News Release
Personal Income and Outlays, December 2005
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James E. Rankin: (202) 606-5301 (Personal Income) BEA 06-03
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: DECEMBER 2005
Personal income increased $41.1 billion, or 0.4 percent, and disposable personal income
(DPI) increased $35.5 billion, or 0.4 percent, in December, according to the Bureau of Economic
Analysis. Personal consumption expenditures (PCE) increased $80.2 billion, or 0.9 percent. In
November, personal income increased $44.6 billion, or 0.4 percent, DPI increased $39.0 billion,
or 0.4 percent, and PCE increased $48.6 billion, or 0.5 percent, based on revised estimates.
2005
Aug. Sept. Oct. Nov. Dec.
(Percent change from preceding month)
Personal income, current dollars -2.1 3.0 0.6 0.4 0.4
Disposable personal income:
Current dollars -2.4 3.4 0.5 0.4 0.4
Chained (2000) dollars -2.8 2.4 0.4 0.8 0.4
Personal consumption expenditures:
Current dollars -0.4 0.4 0.1 0.5 0.9
Chained (2000) dollars -0.9 -0.5 0.0 0.9 0.9
Wages and salaries
Private wage and salary disbursements increased $14.6 billion in December, compared with
an increase of $16.0 billion in November. Goods-producing industries' payrolls increased $1.8
billion, compared with an increase of $1.2 billion; manufacturing payrolls increased $0.5 billion,
in contrast to a decrease of $1.0 billion. Services-producing industries' payrolls increased $12.9
billion, compared with an increase of $14.7 billion. Government wage and salary disbursements
increased $1.7 billion, compared with an increase of $1.8 billion.
Other personal income
Supplements to wages and salaries increased $3.6 billion in December, compared with an
increase of $4.0 billion in November.
Proprietors' income increased $1.1 billion in December, compared with an increase of $5.6
billion in November. Farm proprietors' income increased $0.3 billion, the same increase as in
November. Nonfarm proprietors' income increased $0.8 billion, compared with an increase of
$5.3 billion.
Rental income of persons decreased $3.5 billion in December, in contrast to an increase of
$3.6 billion in November. Personal income receipts on assets (personal interest income plus
personal dividend income) increased $16.7 billion, the same increase as in November.
Personal current transfer receipts increased $8.3 billion in December, in contrast to a
decrease of $1.0 billion in November. The December increase in personal current transfer
receipts reflected retroactive social security benefit payments of $6.5 billion at an annual rate,
resulting from a recalculation of the earnings base underlying the benefits for recent retirees.
Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $1.5 billion in December, compared with an increase of $1.9 billion in November.
Personal current taxes and disposable personal income
Personal current taxes increased $5.4 billion in December, compared with an increase of
$5.7 billion in November. Disposable personal income (DPI) -- personal income less personal
current taxes -- increased $35.5 billion, or 0.4 percent, in December, compared with an increase
of $39.0 billion, or 0.4 percent, in November.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $81.3 billion in December, compared with an increase of $49.8 billion in November.
PCE increased $80.2 billion, compared with an increase of $48.6 billion.
Personal saving -- DPI less personal outlays -- was a negative $67.4 billion in December,
compared with a negative $21.6 billion in November. Personal saving as a percentage of
disposable personal income was a negative 0.7 percent in December, compared with a negative 0.2
percent in November. 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 0.4 percent in December,
compared with an increase of 0.8 percent in November.
Real PCE -- PCE adjusted to remove price changes -- increased 0.9 percent in December, the
same increase as in November. Purchases of durable goods increased 5.0 percent, compared with
an increase of 3.7 percent. Purchases of motor vehicles and parts accounted for most of the
increases in December and in November. Purchases of nondurable goods increased 0.4 percent in
December, compared with an increase of 0.9 percent in November. Purchases of services
increased 0.4 percent, the same increase as in November.
2005 Personal Income and Outlays
Personal income increased 5.4 percent in 2005 (that is, from the 2004 annual level to the
2005 annual level), compared with an increase of 5.9 percent in 2004. DPI increased 4.2 percent,
compared with an increase of 6.1 percent. PCE increased 6.5 percent, the same increase as in
2004.
Real DPI increased 1.4 percent in 2005, compared with an increase of 3.4 percent in 2004.
Real PCE increased 3.6 percent, compared with an increase of 3.9 percent.
Revisions
Estimates have been revised for October and November. Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE
for October and November -- revised and as published in last month's release -- are shown below.
Revisions for October reflect revised estimates of the damage and insurance settlements from
Hurricane Wilma. For more information on these estimates, see the Hurricane Katrina FAQs on
"What are the effects of Hurricanes Katrina, Rita, and Wilma on Monthly Personal Income?" on
BEA's Web site.
Change from preceding month
October November
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 53.5 59.6 0.5 0.6 29.8 44.6 0.3 0.4
Disposable personal income:
Current dollars.......... 40.0 48.9 0.4 0.5 25.1 39.0 0.3 0.4
Chained (2000) dollars... 26.2 32.5 0.3 0.4 57.4 64.7 0.7 0.8
Personal consumption expenditures:
Current dollars.......... 13.4 13.0 0.2 0.1 25.3 48.6 0.3 0.5
Chained (2000) dollars... 2.9 0.9 0.0 0.0 56.4 72.2 0.7 0.9
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
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* * *
Next release -- Personal Income and Outlays for January will be released on
March 1, 2006, at 8:30 A.M. EST.
Release dates in 2006
December 2005.. January 30 April 2006.... May 26 August 2006.........September 29
January 2006....... March 1 May 2006..... June 30 September 2006... October 30
February 2006..... March 31 June 2006..... August 1 October 2006....... November 30
March 2006......... May 1 July 2006...... August 31 November 2006... December 22
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05\r\ Nov 05\r\ Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,180.6 10,231.5 10,274.7 10,058.7 10,359.6 10,419.2 10,463.8 10,504.9
Compensation of employees, received...... 7,058.8 7,086.1 7,139.9 7,147.6 7,178.7 7,216.2 7,237.9 7,257.8
Wage and salary disbursements.......... 5,671.1 5,695.7 5,734.4 5,734.1 5,756.3 5,786.4 5,804.1 5,820.4
Private industries................... 4,703.6 4,727.4 4,762.8 4,759.5 4,777.4 4,806.5 4,822.5 4,837.1
Goods-producing industries......... 1,106.8 1,111.8 1,117.0 1,120.1 1,119.9 1,131.0 1,132.2 1,134.0
Manufacturing.................... 715.1 717.5 720.5 721.8 720.0 729.2 728.2 728.7
Services-producing industries...... 3,596.8 3,615.6 3,645.8 3,639.4 3,657.5 3,675.6 3,690.3 3,703.2
Trade, transportation, and
utilities....................... 950.9 955.9 964.2 960.2 961.4 965.3 967.0 970.4
Other services-producing
industries...................... 2,645.9 2,659.7 2,681.7 2,679.2 2,696.1 2,710.3 2,723.2 2,732.7
Government........................... 967.5 968.4 971.6 974.6 978.9 979.8 981.6 983.3
Supplements to wages and salaries...... 1,387.7 1,390.4 1,405.5 1,413.5 1,422.4 1,429.8 1,433.8 1,437.4
Employer contributions for employee
pension and insurance funds......... 964.4 965.6 978.5 987.0 994.8 1,000.5 1,003.7 1,006.8
Employer contributions for government
social insurance.................... 423.4 424.8 427.0 426.5 427.6 429.3 430.1 430.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 933.5 945.7 947.3 891.4 958.4 960.1 965.7 966.8
Farm................................... 19.7 15.8 19.0 17.4 17.7 17.6 17.9 18.2
Nonfarm................................ 913.8 929.9 928.2 874.1 940.7 942.5 947.8 948.6
Rental income of persons with capital
consumption adjustment.................. 104.1 99.7 96.5 -213.4 83.6 83.3 86.9 83.4
Personal income receipts on assets....... 1,439.7 1,452.8 1,460.9 1,468.8 1,476.9 1,493.6 1,510.3 1,527.0
Personal interest income............... 936.0 944.9 948.1 951.2 954.4 965.9 977.5 989.0
Personal dividend income............... 503.8 507.9 512.8 517.6 522.5 527.7 532.9 538.0
Personal current transfer receipts....... 1,509.1 1,514.8 1,502.4 1,635.9 1,536.0 1,543.4 1,542.4 1,550.7
Government social benefits to persons.. 1,479.8 1,485.5 1,473.1 1,478.1 1,498.5 1,503.1 1,512.9 1,521.2
Old-age, survivors, disability, and
health insurance benefits........... 842.2 845.6 847.3 851.2 851.9 855.7 857.1 867.8
Government unemployment insurance
benefits............................ 27.7 28.1 27.9 27.6 30.0 30.7 29.6 28.8
Other................................ 609.9 611.8 597.9 599.3 616.5 616.6 626.2 624.7
Other current transfer receipts, from
business (net)........................ 29.2 29.3 29.3 157.8 37.5 40.4 29.5 29.5
Less: Contributions for government social
insurance............................... 864.7 867.6 872.2 871.6 873.9 877.5 879.4 880.9
Less: Personal current taxes............... 1,206.0 1,216.1 1,215.0 1,214.6 1,218.1 1,228.7 1,234.4 1,239.8
Equals: Disposable personal income......... 8,974.6 9,015.4 9,059.6 8,844.0 9,141.6 9,190.5 9,229.5 9,265.0
Less: Personal outlays..................... 8,971.4 9,065.4 9,186.8 9,149.1 9,185.9 9,201.3 9,251.1 9,332.4
Personal consumption expenditures........ 8,647.2 8,737.3 8,858.0 8,819.1 8,854.8 8,867.8 8,916.4 8,996.6
Durable goods.......................... 1,008.9 1,051.2 1,130.0 1,031.7 990.9 960.4 994.4 1,042.2
Nondurable goods....................... 2,525.1 2,546.8 2,566.9 2,603.6 2,644.1 2,658.1 2,632.0 2,636.0
Services............................... 5,113.2 5,139.2 5,161.2 5,183.8 5,219.8 5,249.3 5,290.0 5,318.4
Personal interest payments\1\............ 205.3 208.8 209.5 210.1 210.7 211.4 212.1 212.7
Personal current transfer payments....... 118.8 119.3 119.4 119.8 120.4 122.2 122.7 123.2
To government.......................... 74.0 74.4 75.0 75.4 76.0 76.4 77.0 77.5
To the rest of the world (net)......... 44.9 44.9 44.4 44.4 44.4 45.7 45.7 45.7
Equals: Personal saving.................... 3.2 -50.0 -127.2 -305.0 -44.4 -10.8 -21.6 -67.4
Personal saving as a percentage of
disposable personal income.............. .0 -.6 -1.4 -3.4 -.5 -.1 -.2 -.7
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,097.1 8,133.0 8,148.8 7,921.5 8,111.3 8,143.8 8,208.5 8,241.7
Per capita:
Current dollars...................... 30,281 30,393 30,516 29,762 30,736 30,873 30,978 31,072
Chained (2000) dollars............... 27,320 27,418 27,448 26,658 27,272 27,357 27,551 27,640
Population (midperiod, thousands)\3\..... 296,381 296,626 296,884 297,156 297,427 297,686 297,938 298,177
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 III 04 IV 04 I 05 II 05 III 05 IV 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,713.3 10,238.2 9,729.2 10,024.8 10,073.4 10,185.7 10,231.0 10,462.6
Compensation of employees, received...... 6,687.6 7,113.6 6,724.2 6,895.8 7,001.7 7,060.2 7,155.4 7,237.3
Wage and salary disbursements.......... 5,389.4 5,711.9 5,422.0 5,562.9 5,629.9 5,672.3 5,741.6 5,803.6
Private industries................... 4,450.0 4,740.4 4,479.2 4,612.9 4,668.1 4,705.0 4,766.6 4,822.0
Goods-producing industries......... 1,049.9 1,114.4 1,062.3 1,083.0 1,099.2 1,107.2 1,119.0 1,132.4
Manufacturing.................... 687.7 720.1 696.1 707.8 715.3 715.5 720.8 728.7
Services-producing industries...... 3,400.1 3,626.0 3,416.8 3,529.9 3,568.8 3,597.9 3,647.6 3,689.7
Trade, transportation, and
utilities....................... 899.7 954.6 906.3 931.1 937.8 951.1 961.9 967.6
Other services-producing
industries...................... 2,500.4 2,671.4 2,510.5 2,598.8 2,631.0 2,646.8 2,685.6 2,722.1
Government........................... 939.5 971.4 942.8 950.0 961.8 967.3 975.0 981.6
Supplements to wages and salaries...... 1,298.1 1,401.8 1,302.3 1,332.9 1,371.8 1,387.9 1,413.8 1,433.7
Employer contributions for employee
pension and insurance funds......... 895.5 976.2 897.9 919.6 950.0 964.4 986.8 1,003.7
Employer contributions for government
social insurance.................... 402.7 425.6 404.4 413.4 421.9 423.5 427.0 430.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 889.6 937.8 889.1 900.9 917.9 936.6 932.4 964.2
Farm................................... 35.8 20.1 29.7 24.6 24.7 19.6 18.0 17.9
Nonfarm................................ 853.8 917.7 859.4 876.3 893.2 917.1 914.3 946.3
Rental income of persons with capital
consumption adjustment.................. 134.2 73.9 122.1 128.7 118.0 104.4 -11.1 84.5
Personal income receipts on assets....... 1,396.5 1,456.7 1,378.2 1,493.6 1,407.9 1,439.8 1,468.9 1,510.3
Personal interest income............... 905.9 945.0 904.7 907.4 915.4 936.0 951.2 977.5
Personal dividend income............... 490.6 511.7 473.5 586.2 492.5 503.8 517.6 532.9
Personal current transfer receipts....... 1,427.5 1,525.5 1,441.5 1,449.2 1,488.8 1,509.6 1,558.1 1,545.5
Government social benefits to persons.. 1,394.5 1,483.9 1,397.1 1,419.5 1,459.7 1,480.4 1,483.2 1,512.4
Old-age, survivors, disability, and
health insurance benefits........... 789.3 845.1 793.7 805.5 828.0 842.2 850.1 860.2
Government unemployment insurance
benefits............................ 36.0 28.9 33.3 32.4 29.4 28.0 28.5 29.7
Other................................ 569.2 609.9 570.1 581.5 602.2 610.2 604.6 622.5
Other current transfer receipts, from
business (net)........................ 33.0 41.6 44.4 29.8 29.1 29.2 74.8 33.1
Less: Contributions for government social
insurance............................... 822.2 869.4 825.9 843.5 861.0 864.9 872.6 879.2
Less: Personal current taxes............... 1,049.1 1,206.9 1,058.4 1,094.3 1,171.4 1,206.0 1,215.9 1,234.3
Equals: Disposable personal income......... 8,664.2 9,031.3 8,670.9 8,930.4 8,902.0 8,979.7 9,015.1 9,228.3
Less: Personal outlays..................... 8,512.5 9,072.8 8,566.3 8,725.0 8,854.6 9,001.2 9,173.9 9,261.6
Personal consumption expenditures........ 8,214.3 8,745.9 8,263.2 8,416.1 8,535.8 8,677.0 8,844.0 8,926.9
Durable goods.......................... 987.8 1,025.7 993.8 1,008.6 1,017.3 1,035.5 1,050.9 999.0
Nondurable goods....................... 2,368.3 2,564.3 2,378.4 2,437.1 2,476.6 2,533.7 2,604.9 2,642.0
Services............................... 4,858.2 5,155.9 4,891.0 4,970.4 5,041.8 5,107.8 5,188.3 5,285.9
Personal interest payments\1\............ 186.7 206.4 190.3 196.2 198.1 205.3 210.1 212.1
Personal current transfer payments....... 111.5 120.5 112.8 112.7 120.8 118.8 119.9 122.7
To government.......................... 68.6 74.7 69.4 71.0 72.5 73.9 75.4 77.0
To the rest of the world (net)......... 42.9 45.8 43.4 41.7 48.3 44.9 44.4 45.7
Equals: Personal saving.................... 151.8 -41.6 104.6 205.4 47.4 -21.5 -158.9 -33.3
Personal saving as a percentage of
disposable personal income.............. 1.8 -.5 1.2 2.3 .5 -.2 -1.8 -.4
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,004.3 8,114.5 7,993.3 8,169.2 8,098.1 8,102.6 8,060.8 8,198.0
Per capita:
Current dollars...................... 29,475 30,429 29,461 30,265 30,103 30,298 30,338 30,975
Chained (2000) dollars............... 27,230 27,340 27,159 27,685 27,384 27,338 27,127 27,516
Population (midperiod, thousands)\3\..... 293,951 296,798 294,315 295,077 295,720 296,383 297,155 297,933
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05\r\ Nov 05\r\ Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 35.5 50.9 43.2 -216.0 300.9 59.6 44.6 41.1
Compensation of employees, received...... 23.2 27.3 53.8 7.7 31.1 37.5 21.7 19.9
Wage and salary disbursements.......... 21.0 24.6 38.7 -.3 22.2 30.1 17.7 16.3
Private industries................... 19.4 23.8 35.4 -3.3 17.9 29.1 16.0 14.6
Goods-producing industries......... 3.9 5.0 5.2 3.1 -.2 11.1 1.2 1.8
Manufacturing.................... 1.2 2.4 3.0 1.3 -1.8 9.2 -1.0 .5
Services-producing industries...... 15.6 18.8 30.2 -6.4 18.1 18.1 14.7 12.9
Trade, transportation, and
utilities....................... 4.5 5.0 8.3 -4.0 1.2 3.9 1.7 3.4
Other services-producing
industries...................... 11.1 13.8 22.0 -2.5 16.9 14.2 12.9 9.5
Government........................... 1.6 .9 3.2 3.0 4.3 .9 1.8 1.7
Supplements to wages and salaries...... 2.2 2.7 15.1 8.0 8.9 7.4 4.0 3.6
Employer contributions for employee
pension and insurance funds......... 1.2 1.2 12.9 8.5 7.8 5.7 3.2 3.1
Employer contributions for government
social insurance.................... 1.1 1.4 2.2 -.5 1.1 1.7 .8 .5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 2.7 12.2 1.6 -55.9 67.0 1.7 5.6 1.1
Farm................................... -3.5 -3.9 3.2 -1.6 .3 -.1 .3 .3
Nonfarm................................ 6.3 16.1 -1.7 -54.1 66.6 1.8 5.3 .8
Rental income of persons with capital
consumption adjustment.................. -5.3 -4.4 -3.2 -309.9 297.0 -.3 3.6 -3.5
Personal income receipts on assets....... 12.9 13.1 8.1 7.9 8.1 16.7 16.7 16.7
Personal interest income............... 9.0 8.9 3.2 3.1 3.2 11.5 11.6 11.5
Personal dividend income............... 4.0 4.1 4.9 4.8 4.9 5.2 5.2 5.1
Personal current transfer receipts....... 4.2 5.7 -12.4 133.5 -99.9 7.4 -1.0 8.3
Government social benefits to persons.. 4.1 5.7 -12.4 5.0 20.4 4.6 9.8 8.3
Old-age, survivors, disability, and
health insurance benefits........... 3.4 3.4 1.7 3.9 .7 3.8 1.4 10.7
Government unemployment insurance
benefits............................ -.4 .4 -.2 -.3 2.4 .7 -1.1 -.8
Other................................ 1.1 1.9 -13.9 1.4 17.2 .1 9.6 -1.5
Other current transfer receipts, from
business (net)........................ .0 .1 .0 128.5 -120.3 2.9 -10.9 .0
Less: Contributions for government social
insurance............................... 2.3 2.9 4.6 -.6 2.3 3.6 1.9 1.5
Less: Personal current taxes............... 9.9 10.1 -1.1 -.4 3.5 10.6 5.7 5.4
Equals: Disposable personal income......... 25.6 40.8 44.2 -215.6 297.6 48.9 39.0 35.5
Less: Personal outlays..................... 4.7 94.0 121.4 -37.7 36.8 15.4 49.8 81.3
Personal consumption expenditures........ .6 90.1 120.7 -38.9 35.7 13.0 48.6 80.2
Durable goods.......................... -37.5 42.3 78.8 -98.3 -40.8 -30.5 34.0 47.8
Nondurable goods....................... -4.1 21.7 20.1 36.7 40.5 14.0 -26.1 4.0
Services............................... 42.2 26.0 22.0 22.6 36.0 29.5 40.7 28.4
Personal interest payments\1\............ 3.5 3.5 .7 .6 .6 .7 .7 .6
Personal current transfer payments....... .5 .5 .1 .4 .6 1.8 .5 .5
To government.......................... .6 .4 .6 .4 .6 .4 .6 .5
To the rest of the world (net)......... .0 .0 -.5 .0 .0 1.3 .0 .0
Equals: Personal saving.................... 20.9 -53.2 -77.2 -177.8 260.6 33.6 -10.8 -45.8
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 19.2 35.9 15.8 -227.3 189.8 32.5 64.7 33.2
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 III 04 IV 04 I 05 II 05 III 05 IV 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 544.2 524.9 114.9 295.6 48.6 112.3 45.3 231.6
Compensation of employees, received...... 366.5 426.0 120.6 171.6 105.9 58.5 95.2 81.9
Wage and salary disbursements.......... 278.3 322.5 103.9 140.9 67.0 42.4 69.3 62.0
Private industries................... 242.2 290.4 98.9 133.7 55.2 36.9 61.6 55.4
Goods-producing industries......... 42.7 64.5 26.7 20.7 16.2 8.0 11.8 13.4
Manufacturing.................... 19.0 32.4 18.5 11.7 7.5 .2 5.3 7.9
Services-producing industries...... 199.5 225.9 72.0 113.1 38.9 29.1 49.7 42.1
Trade, transportation, and
utilities....................... 41.1 54.9 16.8 24.8 6.7 13.3 10.8 5.7
Other services-producing
industries...................... 158.4 171.0 55.2 88.3 32.2 15.8 38.8 36.5
Government........................... 36.2 31.9 5.1 7.2 11.8 5.5 7.7 6.6
Supplements to wages and salaries...... 88.1 103.7 16.8 30.6 38.9 16.1 25.9 19.9
Employer contributions for employee
pension and insurance funds......... 65.5 80.7 10.4 21.7 30.4 14.4 22.4 16.9
Employer contributions for government
social insurance.................... 22.7 22.9 6.4 9.0 8.5 1.6 3.5 3.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 79.4 48.2 -9.3 11.8 17.0 18.7 -4.2 31.8
Farm................................... 8.1 -15.7 -14.4 -5.1 .1 -5.1 -1.6 -.1
Nonfarm................................ 71.4 63.9 5.2 16.9 16.9 23.9 -2.8 32.0
Rental income of persons with capital
consumption adjustment.................. 2.5 -60.3 -19.7 6.6 -10.7 -13.6 -115.5 95.6
Personal income receipts on assets....... 57.8 60.2 14.3 115.4 -85.7 31.9 29.1 41.4
Personal interest income............... -11.7 39.1 -.4 2.7 8.0 20.6 15.2 26.3
Personal dividend income............... 69.5 21.1 14.7 112.7 -93.7 11.3 13.8 15.3
Personal current transfer receipts....... 83.5 98.0 21.7 7.7 39.6 20.8 48.5 -12.6
Government social benefits to persons.. 81.0 89.4 6.3 22.4 40.2 20.7 2.8 29.2
Old-age, survivors, disability, and
health insurance benefits........... 50.0 55.8 8.8 11.8 22.5 14.2 7.9 10.1
Government unemployment insurance
benefits............................ -16.8 -7.1 -2.0 -.9 -3.0 -1.4 .5 1.2
Other................................ 47.8 40.7 -.6 11.4 20.7 8.0 -5.6 17.9
Other current transfer receipts, from
business (net)........................ 2.5 8.6 15.5 -14.6 -.7 .1 45.6 -41.7
Less: Contributions for government social
insurance............................... 45.6 47.2 12.9 17.6 17.5 3.9 7.7 6.6
Less: Personal current taxes............... 49.2 157.8 24.4 35.9 77.1 34.6 9.9 18.4
Equals: Disposable personal income......... 495.0 367.1 90.6 259.5 -28.4 77.7 35.4 213.2
Less: Personal outlays..................... 516.2 560.3 127.2 158.7 129.6 146.6 172.7 87.7
Personal consumption expenditures........ 504.4 531.6 117.6 152.9 119.7 141.2 167.0 82.9
Durable goods.......................... 37.7 37.9 19.2 14.8 8.7 18.2 15.4 -51.9
Nondurable goods....................... 179.3 196.0 23.2 58.7 39.5 57.1 71.2 37.1
Services............................... 287.4 297.7 75.1 79.4 71.4 66.0 80.5 97.6
Personal interest payments\1\............ 3.5 19.7 8.1 5.9 1.9 7.2 4.8 2.0
Personal current transfer payments....... 8.2 9.0 1.5 -.1 8.1 -2.0 1.1 2.8
To government.......................... 6.5 6.1 1.6 1.6 1.5 1.4 1.5 1.6
To the rest of the world (net)......... 1.7 2.9 -.1 -1.7 6.6 -3.4 -.5 1.3
Equals: Personal saving.................... -21.0 -193.4 -36.6 100.8 -158.0 -68.9 -137.4 125.6
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 262.5 110.2 54.5 175.9 -71.1 4.5 -41.8 137.2
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05\r\ Nov 05\r\ Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .4 .5 .4 -2.1 3.0 .6 .4 .4
Compensation of employees, received...... .3 .4 .8 .1 .4 .5 .3 .3
Wage and salary disbursements.......... .4 .4 .7 .0 .4 .5 .3 .3
Supplements to wages and salaries...... .2 .2 1.1 .6 .6 .5 .3 .2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .3 1.3 .2 -5.9 7.5 .2 .6 .1
Rental income of persons with capital
consumption adjustment.................. -4.8 -4.3 -3.2 ...... ...... -.3 4.3 -4.1
Personal income receipts on assets....... .9 .9 .6 .5 .5 1.1 1.1 1.1
Personal interest income............... 1.0 1.0 .3 .3 .3 1.2 1.2 1.2
Personal dividend income............... .8 .8 1.0 .9 .9 1.0 1.0 1.0
Personal current transfer receipts....... .3 .4 -.8 8.9 -6.1 .5 -.1 .5
Less: Contributions for government social
insurance............................... .3 .3 .5 -.1 .3 .4 .2 .2
Less: Personal current taxes............... .8 .8 -.1 .0 .3 .9 .5 .4
Equals: Disposable personal income......... .3 .5 .5 -2.4 3.4 .5 .4 .4
Addenda:
Personal consumption expenditures........ .0 1.0 1.4 -.4 .4 .1 .5 .9
Durable goods.......................... -3.6 4.2 7.5 -8.7 -4.0 -3.1 3.5 4.8
Nondurable goods....................... -.2 .9 .8 1.4 1.6 .5 -1.0 .1
Services............................... .8 .5 .4 .4 .7 .6 .8 .5
Real disposable personal income.......... .2 .4 .2 -2.8 2.4 .4 .8 .4
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 III 04 IV 04 I 05 II 05 III 05 IV 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 5.9 5.4 4.9 12.7 2.0 4.5 1.8 9.4
Compensation of employees, received...... 5.8 6.4 7.5 10.6 6.3 3.4 5.5 4.7
Wage and salary disbursements.......... 5.4 6.0 8.0 10.8 4.9 3.0 5.0 4.4
Supplements to wages and salaries...... 7.3 8.0 5.3 9.8 12.2 4.8 7.7 5.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 9.8 5.4 -4.0 5.4 7.8 8.4 -1.8 14.4
Rental income of persons with capital
consumption adjustment.................. 1.9 -44.9 -44.9 23.6 -29.5 -38.6 ...... ......
Personal income receipts on assets....... 4.3 4.3 4.3 37.9 -21.0 9.4 8.3 11.8
Personal interest income............... -1.3 4.3 -.2 1.2 3.6 9.3 6.7 11.5
Personal dividend income............... 16.5 4.3 13.5 134.9 -50.2 9.5 11.4 12.3
Personal current transfer receipts....... 6.2 6.9 6.3 2.2 11.4 5.7 13.5 -3.2
Less: Contributions for government social
insurance............................... 5.9 5.7 6.5 8.8 8.5 1.8 3.6 3.1
Less: Personal current taxes............... 4.9 15.0 9.8 14.3 31.3 12.4 3.3 6.2
Equals: Disposable personal income......... 6.1 4.2 4.3 12.5 -1.3 3.5 1.6 9.8
Addenda:
Personal consumption expenditures........ 6.5 6.5 5.9 7.6 5.8 6.8 7.9 3.8
Durable goods.......................... 4.0 3.8 8.1 6.1 3.5 7.3 6.1 -18.3
Nondurable goods....................... 8.2 8.3 4.0 10.3 6.6 9.5 11.7 5.8
Services............................... 6.3 6.1 6.4 6.7 5.9 5.3 6.5 7.7
Real disposable personal income.......... 3.4 1.4 2.8 9.1 -3.4 .2 -2.0 7.0
-----------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05\r\ Nov 05\r\ Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,801.7 7,882.1 7,967.5 7,899.2 7,856.9 7,857.8 7,930.0 8,002.9
Durable goods............................ 1,112.1 1,163.5 1,255.9 1,149.8 1,103.6 1,069.7 1,109.4 1,165.0
Nondurable goods......................... 2,279.8 2,304.3 2,306.1 2,314.5 2,296.7 2,317.5 2,338.8 2,347.8
Services................................. 4,421.5 4,435.0 4,443.7 4,452.2 4,464.5 4,470.7 4,489.0 4,507.6
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -3.2 80.4 85.4 -68.3 -42.3 .9 72.2 72.9
Durable goods............................ -44.0 51.4 92.4 -106.1 -46.2 -33.9 39.7 55.6
Nondurable goods......................... 6.3 24.5 1.8 8.4 -17.8 20.8 21.3 9.0
Services................................. 25.3 13.5 8.7 8.5 12.3 6.2 18.3 18.6
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .0 1.0 1.1 -.9 -.5 .0 .9 .9
Durable goods............................ -3.8 4.6 7.9 -8.5 -4.0 -3.1 3.7 5.0
Nondurable goods......................... .3 1.1 .1 .4 -.8 .9 .9 .4
Services................................. .6 .3 .2 .2 .3 .1 .4 .4
-----------------------------------------------------------------------------------------------------------------------------------
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 III 04 IV 04 I 05 II 05 III 05 IV 05
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,588.6 7,858.1 7,617.5 7,698.8 7,764.9 7,829.5 7,907.9 7,930.2
Durable goods............................ 1,089.9 1,137.7 1,100.4 1,115.1 1,122.3 1,143.9 1,169.7 1,114.7
Nondurable goods......................... 2,200.4 2,298.0 2,206.9 2,236.5 2,265.6 2,285.9 2,305.8 2,334.7
Services................................. 4,310.9 4,438.0 4,324.0 4,362.1 4,392.0 4,417.6 4,453.5 4,489.1
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 282.0 269.5 80.9 81.3 66.1 64.6 78.4 22.3
Durable goods............................ 61.4 47.8 27.9 14.7 7.2 21.6 25.8 -55.0
Nondurable goods......................... 98.6 97.6 20.8 29.6 29.1 20.3 19.9 28.9
Services................................. 127.0 127.1 35.4 38.1 29.9 25.6 35.9 35.6
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.9 3.6 4.4 4.3 3.5 3.4 4.1 1.1
Durable goods............................ 6.0 4.4 10.8 5.5 2.6 7.9 9.3 -17.5
Nondurable goods......................... 4.7 4.4 3.9 5.5 5.3 3.6 3.5 5.1
Services................................. 3.0 2.9 3.4 3.6 2.8 2.3 3.3 3.2
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05\r\ Nov 05\r\ Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 110.847 110.858 111.181 111.651 112.707 112.860 112.445 112.424
Durable goods............................ 90.715 90.354 89.979 89.742 89.795 89.778 89.629 89.457
Nondurable goods......................... 110.769 110.536 111.318 112.499 115.138 114.702 112.544 112.281
Services................................. 115.653 115.888 116.154 116.442 116.929 117.425 117.853 117.995
Addenda:
PCE excluding food and energy............ 109.146 109.203 109.264 109.428 109.658 109.835 110.068 110.208
Market-based PCE\1\...................... 109.867 109.864 110.213 110.704 111.834 111.953 111.424 111.367
Market-based PCE excluding food
and energy\1\........................... 107.569 107.617 107.657 107.787 107.946 108.086 108.305 108.431
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .0 .0 .3 .4 .9 .1 -.4 .0
Durable goods............................ .2 -.4 -.4 -.3 .1 .0 -.2 -.2
Nondurable goods......................... -.4 -.2 .7 1.1 2.3 -.4 -1.9 -.2
Services................................. .3 .2 .2 .2 .4 .4 .4 .1
Addenda:
PCE excluding food and energy............ .2 .1 .1 .2 .2 .2 .2 .1
Market-based PCE\1\...................... .0 .0 .3 .4 1.0 .1 -.5 -.1
Market-based PCE excluding food
and energy\1\........................... .2 .0 .0 .1 .1 .1 .2 .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
-----------------------------------------------------------------------------------------------------------------------------------
May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05\r\ Nov 05\r\ Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.9 2.5 2.2 -1.0 1.4 1.2 1.7 -1.8
Personal consumption expenditures.......... 3.1 4.6 4.7 3.8 2.9 2.4 3.2 3.4
Durable goods............................ 1.8 9.1 13.1 5.0 .7 -2.8 .2 2.3
Nondurable goods......................... 3.8 5.4 5.0 5.2 3.3 3.6 4.8 4.8
Services................................. 3.0 3.3 3.0 3.0 3.0 2.9 2.9 2.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05\r\ Nov 05\r\ Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.5 2.2 2.6 2.9 3.8 3.4 2.8 2.8
Durable goods............................ -.2 -.5 -.6 -.5 -.5 -.7 -.9 -1.1
Nondurable goods......................... 2.5 2.0 3.3 4.4 6.8 5.2 3.1 3.3
Services................................. 3.0 2.9 2.9 2.9 3.2 3.4 3.3 3.3
Addenda:
PCE excluding food and energy............ 2.0 1.9 1.9 2.0 2.0 1.9 1.9 1.9
Market-based PCE\1\...................... 2.3 2.1 2.4 2.9 3.8 3.4 2.7 2.7
Market-based PCE excluding food
and energy\1\........................... 1.7 1.6 1.6 1.7 1.7 1.6 1.6 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.