News Release
Personal Income and Outlays, January 2007
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James E. Rankin: (202) 606-5301 (Personal Income)BEA 07-07
Clinton P. McCully: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: JANUARY 2007
Personal income increased $108.1 billion, or 1.0 percent, and disposable personal income (DPI)
increased $73.0 billion, or 0.8 percent, in January, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $51.9 billion, or 0.5 percent. In December,
personal income increased $55.7 billion, or 0.5 percent, DPI increased $46.0 billion, or 0.5 percent,
and PCE increased $69.4 billion, or 0.7 percent, based on revised estimates.
2006 2007
Sept. Oct. Nov. Dec. Jan.
(Percent change from preceding month)
Personal income, current dollars 0.5 0.3 0.3 0.5 1.0
Disposable personal income:
Current dollars 0.5 0.2 0.3 0.5 0.8
Chained (2000) dollars 0.8 0.5 0.3 0.1 0.5
Personal consumption expenditures:
Current dollars 0.0 0.3 0.4 0.7 0.5
Chained (2000) dollars 0.3 0.5 0.4 0.4 0.3
This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for July through September 2006 (third quarter).
These estimates reflect newly available third-quarter wage and salary tabulations from the quarterly
census of employment and wages from the Bureau of Labor Statistics.
The January change in personal income was boosted by several special factors. Bonus payments
and gains on the exercise of stock options boosted private wage and salary disbursements; pay raises
for federal civilian and military personnel boosted government wage and salary disbursements; and
cost-of-living adjustments to several federal transfer payment programs boosted current personal
transfer receipts. The January change was reduced by annual adjustments to personal contributions
for government social insurance and by lump-sum social security benefit payments that had boosted
December personal income. Excluding these special factors, personal income increased $44.3
billion, or 0.4 percent, in January, after increasing $49.0 billion, or 0.4 percent, in December. These
special factors are discussed more fully below.
Compensation of employees
Private wage and salary disbursements increased $64.2 billion in January, compared with an
increase of $31.8 billion in December. The January change in private wages and salaries reflected
an adjustment of $50.0 billion (at an annual rate) for 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. The adjustment to January wages was based on data
from state governments and from other sources. Goods-producing industries' payrolls decreased
$0.2 billion in January, in contrast to an increase of $5.5 billion in December; manufacturing
payrolls decreased $2.3 billion, in contrast to an increase of $2.7 billion. Services-producing
industries' payrolls increased $64.5 billion, compared with an increase of $26.2 billion.
Government wage and salary disbursements increased $7.3 billion in January, compared with
an increase of $1.7 billion in December. Pay raises for civilian and military personnel added $4.6
billion to government payrolls in January.
Employer contributions for employee pension and insurance funds increased $6.7 billion in
January, compared with an increase of $4.1 billion in December.
Employer contributions for government social insurance increased $7.9 billion in January,
compared with an increase of $2.3 billion in December. The January increase reflected an increase
in the tax rate paid by employers to state unemployment insurance funds and an increase in the
social security taxable wage base (from $94,200 to $97,500); together, these changes added $3.0
billion in January. (Changes in employer contributions for government social insurance do not
affect personal income, because employer contributions for government social insurance are also
included in total contributions for government social insurance, which is a subtraction in the
calculation of personal income.)
Other personal income
Proprietors' income increased $1.5 billion in January, compared with an increase of $1.2 billion
in December. Farm proprietors' income increased $3.0 billion, in contrast to a decrease of $3.6
billion. Nonfarm proprietors' income decreased $1.5 billion, in contrast to an increase of $4.8
billion.
Rental income of persons increased $2.5 billion in January, in contrast to a decrease of $1.7
billion in December. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $14.4 billion, compared with an increase of $3.1 billion.
Personal current transfer receipts increased $22.7 billion in January, compared with an increase
of $18.2 billion in December. The January change in current transfer receipts reflected 3.3-percent
cost-of-living adjustments to social security benefits and to several other federal transfer payment
programs; together, these changes added $21.2 billion to the January increase. The January change
in current transfer receipts was reduced by lump-sum social security benefits payments, which had
added $6.7 billion to December benefit payments; these benefit payments resulted from a
recalculation of the earnings base underlying the benefits for recent retirees.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $19.1 billion in January, compared with an increase of $4.9 billion in December. The
January increase reflected increases in both employer and personal contributions for government
social insurance. As noted above, employer contributions were boosted $3.0 billion in January by
increases in unemployment-insurance rates and in the social security taxable wage base. The
January increase in personal contributions for government social insurance reflected an increase in
the monthly premium paid by participants in the supplementary medical insurance program
(Medicare B) and the increase in the social security taxable wage base; together, these changes
added $5.3 billion to January personal contributions.
Personal current taxes and disposable personal income
Personal current taxes increased $35.1 billion in January, compared with an increase of $9.7
billion in December. Indexation provisions of current tax law reduced federal withheld income
taxes by $4.0 billion in January. Federal net nonwithheld income taxes (payments of estimated taxes
plus final settlements less refunds) boosted the January increase by $11.1 billion, based on federal
budget projections for 2007.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased
$73.0 billion, or 0.8 percent, in January, compared with an increase of $46.0 billion, or 0.5 percent,
in December.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $55.3 billion in January, compared with an increase of $70.4 billion in December. PCE
increased $51.9 billion, compared with an increase of $69.4 billion.
Personal saving -- DPI less personal outlays -- was a negative $116.4 billion in January,
compared with a negative $134.2 billion in December. Personal saving as a percentage of
disposable personal income was a negative 1.2 percent in January, compared with a negative 1.4
percent in December. 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 -- increased 0.5 percent in January,
compared with an increase of 0.1 percent in December.
Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in January,
compared with an increase of 0.4 percent in December. Purchases of durable goods increased 0.7
percent, compared with an increase of 0.8 percent. Purchases of motor vehicles and parts accounted
for most of the January increase. Purchases of nondurable goods increased 0.1 percent in January,
compared with an increase of 0.9 percent in December. Purchases of services increased 0.4 percent,
compared with an increase of 0.1 percent.
PCE prices -- The price index for PCE increased 0.2 percent in January, compared with an
increase of 0.3 percent in December. Prices, excluding food and energy, increased 0.3 percent,
compared with an increase of 0.1 percent.
2006 Personal Income and Outlays
Personal income increased 6.3 percent in 2006 (that is, from the 2005 annual level to the 2006
annual level), compared with an increase of 5.2 percent in 2005. The acceleration in personal
income growth was mostly accounted for by wage and salary disbursements. DPI increased 5.4
percent, compared with an increase of 4.1 percent. PCE increased 6.0 percent, compared with an
increase of 6.5 percent.
Real DPI increased 2.6 percent in 2006, compared with an increase of 1.2 percent in 2005.
Real PCE increased 3.2 percent, compared with an increase of 3.5 percent.
Revisions
Estimates for personal income and DPI have been revised for July through December; estimates
for PCE have been revised for October through December. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
November and December -- revised and as published in last month's release -- are shown below.
For July through December, the revisions to wages and salaries reflected the incorporation of
the most recently available BLS tabulations of third-quarter private wages and salaries from the
quarterly census of employment and wages. Wages and salaries were revised down for all six
months. Revisions to personal current taxes and to contributions for government social insurance
reflected the revisions to wages and salaries.
Change from preceding month
November December
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars..................... 32.4 35.9 0.3 0.3 60.6 55.7 0.5 0.5
Disposable personal income:
Current dollars..................... 25.4 27.5 0.3 0.3 50.8 46.0 0.5 0.5
Chained (2000) dollars.............. 21.6 21.6 0.3 0.3 13.3 11.7 0.2 0.1
Personal consumption expenditures:
Current dollars..................... 51.1 35.8 0.5 0.4 67.1 69.4 0.7 0.7
Chained (2000) dollars.............. 44.1 28.9 0.5 0.4 28.3 32.7 0.3 0.4
This release also includes revised estimates of population, per capita disposable personal income
(DPI), and per capita real DPI. The revised population estimates reflect newly available estimates from the
Census Bureau for April 2000 through January 2007. BEA population estimates are a mid-month average of
Census Bureau data. The revised per capita estimates reflect the revisions to the population estimates.
Estimates for the complete revision period are available on BEA's Web site at
www.bea.gov/bea/dn/nipaweb/SelectTable.asp?Selected=Y#S2.
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 February will be released on
March 30, 2007, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 06 Jul 06\r\ Aug 06\r\ Sep 06\r\ Oct 06\r\ Nov 06\r\ Dec 06\r\ Jan 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,842.2 10,892.5 10,937.1 10,988.7 11,025.4 11,061.3 11,117.0 11,225.1
Compensation of employees, received...... 7,434.7 7,467.9 7,480.0 7,519.8 7,558.5 7,589.5 7,629.3 7,715.5
Wage and salary disbursements.......... 5,985.7 6,011.6 6,019.0 6,052.3 6,083.9 6,109.0 6,142.5 6,214.0
Private industries................... 4,976.4 4,997.0 4,998.5 5,025.8 5,055.0 5,078.0 5,109.8 5,174.0
Goods-producing industries......... 1,174.2 1,172.2 1,171.3 1,171.1 1,177.6 1,178.5 1,184.0 1,183.8
Manufacturing.................... 731.2 730.5 729.3 727.4 731.4 730.1 732.8 730.5
Services-producing industries...... 3,802.2 3,824.8 3,827.2 3,854.7 3,877.4 3,899.5 3,925.7 3,990.2
Trade, transportation, and
utilities....................... 992.6 995.2 993.9 997.8 1,000.2 1,006.4 1,007.6 1,010.5
Other services-producing
industries...................... 2,809.6 2,829.6 2,833.3 2,857.0 2,877.2 2,893.1 2,918.1 2,979.7
Government........................... 1,009.2 1,014.6 1,020.5 1,026.5 1,028.9 1,031.0 1,032.7 1,040.0
Supplements to wages and salaries...... 1,449.0 1,456.3 1,461.1 1,467.5 1,474.6 1,480.5 1,486.8 1,501.4
Employer contributions for employee
pension and insurance funds......... 990.1 995.6 1,000.2 1,004.5 1,009.5 1,013.6 1,017.7 1,024.4
Employer contributions for government
social insurance.................... 458.9 460.7 460.9 463.0 465.2 466.8 469.1 477.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,010.7 1,009.9 1,017.2 1,017.4 1,023.7 1,025.2 1,026.4 1,027.9
Farm................................... 14.6 17.1 21.5 26.4 28.4 28.6 25.0 28.0
Nonfarm................................ 996.1 992.9 995.7 991.0 995.3 996.6 1,001.4 999.9
Rental income of persons with capital
consumption adjustment.................. 68.2 73.4 78.1 83.4 81.4 80.8 79.1 81.6
Personal income receipts on assets....... 1,670.2 1,676.7 1,683.5 1,690.6 1,693.6 1,697.0 1,700.1 1,714.5
Personal interest income............... 1,035.6 1,035.7 1,035.8 1,035.9 1,032.0 1,028.1 1,024.2 1,032.3
Personal dividend income............... 634.6 641.0 647.7 654.6 661.6 668.8 675.9 682.2
Personal current transfer receipts....... 1,597.8 1,608.0 1,622.5 1,625.5 1,621.5 1,625.5 1,643.7 1,666.4
Government social benefits to persons.. 1,562.6 1,572.6 1,587.0 1,589.8 1,585.6 1,589.4 1,607.6 1,630.4
Old-age, survivors, disability, and
health insurance benefits........... 935.8 931.4 938.9 939.7 941.6 945.8 964.8 967.2
Government unemployment insurance
benefits............................ 27.0 27.3 27.3 27.3 27.0 27.3 27.0 27.3
Other................................ 599.9 613.8 620.7 622.8 617.1 616.4 615.8 635.8
Other current transfer receipts, from
business (net)........................ 35.2 35.4 35.5 35.7 35.9 36.1 36.1 36.1
Less: Contributions for government social
insurance............................... 939.4 943.4 944.2 948.0 953.4 956.7 961.6 980.7
Less: Personal current taxes............... 1,367.5 1,360.8 1,361.0 1,365.6 1,378.6 1,387.0 1,396.7 1,431.8
Equals: Disposable personal income......... 9,474.6 9,531.8 9,576.1 9,623.0 9,646.8 9,674.3 9,720.3 9,793.3
Less: Personal outlays..................... 9,621.2 9,696.0 9,716.0 9,718.1 9,747.3 9,784.1 9,854.5 9,909.8
Personal consumption expenditures........ 9,270.5 9,338.9 9,352.7 9,348.5 9,375.1 9,410.9 9,480.3 9,532.2
Durable goods.......................... 1,063.5 1,085.2 1,068.9 1,072.3 1,074.0 1,080.6 1,084.6 1,090.6
Nondurable goods....................... 2,732.0 2,755.9 2,761.1 2,726.2 2,711.6 2,720.6 2,766.0 2,773.6
Services............................... 5,475.0 5,497.8 5,522.6 5,550.0 5,589.5 5,609.7 5,629.6 5,668.0
Personal interest payments\1\............ 224.2 229.9 235.5 241.2 242.0 242.7 243.4 246.6
Personal current transfer payments....... 126.5 127.2 127.8 128.3 130.2 130.5 130.8 131.0
To government.......................... 77.9 78.4 79.0 79.5 79.8 80.1 80.3 80.6
To the rest of the world (net)......... 48.7 48.8 48.8 48.8 50.4 50.4 50.4 50.4
Equals: Personal saving.................... -146.6 -164.2 -139.8 -95.0 -100.5 -109.8 -134.2 -116.4
Personal saving as a percentage of
disposable personal income.............. -1.5 -1.7 -1.5 -1.0 -1.0 -1.1 -1.4 -1.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,252.8 8,277.6 8,294.2 8,361.4 8,400.8 8,422.4 8,434.1 8,480.1
Per capita:
Current dollars...................... 31,665 31,823 31,943 32,071 32,123 32,189 32,317 32,535
Chained (2000) dollars............... 27,582 27,635 27,667 27,867 27,974 28,024 28,041 28,172
Population (midperiod, thousands)\3\..... 299,271 299,528 299,788 300,051 300,306 300,545 300,776 301,009
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third 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\ III 05 IV 05 I 06 II 06 III 06\r\ IV 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,239.2 10,884.0 10,262.7 10,483.7 10,721.4 10,807.3 10,939.4 11,067.9
Compensation of employees, received...... 7,030.3 7,476.9 7,093.6 7,184.4 7,400.3 7,425.5 7,489.3 7,592.4
Wage and salary disbursements.......... 5,664.8 6,022.6 5,715.2 5,787.0 5,970.1 5,980.9 6,027.6 6,111.8
Private industries................... 4,687.1 5,008.7 4,734.6 4,798.9 4,972.0 4,975.0 5,007.1 5,080.9
Goods-producing industries......... 1,101.3 1,175.5 1,113.9 1,124.9 1,177.3 1,173.0 1,171.5 1,180.1
Manufacturing.................... 704.7 734.0 709.7 715.0 742.8 732.8 729.1 731.4
Services-producing industries...... 3,585.8 3,833.3 3,620.7 3,673.9 3,794.7 3,802.0 3,835.6 3,900.9
Trade, transportation, and
utilities....................... 937.2 993.7 945.5 954.9 983.6 990.8 995.6 1,004.7
Other services-producing
industries...................... 2,648.5 2,839.6 2,675.2 2,719.0 2,811.0 2,811.2 2,840.0 2,896.1
Government........................... 977.7 1,013.9 980.6 988.1 998.1 1,005.9 1,020.5 1,030.9
Supplements to wages and salaries...... 1,365.5 1,454.3 1,378.4 1,397.4 1,430.3 1,444.5 1,461.6 1,480.6
Employer contributions for employee
pension and insurance funds......... 933.2 992.7 942.1 956.1 971.6 985.7 1,000.1 1,013.6
Employer contributions for government
social insurance.................... 432.3 461.5 436.3 441.3 458.7 458.9 461.5 467.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 970.7 1,015.0 967.3 996.8 1,008.3 1,011.9 1,014.8 1,025.1
Farm................................... 30.2 22.6 29.7 28.7 23.9 17.5 21.7 27.4
Nonfarm................................ 940.4 992.4 937.7 968.1 984.4 994.3 993.2 997.8
Rental income of persons with capital
consumption adjustment.................. 72.8 76.7 -11.5 81.5 76.8 71.4 78.3 80.5
Personal income receipts on assets....... 1,519.4 1,657.6 1,532.7 1,580.2 1,602.3 1,647.7 1,683.6 1,696.9
Personal interest income............... 945.0 1,018.1 951.2 981.7 989.1 1,019.2 1,035.8 1,028.1
Personal dividend income............... 574.4 639.6 581.5 598.5 613.2 628.5 647.8 668.8
Personal current transfer receipts....... 1,526.6 1,602.3 1,569.0 1,539.8 1,570.4 1,589.7 1,618.6 1,630.2
Government social benefits to persons.. 1,480.9 1,567.0 1,489.2 1,500.8 1,536.0 1,554.7 1,583.1 1,594.2
Old-age, survivors, disability, and
health insurance benefits........... 844.9 931.4 848.5 854.6 909.9 928.1 936.7 950.7
Government unemployment insurance
benefits............................ 31.3 27.3 30.2 31.6 27.8 27.0 27.3 27.1
Other................................ 604.6 608.3 610.4 614.5 598.3 599.6 619.1 616.4
Other current transfer receipts, from
business (net)........................ 45.7 35.3 79.8 39.0 34.5 35.0 35.5 36.0
Less: Contributions for government social
insurance............................... 880.6 944.5 888.5 898.9 936.7 938.8 945.2 957.2
Less: Personal current taxes............... 1,203.1 1,360.9 1,215.0 1,247.6 1,332.6 1,361.0 1,362.5 1,387.4
Equals: Disposable personal income......... 9,036.1 9,523.1 9,047.7 9,236.1 9,388.8 9,446.2 9,577.0 9,680.5
Less: Personal outlays..................... 9,070.9 9,625.2 9,180.3 9,264.5 9,418.5 9,577.0 9,710.0 9,795.3
Personal consumption expenditures........ 8,742.4 9,269.0 8,847.3 8,927.8 9,079.2 9,228.1 9,346.7 9,422.1
Durable goods.......................... 1,033.1 1,070.3 1,057.3 1,019.6 1,064.1 1,061.8 1,075.5 1,079.8
Nondurable goods....................... 2,539.3 2,715.0 2,584.9 2,613.5 2,658.2 2,721.4 2,747.7 2,732.7
Services............................... 5,170.0 5,483.7 5,205.1 5,294.7 5,356.8 5,444.9 5,523.5 5,609.6
Personal interest payments\1\............ 209.4 229.9 214.6 214.9 218.5 222.9 235.5 242.7
Personal current transfer payments....... 119.2 126.3 118.5 121.8 120.9 126.0 127.8 130.5
To government.......................... 72.0 78.0 72.7 74.2 75.7 77.3 79.0 80.0
To the rest of the world (net)......... 47.1 48.3 45.8 47.6 45.2 48.7 48.8 50.4
Equals: Personal saving.................... -34.8 -102.1 -132.6 -28.5 -29.7 -130.8 -133.0 -114.8
Personal saving as a percentage of
disposable personal income.............. -.4 -1.1 -1.5 -.3 -.3 -1.4 -1.4 -1.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,104.6 8,312.9 8,074.1 8,183.3 8,276.8 8,245.4 8,311.0 8,419.1
Per capita:
Current dollars...................... 30,473 31,805 30,473 31,029 31,470 31,590 31,946 32,210
Chained (2000) dollars............... 27,332 27,763 27,194 27,492 27,743 27,574 27,723 28,013
Population (midperiod, thousands)\3\..... 296,524 299,424 296,907 297,660 298,338 299,025 299,789 300,543
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third 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]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 06 Jul 06\r\ Aug 06\r\ Sep 06\r\ Oct 06\r\ Nov 06\r\ Dec 06\r\ Jan 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 46.9 50.3 44.6 51.6 36.7 35.9 55.7 108.1
Compensation of employees, received...... 27.9 33.2 12.1 39.8 38.7 31.0 39.8 86.2
Wage and salary disbursements.......... 22.2 25.9 7.4 33.3 31.6 25.1 33.5 71.5
Private industries................... 18.3 20.6 1.5 27.3 29.2 23.0 31.8 64.2
Goods-producing industries......... 3.8 -2.0 -.9 -.2 6.5 .9 5.5 -.2
Manufacturing.................... .3 -.7 -1.2 -1.9 4.0 -1.3 2.7 -2.3
Services-producing industries...... 14.5 22.6 2.4 27.5 22.7 22.1 26.2 64.5
Trade, transportation, and
utilities....................... 5.5 2.6 -1.3 3.9 2.4 6.2 1.2 2.9
Other services-producing
industries...................... 9.0 20.0 3.7 23.7 20.2 15.9 25.0 61.6
Government........................... 3.8 5.4 5.9 6.0 2.4 2.1 1.7 7.3
Supplements to wages and salaries...... 5.7 7.3 4.8 6.4 7.1 5.9 6.3 14.6
Employer contributions for employee
pension and insurance funds......... 4.5 5.5 4.6 4.3 5.0 4.1 4.1 6.7
Employer contributions for government
social insurance.................... 1.2 1.8 .2 2.1 2.2 1.6 2.3 7.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -4.1 -.8 7.3 .2 6.3 1.5 1.2 1.5
Farm................................... -2.9 2.5 4.4 4.9 2.0 .2 -3.6 3.0
Nonfarm................................ -1.2 -3.2 2.8 -4.7 4.3 1.3 4.8 -1.5
Rental income of persons with capital
consumption adjustment.................. -3.6 5.2 4.7 5.3 -2.0 -.6 -1.7 2.5
Personal income receipts on assets....... 22.9 6.5 6.8 7.1 3.0 3.4 3.1 14.4
Personal interest income............... 16.4 .1 .1 .1 -3.9 -3.9 -3.9 8.1
Personal dividend income............... 6.4 6.4 6.7 6.9 7.0 7.2 7.1 6.3
Personal current transfer receipts....... 6.7 10.2 14.5 3.0 -4.0 4.0 18.2 22.7
Government social benefits to persons.. 6.5 10.0 14.4 2.8 -4.2 3.8 18.2 22.8
Old-age, survivors, disability, and
health insurance benefits........... 7.9 -4.4 7.5 .8 1.9 4.2 19.0 2.4
Government unemployment insurance
benefits............................ .0 .3 .0 .0 -.3 .3 -.3 .3
Other................................ -1.3 13.9 6.9 2.1 -5.7 -.7 -.6 20.0
Other current transfer receipts, from
business (net)........................ .2 .2 .1 .2 .2 .2 .0 .0
Less: Contributions for government social
insurance............................... 2.8 4.0 .8 3.8 5.4 3.3 4.9 19.1
Less: Personal current taxes............... 9.4 -6.7 .2 4.6 13.0 8.4 9.7 35.1
Equals: Disposable personal income......... 37.4 57.2 44.3 46.9 23.8 27.5 46.0 73.0
Less: Personal outlays..................... 33.7 74.8 20.0 2.1 29.2 36.8 70.4 55.3
Personal consumption expenditures........ 31.9 68.4 13.8 -4.2 26.6 35.8 69.4 51.9
Durable goods.......................... 5.6 21.7 -16.3 3.4 1.7 6.6 4.0 6.0
Nondurable goods....................... 3.7 23.9 5.2 -34.9 -14.6 9.0 45.4 7.6
Services............................... 22.6 22.8 24.8 27.4 39.5 20.2 19.9 38.4
Personal interest payments\1\............ 1.3 5.7 5.6 5.7 .8 .7 .7 3.2
Personal current transfer payments....... .5 .7 .6 .5 1.9 .3 .3 .2
To government.......................... .6 .5 .6 .5 .3 .3 .2 .3
To the rest of the world (net)......... .0 .1 .0 .0 1.6 .0 .0 .0
Equals: Personal saving.................... 3.7 -17.6 24.4 44.8 -5.5 -9.3 -24.4 17.8
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 20.8 24.8 16.6 67.2 39.4 21.6 11.7 46.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third 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\ III 05 IV 05 I 06 II 06 III 06\r\ IV 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 507.8 644.8 101.2 221.0 237.7 85.9 132.1 128.5
Compensation of employees, received...... 365.0 446.6 139.9 90.8 215.9 25.2 63.8 103.1
Wage and salary disbursements.......... 272.7 357.8 113.9 71.8 183.1 10.8 46.7 84.2
Private industries................... 236.8 321.6 107.0 64.3 173.1 3.0 32.1 73.8
Goods-producing industries......... 50.5 74.2 26.4 11.0 52.4 -4.3 -1.5 8.6
Manufacturing.................... 16.7 29.3 12.4 5.3 27.8 -10.0 -3.7 2.3
Services-producing industries...... 186.3 247.5 80.7 53.2 120.8 7.3 33.6 65.3
Trade, transportation, and
utilities....................... 38.0 56.5 15.1 9.4 28.7 7.2 4.8 9.1
Other services-producing
industries...................... 148.2 191.1 65.5 43.8 92.0 .2 28.8 56.1
Government........................... 35.9 36.2 6.9 7.5 10.0 7.8 14.6 10.4
Supplements to wages and salaries...... 92.3 88.8 26.0 19.0 32.9 14.2 17.1 19.0
Employer contributions for employee
pension and insurance funds......... 67.1 59.5 17.4 14.0 15.5 14.1 14.4 13.5
Employer contributions for government
social insurance.................... 25.2 29.2 8.6 5.0 17.4 .2 2.6 5.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 59.6 44.3 1.5 29.5 11.5 3.6 2.9 10.3
Farm................................... -6.0 -7.6 1.0 -1.0 -4.8 -6.4 4.2 5.7
Nonfarm................................ 65.5 52.0 .6 30.4 16.3 9.9 -1.1 4.6
Rental income of persons with capital
consumption adjustment.................. -54.2 3.9 -114.3 93.0 -4.7 -5.4 6.9 2.2
Personal income receipts on assets....... 91.5 138.2 32.2 47.5 22.1 45.4 35.9 13.3
Personal interest income............... 54.2 73.1 16.4 30.5 7.4 30.1 16.6 -7.7
Personal dividend income............... 37.3 65.2 15.8 17.0 14.7 15.3 19.3 21.0
Personal current transfer receipts....... 100.1 75.7 58.9 -29.2 30.6 19.3 28.9 11.6
Government social benefits to persons.. 82.5 86.1 12.0 11.6 35.2 18.7 28.4 11.1
Old-age, survivors, disability, and
health insurance benefits........... 53.5 86.5 4.1 6.1 55.3 18.2 8.6 14.0
Government unemployment insurance
benefits............................ -4.7 -4.0 -.5 1.4 -3.8 -.8 .3 -.2
Other................................ 33.6 3.7 8.3 4.1 -16.2 1.3 19.5 -2.7
Other current transfer receipts, from
business (net)........................ 17.6 -10.4 46.8 -40.8 -4.5 .5 .5 .5
Less: Contributions for government social
insurance............................... 54.2 63.9 17.0 10.4 37.8 2.1 6.4 12.0
Less: Personal current taxes............... 153.3 157.8 23.2 32.6 85.0 28.4 1.5 24.9
Equals: Disposable personal income......... 354.5 487.0 78.0 188.4 152.7 57.4 130.8 103.5
Less: Personal outlays..................... 563.7 554.3 179.9 84.2 154.0 158.5 133.0 85.3
Personal consumption expenditures........ 530.9 526.6 172.7 80.5 151.4 148.9 118.6 75.4
Durable goods.......................... 46.8 37.2 15.0 -37.7 44.5 -2.3 13.7 4.3
Nondurable goods....................... 194.1 175.7 76.3 28.6 44.7 63.2 26.3 -15.0
Services............................... 289.9 313.7 81.4 89.6 62.1 88.1 78.6 86.1
Personal interest payments\1\............ 23.4 20.5 6.1 .3 3.6 4.4 12.6 7.2
Personal current transfer payments....... 9.5 7.1 1.2 3.3 -.9 5.1 1.8 2.7
To government.......................... 5.2 6.0 1.4 1.5 1.5 1.6 1.7 1.0
To the rest of the world (net)......... 4.2 1.2 -.2 1.8 -2.4 3.5 .1 1.6
Equals: Personal saving.................... -209.1 -67.3 -101.8 104.1 -1.2 -101.1 -2.2 18.2
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 93.8 208.3 -11.7 109.2 93.5 -31.4 65.6 108.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third 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]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 06 Jul 06\r\ Aug 06\r\ Sep 06\r\ Oct 06\r\ Nov 06\r\ Dec 06\r\ Jan 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .4 .5 .4 .5 .3 .3 .5 1.0
Compensation of employees, received...... .4 .4 .2 .5 .5 .4 .5 1.1
Wage and salary disbursements.......... .4 .4 .1 .6 .5 .4 .5 1.2
Supplements to wages and salaries...... .4 .5 .3 .4 .5 .4 .4 1.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.4 -.1 .7 .0 .6 .1 .1 .1
Rental income of persons with capital
consumption adjustment.................. -5.0 7.6 6.4 6.8 -2.4 -.8 -2.1 3.1
Personal income receipts on assets....... 1.4 .4 .4 .4 .2 .2 .2 .8
Personal interest income............... 1.6 .0 .0 .0 -.4 -.4 -.4 .8
Personal dividend income............... 1.0 1.0 1.1 1.1 1.1 1.1 1.1 .9
Personal current transfer receipts....... .4 .6 .9 .2 -.2 .2 1.1 1.4
Less: Contributions for government social
insurance............................... .3 .4 .1 .4 .6 .3 .5 2.0
Less: Personal current taxes............... .7 -.5 .0 .3 .9 .6 .7 2.5
Equals: Disposable personal income......... .4 .6 .5 .5 .2 .3 .5 .8
Addenda:
Personal consumption expenditures........ .3 .7 .1 .0 .3 .4 .7 .5
Durable goods.......................... .5 2.0 -1.5 .3 .2 .6 .4 .5
Nondurable goods....................... .1 .9 .2 -1.3 -.5 .3 1.7 .3
Services............................... .4 .4 .5 .5 .7 .4 .4 .7
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... .3 .3 .2 .8 .5 .3 .1 .5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third 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\ III 05 IV 05 I 06 II 06 III 06\r\ IV 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.2 6.3 4.0 8.9 9.4 3.2 5.0 4.8
Compensation of employees, received...... 5.5 6.4 8.3 5.2 12.6 1.4 3.5 5.6
Wage and salary disbursements.......... 5.1 6.3 8.4 5.1 13.3 .7 3.2 5.7
Supplements to wages and salaries...... 7.3 6.5 7.9 5.6 9.7 4.1 4.8 5.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.5 4.6 .6 12.7 4.7 1.4 1.2 4.1
Rental income of persons with capital
consumption adjustment.................. -42.7 5.4 ..... ..... -21.2 -25.2 44.6 11.5
Personal income receipts on assets....... 6.4 9.1 8.9 13.0 5.7 11.8 9.0 3.2
Personal interest income............... 6.1 7.7 7.2 13.5 3.0 12.7 6.7 -2.9
Personal dividend income............... 7.0 11.3 11.7 12.2 10.2 10.4 12.8 13.6
Personal current transfer receipts....... 7.0 5.0 16.5 -7.3 8.2 5.0 7.5 2.9
Less: Contributions for government social
insurance............................... 6.6 7.3 8.0 4.8 17.9 .9 2.7 5.2
Less: Personal current taxes............... 14.6 13.1 8.0 11.2 30.2 8.8 .4 7.5
Equals: Disposable personal income......... 4.1 5.4 3.5 8.6 6.8 2.5 5.7 4.4
Addenda:
Personal consumption expenditures........ 6.5 6.0 8.2 3.7 7.0 6.7 5.2 3.3
Durable goods.......................... 4.7 3.6 5.9 -13.5 18.6 -.9 5.3 1.6
Nondurable goods....................... 8.3 6.9 12.7 4.5 7.0 9.9 3.9 -2.2
Services............................... 5.9 6.1 6.5 7.1 4.8 6.7 5.9 6.4
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 1.2 2.6 -.6 5.5 4.6 -1.5 3.2 5.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2006.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jun 06 Jul 06 Aug 06 Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\r\ Jan 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,075.0 8,110.1 8,100.7 8,122.8 8,164.2 8,193.1 8,225.8 8,254.0
Durable goods............................ 1,194.2 1,218.0 1,199.0 1,209.5 1,211.1 1,222.6 1,231.9 1,240.2
Nondurable goods......................... 2,353.9 2,360.9 2,357.4 2,362.1 2,377.3 2,392.4 2,414.0 2,416.4
Services................................. 4,548.9 4,558.1 4,566.4 4,575.4 4,598.8 4,603.7 4,607.5 4,625.8
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 16.3 35.1 -9.4 22.1 41.4 28.9 32.7 28.2
Durable goods............................ 9.3 23.8 -19.0 10.5 1.6 11.5 9.3 8.3
Nondurable goods......................... 1.8 7.0 -3.5 4.7 15.2 15.1 21.6 2.4
Services................................. 6.8 9.2 8.3 9.0 23.4 4.9 3.8 18.3
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .2 .4 -.1 .3 .5 .4 .4 .3
Durable goods............................ .8 2.0 -1.6 .9 .1 .9 .8 .7
Nondurable goods......................... .1 .3 -.1 .2 .6 .6 .9 .1
Services................................. .1 .2 .2 .2 .5 .1 .1 .4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006\r\ III 05 IV 05 I 06 II 06 III 06 IV 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,841.2 8,091.1 7,895.3 7,910.2 8,003.8 8,055.0 8,111.2 8,194.4
Durable goods............................ 1,145.3 1,202.9 1,175.9 1,137.9 1,190.5 1,190.3 1,208.8 1,221.9
Nondurable goods......................... 2,276.8 2,362.1 2,287.6 2,309.6 2,342.8 2,351.1 2,360.1 2,394.6
Services................................. 4,436.6 4,550.0 4,454.5 4,476.7 4,494.5 4,535.4 4,566.6 4,603.3
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 264.1 249.9 75.5 14.9 93.6 51.2 56.2 83.2
Durable goods............................ 59.6 57.6 25.1 -38.0 52.6 -.2 18.5 13.1
Nondurable goods......................... 97.6 85.3 19.2 22.0 33.2 8.3 9.0 34.5
Services................................. 112.7 113.4 34.5 22.2 17.8 40.9 31.2 36.7
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.5 3.2 3.9 .8 4.8 2.6 2.8 4.2
Durable goods............................ 5.5 5.0 9.0 -12.3 19.8 -.1 6.4 4.4
Nondurable goods......................... 4.5 3.7 3.4 3.9 5.9 1.4 1.5 6.0
Services................................. 2.6 2.6 3.2 2.0 1.6 3.7 2.8 3.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jun 06 Jul 06 Aug 06 Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\r\ Jan 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 114.815 115.160 115.465 115.098 114.842 114.873 115.260 115.496
Durable goods............................ 89.049 89.096 89.145 88.659 88.677 88.383 88.038 87.931
Nondurable goods......................... 116.082 116.749 117.143 115.434 114.082 113.741 114.599 114.801
Services................................. 120.368 120.625 120.948 121.308 121.551 121.862 122.194 122.539
Addenda:
PCE excluding food and energy............ 111.963 112.076 112.369 112.565 112.773 112.843 112.986 113.273
Market-based PCE\1\...................... 113.513 113.852 114.131 113.652 113.275 113.297 113.700 113.898
Market-based PCE excluding food
and energy\1\........................... 109.745 109.803 110.062 110.233 110.383 110.448 110.564 110.811
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .1 .3 .3 -.3 -.2 .0 .3 .2
Durable goods............................ -.3 .1 .1 -.5 .0 -.3 -.4 -.1
Nondurable goods......................... .1 .6 .3 -1.5 -1.2 -.3 .8 .2
Services................................. .3 .2 .3 .3 .2 .3 .3 .3
Addenda:
PCE excluding food and energy............ .2 .1 .3 .2 .2 .1 .1 .3
Market-based PCE\1\...................... .1 .3 .2 -.4 -.3 .0 .4 .2
Market-based PCE excluding food
and energy\1\........................... .2 .1 .2 .2 .1 .1 .1 .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
-----------------------------------------------------------------------------------------------------------------------------------
Jun 06 Jul 06\r\ Aug 06\r\ Sep 06\r\ Oct 06\r\ Nov 06\r\ Dec 06\r\ Jan 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.7 1.5 4.4 2.9 3.1 2.9 2.6 2.7
Personal consumption expenditures.......... 2.7 2.3 2.7 3.2 3.7 3.6 3.5 3.5
Durable goods............................ 2.0 -1.6 3.3 7.1 9.1 7.0 6.0 3.8
Nondurable goods......................... 3.4 3.5 3.0 3.0 2.8 3.8 4.5 3.1
Services................................. 2.5 2.5 2.4 2.6 3.1 2.8 2.6 3.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2006.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jun 06 Jul 06 Aug 06 Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\r\ Jan 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 3.5 3.4 3.2 1.9 1.5 1.9 2.3 2.0
Durable goods............................ -1.5 -1.1 -.7 -1.3 -1.3 -1.3 -1.6 -1.8
Nondurable goods......................... 5.3 4.8 4.0 .3 -.5 1.1 2.1 1.3
Services................................. 3.6 3.6 3.6 3.4 3.0 2.9 3.1 3.1
Addenda:
PCE excluding food and energy............ 2.3 2.3 2.4 2.4 2.3 2.2 2.2 2.3
Market-based PCE\1\...................... 3.4 3.3 3.1 1.6 1.1 1.6 2.0 1.7
Market-based PCE excluding food
and energy\1\........................... 2.0 1.9 2.1 2.1 2.0 1.9 1.9 2.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.