News Release
Personal Income and Outlays, May 2007
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James E. Rankin: (202) 606-5301 (Personal Income)BEA 07-32
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: MAY 2007
Personal income increased $47.3 billion, or 0.4 percent, and disposable personal income (DPI)
increased $37.6 billion, or 0.4 percent, in May, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $52.0 billion, or 0.5 percent. In April, personal
income decreased $27.2 billion, or 0.2 percent, DPI decreased $29.7 billion, or 0.3 percent, and PCE
increased $50.7 billion, or 0.5 percent, based on revised estimates.
2007
Jan. Feb. Mar. Apr. May
(Percent change from preceding month)
Personal income, current dollars 1.1 0.7 0.8 -0.2 0.4
Disposable personal income:
Current dollars 0.9 0.6 0.7 -0.3 0.4
Chained (2000) dollars 0.6 0.3 0.3 -0.6 -0.1
Personal consumption expenditures:
Current dollars 0.7 0.6 0.4 0.5 0.5
Chained (2000) dollars 0.4 0.4 -0.1 0.2 0.1
As part of the annual revision of the national income and product accounts, revised
estimates of personal income and outlays covering January 2004 through May 2007 will be released
along with preliminary estimates for June 2007 on July 31, 2007. An article describing the revision
will appear in the August 2007 issue of the Survey of Current Business.
Wages and salaries
Private wage and salary disbursements increased $24.9 billion in May, in contrast to a decrease
of $36.4 billion in April. The April decrease reflected an adjustment of $50.0 billion at an annual
rate to the months of the first quarter for unusually large bonus payments and the exercise of stock
options. This first quarter adjustment was not carried forward in the
estimates of wage and salary disbursements for April and subsequent months.
These types of irregular payments are not accounted for in the primary monthly
source data for wages and salaries. Goods-producing industries' payrolls
increased $2.4 billion in May, compared with an increase of $3.5 billion in
April; manufacturing payrolls decreased $0.9 billion, in contrast to an
increase of $2.8 billion. Services-producing industries' payrolls increased
$22.4 billion, in contrast to a decrease of $39.8 billion. Government wage
and salary disbursements increased $3.2 billion, compared with an increase of
$3.6 billion.
Other personal income
Supplements to wages and salaries increased $4.8 billion in May, compared with an increase of
$1.1 billion in April.
Proprietors' income increased $1.3 billion in May, in contrast to a decrease of $2.3 billion in
April. Farm proprietors' income decreased $3.6 billion, compared with a decrease of $4.2 billion.
Nonfarm proprietors' income increased $4.9 billion, compared with an increase of $1.9 billion.
Rental income of persons increased $0.9 billion in May, compared with an increase of $0.8
billion in April. Personal income receipts on assets (personal interest income plus personal dividend
income) increased $7.3 billion in May, the same increase as in April. Personal current transfer
receipts increased $8.9 billion in May, in contrast to a decrease of $5.9 billion in April.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $4.0 billion in May, in contrast to a decrease of $4.7 billion in April.
Personal current taxes and disposable personal income
Personal current taxes increased $9.6 billion in May, compared with an increase of $2.5 billion
in April. Disposable personal income (DPI) -- personal income less personal current taxes --
increased $37.6 billion, or 0.4 percent, in May, in contrast to a decrease of $29.7 billion, or 0.3
percent, in April.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $56.0 billion in May, compared with an increase of $54.7 billion in April. PCE increased
$52.0 billion, compared with an increase of $50.7 billion.
Personal saving -- DPI less personal outlays -- was a negative $139.8 billion in May, compared
with a negative $121.5 billion in April. Personal saving as a percentage of disposable personal
income was a negative 1.4 percent in May, compared with a negative 1.2 percent in April. Negative
personal saving reflects personal outlays that exceed disposable personal income. Saving from
current income may be near zero or negative when outlays are financed by borrowing (including
borrowing financed through credit cards or home equity loans), by selling investments or other
assets, or by using savings from previous periods. For more information, see the FAQs on "Personal
Saving" on BEA's Web site. 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 0.1 percent in May, compared
with a decrease of 0.6 percent in April.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in May, compared
with an increase of 0.2 percent in April. Purchases of durable goods increased 0.6 percent, in
contrast to a decrease of 0.4 percent. Purchases of nondurable goods increased 0.2 percent, in
contrast to a decrease of 0.2 percent. Purchases of services decreased 0.1 percent, in contrast to an
increase of 0.6 percent.
The price index for PCE increased 0.5 percent in May, compared with an increase of 0.3
percent in April. The PCE price index, excluding food and energy, increased 0.1 percent in May,
the same increase as in April.
Revisions
Estimates have been revised for January through April. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for March
and April -- revised and as published in last month's release -- are shown below.
Change from preceding month
March April
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.................... 85.9 88.5 0.8 0.8 -7.1 -27.2 -0.1 -0.2
Disposable personal income:
Current dollars.................... 71.7 73.9 0.7 0.7 -9.7 -29.7 -0.1 -0.3
Chained (2000) dollars............. 24.9 26.8 0.3 0.3 -33.4 -51.1 -0.4 -0.6
Personal consumption expenditures:
Current dollars.................... 42.4 34.8 0.4 0.4 52.0 50.7 0.5 0.5
Chained (2000) dollars............. 0.8 -5.7 0.0 -0.1 20.3 18.6 0.2 0.2
BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By
visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and
announcements.
* * *
Next release -- Personal Income and Outlays for June will be released on
July 31, 2007, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\r\ May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 11,050.1 11,089.5 11,150.2 11,274.0 11,348.0 11,436.5 11,409.3 11,456.6
Compensation of employees, received...... 7,588.3 7,625.3 7,672.4 7,761.7 7,794.8 7,845.2 7,813.5 7,846.3
Wage and salary disbursements.......... 6,111.6 6,142.4 6,182.7 6,257.7 6,286.5 6,331.6 6,298.8 6,326.9
Private industries................... 5,082.7 5,111.4 5,149.7 5,216.4 5,240.8 5,282.9 5,246.5 5,271.4
Goods-producing industries......... 1,193.6 1,198.9 1,207.9 1,212.1 1,213.6 1,224.0 1,227.5 1,229.9
Manufacturing.................... 739.9 741.0 746.3 747.2 749.3 754.0 756.8 755.9
Services-producing industries...... 3,889.1 3,912.5 3,941.8 4,004.3 4,027.2 4,058.9 4,019.1 4,041.5
Trade, transportation, and
utilities....................... 1,004.3 1,011.8 1,014.5 1,017.9 1,019.7 1,025.9 1,025.7 1,030.6
Other services-producing
industries...................... 2,884.8 2,900.7 2,927.3 2,986.4 3,007.5 3,033.0 2,993.4 3,010.9
Government........................... 1,028.9 1,031.0 1,033.0 1,041.3 1,045.7 1,048.7 1,052.3 1,055.5
Supplements to wages and salaries...... 1,476.6 1,482.9 1,489.7 1,504.0 1,508.2 1,513.6 1,514.7 1,519.5
Employer contributions for employee
pension and insurance funds......... 1,009.5 1,013.6 1,017.7 1,023.7 1,026.1 1,028.4 1,032.2 1,035.1
Employer contributions for government
social insurance.................... 467.2 469.3 472.0 480.3 482.2 485.2 482.5 484.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,023.9 1,025.3 1,026.6 1,030.9 1,040.5 1,046.0 1,043.7 1,045.0
Farm................................... 28.4 28.6 24.9 28.3 31.7 35.1 30.9 27.3
Nonfarm................................ 995.5 996.7 1,001.6 1,002.6 1,008.8 1,010.9 1,012.8 1,017.7
Rental income of persons with capital
consumption adjustment.................. 82.8 83.5 83.1 84.0 85.0 86.7 87.5 88.4
Personal income receipts on assets....... 1,691.0 1,691.6 1,692.1 1,712.8 1,734.1 1,756.4 1,763.7 1,771.0
Personal interest income............... 1,029.4 1,022.8 1,016.2 1,030.6 1,045.0 1,059.5 1,059.2 1,058.9
Personal dividend income............... 661.6 668.8 675.9 682.2 689.0 696.9 704.5 712.1
Personal current transfer receipts....... 1,621.5 1,625.1 1,643.1 1,671.5 1,684.8 1,699.6 1,693.7 1,702.6
Government social benefits to persons.. 1,585.6 1,589.1 1,607.0 1,635.4 1,648.7 1,663.4 1,657.5 1,666.3
Old-age, survivors, disability, and
health insurance benefits........... 941.6 945.8 964.8 967.2 976.4 982.3 983.4 994.6
Government unemployment insurance
benefits............................ 27.0 27.3 27.0 27.4 27.7 27.6 27.7 27.4
Other................................ 617.0 616.0 615.2 640.8 644.6 653.5 646.4 644.3
Other current transfer receipts, from
business (net)........................ 35.9 36.1 36.1 36.1 36.1 36.2 36.2 36.3
Less: Contributions for government social
insurance............................... 957.3 961.3 967.1 986.8 991.2 997.5 992.8 996.8
Less: Personal current taxes............... 1,382.7 1,391.8 1,402.3 1,436.6 1,448.5 1,463.1 1,465.6 1,475.2
Equals: Disposable personal income......... 9,667.4 9,697.8 9,747.8 9,837.5 9,899.5 9,973.4 9,943.7 9,981.3
Less: Personal outlays..................... 9,749.0 9,785.5 9,855.1 9,921.0 9,979.2 10,010.5 10,065.2 10,121.2
Personal consumption expenditures........ 9,376.0 9,410.8 9,478.5 9,548.3 9,610.0 9,644.8 9,695.5 9,747.5
Durable goods.......................... 1,074.1 1,080.8 1,084.4 1,096.3 1,095.2 1,100.9 1,094.5 1,099.0
Nondurable goods....................... 2,711.5 2,720.6 2,764.3 2,768.7 2,780.4 2,815.0 2,827.7 2,868.6
Services............................... 5,590.4 5,609.4 5,629.7 5,683.3 5,734.4 5,729.0 5,773.3 5,779.9
Personal interest payments\1\............ 242.7 244.3 245.8 241.9 238.1 234.3 238.0 241.7
Personal current transfer payments....... 130.2 130.5 130.8 130.8 131.1 131.4 131.7 132.0
To government.......................... 79.8 80.1 80.3 80.6 80.9 81.2 81.5 81.8
To the rest of the world (net)......... 50.5 50.5 50.5 50.2 50.2 50.2 50.2 50.2
Equals: Personal saving.................... -81.5 -87.7 -107.3 -83.5 -79.7 -37.1 -121.5 -139.8
Personal saving as a percentage of
disposable personal income.............. -.8 -.9 -1.1 -.8 -.8 -.4 -1.2 -1.4
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,419.6 8,445.0 8,460.5 8,513.4 8,542.1 8,568.9 8,517.8 8,509.8
Per capita:
Current dollars...................... 32,161 32,236 32,377 32,650 32,836 33,059 32,936 33,035
Chained (2000) dollars............... 28,010 28,072 28,102 28,256 28,334 28,404 28,213 28,165
Population (midperiod, thousands)\3\..... 300,592 300,836 301,070 301,296 301,481 301,684 301,913 302,143
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 IV 05 I 06 II 06 III 06 IV 06 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 11,352.9
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 7,800.6
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 6,291.9
Private industries................... 4,687.1 5,017.2 4,798.9 4,972.0 4,975.0 5,007.1 5,114.6 5,246.7
Goods-producing industries......... 1,101.3 1,180.5 1,124.9 1,177.3 1,173.0 1,171.5 1,200.1 1,216.6
Manufacturing.................... 704.7 736.8 715.0 742.8 732.8 729.1 742.4 750.2
Services-producing industries...... 3,585.8 3,836.7 3,673.9 3,794.7 3,802.0 3,835.6 3,914.5 4,030.1
Trade, transportation, and
utilities....................... 937.2 995.1 954.9 983.6 990.8 995.6 1,010.2 1,021.2
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 3,009.0
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 1,508.6
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 1,039.1
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 1,007.5
Rental income of persons with capital
consumption adjustment.................. 72.8 77.4 81.5 76.8 71.4 78.3 83.1 85.3
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 1,734.4
Personal interest income............... 945.0 1,016.7 981.7 989.1 1,019.2 1,035.8 1,022.8 1,045.0
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 1,685.3
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 1,649.2
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................................ 604.6 608.3 614.5 598.3 599.6 619.1 616.1 646.3
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............................... 880.6 945.7 898.9 936.7 938.8 945.2 961.9 991.8
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 1,449.4
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 9,903.5
Less: Personal outlays..................... 9,070.9 9,625.5 9,264.5 9,418.5 9,577.0 9,710.0 9,796.5 9,970.2
Personal consumption expenditures........ 8,742.4 9,268.9 8,927.8 9,079.2 9,228.1 9,346.7 9,421.8 9,601.0
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 2,788.0
Services............................... 5,170.0 5,483.7 5,294.7 5,356.8 5,444.9 5,523.5 5,609.8 5,715.6
Personal interest payments\1\............ 209.4 230.3 214.9 218.5 222.9 235.5 244.3 238.1
Personal current transfer payments....... 119.2 126.3 121.8 120.9 126.0 127.8 130.5 131.1
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 50.2
Equals: Personal saving.................... -34.8 -96.4 -28.5 -29.7 -130.8 -133.0 -92.2 -66.8
Personal saving as a percentage of
disposable personal income.............. -.4 -1.0 -.3 -.3 -1.4 -1.4 -.9 -.7
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 8,541.5
Per capita:
Current dollars...................... 30,440 31,794 30,995 31,437 31,560 31,916 32,258 32,849
Chained (2000) dollars............... 27,302 27,755 27,462 27,714 27,548 27,698 28,061 28,331
Population (midperiod, thousands)\3\..... 296,852 299,715 297,985 298,651 299,312 300,064 300,833 301,487
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\r\ May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 61.4 39.4 60.7 123.8 74.0 88.5 -27.2 47.3
Compensation of employees, received...... 68.5 37.0 47.1 89.3 33.1 50.4 -31.7 32.8
Wage and salary disbursements.......... 59.3 30.8 40.3 75.0 28.8 45.1 -32.8 28.1
Private industries................... 56.9 28.7 38.3 66.7 24.4 42.1 -36.4 24.9
Goods-producing industries......... 22.5 5.3 9.0 4.2 1.5 10.4 3.5 2.4
Manufacturing.................... 12.5 1.1 5.3 .9 2.1 4.7 2.8 -.9
Services-producing industries...... 34.4 23.4 29.3 62.5 22.9 31.7 -39.8 22.4
Trade, transportation, and
utilities....................... 6.5 7.5 2.7 3.4 1.8 6.2 -.2 4.9
Other services-producing
industries...................... 27.8 15.9 26.6 59.1 21.1 25.5 -39.6 17.5
Government........................... 2.4 2.1 2.0 8.3 4.4 3.0 3.6 3.2
Supplements to wages and salaries...... 9.1 6.3 6.8 14.3 4.2 5.4 1.1 4.8
Employer contributions for employee
pension and insurance funds......... 5.0 4.1 4.1 6.0 2.4 2.3 3.8 2.9
Employer contributions for government
social insurance.................... 4.2 2.1 2.7 8.3 1.9 3.0 -2.7 1.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.5 1.4 1.3 4.3 9.6 5.5 -2.3 1.3
Farm................................... 2.0 .2 -3.7 3.4 3.4 3.4 -4.2 -3.6
Nonfarm................................ 4.5 1.2 4.9 1.0 6.2 2.1 1.9 4.9
Rental income of persons with capital
consumption adjustment.................. -.6 .7 -.4 .9 1.0 1.7 .8 .9
Personal income receipts on assets....... .4 .6 .5 20.7 21.3 22.3 7.3 7.3
Personal interest income............... -6.5 -6.6 -6.6 14.4 14.4 14.5 -.3 -.3
Personal dividend income............... 7.0 7.2 7.1 6.3 6.8 7.9 7.6 7.6
Personal current transfer receipts....... -4.0 3.6 18.0 28.4 13.3 14.8 -5.9 8.9
Government social benefits to persons.. -4.2 3.5 17.9 28.4 13.3 14.7 -5.9 8.8
Old-age, survivors, disability, and
health insurance benefits........... 1.9 4.2 19.0 2.4 9.2 5.9 1.1 11.2
Government unemployment insurance
benefits............................ -.3 .3 -.3 .4 .3 -.1 .1 -.3
Other................................ -5.8 -1.0 -.8 25.6 3.8 8.9 -7.1 -2.1
Other current transfer receipts, from
business (net)........................ .2 .2 .0 .0 .0 .1 .0 .1
Less: Contributions for government social
insurance............................... 9.3 4.0 5.8 19.7 4.4 6.3 -4.7 4.0
Less: Personal current taxes............... 17.1 9.1 10.5 34.3 11.9 14.6 2.5 9.6
Equals: Disposable personal income......... 44.4 30.4 50.0 89.7 62.0 73.9 -29.7 37.6
Less: Personal outlays..................... 30.9 36.5 69.6 65.9 58.2 31.3 54.7 56.0
Personal consumption expenditures........ 27.5 34.8 67.7 69.8 61.7 34.8 50.7 52.0
Durable goods.......................... 1.8 6.7 3.6 11.9 -1.1 5.7 -6.4 4.5
Nondurable goods....................... -14.7 9.1 43.7 4.4 11.7 34.6 12.7 40.9
Services............................... 40.4 19.0 20.3 53.6 51.1 -5.4 44.3 6.6
Personal interest payments\1\............ 1.5 1.6 1.5 -3.9 -3.8 -3.8 3.7 3.7
Personal current transfer payments....... 1.9 .3 .3 .0 .3 .3 .3 .3
To government.......................... .3 .3 .2 .3 .3 .3 .3 .3
To the rest of the world (net)......... 1.7 .0 .0 -.3 .0 .0 .0 .0
Equals: Personal saving.................... 13.5 -6.2 -19.6 23.8 3.8 42.6 -84.4 -18.3
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 58.2 25.4 15.5 52.9 28.7 26.8 -51.1 -8.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 IV 05 I 06 II 06 III 06 IV 06 I 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 507.8 652.0 221.0 237.7 85.9 132.1 157.2 256.3
Compensation of employees, received...... 365.0 455.6 90.8 215.9 25.2 63.8 139.4 171.9
Wage and salary disbursements.......... 272.7 366.3 71.8 183.1 10.8 46.7 118.0 146.3
Private industries................... 236.8 330.1 64.3 173.1 3.0 32.1 107.5 132.1
Goods-producing industries......... 50.5 79.2 11.0 52.4 -4.3 -1.5 28.6 16.5
Manufacturing.................... 16.7 32.1 5.3 27.8 -10.0 -3.7 13.3 7.8
Services-producing industries...... 186.3 250.9 53.2 120.8 7.3 33.6 78.9 115.6
Trade, transportation, and
utilities....................... 38.0 57.9 9.4 28.7 7.2 4.8 14.6 11.0
Other services-producing
industries...................... 148.2 193.1 43.8 92.0 .2 28.8 64.3 104.7
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 25.5
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 13.8
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 9.5
Rental income of persons with capital
consumption adjustment.................. -54.2 4.6 93.0 -4.7 -5.4 6.9 4.8 2.2
Personal income receipts on assets....... 91.5 136.9 47.5 22.1 45.4 35.9 8.0 42.8
Personal interest income............... 54.2 71.7 30.5 7.4 30.1 16.6 -13.0 22.2
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 55.4
Government social benefits to persons.. 82.5 86.0 11.6 35.2 18.7 28.4 10.8 55.3
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 30.2
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 29.9
Less: Personal current taxes............... 153.3 159.0 32.6 85.0 28.4 1.5 29.8 57.1
Equals: Disposable personal income......... 354.5 493.0 188.4 152.7 57.4 130.8 127.3 199.2
Less: Personal outlays..................... 563.7 554.6 84.2 154.0 158.5 133.0 86.5 173.7
Personal consumption expenditures........ 530.9 526.5 80.5 151.4 148.9 118.6 75.1 179.2
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 55.9
Services............................... 289.9 313.7 89.6 62.1 88.1 78.6 86.3 105.8
Personal interest payments\1\............ 23.4 20.9 .3 3.6 4.4 12.6 8.8 -6.2
Personal current transfer payments....... 9.5 7.1 3.3 -.9 5.1 1.8 2.7 .6
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 -.3
Equals: Personal saving.................... -209.1 -61.6 104.1 -1.2 -101.1 -2.2 40.8 25.4
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 99.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\r\ May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .6 .4 .5 1.1 .7 .8 -.2 .4
Compensation of employees, received...... .9 .5 .6 1.2 .4 .6 -.4 .4
Wage and salary disbursements.......... 1.0 .5 .7 1.2 .5 .7 -.5 .4
Supplements to wages and salaries...... .6 .4 .5 1.0 .3 .4 .1 .3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .6 .1 .1 .4 .9 .5 -.2 .1
Rental income of persons with capital
consumption adjustment.................. -.8 .8 -.5 1.1 1.2 2.0 .9 1.0
Personal income receipts on assets....... .0 .0 .0 1.2 1.2 1.3 .4 .4
Personal interest income............... -.6 -.6 -.6 1.4 1.4 1.4 .0 .0
Personal dividend income............... 1.1 1.1 1.1 .9 1.0 1.1 1.1 1.1
Personal current transfer receipts....... -.2 .2 1.1 1.7 .8 .9 -.3 .5
Less: Contributions for government social
insurance............................... 1.0 .4 .6 2.0 .4 .6 -.5 .4
Less: Personal current taxes............... 1.2 .7 .8 2.4 .8 1.0 .2 .7
Equals: Disposable personal income......... .5 .3 .5 .9 .6 .7 -.3 .4
Addenda:
Personal consumption expenditures........ .3 .4 .7 .7 .6 .4 .5 .5
Durable goods.......................... .2 .6 .3 1.1 -.1 .5 -.6 .4
Nondurable goods....................... -.5 .3 1.6 .2 .4 1.2 .5 1.4
Services............................... .7 .3 .4 1.0 .9 -.1 .8 .1
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... .7 .3 .2 .6 .3 .3 -.6 -.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 IV 05 I 06 II 06 III 06 IV 06 I 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.2 6.4 8.9 9.4 3.2 5.0 5.9 9.6
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 5.5
Rental income of persons with capital
consumption adjustment.................. -42.7 6.3 ..... -21.2 -25.2 44.6 26.9 10.8
Personal income receipts on assets....... 6.4 9.0 13.0 5.7 11.8 9.0 1.9 10.5
Personal interest income............... 6.1 7.6 13.5 3.0 12.7 6.7 -4.9 9.0
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 13.0
Less: Personal current taxes............... 14.6 13.2 11.2 30.2 8.8 .4 9.0 17.4
Equals: Disposable personal income......... 4.1 5.5 8.6 6.8 2.5 5.7 5.4 8.5
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 8.4
Services............................... 5.9 6.1 7.1 4.8 6.7 5.9 6.4 7.8
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 1.2 2.6 5.5 4.6 -1.5 3.2 6.4 4.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\r\ May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,165.8 8,195.1 8,226.8 8,263.2 8,292.3 8,286.6 8,305.2 8,310.5
Durable goods............................ 1,211.1 1,222.8 1,231.7 1,246.7 1,244.2 1,252.2 1,247.8 1,255.1
Nondurable goods......................... 2,377.2 2,392.3 2,412.6 2,412.2 2,412.4 2,414.9 2,409.4 2,413.4
Services................................. 4,600.4 4,605.3 4,609.9 4,633.8 4,662.7 4,649.4 4,675.3 4,671.3
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 43.0 29.3 31.7 36.4 29.1 -5.7 18.6 5.3
Durable goods............................ 1.6 11.7 8.9 15.0 -2.5 8.0 -4.4 7.3
Nondurable goods......................... 15.1 15.1 20.3 -.4 .2 2.5 -5.5 4.0
Services................................. 25.0 4.9 4.6 23.9 28.9 -13.3 25.9 -4.0
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .5 .4 .4 .4 .4 -.1 .2 .1
Durable goods............................ .1 1.0 .7 1.2 -.2 .6 -.4 .6
Nondurable goods......................... .6 .6 .8 .0 .0 .1 -.2 .2
Services................................. .5 .1 .1 .5 .6 -.3 .6 -.1
-----------------------------------------------------------------------------------------------------------------------------------
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 8,280.7
Durable goods............................ 1,145.3 1,202.9 1,137.9 1,190.5 1,190.3 1,208.8 1,221.9 1,247.7
Nondurable goods......................... 2,276.8 2,362.0 2,309.6 2,342.8 2,351.1 2,360.1 2,394.0 2,413.2
Services................................. 4,436.6 4,550.4 4,476.7 4,494.5 4,535.4 4,566.6 4,605.2 4,648.6
----------------------------------------------------------------------------------------
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 84.8
Durable goods............................ 59.6 57.6 -38.0 52.6 -.2 18.5 13.1 25.8
Nondurable goods......................... 97.6 85.2 22.0 33.2 8.3 9.0 33.9 19.2
Services................................. 112.7 113.8 22.2 17.8 40.9 31.2 38.6 43.4
----------------------------------------------------------------------------------------
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 4.2
Durable goods............................ 5.5 5.0 -12.3 19.8 -.1 6.4 4.4 8.7
Nondurable goods......................... 4.5 3.7 3.9 5.9 1.4 1.5 5.9 3.2
Services................................. 2.6 2.6 2.0 1.6 3.7 2.8 3.4 3.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\r\ May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 114.830 114.844 115.225 115.562 115.901 116.400 116.750 117.301
Durable goods............................ 88.677 88.383 88.038 87.933 88.015 87.913 87.713 87.558
Nondurable goods......................... 114.081 113.740 114.600 114.800 115.273 116.586 117.380 118.885
Services................................. 121.530 121.810 122.132 122.658 122.994 123.229 123.494 123.739
Addenda:
PCE excluding food and energy............ 112.757 112.808 112.948 113.356 113.568 113.613 113.753 113.872
Market-based PCE\1\...................... 113.281 113.286 113.683 114.006 114.379 114.927 115.274 115.873
Market-based PCE excluding food
and energy\1\........................... 110.389 110.435 110.547 110.951 111.181 111.195 111.291 111.382
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ -.2 .0 .3 .3 .3 .4 .3 .5
Durable goods............................ .0 -.3 -.4 -.1 .1 -.1 -.2 -.2
Nondurable goods......................... -1.2 -.3 .8 .2 .4 1.1 .7 1.3
Services................................. .2 .2 .3 .4 .3 .2 .2 .2
Addenda:
PCE excluding food and energy............ .2 .0 .1 .4 .2 .0 .1 .1
Market-based PCE\1\...................... -.3 .0 .4 .3 .3 .5 .3 .5
Market-based PCE excluding food
and energy\1\........................... .1 .0 .1 .4 .2 .0 .1 .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
-----------------------------------------------------------------------------------------------------------------------------------
Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\r\ May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 3.4 3.2 2.9 3.1 3.1 3.3 3.2 3.4
Personal consumption expenditures.......... 3.7 3.6 3.5 3.6 3.5 3.3 3.4 3.1
Durable goods............................ 9.2 7.1 6.0 4.3 5.4 4.8 4.7 5.9
Nondurable goods......................... 2.8 3.8 4.4 2.9 2.8 3.3 2.6 2.6
Services................................. 3.1 2.9 2.6 3.8 3.5 3.0 3.5 2.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Oct 06 Nov 06 Dec 06 Jan 07\r\ Feb 07\r\ Mar 07\r\ Apr 07\r\ May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 1.5 1.9 2.2 2.0 2.3 2.3 2.2 2.3
Durable goods............................ -1.3 -1.3 -1.6 -1.8 -1.5 -1.5 -1.8 -1.9
Nondurable goods......................... -.5 1.1 2.1 1.3 1.9 2.3 1.9 2.5
Services................................. 3.0 2.9 3.1 3.2 3.2 3.1 3.1 3.1
Addenda:
PCE excluding food and energy............ 2.3 2.1 2.1 2.3 2.4 2.1 2.0 1.9
Market-based PCE\1\...................... 1.1 1.6 2.0 1.8 2.1 2.3 2.1 2.2
Market-based PCE excluding food
and energy\1\........................... 2.0 1.9 1.9 2.1 2.2 2.0 1.8 1.7
-----------------------------------------------------------------------------------------------------------------------------------
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.