EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, APRIL 30, 2012 BEA 12-18 James Rankin: (202)606-5301 (Personal Income) piniwd@bea.gov Kyle Brown: (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: MARCH 2012 Personal income increased $50.3 billion, or 0.4 percent, and disposable personal income (DPI) increased $42.5 billion, or 0.4 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $29.6 billion, or 0.3 percent. In February, personal income increased $39.6 billion, or 0.3 percent, DPI increased $29.4 billion, or 0.2 percent, and PCE increased $93.7 billion, or 0.9 percent, based on revised estimates. Real disposable income increased 0.2 percent in March, in contrast to a decrease of 0.1 percent in February. Real PCE increased 0.1 percent, compared with an increase of 0.5 percent. 2011 2012 Nov. Dec. Jan. Feb. Mar. (Percent change from preceding month) Personal income, current dollars 0.1 0.4 0.3 0.3 0.4 Disposable personal income: Current dollars 0.0 0.4 0.1 0.2 0.4 Chained (2005) dollars -0.1 0.3 -0.1 -0.1 0.2 Personal consumption expenditures: Current dollars 0.0 0.2 0.5 0.9 0.3 Chained (2005) dollars 0.0 0.1 0.3 0.5 0.1 Wages and salaries Private wage and salary disbursements increased $17.3 billion in March, compared with an increase of $24.1 billion in February. Goods-producing industries' payrolls decreased $1.3 billion, in contrast to an increase of $1.8 billion; manufacturing payrolls increased $0.1 billion, compared with an increase of $1.6 billion. Services-producing industries' payrolls increased $18.6 billion, compared with an increase of $22.3 billion. Government wage and salary disbursements increased $1.4 billion, compared with an increase of $0.7 billion. Other personal income Supplements to wages and salaries increased $2.7 billion in March, compared with an increase of $3.0 billion in February. Proprietors' income increased $7.1 billion in March, compared with an increase of $5.2 billion in February. Farm proprietors' income increased $0.9 billion, compared with an increase of $1.0 billion. Nonfarm proprietors' income increased $6.1 billion, compared with an increase of $4.3 billion. Rental income of persons increased $3.9 billion in March, compared with an increase of $4.5 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) increased $8.8 billion, compared with an increase of $5.1 billion. Personal current transfer receipts increased $11.6 billion in March, compared with an increase of $0.3 billion in February. Within current transfer receipts, government social benefits to persons for social security increased $6.8 billion, compared with an increase of $2.6 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.5 billion in March, compared with an increase of $3.3 billion in February. Personal current taxes and disposable personal income Personal current taxes increased $7.8 billion in March, compared with an increase of $10.2 billion in February. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $42.5 billion, or 0.4 percent, in March, compared with an increase of $29.4 billion, or 0.2 percent, in February. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $32.3 billion in March, compared with an increase of $96.6 billion in February. PCE increased $29.6 billion, compared with an increase of $93.7 billion. Personal saving -- DPI less personal outlays -- was $450.4 billion in March, compared with $440.3 billion in February. The personal saving rate -- personal saving as a percentage of disposable income -- was 3.8 percent in March, compared with 3.7 percent in February. 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, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in March, in contrast to a decrease of 0.1 percent in February. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in March, compared with an increase of 0.5 percent in February. Purchases of durable goods decreased 0.2 percent, in contrast to an increase of 2.1 percent. Purchases of motor vehicles and parts more than accounted for the decrease in March, and accounted for most of the increase in February. Purchases of nondurable goods increased 0.4 percent in March, compared with an increase of 0.1 percent in February. Purchases of services decreased less than 0.1 percent, in contrast to an increase of 0.4 percent. PCE price index -- The price index for PCE increased 0.2 percent in March, compared with an increase of 0.3 percent in February. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. Revisions Estimates have been revised for January and February. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for January and February -- revised and as published in last month's release -- are shown below. Change from preceding month January February Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 26.5 36.8 0.2 0.3 28.2 39.6 0.2 0.3 Disposable personal income: Current dollars 5.0 15.6 0.0 0.1 18.9 29.4 0.2 0.2 Chained (2005) dollars -18.8 -10.1 -0.2 -0.1 -15.3 -7.5 -0.1 -0.1 Personal consumption expenditures: Current dollars 40.9 56.0 0.4 0.5 86.0 93.7 0.8 0.9 Chained (2005) dollars 14.3 26.9 0.2 0.3 45.1 50.5 0.5 0.5 Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays covering January 2009 through May 2012 will be released along with estimates for June 2012 on July 31. The August Survey of Current Business will contain an article that describes the annual revision in detail. 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 - June 1, 2012 at 8:30 A.M. EDT for Personal Income and Outlays for April ________________________ NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,049.1 13,088.8 13,138.6 13,146.1 13,201.7 13,238.5 13,278.1 13,328.4 Compensation of employees, received...... 8,328.9 8,381.7 8,429.1 8,430.5 8,461.2 8,500.0 8,527.8 8,549.3 Wage and salary disbursements.......... 6,715.3 6,763.3 6,804.5 6,804.3 6,831.5 6,861.9 6,886.7 6,905.4 Private industries................... 5,525.5 5,574.2 5,615.7 5,615.2 5,642.3 5,670.1 5,694.2 5,711.5 Goods-producing industries......... 1,114.4 1,124.8 1,133.7 1,129.4 1,140.7 1,150.2 1,152.0 1,150.7 Manufacturing.................... 707.2 712.1 717.6 713.9 721.3 728.9 730.5 730.6 Services-producing industries...... 4,411.2 4,449.4 4,482.0 4,485.8 4,501.7 4,519.9 4,542.2 4,560.8 Trade, transportation, and utilities....................... 1,060.0 1,068.3 1,077.9 1,080.2 1,083.4 1,086.8 1,090.7 1,088.9 Other services-producing industries...................... 3,351.2 3,381.1 3,404.0 3,405.6 3,418.2 3,433.2 3,451.5 3,471.9 Government........................... 1,189.8 1,189.1 1,188.9 1,189.0 1,189.2 1,191.8 1,192.5 1,193.9 Supplements to wages and salaries...... 1,613.5 1,618.4 1,624.6 1,626.3 1,629.7 1,638.1 1,641.1 1,643.8 Employer contributions for employee pension and insurance funds......... 1,112.6 1,114.5 1,117.8 1,119.6 1,121.4 1,123.5 1,125.0 1,126.7 Employer contributions for government social insurance.................... 500.9 503.9 506.8 506.7 508.3 514.6 516.1 517.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,116.2 1,115.9 1,118.8 1,118.6 1,121.7 1,126.7 1,131.9 1,139.0 Farm................................... 67.5 68.1 65.4 62.7 60.0 61.0 62.0 62.9 Nonfarm................................ 1,048.7 1,047.8 1,053.4 1,055.9 1,061.6 1,065.7 1,070.0 1,076.1 Rental income of persons with capital consumption adjustment.................. 406.2 412.0 419.4 427.3 434.9 439.0 443.5 447.4 Personal income receipts on assets....... 1,794.7 1,781.8 1,785.2 1,785.1 1,788.8 1,790.1 1,795.2 1,804.0 Personal interest income............... 994.8 981.8 979.3 976.8 974.3 977.4 980.5 983.6 Personal dividend income............... 799.9 799.9 805.8 808.3 814.5 812.7 814.7 820.5 Personal current transfer receipts....... 2,334.4 2,335.1 2,329.3 2,327.9 2,342.0 2,339.5 2,339.8 2,351.4 Government social benefits to persons.. 2,295.0 2,295.8 2,289.7 2,288.3 2,302.4 2,300.2 2,300.5 2,312.2 Social security\1\................... 716.1 717.7 718.3 719.5 729.1 749.4 752.0 758.8 Medicare\2\.......................... 558.1 559.5 557.0 555.0 553.9 552.5 553.4 555.5 Medicaid............................. 413.8 409.9 410.2 411.7 412.6 409.9 409.2 410.0 Unemployment insurance............... 102.1 102.3 100.3 97.9 102.2 97.4 93.8 92.5 Veterans' benefits................... 65.4 65.7 65.1 64.2 63.5 66.6 66.7 69.4 Other................................ 439.5 440.7 438.9 440.0 441.0 424.4 425.5 425.9 Other current transfer receipts, from business (net)........................ 39.3 39.3 39.6 39.6 39.5 39.4 39.3 39.3 Less: Contributions for government social insurance, domestic..................... 931.4 937.7 943.3 943.3 946.8 956.9 960.2 962.7 Less: Personal current taxes............... 1,406.0 1,413.4 1,424.1 1,428.4 1,438.2 1,459.4 1,469.6 1,477.4 Equals: Disposable personal income......... 11,643.1 11,675.4 11,714.4 11,717.7 11,763.5 11,779.1 11,808.5 11,851.0 Less: Personal outlays..................... 11,093.5 11,173.1 11,192.6 11,196.4 11,214.1 11,271.7 11,368.3 11,400.6 Personal consumption expenditures........ 10,763.4 10,840.6 10,861.7 10,867.0 10,886.2 10,942.2 11,035.9 11,065.5 Goods.................................. 3,640.1 3,700.4 3,714.3 3,709.2 3,706.8 3,749.6 3,799.6 3,819.2 Durable goods........................ 1,143.5 1,176.7 1,191.0 1,191.9 1,201.8 1,219.8 1,244.4 1,240.7 Nondurable goods..................... 2,496.6 2,523.7 2,523.3 2,517.3 2,505.0 2,529.8 2,555.2 2,578.5 Services............................... 7,123.4 7,140.2 7,147.4 7,157.8 7,179.4 7,192.6 7,236.3 7,246.3 Personal interest payments\3\............ 158.4 160.7 158.7 156.7 154.7 156.9 159.2 161.4 Personal current transfer payments....... 171.6 171.9 172.2 172.8 173.3 172.6 173.2 173.6 To government.......................... 97.8 98.1 98.7 99.2 99.7 100.4 100.9 101.3 To the rest of the world (net)......... 73.8 73.8 73.6 73.6 73.6 72.3 72.3 72.3 Equals: Personal saving.................... 549.6 502.2 521.8 521.3 549.4 507.4 440.3 450.4 Personal saving as a percentage of disposable personal income.............. 4.7 4.3 4.5 4.4 4.7 4.3 3.7 3.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,369.2 9,387.7 9,435.4 9,434.9 9,464.7 9,476.9 9,480.6 9,494.4 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,181.0 10,192.3 10,225.6 10,219.4 10,252.4 10,242.3 10,234.8 10,250.3 Per capita: Current dollars...................... 37,278 37,356 37,457 37,445 37,570 37,599 37,674 37,789 Chained (2005) dollars............... 32,597 32,611 32,696 32,657 32,744 32,694 32,653 32,685 Population (midperiod, thousands)\5\..... 312,330 312,542 312,747 312,932 313,109 313,278 313,441 313,612 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 IV 10 I 11 II 11 III 11 IV 11 I 12 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,373.5 13,005.3 12,577.6 12,846.9 12,955.3 13,056.8 13,162.1 13,281.7 Compensation of employees, received...... 7,971.4 8,292.7 8,050.8 8,172.5 8,219.7 8,338.3 8,440.3 8,525.7 Wage and salary disbursements.......... 6,408.2 6,683.2 6,477.0 6,578.2 6,617.1 6,724.3 6,813.4 6,884.7 Private industries................... 5,217.4 5,492.9 5,288.4 5,387.1 5,425.2 5,535.0 5,624.4 5,691.9 Goods-producing industries......... 1,059.2 1,110.1 1,070.8 1,092.3 1,096.9 1,116.6 1,134.6 1,151.0 Manufacturing.................... 674.2 706.9 685.5 700.4 700.4 709.0 717.6 730.0 Services-producing industries...... 4,158.2 4,382.8 4,217.6 4,294.7 4,328.3 4,418.4 4,489.8 4,541.0 Trade, transportation, and utilities....................... 1,006.0 1,055.0 1,016.1 1,034.4 1,043.1 1,062.1 1,080.5 1,088.8 Other services-producing industries...................... 3,152.2 3,327.8 3,201.5 3,260.3 3,285.1 3,356.3 3,409.3 3,452.2 Government........................... 1,190.8 1,190.3 1,188.6 1,191.1 1,191.9 1,189.3 1,189.0 1,192.7 Supplements to wages and salaries...... 1,563.1 1,609.5 1,573.7 1,594.4 1,602.7 1,614.0 1,626.9 1,641.0 Employer contributions for employee pension and insurance funds......... 1,089.9 1,111.0 1,096.8 1,103.0 1,108.7 1,112.6 1,119.6 1,125.1 Employer contributions for government social insurance.................... 473.2 498.5 476.9 491.4 494.0 501.3 507.3 515.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,036.4 1,108.9 1,081.5 1,095.6 1,106.5 1,113.7 1,119.7 1,132.6 Farm................................... 52.2 65.9 60.1 66.1 67.3 67.5 62.7 62.0 Nonfarm................................ 984.2 1,043.0 1,021.4 1,029.5 1,039.2 1,046.2 1,057.0 1,070.6 Rental income of persons with capital consumption adjustment.................. 350.2 403.9 354.8 385.0 396.9 406.3 427.2 443.3 Personal income receipts on assets....... 1,721.2 1,790.0 1,743.5 1,777.2 1,802.3 1,794.2 1,786.3 1,796.4 Personal interest income............... 1,003.4 998.1 989.6 1,004.7 1,015.9 994.8 976.8 980.5 Personal dividend income............... 717.7 791.9 753.9 772.5 786.4 799.4 809.5 816.0 Personal current transfer receipts....... 2,281.2 2,336.2 2,341.2 2,328.1 2,347.3 2,336.6 2,333.1 2,343.6 Government social benefits to persons.. 2,242.9 2,296.8 2,301.9 2,288.6 2,307.9 2,297.2 2,293.5 2,304.3 Social security\1\................... 690.2 713.5 699.9 703.1 712.2 716.3 722.3 753.4 Medicare\2\.......................... 518.4 553.7 535.3 547.8 553.9 557.8 555.3 553.8 Medicaid............................. 405.4 424.3 439.8 432.1 437.4 416.4 411.5 409.7 Unemployment insurance............... 138.7 107.4 128.7 117.5 108.8 103.0 100.1 94.6 Veterans' benefits................... 57.9 63.4 59.4 61.3 62.8 65.0 64.3 67.6 Other................................ 432.4 434.6 438.7 426.9 432.7 438.6 440.0 425.3 Other current transfer receipts, from business (net)........................ 38.3 39.5 39.3 39.5 39.4 39.4 39.6 39.3 Less: Contributions for government social insurance, domestic..................... 986.8 926.4 994.1 911.5 917.4 932.4 944.5 959.9 Less: Personal current taxes............... 1,193.9 1,400.3 1,240.9 1,365.9 1,396.2 1,409.1 1,430.2 1,468.8 Equals: Disposable personal income......... 11,179.7 11,604.9 11,336.7 11,481.0 11,559.2 11,647.7 11,731.9 11,812.9 Less: Personal outlays..................... 10,586.9 11,055.1 10,748.6 10,902.1 11,002.6 11,114.6 11,201.0 11,346.9 Personal consumption expenditures........ 10,245.5 10,726.0 10,417.1 10,571.7 10,676.0 10,784.5 10,871.6 11,014.5 Goods.................................. 3,387.0 3,646.6 3,483.4 3,592.2 3,622.7 3,661.2 3,710.1 3,789.5 Durable goods........................ 1,085.5 1,162.9 1,124.7 1,154.5 1,143.8 1,158.3 1,194.9 1,234.9 Nondurable goods..................... 2,301.5 2,483.7 2,358.7 2,437.8 2,478.9 2,503.0 2,515.2 2,554.5 Services............................... 6,858.5 7,079.4 6,933.7 6,979.4 7,053.3 7,123.2 7,161.5 7,225.1 Personal interest payments\3\............ 173.4 157.8 162.7 160.3 155.9 158.4 156.7 159.2 Personal current transfer payments....... 168.0 171.3 168.9 170.1 170.7 171.6 172.8 173.2 To government.......................... 95.1 97.7 96.5 96.6 97.1 97.8 99.2 100.9 To the rest of the world (net)......... 72.9 73.6 72.5 73.5 73.5 73.8 73.6 72.3 Equals: Personal saving.................... 592.8 549.8 588.1 578.9 556.5 533.1 530.8 466.0 Personal saving as a percentage of disposable personal income.............. 5.3 4.7 5.2 5.0 4.8 4.6 4.5 3.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,083.0 9,371.3 9,166.7 9,329.8 9,332.9 9,377.3 9,445.0 9,483.9 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,061.6 10,193.4 10,152.0 10,183.2 10,169.7 10,188.6 10,232.4 10,242.4 Per capita: Current dollars...................... 36,090 37,191 36,491 36,895 37,082 37,293 37,491 37,687 Chained (2005) dollars............... 32,481 32,667 32,678 32,724 32,625 32,621 32,699 32,677 Population (midperiod, thousands)\5\..... 309,774 312,040 310,670 311,184 311,717 312,330 312,929 313,444 ----------------------------------------------------------------------------------------------------------------------------------- 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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] ----------------------------------------------------------------------------------------------------------------------------------- Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 16.6 39.7 49.8 7.5 55.6 36.8 39.6 50.3 Compensation of employees, received...... 24.6 52.8 47.4 1.4 30.7 38.8 27.8 21.5 Wage and salary disbursements.......... 20.9 48.0 41.2 -.2 27.2 30.4 24.8 18.7 Private industries................... 20.2 48.7 41.5 -.5 27.1 27.8 24.1 17.3 Goods-producing industries......... 3.6 10.4 8.9 -4.3 11.3 9.5 1.8 -1.3 Manufacturing.................... -.6 4.9 5.5 -3.7 7.4 7.6 1.6 .1 Services-producing industries...... 16.6 38.2 32.6 3.8 15.9 18.2 22.3 18.6 Trade, transportation, and utilities....................... 1.9 8.3 9.6 2.3 3.2 3.4 3.9 -1.8 Other services-producing industries...................... 14.7 29.9 22.9 1.6 12.6 15.0 18.3 20.4 Government........................... .8 -.7 -.2 .1 .2 2.6 .7 1.4 Supplements to wages and salaries...... 3.6 4.9 6.2 1.7 3.4 8.4 3.0 2.7 Employer contributions for employee pension and insurance funds......... 1.8 1.9 3.3 1.8 1.8 2.1 1.5 1.7 Employer contributions for government social insurance.................... 1.7 3.0 2.9 -.1 1.6 6.3 1.5 1.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 7.1 -.3 2.9 -.2 3.1 5.0 5.2 7.1 Farm................................... .5 .6 -2.7 -2.7 -2.7 1.0 1.0 .9 Nonfarm................................ 6.6 -.9 5.6 2.5 5.7 4.1 4.3 6.1 Rental income of persons with capital consumption adjustment.................. 5.4 5.8 7.4 7.9 7.6 4.1 4.5 3.9 Personal income receipts on assets....... -11.3 -12.9 3.4 -.1 3.7 1.3 5.1 8.8 Personal interest income............... -12.9 -13.0 -2.5 -2.5 -2.5 3.1 3.1 3.1 Personal dividend income............... 1.6 .0 5.9 2.5 6.2 -1.8 2.0 5.8 Personal current transfer receipts....... -5.9 .7 -5.8 -1.4 14.1 -2.5 .3 11.6 Government social benefits to persons.. -5.7 .8 -6.1 -1.4 14.1 -2.2 .3 11.7 Social security\1\................... .9 1.6 .6 1.2 9.6 20.3 2.6 6.8 Medicare\2\.......................... 2.3 1.4 -2.5 -2.0 -1.1 -1.4 .9 2.1 Medicaid............................. -11.6 -3.9 .3 1.5 .9 -2.7 -.7 .8 Unemployment insurance............... -2.6 .2 -2.0 -2.4 4.3 -4.8 -3.6 -1.3 Veterans' benefits................... 1.4 .3 -.6 -.9 -.7 3.1 .1 2.7 Other................................ 3.9 1.2 -1.8 1.1 1.0 -16.6 1.1 .4 Other current transfer receipts, from business (net)........................ -.3 .0 .3 .0 -.1 -.1 -.1 .0 Less: Contributions for government social insurance, domestic..................... 3.3 6.3 5.6 .0 3.5 10.1 3.3 2.5 Less: Personal current taxes............... -1.8 7.4 10.7 4.3 9.8 21.2 10.2 7.8 Equals: Disposable personal income......... 18.5 32.3 39.0 3.3 45.8 15.6 29.4 42.5 Less: Personal outlays..................... 16.5 79.6 19.5 3.8 17.7 57.6 96.6 32.3 Personal consumption expenditures........ 14.0 77.2 21.1 5.3 19.2 56.0 93.7 29.6 Goods.................................. -3.2 60.3 13.9 -5.1 -2.4 42.8 50.0 19.6 Durable goods........................ -11.1 33.2 14.3 .9 9.9 18.0 24.6 -3.7 Nondurable goods..................... 8.0 27.1 -.4 -6.0 -12.3 24.8 25.4 23.3 Services............................... 17.2 16.8 7.2 10.4 21.6 13.2 43.7 10.0 Personal interest payments\3\............ 2.2 2.3 -2.0 -2.0 -2.0 2.2 2.3 2.2 Personal current transfer payments....... .2 .3 .3 .6 .5 -.7 .6 .4 To government.......................... .3 .3 .6 .5 .5 .7 .5 .4 To the rest of the world (net)......... .0 .0 -.2 .0 .0 -1.3 .0 .0 Equals: Personal saving.................... 2.0 -47.4 19.6 -.5 28.1 -42.0 -67.1 10.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... -5.7 18.5 47.7 -.5 29.8 12.2 3.7 13.8 Disposable personal income, billions of chained (2005) dollars\4\............ -11.5 11.3 33.3 -6.2 33.0 -10.1 -7.5 15.5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is 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] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 IV 10 I 11 II 11 III 11 IV 11 I 12 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 443.3 631.8 124.4 269.3 108.4 101.5 105.3 119.6 Compensation of employees, received...... 170.0 321.3 28.6 121.7 47.2 118.6 102.0 85.4 Wage and salary disbursements.......... 137.9 275.0 22.5 101.2 38.9 107.2 89.1 71.3 Private industries................... 122.4 275.5 23.7 98.7 38.1 109.8 89.4 67.5 Goods-producing industries......... -4.2 50.9 .3 21.5 4.6 19.7 18.0 16.4 Manufacturing.................... 13.3 32.7 3.3 14.9 .0 8.6 8.6 12.4 Services-producing industries...... 126.5 224.6 23.4 77.1 33.6 90.1 71.4 51.2 Trade, transportation, and utilities....................... 16.4 49.0 .2 18.3 8.7 19.0 18.4 8.3 Other services-producing industries...................... 110.2 175.6 23.2 58.8 24.8 71.2 53.0 42.9 Government........................... 15.5 -.5 -1.3 2.5 .8 -2.6 -.3 3.7 Supplements to wages and salaries...... 32.0 46.4 6.0 20.7 8.3 11.3 12.9 14.1 Employer contributions for employee pension and insurance funds......... 16.8 21.1 4.8 6.2 5.7 3.9 7.0 5.5 Employer contributions for government social insurance.................... 15.2 25.3 1.2 14.5 2.6 7.3 6.0 8.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 95.2 72.5 24.5 14.1 10.9 7.2 6.0 12.9 Farm................................... 13.0 13.7 1.8 6.0 1.2 .2 -4.8 -.7 Nonfarm................................ 82.2 58.8 22.7 8.1 9.7 7.0 10.8 13.6 Rental income of persons with capital consumption adjustment.................. 44.3 53.7 2.0 30.2 11.9 9.4 20.9 16.1 Personal income receipts on assets....... 13.5 68.8 20.1 33.7 25.1 -8.1 -7.9 10.1 Personal interest income............... -105.5 -5.3 5.7 15.1 11.2 -21.1 -18.0 3.7 Personal dividend income............... 118.9 74.2 14.5 18.6 13.9 13.0 10.1 6.5 Personal current transfer receipts....... 143.1 55.0 51.8 -13.1 19.2 -10.7 -3.5 10.5 Government social benefits to persons.. 143.0 53.9 50.5 -13.3 19.3 -10.7 -3.7 10.8 Social security\1\................... 25.7 23.3 6.0 3.2 9.1 4.1 6.0 31.1 Medicare\2\.......................... 24.6 35.3 13.9 12.5 6.1 3.9 -2.5 -1.5 Medicaid............................. 31.3 18.9 34.6 -7.7 5.3 -21.0 -4.9 -1.8 Unemployment insurance............... 8.1 -31.3 -7.1 -11.2 -8.7 -5.8 -2.9 -5.5 Veterans' benefits................... 6.4 5.5 .4 1.9 1.5 2.2 -.7 3.3 Other................................ 47.0 2.2 2.6 -11.8 5.8 5.9 1.4 -14.7 Other current transfer receipts, from business (net)........................ .1 1.2 1.4 .2 -.1 .0 .2 -.3 Less: Contributions for government social insurance, domestic..................... 22.7 -60.4 2.6 -82.6 5.9 15.0 12.1 15.4 Less: Personal current taxes............... 52.5 206.4 28.1 125.0 30.3 12.9 21.1 38.6 Equals: Disposable personal income......... 390.9 425.2 96.3 144.3 78.2 88.5 84.2 81.0 Less: Personal outlays..................... 350.6 468.2 133.8 153.5 100.5 112.0 86.4 145.9 Personal consumption expenditures........ 379.4 480.5 140.5 154.6 104.3 108.5 87.1 142.9 Goods.................................. 189.5 259.6 96.9 108.8 30.5 38.5 48.9 79.4 Durable goods........................ 55.9 77.4 37.2 29.8 -10.7 14.5 36.6 40.0 Nondurable goods..................... 133.7 182.2 59.7 79.1 41.1 24.1 12.2 39.3 Services............................... 189.8 220.9 43.6 45.7 73.9 69.9 38.3 63.6 Personal interest payments\3\............ -40.3 -15.6 -5.4 -2.4 -4.4 2.5 -1.7 2.5 Personal current transfer payments....... 11.5 3.3 -1.2 1.2 .6 .9 1.2 .4 To government.......................... 6.0 2.6 .7 .1 .5 .7 1.4 1.7 To the rest of the world (net)......... 5.5 .7 -1.8 1.0 .0 .3 -.2 -1.3 Equals: Personal saving.................... 40.2 -43.0 -37.5 -9.2 -22.4 -23.4 -2.3 -64.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 113.3 288.3 21.0 163.1 3.1 44.4 67.7 38.9 Disposable personal income, billions of chained (2005) dollars\4\............ 178.9 131.8 37.6 31.2 -13.5 18.9 43.8 10.0 ----------------------------------------------------------------------------------------------------------------------------------- 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is 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] ----------------------------------------------------------------------------------------------------------------------------------- Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .1 .3 .4 .1 .4 .3 .3 .4 Compensation of employees, received...... .3 .6 .6 .0 .4 .5 .3 .3 Wage and salary disbursements.......... .3 .7 .6 .0 .4 .4 .4 .3 Supplements to wages and salaries...... .2 .3 .4 .1 .2 .5 .2 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .6 .0 .3 .0 .3 .5 .5 .6 Rental income of persons with capital consumption adjustment.................. 1.4 1.4 1.8 1.9 1.8 1.0 1.0 .9 Personal income receipts on assets....... -.6 -.7 .2 .0 .2 .1 .3 .5 Personal interest income............... -1.3 -1.3 -.3 -.3 -.3 .3 .3 .3 Personal dividend income............... .2 .0 .7 .3 .8 -.2 .2 .7 Personal current transfer receipts....... -.3 .0 -.2 -.1 .6 -.1 .0 .5 Less: Contributions for government social insurance, domestic..................... .4 .7 .6 .0 .4 1.1 .3 .3 Less: Personal current taxes............... -.1 .5 .8 .3 .7 1.5 .7 .5 Equals: Disposable personal income......... .2 .3 .3 .0 .4 .1 .2 .4 Addenda: Personal consumption expenditures........ .1 .7 .2 .0 .2 .5 .9 .3 Goods.................................. -.1 1.7 .4 -.1 -.1 1.2 1.3 .5 Durable goods........................ -1.0 2.9 1.2 .1 .8 1.5 2.0 -.3 Nondurable goods..................... .3 1.1 .0 -.2 -.5 1.0 1.0 .9 Services............................... .2 .2 .1 .1 .3 .2 .6 .1 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.1 .2 .5 .0 .3 .1 .0 .1 Real disposable personal income.......... -.1 .1 .3 -.1 .3 -.1 -.1 .2 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 IV 10 I 11 II 11 III 11 IV 11 I 12 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 3.7 5.1 4.1 8.8 3.4 3.2 3.3 3.7 Compensation of employees, received...... 2.2 4.0 1.4 6.2 2.3 5.9 5.0 4.1 Wage and salary disbursements.......... 2.2 4.3 1.4 6.4 2.4 6.6 5.4 4.2 Supplements to wages and salaries...... 2.1 3.0 1.6 5.4 2.1 2.8 3.2 3.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.1 7.0 9.6 5.3 4.0 2.6 2.2 4.7 Rental income of persons with capital consumption adjustment.................. 14.5 15.3 2.4 38.6 13.0 9.8 22.2 16.0 Personal income receipts on assets....... .8 4.0 4.7 8.0 5.8 -1.8 -1.7 2.3 Personal interest income............... -9.5 -.5 2.3 6.3 4.5 -8.1 -7.0 1.5 Personal dividend income............... 19.9 10.3 8.1 10.2 7.4 6.8 5.2 3.2 Personal current transfer receipts....... 6.7 2.4 9.4 -2.2 3.3 -1.8 -.6 1.8 Less: Contributions for government social insurance, domestic..................... 2.4 -6.1 1.1 -29.3 2.6 6.7 5.3 6.7 Less: Personal current taxes............... 4.6 17.3 9.6 46.8 9.2 3.7 6.1 11.2 Equals: Disposable personal income......... 3.6 3.8 3.5 5.2 2.8 3.1 2.9 2.8 Addenda: Personal consumption expenditures........ 3.8 4.7 5.6 6.1 4.0 4.1 3.3 5.4 Goods.................................. 5.9 7.7 11.9 13.1 3.4 4.3 5.4 8.8 Durable goods........................ 5.4 7.1 14.4 11.0 -3.7 5.2 13.3 14.1 Nondurable goods..................... 6.2 7.9 10.8 14.1 6.9 3.9 2.0 6.4 Services............................... 2.8 3.2 2.6 2.7 4.3 4.0 2.2 3.6 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 1.3 3.2 .9 7.3 .1 1.9 2.9 1.7 Real disposable personal income.......... 1.8 1.3 1.5 1.2 -.5 .7 1.7 .4 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,411.8 9,463.5 9,481.2 9,477.5 9,487.7 9,514.6 9,565.1 9,570.9 Goods.................................... 3,321.9 3,367.8 3,387.3 3,384.3 3,390.1 3,418.9 3,444.8 3,451.9 Durable goods.......................... 1,260.4 1,302.2 1,318.8 1,323.3 1,337.4 1,356.6 1,384.7 1,382.1 Nondurable goods....................... 2,067.8 2,078.1 2,083.4 2,077.3 2,072.1 2,083.9 2,086.6 2,094.9 Services................................. 6,094.5 6,102.0 6,101.1 6,100.2 6,104.9 6,104.1 6,129.4 6,128.3 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -13.3 51.7 17.7 -3.7 10.2 26.9 50.5 5.8 Goods.................................... -16.7 45.9 19.5 -3.0 5.8 28.8 25.9 7.1 Durable goods.......................... -10.4 41.8 16.6 4.5 14.1 19.2 28.1 -2.6 Nondurable goods....................... -7.3 10.3 5.3 -6.1 -5.2 11.8 2.7 8.3 Services................................. 2.7 7.5 -.9 -.9 4.7 -.8 25.3 -1.1 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.1 .5 .2 .0 .1 .3 .5 .1 Goods.................................... -.5 1.4 .6 -.1 .2 .9 .8 .2 Durable goods.......................... -.8 3.3 1.3 .3 1.1 1.4 2.1 -.2 Nondurable goods....................... -.4 .5 .3 -.3 -.3 .6 .1 .4 Services................................. .0 .1 .0 .0 .1 .0 .4 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 IV 10 I 11 II 11 III 11 IV 11 I 12 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,220.9 9,421.3 9,328.4 9,376.7 9,392.7 9,433.5 9,482.1 9,550.2 Goods.................................... 3,230.7 3,351.4 3,306.0 3,344.4 3,331.2 3,342.7 3,387.2 3,438.5 Durable goods.......................... 1,188.3 1,285.4 1,242.4 1,277.4 1,260.2 1,277.8 1,326.5 1,374.5 Nondurable goods....................... 2,041.3 2,075.8 2,067.4 2,075.4 2,076.6 2,073.7 2,077.6 2,088.5 Services................................. 5,991.8 6,076.1 6,027.5 6,039.1 6,067.0 6,096.1 6,102.1 6,120.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 183.4 200.4 81.3 48.3 16.0 40.8 48.6 68.1 Goods.................................... 132.7 120.7 65.2 38.4 -13.2 11.5 44.5 51.3 Durable goods.......................... 80.0 97.1 48.3 35.0 -17.2 17.6 48.7 48.0 Nondurable goods....................... 57.9 34.5 21.6 8.0 1.2 -2.9 3.9 10.9 Services................................. 56.3 84.3 19.4 11.6 27.9 29.1 6.0 18.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.0 2.2 3.6 2.1 .7 1.7 2.1 2.9 Goods.................................... 4.3 3.7 8.3 4.7 -1.6 1.4 5.4 6.2 Durable goods.......................... 7.2 8.2 17.2 11.7 -5.3 5.7 16.1 15.3 Nondurable goods....................... 2.9 1.7 4.3 1.6 .2 -.5 .8 2.1 Services................................. .9 1.4 1.3 .8 1.9 1.9 .4 1.2 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 114.364 114.554 114.563 114.664 114.742 115.008 115.380 115.620 Goods.................................... 109.582 109.879 109.658 109.602 109.345 109.675 110.304 110.645 Durable goods.......................... 90.705 90.340 90.288 90.053 89.843 89.892 89.847 89.747 Nondurable goods....................... 120.741 121.447 121.123 121.184 120.899 121.405 122.469 123.094 Services................................. 116.886 117.017 117.152 117.340 117.604 117.834 118.062 118.246 Addenda: PCE excluding food and energy............ 112.222 112.222 112.353 112.514 112.685 112.946 113.106 113.285 Food\1\.................................. 119.315 119.942 120.208 120.153 120.439 120.608 120.586 120.742 Energy goods and services\2\............. 143.359 146.341 143.784 143.034 141.058 141.498 146.496 148.010 Market-based PCE\3\...................... 114.230 114.485 114.462 114.554 114.627 114.874 115.262 115.506 Market-based PCE excluding food and energy\3\........................... 111.729 111.774 111.886 112.046 112.225 112.464 112.610 112.784 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .3 .2 .0 .1 .1 .2 .3 .2 Goods.................................... .4 .3 -.2 -.1 -.2 .3 .6 .3 Durable goods.......................... -.1 -.4 -.1 -.3 -.2 .1 -.1 -.1 Nondurable goods....................... .7 .6 -.3 .1 -.2 .4 .9 .5 Services................................. .2 .1 .1 .2 .2 .2 .2 .2 Addenda: PCE excluding food and energy............ .2 .0 .1 .1 .2 .2 .1 .2 Food\1\.................................. .6 .5 .2 .0 .2 .1 .0 .1 Energy goods and services\2\............. 1.2 2.1 -1.7 -.5 -1.4 .3 3.5 1.0 Market-based PCE\3\...................... .3 .2 .0 .1 .1 .2 .3 .2 Market-based PCE excluding food and energy\3\........................... .2 .0 .1 .1 .2 .2 .1 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .5 .8 .8 .7 .8 .6 .5 .6 Personal consumption expenditures.......... 1.7 2.1 1.9 1.5 1.5 1.8 2.0 1.8 Goods.................................... 2.4 3.2 2.7 2.2 2.4 2.8 2.7 3.0 Durable goods.......................... 6.1 7.8 6.6 6.7 7.0 7.4 7.7 7.6 Nondurable goods....................... .7 1.1 1.0 .2 .3 .6 .3 .9 Services................................. 1.4 1.5 1.5 1.2 1.1 1.3 1.6 1.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.9 2.9 2.7 2.7 2.5 2.4 2.3 2.1 Goods.................................... 4.8 4.9 4.3 4.2 3.4 2.9 2.7 2.2 Durable goods.......................... -.5 -.7 -.5 -.6 -.4 -.4 -.7 -.7 Nondurable goods....................... 7.4 7.6 6.6 6.5 5.2 4.5 4.3 3.6 Services................................. 1.9 2.0 1.9 2.0 2.1 2.2 2.1 2.1 Addenda: PCE excluding food and energy............ 1.7 1.6 1.7 1.8 1.9 1.9 1.9 2.0 Food\1\.................................. 4.8 5.1 5.2 5.1 5.3 4.7 3.9 3.1 Energy goods and services\2\............. 19.6 20.7 15.4 14.6 8.6 6.5 6.5 3.7 Market-based PCE\3\...................... 3.0 3.1 2.9 2.9 2.7 2.6 2.4 2.2 Market-based PCE excluding food and energy\3\........................... 1.6 1.6 1.7 1.8 2.0 2.0 2.0 2.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.