to
personal current taxes and to contributions for government social insurance reflected the revisions to
wages and salaries.
Change from preceding month
February March
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars................ 33.2 37.1 0.3 0.4 49.9 48.3 0.5 0.5
Disposable personal income:
Current dollars................ 23.1 26.1 0.2 0.3 39.5 37.2 0.4 0.4
Chained (2000) dollars......... 16.1 18.0 0.2 0.2 4.9 1.9 0.1 0.0
Personal consumption expenditures:
Current dollars................ 20.0 26.2 0.2 0.3 51.8 46.4 0.6 0.5
Chained (2000) dollars......... 13.4 18.2 0.2 0.2 16.6 10.7 0.2 0.1
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.
Annual Revision of the National Income and Product Accounts
As part of the annual revision of the national income and product accounts, revised estimates of
personal income and outlays covering January 2003 through May 2006 will be released along with
preliminary estimates for June 2006 on August 1. An article describing the revision will appear in the
August 2006 issue of the Survey of Current Business.
Next release -- Personal Income and Outlays for May will be released on
June 30, 2006, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 05 Oct 05\r\ Nov 05\r\ Dec 05\r\ Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,389.1 10,409.0 10,431.2 10,483.1 10,552.9 10,590.0 10,638.3 10,696.2
Compensation of employees, received...... 7,212.4 7,205.6 7,202.2 7,231.0 7,291.1 7,329.4 7,368.0 7,428.0
Wage and salary disbursements.......... 5,787.7 5,779.4 5,774.6 5,799.7 5,838.5 5,867.4 5,896.4 5,948.2
Private industries................... 4,808.8 4,799.5 4,791.9 4,815.5 4,850.0 4,875.7 4,903.0 4,953.4
Goods-producing industries......... 1,134.5 1,134.9 1,130.5 1,133.8 1,138.3 1,142.3 1,145.7 1,153.3
Manufacturing.................... 726.3 729.0 721.7 722.7 724.0 726.4 728.6 733.8
Services-producing industries...... 3,674.3 3,664.6 3,661.4 3,681.7 3,711.7 3,733.4 3,757.4 3,800.0
Trade, transportation, and
utilities....................... 963.7 961.4 963.5 966.4 971.4 974.7 980.2 991.8
Other services-producing
industries...................... 2,710.6 2,703.2 2,698.0 2,715.3 2,740.3 2,758.7 2,777.2 2,808.3
Government........................... 978.9 980.0 982.6 984.2 988.5 991.8 993.3 994.8
Supplements to wages and salaries...... 1,424.7 1,426.1 1,427.6 1,431.3 1,452.6 1,462.0 1,471.6 1,479.8
Employer contributions for employee
pension and insurance funds......... 994.8 996.8 998.9 1,001.2 1,015.0 1,022.9 1,030.8 1,035.7
Employer contributions for government
social insurance.................... 429.8 429.4 428.7 430.1 437.5 439.1 440.8 444.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 958.4 961.3 967.9 974.0 976.4 975.6 981.7 983.3
Farm................................... 17.7 19.1 21.0 22.9 17.5 15.1 12.8 12.2
Nonfarm................................ 940.7 942.2 946.9 951.1 959.0 960.6 968.9 971.2
Rental income of persons with capital
consumption adjustment.................. 83.6 79.3 82.7 78.9 72.1 69.5 65.7 58.6
Personal income receipts on assets....... 1,476.9 1,494.9 1,512.9 1,531.0 1,533.6 1,535.6 1,538.2 1,548.4
Personal interest income............... 954.4 967.2 980.1 992.9 991.3 989.6 987.9 993.6
Personal dividend income............... 522.5 527.7 532.9 538.0 542.3 546.1 550.3 554.7
Personal current transfer receipts....... 1,536.0 1,545.0 1,541.6 1,547.4 1,576.7 1,581.0 1,589.6 1,589.7
Government social benefits to persons.. 1,498.5 1,504.6 1,512.1 1,517.9 1,547.4 1,551.7 1,560.2 1,560.3
Old-age, survivors, disability, and
health insurance benefits........... 851.9 854.8 855.3 865.5 908.3 920.0 929.5 934.8
Government unemployment insurance
benefits............................ 30.0 30.7 29.6 28.7 27.3 26.1 26.1 25.8
Other................................ 616.5 619.1 627.2 623.6 611.8 605.7 604.6 599.7
Other current transfer receipts, from
business (net)........................ 37.5 40.4 29.5 29.5 29.3 29.3 29.4 29.4
Less: Contributions for government social
insurance............................... 878.1 877.1 876.1 879.1 897.0 901.3 904.9 911.8
Less: Personal current taxes............... 1,224.8 1,229.5 1,231.4 1,238.4 1,281.1 1,292.1 1,303.1 1,324.5
Equals: Disposable personal income......... 9,164.3 9,179.5 9,199.8 9,244.7 9,271.8 9,297.9 9,335.1 9,371.7
Less: Personal outlays..................... 9,185.9 9,209.3 9,251.5 9,314.8 9,386.2 9,414.7 9,463.4 9,518.5
Personal consumption expenditures........ 8,854.8 8,877.3 8,919.1 8,982.1 9,051.5 9,077.7 9,124.1 9,179.1
Durable goods.......................... 990.9 965.3 1,000.7 1,040.4 1,059.2 1,040.3 1,044.3 1,047.4
Nondurable goods....................... 2,644.1 2,658.7 2,632.7 2,636.0 2,687.9 2,680.5 2,691.9 2,726.9
Services............................... 5,219.8 5,253.4 5,285.7 5,305.8 5,304.5 5,356.9 5,387.8 5,404.8
Personal interest payments\1\............ 210.7 210.5 210.2 210.0 211.7 213.4 215.1 214.5
Personal current transfer payments....... 120.4 121.5 122.1 122.7 123.0 123.6 124.2 124.9
To government.......................... 76.0 76.7 77.4 78.0 78.6 79.3 79.9 80.5
To the rest of the world (net)......... 44.4 44.8 44.8 44.8 44.4 44.4 44.4 44.4
Equals: Personal saving.................... -21.7 -29.8 -51.7 -70.1 -114.4 -116.8 -128.2 -146.8
Personal saving as a percentage of
disposable personal income.............. -.2 -.3 -.6 -.8 -1.2 -1.3 -1.4 -1.6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,131.4 8,126.6 8,179.8 8,220.3 8,206.0 8,224.0 8,225.9 8,218.8
Per capita:
Current dollars...................... 30,827 30,852 30,897 31,027 31,098 31,166 31,269 31,369
Chained (2000) dollars............... 27,352 27,313 27,471 27,589 27,523 27,566 27,554 27,510
Population (midperiod, thousands)\3\..... 297,285 297,534 297,756 297,954 298,144 298,337 298,539 298,751
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005\r\ IV 04 I 05 II 05 III 05 IV 05\r\ I 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,713.3 10,237.7 10,024.8 10,073.4 10,185.7 10,250.4 10,441.1 10,593.7
Compensation of employees, received...... 6,687.6 7,113.1 6,895.8 7,001.7 7,060.2 7,177.6 7,212.9 7,329.5
Wage and salary disbursements.......... 5,389.4 5,712.3 5,562.9 5,629.9 5,672.3 5,762.3 5,784.6 5,867.4
Private industries................... 4,450.0 4,740.7 4,612.9 4,668.1 4,705.0 4,787.3 4,802.3 4,876.2
Goods-producing industries......... 1,049.9 1,117.4 1,083.0 1,099.2 1,107.2 1,130.0 1,133.0 1,142.1
Manufacturing.................... 687.7 720.0 707.8 715.3 715.5 724.7 724.5 726.3
Services-producing industries...... 3,400.1 3,623.3 3,529.9 3,568.8 3,597.9 3,657.4 3,669.3 3,734.2
Trade, transportation, and
utilities....................... 899.7 953.9 931.1 937.8 951.1 962.8 963.8 975.4
Other services-producing
industries...................... 2,500.4 2,669.5 2,598.8 2,631.0 2,646.8 2,694.5 2,705.5 2,758.7
Government........................... 939.5 971.6 950.0 961.8 967.3 975.0 982.3 991.2
Supplements to wages and salaries...... 1,298.1 1,400.8 1,332.9 1,371.8 1,387.9 1,415.3 1,428.3 1,462.1
Employer contributions for employee
pension and insurance funds......... 895.5 975.0 919.6 950.0 964.4 986.8 998.9 1,022.9
Employer contributions for government
social insurance.................... 402.7 425.8 413.4 421.9 423.5 428.5 429.4 439.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 889.6 938.7 900.9 917.9 936.6 932.4 967.7 977.9
Farm................................... 35.8 20.8 24.6 24.7 19.6 18.0 21.0 15.1
Nonfarm................................ 853.8 917.8 876.3 893.2 917.1 914.3 946.7 962.8
Rental income of persons with capital
consumption adjustment.................. 134.2 72.9 128.7 118.0 104.4 -11.1 80.3 69.1
Personal income receipts on assets....... 1,396.5 1,457.4 1,493.6 1,407.9 1,439.8 1,468.9 1,512.9 1,535.8
Personal interest income............... 905.9 945.7 907.4 915.4 936.0 951.2 980.1 989.6
Personal dividend income............... 490.6 511.7 586.2 492.5 503.8 517.6 532.9 546.2
Personal current transfer receipts....... 1,427.5 1,525.3 1,449.2 1,488.8 1,509.6 1,558.1 1,544.7 1,582.4
Government social benefits to persons.. 1,394.5 1,483.7 1,419.5 1,459.7 1,480.4 1,483.2 1,511.5 1,553.1
Old-age, survivors, disability, and
health insurance benefits........... 789.3 844.7 805.5 828.0 842.2 850.1 858.6 919.2
Government unemployment insurance
benefits............................ 36.0 28.9 32.4 29.4 28.0 28.5 29.7 26.5
Other................................ 569.2 610.1 581.5 602.2 610.2 604.6 623.3 607.3
Other current transfer receipts, from
business (net)........................ 33.0 41.6 29.8 29.1 29.2 74.8 33.1 29.3
Less: Contributions for government social
insurance............................... 822.2 869.7 843.5 861.0 864.9 875.4 877.4 901.0
Less: Personal current taxes............... 1,049.1 1,207.7 1,094.3 1,171.4 1,206.0 1,220.4 1,233.1 1,292.1
Equals: Disposable personal income......... 8,664.2 9,029.9 8,930.4 8,902.0 8,979.7 9,030.0 9,208.0 9,301.6
Less: Personal outlays..................... 8,512.5 9,072.1 8,725.0 8,854.6 9,001.2 9,173.9 9,258.5 9,421.4
Personal consumption expenditures........ 8,214.3 8,745.7 8,416.1 8,535.8 8,677.0 8,844.0 8,926.2 9,084.4
Durable goods.......................... 987.8 1,026.5 1,008.6 1,017.3 1,035.5 1,050.9 1,002.1 1,047.9
Nondurable goods....................... 2,368.3 2,564.4 2,437.1 2,476.6 2,533.7 2,604.9 2,642.5 2,686.7
Services............................... 4,858.2 5,154.9 4,970.4 5,041.8 5,107.8 5,188.3 5,281.6 5,349.7
Personal interest payments\1\............ 186.7 205.9 196.2 198.1 205.3 210.1 210.2 213.4
Personal current transfer payments....... 111.5 120.4 112.7 120.8 118.8 119.9 122.1 123.6
To government.......................... 68.6 74.8 71.0 72.5 73.9 75.4 77.3 79.2
To the rest of the world (net)......... 42.9 45.6 41.7 48.3 44.9 44.4 44.8 44.4
Equals: Personal saving.................... 151.8 -42.1 205.4 47.4 -21.5 -143.9 -50.5 -119.8
Personal saving as a percentage of
disposable personal income.............. 1.8 -.5 2.3 .5 -.2 -1.6 -.5 -1.3
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,004.3 8,112.2 8,169.2 8,098.1 8,102.6 8,074.2 8,175.6 8,218.6
Per capita:
Current dollars...................... 29,477 30,437 30,269 30,111 30,307 30,401 30,926 31,178
Chained (2000) dollars............... 27,232 27,344 27,689 27,391 27,347 27,183 27,458 27,548
Population (midperiod, thousands)\3\..... 293,933 296,677 295,037 295,643 296,289 297,027 297,748 298,340
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 05 Oct 05\r\ Nov 05\r\ Dec 05\r\ Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 310.8 19.9 22.2 51.9 69.8 37.1 48.3 57.9
Compensation of employees, received...... 42.3 -6.8 -3.4 28.8 60.1 38.3 38.6 60.0
Wage and salary disbursements.......... 32.6 -8.3 -4.8 25.1 38.8 28.9 29.0 51.8
Private industries................... 28.3 -9.3 -7.6 23.6 34.5 25.7 27.3 50.4
Goods-producing industries......... 2.9 .4 -4.4 3.3 4.5 4.0 3.4 7.6
Manufacturing.................... .4 2.7 -7.3 1.0 1.3 2.4 2.2 5.2
Services-producing industries...... 25.4 -9.7 -3.2 20.3 30.0 21.7 24.0 42.6
Trade, transportation, and
utilities....................... 2.6 -2.3 2.1 2.9 5.0 3.3 5.5 11.6
Other services-producing
industries...................... 22.8 -7.4 -5.2 17.3 25.0 18.4 18.5 31.1
Government........................... 4.3 1.1 2.6 1.6 4.3 3.3 1.5 1.5
Supplements to wages and salaries...... 9.7 1.4 1.5 3.7 21.3 9.4 9.6 8.2
Employer contributions for employee
pension and insurance funds......... 7.8 2.0 2.1 2.3 13.8 7.9 7.9 4.9
Employer contributions for government
social insurance.................... 1.8 -.4 -.7 1.4 7.4 1.6 1.7 3.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 67.0 2.9 6.6 6.1 2.4 -.8 6.1 1.6
Farm................................... .3 1.4 1.9 1.9 -5.4 -2.4 -2.3 -.6
Nonfarm................................ 66.6 1.5 4.7 4.2 7.9 1.6 8.3 2.3
Rental income of persons with capital
consumption adjustment.................. 297.0 -4.3 3.4 -3.8 -6.8 -2.6 -3.8 -7.1
Personal income receipts on assets....... 8.1 18.0 18.0 18.1 2.6 2.0 2.6 10.2
Personal interest income............... 3.2 12.8 12.9 12.8 -1.6 -1.7 -1.7 5.7
Personal dividend income............... 4.9 5.2 5.2 5.1 4.3 3.8 4.2 4.4
Personal current transfer receipts....... -99.9 9.0 -3.4 5.8 29.3 4.3 8.6 .1
Government social benefits to persons.. 20.4 6.1 7.5 5.8 29.5 4.3 8.5 .1
Old-age, survivors, disability, and
health insurance benefits........... .7 2.9 .5 10.2 42.8 11.7 9.5 5.3
Government unemployment insurance
benefits............................ 2.4 .7 -1.1 -.9 -1.4 -1.2 .0 -.3
Other................................ 17.2 2.6 8.1 -3.6 -11.8 -6.1 -1.1 -4.9
Other current transfer receipts, from
business (net)........................ -120.3 2.9 -10.9 .0 -.2 .0 .1 .0
Less: Contributions for government social
insurance............................... 3.6 -1.0 -1.0 3.0 17.9 4.3 3.6 6.9
Less: Personal current taxes............... 5.6 4.7 1.9 7.0 42.7 11.0 11.0 21.4
Equals: Disposable personal income......... 305.1 15.2 20.3 44.9 27.1 26.1 37.2 36.6
Less: Personal outlays..................... 36.8 23.4 42.2 63.3 71.4 28.5 48.7 55.1
Personal consumption expenditures........ 35.7 22.5 41.8 63.0 69.4 26.2 46.4 55.0
Durable goods.......................... -40.8 -25.6 35.4 39.7 18.8 -18.9 4.0 3.1
Nondurable goods....................... 40.5 14.6 -26.0 3.3 51.9 -7.4 11.4 35.0
Services............................... 36.0 33.6 32.3 20.1 -1.3 52.4 30.9 17.0
Personal interest payments\1\............ .6 -.2 -.3 -.2 1.7 1.7 1.7 -.6
Personal current transfer payments....... .6 1.1 .6 .6 .3 .6 .6 .7
To government.......................... .6 .7 .7 .6 .6 .7 .6 .6
To the rest of the world (net)......... .0 .4 .0 .0 -.4 .0 .0 .0
Equals: Personal saving.................... 268.2 -8.1 -21.9 -18.4 -44.3 -2.4 -11.4 -18.6
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 196.4 -4.8 53.2 40.5 -14.3 18.0 1.9 -7.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005\r\ IV 04 I 05 II 05 III 05 IV 05\r\ I 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 544.2 524.4 295.6 48.6 112.3 64.7 190.7 152.6
Compensation of employees, received...... 366.5 425.5 171.6 105.9 58.5 117.4 35.3 116.6
Wage and salary disbursements.......... 278.3 322.9 140.9 67.0 42.4 90.0 22.3 82.8
Private industries................... 242.2 290.7 133.7 55.2 36.9 82.3 15.0 73.9
Goods-producing industries......... 42.7 67.5 20.7 16.2 8.0 22.8 3.0 9.1
Manufacturing.................... 19.0 32.3 11.7 7.5 .2 9.2 -.2 1.8
Services-producing industries...... 199.5 223.2 113.1 38.9 29.1 59.5 11.9 64.9
Trade, transportation, and
utilities....................... 41.1 54.2 24.8 6.7 13.3 11.7 1.0 11.6
Other services-producing
industries...................... 158.4 169.1 88.3 32.2 15.8 47.7 11.0 53.2
Government........................... 36.2 32.1 7.2 11.8 5.5 7.7 7.3 8.9
Supplements to wages and salaries...... 88.1 102.7 30.6 38.9 16.1 27.4 13.0 33.8
Employer contributions for employee
pension and insurance funds......... 65.5 79.5 21.7 30.4 14.4 22.4 12.1 24.0
Employer contributions for government
social insurance.................... 22.7 23.1 9.0 8.5 1.6 5.0 .9 9.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 79.4 49.1 11.8 17.0 18.7 -4.2 35.3 10.2
Farm................................... 8.1 -15.0 -5.1 .1 -5.1 -1.6 3.0 -5.9
Nonfarm................................ 71.4 64.0 16.9 16.9 23.9 -2.8 32.4 16.1
Rental income of persons with capital
consumption adjustment.................. 2.5 -61.3 6.6 -10.7 -13.6 -115.5 91.4 -11.2
Personal income receipts on assets....... 57.8 60.9 115.4 -85.7 31.9 29.1 44.0 22.9
Personal interest income............... -11.7 39.8 2.7 8.0 20.6 15.2 28.9 9.5
Personal dividend income............... 69.5 21.1 112.7 -93.7 11.3 13.8 15.3 13.3
Personal current transfer receipts....... 83.5 97.8 7.7 39.6 20.8 48.5 -13.4 37.7
Government social benefits to persons.. 81.0 89.2 22.4 40.2 20.7 2.8 28.3 41.6
Old-age, survivors, disability, and
health insurance benefits........... 50.0 55.4 11.8 22.5 14.2 7.9 8.5 60.6
Government unemployment insurance
benefits............................ -16.8 -7.1 -.9 -3.0 -1.4 .5 1.2 -3.2
Other................................ 47.8 40.9 11.4 20.7 8.0 -5.6 18.7 -16.0
Other current transfer receipts, from
business (net)........................ 2.5 8.6 -14.6 -.7 .1 45.6 -41.7 -3.8
Less: Contributions for government social
insurance............................... 45.6 47.5 17.6 17.5 3.9 10.5 2.0 23.6
Less: Personal current taxes............... 49.2 158.6 35.9 77.1 34.6 14.4 12.7 59.0
Equals: Disposable personal income......... 495.0 365.7 259.5 -28.4 77.7 50.3 178.0 93.6
Less: Personal outlays..................... 516.2 559.6 158.7 129.6 146.6 172.7 84.6 162.9
Personal consumption expenditures........ 504.4 531.4 152.9 119.7 141.2 167.0 82.2 158.2
Durable goods.......................... 37.7 38.7 14.8 8.7 18.2 15.4 -48.8 45.8
Nondurable goods....................... 179.3 196.1 58.7 39.5 57.1 71.2 37.6 44.2
Services............................... 287.4 296.7 79.4 71.4 66.0 80.5 93.3 68.1
Personal interest payments\1\............ 3.5 19.2 5.9 1.9 7.2 4.8 .1 3.2
Personal current transfer payments....... 8.2 8.9 -.1 8.1 -2.0 1.1 2.2 1.5
To government.......................... 6.5 6.2 1.6 1.5 1.4 1.5 1.9 1.9
To the rest of the world (net)......... 1.7 2.7 -1.7 6.6 -3.4 -.5 .4 -.4
Equals: Personal saving.................... -21.0 -193.9 100.8 -158.0 -68.9 -122.4 93.4 -69.3
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 262.5 107.9 175.9 -71.1 4.5 -28.4 101.4 43.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 05 Oct 05\r\ Nov 05\r\ Dec 05\r\ Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 3.1 .2 .2 .5 .7 .4 .5 .5
Compensation of employees, received...... .6 -.1 .0 .4 .8 .5 .5 .8
Wage and salary disbursements.......... .6 -.1 -.1 .4 .7 .5 .5 .9
Supplements to wages and salaries...... .7 .1 .1 .3 1.5 .6 .7 .6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 7.5 .3 .7 .6 .3 -.1 .6 .2
Rental income of persons with capital
consumption adjustment.................. ..... -5.1 4.3 -4.7 -8.6 -3.6 -5.5 -10.8
Personal income receipts on assets....... .5 1.2 1.2 1.2 .2 .1 .2 .7
Personal interest income............... .3 1.3 1.3 1.3 -.2 -.2 -.2 .6
Personal dividend income............... .9 1.0 1.0 1.0 .8 .7 .8 .8
Personal current transfer receipts....... -6.1 .6 -.2 .4 1.9 .3 .5 .0
Less: Contributions for government social
insurance............................... .4 -.1 -.1 .3 2.0 .5 .4 .8
Less: Personal current taxes............... .5 .4 .2 .6 3.5 .9 .9 1.6
Equals: Disposable personal income......... 3.4 .2 .2 .5 .3 .3 .4 .4
Addenda:
Personal consumption expenditures........ .4 .3 .5 .7 .8 .3 .5 .6
Durable goods.......................... -4.0 -2.6 3.7 4.0 1.8 -1.8 .4 .3
Nondurable goods....................... 1.6 .6 -1.0 .1 2.0 -.3 .4 1.3
Services............................... .7 .6 .6 .4 .0 1.0 .6 .3
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 2.5 -.1 .7 .5 -.2 .2 .0 -.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2005.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005\r\ IV 04 I 05 II 05 III 05 IV 05\r\ I 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.9 5.4 12.7 2.0 4.5 2.6 7.6 6.0
Compensation of employees, received...... 5.8 6.4 10.6 6.3 3.4 6.8 2.0 6.6
Wage and salary disbursements.......... 5.4 6.0 10.8 4.9 3.0 6.5 1.6 5.9
Supplements to wages and salaries...... 7.3 7.9 9.8 12.2 4.8 8.1 3.7 9.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 9.8 5.5 5.4 7.8 8.4 -1.8 16.0 4.3
Rental income of persons with capital
consumption adjustment.................. 1.9 -45.7 23.6 -29.5 -38.6 ..... ..... -45.2
Personal income receipts on assets....... 4.3 4.4 37.9 -21.0 9.4 8.3 12.6 6.2
Personal interest income............... -1.3 4.4 1.2 3.6 9.3 6.7 12.7 3.9
Personal dividend income............... 16.5 4.3 134.9 -50.2 9.5 11.4 12.3 10.4
Personal current transfer receipts....... 6.2 6.8 2.2 11.4 5.7 13.5 -3.4 10.1
Less: Contributions for government social
insurance............................... 5.9 5.8 8.8 8.5 1.8 4.9 .9 11.2
Less: Personal current taxes............... 4.9 15.1 14.3 31.3 12.4 4.8 4.2 20.6
Equals: Disposable personal income......... 6.1 4.2 12.5 -1.3 3.5 2.3 8.1 4.1
Addenda:
Personal consumption expenditures........ 6.5 6.5 7.6 5.8 6.8 7.9 3.8 7.3
Durable goods.......................... 4.0 3.9 6.1 3.5 7.3 6.1 -17.3 19.6
Nondurable goods....................... 8.2 8.3 10.3 6.6 9.5 11.7 5.9 6.9
Services............................... 6.3 6.1 6.7 5.9 5.3 6.5 7.4 5.3
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 3.4 1.3 9.1 -3.4 .2 -1.4 5.1 2.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2005.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Sep 05 Oct 05 Nov 05 Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,856.9 7,859.1 7,930.2 7,986.8 8,011.0 8,029.2 8,039.9 8,049.9
Durable goods............................ 1,103.6 1,074.9 1,116.4 1,161.9 1,182.1 1,162.4 1,168.7 1,171.9
Nondurable goods......................... 2,296.7 2,316.7 2,338.8 2,347.2 2,370.8 2,368.5 2,361.6 2,365.7
Services................................. 4,464.5 4,468.7 4,483.8 4,495.1 4,480.6 4,514.9 4,527.1 4,530.2
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -42.3 2.2 71.1 56.6 24.2 18.2 10.7 10.0
Durable goods............................ -46.2 -28.7 41.5 45.5 20.2 -19.7 6.3 3.2
Nondurable goods......................... -17.8 20.0 22.1 8.4 23.6 -2.3 -6.9 4.1
Services................................. 12.3 4.2 15.1 11.3 -14.5 34.3 12.2 3.1
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -.5 .0 .9 .7 .3 .2 .1 .1
Durable goods............................ -4.0 -2.6 3.9 4.1 1.7 -1.7 .5 .3
Nondurable goods......................... -.8 .9 1.0 .4 1.0 -.1 -.3 .2
Services................................. .3 .1 .3 .3 -.3 .8 .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]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 IV 04 I 05 II 05 III 05 IV 05 I 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,588.6 7,856.9 7,698.8 7,764.9 7,829.5 7,907.9 7,925.4 8,026.7
Durable goods............................ 1,089.9 1,138.4 1,115.1 1,122.3 1,143.9 1,169.7 1,117.7 1,171.1
Nondurable goods......................... 2,200.4 2,297.9 2,236.5 2,265.6 2,285.9 2,305.8 2,334.2 2,367.0
Services................................. 4,310.9 4,436.4 4,362.1 4,392.0 4,417.6 4,453.5 4,482.6 4,507.6
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 282.0 268.3 81.3 66.1 64.6 78.4 17.5 101.3
Durable goods............................ 61.4 48.5 14.7 7.2 21.6 25.8 -52.0 53.4
Nondurable goods......................... 98.6 97.5 29.6 29.1 20.3 19.9 28.4 32.8
Services................................. 127.0 125.5 38.1 29.9 25.6 35.9 29.1 25.0
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.9 3.5 4.3 3.5 3.4 4.1 .9 5.2
Durable goods............................ 6.0 4.5 5.5 2.6 7.9 9.3 -16.6 20.5
Nondurable goods......................... 4.7 4.4 5.5 5.3 3.6 3.5 5.0 5.7
Services................................. 3.0 2.9 3.6 2.8 2.3 3.3 2.6 2.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Sep 05 Oct 05 Nov 05 Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 112.707 112.964 112.477 112.470 112.997 113.068 113.493 114.037
Durable goods............................ 89.795 89.804 89.637 89.537 89.609 89.496 89.362 89.381
Nondurable goods......................... 115.138 114.769 112.574 112.310 113.384 113.184 113.996 115.279
Services................................. 116.929 117.568 117.892 118.042 118.396 118.658 119.023 119.315
Addenda:
PCE excluding food and energy............ 109.658 109.936 110.101 110.249 110.409 110.571 110.942 111.219
Market-based PCE\1\...................... 111.834 112.034 111.430 111.394 111.933 111.954 112.375 112.923
Market-based PCE excluding food
and energy\1\........................... 107.946 108.156 108.304 108.447 108.549 108.667 109.019 109.249
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .9 .2 -.4 .0 .5 .1 .4 .5
Durable goods............................ .1 .0 -.2 -.1 .1 -.1 -.1 .0
Nondurable goods......................... 2.3 -.3 -1.9 -.2 1.0 -.2 .7 1.1
Services................................. .4 .5 .3 .1 .3 .2 .3 .2
Addenda:
PCE excluding food and energy............ .2 .3 .2 .1 .1 .1 .3 .2
Market-based PCE\1\...................... 1.0 .2 -.5 .0 .5 .0 .4 .5
Market-based PCE excluding food
and energy\1\........................... .1 .2 .1 .1 .1 .1 .3 .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
-----------------------------------------------------------------------------------------------------------------------------------
Sep 05 Oct 05\r\ Nov 05\r\ Dec 05\r\ Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.6 1.0 1.3 -2.1 1.5 1.5 1.5 1.7
Personal consumption expenditures.......... 2.9 2.5 3.2 3.2 3.5 3.3 3.3 3.1
Durable goods............................ .7 -2.3 .9 2.1 6.9 3.5 2.7 1.4
Nondurable goods......................... 3.3 3.6 4.8 4.8 4.7 4.0 4.7 4.1
Services................................. 3.0 2.8 2.8 2.7 2.3 2.8 2.8 3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2005.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Sep 05 Oct 05 Nov 05 Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 3.8 3.5 2.8 2.8 3.1 2.9 2.9 2.9
Durable goods............................ -.5 -.7 -.9 -1.1 -1.2 -1.2 -1.3 -1.2
Nondurable goods......................... 6.8 5.2 3.1 3.3 4.3 3.7 3.4 3.6
Services................................. 3.2 3.5 3.4 3.3 3.4 3.3 3.4 3.4
Addenda:
PCE excluding food and energy............ 2.0 2.0 1.9 2.0 1.8 1.8 2.0 2.1
Market-based PCE\1\...................... 3.8 3.5 2.7 2.7 3.1 2.8 2.8 2.8
Market-based PCE excluding food
and energy\1\........................... 1.7 1.7 1.6 1.7 1.5 1.5 1.6 1.8
-----------------------------------------------------------------------------------------------------------------------------------
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.