News Release
Personal Income and Outlays, April 2007
Available for this release: Full Release (PDF - ) | Tables (XLS - ), Highlights (PDF - )
Sign up for e-mail subscriptions.
James E. Rankin: (202) 606-5301 (Personal Income)BEA 07-22
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: APRIL 2007
Personal income decreased $7.1 billion, or 0.1 percent, and disposable personal income (DPI)
decreased $9.7 billion, or 0.1 percent, in April, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $52.0 billion, or 0.5 percent. In March,
personal income increased $85.9 billion, or 0.8 percent, DPI increased $71.7 billion, or 0.7 percent,
and PCE increased $42.4 billion, or 0.4 percent, based on revised estimates.
2006 2007
Dec. Jan. Feb. Mar. Apr.
(Percent change from preceding month)
Personal income, current dollars 0.5 1.1 0.6 0.8 -0.1
Disposable personal income:
Current dollars 0.5 0.9 0.6 0.7 -0.1
Chained (2000) dollars 0.2 0.7 0.2 0.3 -0.4
Personal consumption expenditures:
Current dollars 0.7 0.7 0.7 0.4 0.5
Chained (2000) dollars 0.4 0.5 0.3 0.0 0.2
This news release presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for October through December 2006 (fourth quarter).
These estimates reflect newly available fourth-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 decreased $30.7 billion in April, in contrast to an
increase of $42.0 billion in March. Private wages and salaries had been boosted by $50.0 billion at
an annual rate in January, in February, and in March to reflect unusually large bonus payments and
the exercise of stock options. These types of irregular payments are not accounted for in the
primary monthly source data for wages and salaries. This is an adjustment to the months of the first
quarter that has not been carried forward in the estimates of wage and salary disbursements for
subsequent months. Goods-producing industries' payrolls increased $4.7 billion in April, compared
with an increase of $10.0 billion in March; manufacturing payrolls increased $3.1 billion, compared
with an increase of $5.3 billion. Services-producing industries' payrolls decreased $35.3 billion, in
contrast to an increase of $32.0 billion. Government wage and salary disbursements increased $3.8
billion, compared with an increase of $2.9 billion.
Other personal income
Supplements to wages and salaries increased $1.6 billion in April, compared with an increase
of $5.2 billion in March.
Proprietors' income decreased $1.4 billion in April, in contrast to an increase of $5.7 billion in
March. Farm proprietors' income decreased $4.5 billion, in contrast to an increase of $3.4 billion.
Nonfarm proprietors' income increased $3.1 billion, compared with an increase of $2.3 billion.
Personal income receipts of assets (personal interest income plus personal dividend income)
increased $7.7 billion in April, compared with an increase of $19.6 billion in March. Personal
current transfer receipts increased $5.8 billion, compared with an increase of $14.4 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
decreased $3.7 billion in April, in contrast to an increase of $6.0 billion in March.
Personal current taxes and disposable personal income
Personal current taxes increased $2.6 billion in April, compared with an increase of $14.2
billion in March. Disposable personal income (DPI) -- personal income less personal current taxes
-- decreased $9.7 billion, or 0.1 percent, in April, in contrast to an increase of $71.7 billion, or 0.7
percent, in March.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $55.2 billion in April, compared with an increase of $44.2 billion in March. PCE
increased $52.0 billion, compared with an increase of $42.4 billion.
Personal saving -- DPI less personal outlays -- was a negative $132.8 billion in April, compared
with a negative $67.8 billion in March. Personal saving as a percentage of disposable personal
income was a negative 1.3 percent in April, compared with a negative 0.7 percent in March.
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 help finance consumption), go to
/bea/dn/nipaweb/Nipa-Frb.asp.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- decreased 0.4 percent in April, in contrast
to an increase of 0.3 percent in March.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in April, compared
with an increase of less than 0.1 percent in March. Purchases of durable goods increased 0.1
percent, compared with an increase of 0.6 percent. Purchases of nondurable goods decreased 0.4
percent, in contrast to an increase of 0.3 percent. Purchases of services increased 0.6 percent, in
contrast to a decrease of 0.2 percent.
The price index for PCE increased 0.3 percent in April, compared with an increase of 0.4
percent in March. Prices, excluding food and energy, increased 0.1 percent, compared with an
increase of less than 0.1 percent.
Revisions
Estimates for personal income and DPI have been revised for October through March;
estimates for PCE have been revised for January through March. Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
February and March are shown below.
For October through December, the revisions to wages and salaries reflected the incorporation
of newly available BLS tabulations of fourth-quarter private wages and salaries from the quarterly
census of employment and wages. Wages and salaries were revised up for all three months.
Revisions to personal current taxes and to contributions for government social insurance reflected
the revisions to wages and salaries.
Change from preceding month
February March
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars..................... 74.9 72.8 0.7 0.6 79.9 85.9 0.7 0.8
Disposable personal income:
Current dollars..................... 62.3 60.5 0.6 0.6 65.5 71.7 0.7 0.7
Chained (2000) dollars.............. 19.5 17.8 0.2 0.2 18.7 24.9 0.2 0.3
Personal consumption expenditures:
Current dollars..................... 69.2 70.3 0.7 0.7 24.4 42.4 0.3 0.4
Chained (2000) dollars.............. 26.4 27.2 0.3 0.3 -15.6 0.8 -0.2 0.0
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.
Annual Revision of the National Income and Product Accounts
As part of the annual revision of the national income and product accounts, revised estimates of
personal income and outlays covering January 2004 through May 2007 will be released along with
preliminary estimates for June 2007 on July 31. An article describing the revision will appear in the
August 2007 issue of the Survey of Current Business.
Next release -- Personal Income and Outlays for May will be released on
June 29, 2007, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\r\ Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,988.7 11,050.1 11,089.5 11,150.2 11,270.4 11,343.2 11,429.1 11,422.0
Compensation of employees, received...... 7,519.8 7,588.3 7,625.3 7,672.4 7,761.7 7,794.9 7,844.9 7,819.7
Wage and salary disbursements.......... 6,052.3 6,111.6 6,142.4 6,182.7 6,257.7 6,286.5 6,331.4 6,304.5
Private industries................... 5,025.8 5,082.7 5,111.4 5,149.7 5,216.3 5,240.8 5,282.8 5,252.1
Goods-producing industries......... 1,171.1 1,193.6 1,198.9 1,207.9 1,212.1 1,213.6 1,223.6 1,228.3
Manufacturing.................... 727.4 739.9 741.0 746.3 747.2 749.3 754.6 757.7
Services-producing industries...... 3,854.7 3,889.1 3,912.5 3,941.8 4,004.2 4,027.1 4,059.1 4,023.8
Trade, transportation, and
utilities....................... 997.8 1,004.3 1,011.8 1,014.5 1,017.9 1,019.7 1,024.9 1,022.8
Other services-producing
industries...................... 2,857.0 2,884.8 2,900.7 2,927.3 2,986.3 3,007.5 3,034.2 3,001.0
Government........................... 1,026.5 1,028.9 1,031.0 1,033.0 1,041.3 1,045.7 1,048.6 1,052.4
Supplements to wages and salaries...... 1,467.5 1,476.6 1,482.9 1,489.7 1,504.0 1,508.4 1,513.6 1,515.2
Employer contributions for employee
pension and insurance funds......... 1,004.5 1,009.5 1,013.6 1,017.7 1,023.7 1,026.1 1,028.4 1,032.2
Employer contributions for government
social insurance.................... 463.0 467.2 469.3 472.0 480.3 482.3 485.2 483.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,017.4 1,023.9 1,025.3 1,026.6 1,029.5 1,040.3 1,046.0 1,044.6
Farm................................... 26.4 28.4 28.6 24.9 28.3 31.7 35.1 30.6
Nonfarm................................ 991.0 995.5 996.7 1,001.6 1,001.3 1,008.6 1,010.9 1,014.0
Rental income of persons with capital
consumption adjustment.................. 83.4 82.8 83.5 83.1 84.4 85.8 87.9 90.2
Personal income receipts on assets....... 1,690.6 1,691.0 1,691.6 1,692.1 1,710.2 1,728.9 1,748.5 1,756.2
Personal interest income............... 1,035.9 1,029.4 1,022.8 1,016.2 1,028.0 1,039.8 1,051.6 1,051.7
Personal dividend income............... 654.6 661.6 668.8 675.9 682.2 689.0 696.9 704.5
Personal current transfer receipts....... 1,625.5 1,621.5 1,625.1 1,643.1 1,671.5 1,684.8 1,699.2 1,705.0
Government social benefits to persons.. 1,589.8 1,585.6 1,589.1 1,607.0 1,635.4 1,648.7 1,663.0 1,668.8
Old-age, survivors, disability, and
health insurance benefits........... 939.7 941.6 945.8 964.8 967.2 976.4 982.3 983.4
Government unemployment insurance
benefits............................ 27.3 27.0 27.3 27.0 27.4 27.7 27.6 27.7
Other................................ 622.8 617.0 616.0 615.2 640.8 644.5 653.0 657.6
Other current transfer receipts, from
business (net)........................ 35.7 35.9 36.1 36.1 36.1 36.1 36.2 36.2
Less: Contributions for government social
insurance............................... 948.0 957.3 961.3 967.1 986.8 991.4 997.4 993.7
Less: Personal current taxes............... 1,365.6 1,382.7 1,391.8 1,402.3 1,436.6 1,448.9 1,463.1 1,465.7
Equals: Disposable personal income......... 9,623.0 9,667.4 9,697.8 9,747.8 9,833.8 9,894.3 9,966.0 9,956.3
Less: Personal outlays..................... 9,718.1 9,749.0 9,785.5 9,855.1 9,917.6 9,989.6 10,033.8 10,089.0
Personal consumption expenditures........ 9,348.5 9,376.0 9,410.8 9,478.5 9,540.3 9,610.6 9,653.0 9,705.0
Durable goods.......................... 1,072.3 1,074.1 1,080.8 1,084.4 1,096.5 1,095.4 1,100.8 1,099.0
Nondurable goods....................... 2,726.2 2,711.5 2,720.6 2,764.3 2,769.0 2,780.9 2,820.2 2,829.0
Services............................... 5,550.0 5,590.4 5,609.4 5,629.7 5,674.9 5,734.3 5,731.9 5,777.1
Personal interest payments\1\............ 241.2 242.7 244.3 245.8 247.2 248.7 250.2 253.1
Personal current transfer payments....... 128.3 130.2 130.5 130.8 130.0 130.4 130.6 130.9
To government.......................... 79.5 79.8 80.1 80.3 80.6 80.9 81.2 81.5
To the rest of the world (net)......... 48.8 50.5 50.5 50.5 49.5 49.5 49.5 49.5
Equals: Personal saving.................... -95.0 -81.5 -87.7 -107.3 -83.8 -95.3 -67.8 -132.8
Personal saving as a percentage of
disposable personal income.............. -1.0 -.8 -.9 -1.1 -.9 -1.0 -.7 -1.3
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,361.4 8,419.6 8,445.0 8,460.5 8,519.9 8,537.7 8,562.6 8,529.2
Per capita:
Current dollars...................... 32,042 32,161 32,236 32,377 32,638 32,819 33,035 32,977
Chained (2000) dollars............... 27,841 28,010 28,072 28,102 28,277 28,319 28,383 28,250
Population (midperiod, thousands)\3\..... 300,326 300,592 300,836 301,070 301,296 301,481 301,684 301,913
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006\r\ IV 05 I 06 II 06 III 06 IV 06\r\ I 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,239.2 10,891.2 10,483.7 10,721.4 10,807.3 10,939.4 11,096.6 11,347.6
Compensation of employees, received...... 7,030.3 7,485.9 7,184.4 7,400.3 7,425.5 7,489.3 7,628.7 7,800.5
Wage and salary disbursements.......... 5,664.8 6,031.1 5,787.0 5,970.1 5,980.9 6,027.6 6,145.6 6,291.8
Private industries................... 4,687.1 5,017.2 4,798.9 4,972.0 4,975.0 5,007.1 5,114.6 5,246.6
Goods-producing industries......... 1,101.3 1,180.5 1,124.9 1,177.3 1,173.0 1,171.5 1,200.1 1,216.5
Manufacturing.................... 704.7 736.8 715.0 742.8 732.8 729.1 742.4 750.4
Services-producing industries...... 3,585.8 3,836.7 3,673.9 3,794.7 3,802.0 3,835.6 3,914.5 4,030.2
Trade, transportation, and
utilities....................... 937.2 995.1 954.9 983.6 990.8 995.6 1,010.2 1,020.8
Other services-producing
industries...................... 2,648.5 2,841.6 2,719.0 2,811.0 2,811.2 2,840.0 2,904.3 3,009.3
Government........................... 977.7 1,013.9 988.1 998.1 1,005.9 1,020.5 1,031.0 1,045.2
Supplements to wages and salaries...... 1,365.5 1,454.9 1,397.4 1,430.3 1,444.5 1,461.6 1,483.1 1,508.7
Employer contributions for employee
pension and insurance funds......... 933.2 992.7 956.1 971.6 985.7 1,000.1 1,013.6 1,026.0
Employer contributions for government
social insurance.................... 432.3 462.1 441.3 458.7 458.9 461.5 469.5 482.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 970.7 1,015.1 996.8 1,008.3 1,011.9 1,014.8 1,025.3 1,038.6
Farm................................... 30.2 22.6 28.7 23.9 17.5 21.7 27.3 31.7
Nonfarm................................ 940.4 992.5 968.1 984.4 994.3 993.2 998.0 1,006.9
Rental income of persons with capital
consumption adjustment.................. 72.8 77.4 81.5 76.8 71.4 78.3 83.1 86.0
Personal income receipts on assets....... 1,519.4 1,656.3 1,580.2 1,602.3 1,647.7 1,683.6 1,691.6 1,729.2
Personal interest income............... 945.0 1,016.7 981.7 989.1 1,019.2 1,035.8 1,022.8 1,039.8
Personal dividend income............... 574.4 639.6 598.5 613.2 628.5 647.8 668.8 689.4
Personal current transfer receipts....... 1,526.6 1,602.2 1,539.8 1,570.4 1,589.7 1,618.6 1,629.9 1,685.1
Government social benefits to persons.. 1,480.9 1,566.9 1,500.8 1,536.0 1,554.7 1,583.1 1,593.9 1,649.0
Old-age, survivors, disability, and
health insurance benefits........... 844.9 931.4 854.6 909.9 928.1 936.7 950.7 975.3
Government unemployment insurance
benefits............................ 31.3 27.3 31.6 27.8 27.0 27.3 27.1 27.6
Other................................ 604.6 608.3 614.5 598.3 599.6 619.1 616.1 646.1
Other current transfer receipts, from
business (net)........................ 45.7 35.3 39.0 34.5 35.0 35.5 36.0 36.1
Less: Contributions for government social
insurance............................... 880.6 945.7 898.9 936.7 938.8 945.2 961.9 991.9
Less: Personal current taxes............... 1,203.1 1,362.1 1,247.6 1,332.6 1,361.0 1,362.5 1,392.3 1,449.5
Equals: Disposable personal income......... 9,036.1 9,529.1 9,236.1 9,388.8 9,446.2 9,577.0 9,704.3 9,898.0
Less: Personal outlays..................... 9,070.9 9,625.5 9,264.5 9,418.5 9,577.0 9,710.0 9,796.5 9,980.3
Personal consumption expenditures........ 8,742.4 9,268.9 8,927.8 9,079.2 9,228.1 9,346.7 9,421.8 9,601.3
Durable goods.......................... 1,033.1 1,070.3 1,019.6 1,064.1 1,061.8 1,075.5 1,079.8 1,097.5
Nondurable goods....................... 2,539.3 2,714.9 2,613.5 2,658.2 2,721.4 2,747.7 2,732.1 2,790.0
Services............................... 5,170.0 5,483.7 5,294.7 5,356.8 5,444.9 5,523.5 5,609.8 5,713.7
Personal interest payments\1\............ 209.4 230.3 214.9 218.5 222.9 235.5 244.3 248.7
Personal current transfer payments....... 119.2 126.3 121.8 120.9 126.0 127.8 130.5 130.3
To government.......................... 72.0 78.0 74.2 75.7 77.3 79.0 80.0 80.9
To the rest of the world (net)......... 47.1 48.3 47.6 45.2 48.7 48.8 50.5 49.5
Equals: Personal saving.................... -34.8 -96.4 -28.5 -29.7 -130.8 -133.0 -92.2 -82.3
Personal saving as a percentage of
disposable personal income.............. -.4 -1.0 -.3 -.3 -1.4 -1.4 -.9 -.8
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,104.6 8,318.6 8,183.3 8,276.8 8,245.4 8,311.0 8,441.7 8,540.1
Per capita:
Current dollars...................... 30,440 31,794 30,995 31,437 31,560 31,916 32,258 32,831
Chained (2000) dollars............... 27,302 27,755 27,462 27,714 27,548 27,698 28,061 28,327
Population (midperiod, thousands)\3\..... 296,852 299,715 297,985 298,651 299,312 300,064 300,833 301,487
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\r\ Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 51.6 61.4 39.4 60.7 120.2 72.8 85.9 -7.1
Compensation of employees, received...... 39.8 68.5 37.0 47.1 89.3 33.2 50.0 -25.2
Wage and salary disbursements.......... 33.3 59.3 30.8 40.3 75.0 28.8 44.9 -26.9
Private industries................... 27.3 56.9 28.7 38.3 66.6 24.5 42.0 -30.7
Goods-producing industries......... -.2 22.5 5.3 9.0 4.2 1.5 10.0 4.7
Manufacturing.................... -1.9 12.5 1.1 5.3 .9 2.1 5.3 3.1
Services-producing industries...... 27.5 34.4 23.4 29.3 62.4 22.9 32.0 -35.3
Trade, transportation, and
utilities....................... 3.9 6.5 7.5 2.7 3.4 1.8 5.2 -2.1
Other services-producing
industries...................... 23.7 27.8 15.9 26.6 59.0 21.2 26.7 -33.2
Government........................... 6.0 2.4 2.1 2.0 8.3 4.4 2.9 3.8
Supplements to wages and salaries...... 6.4 9.1 6.3 6.8 14.3 4.4 5.2 1.6
Employer contributions for employee
pension and insurance funds......... 4.3 5.0 4.1 4.1 6.0 2.4 2.3 3.8
Employer contributions for government
social insurance.................... 2.1 4.2 2.1 2.7 8.3 2.0 2.9 -2.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .2 6.5 1.4 1.3 2.9 10.8 5.7 -1.4
Farm................................... 4.9 2.0 .2 -3.7 3.4 3.4 3.4 -4.5
Nonfarm................................ -4.7 4.5 1.2 4.9 -.3 7.3 2.3 3.1
Rental income of persons with capital
consumption adjustment.................. 5.3 -.6 .7 -.4 1.3 1.4 2.1 2.3
Personal income receipts on assets....... 7.1 .4 .6 .5 18.1 18.7 19.6 7.7
Personal interest income............... .1 -6.5 -6.6 -6.6 11.8 11.8 11.8 .1
Personal dividend income............... 6.9 7.0 7.2 7.1 6.3 6.8 7.9 7.6
Personal current transfer receipts....... 3.0 -4.0 3.6 18.0 28.4 13.3 14.4 5.8
Government social benefits to persons.. 2.8 -4.2 3.5 17.9 28.4 13.3 14.3 5.8
Old-age, survivors, disability, and
health insurance benefits........... .8 1.9 4.2 19.0 2.4 9.2 5.9 1.1
Government unemployment insurance
benefits............................ .0 -.3 .3 -.3 .4 .3 -.1 .1
Other................................ 2.1 -5.8 -1.0 -.8 25.6 3.7 8.5 4.6
Other current transfer receipts, from
business (net)........................ .2 .2 .2 .0 .0 .0 .1 .0
Less: Contributions for government social
insurance............................... 3.8 9.3 4.0 5.8 19.7 4.6 6.0 -3.7
Less: Personal current taxes............... 4.6 17.1 9.1 10.5 34.3 12.3 14.2 2.6
Equals: Disposable personal income......... 46.9 44.4 30.4 50.0 86.0 60.5 71.7 -9.7
Less: Personal outlays..................... 2.1 30.9 36.5 69.6 62.5 72.0 44.2 55.2
Personal consumption expenditures........ -4.2 27.5 34.8 67.7 61.8 70.3 42.4 52.0
Durable goods.......................... 3.4 1.8 6.7 3.6 12.1 -1.1 5.4 -1.8
Nondurable goods....................... -34.9 -14.7 9.1 43.7 4.7 11.9 39.3 8.8
Services............................... 27.4 40.4 19.0 20.3 45.2 59.4 -2.4 45.2
Personal interest payments\1\............ 5.7 1.5 1.6 1.5 1.4 1.5 1.5 2.9
Personal current transfer payments....... .5 1.9 .3 .3 -.8 .4 .2 .3
To government.......................... .5 .3 .3 .2 .3 .3 .3 .3
To the rest of the world (net)......... .0 1.7 .0 .0 -1.0 .0 .0 .0
Equals: Personal saving.................... 44.8 13.5 -6.2 -19.6 23.5 -11.5 27.5 -65.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 67.2 58.2 25.4 15.5 59.4 17.8 24.9 -33.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006\r\ IV 05 I 06 II 06 III 06 IV 06\r\ I 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 507.8 652.0 221.0 237.7 85.9 132.1 157.2 251.0
Compensation of employees, received...... 365.0 455.6 90.8 215.9 25.2 63.8 139.4 171.8
Wage and salary disbursements.......... 272.7 366.3 71.8 183.1 10.8 46.7 118.0 146.2
Private industries................... 236.8 330.1 64.3 173.1 3.0 32.1 107.5 132.0
Goods-producing industries......... 50.5 79.2 11.0 52.4 -4.3 -1.5 28.6 16.4
Manufacturing.................... 16.7 32.1 5.3 27.8 -10.0 -3.7 13.3 8.0
Services-producing industries...... 186.3 250.9 53.2 120.8 7.3 33.6 78.9 115.7
Trade, transportation, and
utilities....................... 38.0 57.9 9.4 28.7 7.2 4.8 14.6 10.6
Other services-producing
industries...................... 148.2 193.1 43.8 92.0 .2 28.8 64.3 105.0
Government........................... 35.9 36.2 7.5 10.0 7.8 14.6 10.5 14.2
Supplements to wages and salaries...... 92.3 89.4 19.0 32.9 14.2 17.1 21.5 25.6
Employer contributions for employee
pension and insurance funds......... 67.1 59.5 14.0 15.5 14.1 14.4 13.5 12.4
Employer contributions for government
social insurance.................... 25.2 29.8 5.0 17.4 .2 2.6 8.0 13.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 59.6 44.4 29.5 11.5 3.6 2.9 10.5 13.3
Farm................................... -6.0 -7.6 -1.0 -4.8 -6.4 4.2 5.6 4.4
Nonfarm................................ 65.5 52.1 30.4 16.3 9.9 -1.1 4.8 8.9
Rental income of persons with capital
consumption adjustment.................. -54.2 4.6 93.0 -4.7 -5.4 6.9 4.8 2.9
Personal income receipts on assets....... 91.5 136.9 47.5 22.1 45.4 35.9 8.0 37.6
Personal interest income............... 54.2 71.7 30.5 7.4 30.1 16.6 -13.0 17.0
Personal dividend income............... 37.3 65.2 17.0 14.7 15.3 19.3 21.0 20.6
Personal current transfer receipts....... 100.1 75.6 -29.2 30.6 19.3 28.9 11.3 55.2
Government social benefits to persons.. 82.5 86.0 11.6 35.2 18.7 28.4 10.8 55.1
Old-age, survivors, disability, and
health insurance benefits........... 53.5 86.5 6.1 55.3 18.2 8.6 14.0 24.6
Government unemployment insurance
benefits............................ -4.7 -4.0 1.4 -3.8 -.8 .3 -.2 .5
Other................................ 33.6 3.7 4.1 -16.2 1.3 19.5 -3.0 30.0
Other current transfer receipts, from
business (net)........................ 17.6 -10.4 -40.8 -4.5 .5 .5 .5 .1
Less: Contributions for government social
insurance............................... 54.2 65.1 10.4 37.8 2.1 6.4 16.7 30.0
Less: Personal current taxes............... 153.3 159.0 32.6 85.0 28.4 1.5 29.8 57.2
Equals: Disposable personal income......... 354.5 493.0 188.4 152.7 57.4 130.8 127.3 193.7
Less: Personal outlays..................... 563.7 554.6 84.2 154.0 158.5 133.0 86.5 183.8
Personal consumption expenditures........ 530.9 526.5 80.5 151.4 148.9 118.6 75.1 179.5
Durable goods.......................... 46.8 37.2 -37.7 44.5 -2.3 13.7 4.3 17.7
Nondurable goods....................... 194.1 175.6 28.6 44.7 63.2 26.3 -15.6 57.9
Services............................... 289.9 313.7 89.6 62.1 88.1 78.6 86.3 103.9
Personal interest payments\1\............ 23.4 20.9 .3 3.6 4.4 12.6 8.8 4.4
Personal current transfer payments....... 9.5 7.1 3.3 -.9 5.1 1.8 2.7 -.2
To government.......................... 5.2 6.0 1.5 1.5 1.6 1.7 1.0 .9
To the rest of the world (net)......... 4.2 1.2 1.8 -2.4 3.5 .1 1.7 -1.0
Equals: Personal saving.................... -209.1 -61.6 104.1 -1.2 -101.1 -2.2 40.8 9.9
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 93.8 214.0 109.2 93.5 -31.4 65.6 130.7 98.4
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\r\ Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .5 .6 .4 .5 1.1 .6 .8 -.1
Compensation of employees, received...... .5 .9 .5 .6 1.2 .4 .6 -.3
Wage and salary disbursements.......... .6 1.0 .5 .7 1.2 .5 .7 -.4
Supplements to wages and salaries...... .4 .6 .4 .5 1.0 .3 .3 .1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .0 .6 .1 .1 .3 1.0 .6 -.1
Rental income of persons with capital
consumption adjustment.................. 6.8 -.8 .8 -.5 1.6 1.7 2.4 2.6
Personal income receipts on assets....... .4 .0 .0 .0 1.1 1.1 1.1 .4
Personal interest income............... .0 -.6 -.6 -.6 1.2 1.1 1.1 .0
Personal dividend income............... 1.1 1.1 1.1 1.1 .9 1.0 1.1 1.1
Personal current transfer receipts....... .2 -.2 .2 1.1 1.7 .8 .9 .3
Less: Contributions for government social
insurance............................... .4 1.0 .4 .6 2.0 .5 .6 -.4
Less: Personal current taxes............... .3 1.2 .7 .8 2.4 .9 1.0 .2
Equals: Disposable personal income......... .5 .5 .3 .5 .9 .6 .7 -.1
Addenda:
Personal consumption expenditures........ .0 .3 .4 .7 .7 .7 .4 .5
Durable goods.......................... .3 .2 .6 .3 1.1 -.1 .5 -.2
Nondurable goods....................... -1.3 -.5 .3 1.6 .2 .4 1.4 .3
Services............................... .5 .7 .3 .4 .8 1.0 .0 .8
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... .8 .7 .3 .2 .7 .2 .3 -.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2006.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006\r\ IV 05 I 06 II 06 III 06 IV 06\r\ I 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.2 6.4 8.9 9.4 3.2 5.0 5.9 9.4
Compensation of employees, received...... 5.5 6.5 5.2 12.6 1.4 3.5 7.7 9.3
Wage and salary disbursements.......... 5.1 6.5 5.1 13.3 .7 3.2 8.1 9.9
Supplements to wages and salaries...... 7.3 6.5 5.6 9.7 4.1 4.8 6.0 7.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.5 4.6 12.7 4.7 1.4 1.2 4.2 5.3
Rental income of persons with capital
consumption adjustment.................. -42.7 6.3 ..... -21.2 -25.2 44.6 26.9 14.9
Personal income receipts on assets....... 6.4 9.0 13.0 5.7 11.8 9.0 1.9 9.2
Personal interest income............... 6.1 7.6 13.5 3.0 12.7 6.7 -4.9 6.8
Personal dividend income............... 7.0 11.3 12.2 10.2 10.4 12.8 13.6 12.9
Personal current transfer receipts....... 7.0 5.0 -7.3 8.2 5.0 7.5 2.8 14.3
Less: Contributions for government social
insurance............................... 6.6 7.4 4.8 17.9 .9 2.7 7.3 13.1
Less: Personal current taxes............... 14.6 13.2 11.2 30.2 8.8 .4 9.0 17.5
Equals: Disposable personal income......... 4.1 5.5 8.6 6.8 2.5 5.7 5.4 8.2
Addenda:
Personal consumption expenditures........ 6.5 6.0 3.7 7.0 6.7 5.2 3.3 7.8
Durable goods.......................... 4.7 3.6 -13.5 18.6 -.9 5.3 1.6 6.7
Nondurable goods....................... 8.3 6.9 4.5 7.0 9.9 3.9 -2.2 8.7
Services............................... 5.9 6.1 7.1 4.8 6.7 5.9 6.4 7.6
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 1.2 2.6 5.5 4.6 -1.5 3.2 6.4 4.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2006.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Sep 06 Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,122.8 8,165.8 8,195.1 8,226.8 8,265.6 8,292.8 8,293.6 8,313.9
Durable goods............................ 1,209.5 1,211.1 1,222.8 1,231.7 1,246.9 1,244.5 1,252.1 1,252.9
Nondurable goods......................... 2,362.1 2,377.2 2,392.3 2,412.6 2,412.4 2,412.8 2,419.3 2,410.4
Services................................. 4,575.4 4,600.4 4,605.3 4,609.9 4,635.8 4,662.7 4,651.9 4,679.0
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 22.1 43.0 29.3 31.7 38.8 27.2 .8 20.3
Durable goods............................ 10.5 1.6 11.7 8.9 15.2 -2.4 7.6 .8
Nondurable goods......................... 4.7 15.1 15.1 20.3 -.2 .4 6.5 -8.9
Services................................. 9.0 25.0 4.9 4.6 25.9 26.9 -10.8 27.1
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .3 .5 .4 .4 .5 .3 .0 .2
Durable goods............................ .9 .1 1.0 .7 1.2 -.2 .6 .1
Nondurable goods......................... .2 .6 .6 .8 .0 .0 .3 -.4
Services................................. .2 .5 .1 .1 .6 .6 -.2 .6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 IV 05 I 06 II 06 III 06 IV 06 I 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,841.2 8,091.4 7,910.2 8,003.8 8,055.0 8,111.2 8,195.9 8,284.0
Durable goods............................ 1,145.3 1,202.9 1,137.9 1,190.5 1,190.3 1,208.8 1,221.9 1,247.8
Nondurable goods......................... 2,276.8 2,362.0 2,309.6 2,342.8 2,351.1 2,360.1 2,394.0 2,414.8
Services................................. 4,436.6 4,550.4 4,476.7 4,494.5 4,535.4 4,566.6 4,605.2 4,650.1
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 264.1 250.2 14.9 93.6 51.2 56.2 84.7 88.1
Durable goods............................ 59.6 57.6 -38.0 52.6 -.2 18.5 13.1 25.9
Nondurable goods......................... 97.6 85.2 22.0 33.2 8.3 9.0 33.9 20.8
Services................................. 112.7 113.8 22.2 17.8 40.9 31.2 38.6 44.9
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.5 3.2 .8 4.8 2.6 2.8 4.2 4.4
Durable goods............................ 5.5 5.0 -12.3 19.8 -.1 6.4 4.4 8.8
Nondurable goods......................... 4.5 3.7 3.9 5.9 1.4 1.5 5.9 3.5
Services................................. 2.6 2.6 2.0 1.6 3.7 2.8 3.4 4.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Sep 06 Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 115.098 114.830 114.844 115.225 115.431 115.900 116.400 116.742
Durable goods............................ 88.659 88.677 88.383 88.038 87.932 88.015 87.912 87.713
Nondurable goods......................... 115.434 114.081 113.740 114.600 114.801 115.274 116.592 117.387
Services................................. 121.308 121.530 121.810 122.132 122.423 122.991 123.226 123.476
Addenda:
PCE excluding food and energy............ 112.565 112.757 112.808 112.948 113.195 113.566 113.609 113.740
Market-based PCE\1\...................... 113.652 113.281 113.286 113.683 113.876 114.380 114.930 115.277
Market-based PCE excluding food
and energy\1\........................... 110.233 110.389 110.435 110.547 110.785 111.181 111.196 111.290
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ -.3 -.2 .0 .3 .2 .4 .4 .3
Durable goods............................ -.5 .0 -.3 -.4 -.1 .1 -.1 -.2
Nondurable goods......................... -1.5 -1.2 -.3 .8 .2 .4 1.1 .7
Services................................. .3 .2 .2 .3 .2 .5 .2 .2
Addenda:
PCE excluding food and energy............ .2 .2 .0 .1 .2 .3 .0 .1
Market-based PCE\1\...................... -.4 -.3 .0 .4 .2 .4 .5 .3
Market-based PCE excluding food
and energy\1\........................... .2 .1 .0 .1 .2 .4 .0 .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
-----------------------------------------------------------------------------------------------------------------------------------
Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\r\ Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 2.9 3.4 3.2 2.9 3.2 3.1 3.3 3.4
Personal consumption expenditures.......... 3.2 3.7 3.6 3.5 3.6 3.5 3.4 3.5
Durable goods............................ 7.1 9.2 7.1 6.0 4.3 5.4 4.8 5.1
Nondurable goods......................... 3.0 2.8 3.8 4.4 2.9 2.8 3.5 2.7
Services................................. 2.6 3.1 2.9 2.6 3.8 3.5 3.1 3.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2006.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Sep 06 Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 1.9 1.5 1.9 2.2 1.9 2.3 2.3 2.2
Durable goods............................ -1.3 -1.3 -1.3 -1.6 -1.8 -1.5 -1.5 -1.8
Nondurable goods......................... .3 -.5 1.1 2.1 1.3 1.9 2.3 1.9
Services................................. 3.4 3.0 2.9 3.1 3.0 3.2 3.1 3.1
Addenda:
PCE excluding food and energy............ 2.4 2.3 2.1 2.1 2.2 2.4 2.1 2.0
Market-based PCE\1\...................... 1.6 1.1 1.6 2.0 1.7 2.1 2.3 2.1
Market-based PCE excluding food
and energy\1\........................... 2.1 2.0 1.9 1.9 2.0 2.2 2.0 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.