EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, OCTOBER 29, 2012 BEA 12-49 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: SEPTEMBER 2012 Personal income increased $48.1 billion, or 0.4 percent, and disposable personal income (DPI) increased $43.0 billion, or 0.4 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $87.9 billion, or 0.8 percent. In August, personal income increased $17.8 billion, or 0.1 percent, DPI increased $15.1 billion, or 0.1 percent, and PCE increased $59.9 billion, or 0.5 percent, based on revised estimates. Real disposable income decreased less than 0.1 percent in September, compared with a decrease of 0.3 percent in August. Real PCE increased 0.4 percent, compared with an increase of 0.1 percent. 2012 May June July Aug. Sept. (Percent change from preceding month) Personal income, current dollars 0.3 0.3 0.2 0.1 0.4 Disposable personal income: Current dollars 0.3 0.3 0.2 0.1 0.4 Chained (2005) dollars 0.5 0.2 0.1 -0.3 0.0 Personal consumption expenditures: Current dollars -0.2 0.0 0.4 0.5 0.8 Chained (2005) dollars 0.0 -0.1 0.3 0.1 0.4 FOOTNOTE.___________ 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. ____________ Wages and salaries Private wage and salary disbursements increased $19.5 billion in September, compared with an increase of $4.1 billion in August. Goods-producing industries' payrolls increased $2.9 billion, in contrast to a decrease of $7.2 billion; manufacturing payrolls increased $0.5 billion, in contrast to a decrease of $6.3 billion. Services-producing industries' payrolls increased $16.6 billion, compared with an increase of $11.3 billion. Government wage and salary disbursements increased $1.4 billion, compared with an increase of $2.8 billion. Other personal income Supplements to wages and salaries increased $4.7 billion in September, compared with an increase of $3.3 billion in August. Proprietors' income increased $13.2 billion in September, compared with an increase of $8.6 billion in August. Farm proprietors' income increased $3.9 billion in September, the same increase as in August. Nonfarm proprietors' income increased $9.4 billion in September, compared with an increase of $4.8 billion in August. Rental income of persons increased $5.1 billion in September, compared with an increase of $5.0 billion in August. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $5.7 billion, compared with a decrease of $3.9 billion. Personal current transfer receipts increased $12.7 billion in September, in contrast to a decrease of $1.6 billion in August. Within current transfer receipts, government social benefits to persons for social security benefits increased $14.0 billion, in contrast to a decrease of $2.4 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.8 billion in September, compared with an increase of $0.7 billion in August. Personal current taxes and disposable personal income Personal current taxes increased $5.2 billion in September, compared with an increase of $2.5 billion in August. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $43.0 billion, or 0.4 percent, in September, compared with an increase of $15.1 billion, or 0.1 percent, in August. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $93.1 billion in September, compared with an increase of $65.0 billion in August. PCE increased $87.9 billion, compared with an increase of $59.9 billion. Personal saving -- DPI less personal outlays -- was $395.0 billion in September, compared with $445.1 billion in August. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.3 percent in September, compared with 3.7 percent in August. 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 http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- decreased less than 0.1 percent in September, compared with a decrease of 0.3 percent in August. Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in September, compared with an increase of 0.1 percent in August. Purchases of durable goods increased 1.3 percent, compared with an increase of 1.5 percent. Purchases of nondurable goods increased 0.5 percent, compared with an increase of 0.4 percent. Purchases of services increased 0.2 percent, in contrast to a decrease of 0.2 percent. The price index for PCE increased 0.4 percent in September, the same increase as in August. The PCE price index, excluding food and energy, increased 0.1 percent in September, the same increase as in August. Revisions Estimates have been revised for July and August. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for July and August -- revised and as published in last month's release -- are shown below. Change from preceding month July August Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 18.5 21.9 0.1 0.2 15.0 17.8 0.1 0.1 Disposable personal income: Current dollars 15.4 19.0 0.1 0.2 12.5 15.1 0.1 0.1 Chained (2005) dollars 9.7 10.4 0.1 0.1 -33.9 -28.6 -0.3 -0.3 Personal consumption expenditures: Current dollars 45.4 43.2 0.4 0.4 57.2 59.9 0.5 0.5 Chained (2005) dollars 35.8 31.8 0.4 0.3 7.7 12.8 0.1 0.1 BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release - November 30, 2012 at 8:30 A.M. EST for Personal Income and Outlays for October Release Dates for 2013 December 2012.. January 31 April 2013..May 31 August 2013.....September 27 January 2013... March 1 May 2013....June 27 September 2013..October 31 February 2013.. March 29 June 2013...August 2 October 2013....November 27 March 2013..... April 29 July 2013...August 30 November 2013...December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,234.7 13,298.3 13,320.1 13,355.3 13,396.9 13,418.8 13,436.6 13,484.7 Compensation of employees, received...... 8,501.7 8,544.6 8,544.6 8,555.5 8,585.8 8,600.9 8,611.1 8,636.7 Wage and salary disbursements.......... 6,831.5 6,869.4 6,867.0 6,874.9 6,901.4 6,912.8 6,919.8 6,940.6 Private industries................... 5,632.1 5,669.2 5,666.8 5,675.3 5,701.7 5,712.1 5,716.2 5,735.7 Goods-producing industries......... 1,145.6 1,153.0 1,148.8 1,142.9 1,149.3 1,154.3 1,147.1 1,150.0 Manufacturing.................... 723.5 729.2 726.8 723.4 728.4 732.0 725.7 726.2 Services-producing industries...... 4,486.4 4,516.2 4,518.0 4,532.4 4,552.4 4,557.8 4,569.1 4,585.7 Trade, transportation, and utilities....................... 1,086.4 1,088.7 1,091.8 1,094.6 1,101.1 1,101.2 1,102.6 1,106.7 Other services-producing industries...................... 3,400.0 3,427.5 3,426.2 3,437.8 3,451.3 3,456.6 3,466.6 3,479.1 Government........................... 1,199.4 1,200.2 1,200.1 1,199.6 1,199.7 1,200.7 1,203.5 1,204.9 Supplements to wages and salaries...... 1,670.2 1,675.2 1,677.6 1,680.5 1,684.3 1,688.1 1,691.4 1,696.1 Employer contributions for employee pension and insurance funds......... 1,159.5 1,162.3 1,164.9 1,167.7 1,170.4 1,173.2 1,176.3 1,179.4 Employer contributions for government social insurance.................... 510.6 512.9 512.7 512.9 513.9 515.0 515.1 516.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,188.6 1,190.4 1,192.3 1,196.5 1,196.0 1,202.8 1,211.4 1,224.6 Farm................................... 52.3 51.4 51.9 52.5 53.1 56.9 60.8 64.7 Nonfarm................................ 1,136.3 1,139.0 1,140.3 1,144.0 1,142.9 1,145.8 1,150.6 1,160.0 Rental income of persons with capital consumption adjustment.................. 445.3 451.3 451.7 452.8 454.1 458.7 463.7 468.8 Personal income receipts on assets....... 1,695.8 1,703.2 1,717.3 1,733.6 1,741.4 1,728.6 1,724.7 1,719.0 Personal interest income............... 991.8 994.9 1,000.5 1,006.1 1,011.8 999.7 987.6 975.5 Personal dividend income............... 704.0 708.3 716.8 727.4 729.7 729.0 737.1 743.5 Personal current transfer receipts....... 2,346.5 2,356.2 2,361.2 2,364.7 2,369.7 2,379.6 2,378.0 2,390.7 Government social benefits to persons.. 2,301.2 2,310.9 2,315.4 2,319.0 2,323.9 2,333.6 2,331.8 2,344.4 Social security\1\................... 752.1 758.2 756.8 756.8 764.6 762.1 759.7 773.7 Medicare\2\.......................... 555.7 557.9 556.2 557.4 557.2 564.1 566.4 568.0 Medicaid............................. 397.7 400.3 408.1 415.7 417.8 418.3 419.4 418.8 Unemployment insurance............... 94.1 91.0 89.5 83.6 78.4 78.0 74.4 72.6 Veterans' benefits................... 68.5 70.7 71.1 71.9 71.6 73.8 74.7 73.6 Other................................ 433.1 432.8 433.8 433.7 434.3 437.3 437.1 437.8 Other current transfer receipts, from business (net)........................ 45.3 45.4 45.8 45.7 45.8 46.0 46.1 46.3 Less: Contributions for government social insurance, domestic..................... 943.2 947.4 947.0 947.7 950.2 951.7 952.4 955.2 Less: Personal current taxes............... 1,452.0 1,460.6 1,464.8 1,470.4 1,477.8 1,480.8 1,483.3 1,488.5 Equals: Disposable personal income......... 11,782.7 11,837.7 11,855.2 11,884.9 11,919.1 11,938.1 11,953.2 11,996.2 Less: Personal outlays..................... 11,367.2 11,400.8 11,423.6 11,400.7 11,394.1 11,443.1 11,508.1 11,601.2 Personal consumption expenditures........ 11,025.8 11,054.1 11,080.3 11,061.7 11,059.5 11,102.7 11,162.6 11,250.5 Goods.................................. 3,765.7 3,780.2 3,769.3 3,734.1 3,721.0 3,741.7 3,800.1 3,856.7 Durable goods........................ 1,208.8 1,207.1 1,202.0 1,199.1 1,199.7 1,203.0 1,218.5 1,231.9 Nondurable goods..................... 2,556.9 2,573.1 2,567.3 2,535.0 2,521.3 2,538.7 2,581.6 2,624.7 Services............................... 7,260.1 7,273.9 7,311.0 7,327.6 7,338.4 7,361.0 7,362.4 7,393.8 Personal interest payments\3\............ 175.4 180.4 175.8 171.2 166.7 171.6 176.6 181.5 Personal current transfer payments....... 166.1 166.3 167.5 167.7 168.0 168.7 169.0 169.2 To government.......................... 90.5 90.8 91.1 91.3 91.6 91.8 92.1 92.3 To the rest of the world (net)......... 75.5 75.5 76.4 76.4 76.4 76.9 76.9 76.9 Equals: Personal saving.................... 415.4 436.8 431.6 484.2 525.0 495.0 445.1 395.0 Personal saving as a percentage of disposable personal income.............. 3.5 3.7 3.6 4.1 4.4 4.1 3.7 3.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,440.8 9,465.6 9,478.8 9,525.2 9,548.9 9,553.9 9,532.0 9,526.1 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,216.4 10,240.4 10,254.1 10,300.4 10,321.3 10,331.7 10,303.1 10,300.8 Per capita: Current dollars...................... 37,591 37,747 37,781 37,854 37,939 37,974 37,996 38,107 Chained (2005) dollars............... 32,594 32,653 32,678 32,807 32,853 32,864 32,751 32,721 Population (midperiod, thousands)\5\..... 313,440 313,610 313,788 313,972 314,168 314,376 314,590 314,803 ----------------------------------------------------------------------------------------------------------------------------------- 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 II 11 III 11 IV 11 I 12 II 12 III 12 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,321.9 12,947.3 12,938.9 12,976.3 13,017.4 13,227.1 13,357.4 13,446.7 Compensation of employees, received...... 7,970.0 8,295.2 8,286.4 8,318.1 8,340.1 8,495.7 8,561.9 8,616.2 Wage and salary disbursements.......... 6,404.6 6,661.3 6,656.2 6,678.1 6,692.4 6,825.9 6,881.1 6,924.4 Private industries................... 5,213.3 5,466.0 5,458.8 5,480.4 5,499.9 5,626.8 5,681.3 5,721.4 Goods-producing industries......... 1,057.5 1,108.6 1,107.9 1,116.4 1,107.4 1,144.0 1,147.0 1,150.5 Manufacturing.................... 674.1 706.6 707.0 710.1 701.0 723.1 726.2 728.0 Services-producing industries...... 4,155.8 4,357.4 4,351.0 4,364.0 4,392.5 4,482.7 4,534.3 4,570.9 Trade, transportation, and utilities....................... 1,005.5 1,050.1 1,046.8 1,054.2 1,056.6 1,083.3 1,095.8 1,103.5 Other services-producing industries...................... 3,150.3 3,307.3 3,304.2 3,309.9 3,335.9 3,399.4 3,438.4 3,467.4 Government........................... 1,191.3 1,195.3 1,197.4 1,197.7 1,192.5 1,199.1 1,199.8 1,203.0 Supplements to wages and salaries...... 1,565.4 1,633.9 1,630.2 1,640.0 1,647.7 1,669.8 1,680.8 1,691.9 Employer contributions for employee pension and insurance funds......... 1,097.3 1,139.0 1,135.4 1,144.2 1,151.5 1,159.6 1,167.7 1,176.3 Employer contributions for government social insurance.................... 468.1 494.9 494.8 495.8 496.2 510.2 513.2 515.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,103.4 1,157.3 1,154.7 1,161.4 1,165.3 1,184.3 1,194.9 1,212.9 Farm................................... 44.3 54.6 52.6 55.3 54.4 52.3 52.5 60.8 Nonfarm................................ 1,059.1 1,102.8 1,102.1 1,106.1 1,110.9 1,132.1 1,142.4 1,152.1 Rental income of persons with capital consumption adjustment.................. 349.2 409.7 404.7 413.8 430.3 445.3 452.8 463.7 Personal income receipts on assets....... 1,598.3 1,685.1 1,692.4 1,689.1 1,684.6 1,696.4 1,730.8 1,724.1 Personal interest income............... 1,016.6 1,008.8 1,025.3 1,004.4 988.0 991.8 1,006.1 987.6 Personal dividend income............... 581.7 676.3 667.1 684.7 696.6 704.6 724.6 736.5 Personal current transfer receipts....... 2,284.3 2,319.2 2,319.9 2,314.7 2,319.9 2,348.0 2,365.2 2,382.7 Government social benefits to persons.. 2,236.9 2,274.3 2,274.8 2,270.4 2,276.0 2,302.7 2,319.5 2,336.6 Social security\1\................... 690.2 713.3 712.0 716.0 721.9 753.2 759.4 765.2 Medicare\2\.......................... 515.3 545.1 543.1 549.1 553.1 555.9 556.9 566.2 Medicaid............................. 396.6 403.9 408.7 396.1 392.0 397.6 413.9 418.8 Unemployment insurance............... 138.9 108.0 108.8 103.0 100.9 94.2 83.8 75.0 Veterans' benefits................... 57.9 63.3 62.4 64.9 64.7 68.8 71.5 74.0 Other................................ 438.1 440.8 439.8 441.3 443.5 433.0 433.9 437.4 Other current transfer receipts, from business (net)........................ 47.4 44.9 45.1 44.3 43.9 45.3 45.8 46.1 Less: Contributions for government social insurance, domestic..................... 983.3 919.3 919.2 920.8 922.8 942.6 948.3 953.1 Less: Personal current taxes............... 1,194.8 1,398.0 1,396.6 1,403.8 1,419.1 1,450.8 1,471.0 1,484.2 Equals: Disposable personal income......... 11,127.1 11,549.3 11,542.3 11,572.6 11,598.3 11,776.4 11,886.4 11,962.5 Less: Personal outlays..................... 10,560.4 11,059.9 11,015.1 11,120.9 11,205.6 11,348.7 11,406.1 11,517.5 Personal consumption expenditures........ 10,215.7 10,729.0 10,684.9 10,791.2 10,873.8 11,007.2 11,067.2 11,171.9 Goods.................................. 3,364.9 3,624.8 3,604.3 3,643.6 3,690.0 3,755.9 3,741.5 3,799.5 Durable goods........................ 1,079.4 1,146.4 1,131.8 1,144.8 1,175.1 1,204.6 1,200.3 1,217.8 Nondurable goods..................... 2,285.5 2,478.4 2,472.4 2,498.7 2,515.0 2,551.3 2,541.2 2,581.7 Services............................... 6,850.9 7,104.2 7,080.6 7,147.6 7,183.8 7,251.3 7,325.7 7,372.4 Personal interest payments\3\............ 183.8 168.0 167.8 167.3 167.0 175.4 171.2 176.6 Personal current transfer payments....... 160.9 162.8 162.4 162.4 164.8 166.1 167.7 169.0 To government.......................... 87.4 88.9 88.6 89.1 89.8 90.5 91.3 92.0 To the rest of the world (net)......... 73.5 73.9 73.8 73.3 75.1 75.5 76.4 76.9 Equals: Personal saving.................... 566.7 489.4 527.2 451.6 392.7 427.7 480.3 445.0 Personal saving as a percentage of disposable personal income.............. 5.1 4.2 4.6 3.9 3.4 3.6 4.0 3.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,035.8 9,340.0 9,345.2 9,328.6 9,335.4 9,435.7 9,517.6 9,537.2 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,016.5 10,149.7 10,157.8 10,125.6 10,121.5 10,213.9 10,291.9 10,311.8 Per capita: Current dollars...................... 35,920 37,012 37,028 37,052 37,064 37,571 37,858 38,026 Chained (2005) dollars............... 32,335 32,527 32,587 32,420 32,345 32,586 32,779 32,778 Population (midperiod, thousands)\5\..... 309,774 312,040 311,717 312,330 312,929 313,443 313,976 314,590 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 86.3 63.6 21.8 35.2 41.6 21.9 17.8 48.1 Compensation of employees, received...... 61.0 42.9 .0 10.9 30.3 15.1 10.2 25.6 Wage and salary disbursements.......... 54.8 37.9 -2.4 7.9 26.5 11.4 7.0 20.8 Private industries................... 53.1 37.1 -2.4 8.5 26.4 10.4 4.1 19.5 Goods-producing industries......... 12.1 7.4 -4.2 -5.9 6.4 5.0 -7.2 2.9 Manufacturing.................... 7.1 5.7 -2.4 -3.4 5.0 3.6 -6.3 .5 Services-producing industries...... 40.8 29.8 1.8 14.4 20.0 5.4 11.3 16.6 Trade, transportation, and utilities....................... 11.6 2.3 3.1 2.8 6.5 .1 1.4 4.1 Other services-producing industries...................... 29.2 27.5 -1.3 11.6 13.5 5.3 10.0 12.5 Government........................... 1.8 .8 -.1 -.5 .1 1.0 2.8 1.4 Supplements to wages and salaries...... 6.2 5.0 2.4 2.9 3.8 3.8 3.3 4.7 Employer contributions for employee pension and insurance funds......... 2.6 2.8 2.6 2.8 2.7 2.8 3.1 3.1 Employer contributions for government social insurance.................... 3.5 2.3 -.2 .2 1.0 1.1 .1 1.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 14.5 1.8 1.9 4.2 -.5 6.8 8.6 13.2 Farm................................... -.8 -.9 .5 .6 .6 3.8 3.9 3.9 Nonfarm................................ 15.3 2.7 1.3 3.7 -1.1 2.9 4.8 9.4 Rental income of persons with capital consumption adjustment.................. 6.1 6.0 .4 1.1 1.3 4.6 5.0 5.1 Personal income receipts on assets....... 5.7 7.4 14.1 16.3 7.8 -12.8 -3.9 -5.7 Personal interest income............... 3.0 3.1 5.6 5.6 5.7 -12.1 -12.1 -12.1 Personal dividend income............... 2.7 4.3 8.5 10.6 2.3 -.7 8.1 6.4 Personal current transfer receipts....... 5.2 9.7 5.0 3.5 5.0 9.9 -1.6 12.7 Government social benefits to persons.. 5.2 9.7 4.5 3.6 4.9 9.7 -1.8 12.6 Social security\1\................... 2.9 6.1 -1.4 .0 7.8 -2.5 -2.4 14.0 Medicare\2\.......................... 1.6 2.2 -1.7 1.2 -.2 6.9 2.3 1.6 Medicaid............................. 2.9 2.6 7.8 7.6 2.1 .5 1.1 -.6 Unemployment insurance............... -3.4 -3.1 -1.5 -5.9 -5.2 -.4 -3.6 -1.8 Veterans' benefits................... 1.2 2.2 .4 .8 -.3 2.2 .9 -1.1 Other................................ .1 -.3 1.0 -.1 .6 3.0 -.2 .7 Other current transfer receipts, from business (net)........................ .1 .1 .4 -.1 .1 .2 .1 .2 Less: Contributions for government social insurance, domestic..................... 6.2 4.2 -.4 .7 2.5 1.5 .7 2.8 Less: Personal current taxes............... 12.4 8.6 4.2 5.6 7.4 3.0 2.5 5.2 Equals: Disposable personal income......... 73.9 55.0 17.5 29.7 34.2 19.0 15.1 43.0 Less: Personal outlays..................... 89.2 33.6 22.8 -22.9 -6.6 49.0 65.0 93.1 Personal consumption expenditures........ 84.0 28.3 26.2 -18.6 -2.2 43.2 59.9 87.9 Goods.................................. 43.9 14.5 -10.9 -35.2 -13.1 20.7 58.4 56.6 Durable goods........................ 10.9 -1.7 -5.1 -2.9 .6 3.3 15.5 13.4 Nondurable goods..................... 33.0 16.2 -5.8 -32.3 -13.7 17.4 42.9 43.1 Services............................... 40.1 13.8 37.1 16.6 10.8 22.6 1.4 31.4 Personal interest payments\3\............ 5.0 5.0 -4.6 -4.6 -4.5 4.9 5.0 4.9 Personal current transfer payments....... .3 .2 1.2 .2 .3 .7 .3 .2 To government.......................... .2 .3 .3 .2 .3 .2 .3 .2 To the rest of the world (net)......... .0 .0 .9 .0 .0 .5 .0 .0 Equals: Personal saving.................... -15.4 21.4 -5.2 52.6 40.8 -30.0 -49.9 -50.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 40.1 24.8 13.2 46.4 23.7 5.0 -21.9 -5.9 Disposable personal income, billions of chained (2005) dollars\4\............ 31.4 24.0 13.7 46.3 20.9 10.4 -28.6 -2.3 ----------------------------------------------------------------------------------------------------------------------------------- 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 II 11 III 11 IV 11 I 12 II 12 III 12 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 454.9 625.4 82.4 37.4 41.1 209.7 130.3 89.3 Compensation of employees, received...... 175.6 325.2 50.1 31.7 22.0 155.6 66.2 54.3 Wage and salary disbursements.......... 134.3 256.7 37.7 21.9 14.3 133.5 55.2 43.3 Private industries................... 118.2 252.7 34.1 21.6 19.5 126.9 54.5 40.1 Goods-producing industries......... -5.8 51.1 5.3 8.5 -9.0 36.6 3.0 3.5 Manufacturing.................... 12.6 32.5 -1.3 3.1 -9.1 22.1 3.1 1.8 Services-producing industries...... 124.0 201.6 28.9 13.0 28.5 90.2 51.6 36.6 Trade, transportation, and utilities....................... 16.4 44.6 3.7 7.4 2.4 26.7 12.5 7.7 Other services-producing industries...................... 107.6 157.0 25.1 5.7 26.0 63.5 39.0 29.0 Government........................... 16.1 4.0 3.6 .3 -5.2 6.6 .7 3.2 Supplements to wages and salaries...... 41.4 68.5 12.4 9.8 7.7 22.1 11.0 11.1 Employer contributions for employee pension and insurance funds......... 30.1 41.7 10.4 8.8 7.3 8.1 8.1 8.6 Employer contributions for government social insurance.................... 11.2 26.8 2.1 1.0 .4 14.0 3.0 2.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 124.0 53.9 6.7 6.7 3.9 19.0 10.6 18.0 Farm................................... 4.4 10.3 -3.4 2.7 -.9 -2.1 .2 8.3 Nonfarm................................ 119.6 43.7 10.1 4.0 4.8 21.2 10.3 9.7 Rental income of persons with capital consumption adjustment.................. 59.5 60.5 14.7 9.1 16.5 15.0 7.5 10.9 Personal income receipts on assets....... -28.2 86.8 18.1 -3.3 -4.5 11.8 34.4 -6.7 Personal interest income............... -76.7 -7.8 7.8 -20.9 -16.4 3.8 14.3 -18.5 Personal dividend income............... 48.5 94.6 10.2 17.6 11.9 8.0 20.0 11.9 Personal current transfer receipts....... 144.2 34.9 -2.6 -5.2 5.2 28.1 17.2 17.5 Government social benefits to persons.. 136.4 37.4 -1.2 -4.4 5.6 26.7 16.8 17.1 Social security\1\................... 25.7 23.1 8.9 4.0 5.9 31.3 6.2 5.8 Medicare\2\.......................... 20.8 29.8 8.0 6.0 4.0 2.8 1.0 9.3 Medicaid............................. 27.4 7.3 -10.1 -12.6 -4.1 5.6 16.3 4.9 Unemployment insurance............... 7.7 -30.9 -10.3 -5.8 -2.1 -6.7 -10.4 -8.8 Veterans' benefits................... 6.4 5.4 1.2 2.5 -.2 4.1 2.7 2.5 Other................................ 48.4 2.7 1.1 1.5 2.2 -10.5 .9 3.5 Other current transfer receipts, from business (net)........................ 7.8 -2.5 -1.4 -.8 -.4 1.4 .5 .3 Less: Contributions for government social insurance, domestic..................... 20.2 -64.0 4.7 1.6 2.0 19.8 5.7 4.8 Less: Personal current taxes............... 50.2 203.2 24.1 7.2 15.3 31.7 20.2 13.2 Equals: Disposable personal income......... 404.7 422.2 58.2 30.3 25.7 178.1 110.0 76.1 Less: Personal outlays..................... 346.1 499.5 117.0 105.8 84.7 143.1 57.4 111.4 Personal consumption expenditures........ 369.8 513.3 118.6 106.3 82.6 133.4 60.0 104.7 Goods.................................. 170.5 259.9 42.9 39.3 46.4 65.9 -14.4 58.0 Durable goods........................ 49.8 67.0 -2.1 13.0 30.3 29.5 -4.3 17.5 Nondurable goods..................... 120.7 192.9 44.9 26.3 16.3 36.3 -10.1 40.5 Services............................... 199.4 253.3 75.7 67.0 36.2 67.5 74.4 46.7 Personal interest payments\3\............ -33.3 -15.8 -2.3 -.5 -.3 8.4 -4.2 5.4 Personal current transfer payments....... 9.6 1.9 .7 .0 2.4 1.3 1.6 1.3 To government.......................... 2.2 1.5 .3 .5 .7 .7 .8 .7 To the rest of the world (net)......... 7.4 .4 .3 -.5 1.8 .4 .9 .5 Equals: Personal saving.................... 58.5 -77.3 -58.7 -75.6 -58.9 35.0 52.6 -35.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 112.4 304.2 -7.1 -16.6 6.8 100.3 81.9 19.6 Disposable personal income, billions of chained (2005) dollars\4\............ 179.8 133.2 -37.9 -32.2 -4.1 92.4 78.0 19.9 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .7 .5 .2 .3 .3 .2 .1 .4 Compensation of employees, received...... .7 .5 .0 .1 .4 .2 .1 .3 Wage and salary disbursements.......... .8 .6 .0 .1 .4 .2 .1 .3 Supplements to wages and salaries...... .4 .3 .1 .2 .2 .2 .2 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.2 .2 .2 .4 .0 .6 .7 1.1 Rental income of persons with capital consumption adjustment.................. 1.4 1.3 .1 .2 .3 1.0 1.1 1.1 Personal income receipts on assets....... .3 .4 .8 .9 .5 -.7 -.2 -.3 Personal interest income............... .3 .3 .6 .6 .6 -1.2 -1.2 -1.2 Personal dividend income............... .4 .6 1.2 1.5 .3 -.1 1.1 .9 Personal current transfer receipts....... .2 .4 .2 .1 .2 .4 -.1 .5 Less: Contributions for government social insurance, domestic..................... .7 .4 .0 .1 .3 .2 .1 .3 Less: Personal current taxes............... .9 .6 .3 .4 .5 .2 .2 .3 Equals: Disposable personal income......... .6 .5 .1 .3 .3 .2 .1 .4 Addenda: Personal consumption expenditures........ .8 .3 .2 -.2 .0 .4 .5 .8 Goods.................................. 1.2 .4 -.3 -.9 -.4 .6 1.6 1.5 Durable goods........................ .9 -.1 -.4 -.2 .1 .3 1.3 1.1 Nondurable goods..................... 1.3 .6 -.2 -1.3 -.5 .7 1.7 1.7 Services............................... .6 .2 .5 .2 .1 .3 .0 .4 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .4 .3 .1 .5 .2 .1 -.2 -.1 Real disposable personal income.......... .3 .2 .1 .5 .2 .1 -.3 .0 ----------------------------------------------------------------------------------------------------------------------------------- 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 II 11 III 11 IV 11 I 12 II 12 III 12 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 3.8 5.1 2.6 1.2 1.3 6.6 4.0 2.7 Compensation of employees, received...... 2.3 4.1 2.5 1.5 1.1 7.7 3.2 2.6 Wage and salary disbursements.......... 2.1 4.0 2.3 1.3 .9 8.2 3.3 2.5 Supplements to wages and salaries...... 2.7 4.4 3.1 2.4 1.9 5.5 2.7 2.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 12.7 4.9 2.3 2.4 1.3 6.7 3.6 6.2 Rental income of persons with capital consumption adjustment.................. 20.5 17.3 15.9 9.4 16.9 14.7 7.0 10.0 Personal income receipts on assets....... -1.7 5.4 4.4 -.8 -1.0 2.8 8.4 -1.5 Personal interest income............... -7.0 -.8 3.1 -7.9 -6.4 1.5 5.9 -7.2 Personal dividend income............... 9.1 16.3 6.4 10.9 7.2 4.6 11.9 6.7 Personal current transfer receipts....... 6.7 1.5 -.4 -.9 .9 4.9 3.0 3.0 Less: Contributions for government social insurance, domestic..................... 2.1 -6.5 2.1 .7 .9 8.8 2.5 2.0 Less: Personal current taxes............... 4.4 17.0 7.2 2.1 4.4 9.2 5.7 3.6 Equals: Disposable personal income......... 3.8 3.8 2.0 1.1 .9 6.3 3.8 2.6 Addenda: Personal consumption expenditures........ 3.8 5.0 4.6 4.0 3.1 5.0 2.2 3.8 Goods.................................. 5.3 7.7 4.9 4.4 5.2 7.3 -1.5 6.3 Durable goods........................ 4.8 6.2 -.7 4.7 11.0 10.4 -1.4 6.0 Nondurable goods..................... 5.6 8.4 7.6 4.3 2.6 5.9 -1.6 6.5 Services............................... 3.0 3.7 4.4 3.8 2.0 3.8 4.2 2.6 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 1.3 3.4 -.3 -.7 .3 4.4 3.5 .8 Real disposable personal income.......... 1.8 1.3 -1.5 -1.3 -.2 3.7 3.1 .8 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,560.1 9,562.5 9,583.8 9,586.9 9,577.0 9,608.8 9,621.6 9,660.5 Goods.................................... 3,412.4 3,415.1 3,415.3 3,410.3 3,402.6 3,420.8 3,445.4 3,471.4 Durable goods.......................... 1,340.2 1,340.2 1,336.8 1,333.2 1,335.8 1,343.8 1,363.4 1,381.4 Nondurable goods....................... 2,091.0 2,093.5 2,096.2 2,094.3 2,085.4 2,096.0 2,103.8 2,114.1 Services................................. 6,153.5 6,153.3 6,173.9 6,181.6 6,179.0 6,193.1 6,182.8 6,196.7 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 42.2 2.4 21.3 3.1 -9.9 31.8 12.8 38.9 Goods.................................... 20.0 2.7 .2 -5.0 -7.7 18.2 24.6 26.0 Durable goods.......................... 12.4 .0 -3.4 -3.6 2.6 8.0 19.6 18.0 Nondurable goods....................... 8.8 2.5 2.7 -1.9 -8.9 10.6 7.8 10.3 Services................................. 22.6 -.2 20.6 7.7 -2.6 14.1 -10.3 13.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .4 .0 .2 .0 -.1 .3 .1 .4 Goods.................................... .6 .1 .0 -.1 -.2 .5 .7 .8 Durable goods.......................... .9 .0 -.3 -.3 .2 .6 1.5 1.3 Nondurable goods....................... .4 .1 .1 -.1 -.4 .5 .4 .5 Services................................. .4 .0 .3 .1 .0 .2 -.2 .2 ----------------------------------------------------------------------------------------------------------------------------------- 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 II 11 III 11 IV 11 I 12 II 12 III 12 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,196.2 9,428.8 9,403.2 9,441.9 9,489.3 9,546.8 9,582.5 9,630.3 Goods.................................... 3,209.1 3,331.0 3,312.2 3,323.5 3,367.9 3,406.6 3,409.4 3,445.9 Durable goods.......................... 1,178.3 1,262.6 1,242.3 1,258.6 1,300.1 1,336.1 1,335.3 1,362.9 Nondurable goods....................... 2,029.3 2,075.2 2,073.5 2,071.4 2,080.5 2,088.9 2,092.0 2,104.6 Services................................. 5,987.6 6,101.5 6,094.0 6,121.1 6,126.0 6,145.9 6,178.2 6,190.9 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 163.6 232.6 22.3 38.7 47.4 57.5 35.7 47.8 Goods.................................... 110.9 121.9 -8.1 11.3 44.4 38.7 2.8 36.5 Durable goods.......................... 69.2 84.3 -7.1 16.3 41.5 36.0 -.8 27.6 Nondurable goods....................... 46.5 45.9 -1.8 -2.1 9.1 8.4 3.1 12.6 Services................................. 57.0 113.9 29.2 27.1 4.9 19.9 32.3 12.7 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.8 2.5 1.0 1.7 2.0 2.4 1.5 2.0 Goods.................................... 3.6 3.8 -1.0 1.4 5.4 4.7 .3 4.4 Durable goods.......................... 6.2 7.2 -2.3 5.4 13.9 11.5 -.2 8.5 Nondurable goods....................... 2.3 2.3 -.3 -.4 1.8 1.6 .6 2.4 Services................................. 1.0 1.9 1.9 1.8 .3 1.3 2.1 .8 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 115.335 115.602 115.618 115.386 115.483 115.551 116.020 116.463 Goods.................................... 110.358 110.696 110.369 109.499 109.361 109.386 110.301 111.107 Durable goods.......................... 90.187 90.065 89.917 89.938 89.809 89.523 89.366 89.178 Nondurable goods....................... 122.283 122.912 122.473 121.043 120.900 121.121 122.718 124.159 Services................................. 117.986 118.214 118.420 118.541 118.766 118.859 119.081 119.322 Addenda: PCE excluding food and energy............ 113.104 113.313 113.460 113.574 113.774 113.872 113.963 114.093 Food\1\.................................. 120.437 120.597 120.716 120.576 120.869 120.862 120.956 120.885 Energy goods and services\2\............. 146.004 147.531 144.835 138.079 135.958 135.657 143.527 150.399 Market-based PCE\3\...................... 115.282 115.530 115.526 115.301 115.396 115.453 115.940 116.386 Market-based PCE excluding food and energy\3\........................... 112.686 112.863 113.007 113.183 113.398 113.487 113.541 113.626 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .3 .2 .0 -.2 .1 .1 .4 .4 Goods.................................... .6 .3 -.3 -.8 -.1 .0 .8 .7 Durable goods.......................... .0 -.1 -.2 .0 -.1 -.3 -.2 -.2 Nondurable goods....................... .9 .5 -.4 -1.2 -.1 .2 1.3 1.2 Services................................. .2 .2 .2 .1 .2 .1 .2 .2 Addenda: PCE excluding food and energy............ .1 .2 .1 .1 .2 .1 .1 .1 Food\1\.................................. .0 .1 .1 -.1 .2 .0 .1 -.1 Energy goods and services\2\............. 3.6 1.0 -1.8 -4.7 -1.5 -.2 5.8 4.8 Market-based PCE\3\...................... .3 .2 .0 -.2 .1 .0 .4 .4 Market-based PCE excluding food and energy\3\........................... .1 .2 .1 .2 .2 .1 .0 .1 ----------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------- Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .1 .7 .8 1.5 1.6 1.8 1.8 1.9 Personal consumption expenditures.......... 1.9 1.6 1.8 1.9 2.0 1.9 2.0 2.1 Goods.................................... 2.7 2.6 2.4 3.0 3.5 3.1 4.1 3.8 Durable goods.......................... 7.4 6.6 6.5 7.4 8.6 7.3 9.3 8.2 Nondurable goods....................... .6 .7 .5 1.0 1.2 1.2 1.8 1.8 Services................................. 1.5 1.1 1.5 1.4 1.3 1.2 1.0 1.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.4 2.2 1.9 1.5 1.5 1.3 1.5 1.7 Goods.................................... 2.9 2.5 1.6 .6 .4 .1 .6 1.1 Durable goods.......................... -.7 -.8 -1.2 -1.3 -1.6 -1.8 -1.8 -1.6 Nondurable goods....................... 4.7 4.0 2.9 1.4 1.3 1.0 1.7 2.4 Services................................. 2.2 2.1 2.1 2.0 2.1 2.0 2.0 2.0 Addenda: PCE excluding food and energy............ 1.9 2.0 1.9 1.7 1.8 1.7 1.6 1.7 Food\1\.................................. 3.9 3.2 2.9 2.4 2.4 2.0 1.5 .9 Energy goods and services\2\............. 8.0 5.4 1.5 -3.3 -3.6 -4.7 .0 3.2 Market-based PCE\3\...................... 2.6 2.3 2.0 1.6 1.6 1.4 1.5 1.7 Market-based PCE excluding food and energy\3\........................... 2.0 2.0 2.0 1.9 1.9 1.8 1.6 1.6 ----------------------------------------------------------------------------------------------------------------------------------- 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.