EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 27, 2009
James E. Rankin: (202) 606-5301 (Personal Income)BEA 09-12
Brendan Leary: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: FEBRUARY 2009
Personal income decreased $29.1 billion, or 0.2 percent, and disposable personal income (DPI)
decreased $10.5 billion, or 0.1 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $17.2 billion, or 0.2 percent. In January, personal
income increased $20.5 billion, or 0.2 percent, DPI increased $164.6 billion, or 1.6 percent, and PCE
increased $94.8 billion, or 1.0 percent, based on revised estimates.
Real disposable income decreased 0.4 percent in February, in contrast to an increase of 1.3 percent
in January. Real PCE decreased 0.2 percent, in contrast to an increase of 0.7 percent. The price index
for PCE increased 0.3 percent, the same increase as in January.
2008 2009
Oct. Nov. Dec. Jan. Feb.
(Percent change from preceding month)
Personal income, current dollars -0.1 -0.5 -0.3 0.2 -0.2
Disposable personal income:
Current dollars 0.0 -0.4 -0.3 1.6 -0.1
Chained (2000) dollars 0.4 0.7 0.2 1.3 -0.4
Personal consumption expenditures:
Current dollars -1.2 -0.7 -1.1 1.0 0.2
Chained (2000) dollars -0.8 0.4 -0.6 0.7 -0.2
Compensation of employees
Private wage and salary disbursements decreased $29.9 billion in February, compared with a
decrease of $27.1 billion in January. The January change in private wages and salaries was reduced
by an adjustment of $20.0 billion (at an annual rate) for smaller-than-usual bonus payments. This
type of irregular payment is not accounted for in the primary monthly source data for wages and
salaries. The adjustment to January wages was derived from state government estimates based on
tax data and from other sources. (The negative $20.0 billion adjustment was also made to the
February estimate, and a similar adjustment will be made to March.) Goods-producing industries'
payrolls decreased $12.6 billion, compared with a decrease of $14.3 billion; manufacturing payrolls
decreased $5.1 billion, compared with a decrease of $10.9 billion. Services-producing industries'
payrolls decreased $17.2 billion, compared with a decrease of $12.8 billion.
Government wage and salary disbursements increased $3.9 billion, compared with an increase
of $14.3 billion. Pay raises for federal civilian personnel added $0.6 billion to the change in
government payrolls in February; pay raises for federal civilian and military personnel had added
$9.7 billion to government payrolls in January.
Employer contributions for employee pension and insurance funds increased $4.7 billion in
February, compared with an increase of $7.1 billion in January.
Employer contributions for government social insurance decreased $2.2 billion in February, in
contrast to an increase of $2.9 billion in January. The January change 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 $102,000 to $106,800); together, these changes added $4.6 billion to the
January change. (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 decreased $1.0 billion in February, compared with a decrease of $5.2
billion in January. Farm proprietors' income decreased $1.5 billion, compared with a decrease of
$0.1 billion. Nonfarm proprietors' income increased $0.5 billion, in contrast to a decrease of $5.1
billion.
Rental income of persons decreased $0.2 billion in February, compared with decrease of $0.7
billion in January. Personal income receipts on assets (personal interest income plus personal
dividend income) decreased $24.9 billion, compared with a decrease of $22.5 billion.
Personal current transfer receipts increased $16.2 billion in February, compared with an
increase of $56.7 billion in January. The January change in current transfer receipts reflected 5.8-
percent cost-of-living adjustments to social security benefits and to several other federal transfer
payment programs; together, these changes added $41.1 billion to the January change. The January
change in current transfer receipts was reduced by lump-sum social security benefits payments,
which had added $7.4 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 --
decreased $4.2 billion in February, in contrast to an increase of $4.9 billion in January. The January
increase reflected increases in both employer and personal contributions for government social
insurance. As noted above, employer contributions were boosted $4.6 billion in January by
increases in unemployment-insurance rates and in the social security taxable wage base. The
January change in personal contributions for government social insurance reflected increases in the
monthly premium paid by participants in the supplementary medical insurance program (Medicare
part B) and in the social security taxable wage base; these changes added $2.8 billion to January
personal contributions.
Personal current taxes and disposable personal income
Personal current taxes decreased $18.6 billion in February, compared with a decrease of $144.1
billion in January. Federal net nonwithheld income taxes (payments of estimated taxes plus final
settlements less refunds) had been reduced in January by $114.0 billion, based on the Office of Tax
Analysis projections of lower final settlements and higher refunds for 2009. Indexation provisions
of current tax law reduced federal withheld income taxes by $4.0 billion in January.
Disposable personal income (DPI) -- personal income less personal current taxes -- decreased
$10.5 billion, or 0.1 percent, in February, in contrast to an increase of $164.6 billion, or 1.6 percent,
in January.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $16.9 billion in February, compared with an increase of $94.7 billion in January. PCE
increased $17.2 billion, compared with an increase of $94.8 billion.
Personal saving -- DPI less personal outlays -- was $450.7 billion in February, compared with
$478.1 billion in January. Personal saving as a percentage of disposable personal income was 4.2
percent in February, compared with 4.4 percent in January. 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
www.bea.gov/national/nipaweb/Nipa-Frb.asp.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- decreased 0.4 percent in February, in contrast
to an increase of 1.3 percent in January.
Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in February, in
contrast to an increase of 0.7 percent in January. Purchases of durable goods decreased 1.5 percent,
in contrast to an increase of 3.2 percent. Purchases of motor vehicle and parts accounted for most of
the decrease in durable goods in February and about one-half the increase in January. Purchases of
nondurable goods decreased less than 0.1 percent in February, in contrast to an increase of 1.2
percent in January. Purchases of services decreased less than 0.1 percent, in contrast to an increase
of 0.1 percent.
PCE prices -- The price index for PCE increased 0.3 percent in February, the same increase as
in January. Prices, excluding food and energy, increased 0.2 percent, the same increase as in
January.
Revisions
Estimates have been revised for October 2008 through January 2009. Changes in personal
income, current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar
PCE for December and January -- revised and as published in last month's release -- are shown
below. The upward revision to January personal consumption expenditures primarily reflected a
large upward revision to the retail sales source data used to derive these estimates.
Change from preceding month
December January
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars...................... -24.0 -40.5 -0.2 -0.3 44.8 20.5 0.4 0.2
Disposable personal income:
Current dollars...................... -17.8 -32.9 -0.2 -0.3 183.0 164.6 1.7 1.6
Chained (2000) dollars............... 30.9 17.1 0.4 0.2 133.9 113.6 1.5 1.3
Personal consumption expenditures:
Current dollars...................... -101.2 -109.0 -1.0 -1.1 56.4 94.8 0.6 1.0
Chained (2000) dollars............... -41.3 -48.9 -0.5 -0.6 30.4 57.5 0.4 0.7
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 -- April 30, 2009 at 8:30 A.M. EDT for Personal Income and Outlays for March.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
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Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\r\ Jan 09\r\ Feb 09\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 12,139.9 12,179.8 12,191.4 12,178.9 12,122.1 12,081.6 12,102.1 12,073.0
Compensation of employees, received...... 8,072.3 8,104.2 8,102.3 8,106.6 8,089.7 8,056.0 8,053.2 8,029.7
Wage and salary disbursements.......... 6,563.5 6,592.2 6,589.8 6,591.7 6,574.8 6,541.8 6,529.0 6,503.0
Private industries................... 5,429.2 5,453.6 5,447.7 5,447.0 5,427.8 5,393.5 5,366.4 5,336.5
Goods-producing industries......... 1,213.0 1,214.0 1,208.0 1,205.4 1,197.0 1,179.4 1,165.1 1,152.5
Manufacturing.................... 745.3 742.6 738.9 737.5 731.7 721.3 710.4 705.3
Services-producing industries...... 4,216.2 4,239.6 4,239.7 4,241.6 4,230.9 4,214.1 4,201.3 4,184.1
Trade, transportation, and
utilities....................... 1,049.2 1,052.6 1,049.2 1,043.9 1,038.6 1,029.9 1,033.5 1,028.0
Other services-producing
industries...................... 3,167.0 3,186.9 3,190.4 3,197.7 3,192.3 3,184.2 3,167.8 3,156.1
Government........................... 1,134.3 1,138.6 1,142.1 1,144.7 1,146.9 1,148.3 1,162.6 1,166.5
Supplements to wages and salaries...... 1,508.8 1,511.9 1,512.5 1,514.9 1,514.9 1,514.2 1,524.2 1,526.7
Employer contributions for employee
pension and insurance funds......... 1,029.8 1,031.3 1,032.6 1,035.0 1,036.7 1,038.4 1,045.5 1,050.2
Employer contributions for government
social insurance.................... 479.1 480.6 479.9 479.9 478.2 475.8 478.7 476.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,090.0 1,079.8 1,071.8 1,075.0 1,057.4 1,049.3 1,044.1 1,043.1
Farm................................... 35.0 32.5 29.6 27.0 26.1 25.9 25.8 24.3
Nonfarm................................ 1,055.0 1,047.3 1,042.2 1,048.0 1,031.3 1,023.4 1,018.3 1,018.8
Rental income of persons with capital
consumption adjustment.................. 72.8 77.3 55.5 87.1 90.9 96.1 95.4 95.2
Personal income receipts on assets....... 2,054.1 2,055.6 2,057.3 2,023.0 1,988.6 1,954.0 1,931.5 1,906.6
Personal interest income............... 1,210.9 1,217.4 1,223.8 1,203.6 1,183.4 1,163.2 1,149.9 1,136.5
Personal dividend income............... 843.2 838.2 833.4 819.4 805.2 790.8 781.6 770.1
Personal current transfer receipts....... 1,849.0 1,864.3 1,904.8 1,887.2 1,892.5 1,918.3 1,975.0 1,991.2
Government social benefits to persons.. 1,816.5 1,831.7 1,845.3 1,854.5 1,859.8 1,885.5 1,942.3 1,958.5
Old-age, survivors, disability, and
health insurance benefits........... 1,067.4 1,067.5 1,072.0 1,074.5 1,082.8 1,088.3 1,124.9 1,133.8
Government unemployment insurance
benefits............................ 47.6 62.4 67.5 64.6 64.2 82.4 89.1 98.0
Other................................ 701.5 701.9 705.8 715.4 712.7 714.8 728.2 726.6
Other current transfer receipts, from
business (net)........................ 32.5 32.6 59.5 32.7 32.8 32.8 32.7 32.7
Less: Contributions for government social
insurance............................... 998.2 1,001.4 1,000.3 1,000.1 997.0 992.1 997.0 992.8
Less: Personal current taxes............... 1,372.0 1,522.3 1,517.7 1,504.6 1,487.1 1,479.5 1,335.4 1,316.8
Equals: Disposable personal income......... 10,767.9 10,657.5 10,673.7 10,674.2 10,635.0 10,602.1 10,766.7 10,756.2
Less: Personal outlays..................... 10,585.0 10,567.4 10,527.3 10,393.8 10,311.5 10,193.9 10,288.6 10,305.5
Personal consumption expenditures........ 10,187.1 10,170.9 10,132.4 10,013.3 9,939.7 9,830.7 9,925.5 9,942.7
Durable goods.......................... 1,016.6 1,033.7 998.4 945.3 950.8 942.8 971.8 959.4
Nondurable goods....................... 3,068.4 3,042.4 3,022.9 2,934.5 2,843.6 2,739.1 2,789.5 2,813.0
Services............................... 6,102.0 6,094.8 6,111.2 6,133.5 6,145.2 6,148.8 6,164.2 6,170.3
Personal interest payments\1\............ 250.9 248.9 246.9 237.7 228.4 219.2 218.4 217.5
Personal current transfer payments....... 147.1 147.5 148.0 142.9 143.4 144.0 144.7 145.3
To government.......................... 84.4 84.8 85.3 85.8 86.3 86.9 87.6 88.1
To the rest of the world (net)......... 62.7 62.7 62.7 57.1 57.1 57.1 57.1 57.1
Equals: Personal saving.................... 182.9 90.1 146.4 280.4 323.5 408.2 478.1 450.7
Personal saving as a percentage of
disposable personal income.............. 1.7 .8 1.4 2.6 3.0 3.8 4.4 4.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,753.6 8,664.8 8,670.7 8,706.8 8,769.7 8,786.8 8,900.4 8,860.7
Per capita:
Current dollars...................... 35,350 34,957 34,980 34,953 34,798 34,665 35,180 35,123
Chained (2000) dollars............... 28,737 28,421 28,416 28,510 28,695 28,730 29,081 28,934
Population (midperiod, thousands)\3\..... 304,608 304,870 305,138 305,390 305,624 305,845 306,049 306,244
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2007 2008\r\ III 07 IV 07 I 08 II 08 III 08 IV 08\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 11,663.2 12,102.6 11,730.4 11,872.1 11,960.5 12,152.2 12,170.4 12,127.5
Compensation of employees, received...... 7,818.6 8,055.1 7,839.3 7,941.0 8,009.7 8,033.5 8,092.9 8,084.1
Wage and salary disbursements.......... 6,362.0 6,550.1 6,377.7 6,465.5 6,518.0 6,531.3 6,581.8 6,569.4
Private industries................... 5,286.7 5,420.6 5,297.0 5,373.4 5,408.3 5,407.9 5,443.5 5,422.8
Goods-producing industries......... 1,205.4 1,209.0 1,204.3 1,218.2 1,217.7 1,212.7 1,211.7 1,193.9
Manufacturing.................... 746.0 741.4 743.4 750.2 748.4 745.0 742.2 730.2
Services-producing industries...... 4,081.3 4,211.6 4,092.6 4,155.3 4,190.5 4,195.2 4,231.8 4,228.8
Trade, transportation, and
utilities....................... 1,035.2 1,046.7 1,035.3 1,048.3 1,050.4 1,048.4 1,050.4 1,037.5
Other services-producing
industries...................... 3,046.1 3,164.9 3,057.4 3,106.9 3,140.2 3,146.7 3,181.5 3,191.4
Government........................... 1,075.2 1,129.5 1,080.8 1,092.1 1,109.7 1,123.4 1,138.3 1,146.7
Supplements to wages and salaries...... 1,456.6 1,504.9 1,461.6 1,475.5 1,491.7 1,502.2 1,511.1 1,514.7
Employer contributions for employee
pension and insurance funds......... 991.9 1,026.9 996.5 1,005.9 1,015.3 1,024.4 1,031.2 1,036.7
Employer contributions for government
social insurance.................... 464.7 478.0 465.1 469.6 476.4 477.8 479.9 478.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,056.2 1,072.4 1,063.8 1,073.8 1,071.7 1,076.9 1,080.5 1,060.6
Farm................................... 44.0 34.6 47.4 47.1 41.6 38.0 32.4 26.3
Nonfarm................................ 1,012.2 1,037.9 1,016.4 1,026.7 1,030.1 1,039.0 1,048.2 1,034.2
Rental income of persons with capital
consumption adjustment.................. 40.0 64.4 41.8 38.6 39.1 58.6 68.5 91.4
Personal income receipts on assets....... 2,000.1 2,037.7 2,030.9 2,056.2 2,054.1 2,052.3 2,055.7 1,988.5
Personal interest income............... 1,214.3 1,208.5 1,236.2 1,242.7 1,224.6 1,208.7 1,217.4 1,183.4
Personal dividend income............... 785.8 829.1 794.7 813.5 829.5 843.6 838.3 805.1
Personal current transfer receipts....... 1,713.3 1,869.1 1,720.6 1,737.8 1,778.1 1,926.3 1,872.7 1,899.3
Government social benefits to persons.. 1,681.4 1,834.4 1,688.0 1,704.7 1,745.8 1,893.9 1,831.2 1,866.6
Old-age, survivors, disability, and
health insurance benefits........... 999.4 1,058.3 1,008.8 1,009.6 1,032.4 1,050.0 1,068.9 1,081.9
Government unemployment insurance
benefits............................ 32.3 52.3 32.5 34.3 38.2 41.4 59.2 70.4
Other................................ 649.6 723.8 646.7 660.9 675.3 802.5 703.1 714.3
Other current transfer receipts, from
business (net)........................ 31.9 34.7 32.5 33.1 32.2 32.4 41.5 32.8
Less: Contributions for government social
insurance............................... 965.1 996.0 966.0 975.3 992.2 995.4 1,000.0 996.4
Less: Personal current taxes............... 1,492.8 1,460.6 1,501.6 1,520.5 1,535.0 1,346.1 1,470.7 1,490.4
Equals: Disposable personal income......... 10,170.5 10,642.1 10,228.8 10,351.5 10,425.5 10,806.0 10,699.7 10,637.1
Less: Personal outlays..................... 10,113.1 10,450.7 10,182.0 10,309.2 10,404.9 10,538.2 10,559.9 10,299.7
Personal consumption expenditures........ 9,710.2 10,057.9 9,765.6 9,892.7 10,002.3 10,138.0 10,163.5 9,927.9
Durable goods.......................... 1,082.8 1,023.2 1,086.2 1,083.0 1,071.0 1,059.3 1,016.2 946.3
Nondurable goods....................... 2,833.0 2,965.1 2,846.6 2,906.2 2,950.7 3,026.2 3,044.6 2,839.0
Services............................... 5,794.4 6,069.6 5,832.8 5,903.5 5,980.6 6,052.5 6,102.7 6,142.5
Personal interest payments\1\............ 265.4 248.2 278.2 276.7 261.7 253.8 248.9 228.4
Personal current transfer payments....... 137.5 144.5 138.1 139.8 140.8 146.4 147.5 143.4
To government.......................... 81.2 84.4 81.8 82.5 82.9 83.7 84.8 86.3
To the rest of the world (net)......... 56.3 60.1 56.3 57.3 57.9 62.7 62.7 57.1
Equals: Personal saving.................... 57.4 191.4 46.8 42.4 20.6 267.9 139.8 337.4
Personal saving as a percentage of
disposable personal income.............. .6 1.8 .5 .4 .2 2.5 1.3 3.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,644.0 8,752.6 8,671.1 8,683.1 8,667.9 8,891.0 8,696.4 8,754.2
Per capita:
Current dollars...................... 33,706 34,946 33,858 34,179 34,351 35,531 35,096 34,805
Chained (2000) dollars............... 28,648 28,741 28,702 28,670 28,560 29,234 28,525 28,644
Population (midperiod, thousands)\3\..... 301,737 304,529 302,108 302,865 303,498 304,128 304,872 305,619
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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]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\r\ Jan 09\r\ Feb 09\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ -93.7 39.9 11.6 -12.5 -56.8 -40.5 20.5 -29.1
Compensation of employees, received...... 23.0 31.9 -1.9 4.3 -16.9 -33.7 -2.8 -23.5
Wage and salary disbursements.......... 19.7 28.7 -2.4 1.9 -16.9 -33.0 -12.8 -26.0
Private industries................... 13.8 24.4 -5.9 -.7 -19.2 -34.3 -27.1 -29.9
Goods-producing industries......... -1.6 1.0 -6.0 -2.6 -8.4 -17.6 -14.3 -12.6
Manufacturing.................... -.3 -2.7 -3.7 -1.4 -5.8 -10.4 -10.9 -5.1
Services-producing industries...... 15.3 23.4 .1 1.9 -10.7 -16.8 -12.8 -17.2
Trade, transportation, and
utilities....................... -1.1 3.4 -3.4 -5.3 -5.3 -8.7 3.6 -5.5
Other services-producing
industries...................... 16.4 19.9 3.5 7.3 -5.4 -8.1 -16.4 -11.7
Government........................... 5.9 4.3 3.5 2.6 2.2 1.4 14.3 3.9
Supplements to wages and salaries...... 3.3 3.1 .6 2.4 .0 -.7 10.0 2.5
Employer contributions for employee
pension and insurance funds......... 2.4 1.5 1.3 2.4 1.7 1.7 7.1 4.7
Employer contributions for government
social insurance.................... .9 1.5 -.7 .0 -1.7 -2.4 2.9 -2.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.5 -10.2 -8.0 3.2 -17.6 -8.1 -5.2 -1.0
Farm................................... -1.1 -2.5 -2.9 -2.6 -.9 -.2 -.1 -1.5
Nonfarm................................ 7.6 -7.7 -5.1 5.8 -16.7 -7.9 -5.1 .5
Rental income of persons with capital
consumption adjustment.................. 4.5 4.5 -21.8 31.6 3.8 5.2 -.7 -.2
Personal income receipts on assets....... 1.3 1.5 1.7 -34.3 -34.4 -34.6 -22.5 -24.9
Personal interest income............... 6.4 6.5 6.4 -20.2 -20.2 -20.2 -13.3 -13.4
Personal dividend income............... -5.1 -5.0 -4.8 -14.0 -14.2 -14.4 -9.2 -11.5
Personal current transfer receipts....... -127.0 15.3 40.5 -17.6 5.3 25.8 56.7 16.2
Government social benefits to persons.. -127.0 15.2 13.6 9.2 5.3 25.7 56.8 16.2
Old-age, survivors, disability, and
health insurance benefits........... 10.4 .1 4.5 2.5 8.3 5.5 36.6 8.9
Government unemployment insurance
benefits............................ 5.6 14.8 5.1 -2.9 -.4 18.2 6.7 8.9
Other................................ -143.0 .4 3.9 9.6 -2.7 2.1 13.4 -1.6
Other current transfer receipts, from
business (net)........................ .1 .1 26.9 -26.8 .1 .0 -.1 .0
Less: Contributions for government social
insurance............................... 1.9 3.2 -1.1 -.2 -3.1 -4.9 4.9 -4.2
Less: Personal current taxes............... 9.0 150.3 -4.6 -13.1 -17.5 -7.6 -144.1 -18.6
Equals: Disposable personal income......... -102.7 -110.4 16.2 .5 -39.2 -32.9 164.6 -10.5
Less: Personal outlays..................... -10.9 -17.6 -40.1 -133.5 -82.3 -117.6 94.7 16.9
Personal consumption expenditures........ -9.3 -16.2 -38.5 -119.1 -73.6 -109.0 94.8 17.2
Durable goods.......................... -32.5 17.1 -35.3 -53.1 5.5 -8.0 29.0 -12.4
Nondurable goods....................... 5.4 -26.0 -19.5 -88.4 -90.9 -104.5 50.4 23.5
Services............................... 17.8 -7.2 16.4 22.3 11.7 3.6 15.4 6.1
Personal interest payments\1\............ -2.0 -2.0 -2.0 -9.2 -9.3 -9.2 -.8 -.9
Personal current transfer payments....... .4 .4 .5 -5.1 .5 .6 .7 .6
To government.......................... .4 .4 .5 .5 .5 .6 .7 .5
To the rest of the world (net)......... .0 .0 .0 -5.6 .0 .0 .0 .0
Equals: Personal saving.................... -91.8 -92.8 56.3 134.0 43.1 84.7 69.9 -27.4
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -131.9 -88.8 5.9 36.1 62.9 17.1 113.6 -39.7
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2007 2008\r\ III 07 IV 07 I 08 II 08 III 08 IV 08\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 669.3 439.4 152.9 141.7 88.4 191.7 18.2 -42.9
Compensation of employees, received...... 386.0 236.5 79.2 101.7 68.7 23.8 59.4 -8.8
Wage and salary disbursements.......... 334.8 188.1 67.0 87.8 52.5 13.3 50.5 -12.4
Private industries................... 282.5 133.9 54.5 76.4 34.9 -.4 35.6 -20.7
Goods-producing industries......... 38.2 3.6 3.6 13.9 -.5 -5.0 -1.0 -17.8
Manufacturing.................... 14.8 -4.6 -.6 6.8 -1.8 -3.4 -2.8 -12.0
Services-producing industries...... 244.2 130.3 50.7 62.7 35.2 4.7 36.6 -3.0
Trade, transportation, and
utilities....................... 48.5 11.5 -1.2 13.0 2.1 -2.0 2.0 -12.9
Other services-producing
industries...................... 195.7 118.8 52.0 49.5 33.3 6.5 34.8 9.9
Government........................... 52.2 54.3 12.7 11.3 17.6 13.7 14.9 8.4
Supplements to wages and salaries...... 51.3 48.3 12.2 13.9 16.2 10.5 8.9 3.6
Employer contributions for employee
pension and insurance funds......... 35.1 35.0 8.8 9.4 9.4 9.1 6.8 5.5
Employer contributions for government
social insurance.................... 16.2 13.3 3.4 4.5 6.8 1.4 2.1 -1.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 41.5 16.2 13.6 10.0 -2.1 5.2 3.6 -19.9
Farm................................... 27.8 -9.4 5.1 -.3 -5.5 -3.6 -5.6 -6.1
Nonfarm................................ 13.6 25.7 8.5 10.3 3.4 8.9 9.2 -14.0
Rental income of persons with capital
consumption adjustment.................. -4.3 24.4 -2.8 -3.2 .5 19.5 9.9 22.9
Personal income receipts on assets....... 175.3 37.6 48.4 25.3 -2.1 -1.8 3.4 -67.2
Personal interest income............... 88.9 -5.8 30.1 6.5 -18.1 -15.9 8.7 -34.0
Personal dividend income............... 86.4 43.3 18.2 18.8 16.0 14.1 -5.3 -33.2
Personal current transfer receipts....... 110.3 155.8 21.4 17.2 40.3 148.2 -53.6 26.6
Government social benefits to persons.. 103.3 153.0 20.5 16.7 41.1 148.1 -62.7 35.4
Old-age, survivors, disability, and
health insurance benefits........... 60.5 58.9 11.3 .8 22.8 17.6 18.9 13.0
Government unemployment insurance
benefits............................ 2.4 20.0 1.3 1.8 3.9 3.2 17.8 11.2
Other................................ 40.3 74.2 7.9 14.2 14.4 127.2 -99.4 11.2
Other current transfer receipts, from
business (net)........................ 7.0 2.8 .8 .6 -.9 .2 9.1 -8.7
Less: Contributions for government social
insurance............................... 39.6 30.9 6.9 9.3 16.9 3.2 4.6 -3.6
Less: Personal current taxes............... 139.6 -32.2 12.2 18.9 14.5 -188.9 124.6 19.7
Equals: Disposable personal income......... 529.8 471.6 140.8 122.7 74.0 380.5 -106.3 -62.6
Less: Personal outlays..................... 543.1 337.6 125.1 127.2 95.7 133.3 21.7 -260.2
Personal consumption expenditures........ 503.0 347.7 108.1 127.1 109.6 135.7 25.5 -235.6
Durable goods.......................... 30.7 -59.6 .9 -3.2 -12.0 -11.7 -43.1 -69.9
Nondurable goods....................... 147.8 132.1 28.9 59.6 44.5 75.5 18.4 -205.6
Services............................... 324.5 275.2 78.4 70.7 77.1 71.9 50.2 39.8
Personal interest payments\1\............ 30.0 -17.2 15.6 -1.5 -15.0 -7.9 -4.9 -20.5
Personal current transfer payments....... 10.1 7.0 1.2 1.7 1.0 5.6 1.1 -4.1
To government.......................... 5.0 3.2 1.0 .7 .4 .8 1.1 1.5
To the rest of the world (net)......... 5.2 3.8 .3 1.0 .6 4.8 .0 -5.6
Equals: Personal saving.................... -13.3 134.0 15.7 -4.4 -21.8 247.3 -128.1 197.6
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 237.0 108.6 66.6 12.0 -15.2 223.1 -194.6 57.8
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\r\ Jan 09\r\ Feb 09\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ -.8 .3 .1 -.1 -.5 -.3 .2 -.2
Compensation of employees, received...... .3 .4 .0 .1 -.2 -.4 .0 -.3
Wage and salary disbursements.......... .3 .4 .0 .0 -.3 -.5 -.2 -.4
Supplements to wages and salaries...... .2 .2 .0 .2 .0 .0 .7 .2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .6 -.9 -.7 .3 -1.6 -.8 -.5 -.1
Rental income of persons with capital
consumption adjustment.................. 6.6 6.2 -28.1 56.8 4.3 5.7 -.8 -.2
Personal income receipts on assets....... .1 .1 .1 -1.7 -1.7 -1.7 -1.2 -1.3
Personal interest income............... .5 .5 .5 -1.7 -1.7 -1.7 -1.1 -1.2
Personal dividend income............... -.6 -.6 -.6 -1.7 -1.7 -1.8 -1.2 -1.5
Personal current transfer receipts....... -6.4 .8 2.2 -.9 .3 1.4 3.0 .8
Less: Contributions for government social
insurance............................... .2 .3 -.1 .0 -.3 -.5 .5 -.4
Less: Personal current taxes............... .7 11.0 -.3 -.9 -1.2 -.5 -9.7 -1.4
Equals: Disposable personal income......... -.9 -1.0 .2 .0 -.4 -.3 1.6 -.1
Addenda:
Personal consumption expenditures........ -.1 -.2 -.4 -1.2 -.7 -1.1 1.0 .2
Durable goods.......................... -3.1 1.7 -3.4 -5.3 .6 -.8 3.1 -1.3
Nondurable goods....................... .2 -.8 -.6 -2.9 -3.1 -3.7 1.8 .8
Services............................... .3 -.1 .3 .4 .2 .1 .3 .1
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... -1.5 -1.0 .1 .4 .7 .2 1.3 -.4
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2007 2008\r\ III 07 IV 07 I 08 II 08 III 08 IV 08\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 6.1 3.8 5.4 4.9 3.0 6.6 .6 -1.4
Compensation of employees, received...... 5.2 3.0 4.1 5.3 3.5 1.2 3.0 -.4
Wage and salary disbursements.......... 5.6 3.0 4.3 5.6 3.3 .8 3.1 -.8
Supplements to wages and salaries...... 3.7 3.3 3.4 3.9 4.5 2.8 2.4 .9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 4.1 1.5 5.3 3.8 -.8 2.0 1.3 -7.2
Rental income of persons with capital
consumption adjustment.................. -9.6 60.8 -22.7 -27.3 5.3 401.3 87.6 216.2
Personal income receipts on assets....... 9.6 1.9 10.1 5.1 -.4 -.3 .7 -12.4
Personal interest income............... 7.9 -.5 10.4 2.1 -5.7 -5.1 2.9 -10.7
Personal dividend income............... 12.4 5.5 9.8 9.8 8.1 7.0 -2.5 -14.9
Personal current transfer receipts....... 6.9 9.1 5.1 4.1 9.6 37.8 -10.7 5.8
Less: Contributions for government social
insurance............................... 4.3 3.2 2.9 3.9 7.1 1.3 1.9 -1.4
Less: Personal current taxes............... 10.3 -2.2 3.3 5.1 3.9 -40.8 42.5 5.5
Equals: Disposable personal income......... 5.5 4.6 5.7 4.9 2.9 15.4 -3.9 -2.3
Addenda:
Personal consumption expenditures........ 5.5 3.6 4.6 5.3 4.5 5.5 1.0 -9.0
Durable goods.......................... 2.9 -5.5 .3 -1.2 -4.3 -4.3 -15.3 -24.8
Nondurable goods....................... 5.5 4.7 4.2 8.7 6.3 10.6 2.4 -24.4
Services............................... 5.9 4.7 5.6 4.9 5.3 4.9 3.4 2.6
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 2.8 1.3 3.1 .6 -.7 10.7 -8.5 2.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\r\ Jan 09\r\ Feb 09\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,281.4 8,269.3 8,231.0 8,167.7 8,196.4 8,147.5 8,205.0 8,190.6
Durable goods............................ 1,178.5 1,200.4 1,161.4 1,101.9 1,114.2 1,109.8 1,145.2 1,128.2
Nondurable goods......................... 2,392.0 2,378.5 2,358.3 2,325.4 2,337.5 2,292.8 2,320.6 2,320.1
Services................................. 4,716.6 4,703.9 4,713.4 4,724.9 4,732.2 4,731.1 4,735.8 4,733.9
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -53.0 -12.1 -38.3 -63.3 28.7 -48.9 57.5 -14.4
Durable goods............................ -38.5 21.9 -39.0 -59.5 12.3 -4.4 35.4 -17.0
Nondurable goods......................... -23.9 -13.5 -20.2 -32.9 12.1 -44.7 27.8 -.5
Services................................. -1.3 -12.7 9.5 11.5 7.3 -1.1 4.7 -1.9
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -.6 -.1 -.5 -.8 .4 -.6 .7 -.2
Durable goods............................ -3.2 1.9 -3.2 -5.1 1.1 -.4 3.2 -1.5
Nondurable goods......................... -1.0 -.6 -.8 -1.4 .5 -1.9 1.2 .0
Services................................. .0 -.3 .2 .2 .2 .0 .1 .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2007 2008\r\ III 07 IV 07 I 08 II 08 III 08 IV 08\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,252.8 8,272.1 8,278.5 8,298.2 8,316.1 8,341.3 8,260.6 8,170.5
Durable goods............................ 1,242.4 1,188.5 1,249.4 1,250.6 1,237.0 1,228.3 1,180.1 1,108.6
Nondurable goods......................... 2,392.6 2,378.4 2,398.6 2,400.2 2,397.9 2,420.7 2,376.3 2,318.6
Services................................. 4,646.2 4,714.3 4,659.8 4,676.1 4,704.3 4,712.1 4,711.3 4,729.4
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 223.8 19.3 41.2 19.7 17.9 25.2 -80.7 -90.1
Durable goods............................ 57.3 -53.9 7.1 1.2 -13.6 -8.7 -48.2 -71.5
Nondurable goods......................... 57.3 -14.2 7.1 1.6 -2.3 22.8 -44.4 -57.7
Services................................. 116.3 68.1 27.1 16.3 28.2 7.8 -.8 18.1
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 2.8 .2 2.0 1.0 .9 1.2 -3.8 -4.3
Durable goods............................ 4.8 -4.3 2.3 .4 -4.3 -2.8 -14.8 -22.1
Nondurable goods......................... 2.5 -.6 1.2 .3 -.4 3.9 -7.1 -9.4
Services................................. 2.6 1.5 2.4 1.4 2.4 .7 -.1 1.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\r\ Jan 09\r\ Feb 09\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 123.017 123.002 123.106 122.602 121.275 120.665 120.974 121.397
Durable goods............................ 86.264 86.110 85.957 85.785 85.333 84.952 84.854 85.033
Nondurable goods......................... 128.282 127.920 128.186 126.209 121.673 119.482 120.226 121.265
Services................................. 129.379 129.574 129.661 129.819 129.865 129.972 130.167 130.348
Addenda:
PCE excluding food and energy............ 117.286 117.493 117.664 117.742 117.757 117.749 117.976 118.262
Market-based PCE\1\...................... 121.348 121.292 121.406 120.814 119.240 118.515 118.826 119.263
Market-based PCE excluding food
and energy\1\........................... 114.025 114.230 114.427 114.516 114.506 114.484 114.696 114.971
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .5 .0 .1 -.4 -1.1 -.5 .3 .3
Durable goods............................ .1 -.2 -.2 -.2 -.5 -.4 -.1 .2
Nondurable goods......................... 1.2 -.3 .2 -1.5 -3.6 -1.8 .6 .9
Services................................. .3 .2 .1 .1 .0 .1 .2 .1
Addenda:
PCE excluding food and energy............ .2 .2 .1 .1 .0 .0 .2 .2
Market-based PCE\1\...................... .6 .0 .1 -.5 -1.3 -.6 .3 .4
Market-based PCE excluding food
and energy\1\........................... .2 .2 .2 .1 .0 .0 .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
-----------------------------------------------------------------------------------------------------------------------------------
Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\r\ Jan 09\r\ Feb 09\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.3 -.2 -.2 .2 1.1 1.1 2.7 2.2
Personal consumption expenditures.......... .2 -.2 -.6 -1.3 -1.4 -1.9 -1.3 -1.4
Durable goods............................ -4.4 -4.4 -7.8 -12.3 -11.0 -10.7 -7.6 -9.1
Nondurable goods......................... -.6 -.5 -1.7 -2.9 -2.8 -4.5 -3.1 -2.9
Services................................. 1.4 .7 1.2 1.5 1.1 .9 .6 .7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jul 08 Aug 08 Sep 08 Oct 08\r\ Nov 08\r\ Dec 08\r\ Jan 09\r\ Feb 09\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 4.5 4.4 4.1 3.3 1.6 .8 .8 1.0
Durable goods............................ -1.1 -.9 -.9 -1.2 -1.5 -1.7 -1.9 -1.8
Nondurable goods......................... 8.2 8.0 7.7 5.6 .1 -2.2 -2.3 -1.3
Services................................. 3.7 3.5 3.2 3.0 2.9 2.7 2.7 2.6
Addenda:
PCE excluding food and energy............ 2.4 2.4 2.3 2.1 2.0 1.8 1.7 1.8
Market-based PCE\1\...................... 4.6 4.6 4.3 3.5 1.5 .6 .5 .7
Market-based PCE excluding food
and energy\1\........................... 2.1 2.2 2.1 2.0 1.9 1.7 1.6 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.