EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, DECEMBER 21, 2007
James E. Rankin: (202) 606-5301 (Personal Income) BEA 07-61
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: NOVEMBER 2007
Personal income increased $43.1 billion, or 0.4 percent, and disposable personal income (DPI)
increased $32.9 billion, or 0.3 percent, in November, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $110.6 billion, or 1.1 percent. In October,
personal income increased $24.8 billion, or 0.2 percent, DPI increased $17.0 billion, or 0.2 percent,
and PCE increased $39.4 billion, or 0.4 percent, based on revised estimates.
2007
July Aug. Sept. Oct. Nov.
(Percent change from preceding month)
Personal income, current dollars 0.6 0.5 0.5 0.2 0.4
Disposable personal income:
Current dollars 0.7 0.5 0.5 0.2 0.3
Chained (2000) dollars 0.6 0.5 0.2 -0.2 -0.3
Personal consumption expenditures:
Current dollars 0.4 0.4 0.5 0.4 1.1
Chained (2000) dollars 0.3 0.4 0.2 0.1 0.5
Wages and salaries
Private wage and salary disbursements increased $36.0 billion in November, in contrast to a
decrease of $1.3 billion in October. Goods-producing industries' payrolls increased $6.2 billion, in
contrast to a decrease of $2.2 billion; manufacturing payrolls increased $2.9 billion, in contrast to a
decrease of $1.2 billion. Services-producing industries' payrolls increased $29.8 billion, compared
with an increase of $1.0 billion. Government wage and salary disbursements increased $4.0 billion,
the same increase as in October.
Other personal income
Supplements to wages and salaries increased $6.0 billion in November, compared with an
increase of $4.4 billion in October.
Proprietors' income increased $7.2 billion in November, compared with an increase of $3.7
billion in October. Farm proprietors' income increased $0.5 billion, compared with an increase of
$0.6 billion. Nonfarm proprietors' income increased $6.7 billion, compared with an increase of $3.1
billion.
Rental income of persons increased $1.9 billion in November, compared with an increase of
$2.2 billion in October. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $2.5 billion, compared with an increase of $2.4 billion. Personal current
transfer receipts decreased $9.5 billion, in contrast to an increase of $9.6 billion. The November
change reflects a decrease in Medicare part D prescription drug benefit payments; the reduction
reflects the annual reconciliation of estimated and actual prescription drug costs.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $5.1 billion in November, compared with an increase of $0.2 billion in October.
Personal current taxes and disposable personal income
Personal current taxes increased $10.3 billion in November, compared with an increase of $7.8
billion in October. Disposable personal income (DPI) -- personal income less personal current taxes
-- increased $32.9 billion, or 0.3 percent, in November, compared with an increase of $17.0 billion,
or 0.2 percent, in October.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $111.9 billion in November, compared with an increase of $41.0 billion in October. PCE
increased $110.6 billion, compared with an increase of $39.4 billion.
Personal saving -- DPI less personal outlays -- was a negative $48.4 billion in November, in
contrast to a positive $30.7 billion in October. Personal saving as a percentage of disposable
personal income was a negative 0.5 percent in November, in contrast to a positive 0.3 percent in
October. Negative personal saving reflects personal outlays that exceed disposable personal income.
Saving from current income may be near zero or negative when outlays are financed by borrowing
(including borrowing financed through credit cards or home equity loans), by selling investments or
other assets, or by using savings from previous periods. For more information, see the FAQs on
"Personal Saving" on BEA's Web site.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- decreased 0.3 percent in November,
compared with a decrease of 0.2 percent in October.
Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in November,
compared with an increase of 0.1 percent in October. Purchases of durable goods increased 0.6
percent, in contrast to a decrease of 0.1 percent. Purchases of nondurable goods increased 0.6
percent, compared with an increase of 0.3 percent. Purchases of services increased 0.5 percent,
compared with an increase of less than 0.1 percent.
The price index for PCE increased 0.6 percent in November, compared with an increase of 0.3
percent in October; most of the November increase was accounted for by increases in energy prices.
The PCE price index, excluding food and energy, increased 0.2 percent, the same increase as in
October.
Revisions
Estimates have been revised for July through October. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
September and October -- revised and as published in last month's release -- are shown below.
Change from preceding month
September October
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars...................... 50.4 53.7 0.4 0.5 21.2 24.8 0.2 0.2
Disposable personal income:
Current dollars...................... 43.2 46.6 0.4 0.5 14.0 17.0 0.1 0.2
Chained (2000) dollars............... 13.3 14.9 0.2 0.2 -12.4 -13.2 -0.1 -0.2
Personal consumption expenditures:
Current dollars...................... 33.0 48.9 0.3 0.5 23.8 39.4 0.2 0.4
Chained (2000) dollars............... 5.7 18.0 0.1 0.2 -2.9 7.0 0.0 0.1
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 -- January 31, 2008, at 8:30 A.M. EST for Personal Income and Outlays for December
Release dates in 2008
December 2007... January 31 April 2008... May 30 August 2008... September 29
January 2008... February 29 May 2008... June 27 September 2008... October 31
February 2008... March 28 June 2008... August 4 October 2008... November 26
March 2008... May 1 July 2008... August 29 November 2008... December 24
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\r\ Nov 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 11,529.8 11,575.7 11,626.5 11,693.1 11,746.7 11,800.4 11,825.2 11,868.3
Compensation of employees, received...... 7,776.5 7,796.8 7,832.3 7,861.0 7,885.3 7,931.7 7,938.9 7,984.9
Wage and salary disbursements.......... 6,298.3 6,314.1 6,344.2 6,366.9 6,386.6 6,427.1 6,429.8 6,469.9
Private industries................... 5,239.1 5,252.3 5,279.4 5,299.1 5,312.9 5,349.9 5,348.6 5,384.6
Goods-producing industries......... 1,210.4 1,211.3 1,216.1 1,215.9 1,217.1 1,219.4 1,217.2 1,223.4
Manufacturing.................... 753.9 752.5 756.0 755.7 756.1 756.0 754.8 757.7
Services-producing industries...... 4,028.7 4,041.0 4,063.3 4,083.3 4,095.8 4,130.4 4,131.4 4,161.2
Trade, transportation, and
utilities....................... 1,026.0 1,032.2 1,042.9 1,045.2 1,048.1 1,058.7 1,056.0 1,063.5
Other services-producing
industries...................... 3,002.7 3,008.8 3,020.4 3,038.1 3,047.6 3,071.8 3,075.4 3,097.7
Government........................... 1,059.2 1,061.8 1,064.7 1,067.7 1,073.7 1,077.2 1,081.2 1,085.2
Supplements to wages and salaries...... 1,478.3 1,482.6 1,488.1 1,494.1 1,498.7 1,504.7 1,509.1 1,515.1
Employer contributions for employee
pension and insurance funds......... 1,007.3 1,010.8 1,014.5 1,019.2 1,022.8 1,026.2 1,030.7 1,034.3
Employer contributions for government
social insurance.................... 471.0 471.8 473.6 475.0 475.9 478.4 478.4 480.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,035.1 1,039.1 1,041.1 1,051.3 1,050.7 1,043.9 1,047.6 1,054.8
Farm................................... 31.9 33.1 34.4 36.2 38.7 41.0 41.6 42.1
Nonfarm................................ 1,003.1 1,006.1 1,006.7 1,015.1 1,012.0 1,002.9 1,006.0 1,012.7
Rental income of persons with capital
consumption adjustment.................. 58.3 61.6 66.5 66.9 68.3 70.1 72.3 74.2
Personal income receipts on assets....... 1,918.4 1,930.1 1,941.5 1,959.0 1,976.3 1,993.2 1,995.6 1,998.1
Personal interest income............... 1,145.0 1,148.4 1,151.8 1,161.5 1,171.1 1,180.8 1,176.1 1,171.5
Personal dividend income............... 773.4 781.7 789.7 797.5 805.1 812.4 819.5 826.6
Personal current transfer receipts....... 1,711.4 1,719.7 1,720.4 1,733.2 1,746.6 1,747.1 1,756.7 1,747.2
Government social benefits to persons.. 1,683.7 1,691.9 1,692.5 1,705.4 1,718.6 1,719.0 1,728.6 1,719.1
Old-age, survivors, disability, and
health insurance benefits........... 1,010.2 1,022.7 1,027.3 1,027.6 1,038.7 1,037.4 1,033.6 1,022.6
Government unemployment insurance
benefits............................ 31.9 31.6 31.5 31.5 32.1 31.5 31.5 32.3
Other................................ 641.5 637.7 633.7 646.2 647.7 650.2 663.5 664.2
Other current transfer receipts, from
business (net)........................ 27.7 27.8 27.9 27.9 28.0 28.0 28.1 28.1
Less: Contributions for government social
insurance............................... 969.9 971.6 975.2 978.4 980.4 985.7 985.9 991.0
Less: Personal current taxes............... 1,470.0 1,476.8 1,486.1 1,484.5 1,488.0 1,495.1 1,502.9 1,513.2
Equals: Disposable personal income......... 10,059.8 10,098.9 10,140.4 10,208.5 10,258.7 10,305.3 10,322.3 10,355.2
Less: Personal outlays..................... 10,015.8 10,079.7 10,112.0 10,153.7 10,198.3 10,250.6 10,291.6 10,403.5
Personal consumption expenditures........ 9,631.8 9,684.5 9,705.6 9,742.0 9,783.1 9,832.0 9,871.4 9,982.0
Durable goods.......................... 1,068.9 1,086.6 1,068.6 1,063.4 1,085.8 1,095.7 1,095.2 1,098.8
Nondurable goods....................... 2,794.6 2,838.1 2,835.4 2,854.3 2,830.6 2,854.0 2,872.9 2,930.5
Services............................... 5,768.3 5,759.8 5,801.5 5,824.3 5,866.7 5,882.3 5,903.3 5,952.8
Personal interest payments\1\............ 248.9 259.5 270.1 272.9 275.8 278.7 279.5 280.3
Personal current transfer payments....... 135.1 135.7 136.4 138.7 139.3 140.0 140.6 141.2
To government.......................... 84.7 85.3 85.9 86.5 87.1 87.8 88.4 89.0
To the rest of the world (net)......... 50.5 50.5 50.5 52.2 52.2 52.2 52.2 52.2
Equals: Personal saving.................... 43.9 19.1 28.4 54.8 60.5 54.7 30.7 -48.4
Personal saving as a percentage of
disposable personal income.............. .4 .2 .3 .5 .6 .5 .3 -.5
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,604.5 8,597.0 8,619.9 8,668.1 8,712.3 8,727.2 8,714.0 8,692.1
Per capita:
Current dollars...................... 33,307 33,411 33,521 33,718 33,854 33,978 34,006 34,085
Chained (2000) dollars............... 28,489 28,442 28,495 28,630 28,751 28,775 28,707 28,611
Population (midperiod, thousands)\3\..... 302,028 302,262 302,507 302,765 303,027 303,291 303,546 303,805
-----------------------------------------------------------------------------------------------------------------------------------
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 II 06 III 06 IV 06 I 07 II 07 III 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,301.1 10,983.4 10,915.5 11,030.9 11,200.2 11,469.2 11,577.3 11,746.7
Compensation of employees, received...... 7,024.6 7,440.8 7,371.9 7,442.5 7,599.9 7,764.9 7,801.9 7,892.7
Wage and salary disbursements.......... 5,667.9 6,018.2 5,958.4 6,015.8 6,153.0 6,294.4 6,318.9 6,393.5
Private industries................... 4,686.9 4,997.6 4,944.6 4,988.8 5,115.7 5,242.7 5,256.9 5,320.6
Goods-producing industries......... 1,098.7 1,166.8 1,155.9 1,158.5 1,191.4 1,208.9 1,212.6 1,217.5
Manufacturing.................... 704.1 731.0 723.3 724.3 743.3 755.4 754.1 755.9
Services-producing industries...... 3,588.3 3,830.8 3,788.6 3,830.3 3,924.4 4,033.9 4,044.3 4,103.1
Trade, transportation, and
utilities....................... 937.0 985.1 980.9 985.8 1,002.2 1,020.0 1,033.7 1,050.7
Other services-producing
industries...................... 2,651.2 2,845.7 2,807.8 2,844.5 2,922.2 3,013.8 3,010.6 3,052.5
Government........................... 980.9 1,020.6 1,013.8 1,027.0 1,037.2 1,051.7 1,061.9 1,072.9
Supplements to wages and salaries...... 1,356.8 1,422.6 1,413.5 1,426.7 1,446.9 1,470.5 1,483.0 1,499.2
Employer contributions for employee
pension and insurance funds......... 927.7 970.7 965.5 975.4 986.7 999.2 1,010.9 1,022.7
Employer contributions for government
social insurance.................... 429.1 451.8 448.0 451.3 460.2 471.3 472.1 476.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 969.9 1,006.7 1,013.5 1,003.6 1,009.8 1,027.4 1,038.4 1,048.7
Farm................................... 30.8 19.4 14.6 18.1 23.9 29.1 33.1 38.6
Nonfarm................................ 939.1 987.4 998.9 985.5 985.8 998.3 1,005.3 1,010.0
Rental income of persons with capital
consumption adjustment.................. 42.9 54.5 55.4 52.9 50.9 53.2 62.1 68.4
Personal income receipts on assets....... 1,617.8 1,796.5 1,795.7 1,828.1 1,836.6 1,882.9 1,930.0 1,976.2
Personal interest income............... 1,018.9 1,100.2 1,112.7 1,119.7 1,102.8 1,126.1 1,148.4 1,171.1
Personal dividend income............... 598.9 696.3 682.9 708.4 733.8 756.8 781.6 805.0
Personal current transfer receipts....... 1,520.7 1,612.5 1,599.1 1,630.6 1,647.7 1,710.7 1,717.1 1,742.3
Government social benefits to persons.. 1,483.1 1,585.3 1,573.3 1,603.2 1,618.0 1,683.1 1,689.4 1,714.4
Old-age, survivors, disability, and
health insurance benefits........... 845.3 946.4 940.1 956.1 972.0 999.4 1,020.1 1,034.6
Government unemployment insurance
benefits............................ 31.3 29.9 29.2 30.0 30.3 31.8 31.7 31.7
Other................................ 606.4 609.0 603.9 617.1 615.7 651.8 637.6 648.1
Other current transfer receipts, from
business (net)........................ 37.6 27.2 25.9 27.4 29.7 27.6 27.8 28.0
Less: Contributions for government social
insurance............................... 874.8 927.6 920.1 926.8 944.6 969.8 972.2 981.5
Less: Personal current taxes............... 1,209.1 1,354.3 1,342.6 1,355.2 1,401.0 1,454.7 1,477.6 1,489.2
Equals: Disposable personal income......... 9,092.0 9,629.1 9,572.9 9,675.8 9,799.2 10,014.5 10,099.7 10,257.5
Less: Personal outlays..................... 9,047.4 9,590.3 9,542.9 9,677.1 9,757.2 9,917.5 10,069.2 10,200.9
Personal consumption expenditures........ 8,707.8 9,224.5 9,183.9 9,305.7 9,373.7 9,540.5 9,674.0 9,785.7
Durable goods.......................... 1,023.9 1,048.9 1,042.8 1,053.8 1,056.5 1,074.0 1,074.7 1,081.6
Nondurable goods....................... 2,516.2 2,688.0 2,692.2 2,732.4 2,705.4 2,759.4 2,822.7 2,846.3
Services............................... 5,167.8 5,487.6 5,448.9 5,519.5 5,611.8 5,707.1 5,776.5 5,857.8
Personal interest payments\1\............ 217.7 238.0 231.0 242.3 251.6 243.3 259.5 275.8
Personal current transfer payments....... 121.8 127.8 128.0 129.1 131.8 133.7 135.7 139.3
To government.......................... 74.5 78.9 78.1 79.6 81.2 83.4 85.3 87.1
To the rest of the world (net)......... 47.3 48.9 49.9 49.5 50.6 50.4 50.5 52.2
Equals: Personal saving.................... 44.6 38.8 30.0 -1.4 42.0 97.0 30.5 56.7
Personal saving as a percentage of
disposable personal income.............. .5 .4 .3 .0 .4 1.0 .3 .6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,147.9 8,396.9 8,348.6 8,384.5 8,510.7 8,623.9 8,607.1 8,702.6
Per capita:
Current dollars...................... 30,616 32,115 31,970 32,231 32,561 33,206 33,413 33,850
Chained (2000) dollars............... 27,436 28,005 27,881 27,930 28,280 28,595 28,475 28,719
Population (midperiod, thousands)\3\..... 296,972 299,833 299,432 300,196 300,950 301,590 302,266 303,028
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\r\ Nov 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ -34.9 45.9 50.8 66.6 53.6 53.7 24.8 43.1
Compensation of employees, received...... -44.6 20.3 35.5 28.7 24.3 46.4 7.2 46.0
Wage and salary disbursements.......... -45.3 15.8 30.1 22.7 19.7 40.5 2.7 40.1
Private industries................... -49.4 13.2 27.1 19.7 13.8 37.0 -1.3 36.0
Goods-producing industries......... -6.9 .9 4.8 -.2 1.2 2.3 -2.2 6.2
Manufacturing.................... -6.9 -1.4 3.5 -.3 .4 -.1 -1.2 2.9
Services-producing industries...... -42.5 12.3 22.3 20.0 12.5 34.6 1.0 29.8
Trade, transportation, and
utilities....................... -1.0 6.2 10.7 2.3 2.9 10.6 -2.7 7.5
Other services-producing
industries...................... -41.5 6.1 11.6 17.7 9.5 24.2 3.6 22.3
Government........................... 4.1 2.6 2.9 3.0 6.0 3.5 4.0 4.0
Supplements to wages and salaries...... .8 4.3 5.5 6.0 4.6 6.0 4.4 6.0
Employer contributions for employee
pension and insurance funds......... 4.6 3.5 3.7 4.7 3.6 3.4 4.5 3.6
Employer contributions for government
social insurance.................... -3.8 .8 1.8 1.4 .9 2.5 .0 2.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 2.2 4.0 2.0 10.2 -.6 -6.8 3.7 7.2
Farm................................... 1.4 1.2 1.3 1.8 2.5 2.3 .6 .5
Nonfarm................................ .8 3.0 .6 8.4 -3.1 -9.1 3.1 6.7
Rental income of persons with capital
consumption adjustment.................. 2.9 3.3 4.9 .4 1.4 1.8 2.2 1.9
Personal income receipts on assets....... 11.8 11.7 11.4 17.5 17.3 16.9 2.4 2.5
Personal interest income............... 3.5 3.4 3.4 9.7 9.6 9.7 -4.7 -4.6
Personal dividend income............... 8.4 8.3 8.0 7.8 7.6 7.3 7.1 7.1
Personal current transfer receipts....... -13.9 8.3 .7 12.8 13.4 .5 9.6 -9.5
Government social benefits to persons.. -13.9 8.2 .6 12.9 13.2 .4 9.6 -9.5
Old-age, survivors, disability, and
health insurance benefits........... 2.4 12.5 4.6 .3 11.1 -1.3 -3.8 -11.0
Government unemployment insurance
benefits............................ .0 -.3 -.1 .0 .6 -.6 .0 .8
Other................................ -16.4 -3.8 -4.0 12.5 1.5 2.5 13.3 .7
Other current transfer receipts, from
business (net)........................ .0 .1 .1 .0 .1 .0 .1 .0
Less: Contributions for government social
insurance............................... -6.7 1.7 3.6 3.2 2.0 5.3 .2 5.1
Less: Personal current taxes............... .9 6.8 9.3 -1.6 3.5 7.1 7.8 10.3
Equals: Disposable personal income......... -35.7 39.1 41.5 68.1 50.2 46.6 17.0 32.9
Less: Personal outlays..................... 70.1 63.9 32.3 41.7 44.6 52.3 41.0 111.9
Personal consumption expenditures........ 58.8 52.7 21.1 36.4 41.1 48.9 39.4 110.6
Durable goods.......................... -4.7 17.7 -18.0 -5.2 22.4 9.9 -.5 3.6
Nondurable goods....................... 8.5 43.5 -2.7 18.9 -23.7 23.4 18.9 57.6
Services............................... 54.9 -8.5 41.7 22.8 42.4 15.6 21.0 49.5
Personal interest payments\1\............ 10.6 10.6 10.6 2.8 2.9 2.9 .8 .8
Personal current transfer payments....... .7 .6 .7 2.3 .6 .7 .6 .6
To government.......................... .6 .6 .6 .6 .6 .7 .6 .6
To the rest of the world (net)......... .1 .0 .0 1.7 .0 .0 .0 .0
Equals: Personal saving.................... -105.9 -24.8 9.3 26.4 5.7 -5.8 -24.0 -79.1
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -55.4 -7.5 22.9 48.2 44.2 14.9 -13.2 -21.9
-----------------------------------------------------------------------------------------------------------------------------------
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 II 06 III 06 IV 06 I 07 II 07 III 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 573.9 682.3 128.4 115.4 169.3 269.0 108.1 169.4
Compensation of employees, received...... 353.2 416.2 23.2 70.6 157.4 165.0 37.0 90.8
Wage and salary disbursements.......... 273.4 350.3 12.8 57.4 137.2 141.4 24.5 74.6
Private industries................... 235.5 310.7 3.5 44.2 126.9 127.0 14.2 63.7
Goods-producing industries......... 49.5 68.1 -5.4 2.6 32.9 17.5 3.7 4.9
Manufacturing.................... 17.2 26.9 -9.6 1.0 19.0 12.1 -1.3 1.8
Services-producing industries...... 186.1 242.5 8.7 41.7 94.1 109.5 10.4 58.8
Trade, transportation, and
utilities....................... 38.4 48.1 9.2 4.9 16.4 17.8 13.7 17.0
Other services-producing
industries...................... 147.6 194.5 -.3 36.7 77.7 91.6 -3.2 41.9
Government........................... 37.8 39.7 9.4 13.2 10.2 14.5 10.2 11.0
Supplements to wages and salaries...... 79.9 65.8 10.4 13.2 20.2 23.6 12.5 16.2
Employer contributions for employee
pension and insurance funds......... 59.2 43.0 10.3 9.9 11.3 12.5 11.7 11.8
Employer contributions for government
social insurance.................... 20.8 22.7 .1 3.3 8.9 11.1 .8 4.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 58.3 36.8 13.4 -9.9 6.2 17.6 11.0 10.3
Farm................................... -6.5 -11.4 -6.2 3.5 5.8 5.2 4.0 5.5
Nonfarm................................ 64.8 48.3 19.6 -13.4 .3 12.5 7.0 4.7
Rental income of persons with capital
consumption adjustment.................. -75.5 11.6 -3.6 -2.5 -2.0 2.3 8.9 6.3
Personal income receipts on assets....... 185.7 178.7 70.1 32.4 8.5 46.3 47.1 46.2
Personal interest income............... 123.8 81.3 47.0 7.0 -16.9 23.3 22.3 22.7
Personal dividend income............... 61.9 97.4 23.0 25.5 25.4 23.0 24.8 23.4
Personal current transfer receipts....... 98.2 91.8 26.6 31.5 17.1 63.0 6.4 25.2
Government social benefits to persons.. 87.0 102.2 26.4 29.9 14.8 65.1 6.3 25.0
Old-age, survivors, disability, and
health insurance benefits........... 57.3 101.1 22.7 16.0 15.9 27.4 20.7 14.5
Government unemployment insurance
benefits............................ -4.7 -1.4 -1.0 .8 .3 1.5 -.1 .0
Other................................ 34.4 2.6 4.6 13.2 -1.4 36.1 -14.2 10.5
Other current transfer receipts, from
business (net)........................ 11.2 -10.4 .2 1.5 2.3 -2.1 .2 .2
Less: Contributions for government social
insurance............................... 46.0 52.8 1.3 6.7 17.8 25.2 2.4 9.3
Less: Personal current taxes............... 162.8 145.2 24.0 12.6 45.8 53.7 22.9 11.6
Equals: Disposable personal income......... 411.1 537.1 104.4 102.9 123.4 215.3 85.2 157.8
Less: Personal outlays..................... 548.2 542.9 158.9 134.2 80.1 160.3 151.7 131.7
Personal consumption expenditures........ 511.9 516.7 149.2 121.8 68.0 166.8 133.5 111.7
Durable goods.......................... 40.0 25.0 .2 11.0 2.7 17.5 .7 6.9
Nondurable goods....................... 172.5 171.8 70.1 40.2 -27.0 54.0 63.3 23.6
Services............................... 299.5 319.8 78.9 70.6 92.3 95.3 69.4 81.3
Personal interest payments\1\............ 26.4 20.3 3.9 11.3 9.3 -8.3 16.2 16.3
Personal current transfer payments....... 9.7 6.0 5.8 1.1 2.7 1.9 2.0 3.6
To government.......................... 5.6 4.4 1.2 1.5 1.6 2.2 1.9 1.8
To the rest of the world (net)......... 4.2 1.6 4.6 -.4 1.1 -.2 .1 1.7
Equals: Personal saving.................... -137.1 -5.8 -54.5 -31.4 43.4 55.0 -66.5 26.2
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 139.0 249.0 4.4 35.9 126.2 113.2 -16.8 95.5
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\r\ Nov 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ -.3 .4 .4 .6 .5 .5 .2 .4
Compensation of employees, received...... -.6 .3 .5 .4 .3 .6 .1 .6
Wage and salary disbursements.......... -.7 .3 .5 .4 .3 .6 .0 .6
Supplements to wages and salaries...... .1 .3 .4 .4 .3 .4 .3 .4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .2 .4 .2 1.0 -.1 -.6 .4 .7
Rental income of persons with capital
consumption adjustment.................. 5.2 5.7 7.9 .6 2.1 2.7 3.1 2.7
Personal income receipts on assets....... .6 .6 .6 .9 .9 .9 .1 .1
Personal interest income............... .3 .3 .3 .8 .8 .8 -.4 -.4
Personal dividend income............... 1.1 1.1 1.0 1.0 1.0 .9 .9 .9
Personal current transfer receipts....... -.8 .5 .0 .7 .8 .0 .6 -.5
Less: Contributions for government social
insurance............................... -.7 .2 .4 .3 .2 .5 .0 .5
Less: Personal current taxes............... .1 .5 .6 -.1 .2 .5 .5 .7
Equals: Disposable personal income......... -.4 .4 .4 .7 .5 .5 .2 .3
Addenda:
Personal consumption expenditures........ .6 .5 .2 .4 .4 .5 .4 1.1
Durable goods.......................... -.4 1.7 -1.7 -.5 2.1 .9 .0 .3
Nondurable goods....................... .3 1.6 -.1 .7 -.8 .8 .7 2.0
Services............................... 1.0 -.1 .7 .4 .7 .3 .4 .8
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... -.6 -.1 .3 .6 .5 .2 -.2 -.3
-----------------------------------------------------------------------------------------------------------------------------------
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 II 06 III 06 IV 06 I 07 II 07 III 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.9 6.6 4.8 4.3 6.3 10.0 3.8 6.0
Compensation of employees, received...... 5.3 5.9 1.3 3.9 8.7 9.0 1.9 4.7
Wage and salary disbursements.......... 5.1 6.2 .9 3.9 9.4 9.5 1.6 4.8
Supplements to wages and salaries...... 6.3 4.8 3.0 3.8 5.8 6.7 3.4 4.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.4 3.8 5.5 -3.9 2.5 7.2 4.4 4.0
Rental income of persons with capital
consumption adjustment.................. -63.8 27.2 -22.4 -16.7 -14.0 19.2 85.9 47.1
Personal income receipts on assets....... 13.0 11.0 17.3 7.4 1.9 10.5 10.4 9.9
Personal interest income............... 13.8 8.0 18.9 2.5 -5.9 8.7 8.2 8.2
Personal dividend income............... 11.5 16.3 14.7 15.8 15.1 13.1 13.8 12.5
Personal current transfer receipts....... 6.9 6.0 6.9 8.1 4.3 16.2 1.5 6.0
Less: Contributions for government social
insurance............................... 5.5 6.0 .6 3.0 7.9 11.1 1.0 3.9
Less: Personal current taxes............... 15.6 12.0 7.5 3.8 14.2 16.2 6.5 3.2
Equals: Disposable personal income......... 4.7 5.9 4.5 4.4 5.2 9.1 3.4 6.4
Addenda:
Personal consumption expenditures........ 6.2 5.9 6.8 5.4 3.0 7.3 5.7 4.7
Durable goods.......................... 4.1 2.4 .1 4.3 1.0 6.8 .3 2.6
Nondurable goods....................... 7.4 6.8 11.1 6.1 -3.9 8.2 9.5 3.4
Services............................... 6.2 6.2 6.0 5.3 6.9 7.0 5.0 5.7
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 1.7 3.1 .2 1.7 6.2 5.4 -.8 4.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\r\ Nov 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,238.5 8,244.3 8,250.2 8,272.0 8,308.4 8,326.4 8,333.4 8,378.9
Durable goods............................ 1,220.7 1,242.9 1,221.4 1,217.2 1,247.3 1,261.2 1,259.7 1,266.6
Nondurable goods......................... 2,379.8 2,386.4 2,385.1 2,398.8 2,389.7 2,402.0 2,408.2 2,421.5
Services................................. 4,660.4 4,643.8 4,665.9 4,676.3 4,698.3 4,693.8 4,695.7 4,721.1
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 26.8 5.8 5.9 21.8 36.4 18.0 7.0 45.5
Durable goods............................ -2.7 22.2 -21.5 -4.2 30.1 13.9 -1.5 6.9
Nondurable goods......................... -8.6 6.6 -1.3 13.7 -9.1 12.3 6.2 13.3
Services................................. 35.3 -16.6 22.1 10.4 22.0 -4.5 1.9 25.4
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .3 .1 .1 .3 .4 .2 .1 .5
Durable goods............................ -.2 1.8 -1.7 -.4 2.5 1.1 -.1 .6
Nondurable goods......................... -.4 .3 -.1 .6 -.4 .5 .3 .6
Services................................. .8 -.4 .5 .2 .5 -.1 .0 .5
-----------------------------------------------------------------------------------------------------------------------------------
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 II 06 III 06 IV 06 I 07 II 07 III 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,803.6 8,044.1 8,009.3 8,063.8 8,141.2 8,215.7 8,244.3 8,302.2
Durable goods............................ 1,137.4 1,180.5 1,170.2 1,186.3 1,197.6 1,223.2 1,228.4 1,241.9
Nondurable goods......................... 2,255.4 2,337.7 2,325.6 2,343.9 2,368.8 2,386.6 2,383.8 2,396.8
Services................................. 4,427.3 4,545.5 4,531.6 4,554.0 4,595.5 4,630.7 4,656.7 4,689.5
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 242.2 240.5 47.4 54.5 77.4 74.5 28.6 57.9
Durable goods............................ 52.6 43.1 2.4 16.1 11.3 25.6 5.2 13.5
Nondurable goods......................... 77.8 82.3 13.3 18.3 24.9 17.8 -2.8 13.0
Services................................. 116.3 118.2 30.6 22.4 41.5 35.2 26.0 32.8
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.2 3.1 2.4 2.8 3.9 3.7 1.4 2.8
Durable goods............................ 4.9 3.8 .8 5.6 3.9 8.8 1.7 4.5
Nondurable goods......................... 3.6 3.6 2.3 3.2 4.3 3.0 -.5 2.2
Services................................. 2.7 2.7 2.7 2.0 3.7 3.1 2.3 2.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\r\ Nov 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 116.917 117.474 117.644 117.776 117.755 118.087 118.461 119.137
Durable goods............................ 87.559 87.421 87.484 87.363 87.044 86.865 86.936 86.739
Nondurable goods......................... 117.433 118.925 118.881 118.989 118.451 118.813 119.298 121.016
Services................................. 123.780 124.038 124.346 124.557 124.877 125.329 125.725 126.097
Addenda:
PCE excluding food and energy............ 113.972 114.105 114.270 114.457 114.645 114.946 115.201 115.464
Market-based PCE\1\...................... 115.335 115.934 116.083 116.173 116.053 116.333 116.693 117.438
Market-based PCE excluding food
and energy\1\........................... 111.386 111.485 111.623 111.768 111.876 112.105 112.317 112.582
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .3 .5 .1 .1 .0 .3 .3 .6
Durable goods............................ -.2 -.2 .1 -.1 -.4 -.2 .1 -.2
Nondurable goods......................... .7 1.3 .0 .1 -.5 .3 .4 1.4
Services................................. .2 .2 .2 .2 .3 .4 .3 .3
Addenda:
PCE excluding food and energy............ .1 .1 .1 .2 .2 .3 .2 .2
Market-based PCE\1\...................... .3 .5 .1 .1 -.1 .2 .3 .6
Market-based PCE excluding food
and energy\1\........................... .1 .1 .1 .1 .1 .2 .2 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\r\ Nov 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 3.1 3.2 3.0 3.7 4.1 3.6 2.7 2.1
Personal consumption expenditures.......... 3.0 2.9 2.9 2.5 3.2 3.2 2.7 3.0
Durable goods............................ 3.8 6.8 4.3 1.9 6.2 6.0 6.0 6.1
Nondurable goods......................... 2.3 2.6 2.6 2.2 2.0 2.6 2.2 2.5
Services................................. 3.2 2.4 2.7 2.7 3.2 3.0 2.3 2.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Apr 07 May 07 Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\r\ Nov 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.3 2.4 2.3 2.1 1.8 2.5 3.0 3.6
Durable goods............................ -1.9 -2.0 -1.6 -1.8 -2.2 -1.9 -1.8 -1.7
Nondurable goods......................... 2.2 2.5 2.2 1.8 1.0 2.8 4.5 6.3
Services................................. 3.2 3.2 3.1 3.1 3.0 3.1 3.2 3.3
Addenda:
PCE excluding food and energy............ 2.1 2.0 1.9 2.0 1.9 1.9 2.0 2.2
Market-based PCE\1\...................... 2.2 2.3 2.2 2.0 1.7 2.3 3.0 3.6
Market-based PCE excluding food
and energy\1\........................... 1.9 1.8 1.7 1.8 1.6 1.6 1.7 1.9
-----------------------------------------------------------------------------------------------------------------------------------
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.