News Release
Personal Income and Outlays, February 2006
Available for this release: Full Release (PDF - ) | Tables (XLS - ), Highlights (PDF - )
Sign up for e-mail subscriptions.
James E. Rankin: (202) 606-5301 (Personal Income)BEA 06-12
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: FEBRUARY 2006
Personal income increased $31.5 billion, or 0.3 percent, and disposable personal income (DPI)
increased $21.7 billion, or 0.2 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $13.1 billion, or 0.1 percent. In January,
personal income increased $77.1 billion, or 0.7 percent, DPI increased $53.5 billion, or 0.6 percent,
and PCE increased $72.1 billion, or 0.8 percent, based on revised estimates.
2005 2006
Oct. Nov. Dec. Jan. Feb.
(Percent change from preceding month)
Personal income, current dollars 0.5 0.3 0.5 0.7 0.3
Disposable personal income:
Current dollars 0.5 0.3 0.5 0.6 0.2
Chained (2000) dollars 0.3 0.7 0.5 0.1 0.2
Personal consumption expenditures:
Current dollars 0.3 0.5 0.7 0.8 0.1
Chained (2000) dollars 0.0 0.9 0.7 0.3 0.1
Compensation of employees
Private wage and salary disbursements increased $16.7 billion in February, compared with an
increase of $37.2 billion in January. Goods-producing industries' payrolls increased $3.2 billion,
compared with an increase of $6.5 billion; manufacturing payrolls increased $1.6 billion, compared
with an increase of $2.5 billion. Services-producing industries' payrolls increased $13.6 billion,
compared with an increase of $30.6 billion.
Government wage and salary disbursements increased $4.5 billion in February, compared with
an increase of $5.6 billion in January. Pay raises for federal civilian personnel added an additional
$1.0 billion to the change in government payrolls in February; pay raises for federal civilian and
military personnel had added $5.4 billion to government payrolls in January.
Employer contributions for employee pension and insurance funds increased $7.1 billion in
February, compared with an increase of $10.9 billion in January.
Employer contributions for government social insurance increased $0.9 billion in February,
compared with an increase of $7.7 billion in January. The January increase reflected an increase in
the tax rate paid by employers to state unemployment insurance funds and an increase in the social
security taxable wage base (from $90,000 to $94,200); these changes added $4.2 billion in January.
(Changes in employer contributions for government social insurance do not affect personal income,
because employer contributions for government social insurance are also included in total
contributions for government social insurance, which is a subtraction in the calculation of personal
income.)
Other personal income
Proprietors' income decreased $0.4 billion in February, in contrast to an increase of $4.0 billion
in January. Farm proprietors' income decreased $2.2 billion, compared with a decrease of $3.5
billion. Nonfarm proprietors' income increased $1.8 billion, compared with an increase of $7.5
billion.
Rental income of persons decreased $2.3 billion in February, compared with a decrease of $1.6
billion in January. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $2.6 billion, compared with an increase of $3.2 billion.
Personal current transfer receipts increased $5.4 billion in February, compared with an increase
of $28.5 billion in January. The January change in current transfer receipts reflected payments for
the new Medicare Part D Prescription Drug Plan (which took effect on January 1, 2006) and 4.1-
percent cost-of-living adjustments to social security benefits and to several other federal transfer
payment programs; these changes added $49.7 billion to the January increase. The January change
in current transfer receipts was reduced by lump-sum social security benefits payments, which had
added $6.5 billion to December benefit payments; these benefit payments resulted 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 $3.3 billion in February, compared with an increase of $18.4 billion in January. The
January increase reflected increases in both employer and personal contributions for government
social insurance. As noted above, employer contributions were boosted $4.2 billion in January by
increases in unemployment-insurance rates and in the social security taxable wage base. The
January increase in personal contributions for government social insurance reflected an increase in
the monthly premium paid by participants in the supplementary medical insurance program
(Medicare part B) and the increase in the social security taxable wage base; these changes added
$6.8 billion to January personal contributions.
Personal current taxes and disposable personal income
Personal current taxes increased $9.9 billion in February, compared with an increase of $23.5
billion in January. Indexation provisions of current tax law reduced federal withheld income taxes
by $4.1 billion in January. Federal net nonwithheld income taxes (payments of estimated taxes plus
final settlements less refunds) boosted the January increase by $5.6 billion, based on federal budget
projections for 2006.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased
$21.7 billion, or 0.2 percent, in February, compared with an increase of $53.5 billion, or 0.6 percent,
in January.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $14.4 billion in February, compared with an increase of $73.5 billion in January. PCE
increased $13.1 billion, compared with an increase of $72.1 billion.
Personal saving -- DPI less personal outlays -- was a negative $43.8 billion in February,
compared with a negative $51.0 billion in January. Personal saving as a percentage of disposable
personal income was a negative 0.5 percent in February, the same as in January. Negative personal
saving reflects personal outlays that exceed disposable personal income. Saving from current
income may be near zero or negative when outlays are financed by borrowing (including borrowing
financed through credit cards or home equity loans), by selling investments or other assets, or by
using savings from previous periods. For more information, see the FAQs on "Personal Saving" on
BEA's Web site.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in February,
compared with an increase of 0.1 percent in January.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in February,
compared with an increase of 0.3 percent in January. Purchases of durable goods decreased 1.8
percent, in contrast to an increase of 1.1 percent. Purchases of motor vehicles and parts accounted
for about one-half of the decrease in February. Purchases of nondurable goods decreased 0.5
percent in February, in contrast to an increase of 1.0 percent in January. Purchases of services
increased 0.8 percent, in contrast to a decrease of 0.2 percent.
Revisions
Estimates have been revised for October through January. Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
December and January -- revised and as published in last month's release -- are shown below.
Change from preceding month
December January
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.............. 54.8 55.2 0.5 0.5 75.2 77.1 0.7 0.7
Disposable personal income:
Current dollars.............. 47.6 47.7 0.5 0.5 50.2 53.5 0.5 0.6
Chained (2000) dollars....... 42.8 42.9 0.5 0.5 4.8 7.6 0.1 0.1
Personal consumption expenditures:
Current dollars.............. 64.2 63.0 0.7 0.7 76.7 72.1 0.9 0.8
Chained (2000) dollars....... 57.4 56.6 0.7 0.7 29.6 25.2 0.4 0.3
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 March will be released on
May 1, 2006 at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 05 Aug 05 Sep 05 Oct 05/r/ Nov 05/r/ Dec 05/r/ Jan 06/r/ Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,283.9 10,078.3 10,389.1 10,444.5 10,475.7 10,530.9 10,608.0 10,639.5
Compensation of employees, received...... 7,150.4 7,170.1 7,212.4 7,246.3 7,253.1 7,285.7 7,347.1 7,376.4
Wage and salary disbursements.......... 5,744.2 5,755.1 5,787.7 5,817.4 5,822.1 5,850.8 5,893.5 5,914.8
Private industries................... 4,772.6 4,780.5 4,808.8 4,837.4 4,839.4 4,866.6 4,903.8 4,920.5
Goods-producing industries......... 1,123.8 1,131.6 1,134.5 1,145.6 1,144.4 1,148.9 1,155.4 1,158.6
Manufacturing.................... 721.8 725.9 726.3 735.6 730.6 731.6 734.1 735.7
Services-producing industries...... 3,648.9 3,648.9 3,674.3 3,691.8 3,695.0 3,717.7 3,748.3 3,761.9
Trade, transportation, and
utilities....................... 963.6 961.1 963.7 967.7 971.0 974.9 980.1 982.6
Other services-producing
industries...................... 2,685.2 2,687.8 2,710.6 2,724.1 2,724.0 2,742.8 2,768.3 2,779.3
Government........................... 971.6 974.6 978.9 980.0 982.6 984.2 989.8 994.3
Supplements to wages and salaries...... 1,406.2 1,415.0 1,424.7 1,428.9 1,431.0 1,434.9 1,453.6 1,461.6
Employer contributions for employee
pension and insurance funds......... 978.5 987.0 994.8 996.8 998.9 1,001.2 1,012.1 1,019.2
Employer contributions for government
social insurance.................... 427.7 428.0 429.8 432.1 432.2 433.8 441.5 442.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 947.3 891.4 958.4 961.3 967.9 974.0 978.0 977.6
Farm................................... 19.0 17.4 17.7 19.1 21.0 22.9 19.4 17.2
Nonfarm................................ 928.2 874.1 940.7 942.2 946.9 951.1 958.6 960.4
Rental income of persons with capital
consumption adjustment.................. 96.5 -213.4 83.6 79.3 82.7 78.9 77.3 75.0
Personal income receipts on assets....... 1,460.9 1,468.8 1,476.9 1,494.9 1,512.9 1,531.0 1,534.2 1,536.8
Personal interest income............... 948.1 951.2 954.4 967.2 980.1 992.9 991.8 990.7
Personal dividend income............... 512.8 517.6 522.5 527.7 532.9 538.0 542.3 546.1
Personal current transfer receipts....... 1,502.4 1,635.9 1,536.0 1,545.0 1,541.6 1,547.4 1,575.9 1,581.3
Government social benefits to persons.. 1,473.1 1,478.1 1,498.5 1,504.6 1,512.1 1,517.9 1,546.6 1,552.0
Old-age, survivors, disability, and
health insurance benefits........... 847.3 851.2 851.9 854.8 855.3 865.5 908.3 920.1
Government unemployment insurance
benefits............................ 27.9 27.6 30.0 30.7 29.6 28.7 27.3 26.0
Other................................ 597.9 599.3 616.5 619.1 627.2 623.6 611.0 605.9
Other current transfer receipts, from
business (net)........................ 29.3 157.8 37.5 40.4 29.5 29.5 29.3 29.3
Less: Contributions for government social
insurance............................... 873.5 874.5 878.1 882.2 882.6 886.0 904.4 907.7
Less: Personal current taxes............... 1,217.2 1,219.2 1,224.8 1,236.1 1,239.7 1,247.2 1,270.7 1,280.6
Equals: Disposable personal income......... 9,066.7 8,859.2 9,164.3 9,208.5 9,236.0 9,283.7 9,337.2 9,358.9
Less: Personal outlays..................... 9,186.8 9,149.1 9,185.9 9,209.3 9,251.5 9,314.8 9,388.3 9,402.7
Personal consumption expenditures........ 8,858.0 8,819.1 8,854.8 8,877.3 8,919.1 8,982.1 9,054.2 9,067.3
Durable goods.......................... 1,130.0 1,031.7 990.9 965.3 1,000.7 1,040.4 1,052.6 1,032.6
Nondurable goods....................... 2,566.9 2,603.6 2,644.1 2,658.7 2,632.7 2,636.0 2,688.3 2,671.1
Services............................... 5,161.2 5,183.8 5,219.8 5,253.4 5,285.7 5,305.8 5,313.3 5,363.6
Personal interest payments\1\............ 209.5 210.1 210.7 210.5 210.2 210.0 210.7 211.4
Personal current transfer payments....... 119.4 119.8 120.4 121.5 122.1 122.7 123.4 124.0
To government.......................... 75.0 75.4 76.0 76.7 77.4 78.0 78.6 79.3
To the rest of the world (net)......... 44.4 44.4 44.4 44.8 44.8 44.8 44.8 44.8
Equals: Personal saving.................... -120.2 -289.9 -21.7 -.8 -15.5 -31.1 -51.0 -43.8
Personal saving as a percentage of
disposable personal income.............. -1.3 -3.3 -.2 .0 -.2 -.3 -.5 -.5
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,155.2 7,935.0 8,131.4 8,152.2 8,212.0 8,254.9 8,262.5 8,278.0
Per capita:
Current dollars...................... 30,551 29,826 30,827 30,949 31,019 31,158 31,318 31,370
Chained (2000) dollars............... 27,480 26,715 27,352 27,399 27,580 27,705 27,713 27,747
Population (midperiod, thousands)\3\..... 296,769 297,027 297,285 297,534 297,756 297,954 298,144 298,339
-----------------------------------------------------------------------------------------------------------------------------------
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/r/ III 04 IV 04 I 05 II 05 III 05 IV 05/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,713.3 10,248.3 9,729.2 10,024.8 10,073.4 10,185.7 10,250.4 10,483.7
Compensation of employees, received...... 6,687.6 7,125.3 6,724.2 6,895.8 7,001.7 7,060.2 7,177.6 7,261.7
Wage and salary disbursements.......... 5,389.4 5,723.7 5,422.0 5,562.9 5,629.9 5,672.3 5,762.3 5,830.1
Private industries................... 4,450.0 4,752.1 4,479.2 4,612.9 4,668.1 4,705.0 4,787.3 4,847.8
Goods-producing industries......... 1,049.9 1,120.7 1,062.3 1,083.0 1,099.2 1,107.2 1,130.0 1,146.3
Manufacturing.................... 687.7 722.0 696.1 707.8 715.3 715.5 724.7 732.6
Services-producing industries...... 3,400.1 3,631.4 3,416.8 3,529.9 3,568.8 3,597.9 3,657.4 3,701.5
Trade, transportation, and
utilities....................... 899.7 955.7 906.3 931.1 937.8 951.1 962.8 971.2
Other services-producing
industries...................... 2,500.4 2,675.7 2,510.5 2,598.8 2,631.0 2,646.8 2,694.5 2,730.3
Government........................... 939.5 971.6 942.8 950.0 961.8 967.3 975.0 982.3
Supplements to wages and salaries...... 1,298.1 1,401.6 1,302.3 1,332.9 1,371.8 1,387.9 1,415.3 1,431.6
Employer contributions for employee
pension and insurance funds......... 895.5 975.0 897.9 919.6 950.0 964.4 986.8 998.9
Employer contributions for government
social insurance.................... 402.7 426.6 404.4 413.4 421.9 423.5 428.5 432.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 889.6 938.7 889.1 900.9 917.9 936.6 932.4 967.7
Farm................................... 35.8 20.8 29.7 24.6 24.7 19.6 18.0 21.0
Nonfarm................................ 853.8 917.8 859.4 876.3 893.2 917.1 914.3 946.7
Rental income of persons with capital
consumption adjustment.................. 134.2 72.9 122.1 128.7 118.0 104.4 -11.1 80.3
Personal income receipts on assets....... 1,396.5 1,457.4 1,378.2 1,493.6 1,407.9 1,439.8 1,468.9 1,512.9
Personal interest income............... 905.9 945.7 904.7 907.4 915.4 936.0 951.2 980.1
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 1,525.3 1,441.5 1,449.2 1,488.8 1,509.6 1,558.1 1,544.7
Government social benefits to persons.. 1,394.5 1,483.7 1,397.1 1,419.5 1,459.7 1,480.4 1,483.2 1,511.5
Old-age, survivors, disability, and
health insurance benefits........... 789.3 844.7 793.7 805.5 828.0 842.2 850.1 858.6
Government unemployment insurance
benefits............................ 36.0 28.9 33.3 32.4 29.4 28.0 28.5 29.7
Other................................ 569.2 610.1 570.1 581.5 602.2 610.2 604.6 623.3
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............................... 822.2 871.2 825.9 843.5 861.0 864.9 875.4 883.6
Less: Personal current taxes............... 1,049.1 1,209.7 1,058.4 1,094.3 1,171.4 1,206.0 1,220.4 1,241.0
Equals: Disposable personal income......... 8,664.2 9,038.6 8,670.9 8,930.4 8,902.0 8,979.7 9,030.0 9,242.7
Less: Personal outlays..................... 8,512.5 9,072.1 8,566.3 8,725.0 8,854.6 9,001.2 9,173.9 9,258.5
Personal consumption expenditures........ 8,214.3 8,745.7 8,263.2 8,416.1 8,535.8 8,677.0 8,844.0 8,926.2
Durable goods.......................... 987.8 1,026.5 993.8 1,008.6 1,017.3 1,035.5 1,050.9 1,002.1
Nondurable goods....................... 2,368.3 2,564.4 2,378.4 2,437.1 2,476.6 2,533.7 2,604.9 2,642.5
Services............................... 4,858.2 5,154.9 4,891.0 4,970.4 5,041.8 5,107.8 5,188.3 5,281.6
Personal interest payments\1\............ 186.7 205.9 190.3 196.2 198.1 205.3 210.1 210.2
Personal current transfer payments....... 111.5 120.4 112.8 112.7 120.8 118.8 119.9 122.1
To government.......................... 68.6 74.8 69.4 71.0 72.5 73.9 75.4 77.3
To the rest of the world (net)......... 42.9 45.6 43.4 41.7 48.3 44.9 44.4 44.8
Equals: Personal saving.................... 151.8 -33.5 104.6 205.4 47.4 -21.5 -143.9 -15.8
Personal saving as a percentage of
disposable personal income.............. 1.8 -.4 1.2 2.3 .5 -.2 -1.6 -.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,004.3 8,120.0 7,993.3 8,169.2 8,098.1 8,102.6 8,074.2 8,206.4
Per capita:
Current dollars...................... 29,477 30,466 29,463 30,269 30,111 30,307 30,401 31,042
Chained (2000) dollars............... 27,232 27,370 27,160 27,689 27,391 27,347 27,183 27,562
Population (midperiod, thousands)\3\..... 293,933 296,677 294,301 295,037 295,643 296,289 297,027 297,748
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 05 Aug 05 Sep 05 Oct 05/r/ Nov 05/r/ Dec 05/r/ Jan 06/r/ Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 52.4 -205.6 310.8 55.4 31.2 55.2 77.1 31.5
Compensation of employees, received...... 64.3 19.7 42.3 33.9 6.8 32.6 61.4 29.3
Wage and salary disbursements.......... 48.5 10.9 32.6 29.7 4.7 28.7 42.7 21.3
Private industries................... 45.2 7.9 28.3 28.6 2.0 27.2 37.2 16.7
Goods-producing industries......... 12.0 7.8 2.9 11.1 -1.2 4.5 6.5 3.2
Manufacturing.................... 4.3 4.1 .4 9.3 -5.0 1.0 2.5 1.6
Services-producing industries...... 33.3 .0 25.4 17.5 3.2 22.7 30.6 13.6
Trade, transportation, and
utilities....................... 7.7 -2.5 2.6 4.0 3.3 3.9 5.2 2.5
Other services-producing
industries...................... 25.5 2.6 22.8 13.5 -.1 18.8 25.5 11.0
Government........................... 3.2 3.0 4.3 1.1 2.6 1.6 5.6 4.5
Supplements to wages and salaries...... 15.8 8.8 9.7 4.2 2.1 3.9 18.7 8.0
Employer contributions for employee
pension and insurance funds......... 12.9 8.5 7.8 2.0 2.1 2.3 10.9 7.1
Employer contributions for government
social insurance.................... 2.9 .3 1.8 2.3 .1 1.6 7.7 .9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1.6 -55.9 67.0 2.9 6.6 6.1 4.0 -.4
Farm................................... 3.2 -1.6 .3 1.4 1.9 1.9 -3.5 -2.2
Nonfarm................................ -1.7 -54.1 66.6 1.5 4.7 4.2 7.5 1.8
Rental income of persons with capital
consumption adjustment.................. -3.2 -309.9 297.0 -4.3 3.4 -3.8 -1.6 -2.3
Personal income receipts on assets....... 8.1 7.9 8.1 18.0 18.0 18.1 3.2 2.6
Personal interest income............... 3.2 3.1 3.2 12.8 12.9 12.8 -1.1 -1.1
Personal dividend income............... 4.9 4.8 4.9 5.2 5.2 5.1 4.3 3.8
Personal current transfer receipts....... -12.4 133.5 -99.9 9.0 -3.4 5.8 28.5 5.4
Government social benefits to persons.. -12.4 5.0 20.4 6.1 7.5 5.8 28.7 5.4
Old-age, survivors, disability, and
health insurance benefits........... 1.7 3.9 .7 2.9 .5 10.2 42.8 11.8
Government unemployment insurance
benefits............................ -.2 -.3 2.4 .7 -1.1 -.9 -1.4 -1.3
Other................................ -13.9 1.4 17.2 2.6 8.1 -3.6 -12.6 -5.1
Other current transfer receipts, from
business (net)........................ .0 128.5 -120.3 2.9 -10.9 .0 -.2 .0
Less: Contributions for government social
insurance............................... 5.9 1.0 3.6 4.1 .4 3.4 18.4 3.3
Less: Personal current taxes............... 1.1 2.0 5.6 11.3 3.6 7.5 23.5 9.9
Equals: Disposable personal income......... 51.3 -207.5 305.1 44.2 27.5 47.7 53.5 21.7
Less: Personal outlays..................... 121.4 -37.7 36.8 23.4 42.2 63.3 73.5 14.4
Personal consumption expenditures........ 120.7 -38.9 35.7 22.5 41.8 63.0 72.1 13.1
Durable goods.......................... 78.8 -98.3 -40.8 -25.6 35.4 39.7 12.2 -20.0
Nondurable goods....................... 20.1 36.7 40.5 14.6 -26.0 3.3 52.3 -17.2
Services............................... 22.0 22.6 36.0 33.6 32.3 20.1 7.5 50.3
Personal interest payments\1\............ .7 .6 .6 -.2 -.3 -.2 .7 .7
Personal current transfer payments....... .1 .4 .6 1.1 .6 .6 .7 .6
To government.......................... .6 .4 .6 .7 .7 .6 .6 .7
To the rest of the world (net)......... -.5 .0 .0 .4 .0 .0 .0 .0
Equals: Personal saving.................... -70.2 -169.7 268.2 20.9 -14.7 -15.6 -19.9 7.2
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 22.2 -220.2 196.4 20.8 59.8 42.9 7.6 15.5
-----------------------------------------------------------------------------------------------------------------------------------
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/r/ III 04 IV 04 I 05 II 05 III 05 IV 05/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 544.2 535.0 114.9 295.6 48.6 112.3 64.7 233.3
Compensation of employees, received...... 366.5 437.7 120.6 171.6 105.9 58.5 117.4 84.1
Wage and salary disbursements.......... 278.3 334.3 103.9 140.9 67.0 42.4 90.0 67.8
Private industries................... 242.2 302.1 98.9 133.7 55.2 36.9 82.3 60.5
Goods-producing industries......... 42.7 70.8 26.7 20.7 16.2 8.0 22.8 16.3
Manufacturing.................... 19.0 34.3 18.5 11.7 7.5 .2 9.2 7.9
Services-producing industries...... 199.5 231.3 72.0 113.1 38.9 29.1 59.5 44.1
Trade, transportation, and
utilities....................... 41.1 56.0 16.8 24.8 6.7 13.3 11.7 8.4
Other services-producing
industries...................... 158.4 175.3 55.2 88.3 32.2 15.8 47.7 35.8
Government........................... 36.2 32.1 5.1 7.2 11.8 5.5 7.7 7.3
Supplements to wages and salaries...... 88.1 103.5 16.8 30.6 38.9 16.1 27.4 16.3
Employer contributions for employee
pension and insurance funds......... 65.5 79.5 10.4 21.7 30.4 14.4 22.4 12.1
Employer contributions for government
social insurance.................... 22.7 23.9 6.4 9.0 8.5 1.6 5.0 4.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 79.4 49.1 -9.3 11.8 17.0 18.7 -4.2 35.3
Farm................................... 8.1 -15.0 -14.4 -5.1 .1 -5.1 -1.6 3.0
Nonfarm................................ 71.4 64.0 5.2 16.9 16.9 23.9 -2.8 32.4
Rental income of persons with capital
consumption adjustment.................. 2.5 -61.3 -19.7 6.6 -10.7 -13.6 -115.5 91.4
Personal income receipts on assets....... 57.8 60.9 14.3 115.4 -85.7 31.9 29.1 44.0
Personal interest income............... -11.7 39.8 -.4 2.7 8.0 20.6 15.2 28.9
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 97.8 21.7 7.7 39.6 20.8 48.5 -13.4
Government social benefits to persons.. 81.0 89.2 6.3 22.4 40.2 20.7 2.8 28.3
Old-age, survivors, disability, and
health insurance benefits........... 50.0 55.4 8.8 11.8 22.5 14.2 7.9 8.5
Government unemployment insurance
benefits............................ -16.8 -7.1 -2.0 -.9 -3.0 -1.4 .5 1.2
Other................................ 47.8 40.9 -.6 11.4 20.7 8.0 -5.6 18.7
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 49.0 12.9 17.6 17.5 3.9 10.5 8.2
Less: Personal current taxes............... 49.2 160.6 24.4 35.9 77.1 34.6 14.4 20.6
Equals: Disposable personal income......... 495.0 374.4 90.6 259.5 -28.4 77.7 50.3 212.7
Less: Personal outlays..................... 516.2 559.6 127.2 158.7 129.6 146.6 172.7 84.6
Personal consumption expenditures........ 504.4 531.4 117.6 152.9 119.7 141.2 167.0 82.2
Durable goods.......................... 37.7 38.7 19.2 14.8 8.7 18.2 15.4 -48.8
Nondurable goods....................... 179.3 196.1 23.2 58.7 39.5 57.1 71.2 37.6
Services............................... 287.4 296.7 75.1 79.4 71.4 66.0 80.5 93.3
Personal interest payments\1\............ 3.5 19.2 8.1 5.9 1.9 7.2 4.8 .1
Personal current transfer payments....... 8.2 8.9 1.5 -.1 8.1 -2.0 1.1 2.2
To government.......................... 6.5 6.2 1.6 1.6 1.5 1.4 1.5 1.9
To the rest of the world (net)......... 1.7 2.7 -.1 -1.7 6.6 -3.4 -.5 .4
Equals: Personal saving.................... -21.0 -185.3 -36.6 100.8 -158.0 -68.9 -122.4 128.1
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 262.5 115.7 54.5 175.9 -71.1 4.5 -28.4 132.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 05 Aug 05 Sep 05 Oct 05/r/ Nov 05/r/ Dec 05/r/ Jan 06/r/ Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .5 -2.0 3.1 .5 .3 .5 .7 .3
Compensation of employees, received...... .9 .3 .6 .5 .1 .4 .8 .4
Wage and salary disbursements.......... .9 .2 .6 .5 .1 .5 .7 .4
Supplements to wages and salaries...... 1.1 .6 .7 .3 .2 .3 1.3 .6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .2 -5.9 7.5 .3 .7 .6 .4 .0
Rental income of persons with capital
consumption adjustment.................. -3.2 ..... ..... -5.1 4.3 -4.7 -2.0 -2.9
Personal income receipts on assets....... .6 .5 .5 1.2 1.2 1.2 .2 .2
Personal interest income............... .3 .3 .3 1.3 1.3 1.3 -.1 -.1
Personal dividend income............... 1.0 .9 .9 1.0 1.0 1.0 .8 .7
Personal current transfer receipts....... -.8 8.9 -6.1 .6 -.2 .4 1.8 .3
Less: Contributions for government social
insurance............................... .7 .1 .4 .5 .0 .4 2.1 .4
Less: Personal current taxes............... .1 .2 .5 .9 .3 .6 1.9 .8
Equals: Disposable personal income......... .6 -2.3 3.4 .5 .3 .5 .6 .2
Addenda:
Personal consumption expenditures........ 1.4 -.4 .4 .3 .5 .7 .8 .1
Durable goods.......................... 7.5 -8.7 -4.0 -2.6 3.7 4.0 1.2 -1.9
Nondurable goods....................... .8 1.4 1.6 .6 -1.0 .1 2.0 -.6
Services............................... .4 .4 .7 .6 .6 .4 .1 .9
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... .3 -2.7 2.5 .3 .7 .5 .1 .2
-----------------------------------------------------------------------------------------------------------------------------------
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/r/ III 04 IV 04 I 05 II 05 III 05 IV 05/r/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.9 5.5 4.9 12.7 2.0 4.5 2.6 9.4
Compensation of employees, received...... 5.8 6.5 7.5 10.6 6.3 3.4 6.8 4.8
Wage and salary disbursements.......... 5.4 6.2 8.0 10.8 4.9 3.0 6.5 4.8
Supplements to wages and salaries...... 7.3 8.0 5.3 9.8 12.2 4.8 8.1 4.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 9.8 5.5 -4.0 5.4 7.8 8.4 -1.8 16.0
Rental income of persons with capital
consumption adjustment.................. 1.9 -45.7 -44.9 23.6 -29.5 -38.6 ..... .....
Personal income receipts on assets....... 4.3 4.4 4.3 37.9 -21.0 9.4 8.3 12.6
Personal interest income............... -1.3 4.4 -.2 1.2 3.6 9.3 6.7 12.7
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 6.8 6.3 2.2 11.4 5.7 13.5 -3.4
Less: Contributions for government social
insurance............................... 5.9 6.0 6.5 8.8 8.5 1.8 4.9 3.8
Less: Personal current taxes............... 4.9 15.3 9.8 14.3 31.3 12.4 4.8 6.9
Equals: Disposable personal income......... 6.1 4.3 4.3 12.5 -1.3 3.5 2.3 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 3.9 8.1 6.1 3.5 7.3 6.1 -17.3
Nondurable goods....................... 8.2 8.3 4.0 10.3 6.6 9.5 11.7 5.9
Services............................... 6.3 6.1 6.4 6.7 5.9 5.3 6.5 7.4
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 3.4 1.4 2.8 9.1 -3.4 .2 -1.4 6.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jul 05 Aug 05 Sep 05 Oct 05/r/ Nov 05/r/ Dec 05/r/ Jan 06/r/ Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,967.5 7,899.2 7,856.9 7,859.1 7,930.2 7,986.8 8,012.0 8,020.1
Durable goods............................ 1,255.9 1,149.8 1,103.6 1,074.9 1,116.4 1,161.9 1,174.7 1,153.9
Nondurable goods......................... 2,306.1 2,314.5 2,296.7 2,316.7 2,338.8 2,347.2 2,371.1 2,360.2
Services................................. 4,443.7 4,452.2 4,464.5 4,468.7 4,483.8 4,495.1 4,486.8 4,520.6
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 85.4 -68.3 -42.3 2.2 71.1 56.6 25.2 8.1
Durable goods............................ 92.4 -106.1 -46.2 -28.7 41.5 45.5 12.8 -20.8
Nondurable goods......................... 1.8 8.4 -17.8 20.0 22.1 8.4 23.9 -10.9
Services................................. 8.7 8.5 12.3 4.2 15.1 11.3 -8.3 33.8
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.1 -.9 -.5 .0 .9 .7 .3 .1
Durable goods............................ 7.9 -8.5 -4.0 -2.6 3.9 4.1 1.1 -1.8
Nondurable goods......................... .1 .4 -.8 .9 1.0 .4 1.0 -.5
Services................................. .2 .2 .3 .1 .3 .3 -.2 .8
-----------------------------------------------------------------------------------------------------------------------------------
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/r/ III 04 IV 04 I 05 II 05 III 05 IV 05/r/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,588.6 7,856.9 7,617.5 7,698.8 7,764.9 7,829.5 7,907.9 7,925.4
Durable goods............................ 1,089.9 1,138.4 1,100.4 1,115.1 1,122.3 1,143.9 1,169.7 1,117.7
Nondurable goods......................... 2,200.4 2,297.9 2,206.9 2,236.5 2,265.6 2,285.9 2,305.8 2,334.2
Services................................. 4,310.9 4,436.4 4,324.0 4,362.1 4,392.0 4,417.6 4,453.5 4,482.6
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 282.0 268.3 80.9 81.3 66.1 64.6 78.4 17.5
Durable goods............................ 61.4 48.5 27.9 14.7 7.2 21.6 25.8 -52.0
Nondurable goods......................... 98.6 97.5 20.8 29.6 29.1 20.3 19.9 28.4
Services................................. 127.0 125.5 35.4 38.1 29.9 25.6 35.9 29.1
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.9 3.5 4.4 4.3 3.5 3.4 4.1 .9
Durable goods............................ 6.0 4.5 10.8 5.5 2.6 7.9 9.3 -16.6
Nondurable goods......................... 4.7 4.4 3.9 5.5 5.3 3.6 3.5 5.0
Services................................. 3.0 2.9 3.4 3.6 2.8 2.3 3.3 2.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jul 05 Aug 05 Sep 05 Oct 05/r/ Nov 05/r/ Dec 05/r/ Jan 06/r/ Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 111.181 111.651 112.707 112.964 112.477 112.470 113.014 113.064
Durable goods............................ 89.979 89.742 89.795 89.804 89.637 89.537 89.602 89.489
Nondurable goods......................... 111.318 112.499 115.138 114.769 112.574 112.310 113.386 113.180
Services................................. 116.154 116.442 116.929 117.568 117.892 118.042 118.429 118.655
Addenda:
PCE excluding food and energy............ 109.264 109.428 109.658 109.936 110.101 110.249 110.427 110.567
Market-based PCE\1\...................... 110.213 110.704 111.834 112.034 111.430 111.394 111.940 111.961
Market-based PCE excluding food
and energy\1\........................... 107.657 107.787 107.946 108.156 108.304 108.447 108.555 108.676
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .3 .4 .9 .2 -.4 .0 .5 .0
Durable goods............................ -.4 -.3 .1 .0 -.2 -.1 .1 -.1
Nondurable goods......................... .7 1.1 2.3 -.3 -1.9 -.2 1.0 -.2
Services................................. .2 .2 .4 .5 .3 .1 .3 .2
Addenda:
PCE excluding food and energy............ .1 .2 .2 .3 .2 .1 .2 .1
Market-based PCE\1\...................... .3 .4 1.0 .2 -.5 .0 .5 .0
Market-based PCE excluding food
and energy\1\........................... .0 .1 .1 .2 .1 .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
-----------------------------------------------------------------------------------------------------------------------------------
Jul 05 Aug 05 Sep 05 Oct 05/r/ Nov 05/r/ Dec 05/r/ Jan 06/r/ Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 2.3 -.9 1.6 1.4 1.7 -1.6 2.2 2.2
Personal consumption expenditures.......... 4.7 3.8 2.9 2.5 3.2 3.2 3.5 3.2
Durable goods............................ 13.1 5.0 .7 -2.3 .9 2.1 6.2 2.8
Nondurable goods......................... 5.0 5.2 3.3 3.6 4.8 4.8 4.7 3.7
Services................................. 3.0 3.0 3.0 2.8 2.8 2.7 2.4 3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jul 05 Aug 05 Sep 05 Oct 05/r/ Nov 05/r/ Dec 05/r/ Jan 06/r/ Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.6 2.9 3.8 3.5 2.8 2.8 3.1 2.9
Durable goods............................ -.6 -.5 -.5 -.7 -.9 -1.1 -1.3 -1.2
Nondurable goods......................... 3.3 4.4 6.8 5.2 3.1 3.3 4.3 3.7
Services................................. 2.9 2.9 3.2 3.5 3.4 3.3 3.4 3.3
Addenda:
PCE excluding food and energy............ 1.9 2.0 2.0 2.0 1.9 2.0 1.8 1.8
Market-based PCE\1\...................... 2.4 2.9 3.8 3.5 2.7 2.7 3.1 2.8
Market-based PCE excluding food
and energy\1\........................... 1.6 1.7 1.7 1.7 1.6 1.7 1.5 1.5
-----------------------------------------------------------------------------------------------------------------------------------
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.