News Release
Personal Income and Outlays, July 2006
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James E. Rankin: (202) 606-5301 (Personal Income) BEA 06-37
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: JULY 2006
Personal income increased $60.2 billion, or 0.5 percent, and disposable personal income (DPI)
increased $63.9 billion, or 0.7 percent, in July, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $78.7 billion, or 0.8 percent. In June, personal
income increased $60.0 billion, or 0.6 percent, DPI increased $47.8 billion, or 0.5 percent, and PCE
increased $36.6 billion, or 0.4 percent, based on revised estimates.
2006
Mar. Apr. May June July
(Percent change from preceding month)
Personal income, current dollars 0.5 0.7 0.4 0.6 0.5
Disposable personal income:
Current dollars 0.5 0.5 0.4 0.5 0.7
Chained (2000) dollars 0.1 0.1 0.0 0.4 0.3
Personal consumption expenditures:
Current dollars 0.5 0.6 0.7 0.4 0.8
Chained (2000) dollars 0.1 0.1 0.3 0.3 0.5
This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for January through March 2006 (first quarter). These
estimates reflect newly available first-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 $33.9 billion in July, compared with an
increase of $32.8 billion in June. Goods-producing industries' payrolls increased $3.5 billion,
compared with an increase of $8.0 billion; manufacturing payrolls increased $2.1 billion, compared
with an increase of $3.6 billion. Services-producing industries' payrolls increased $30.4 billion,
compared with an increase of $24.8 billion. Government wage and salary disbursements increased
$2.9 billion, compared with an increase of $3.5 billion.
Other personal income
Supplements to wages and salaries increased $8.1 billion in July, compared with an increase of
$6.9 billion in June.
Proprietors' income decreased $2.3 billion in July, compared with a decrease of $3.4 billion in
June. Farm proprietors' income increased $1.2 billion, in contrast to a decrease of $2.3 billion.
Nonfarm proprietors' income decreased $3.4 billion, compared with a decrease of $1.2 billion.
Rental income of persons increased $2.5 billion in July, in contrast to a decrease of $5.7 billion
in June. Personal income receipts on assets (personal interest income plus personal dividend
income) increased $5.7 billion, compared with an increase of $24.0 billion. Personal current transfer
receipts increased $14.8 billion, compared with an increase of $6.9 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $5.4 billion in July, compared with an increase of $5.0 billion in June.
Personal current taxes and disposable personal income
Personal current taxes decreased $3.7 billion in July, in contrast to an increase of $12.3 billion
in June. Disposable personal income (DPI) -- personal income less personal current taxes --
increased $63.9 billion, or 0.7 percent, in July, compared with an increase of $47.8 billion, or 0.5
percent, in June.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $79.7 billion in July, compared with an increase of $41.0 billion in June. PCE increased
$78.7 billion, compared with an increase of $36.6 billion.
Personal saving -- DPI less personal outlays -- was a negative $83.5 billion in July, compared
with a negative $67.6 billion in June. Personal saving as a percentage of disposable personal income
was a negative 0.9 percent in July, compared with a negative 0.7 percent in June. 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. For a comparison of personal saving in BEA's national income and product accounts
with personal saving in the Federal Reserve Board's flow of funds accounts and data on
changes in net worth (which helped finance negative saving), go to
/bea/dn/nipaweb/Nipa-Frb.asp.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in July, compared
with an increase of 0.4 percent in June.
Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in July, compared
with an increase of 0.3 percent in June. Purchases of durable goods increased 1.6 percent, compared
with an increase of 1.0 percent. Purchases of motor vehicles and parts accounted for most of the
increases in July and in June. Purchases of nondurable goods increased 0.4 percent in July,
compared with an increase of 0.2 percent in June. Purchases of services increased 0.4 percent,
compared with an increase of 0.1 percent.
PCE price index -- The PCE price index increased 0.3 percent in July, compared with an
increase of 0.1 percent in June. The PCE price index, excluding food and energy, increased 0.1
percent, compared with an increase of 0.2 percent.
Revisions
Estimates for personal income and DPI have been revised for January through June; estimates
for PCE have been revised for April through June. Changes in personal income, current-dollar and
chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for May and June --
revised and as published in last month's release -- are shown below.
For January through June, the revisions to wages and salaries reflected the incorporation of
the most recently available BLS tabulations of first-quarter private wages and salaries from the
quarterly census of employment and wages. Wages and salaries were revised up for all six months.
Revisions to personal current taxes and to contributions for government social insurance reflected
the revisions to wages and salaries.
Change from preceding month
May June
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars...................... 41.7 42.5 0.4 0.4 66.5 60.0 0.6 0.6
Disposable personal income:
Current dollars...................... 34.6 35.5 0.4 0.4 53.2 47.8 0.6 0.5
Chained (2000) dollars......... -0.3 1.3 0.0 0.0 32.1 29.6 0.4 0.4
Personal consumption expenditures:
Current dollars...................... 51.4 60.7 0.6 0.7 35.4 36.6 0.4 0.4
Chained (2000) dollars......... 15.0 24.1 0.2 0.3 16.9 20.3 0.2 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 August will be released on
September 29, 2006, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\r\ May 06\r\ Jun 06\r\ Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,526.1 10,664.9 10,721.9 10,777.4 10,852.5 10,895.0 10,955.0 11,015.2
Compensation of employees, received...... 7,210.6 7,342.5 7,407.2 7,451.3 7,513.2 7,520.4 7,563.6 7,608.5
Wage and salary disbursements.......... 5,807.2 5,919.8 5,976.6 6,013.8 6,066.4 6,069.3 6,105.6 6,142.4
Private industries................... 4,816.6 4,924.5 4,977.9 5,013.4 5,063.3 5,063.9 5,096.7 5,130.6
Goods-producing industries......... 1,127.0 1,164.0 1,179.5 1,188.4 1,197.0 1,199.6 1,207.6 1,211.1
Manufacturing.................... 713.9 734.7 744.3 749.6 754.7 754.5 758.1 760.2
Services-producing industries...... 3,689.6 3,760.5 3,798.4 3,825.0 3,866.3 3,864.3 3,889.1 3,919.5
Trade, transportation, and
utilities....................... 958.7 975.3 984.8 990.8 1,001.0 998.7 1,006.2 1,014.6
Other services-producing
industries...................... 2,730.9 2,785.3 2,813.7 2,834.2 2,865.3 2,865.7 2,882.9 2,904.9
Government........................... 990.6 995.3 998.7 1,000.4 1,003.2 1,005.4 1,008.9 1,011.8
Supplements to wages and salaries...... 1,403.4 1,422.7 1,430.7 1,437.4 1,446.7 1,451.1 1,458.0 1,466.1
Employer contributions for employee
pension and insurance funds......... 960.9 967.4 971.6 975.7 981.4 985.6 990.1 995.7
Employer contributions for government
social insurance.................... 442.5 455.3 459.1 461.7 465.4 465.5 467.9 470.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,001.4 1,006.6 1,005.7 1,012.5 1,011.3 1,017.8 1,014.4 1,012.1
Farm................................... 28.1 24.6 23.9 23.2 21.2 19.0 16.7 17.9
Nonfarm................................ 973.2 982.0 981.8 989.3 990.1 998.8 997.6 994.2
Rental income of persons with capital
consumption adjustment.................. 80.5 78.0 75.9 76.4 72.0 67.4 61.7 64.2
Personal income receipts on assets....... 1,599.1 1,600.8 1,602.1 1,603.9 1,626.5 1,649.6 1,673.6 1,679.3
Personal interest income............... 994.9 992.0 989.1 986.2 1,003.8 1,021.4 1,039.0 1,038.4
Personal dividend income............... 604.2 608.8 613.0 617.8 622.7 628.2 634.6 641.0
Personal current transfer receipts....... 1,536.0 1,566.3 1,568.7 1,576.3 1,580.2 1,591.1 1,598.0 1,612.8
Government social benefits to persons.. 1,500.5 1,531.9 1,534.3 1,541.7 1,545.4 1,556.1 1,562.9 1,577.4
Old-age, survivors, disability, and
health insurance benefits........... 860.1 901.4 910.3 917.9 920.8 927.9 935.8 931.4
Government unemployment insurance
benefits............................ 30.1 28.6 27.4 27.4 27.0 27.0 27.1 27.3
Other................................ 610.3 601.9 596.6 596.4 597.6 601.2 600.0 618.7
Other current transfer receipts, from
business (net)........................ 35.5 34.4 34.5 34.6 34.8 35.0 35.2 35.4
Less: Contributions for government social
insurance............................... 901.5 929.3 937.8 943.0 950.7 951.3 956.3 961.7
Less: Personal current taxes............... 1,261.5 1,317.8 1,333.9 1,346.2 1,371.9 1,378.7 1,391.0 1,387.3
Equals: Disposable personal income......... 9,264.6 9,347.1 9,388.1 9,431.3 9,480.7 9,516.2 9,564.0 9,627.9
Less: Personal outlays..................... 9,292.5 9,371.3 9,418.6 9,465.7 9,525.5 9,590.6 9,631.6 9,711.3
Personal consumption expenditures........ 8,955.5 9,034.4 9,079.2 9,123.8 9,177.0 9,237.7 9,274.3 9,353.0
Durable goods.......................... 1,039.1 1,069.8 1,055.7 1,066.9 1,064.5 1,058.7 1,066.4 1,083.8
Nondurable goods....................... 2,594.1 2,655.7 2,654.5 2,664.5 2,704.3 2,728.9 2,735.7 2,762.8
Services............................... 5,322.3 5,308.9 5,369.0 5,392.5 5,408.2 5,450.1 5,472.2 5,506.4
Personal interest payments\1\............ 214.7 216.6 218.5 220.4 224.2 228.1 232.0 232.5
Personal current transfer payments....... 122.3 120.4 120.9 121.4 124.3 124.8 125.3 125.9
To government.......................... 74.7 75.2 75.7 76.3 76.8 77.3 77.9 78.4
To the rest of the world (net)......... 47.6 45.2 45.2 45.2 47.5 47.5 47.5 47.5
Equals: Personal saving.................... -27.8 -24.2 -30.6 -34.4 -44.8 -74.3 -67.6 -83.5
Personal saving as a percentage of
disposable personal income.............. -.3 -.3 -.3 -.4 -.5 -.8 -.7 -.9
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,220.1 8,253.6 8,283.8 8,292.9 8,297.8 8,299.1 8,328.7 8,356.5
Per capita:
Current dollars...................... 31,094 31,351 31,468 31,591 31,734 31,829 31,964 32,152
Chained (2000) dollars............... 27,589 27,683 27,767 27,778 27,775 27,758 27,835 27,906
Population (midperiod, thousands)\3\..... 297,954 298,144 298,337 298,539 298,753 298,979 299,213 299,448
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2006.
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 I 05 II 05 III 05 IV 05 I 06\r\ II 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,731.4 10,239.2 10,048.8 10,161.5 10,262.7 10,483.7 10,721.4 10,900.8
Compensation of employees, received...... 6,665.3 7,030.3 6,889.6 6,953.7 7,093.6 7,184.4 7,400.3 7,532.4
Wage and salary disbursements.......... 5,392.1 5,664.8 5,555.7 5,601.3 5,715.2 5,787.0 5,970.1 6,080.4
Private industries................... 4,450.3 4,687.1 4,587.3 4,627.6 4,734.6 4,798.9 4,972.0 5,074.6
Goods-producing industries......... 1,050.8 1,101.3 1,078.9 1,087.5 1,113.9 1,124.9 1,177.3 1,201.4
Manufacturing.................... 688.0 704.7 696.9 697.3 709.7 715.0 742.8 755.8
Services-producing industries...... 3,399.5 3,585.8 3,508.4 3,540.0 3,620.7 3,673.9 3,794.7 3,873.2
Trade, transportation, and
utilities....................... 899.2 937.2 918.2 930.4 945.5 954.9 983.6 1,002.0
Other services-producing
industries...................... 2,500.3 2,648.5 2,590.3 2,609.7 2,675.2 2,719.0 2,811.0 2,871.3
Government........................... 941.8 977.7 968.4 973.7 980.6 988.1 998.1 1,005.8
Supplements to wages and salaries...... 1,273.2 1,365.5 1,333.9 1,352.4 1,378.4 1,397.4 1,430.3 1,451.9
Employer contributions for employee
pension and insurance funds......... 866.1 933.2 909.8 924.7 942.1 956.1 971.6 985.7
Employer contributions for government
social insurance.................... 407.1 432.3 424.1 427.7 436.3 441.3 458.7 466.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.1 970.7 952.8 965.8 967.3 996.8 1,008.3 1,014.5
Farm................................... 36.2 30.2 33.9 28.7 29.7 28.7 23.9 19.0
Nonfarm................................ 874.9 940.4 918.9 937.1 937.7 968.1 984.4 995.5
Rental income of persons with capital
consumption adjustment.................. 127.0 72.8 118.5 102.8 -11.5 81.5 76.8 67.0
Personal income receipts on assets....... 1,427.9 1,519.4 1,464.3 1,500.5 1,532.7 1,580.2 1,602.3 1,649.9
Personal interest income............... 890.8 945.0 912.3 934.8 951.2 981.7 989.1 1,021.4
Personal dividend income............... 537.1 574.4 552.0 565.7 581.5 598.5 613.2 628.5
Personal current transfer receipts....... 1,426.5 1,526.6 1,487.3 1,510.1 1,569.0 1,539.8 1,570.4 1,589.8
Government social benefits to persons.. 1,398.4 1,480.9 1,456.3 1,477.2 1,489.2 1,500.8 1,536.0 1,554.8
Old-age, survivors, disability, and
health insurance benefits........... 791.4 844.9 832.2 844.4 848.5 854.6 909.9 928.1
Government unemployment insurance
benefits............................ 36.0 31.3 32.8 30.7 30.2 31.6 27.8 27.0
Other................................ 571.0 604.6 591.3 602.1 610.4 614.5 598.3 599.6
Other current transfer receipts, from
business (net)........................ 28.1 45.7 31.0 33.0 79.8 39.0 34.5 35.0
Less: Contributions for government social
insurance............................... 826.4 880.6 863.6 871.5 888.5 898.9 936.7 952.8
Less: Personal current taxes............... 1,049.8 1,203.1 1,157.9 1,191.8 1,215.0 1,247.6 1,332.6 1,380.5
Equals: Disposable personal income......... 8,681.6 9,036.1 8,890.9 8,969.7 9,047.7 9,236.1 9,388.8 9,520.3
Less: Personal outlays..................... 8,507.2 9,070.9 8,838.5 9,000.4 9,180.3 9,264.5 9,418.5 9,582.6
Personal consumption expenditures........ 8,211.5 8,742.4 8,519.7 8,674.6 8,847.3 8,927.8 9,079.2 9,229.6
Durable goods.......................... 986.3 1,033.1 1,013.1 1,042.3 1,057.3 1,019.6 1,064.1 1,063.2
Nondurable goods....................... 2,345.2 2,539.3 2,450.2 2,508.6 2,584.9 2,613.5 2,658.2 2,723.0
Services............................... 4,880.1 5,170.0 5,056.4 5,123.7 5,205.1 5,294.7 5,356.8 5,443.5
Personal interest payments\1\............ 186.0 209.4 199.8 208.5 214.6 214.9 218.5 228.1
Personal current transfer payments....... 109.7 119.2 119.0 117.3 118.5 121.8 120.9 124.8
To government.......................... 66.8 72.0 69.9 71.3 72.7 74.2 75.7 77.3
To the rest of the world (net)......... 42.9 47.1 49.0 46.0 45.8 47.6 45.2 47.5
Equals: Personal saving.................... 174.3 -34.8 52.5 -30.8 -132.6 -28.5 -29.7 -62.2
Personal saving as a percentage of
disposable personal income.............. 2.0 -.4 .6 -.3 -1.5 -.3 -.3 -.7
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,010.8 8,104.6 8,076.6 8,085.8 8,074.1 8,183.3 8,276.8 8,308.5
Per capita:
Current dollars...................... 29,536 30,458 30,073 30,273 30,461 31,020 31,470 31,842
Chained (2000) dollars............... 27,254 27,318 27,319 27,290 27,183 27,484 27,743 27,789
Population (midperiod, thousands)\3\..... 293,933 296,677 295,643 296,289 297,027 297,748 298,340 298,982
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2006.
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]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\r\ May 06\r\ Jun 06\r\ Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 53.7 138.8 57.0 55.5 75.1 42.5 60.0 60.2
Compensation of employees, received...... 37.5 131.9 64.7 44.1 61.9 7.2 43.2 44.9
Wage and salary disbursements.......... 30.7 112.6 56.8 37.2 52.6 2.9 36.3 36.8
Private industries................... 28.4 107.9 53.4 35.5 49.9 .6 32.8 33.9
Goods-producing industries......... 5.1 37.0 15.5 8.9 8.6 2.6 8.0 3.5
Manufacturing.................... 2.0 20.8 9.6 5.3 5.1 -.2 3.6 2.1
Services-producing industries...... 23.3 70.9 37.9 26.6 41.3 -2.0 24.8 30.4
Trade, transportation, and
utilities....................... 3.8 16.6 9.5 6.0 10.2 -2.3 7.5 8.4
Other services-producing
industries...................... 19.5 54.4 28.4 20.5 31.1 .4 17.2 22.0
Government........................... 2.3 4.7 3.4 1.7 2.8 2.2 3.5 2.9
Supplements to wages and salaries...... 6.9 19.3 8.0 6.7 9.3 4.4 6.9 8.1
Employer contributions for employee
pension and insurance funds......... 4.9 6.5 4.2 4.1 5.7 4.2 4.5 5.6
Employer contributions for government
social insurance.................... 2.0 12.8 3.8 2.6 3.7 .1 2.4 2.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.0 5.2 -.9 6.8 -1.2 6.5 -3.4 -2.3
Farm................................... -.6 -3.5 -.7 -.7 -2.0 -2.2 -2.3 1.2
Nonfarm................................ 6.5 8.8 -.2 7.5 .8 8.7 -1.2 -3.4
Rental income of persons with capital
consumption adjustment.................. -3.4 -2.5 -2.1 .5 -4.4 -4.6 -5.7 2.5
Personal income receipts on assets....... 18.8 1.7 1.3 1.8 22.6 23.1 24.0 5.7
Personal interest income............... 13.1 -2.9 -2.9 -2.9 17.6 17.6 17.6 -.6
Personal dividend income............... 5.7 4.6 4.2 4.8 4.9 5.5 6.4 6.4
Personal current transfer receipts....... -1.3 30.3 2.4 7.6 3.9 10.9 6.9 14.8
Government social benefits to persons.. -1.3 31.4 2.4 7.4 3.7 10.7 6.8 14.5
Old-age, survivors, disability, and
health insurance benefits........... 7.9 41.3 8.9 7.6 2.9 7.1 7.9 -4.4
Government unemployment insurance
benefits............................ -.4 -1.5 -1.2 .0 -.4 .0 .1 .2
Other................................ -8.9 -8.4 -5.3 -.2 1.2 3.6 -1.2 18.7
Other current transfer receipts, from
business (net)........................ .1 -1.1 .1 .1 .2 .2 .2 .2
Less: Contributions for government social
insurance............................... 4.0 27.8 8.5 5.2 7.7 .6 5.0 5.4
Less: Personal current taxes............... 16.4 56.3 16.1 12.3 25.7 6.8 12.3 -3.7
Equals: Disposable personal income......... 37.3 82.5 41.0 43.2 49.4 35.5 47.8 63.9
Less: Personal outlays..................... 39.4 78.8 47.3 47.1 59.8 65.1 41.0 79.7
Personal consumption expenditures........ 39.1 78.9 44.8 44.6 53.2 60.7 36.6 78.7
Durable goods.......................... 15.8 30.7 -14.1 11.2 -2.4 -5.8 7.7 17.4
Nondurable goods....................... -.1 61.6 -1.2 10.0 39.8 24.6 6.8 27.1
Services............................... 23.3 -13.4 60.1 23.5 15.7 41.9 22.1 34.2
Personal interest payments\1\............ -.2 1.9 1.9 1.9 3.8 3.9 3.9 .5
Personal current transfer payments....... .5 -1.9 .5 .5 2.9 .5 .5 .6
To government.......................... .5 .5 .5 .6 .5 .5 .6 .5
To the rest of the world (net)......... .0 -2.4 .0 .0 2.3 .0 .0 .0
Equals: Personal saving.................... -2.0 3.6 -6.4 -3.8 -10.4 -29.5 6.7 -15.9
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 34.7 33.5 30.2 9.1 4.9 1.3 29.6 27.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2006.
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 I 05 II 05 III 05 IV 05 I 06\r\ II 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 567.8 507.8 29.4 112.7 101.2 221.0 237.7 179.4
Compensation of employees, received...... 354.9 365.0 80.2 64.1 139.9 90.8 215.9 132.1
Wage and salary disbursements.......... 279.4 272.7 49.9 45.6 113.9 71.8 183.1 110.3
Private industries................... 242.0 236.8 33.5 40.3 107.0 64.3 173.1 102.6
Goods-producing industries......... 42.9 50.5 7.5 8.6 26.4 11.0 52.4 24.1
Manufacturing.................... 19.1 16.7 -1.2 .4 12.4 5.3 27.8 13.0
Services-producing industries...... 199.1 186.3 26.0 31.6 80.7 53.2 120.8 78.5
Trade, transportation, and
utilities....................... 40.9 38.0 1.9 12.2 15.1 9.4 28.7 18.4
Other services-producing
industries...................... 158.2 148.2 24.2 19.4 65.5 43.8 92.0 60.3
Government........................... 37.4 35.9 16.3 5.3 6.9 7.5 10.0 7.7
Supplements to wages and salaries...... 75.5 92.3 30.4 18.5 26.0 19.0 32.9 21.6
Employer contributions for employee
pension and insurance funds......... 50.5 67.1 21.5 14.9 17.4 14.0 15.5 14.1
Employer contributions for government
social insurance.................... 25.0 25.2 8.8 3.6 8.6 5.0 17.4 7.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 99.8 59.6 11.3 13.0 1.5 29.5 11.5 6.2
Farm................................... 7.0 -6.0 -.4 -5.2 1.0 -1.0 -4.8 -4.9
Nonfarm................................ 92.8 65.5 11.6 18.2 .6 30.4 16.3 11.1
Rental income of persons with capital
consumption adjustment.................. -6.0 -54.2 -4.9 -15.7 -114.3 93.0 -4.7 -9.8
Personal income receipts on assets....... 91.3 91.5 -75.5 36.2 32.2 47.5 22.1 47.6
Personal interest income............... -23.3 54.2 20.0 22.5 16.4 30.5 7.4 32.3
Personal dividend income............... 114.5 37.3 -95.5 13.7 15.8 17.0 14.7 15.3
Personal current transfer receipts....... 75.5 100.1 38.9 22.8 58.9 -29.2 30.6 19.4
Government social benefits to persons.. 81.7 82.5 32.8 20.9 12.0 11.6 35.2 18.8
Old-age, survivors, disability, and
health insurance benefits........... 50.1 53.5 23.8 12.2 4.1 6.1 55.3 18.2
Government unemployment insurance
benefits............................ -16.8 -4.7 .5 -2.1 -.5 1.4 -3.8 -.8
Other................................ 48.5 33.6 8.5 10.8 8.3 4.1 -16.2 1.3
Other current transfer receipts, from
business (net)........................ -6.2 17.6 6.2 2.0 46.8 -40.8 -4.5 .5
Less: Contributions for government social
insurance............................... 47.8 54.2 20.5 7.9 17.0 10.4 37.8 16.1
Less: Personal current taxes............... 48.7 153.3 69.7 33.9 23.2 32.6 85.0 47.9
Equals: Disposable personal income......... 519.1 354.5 -40.3 78.8 78.0 188.4 152.7 131.5
Less: Personal outlays..................... 519.5 563.7 116.2 161.9 179.9 84.2 154.0 164.1
Personal consumption expenditures........ 507.9 530.9 104.9 154.9 172.7 80.5 151.4 150.4
Durable goods.......................... 43.6 46.8 6.7 29.2 15.0 -37.7 44.5 -.9
Nondurable goods....................... 155.0 194.1 37.5 58.4 76.3 28.6 44.7 64.8
Services............................... 309.3 289.9 60.7 67.3 81.4 89.6 62.1 86.7
Personal interest payments\1\............ 3.5 23.4 3.6 8.7 6.1 .3 3.6 9.6
Personal current transfer payments....... 8.2 9.5 7.8 -1.7 1.2 3.3 -.9 3.9
To government.......................... 5.5 5.2 1.0 1.4 1.4 1.5 1.5 1.6
To the rest of the world (net)......... 2.7 4.2 6.6 -3.0 -.2 1.8 -2.4 2.3
Equals: Personal saving.................... -.6 -209.1 -156.4 -83.3 -101.8 104.1 -1.2 -32.5
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 280.9 93.8 -82.2 9.2 -11.7 109.2 93.5 31.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2006.
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]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\r\ May 06\r\ Jun 06\r\ Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .5 1.3 .5 .5 .7 .4 .6 .5
Compensation of employees, received...... .5 1.8 .9 .6 .8 .1 .6 .6
Wage and salary disbursements.......... .5 1.9 1.0 .6 .9 .0 .6 .6
Supplements to wages and salaries...... .5 1.4 .6 .5 .6 .3 .5 .6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .6 .5 -.1 .7 -.1 .6 -.3 -.2
Rental income of persons with capital
consumption adjustment.................. -4.0 -3.1 -2.6 .7 -5.8 -6.4 -8.4 3.9
Personal income receipts on assets....... 1.2 .1 .1 .1 1.4 1.4 1.5 .3
Personal interest income............... 1.3 -.3 -.3 -.3 1.8 1.8 1.7 -.1
Personal dividend income............... 1.0 .8 .7 .8 .8 .9 1.0 1.0
Personal current transfer receipts....... -.1 2.0 .2 .5 .3 .7 .4 .9
Less: Contributions for government social
insurance............................... .4 3.1 .9 .6 .8 .1 .5 .6
Less: Personal current taxes............... 1.3 4.5 1.2 .9 1.9 .5 .9 -.3
Equals: Disposable personal income......... .4 .9 .4 .5 .5 .4 .5 .7
Addenda:
Personal consumption expenditures........ .4 .9 .5 .5 .6 .7 .4 .8
Durable goods.......................... 1.5 3.0 -1.3 1.1 -.2 -.5 .7 1.6
Nondurable goods....................... .0 2.4 .0 .4 1.5 .9 .3 1.0
Services............................... .4 -.3 1.1 .4 .3 .8 .4 .6
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... .4 .4 .4 .1 .1 .0 .4 .3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2006.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 I 05 II 05 III 05 IV 05 I 06\r\ II 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 6.2 5.2 1.2 4.6 4.0 8.9 9.4 6.9
Compensation of employees, received...... 5.6 5.5 4.8 3.8 8.3 5.2 12.6 7.3
Wage and salary disbursements.......... 5.5 5.1 3.7 3.3 8.4 5.1 13.3 7.6
Supplements to wages and salaries...... 6.3 7.3 9.6 5.7 7.9 5.6 9.7 6.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 12.3 6.5 4.8 5.6 .6 12.7 4.7 2.5
Rental income of persons with capital
consumption adjustment.................. -4.5 -42.7 -15.1 -43.3 ..... ..... -21.2 -41.9
Personal income receipts on assets....... 6.8 6.4 -18.2 10.3 8.9 13.0 5.7 12.4
Personal interest income............... -2.5 6.1 9.3 10.2 7.2 13.5 3.0 13.7
Personal dividend income............... 27.1 7.0 -47.2 10.4 11.7 12.2 10.2 10.4
Personal current transfer receipts....... 5.6 7.0 11.2 6.3 16.5 -7.3 8.2 5.0
Less: Contributions for government social
insurance............................... 6.1 6.6 10.1 3.7 8.0 4.8 17.9 7.0
Less: Personal current taxes............... 4.9 14.6 28.2 12.2 8.0 11.2 30.2 15.2
Equals: Disposable personal income......... 6.4 4.1 -1.8 3.6 3.5 8.6 6.8 5.7
Addenda:
Personal consumption expenditures........ 6.6 6.5 5.1 7.5 8.2 3.7 7.0 6.8
Durable goods.......................... 4.6 4.7 2.7 12.1 5.9 -13.5 18.6 -.4
Nondurable goods....................... 7.1 8.3 6.4 9.9 12.7 4.5 7.0 10.1
Services............................... 6.8 5.9 5.0 5.4 6.5 7.1 4.8 6.6
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 3.6 1.2 -4.0 .5 -.6 5.5 4.6 1.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2006.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Dec 05 Jan 06 Feb 06 Mar 06 Apr 06\r\ May 06\r\ Jun 06\r\ Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,945.8 7,977.5 8,011.3 8,022.6 8,032.0 8,056.1 8,076.4 8,117.9
Durable goods............................ 1,161.8 1,195.2 1,181.0 1,195.2 1,192.1 1,185.8 1,197.5 1,216.3
Nondurable goods......................... 2,310.5 2,343.3 2,346.4 2,338.6 2,347.6 2,352.5 2,357.1 2,366.8
Services................................. 4,491.6 4,465.4 4,505.3 4,512.8 4,515.5 4,538.5 4,544.7 4,561.1
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 36.2 31.7 33.8 11.3 9.4 24.1 20.3 41.5
Durable goods............................ 19.6 33.4 -14.2 14.2 -3.1 -6.3 11.7 18.8
Nondurable goods......................... 5.2 32.8 3.1 -7.8 9.0 4.9 4.6 9.7
Services................................. 14.7 -26.2 39.9 7.5 2.7 23.0 6.2 16.4
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .5 .4 .4 .1 .1 .3 .3 .5
Durable goods............................ 1.7 2.9 -1.2 1.2 -.3 -.5 1.0 1.6
Nondurable goods......................... .2 1.4 .1 -.3 .4 .2 .2 .4
Services................................. .3 -.6 .9 .2 .1 .5 .1 .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 I 05 II 05 III 05 IV 05 I 06 II 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,577.1 7,841.2 7,739.4 7,819.8 7,895.3 7,910.2 8,003.8 8,054.8
Durable goods............................ 1,085.7 1,145.3 1,116.8 1,150.8 1,175.9 1,137.9 1,190.5 1,191.8
Nondurable goods......................... 2,179.2 2,276.8 2,241.5 2,268.4 2,287.6 2,309.6 2,342.8 2,352.4
Services................................. 4,323.9 4,436.6 4,395.3 4,420.0 4,454.5 4,476.7 4,494.5 4,532.9
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 281.8 264.1 52.3 80.4 75.5 14.9 93.6 51.0
Durable goods............................ 65.1 59.6 6.5 34.0 25.1 -38.0 52.6 1.3
Nondurable goods......................... 76.2 97.6 28.4 26.9 19.2 22.0 33.2 9.6
Services................................. 145.1 112.7 17.9 24.7 34.5 22.2 17.8 38.4
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.9 3.5 2.7 4.2 3.9 .8 4.8 2.6
Durable goods............................ 6.4 5.5 2.4 12.8 9.0 -12.3 19.8 .5
Nondurable goods......................... 3.6 4.5 5.2 4.9 3.4 3.9 5.9 1.7
Services................................. 3.5 2.6 1.6 2.3 3.2 2.0 1.6 3.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Dec 05 Jan 06 Feb 06 Mar 06 Apr 06\r\ May 06\r\ Jun 06\r\ Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 112.715 113.258 113.340 113.737 114.265 114.676 114.842 115.223
Durable goods............................ 89.432 89.501 89.389 89.264 89.288 89.278 89.046 89.097
Nondurable goods......................... 112.294 113.351 113.150 113.953 115.212 116.017 116.084 116.754
Services................................. 118.505 118.900 119.180 119.502 119.780 120.095 120.416 120.733
Addenda:
PCE excluding food and energy............ 110.574 110.758 110.928 111.264 111.529 111.767 111.996 112.149
Market-based PCE\1\...................... 111.423 111.971 111.988 112.390 112.931 113.378 113.519 113.904
Market-based PCE excluding food
and energy\1\........................... 108.512 108.629 108.735 109.065 109.292 109.541 109.751 109.863
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .0 .5 .1 .4 .5 .4 .1 .3
Durable goods............................ -.2 .1 -.1 -.1 .0 .0 -.3 .1
Nondurable goods......................... -.2 .9 -.2 .7 1.1 .7 .1 .6
Services................................. .1 .3 .2 .3 .2 .3 .3 .3
Addenda:
PCE excluding food and energy............ .1 .2 .2 .3 .2 .2 .2 .1
Market-based PCE\1\...................... -.1 .5 .0 .4 .5 .4 .1 .3
Market-based PCE excluding food
and energy\1\........................... .1 .1 .1 .3 .2 .2 .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
-----------------------------------------------------------------------------------------------------------------------------------
Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\r\ May 06\r\ Jun 06\r\ Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. -1.7 2.1 2.5 2.8 2.9 2.7 2.6 2.5
Personal consumption expenditures.......... 2.9 3.3 3.4 3.5 2.9 3.4 2.7 2.4
Durable goods............................ 3.0 7.9 6.0 5.9 2.3 6.2 2.3 -1.7
Nondurable goods......................... 3.9 4.7 4.3 4.6 3.6 3.9 3.5 3.8
Services................................. 2.3 1.8 2.5 2.4 2.7 2.6 2.4 2.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2006.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Dec 05 Jan 06 Feb 06 Mar 06 Apr 06\r\ May 06\r\ Jun 06\r\ Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.9 3.2 3.0 2.9 3.0 3.4 3.5 3.4
Durable goods............................ -1.3 -1.5 -1.4 -1.5 -1.4 -1.6 -1.5 -1.1
Nondurable goods......................... 3.3 4.3 3.6 3.5 3.8 5.0 5.3 4.8
Services................................. 3.6 3.7 3.6 3.5 3.6 3.6 3.7 3.6
Addenda:
PCE excluding food and energy............ 2.1 2.0 2.0 2.0 2.2 2.2 2.3 2.4
Market-based PCE\1\...................... 2.8 3.1 2.8 2.7 2.8 3.3 3.4 3.3
Market-based PCE excluding food
and energy\1\........................... 1.8 1.6 1.6 1.6 1.8 1.8 2.0 2.0
-----------------------------------------------------------------------------------------------------------------------------------
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.