News Release
Personal Income and Outlays, May 2006
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James E. Rankin: (202) 606-5301 (Personal Income)BEA 06-31
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: MAY 2006
Personal income increased $38.3 billion, or 0.4 percent, and disposable personal income (DPI)
increased $31.6 billion, or 0.3 percent, in May, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $40.3 billion, or 0.4 percent. In April, personal
income increased $76.2 billion, or 0.7 percent, DPI increased $52.4 billion, or 0.6 percent, and PCE
increased $65.3 billion, or 0.7 percent, based on revised estimates.
2006
Jan. Feb. Mar. Apr. May
(Percent change from preceding month)
Personal income, current dollars 0.6 0.3 0.4 0.7 0.4
Disposable personal income:
Current dollars 0.2 0.2 0.3 0.6 0.3
Chained (2000) dollars -0.3 0.2 -0.1 0.1 0.0
Personal consumption expenditures:
Current dollars 0.8 0.2 0.5 0.7 0.4
Chained (2000) dollars 0.3 0.2 0.1 0.2 0.1
As part of the annual revision of the national income and product accounts, revised estimates of
personal income and outlays covering January 2003 through May 2006 will be released along with
preliminary estimates for June 2006 on August 1, 2006. An article describing the revision will appear
in the August 2006 issue of the Survey of Current Business.
Wages and salaries
Private wage and salary disbursements increased $0.2 billion in May, compared with an
increase of $48.0 billion in April. Goods-producing industries' payrolls increased $2.3 billion,
compared with an increase of $8.3 billion; manufacturing payrolls decreased $0.5 billion, in contrast
to an increase of $5.2 billion. Services-producing industries' payrolls decreased $2.0 billion,
compared with an increase of $39.7 billion. Government wage and salary disbursements increased
$1.5 billion, compared with an increase of $1.4 billion.
Other personal income
Supplements to wages and salaries increased $3.2 billion in May, compared with an increase of
$8.9 billion in April.
Proprietors' income increased $6.4 billion in May, compared with an increase of $0.2 billion in
April. Farm proprietors' income decreased $2.9 billion, compared with a decrease of $2.3 billion.
Nonfarm proprietors' income increased $9.3 billion, compared with an increase of $2.5 billion.
Rental income of persons decreased $4.3 billion in May, compared with a decrease of $4.0
billion in April. Personal income receipts on assets (personal interest income plus personal dividend
income) increased $16.6 billion, compared with an increase of $16.3 billion. Personal current
transfer receipts increased $14.6 billion, compared with an increase of $11.8 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
was unchanged in May, following an increase of $6.5 billion in April.
Personal current taxes and disposable personal income
Personal current taxes increased $6.7 billion in May, compared with an increase of $23.8
billion in April. Disposable personal income (DPI) -- personal income less personal current taxes --
increased $31.6 billion, or 0.3 percent, in May, compared with an increase of $52.4 billion, or 0.6
percent, in April.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $41.1 billion in May, compared with an increase of $66.2 billion in April. PCE increased
$40.3 billion, compared with an increase of $65.3 billion.
Personal saving -- DPI less personal outlays -- was a negative $162.9 billion in May, compared
with a negative $153.5 billion in April. Personal saving as a percentage of disposable personal
income was a negative 1.7 percent in May, compared with a negative 1.6 percent in April. Negative
personal saving reflects personal outlays that exceed disposable personal income. Saving from
current income may be near zero or negative when outlays are financed by borrowing (including
borrowing financed through credit cards or home equity loans), by selling investments or other
assets, or by using savings from previous periods. For more information, see the FAQs on "Personal
Saving" on BEA's Web site.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- decreased less than 0.1 percent in May,
following an increase of 0.1 percent in April.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in May, compared
with an increase of 0.2 percent in April. Purchases of durable goods decreased 0.6 percent, in
contrast to an increase of 0.3 percent. Purchases of motor vehicles and parts more than accounted
for the May decrease. Purchases of nondurable goods decreased 0.1 percent in May, in contrast to
an increase of 0.4 percent in April. Purchases of services increased 0.3 percent, compared with an
increase of 0.1 percent.
PCE price index -- The PCE price index increased 0.4 percent in May, compared with an
increase of 0.5 percent in April. The PCE price index, excluding food and energy, increased 0.2
percent, the same increase as in April.
Revisions
Estimates have been revised for January through April. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for March
and April -- revised and as published in last month's release -- are shown below. Revisions for
January and February were small.
Change from preceding month
March April
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars...................... 48.3 39.2 0.5 0.4 57.9 76.2 0.5 0.7
Disposable personal income:
Current dollars...................... 37.2 29.4 0.4 0.3 36.6 52.4 0.4 0.6
Chained (2000) dollars......... 1.9 -4.5 0.0 -0.1 -7.1 6.7 -0.1 0.1
Personal consumption expenditures:
Current dollars...................... 46.4 44.4 0.5 0.5 55.0 65.3 0.6 0.7
Chained (2000) dollars......... 10.7 9.3 0.1 0.1 10.0 18.9 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 June will be released on
August 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]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 05 Nov 05 Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\r\ May 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,409.0 10,431.2 10,483.1 10,546.2 10,579.7 10,618.9 10,695.1 10,733.4
Compensation of employees, received...... 7,205.6 7,202.2 7,231.0 7,286.7 7,324.1 7,354.5 7,412.8 7,417.8
Wage and salary disbursements.......... 5,779.4 5,774.6 5,799.7 5,838.5 5,867.3 5,889.6 5,939.0 5,940.8
Private industries................... 4,799.5 4,791.9 4,815.5 4,850.1 4,875.7 4,896.3 4,944.3 4,944.5
Goods-producing industries......... 1,134.9 1,130.5 1,133.8 1,138.3 1,142.3 1,144.5 1,152.8 1,155.1
Manufacturing.................... 729.0 721.7 722.7 724.0 726.4 727.5 732.7 732.2
Services-producing industries...... 3,664.6 3,661.4 3,681.7 3,711.8 3,733.5 3,751.8 3,791.5 3,789.5
Trade, transportation, and
utilities....................... 961.4 963.5 966.4 971.4 974.7 977.9 987.2 982.8
Other services-producing
industries...................... 2,703.2 2,698.0 2,715.3 2,740.4 2,758.8 2,773.9 2,804.2 2,806.7
Government........................... 980.0 982.6 984.2 988.4 991.6 993.3 994.7 996.2
Supplements to wages and salaries...... 1,426.1 1,427.6 1,431.3 1,448.2 1,456.7 1,464.9 1,473.8 1,477.0
Employer contributions for employee
pension and insurance funds......... 996.8 998.9 1,001.2 1,010.7 1,017.7 1,024.6 1,030.5 1,033.9
Employer contributions for government
social insurance.................... 429.4 428.7 430.1 437.5 439.1 440.3 443.3 443.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 961.3 967.9 974.0 976.4 974.6 980.2 980.4 986.8
Farm................................... 19.1 21.0 22.9 17.5 15.1 12.8 10.5 7.6
Nonfarm................................ 942.2 946.9 951.1 958.9 959.5 967.4 969.9 979.2
Rental income of persons with capital
consumption adjustment.................. 79.3 82.7 78.9 72.2 69.7 66.0 62.0 57.7
Personal income receipts on assets....... 1,494.9 1,512.9 1,531.0 1,531.6 1,531.6 1,532.2 1,548.5 1,565.1
Personal interest income............... 967.2 980.1 992.9 989.3 985.6 981.9 993.7 1,005.5
Personal dividend income............... 527.7 532.9 538.0 542.3 546.1 550.3 554.7 559.6
Personal current transfer receipts....... 1,545.0 1,541.6 1,547.4 1,576.3 1,581.0 1,589.9 1,601.7 1,616.3
Government social benefits to persons.. 1,504.6 1,512.1 1,517.9 1,547.0 1,551.7 1,560.5 1,572.3 1,586.9
Old-age, survivors, disability, and
health insurance benefits........... 854.8 855.3 865.5 908.3 920.0 929.5 934.8 944.2
Government unemployment insurance
benefits............................ 30.7 29.6 28.7 27.3 26.1 26.1 25.8 25.8
Other................................ 619.1 627.2 623.6 611.3 605.6 604.9 611.7 617.0
Other current transfer receipts, from
business (net)........................ 40.4 29.5 29.5 29.3 29.3 29.4 29.4 29.4
Less: Contributions for government social
insurance............................... 877.1 876.1 879.1 897.0 901.3 903.9 910.4 910.4
Less: Personal current taxes............... 1,229.5 1,231.4 1,238.4 1,282.3 1,293.1 1,302.9 1,326.7 1,333.4
Equals: Disposable personal income......... 9,179.5 9,199.8 9,244.7 9,263.9 9,286.6 9,316.0 9,368.4 9,400.0
Less: Personal outlays..................... 9,209.3 9,251.5 9,314.8 9,386.1 9,409.0 9,455.7 9,521.9 9,563.0
Personal consumption expenditures........ 8,877.3 8,919.1 8,982.1 9,053.3 9,073.7 9,118.0 9,183.3 9,223.6
Durable goods.......................... 965.3 1,000.7 1,040.4 1,059.2 1,040.0 1,043.6 1,046.7 1,040.6
Nondurable goods....................... 2,658.7 2,632.7 2,636.0 2,687.8 2,680.6 2,694.6 2,735.6 2,753.4
Services............................... 5,253.4 5,285.7 5,305.8 5,306.4 5,353.1 5,379.8 5,401.0 5,429.6
Personal interest payments\1\............ 210.5 210.2 210.0 211.9 213.7 215.6 215.8 216.1
Personal current transfer payments....... 121.5 122.1 122.7 120.9 121.5 122.1 122.8 123.4
To government.......................... 76.7 77.4 78.0 78.6 79.3 79.9 80.5 81.1
To the rest of the world (net)......... 44.8 44.8 44.8 42.3 42.3 42.3 42.3 42.3
Equals: Personal saving.................... -29.8 -51.7 -70.1 -122.2 -122.4 -139.7 -153.5 -162.9
Personal saving as a percentage of
disposable personal income.............. -.3 -.6 -.8 -1.3 -1.3 -1.5 -1.6 -1.7
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,126.6 8,179.8 8,220.3 8,196.8 8,213.9 8,209.4 8,216.1 8,213.6
Per capita:
Current dollars...................... 30,852 30,897 31,027 31,072 31,128 31,205 31,358 31,441
Chained (2000) dollars............... 27,313 27,471 27,589 27,493 27,532 27,499 27,501 27,473
Population (midperiod, thousands)\3\..... 297,534 297,756 297,954 298,144 298,337 298,539 298,753 298,972
-----------------------------------------------------------------------------------------------------------------------------------
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\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,713.3 10,237.7 10,024.8 10,073.4 10,185.7 10,250.4 10,441.1 10,581.6
Compensation of employees, received...... 6,687.6 7,113.1 6,895.8 7,001.7 7,060.2 7,177.6 7,212.9 7,321.8
Wage and salary disbursements.......... 5,389.4 5,712.3 5,562.9 5,629.9 5,672.3 5,762.3 5,784.6 5,865.1
Private industries................... 4,450.0 4,740.7 4,612.9 4,668.1 4,705.0 4,787.3 4,802.3 4,874.0
Goods-producing industries......... 1,049.9 1,117.4 1,083.0 1,099.2 1,107.2 1,130.0 1,133.0 1,141.7
Manufacturing.................... 687.7 720.0 707.8 715.3 715.5 724.7 724.5 726.0
Services-producing industries...... 3,400.1 3,623.3 3,529.9 3,568.8 3,597.9 3,657.4 3,669.3 3,732.4
Trade, transportation, and
utilities....................... 899.7 953.9 931.1 937.8 951.1 962.8 963.8 974.7
Other services-producing
industries...................... 2,500.4 2,669.5 2,598.8 2,631.0 2,646.8 2,694.5 2,705.5 2,757.7
Government........................... 939.5 971.6 950.0 961.8 967.3 975.0 982.3 991.1
Supplements to wages and salaries...... 1,298.1 1,400.8 1,332.9 1,371.8 1,387.9 1,415.3 1,428.3 1,456.6
Employer contributions for employee
pension and insurance funds......... 895.5 975.0 919.6 950.0 964.4 986.8 998.9 1,017.7
Employer contributions for government
social insurance.................... 402.7 425.8 413.4 421.9 423.5 428.5 429.4 439.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 889.6 938.7 900.9 917.9 936.6 932.4 967.7 977.1
Farm................................... 35.8 20.8 24.6 24.7 19.6 18.0 21.0 15.1
Nonfarm................................ 853.8 917.8 876.3 893.2 917.1 914.3 946.7 961.9
Rental income of persons with capital
consumption adjustment.................. 134.2 72.9 128.7 118.0 104.4 -11.1 80.3 69.3
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 1,531.8
Personal interest income............... 905.9 945.7 907.4 915.4 936.0 951.2 980.1 985.6
Personal dividend income............... 490.6 511.7 586.2 492.5 503.8 517.6 532.9 546.2
Personal current transfer receipts....... 1,427.5 1,525.3 1,449.2 1,488.8 1,509.6 1,558.1 1,544.7 1,582.4
Government social benefits to persons.. 1,394.5 1,483.7 1,419.5 1,459.7 1,480.4 1,483.2 1,511.5 1,553.1
Old-age, survivors, disability, and
health insurance benefits........... 789.3 844.7 805.5 828.0 842.2 850.1 858.6 919.2
Government unemployment insurance
benefits............................ 36.0 28.9 32.4 29.4 28.0 28.5 29.7 26.5
Other................................ 569.2 610.1 581.5 602.2 610.2 604.6 623.3 607.3
Other current transfer receipts, from
business (net)........................ 33.0 41.6 29.8 29.1 29.2 74.8 33.1 29.3
Less: Contributions for government social
insurance............................... 822.2 869.7 843.5 861.0 864.9 875.4 877.4 900.7
Less: Personal current taxes............... 1,049.1 1,207.7 1,094.3 1,171.4 1,206.0 1,220.4 1,233.1 1,292.8
Equals: Disposable personal income......... 8,664.2 9,029.9 8,930.4 8,902.0 8,979.7 9,030.0 9,208.0 9,288.8
Less: Personal outlays..................... 8,512.5 9,072.1 8,725.0 8,854.6 9,001.2 9,173.9 9,258.5 9,416.9
Personal consumption expenditures........ 8,214.3 8,745.7 8,416.1 8,535.8 8,677.0 8,844.0 8,926.2 9,081.7
Durable goods.......................... 987.8 1,026.5 1,008.6 1,017.3 1,035.5 1,050.9 1,002.1 1,047.6
Nondurable goods....................... 2,368.3 2,564.4 2,437.1 2,476.6 2,533.7 2,604.9 2,642.5 2,687.7
Services............................... 4,858.2 5,154.9 4,970.4 5,041.8 5,107.8 5,188.3 5,281.6 5,346.4
Personal interest payments\1\............ 186.7 205.9 196.2 198.1 205.3 210.1 210.2 213.7
Personal current transfer payments....... 111.5 120.4 112.7 120.8 118.8 119.9 122.1 121.5
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 42.3
Equals: Personal saving.................... 151.8 -42.1 205.4 47.4 -21.5 -143.9 -50.5 -128.1
Personal saving as a percentage of
disposable personal income.............. 1.8 -.5 2.3 .5 -.2 -1.6 -.5 -1.4
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,004.3 8,112.2 8,169.2 8,098.1 8,102.6 8,074.2 8,175.6 8,206.7
Per capita:
Current dollars...................... 29,477 30,437 30,269 30,111 30,307 30,401 30,926 31,135
Chained (2000) dollars............... 27,232 27,344 27,689 27,391 27,347 27,183 27,458 27,508
Population (midperiod, thousands)\3\..... 293,933 296,677 295,037 295,643 296,289 297,027 297,748 298,340
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 05 Nov 05 Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\r\ May 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 19.9 22.2 51.9 63.1 33.5 39.2 76.2 38.3
Compensation of employees, received...... -6.8 -3.4 28.8 55.7 37.4 30.4 58.3 5.0
Wage and salary disbursements.......... -8.3 -4.8 25.1 38.8 28.8 22.3 49.4 1.8
Private industries................... -9.3 -7.6 23.6 34.6 25.6 20.6 48.0 .2
Goods-producing industries......... .4 -4.4 3.3 4.5 4.0 2.2 8.3 2.3
Manufacturing.................... 2.7 -7.3 1.0 1.3 2.4 1.1 5.2 -.5
Services-producing industries...... -9.7 -3.2 20.3 30.1 21.7 18.3 39.7 -2.0
Trade, transportation, and
utilities....................... -2.3 2.1 2.9 5.0 3.3 3.2 9.3 -4.4
Other services-producing
industries...................... -7.4 -5.2 17.3 25.1 18.4 15.1 30.3 2.5
Government........................... 1.1 2.6 1.6 4.2 3.2 1.7 1.4 1.5
Supplements to wages and salaries...... 1.4 1.5 3.7 16.9 8.5 8.2 8.9 3.2
Employer contributions for employee
pension and insurance funds......... 2.0 2.1 2.3 9.5 7.0 6.9 5.9 3.4
Employer contributions for government
social insurance.................... -.4 -.7 1.4 7.4 1.6 1.2 3.0 -.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 2.9 6.6 6.1 2.4 -1.8 5.6 .2 6.4
Farm................................... 1.4 1.9 1.9 -5.4 -2.4 -2.3 -2.3 -2.9
Nonfarm................................ 1.5 4.7 4.2 7.8 .6 7.9 2.5 9.3
Rental income of persons with capital
consumption adjustment.................. -4.3 3.4 -3.8 -6.7 -2.5 -3.7 -4.0 -4.3
Personal income receipts on assets....... 18.0 18.0 18.1 .6 .0 .6 16.3 16.6
Personal interest income............... 12.8 12.9 12.8 -3.6 -3.7 -3.7 11.8 11.8
Personal dividend income............... 5.2 5.2 5.1 4.3 3.8 4.2 4.4 4.9
Personal current transfer receipts....... 9.0 -3.4 5.8 28.9 4.7 8.9 11.8 14.6
Government social benefits to persons.. 6.1 7.5 5.8 29.1 4.7 8.8 11.8 14.6
Old-age, survivors, disability, and
health insurance benefits........... 2.9 .5 10.2 42.8 11.7 9.5 5.3 9.4
Government unemployment insurance
benefits............................ .7 -1.1 -.9 -1.4 -1.2 .0 -.3 .0
Other................................ 2.6 8.1 -3.6 -12.3 -5.7 -.7 6.8 5.3
Other current transfer receipts, from
business (net)........................ 2.9 -10.9 .0 -.2 .0 .1 .0 .0
Less: Contributions for government social
insurance............................... -1.0 -1.0 3.0 17.9 4.3 2.6 6.5 .0
Less: Personal current taxes............... 4.7 1.9 7.0 43.9 10.8 9.8 23.8 6.7
Equals: Disposable personal income......... 15.2 20.3 44.9 19.2 22.7 29.4 52.4 31.6
Less: Personal outlays..................... 23.4 42.2 63.3 71.3 22.9 46.7 66.2 41.1
Personal consumption expenditures........ 22.5 41.8 63.0 71.2 20.4 44.3 65.3 40.3
Durable goods.......................... -25.6 35.4 39.7 18.8 -19.2 3.6 3.1 -6.1
Nondurable goods....................... 14.6 -26.0 3.3 51.8 -7.2 14.0 41.0 17.8
Services............................... 33.6 32.3 20.1 .6 46.7 26.7 21.2 28.6
Personal interest payments\1\............ -.2 -.3 -.2 1.9 1.8 1.9 .2 .3
Personal current transfer payments....... 1.1 .6 .6 -1.8 .6 .6 .7 .6
To government.......................... .7 .7 .6 .6 .7 .6 .6 .6
To the rest of the world (net)......... .4 .0 .0 -2.5 .0 .0 .0 .0
Equals: Personal saving.................... -8.1 -21.9 -18.4 -52.1 -.2 -17.3 -13.8 -9.4
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -4.8 53.2 40.5 -23.5 17.1 -4.5 6.7 -2.5
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 04 I 05 II 05 III 05 IV 05 I 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 544.2 524.4 295.6 48.6 112.3 64.7 190.7 140.5
Compensation of employees, received...... 366.5 425.5 171.6 105.9 58.5 117.4 35.3 108.9
Wage and salary disbursements.......... 278.3 322.9 140.9 67.0 42.4 90.0 22.3 80.5
Private industries................... 242.2 290.7 133.7 55.2 36.9 82.3 15.0 71.7
Goods-producing industries......... 42.7 67.5 20.7 16.2 8.0 22.8 3.0 8.7
Manufacturing.................... 19.0 32.3 11.7 7.5 .2 9.2 -.2 1.5
Services-producing industries...... 199.5 223.2 113.1 38.9 29.1 59.5 11.9 63.1
Trade, transportation, and
utilities....................... 41.1 54.2 24.8 6.7 13.3 11.7 1.0 10.9
Other services-producing
industries...................... 158.4 169.1 88.3 32.2 15.8 47.7 11.0 52.2
Government........................... 36.2 32.1 7.2 11.8 5.5 7.7 7.3 8.8
Supplements to wages and salaries...... 88.1 102.7 30.6 38.9 16.1 27.4 13.0 28.3
Employer contributions for employee
pension and insurance funds......... 65.5 79.5 21.7 30.4 14.4 22.4 12.1 18.8
Employer contributions for government
social insurance.................... 22.7 23.1 9.0 8.5 1.6 5.0 .9 9.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 79.4 49.1 11.8 17.0 18.7 -4.2 35.3 9.4
Farm................................... 8.1 -15.0 -5.1 .1 -5.1 -1.6 3.0 -5.9
Nonfarm................................ 71.4 64.0 16.9 16.9 23.9 -2.8 32.4 15.2
Rental income of persons with capital
consumption adjustment.................. 2.5 -61.3 6.6 -10.7 -13.6 -115.5 91.4 -11.0
Personal income receipts on assets....... 57.8 60.9 115.4 -85.7 31.9 29.1 44.0 18.9
Personal interest income............... -11.7 39.8 2.7 8.0 20.6 15.2 28.9 5.5
Personal dividend income............... 69.5 21.1 112.7 -93.7 11.3 13.8 15.3 13.3
Personal current transfer receipts....... 83.5 97.8 7.7 39.6 20.8 48.5 -13.4 37.7
Government social benefits to persons.. 81.0 89.2 22.4 40.2 20.7 2.8 28.3 41.6
Old-age, survivors, disability, and
health insurance benefits........... 50.0 55.4 11.8 22.5 14.2 7.9 8.5 60.6
Government unemployment insurance
benefits............................ -16.8 -7.1 -.9 -3.0 -1.4 .5 1.2 -3.2
Other................................ 47.8 40.9 11.4 20.7 8.0 -5.6 18.7 -16.0
Other current transfer receipts, from
business (net)........................ 2.5 8.6 -14.6 -.7 .1 45.6 -41.7 -3.8
Less: Contributions for government social
insurance............................... 45.6 47.5 17.6 17.5 3.9 10.5 2.0 23.3
Less: Personal current taxes............... 49.2 158.6 35.9 77.1 34.6 14.4 12.7 59.7
Equals: Disposable personal income......... 495.0 365.7 259.5 -28.4 77.7 50.3 178.0 80.8
Less: Personal outlays..................... 516.2 559.6 158.7 129.6 146.6 172.7 84.6 158.4
Personal consumption expenditures........ 504.4 531.4 152.9 119.7 141.2 167.0 82.2 155.5
Durable goods.......................... 37.7 38.7 14.8 8.7 18.2 15.4 -48.8 45.5
Nondurable goods....................... 179.3 196.1 58.7 39.5 57.1 71.2 37.6 45.2
Services............................... 287.4 296.7 79.4 71.4 66.0 80.5 93.3 64.8
Personal interest payments\1\............ 3.5 19.2 5.9 1.9 7.2 4.8 .1 3.5
Personal current transfer payments....... 8.2 8.9 -.1 8.1 -2.0 1.1 2.2 -.6
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 -2.5
Equals: Personal saving.................... -21.0 -193.9 100.8 -158.0 -68.9 -122.4 93.4 -77.6
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 262.5 107.9 175.9 -71.1 4.5 -28.4 101.4 31.1
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 05 Nov 05 Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\r\ May 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .2 .2 .5 .6 .3 .4 .7 .4
Compensation of employees, received...... -.1 .0 .4 .8 .5 .4 .8 .1
Wage and salary disbursements.......... -.1 -.1 .4 .7 .5 .4 .8 .0
Supplements to wages and salaries...... .1 .1 .3 1.2 .6 .6 .6 .2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .3 .7 .6 .2 -.2 .6 .0 .7
Rental income of persons with capital
consumption adjustment.................. -5.1 4.3 -4.7 -8.5 -3.4 -5.3 -6.1 -6.9
Personal income receipts on assets....... 1.2 1.2 1.2 .0 .0 .0 1.1 1.1
Personal interest income............... 1.3 1.3 1.3 -.4 -.4 -.4 1.2 1.2
Personal dividend income............... 1.0 1.0 1.0 .8 .7 .8 .8 .9
Personal current transfer receipts....... .6 -.2 .4 1.9 .3 .6 .7 .9
Less: Contributions for government social
insurance............................... -.1 -.1 .3 2.0 .5 .3 .7 .0
Less: Personal current taxes............... .4 .2 .6 3.5 .8 .8 1.8 .5
Equals: Disposable personal income......... .2 .2 .5 .2 .2 .3 .6 .3
Addenda:
Personal consumption expenditures........ .3 .5 .7 .8 .2 .5 .7 .4
Durable goods.......................... -2.6 3.7 4.0 1.8 -1.8 .3 .3 -.6
Nondurable goods....................... .6 -1.0 .1 2.0 -.3 .5 1.5 .7
Services............................... .6 .6 .4 .0 .9 .5 .4 .5
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... -.1 .7 .5 -.3 .2 -.1 .1 .0
-----------------------------------------------------------------------------------------------------------------------------------
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\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.9 5.4 12.7 2.0 4.5 2.6 7.6 5.5
Compensation of employees, received...... 5.8 6.4 10.6 6.3 3.4 6.8 2.0 6.2
Wage and salary disbursements.......... 5.4 6.0 10.8 4.9 3.0 6.5 1.6 5.7
Supplements to wages and salaries...... 7.3 7.9 9.8 12.2 4.8 8.1 3.7 8.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 9.8 5.5 5.4 7.8 8.4 -1.8 16.0 3.9
Rental income of persons with capital
consumption adjustment.................. 1.9 -45.7 23.6 -29.5 -38.6 ..... ..... -44.5
Personal income receipts on assets....... 4.3 4.4 37.9 -21.0 9.4 8.3 12.6 5.1
Personal interest income............... -1.3 4.4 1.2 3.6 9.3 6.7 12.7 2.3
Personal dividend income............... 16.5 4.3 134.9 -50.2 9.5 11.4 12.3 10.4
Personal current transfer receipts....... 6.2 6.8 2.2 11.4 5.7 13.5 -3.4 10.1
Less: Contributions for government social
insurance............................... 5.9 5.8 8.8 8.5 1.8 4.9 .9 11.1
Less: Personal current taxes............... 4.9 15.1 14.3 31.3 12.4 4.8 4.2 20.8
Equals: Disposable personal income......... 6.1 4.2 12.5 -1.3 3.5 2.3 8.1 3.6
Addenda:
Personal consumption expenditures........ 6.5 6.5 7.6 5.8 6.8 7.9 3.8 7.2
Durable goods.......................... 4.0 3.9 6.1 3.5 7.3 6.1 -17.3 19.4
Nondurable goods....................... 8.2 8.3 10.3 6.6 9.5 11.7 5.9 7.0
Services............................... 6.3 6.1 6.7 5.9 5.3 6.5 7.4 5.0
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 3.4 1.3 9.1 -3.4 .2 -1.4 5.1 1.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Oct 05 Nov 05 Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\r\ May 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,859.1 7,930.2 7,986.8 8,010.5 8,025.6 8,034.9 8,053.8 8,059.4
Durable goods............................ 1,074.9 1,116.4 1,161.9 1,182.0 1,162.1 1,167.8 1,171.1 1,164.5
Nondurable goods......................... 2,316.7 2,338.8 2,347.2 2,370.7 2,368.6 2,364.0 2,373.3 2,371.9
Services................................. 4,468.7 4,483.8 4,495.1 4,480.2 4,511.6 4,520.6 4,527.4 4,539.0
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 2.2 71.1 56.6 23.7 15.1 9.3 18.9 5.6
Durable goods............................ -28.7 41.5 45.5 20.1 -19.9 5.7 3.3 -6.6
Nondurable goods......................... 20.0 22.1 8.4 23.5 -2.1 -4.6 9.3 -1.4
Services................................. 4.2 15.1 11.3 -14.9 31.4 9.0 6.8 11.6
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .0 .9 .7 .3 .2 .1 .2 .1
Durable goods............................ -2.6 3.9 4.1 1.7 -1.7 .5 .3 -.6
Nondurable goods......................... .9 1.0 .4 1.0 -.1 -.2 .4 -.1
Services................................. .1 .3 .3 -.3 .7 .2 .1 .3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 IV 04 I 05 II 05 III 05 IV 05 I 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,588.6 7,856.9 7,698.8 7,764.9 7,829.5 7,907.9 7,925.4 8,023.6
Durable goods............................ 1,089.9 1,138.4 1,115.1 1,122.3 1,143.9 1,169.7 1,117.7 1,170.6
Nondurable goods......................... 2,200.4 2,297.9 2,236.5 2,265.6 2,285.9 2,305.8 2,334.2 2,367.8
Services................................. 4,310.9 4,436.4 4,362.1 4,392.0 4,417.6 4,453.5 4,482.6 4,504.2
----------------------------------------------------------------------------------------
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 98.2
Durable goods............................ 61.4 48.5 14.7 7.2 21.6 25.8 -52.0 52.9
Nondurable goods......................... 98.6 97.5 29.6 29.1 20.3 19.9 28.4 33.6
Services................................. 127.0 125.5 38.1 29.9 25.6 35.9 29.1 21.6
----------------------------------------------------------------------------------------
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 5.1
Durable goods............................ 6.0 4.5 5.5 2.6 7.9 9.3 -16.6 20.3
Nondurable goods......................... 4.7 4.4 5.5 5.3 3.6 3.5 5.0 5.9
Services................................. 3.0 2.9 3.6 2.8 2.3 3.3 2.6 1.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Oct 05 Nov 05 Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\r\ May 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 112.964 112.477 112.470 113.026 113.069 113.489 114.033 114.453
Durable goods............................ 89.804 89.637 89.537 89.609 89.496 89.364 89.386 89.360
Nondurable goods......................... 114.769 112.574 112.310 113.384 113.184 113.997 115.279 116.098
Services................................. 117.568 117.892 118.042 118.449 118.659 119.015 119.306 119.630
Addenda:
PCE excluding food and energy............ 109.936 110.101 110.249 110.446 110.574 110.938 111.215 111.457
Market-based PCE\1\...................... 112.034 111.430 111.394 111.959 111.958 112.381 112.933 113.386
Market-based PCE excluding food
and energy\1\........................... 108.156 108.304 108.447 108.583 108.672 109.028 109.261 109.510
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .2 -.4 .0 .5 .0 .4 .5 .4
Durable goods............................ .0 -.2 -.1 .1 -.1 -.1 .0 .0
Nondurable goods......................... -.3 -1.9 -.2 1.0 -.2 .7 1.1 .7
Services................................. .5 .3 .1 .3 .2 .3 .2 .3
Addenda:
PCE excluding food and energy............ .3 .2 .1 .2 .1 .3 .2 .2
Market-based PCE\1\...................... .2 -.5 .0 .5 .0 .4 .5 .4
Market-based PCE excluding food
and energy\1\........................... .2 .1 .1 .1 .1 .3 .2 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Oct 05 Nov 05 Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\r\ May 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.0 1.3 -2.1 1.4 1.4 1.3 1.7 1.4
Personal consumption expenditures.......... 2.5 3.2 3.2 3.5 3.2 3.3 3.2 3.3
Durable goods............................ -2.3 .9 2.1 6.9 3.5 2.6 1.3 4.7
Nondurable goods......................... 3.6 4.8 4.8 4.7 4.1 4.8 4.4 4.0
Services................................. 2.8 2.8 2.7 2.2 2.8 2.7 3.0 2.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Oct 05 Nov 05 Dec 05 Jan 06\r\ Feb 06\r\ Mar 06\r\ Apr 06\r\ May 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 3.5 2.8 2.8 3.1 2.9 2.9 2.9 3.3
Durable goods............................ -.7 -.9 -1.1 -1.2 -1.2 -1.3 -1.2 -1.5
Nondurable goods......................... 5.2 3.1 3.3 4.3 3.7 3.4 3.6 4.8
Services................................. 3.5 3.4 3.3 3.4 3.3 3.4 3.4 3.4
Addenda:
PCE excluding food and energy............ 2.0 1.9 2.0 1.9 1.8 2.0 2.1 2.1
Market-based PCE\1\...................... 3.5 2.7 2.7 3.1 2.8 2.8 2.8 3.2
Market-based PCE excluding food
and energy\1\........................... 1.7 1.6 1.7 1.5 1.5 1.6 1.8 1.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.