News Release
Personal Income and Outlays, March 2006
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| Errata: | Data corrected on May 4, 2006: Personal Income Errata Notice, Tables: XLS ( kb), Tables: text format ( kb), Highlights: PDF ( kb) |
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Errata: Data corrected on May 4, 2006: Personal Income Errata Notice, Tables: XLS ( kb), Tables: text format ( kb), Highlights: PDF ( kb)
Available for this release: Full Release (PDF - ) | Tables (XLS - ), Highlights (PDF - )
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The following reflects data released on May 1, 2006, prior to correction on May 4, 2006.
James E. Rankin: (202) 606-5301 (Personal Income) BEA 06-18
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: MARCH 2006
Personal income increased $88.8 billion, or 0.8 percent, and disposable personal income (DPI) increased
$78.4 billion, or 0.8 percent, in March, according to the Bureau of Economic Analysis. Personal consumption
expenditures (PCE) increased $51.8 billion, or 0.6 percent. In February, personal income increased $33.2
billion, or 0.3 percent, DPI increased $23.1 billion, or 0.2 percent, and PCE increased $20.0 billion, or 0.2
percent, based on revised estimates.
2005 2006
Nov. Dec. Jan. Feb. Mar.
(Percent change from preceding month)
Personal income, current dollars 0.3 0.5 0.7 0.3 0.8
Disposable personal income:
Current dollars 0.3 0.5 0.5 0.2 0.8
Chained (2000) dollars 0.7 0.5 0.0 0.2 0.5
Personal consumption expenditures:
Current dollars 0.5 0.7 0.9 0.2 0.6
Chained (2000) dollars 0.9 0.7 0.4 0.2 0.2
Wages and salaries
Private wage and salary disbursements increased $22.2 billion in March, compared with an
increase of $19.8 billion in February. Goods-producing industries' payrolls increased $2.8
billion, compared with an increase of $2.9 billion; manufacturing payrolls increased $2.0 billion,
compared with an increase of $1.6 billion. Services-producing industries' payrolls increased
$19.4 billion, compared with an increase of $16.8 billion. Government wage and salary
disbursements increased $2.6 billion, compared with an increase of $4.2 billion.
Other personal income
Supplements to wages and salaries increased $9.3 billion in March, compared with an
increase of $9.2 billion in February.
Proprietors' income increased $6.7 billion in March, in contrast to a decrease of $1.4 billion
in February. Farm proprietors' income decreased $0.5 billion, compared with a decrease of $2.8
billion. Nonfarm proprietors' income increased $7.2 billion, compared with an increase of $1.4
billion.
Rental income of persons decreased $3.3 billion in March, compared with a decrease of $2.1
billion in February. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $2.6 billion, compared with an increase of $2.0 billion.
Personal current transfer receipts increased $51.6 billion in March, compared with an
increase of $5.1 billion in February. The March increase reflected an increase of payments for the
new Medicare Part D Prescription Drug Plan, which added $40.9 billion.
Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $2.9 billion in March, compared with an increase of $3.6 billion in February.
Personal current taxes and disposable personal income
Personal current taxes increased $10.4 billion in March, compared with an increase of $10.0
billion in February. Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $78.4 billion, or 0.8 percent, in March, compared with an increase of $23.1
billion, or 0.2 percent, in February.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $52.7 billion in March, compared with an increase of $20.7 billion in February. PCE
increased $51.8 billion, compared with an increase of $20.0 billion.
Personal saving -- DPI less personal outlays -- was a negative $32.5 billion in March,
compared with a negative $58.3 billion in February. Personal saving as a percentage of disposable
personal income was a negative 0.3 percent in March, compared with a negative 0.6 percent in
February. 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 0.5 percent in March,
compared with an increase of 0.2 percent in February.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in March, the
same increase as in February. Purchases of durable goods increased 0.6 percent in March, in
contrast to a decrease of 1.7 percent in February. Purchases of nondurable goods decreased 0.4
percent, compared with a decrease of 0.2 percent. Purchases of services increased 0.4 percent,
compared with an increase of 0.7 percent.
Revisions
Estimates have been revised for January and February. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
January and February -- revised and as published in last month's release -- are shown below.
Change from preceding month
January February
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars............... 77.1 71.8 0.7 0.7 31.5 33.2 0.3 0.3
Disposable personal income:
Current dollars............... 53.5 49.7 0.6 0.5 21.7 23.1 0.2 0.2
Chained (2000) dollars........ 7.6 3.9 0.1 0.0 15.5 16.1 0.2 0.2
Personal consumption expenditures:
Current dollars............... 72.1 78.5 0.8 0.9 13.1 20.0 0.1 0.2
Chained (2000) dollars........ 25.2 30.7 0.3 0.4 8.1 13.4 0.1 0.2
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 April will be released on
May 26, 2006 at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan06\r\ Feb 06\r\ Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,078.3 10,389.1 10,444.5 10,475.7 10,530.9 10,602.7 10,635.9 10,724.7
Compensation of employees, received...... 7,170.1 7,212.4 7,246.3 7,253.1 7,285.7 7,347.4 7,380.6 7,414.6
Wage and salary disbursements.......... 5,755.1 5,787.7 5,817.4 5,822.1 5,850.8 5,891.3 5,915.3 5,940.0
Private industries................... 4,780.5 4,808.8 4,837.4 4,839.4 4,866.6 4,901.9 4,921.7 4,943.9
Goods-producing industries......... 1,131.6 1,134.5 1,145.6 1,144.4 1,148.9 1,153.4 1,156.3 1,159.1
Manufacturing.................... 725.9 726.3 735.6 730.6 731.6 732.9 734.5 736.5
Services-producing industries...... 3,648.9 3,674.3 3,691.8 3,695.0 3,717.7 3,748.6 3,765.4 3,784.8
Trade, transportation, and
utilities....................... 961.1 963.7 967.7 971.0 974.9 979.9 984.0 988.2
Other services-producing
industries...................... 2,687.8 2,710.6 2,724.1 2,724.0 2,742.8 2,768.6 2,781.3 2,796.6
Government........................... 974.6 978.9 980.0 982.6 984.2 989.4 993.6 996.2
Supplements to wages and salaries...... 1,415.0 1,424.7 1,428.9 1,431.0 1,434.9 1,456.1 1,465.3 1,474.6
Employer contributions for employee
pension and insurance funds......... 987.0 994.8 996.8 998.9 1,001.2 1,014.8 1,022.8 1,030.8
Employer contributions for government
social insurance.................... 428.0 429.8 432.1 432.2 433.8 441.3 442.5 443.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 891.4 958.4 961.3 967.9 974.0 976.6 975.2 981.9
Farm................................... 17.4 17.7 19.1 21.0 22.9 18.1 15.3 14.8
Nonfarm................................ 874.1 940.7 942.2 946.9 951.1 958.5 959.9 967.1
Rental income of persons with capital
consumption adjustment.................. -213.4 83.6 79.3 82.7 78.9 72.6 70.5 67.2
Personal income receipts on assets....... 1,468.8 1,476.9 1,494.9 1,512.9 1,531.0 1,533.6 1,535.6 1,538.2
Personal interest income............... 951.2 954.4 967.2 980.1 992.9 991.3 989.6 987.9
Personal dividend income............... 517.6 522.5 527.7 532.9 538.0 542.3 546.1 550.3
Personal current transfer receipts....... 1,635.9 1,536.0 1,545.0 1,541.6 1,547.4 1,576.7 1,581.8 1,633.4
Government social benefits to persons.. 1,478.1 1,498.5 1,504.6 1,512.1 1,517.9 1,547.4 1,552.5 1,604.1
Old-age, survivors, disability, and
health insurance benefits........... 851.2 851.9 854.8 855.3 865.5 908.4 920.1 968.5
Government unemployment insurance
benefits............................ 27.6 30.0 30.7 29.6 28.7 27.3 26.0 26.0
Other................................ 599.3 616.5 619.1 627.2 623.6 611.7 606.3 609.5
Other current transfer receipts, from
business (net)........................ 157.8 37.5 40.4 29.5 29.5 29.3 29.3 29.4
Less: Contributions for government social
insurance............................... 874.5 878.1 882.2 882.6 886.0 904.2 907.8 910.7
Less: Personal current taxes............... 1,219.2 1,224.8 1,236.1 1,239.7 1,247.2 1,269.4 1,279.4 1,289.8
Equals: Disposable personal income......... 8,859.2 9,164.3 9,208.5 9,236.0 9,283.7 9,333.4 9,356.5 9,434.9
Less: Personal outlays..................... 9,149.1 9,185.9 9,209.3 9,251.5 9,314.8 9,394.0 9,414.7 9,467.4
Personal consumption expenditures........ 8,819.1 8,854.8 8,877.3 8,919.1 8,982.1 9,060.6 9,080.6 9,132.4
Durable goods.......................... 1,031.7 990.9 965.3 1,000.7 1,040.4 1,059.4 1,039.8 1,044.9
Nondurable goods....................... 2,603.6 2,644.1 2,658.7 2,632.7 2,636.0 2,688.2 2,679.3 2,686.8
Services............................... 5,183.8 5,219.8 5,253.4 5,285.7 5,305.8 5,313.0 5,361.5 5,400.7
Personal interest payments\1\............ 210.1 210.7 210.5 210.2 210.0 210.2 210.4 210.6
Personal current transfer payments....... 119.8 120.4 121.5 122.1 122.7 123.2 123.8 124.4
To government.......................... 75.4 76.0 76.7 77.4 78.0 78.6 79.3 79.9
To the rest of the world (net)......... 44.4 44.4 44.8 44.8 44.8 44.5 44.5 44.5
Equals: Personal saving.................... -289.9 -21.7 -.8 -15.5 -31.1 -60.6 -58.3 -32.5
Personal saving as a percentage of
disposable personal income.............. -3.3 -.2 .0 -.2 -.3 -.6 -.6 -.3
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,935.0 8,131.4 8,152.2 8,212.0 8,254.9 8,258.8 8,274.9 8,314.0
Per capita:
Current dollars...................... 29,826 30,827 30,949 31,019 31,158 31,305 31,362 31,604
Chained (2000) dollars............... 26,715 27,352 27,399 27,580 27,705 27,701 27,737 27,850
Population (midperiod, thousands)\3\..... 297,027 297,285 297,534 297,756 297,954 298,144 298,337 298,533
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 04 I 05 II 05 III 05 IV 05 I 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,713.3 10,248.3 10,024.8 10,073.4 10,185.7 10,250.4 10,483.7 10,654.4
Compensation of employees, received...... 6,687.6 7,125.3 6,895.8 7,001.7 7,060.2 7,177.6 7,261.7 7,380.9
Wage and salary disbursements.......... 5,389.4 5,723.7 5,562.9 5,629.9 5,672.3 5,762.3 5,830.1 5,915.5
Private industries................... 4,450.0 4,752.1 4,612.9 4,668.1 4,705.0 4,787.3 4,847.8 4,922.5
Goods-producing industries......... 1,049.9 1,120.7 1,083.0 1,099.2 1,107.2 1,130.0 1,146.3 1,156.3
Manufacturing.................... 687.7 722.0 707.8 715.3 715.5 724.7 732.6 734.6
Services-producing industries...... 3,400.1 3,631.4 3,529.9 3,568.8 3,597.9 3,657.4 3,701.5 3,766.2
Trade, transportation, and
utilities....................... 899.7 955.7 931.1 937.8 951.1 962.8 971.2 984.1
Other services-producing
industries...................... 2,500.4 2,675.7 2,598.8 2,631.0 2,646.8 2,694.5 2,730.3 2,782.2
Government........................... 939.5 971.6 950.0 961.8 967.3 975.0 982.3 993.0
Supplements to wages and salaries...... 1,298.1 1,401.6 1,332.9 1,371.8 1,387.9 1,415.3 1,431.6 1,465.3
Employer contributions for employee
pension and insurance funds......... 895.5 975.0 919.6 950.0 964.4 986.8 998.9 1,022.8
Employer contributions for government
social insurance.................... 402.7 426.6 413.4 421.9 423.5 428.5 432.7 442.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 889.6 938.7 900.9 917.9 936.6 932.4 967.7 977.9
Farm................................... 35.8 20.8 24.6 24.7 19.6 18.0 21.0 16.1
Nonfarm................................ 853.8 917.8 876.3 893.2 917.1 914.3 946.7 961.8
Rental income of persons with capital
consumption adjustment.................. 134.2 72.9 128.7 118.0 104.4 -11.1 80.3 70.1
Personal income receipts on assets....... 1,396.5 1,457.4 1,493.6 1,407.9 1,439.8 1,468.9 1,512.9 1,535.8
Personal interest income............... 905.9 945.7 907.4 915.4 936.0 951.2 980.1 989.6
Personal dividend income............... 490.6 511.7 586.2 492.5 503.8 517.6 532.9 546.2
Personal current transfer receipts....... 1,427.5 1,525.3 1,449.2 1,488.8 1,509.6 1,558.1 1,544.7 1,597.3
Government social benefits to persons.. 1,394.5 1,483.7 1,419.5 1,459.7 1,480.4 1,483.2 1,511.5 1,568.0
Old-age, survivors, disability, and
health insurance benefits........... 789.3 844.7 805.5 828.0 842.2 850.1 858.6 932.3
Government unemployment insurance
benefits............................ 36.0 28.9 32.4 29.4 28.0 28.5 29.7 26.5
Other................................ 569.2 610.1 581.5 602.2 610.2 604.6 623.3 609.2
Other current transfer receipts, from
business (net)........................ 33.0 41.6 29.8 29.1 29.2 74.8 33.1 29.3
Less: Contributions for government social
insurance............................... 822.2 871.2 843.5 861.0 864.9 875.4 883.6 907.5
Less: Personal current taxes............... 1,049.1 1,209.7 1,094.3 1,171.4 1,206.0 1,220.4 1,241.0 1,279.5
Equals: Disposable personal income......... 8,664.2 9,038.6 8,930.4 8,902.0 8,979.7 9,030.0 9,242.7 9,374.9
Less: Personal outlays..................... 8,512.5 9,072.1 8,725.0 8,854.6 9,001.2 9,173.9 9,258.5 9,425.4
Personal consumption expenditures........ 8,214.3 8,745.7 8,416.1 8,535.8 8,677.0 8,844.0 8,926.2 9,091.2
Durable goods.......................... 987.8 1,026.5 1,008.6 1,017.3 1,035.5 1,050.9 1,002.1 1,048.0
Nondurable goods....................... 2,368.3 2,564.4 2,437.1 2,476.6 2,533.7 2,604.9 2,642.5 2,684.8
Services............................... 4,858.2 5,154.9 4,970.4 5,041.8 5,107.8 5,188.3 5,281.6 5,358.4
Personal interest payments\1\............ 186.7 205.9 196.2 198.1 205.3 210.1 210.2 210.4
Personal current transfer payments....... 111.5 120.4 112.7 120.8 118.8 119.9 122.1 123.8
To government.......................... 68.6 74.8 71.0 72.5 73.9 75.4 77.3 79.2
To the rest of the world (net)......... 42.9 45.6 41.7 48.3 44.9 44.4 44.8 44.5
Equals: Personal saving.................... 151.8 -33.5 205.4 47.4 -21.5 -143.9 -15.8 -50.5
Personal saving as a percentage of
disposable personal income.............. 1.8 -.4 2.3 .5 -.2 -1.6 -.2 -.5
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,004.3 8,120.0 8,169.2 8,098.1 8,102.6 8,074.2 8,206.4 8,282.7
Per capita:
Current dollars...................... 29,477 30,466 30,269 30,111 30,307 30,401 31,042 31,424
Chained (2000) dollars............... 27,232 27,370 27,689 27,391 27,347 27,183 27,562 27,763
Population (midperiod, thousands)\3\..... 293,933 296,677 295,037 295,643 296,289 297,027 297,748 298,338
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan06\r\ Feb 06\r\ Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ -205.6 310.8 55.4 31.2 55.2 71.8 33.2 88.8
Compensation of employees, received...... 19.7 42.3 33.9 6.8 32.6 61.7 33.2 34.0
Wage and salary disbursements.......... 10.9 32.6 29.7 4.7 28.7 40.5 24.0 24.7
Private industries................... 7.9 28.3 28.6 2.0 27.2 35.3 19.8 22.2
Goods-producing industries......... 7.8 2.9 11.1 -1.2 4.5 4.5 2.9 2.8
Manufacturing.................... 4.1 .4 9.3 -5.0 1.0 1.3 1.6 2.0
Services-producing industries...... .0 25.4 17.5 3.2 22.7 30.9 16.8 19.4
Trade, transportation, and
utilities....................... -2.5 2.6 4.0 3.3 3.9 5.0 4.1 4.2
Other services-producing
industries...................... 2.6 22.8 13.5 -.1 18.8 25.8 12.7 15.3
Government........................... 3.0 4.3 1.1 2.6 1.6 5.2 4.2 2.6
Supplements to wages and salaries...... 8.8 9.7 4.2 2.1 3.9 21.2 9.2 9.3
Employer contributions for employee
pension and insurance funds......... 8.5 7.8 2.0 2.1 2.3 13.6 8.0 8.0
Employer contributions for government
social insurance.................... .3 1.8 2.3 .1 1.6 7.5 1.2 1.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -55.9 67.0 2.9 6.6 6.1 2.6 -1.4 6.7
Farm................................... -1.6 .3 1.4 1.9 1.9 -4.8 -2.8 -.5
Nonfarm................................ -54.1 66.6 1.5 4.7 4.2 7.4 1.4 7.2
Rental income of persons with capital
consumption adjustment.................. -309.9 297.0 -4.3 3.4 -3.8 -6.3 -2.1 -3.3
Personal income receipts on assets....... 7.9 8.1 18.0 18.0 18.1 2.6 2.0 2.6
Personal interest income............... 3.1 3.2 12.8 12.9 12.8 -1.6 -1.7 -1.7
Personal dividend income............... 4.8 4.9 5.2 5.2 5.1 4.3 3.8 4.2
Personal current transfer receipts....... 133.5 -99.9 9.0 -3.4 5.8 29.3 5.1 51.6
Government social benefits to persons.. 5.0 20.4 6.1 7.5 5.8 29.5 5.1 51.6
Old-age, survivors, disability, and
health insurance benefits........... 3.9 .7 2.9 .5 10.2 42.9 11.7 48.4
Government unemployment insurance
benefits............................ -.3 2.4 .7 -1.1 -.9 -1.4 -1.3 .0
Other................................ 1.4 17.2 2.6 8.1 -3.6 -11.9 -5.4 3.2
Other current transfer receipts, from
business (net)........................ 128.5 -120.3 2.9 -10.9 .0 -.2 .0 .1
Less: Contributions for government social
insurance............................... 1.0 3.6 4.1 .4 3.4 18.2 3.6 2.9
Less: Personal current taxes............... 2.0 5.6 11.3 3.6 7.5 22.2 10.0 10.4
Equals: Disposable personal income......... -207.5 305.1 44.2 27.5 47.7 49.7 23.1 78.4
Less: Personal outlays..................... -37.7 36.8 23.4 42.2 63.3 79.2 20.7 52.7
Personal consumption expenditures........ -38.9 35.7 22.5 41.8 63.0 78.5 20.0 51.8
Durable goods.......................... -98.3 -40.8 -25.6 35.4 39.7 19.0 -19.6 5.1
Nondurable goods....................... 36.7 40.5 14.6 -26.0 3.3 52.2 -8.9 7.5
Services............................... 22.6 36.0 33.6 32.3 20.1 7.2 48.5 39.2
Personal interest payments\1\............ .6 .6 -.2 -.3 -.2 .2 .2 .2
Personal current transfer payments....... .4 .6 1.1 .6 .6 .5 .6 .6
To government.......................... .4 .6 .7 .7 .6 .6 .7 .6
To the rest of the world (net)......... .0 .0 .4 .0 .0 -.3 .0 .0
Equals: Personal saving.................... -169.7 268.2 20.9 -14.7 -15.6 -29.5 2.3 25.8
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -220.2 196.4 20.8 59.8 42.9 3.9 16.1 39.1
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 04 I 05 II 05 III 05 IV 05 I 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 544.2 535.0 295.6 48.6 112.3 64.7 233.3 170.7
Compensation of employees, received...... 366.5 437.7 171.6 105.9 58.5 117.4 84.1 119.2
Wage and salary disbursements.......... 278.3 334.3 140.9 67.0 42.4 90.0 67.8 85.4
Private industries................... 242.2 302.1 133.7 55.2 36.9 82.3 60.5 74.7
Goods-producing industries......... 42.7 70.8 20.7 16.2 8.0 22.8 16.3 10.0
Manufacturing.................... 19.0 34.3 11.7 7.5 .2 9.2 7.9 2.0
Services-producing industries...... 199.5 231.3 113.1 38.9 29.1 59.5 44.1 64.7
Trade, transportation, and
utilities....................... 41.1 56.0 24.8 6.7 13.3 11.7 8.4 12.9
Other services-producing
industries...................... 158.4 175.3 88.3 32.2 15.8 47.7 35.8 51.9
Government........................... 36.2 32.1 7.2 11.8 5.5 7.7 7.3 10.7
Supplements to wages and salaries...... 88.1 103.5 30.6 38.9 16.1 27.4 16.3 33.7
Employer contributions for employee
pension and insurance funds......... 65.5 79.5 21.7 30.4 14.4 22.4 12.1 23.9
Employer contributions for government
social insurance.................... 22.7 23.9 9.0 8.5 1.6 5.0 4.2 9.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 79.4 49.1 11.8 17.0 18.7 -4.2 35.3 10.2
Farm................................... 8.1 -15.0 -5.1 .1 -5.1 -1.6 3.0 -4.9
Nonfarm................................ 71.4 64.0 16.9 16.9 23.9 -2.8 32.4 15.1
Rental income of persons with capital
consumption adjustment.................. 2.5 -61.3 6.6 -10.7 -13.6 -115.5 91.4 -10.2
Personal income receipts on assets....... 57.8 60.9 115.4 -85.7 31.9 29.1 44.0 22.9
Personal interest income............... -11.7 39.8 2.7 8.0 20.6 15.2 28.9 9.5
Personal dividend income............... 69.5 21.1 112.7 -93.7 11.3 13.8 15.3 13.3
Personal current transfer receipts....... 83.5 97.8 7.7 39.6 20.8 48.5 -13.4 52.6
Government social benefits to persons.. 81.0 89.2 22.4 40.2 20.7 2.8 28.3 56.5
Old-age, survivors, disability, and
health insurance benefits........... 50.0 55.4 11.8 22.5 14.2 7.9 8.5 73.7
Government unemployment insurance
benefits............................ -16.8 -7.1 -.9 -3.0 -1.4 .5 1.2 -3.2
Other................................ 47.8 40.9 11.4 20.7 8.0 -5.6 18.7 -14.1
Other current transfer receipts, from
business (net)........................ 2.5 8.6 -14.6 -.7 .1 45.6 -41.7 -3.8
Less: Contributions for government social
insurance............................... 45.6 49.0 17.6 17.5 3.9 10.5 8.2 23.9
Less: Personal current taxes............... 49.2 160.6 35.9 77.1 34.6 14.4 20.6 38.5
Equals: Disposable personal income......... 495.0 374.4 259.5 -28.4 77.7 50.3 212.7 132.2
Less: Personal outlays..................... 516.2 559.6 158.7 129.6 146.6 172.7 84.6 166.9
Personal consumption expenditures........ 504.4 531.4 152.9 119.7 141.2 167.0 82.2 165.0
Durable goods.......................... 37.7 38.7 14.8 8.7 18.2 15.4 -48.8 45.9
Nondurable goods....................... 179.3 196.1 58.7 39.5 57.1 71.2 37.6 42.3
Services............................... 287.4 296.7 79.4 71.4 66.0 80.5 93.3 76.8
Personal interest payments\1\............ 3.5 19.2 5.9 1.9 7.2 4.8 .1 .2
Personal current transfer payments....... 8.2 8.9 -.1 8.1 -2.0 1.1 2.2 1.7
To government.......................... 6.5 6.2 1.6 1.5 1.4 1.5 1.9 1.9
To the rest of the world (net)......... 1.7 2.7 -1.7 6.6 -3.4 -.5 .4 -.3
Equals: Personal saving.................... -21.0 -185.3 100.8 -158.0 -68.9 -122.4 128.1 -34.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 262.5 115.7 175.9 -71.1 4.5 -28.4 132.2 76.3
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan06\r\ Feb 06\r\ Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ -2.0 3.1 .5 .3 .5 .7 .3 .8
Compensation of employees, received...... .3 .6 .5 .1 .4 .8 .5 .5
Wage and salary disbursements.......... .2 .6 .5 .1 .5 .7 .4 .4
Supplements to wages and salaries...... .6 .7 .3 .2 .3 1.5 .6 .6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -5.9 7.5 .3 .7 .6 .3 -.1 .7
Rental income of persons with capital
consumption adjustment.................. ..... ..... -5.1 4.3 -4.7 -8.0 -2.9 -4.7
Personal income receipts on assets....... .5 .5 1.2 1.2 1.2 .2 .1 .2
Personal interest income............... .3 .3 1.3 1.3 1.3 -.2 -.2 -.2
Personal dividend income............... .9 .9 1.0 1.0 1.0 .8 .7 .8
Personal current transfer receipts....... 8.9 -6.1 .6 -.2 .4 1.9 .3 3.3
Less: Contributions for government social
insurance............................... .1 .4 .5 .0 .4 2.0 .4 .3
Less: Personal current taxes............... .2 .5 .9 .3 .6 1.8 .8 .8
Equals: Disposable personal income......... -2.3 3.4 .5 .3 .5 .5 .2 .8
Addenda:
Personal consumption expenditures........ -.4 .4 .3 .5 .7 .9 .2 .6
Durable goods.......................... -8.7 -4.0 -2.6 3.7 4.0 1.8 -1.9 .5
Nondurable goods....................... 1.4 1.6 .6 -1.0 .1 2.0 -.3 .3
Services............................... .4 .7 .6 .6 .4 .1 .9 .7
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... -2.7 2.5 .3 .7 .5 .0 .2 .5
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 04 I 05 II 05 III 05 IV 05 I 06
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.9 5.5 12.7 2.0 4.5 2.6 9.4 6.7
Compensation of employees, received...... 5.8 6.5 10.6 6.3 3.4 6.8 4.8 6.7
Wage and salary disbursements.......... 5.4 6.2 10.8 4.9 3.0 6.5 4.8 6.0
Supplements to wages and salaries...... 7.3 8.0 9.8 12.2 4.8 8.1 4.7 9.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 9.8 5.5 5.4 7.8 8.4 -1.8 16.0 4.3
Rental income of persons with capital
consumption adjustment.................. 1.9 -45.7 23.6 -29.5 -38.6 ..... ..... -42.0
Personal income receipts on assets....... 4.3 4.4 37.9 -21.0 9.4 8.3 12.6 6.2
Personal interest income............... -1.3 4.4 1.2 3.6 9.3 6.7 12.7 3.9
Personal dividend income............... 16.5 4.3 134.9 -50.2 9.5 11.4 12.3 10.4
Personal current transfer receipts....... 6.2 6.8 2.2 11.4 5.7 13.5 -3.4 14.3
Less: Contributions for government social
insurance............................... 5.9 6.0 8.8 8.5 1.8 4.9 3.8 11.3
Less: Personal current taxes............... 4.9 15.3 14.3 31.3 12.4 4.8 6.9 13.0
Equals: Disposable personal income......... 6.1 4.3 12.5 -1.3 3.5 2.3 9.8 5.8
Addenda:
Personal consumption expenditures........ 6.5 6.5 7.6 5.8 6.8 7.9 3.8 7.6
Durable goods.......................... 4.0 3.9 6.1 3.5 7.3 6.1 -17.3 19.6
Nondurable goods....................... 8.2 8.3 10.3 6.6 9.5 11.7 5.9 6.6
Services............................... 6.3 6.1 6.7 5.9 5.3 6.5 7.4 5.9
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 3.4 1.4 9.1 -3.4 .2 -1.4 6.7 3.8
-----------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan06\r\ Feb 06\r\ Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,899.2 7,856.9 7,859.1 7,930.2 7,986.8 8,017.5 8,030.9 8,047.5
Durable goods............................ 1,149.8 1,103.6 1,074.9 1,116.4 1,161.9 1,182.3 1,161.9 1,169.5
Nondurable goods......................... 2,314.5 2,296.7 2,316.7 2,338.8 2,347.2 2,371.2 2,367.6 2,357.2
Services................................. 4,452.2 4,464.5 4,468.7 4,483.8 4,495.1 4,486.2 4,517.9 4,537.9
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -68.3 -42.3 2.2 71.1 56.6 30.7 13.4 16.6
Durable goods............................ -106.1 -46.2 -28.7 41.5 45.5 20.4 -20.4 7.6
Nondurable goods......................... 8.4 -17.8 20.0 22.1 8.4 24.0 -3.6 -10.4
Services................................. 8.5 12.3 4.2 15.1 11.3 -8.9 31.7 20.0
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -.9 -.5 .0 .9 .7 .4 .2 .2
Durable goods............................ -8.5 -4.0 -2.6 3.9 4.1 1.8 -1.7 .6
Nondurable goods......................... .4 -.8 .9 1.0 .4 1.0 -.2 -.4
Services................................. .2 .3 .1 .3 .3 -.2 .7 .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 IV 04 I 05 II 05 III 05 IV 05 I 06
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,588.6 7,856.9 7,698.8 7,764.9 7,829.5 7,907.9 7,925.4 8,032.0
Durable goods............................ 1,089.9 1,138.4 1,115.1 1,122.3 1,143.9 1,169.7 1,117.7 1,171.2
Nondurable goods......................... 2,200.4 2,297.9 2,236.5 2,265.6 2,285.9 2,305.8 2,334.2 2,365.3
Services................................. 4,310.9 4,436.4 4,362.1 4,392.0 4,417.6 4,453.5 4,482.6 4,514.0
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 282.0 268.3 81.3 66.1 64.6 78.4 17.5 106.6
Durable goods............................ 61.4 48.5 14.7 7.2 21.6 25.8 -52.0 53.5
Nondurable goods......................... 98.6 97.5 29.6 29.1 20.3 19.9 28.4 31.1
Services................................. 127.0 125.5 38.1 29.9 25.6 35.9 29.1 31.4
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.9 3.5 4.3 3.5 3.4 4.1 .9 5.5
Durable goods............................ 6.0 4.5 5.5 2.6 7.9 9.3 -16.6 20.6
Nondurable goods......................... 4.7 4.4 5.5 5.3 3.6 3.5 5.0 5.4
Services................................. 3.0 2.9 3.6 2.8 2.3 3.3 2.6 2.8
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan06\r\ Feb 06\r\ Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 111.651 112.707 112.964 112.477 112.470 113.020 113.079 113.490
Durable goods............................ 89.742 89.795 89.804 89.637 89.537 89.606 89.491 89.356
Nondurable goods......................... 112.499 115.138 114.769 112.574 112.310 113.381 113.180 113.995
Services................................. 116.442 116.929 117.568 117.892 118.042 118.439 118.681 119.020
Addenda:
PCE excluding food and energy............ 109.428 109.658 109.936 110.101 110.249 110.436 110.586 110.941
Market-based PCE\1\...................... 110.704 111.834 112.034 111.430 111.394 111.940 111.960 112.379
Market-based PCE excluding food
and energy\1\........................... 107.787 107.946 108.156 108.304 108.447 108.557 108.675 109.027
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .4 .9 .2 -.4 .0 .5 .1 .4
Durable goods............................ -.3 .1 .0 -.2 -.1 .1 -.1 -.2
Nondurable goods......................... 1.1 2.3 -.3 -1.9 -.2 1.0 -.2 .7
Services................................. .2 .4 .5 .3 .1 .3 .2 .3
Addenda:
PCE excluding food and energy............ .2 .2 .3 .2 .1 .2 .1 .3
Market-based PCE\1\...................... .4 1.0 .2 -.5 .0 .5 .0 .4
Market-based PCE excluding food
and energy\1\........................... .1 .1 .2 .1 .1 .1 .1 .3
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan06\r\ Feb 06\r\ Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. -.9 1.6 1.4 1.7 -1.6 2.1 2.1 2.6
Personal consumption expenditures.......... 3.8 2.9 2.5 3.2 3.2 3.6 3.3 3.4
Durable goods............................ 5.0 .7 -2.3 .9 2.1 6.9 3.5 2.8
Nondurable goods......................... 5.2 3.3 3.6 4.8 4.8 4.7 4.0 4.5
Services................................. 3.0 3.0 2.8 2.8 2.7 2.4 2.9 3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan06\r\ Feb 06\r\ Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.9 3.8 3.5 2.8 2.8 3.1 2.9 2.9
Durable goods............................ -.5 -.5 -.7 -.9 -1.1 -1.3 -1.2 -1.4
Nondurable goods......................... 4.4 6.8 5.2 3.1 3.3 4.3 3.7 3.4
Services................................. 2.9 3.2 3.5 3.4 3.3 3.4 3.4 3.4
Addenda:
PCE excluding food and energy............ 2.0 2.0 2.0 1.9 2.0 1.9 1.8 2.0
Market-based PCE\1\...................... 2.9 3.8 3.5 2.7 2.7 3.1 2.8 2.8
Market-based PCE excluding food
and energy\1\........................... 1.7 1.7 1.7 1.6 1.7 1.5 1.5 1.6
-----------------------------------------------------------------------------------------------------------------------------------
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.