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News Release: Personal Income and Outlays
Available for this release:  Full Release: PDF (87 kb),  Tables: XLS (64 kb), Highlights: PDF (88 kb)
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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, NOVEMBER 30, 2006
Kurt Kunze: (202) 606-5301 (Personal Income)BEA 06-52
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: OCTOBER 2006
Personal income increased $49.3 billion, or 0.4 percent, and disposable personal income (DPI)
increased $33.1 billion, or 0.3 percent, in October, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $16.9 billion, or 0.2 percent. In September,
personal income increased $54.3 billion, or 0.5 percent, DPI increased $49.4 billion, or 0.5 percent,
and PCE decreased $14.2 billion, or 0.2 percent, based on revised estimates.
2006
June July Aug. Sept. Oct.
(Percent change from preceding month)
Personal income, current dollars 0.4 0.5 0.5 0.5 0.4
Disposable personal income:
Current dollars 0.4 0.6 0.6 0.5 0.3
Chained (2000) dollars 0.3 0.3 0.3 0.8 0.6
Personal consumption expenditures:
Current dollars 0.3 0.8 0.1 -0.2 0.2
Chained (2000) dollars 0.2 0.5 -0.1 0.2 0.4
This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for April through June 2006 (second quarter). These
estimates reflect newly available second-quarter wage and salary tabulations from the quarterly
census of employment and wages from the Bureau of Labor Statistics.
Wages and salaries
Private wage and salary disbursements increased $34.9 billion in October, compared with an
increase of $33.4 billion in September. Goods-producing industries' payrolls increased $6.1 billion,
compared with an increase of $3.2 billion; manufacturing payrolls increased $4.7 billion, compared
with an increase of $1.0 billion. Services-producing industries' payrolls increased $28.8 billion,
compared with an increase of $30.2 billion. Government wage and salary disbursements increased
$3.0 billion, compared with an increase of $4.9 billion.
Other personal income
Supplements to wages and salaries increased $7.5 billion in October, compared with an
increase of $6.8 billion in September.
Proprietors' income increased $1.1 billion in October, in contrast to a decrease of $0.3 billion in
September. Farm proprietors' income increased $2.8 billion, compared with an increase of $4.4
billion. Nonfarm proprietors' income decreased $1.7 billion, compared with a decrease of $4.6
billion.
Rental income of persons decreased $3.0 billion in October, in contrast to an increase of $2.9
billion in September. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $11.4 billion, compared with an increase of $7.8 billion. Personal
current transfer receipts increased $0.5 billion, compared with an increase of $3.4 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $6.1 billion in October, compared with an increase of $4.5 billion in September.
Personal current taxes and disposable personal income
Personal current taxes increased $16.2 billion in October, compared with an increase of $4.9
billion in September. Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $33.1 billion, or 0.3 percent, in October, compared with an increase of $49.4
billion, or 0.5 percent, in September.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $18.0 billion in October, in contrast to a decrease of $10.0 billion in September. PCE
increased $16.9 billion, in contrast to a decrease of $14.2 billion.
Personal saving -- DPI less personal outlays -- was a negative $53.8 billion in October,
compared with a negative $69.1 billion in September. Personal saving as a percentage of disposable
personal income was a negative 0.6 percent in October, compared with a negative 0.7 percent in
September. Negative personal saving reflects personal outlays that exceed disposable personal
income. Saving from current income may be near zero or negative when outlays are financed by
borrowing (including borrowing financed through credit cards or home equity loans), by selling
investments or other assets, or by using savings from previous periods. For more information, see
the FAQs on "Personal Saving" on BEA's Web site. For a comparison of personal saving in BEA's
national income and product accounts with personal saving in the Federal Reserve Board's flow of
funds accounts and data on changes in net worth (which help finance consumption), go to
/bea/dn/nipaweb/Nipa-Frb.asp.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.6 percent in October,
compared with an increase of 0.8 percent in September. In October, the larger increase in real DPI
than in current-dollar DPI reflected a decrease in the PCE implicit price deflator, which is used to
deflate DPI. The decrease in the PCE price index primarily reflected decreases in energy prices.
The PCE price index decreased 0.2 percent in October, compared with a decrease of 0.3 percent in
September. The PCE price index, excluding food and energy, increased 0.2 percent in October, the
same increase as in September.
Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in October,
compared with an increase of 0.2 percent in September. Purchases of durable goods increased 0.2
percent, compared with an increase of 0.6 percent. Purchases of nondurable goods increased 0.7
percent, in contrast to a decrease of 0.1 percent. Purchases of services increased 0.3 percent,
compared with an increase of 0.2 percent.
Revisions
Estimates for personal income and DPI have been revised for April through September;
estimated for PCE have been revised for July through September. Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
August and September -- revised and as published in last month's release -- are shown below.
For April through September, the revisions to wages and salaries reflected the incorporation
of the most recently available BLS tabulations of second-quarter private wages and salaries from the
quarterly census of employment and wages. Wages and salaries were revised down for all six
months. For more information, see the FAQ on "What new data lead to the sometimes large
revisions in wages and salaries?" on BEA's Web site, go to http://faq.bea.gov/cgi-
bin/bea.cfg/php/enduser/std_adp.php?p_faqid=325 . Revisions to personal current taxes and to
contributions for government social insurance reflected the revisions to wages and salaries.
Change from preceding month
August September
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars...................... 47.2 56.5 0.4 0.5 53.0 54.3 0.5 0.5
Disposable personal income:
Current dollars...................... 46.4 54.0 0.5 0.6 49.3 49.4 0.5 0.5
Chained (2000) dollars............... 17.8 24.5 0.2 0.3 69.2 69.7 0.8 0.8
Personal consumption expenditures:
Current dollars...................... 15.3 12.0 0.2 0.1 11.6 -14.2 0.1 -0.2
Chained (2000) dollars............... -8.5 -11.4 -0.1 -0.1 35.6 13.6 0.4 0.2
BEA's national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov.
By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and
announcements.
* * *
Next release -- Personal Income and Outlays for November will be released on
December 22, 2006, at 8:30 A.M. EST.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
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Mar 06 Apr 06/r/ May 06/r/ Jun 06/r/ Jul 06/r/ Aug 06/r/ Sep 06/r/ Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,777.4 10,784.3 10,795.3 10,842.2 10,898.3 10,954.8 11,009.1 11,058.4
Compensation of employees, received...... 7,451.3 7,434.9 7,406.8 7,434.7 7,477.1 7,505.3 7,550.4 7,595.8
Wage and salary disbursements.......... 6,013.8 5,993.6 5,963.5 5,985.7 6,020.2 6,042.5 6,080.8 6,118.7
Private industries................... 5,013.4 4,990.4 4,958.1 4,976.4 5,005.6 5,022.0 5,055.4 5,090.3
Goods-producing industries......... 1,188.4 1,174.3 1,170.4 1,174.2 1,176.8 1,180.2 1,183.4 1,189.5
Manufacturing.................... 749.6 736.2 730.9 731.2 732.3 733.9 734.9 739.6
Services-producing industries...... 3,825.0 3,816.1 3,787.7 3,802.2 3,828.8 3,841.8 3,872.0 3,900.8
Trade, transportation, and
utilities....................... 990.8 992.7 987.1 992.6 1,001.5 1,001.3 1,006.6 1,011.0
Other services-producing
industries...................... 2,834.2 2,823.4 2,800.6 2,809.6 2,827.3 2,840.5 2,865.4 2,889.8
Government........................... 1,000.4 1,003.2 1,005.4 1,009.2 1,014.6 1,020.5 1,025.4 1,028.4
Supplements to wages and salaries...... 1,437.4 1,441.3 1,443.3 1,449.0 1,456.9 1,462.8 1,469.6 1,477.1
Employer contributions for employee
pension and insurance funds......... 975.7 981.4 985.6 990.1 995.6 1,000.2 1,004.5 1,009.5
Employer contributions for government
social insurance.................... 461.7 460.0 457.7 458.9 461.3 462.6 465.2 467.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,012.5 1,010.1 1,014.8 1,010.7 1,009.4 1,016.3 1,016.0 1,017.1
Farm................................... 23.2 20.5 17.5 14.6 16.7 20.6 25.0 27.8
Nonfarm................................ 989.3 989.6 997.3 996.1 992.7 995.6 991.0 989.3
Rental income of persons with capital
consumption adjustment.................. 76.4 74.2 71.8 68.2 71.0 73.2 76.1 73.1
Personal income receipts on assets....... 1,603.9 1,625.4 1,647.3 1,670.2 1,677.4 1,684.9 1,692.7 1,704.1
Personal interest income............... 986.2 1,002.7 1,019.2 1,035.6 1,036.4 1,037.2 1,038.0 1,042.5
Personal dividend income............... 617.8 622.7 628.2 634.6 641.0 647.7 654.6 661.6
Personal current transfer receipts....... 1,576.3 1,580.2 1,591.1 1,597.8 1,608.0 1,622.5 1,625.9 1,626.4
Government social benefits to persons.. 1,541.7 1,545.4 1,556.1 1,562.6 1,572.6 1,587.0 1,590.2 1,590.5
Old-age, survivors, disability, and
health insurance benefits........... 917.9 920.8 927.9 935.8 931.4 938.9 939.7 937.2
Government unemployment insurance
benefits............................ 27.4 27.0 27.0 27.0 27.3 27.3 27.3 26.9
Other................................ 596.4 597.6 601.2 599.9 613.9 620.7 623.1 626.4
Other current transfer receipts, from
business (net)........................ 34.6 34.8 35.0 35.2 35.4 35.5 35.7 35.9
Less: Contributions for government social
insurance............................... 943.0 940.5 936.6 939.4 944.5 947.5 952.0 958.1
Less: Personal current taxes............... 1,346.2 1,357.5 1,358.1 1,367.5 1,362.4 1,364.8 1,369.7 1,385.9
Equals: Disposable personal income......... 9,431.3 9,426.8 9,437.2 9,474.6 9,536.0 9,590.0 9,639.4 9,672.5
Less: Personal outlays..................... 9,465.7 9,522.3 9,587.5 9,621.2 9,702.3 9,718.4 9,708.4 9,726.4
Personal consumption expenditures........ 9,123.8 9,175.2 9,238.6 9,270.5 9,345.8 9,357.8 9,343.6 9,360.5
Durable goods.......................... 1,066.9 1,064.1 1,057.9 1,063.5 1,085.1 1,068.7 1,069.5 1,071.5
Nondurable goods....................... 2,664.5 2,703.9 2,728.3 2,732.0 2,756.0 2,760.2 2,718.4 2,701.3
Services............................... 5,392.5 5,407.2 5,452.4 5,475.0 5,504.7 5,528.9 5,555.6 5,587.7
Personal interest payments\1\............ 220.4 221.6 222.9 224.2 227.9 231.5 235.2 235.6
Personal current transfer payments....... 121.4 125.5 126.0 126.5 128.6 129.2 129.7 130.3
To government.......................... 76.3 76.8 77.3 77.9 78.4 79.0 79.5 80.1
To the rest of the world (net)......... 45.2 48.7 48.7 48.7 50.2 50.2 50.2 50.2
Equals: Personal saving.................... -34.4 -95.5 -150.3 -146.6 -166.3 -128.5 -69.1 -53.8
Personal saving as a percentage of
disposable personal income.............. -.4 -1.0 -1.6 -1.5 -1.7 -1.3 -.7 -.6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,292.9 8,251.4 8,232.0 8,252.8 8,280.1 8,304.6 8,374.3 8,421.8
Per capita:
Current dollars...................... 31,591 31,554 31,565 31,665 31,844 31,997 32,134 32,217
Chained (2000) dollars............... 27,778 27,620 27,534 27,582 27,650 27,708 27,917 28,051
Population (midperiod, thousands)\3\..... 298,539 298,753 298,979 299,213 299,459 299,716 299,972 300,233
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2006.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 II 05 III 05 IV 05 I 06 II 06/r/ III 06/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,731.4 10,239.2 10,161.5 10,262.7 10,483.7 10,721.4 10,807.3 10,954.0
Compensation of employees, received...... 6,665.3 7,030.3 6,953.7 7,093.6 7,184.4 7,400.3 7,425.5 7,510.9
Wage and salary disbursements.......... 5,392.1 5,664.8 5,601.3 5,715.2 5,787.0 5,970.1 5,980.9 6,047.8
Private industries................... 4,450.3 4,687.1 4,627.6 4,734.6 4,798.9 4,972.0 4,975.0 5,027.7
Goods-producing industries......... 1,050.8 1,101.3 1,087.5 1,113.9 1,124.9 1,177.3 1,173.0 1,180.1
Manufacturing.................... 688.0 704.7 697.3 709.7 715.0 742.8 732.8 733.7
Services-producing industries...... 3,399.5 3,585.8 3,540.0 3,620.7 3,673.9 3,794.7 3,802.0 3,847.5
Trade, transportation, and
utilities....................... 899.2 937.2 930.4 945.5 954.9 983.6 990.8 1,003.1
Other services-producing
industries...................... 2,500.3 2,648.5 2,609.7 2,675.2 2,719.0 2,811.0 2,811.2 2,844.4
Government........................... 941.8 977.7 973.7 980.6 988.1 998.1 1,005.9 1,020.2
Supplements to wages and salaries...... 1,273.2 1,365.5 1,352.4 1,378.4 1,397.4 1,430.3 1,444.5 1,463.1
Employer contributions for employee
pension and insurance funds......... 866.1 933.2 924.7 942.1 956.1 971.6 985.7 1,000.1
Employer contributions for government
social insurance.................... 407.1 432.3 427.7 436.3 441.3 458.7 458.9 463.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.1 970.7 965.8 967.3 996.8 1,008.3 1,011.9 1,013.9
Farm................................... 36.2 30.2 28.7 29.7 28.7 23.9 17.5 20.8
Nonfarm................................ 874.9 940.4 937.1 937.7 968.1 984.4 994.3 993.1
Rental income of persons with capital
consumption adjustment.................. 127.0 72.8 102.8 -11.5 81.5 76.8 71.4 73.4
Personal income receipts on assets....... 1,427.9 1,519.4 1,500.5 1,532.7 1,580.2 1,602.3 1,647.7 1,685.0
Personal interest income............... 890.8 945.0 934.8 951.2 981.7 989.1 1,019.2 1,037.2
Personal dividend income............... 537.1 574.4 565.7 581.5 598.5 613.2 628.5 647.8
Personal current transfer receipts....... 1,426.5 1,526.6 1,510.1 1,569.0 1,539.8 1,570.4 1,589.7 1,618.8
Government social benefits to persons.. 1,398.4 1,480.9 1,477.2 1,489.2 1,500.8 1,536.0 1,554.7 1,583.3
Old-age, survivors, disability, and
health insurance benefits........... 791.4 844.9 844.4 848.5 854.6 909.9 928.1 936.7
Government unemployment insurance
benefits............................ 36.0 31.3 30.7 30.2 31.6 27.8 27.0 27.3
Other................................ 571.0 604.6 602.1 610.4 614.5 598.3 599.6 619.2
Other current transfer receipts, from
business (net)........................ 28.1 45.7 33.0 79.8 39.0 34.5 35.0 35.5
Less: Contributions for government social
insurance............................... 826.4 880.6 871.5 888.5 898.9 936.7 938.8 948.0
Less: Personal current taxes............... 1,049.8 1,203.1 1,191.8 1,215.0 1,247.6 1,332.6 1,361.0 1,365.6
Equals: Disposable personal income......... 8,681.6 9,036.1 8,969.7 9,047.7 9,236.1 9,388.8 9,446.2 9,588.4
Less: Personal outlays..................... 8,507.2 9,070.9 9,000.4 9,180.3 9,264.5 9,418.5 9,577.0 9,709.7
Personal consumption expenditures........ 8,211.5 8,742.4 8,674.6 8,847.3 8,927.8 9,079.2 9,228.1 9,349.1
Durable goods.......................... 986.3 1,033.1 1,042.3 1,057.3 1,019.6 1,064.1 1,061.8 1,074.4
Nondurable goods....................... 2,345.2 2,539.3 2,508.6 2,584.9 2,613.5 2,658.2 2,721.4 2,744.9
Services............................... 4,880.1 5,170.0 5,123.7 5,205.1 5,294.7 5,356.8 5,444.9 5,529.8
Personal interest payments\1\............ 186.0 209.4 208.5 214.6 214.9 218.5 222.9 231.5
Personal current transfer payments....... 109.7 119.2 117.3 118.5 121.8 120.9 126.0 129.2
To government.......................... 66.8 72.0 71.3 72.7 74.2 75.7 77.3 79.0
To the rest of the world (net)......... 42.9 47.1 46.0 45.8 47.6 45.2 48.7 50.2
Equals: Personal saving.................... 174.3 -34.8 -30.8 -132.6 -28.5 -29.7 -130.8 -121.3
Personal saving as a percentage of
disposable personal income.............. 2.0 -.4 -.3 -1.5 -.3 -.3 -1.4 -1.3
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,010.8 8,104.6 8,085.8 8,074.1 8,183.3 8,276.8 8,245.4 8,319.7
Per capita:
Current dollars...................... 29,536 30,458 30,273 30,461 31,020 31,470 31,595 31,992
Chained (2000) dollars............... 27,254 27,318 27,290 27,183 27,484 27,743 27,578 27,759
Population (midperiod, thousands)\3\..... 293,933 296,677 296,289 297,027 297,748 298,340 298,982 299,716
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2006.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Mar 06 Apr 06/r/ May 06/r/ Jun 06/r/ Jul 06/r/ Aug 06/r/ Sep 06/r/ Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 55.5 6.9 11.0 46.9 56.1 56.5 54.3 49.3
Compensation of employees, received...... 44.1 -16.4 -28.1 27.9 42.4 28.2 45.1 45.4
Wage and salary disbursements.......... 37.2 -20.2 -30.1 22.2 34.5 22.3 38.3 37.9
Private industries................... 35.5 -23.0 -32.3 18.3 29.2 16.4 33.4 34.9
Goods-producing industries......... 8.9 -14.1 -3.9 3.8 2.6 3.4 3.2 6.1
Manufacturing.................... 5.3 -13.4 -5.3 .3 1.1 1.6 1.0 4.7
Services-producing industries...... 26.6 -8.9 -28.4 14.5 26.6 13.0 30.2 28.8
Trade, transportation, and
utilities....................... 6.0 1.9 -5.6 5.5 8.9 -.2 5.3 4.4
Other services-producing
industries...................... 20.5 -10.8 -22.8 9.0 17.7 13.2 24.9 24.4
Government........................... 1.7 2.8 2.2 3.8 5.4 5.9 4.9 3.0
Supplements to wages and salaries...... 6.7 3.9 2.0 5.7 7.9 5.9 6.8 7.5
Employer contributions for employee
pension and insurance funds......... 4.1 5.7 4.2 4.5 5.5 4.6 4.3 5.0
Employer contributions for government
social insurance.................... 2.6 -1.7 -2.3 1.2 2.4 1.3 2.6 2.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.8 -2.4 4.7 -4.1 -1.3 6.9 -.3 1.1
Farm................................... -.7 -2.7 -3.0 -2.9 2.1 3.9 4.4 2.8
Nonfarm................................ 7.5 .3 7.7 -1.2 -3.4 2.9 -4.6 -1.7
Rental income of persons with capital
consumption adjustment.................. .5 -2.2 -2.4 -3.6 2.8 2.2 2.9 -3.0
Personal income receipts on assets....... 1.8 21.5 21.9 22.9 7.2 7.5 7.8 11.4
Personal interest income............... -2.9 16.5 16.5 16.4 .8 .8 .8 4.5
Personal dividend income............... 4.8 4.9 5.5 6.4 6.4 6.7 6.9 7.0
Personal current transfer receipts....... 7.6 3.9 10.9 6.7 10.2 14.5 3.4 .5
Government social benefits to persons.. 7.4 3.7 10.7 6.5 10.0 14.4 3.2 .3
Old-age, survivors, disability, and
health insurance benefits........... 7.6 2.9 7.1 7.9 -4.4 7.5 .8 -2.5
Government unemployment insurance
benefits............................ .0 -.4 .0 .0 .3 .0 .0 -.4
Other................................ -.2 1.2 3.6 -1.3 14.0 6.8 2.4 3.3
Other current transfer receipts, from
business (net)........................ .1 .2 .2 .2 .2 .1 .2 .2
Less: Contributions for government social
insurance............................... 5.2 -2.5 -3.9 2.8 5.1 3.0 4.5 6.1
Less: Personal current taxes............... 12.3 11.3 .6 9.4 -5.1 2.4 4.9 16.2
Equals: Disposable personal income......... 43.2 -4.5 10.4 37.4 61.4 54.0 49.4 33.1
Less: Personal outlays..................... 47.1 56.6 65.2 33.7 81.1 16.1 -10.0 18.0
Personal consumption expenditures........ 44.6 51.4 63.4 31.9 75.3 12.0 -14.2 16.9
Durable goods.......................... 11.2 -2.8 -6.2 5.6 21.6 -16.4 .8 2.0
Nondurable goods....................... 10.0 39.4 24.4 3.7 24.0 4.2 -41.8 -17.1
Services............................... 23.5 14.7 45.2 22.6 29.7 24.2 26.7 32.1
Personal interest payments\1\............ 1.9 1.2 1.3 1.3 3.7 3.6 3.7 .4
Personal current transfer payments....... .5 4.1 .5 .5 2.1 .6 .5 .6
To government.......................... .6 .5 .5 .6 .5 .6 .5 .6
To the rest of the world (net)......... .0 3.5 .0 .0 1.5 .0 .0 .0
Equals: Personal saving.................... -3.8 -61.1 -54.8 3.7 -19.7 37.8 59.4 15.3
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 9.1 -41.5 -19.4 20.8 27.3 24.5 69.7 47.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2006.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 II 05 III 05 IV 05 I 06 II 06/r/ III 06/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 567.8 507.8 112.7 101.2 221.0 237.7 85.9 146.7
Compensation of employees, received...... 354.9 365.0 64.1 139.9 90.8 215.9 25.2 85.4
Wage and salary disbursements.......... 279.4 272.7 45.6 113.9 71.8 183.1 10.8 66.9
Private industries................... 242.0 236.8 40.3 107.0 64.3 173.1 3.0 52.7
Goods-producing industries......... 42.9 50.5 8.6 26.4 11.0 52.4 -4.3 7.1
Manufacturing.................... 19.1 16.7 .4 12.4 5.3 27.8 -10.0 .9
Services-producing industries...... 199.1 186.3 31.6 80.7 53.2 120.8 7.3 45.5
Trade, transportation, and
utilities....................... 40.9 38.0 12.2 15.1 9.4 28.7 7.2 12.3
Other services-producing
industries...................... 158.2 148.2 19.4 65.5 43.8 92.0 .2 33.2
Government........................... 37.4 35.9 5.3 6.9 7.5 10.0 7.8 14.3
Supplements to wages and salaries...... 75.5 92.3 18.5 26.0 19.0 32.9 14.2 18.6
Employer contributions for employee
pension and insurance funds......... 50.5 67.1 14.9 17.4 14.0 15.5 14.1 14.4
Employer contributions for government
social insurance.................... 25.0 25.2 3.6 8.6 5.0 17.4 .2 4.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 99.8 59.6 13.0 1.5 29.5 11.5 3.6 2.0
Farm................................... 7.0 -6.0 -5.2 1.0 -1.0 -4.8 -6.4 3.3
Nonfarm................................ 92.8 65.5 18.2 .6 30.4 16.3 9.9 -1.2
Rental income of persons with capital
consumption adjustment.................. -6.0 -54.2 -15.7 -114.3 93.0 -4.7 -5.4 2.0
Personal income receipts on assets....... 91.3 91.5 36.2 32.2 47.5 22.1 45.4 37.3
Personal interest income............... -23.3 54.2 22.5 16.4 30.5 7.4 30.1 18.0
Personal dividend income............... 114.5 37.3 13.7 15.8 17.0 14.7 15.3 19.3
Personal current transfer receipts....... 75.5 100.1 22.8 58.9 -29.2 30.6 19.3 29.1
Government social benefits to persons.. 81.7 82.5 20.9 12.0 11.6 35.2 18.7 28.6
Old-age, survivors, disability, and
health insurance benefits........... 50.1 53.5 12.2 4.1 6.1 55.3 18.2 8.6
Government unemployment insurance
benefits............................ -16.8 -4.7 -2.1 -.5 1.4 -3.8 -.8 .3
Other................................ 48.5 33.6 10.8 8.3 4.1 -16.2 1.3 19.6
Other current transfer receipts, from
business (net)........................ -6.2 17.6 2.0 46.8 -40.8 -4.5 .5 .5
Less: Contributions for government social
insurance............................... 47.8 54.2 7.9 17.0 10.4 37.8 2.1 9.2
Less: Personal current taxes............... 48.7 153.3 33.9 23.2 32.6 85.0 28.4 4.6
Equals: Disposable personal income......... 519.1 354.5 78.8 78.0 188.4 152.7 57.4 142.2
Less: Personal outlays..................... 519.5 563.7 161.9 179.9 84.2 154.0 158.5 132.7
Personal consumption expenditures........ 507.9 530.9 154.9 172.7 80.5 151.4 148.9 121.0
Durable goods.......................... 43.6 46.8 29.2 15.0 -37.7 44.5 -2.3 12.6
Nondurable goods....................... 155.0 194.1 58.4 76.3 28.6 44.7 63.2 23.5
Services............................... 309.3 289.9 67.3 81.4 89.6 62.1 88.1 84.9
Personal interest payments\1\............ 3.5 23.4 8.7 6.1 .3 3.6 4.4 8.6
Personal current transfer payments....... 8.2 9.5 -1.7 1.2 3.3 -.9 5.1 3.2
To government.......................... 5.5 5.2 1.4 1.4 1.5 1.5 1.6 1.7
To the rest of the world (net)......... 2.7 4.2 -3.0 -.2 1.8 -2.4 3.5 1.5
Equals: Personal saving.................... -.6 -209.1 -83.3 -101.8 104.1 -1.2 -101.1 9.5
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 280.9 93.8 9.2 -11.7 109.2 93.5 -31.4 74.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2006.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Mar 06 Apr 06/r/ May 06/r/ Jun 06/r/ Jul 06/r/ Aug 06/r/ Sep 06/r/ Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .5 .1 .1 .4 .5 .5 .5 .4
Compensation of employees, received...... .6 -.2 -.4 .4 .6 .4 .6 .6
Wage and salary disbursements.......... .6 -.3 -.5 .4 .6 .4 .6 .6
Supplements to wages and salaries...... .5 .3 .1 .4 .5 .4 .5 .5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .7 -.2 .5 -.4 -.1 .7 .0 .1
Rental income of persons with capital
consumption adjustment.................. .7 -2.9 -3.2 -5.0 4.1 3.2 4.0 -3.9
Personal income receipts on assets....... .1 1.3 1.3 1.4 .4 .5 .5 .7
Personal interest income............... -.3 1.7 1.6 1.6 .1 .1 .1 .4
Personal dividend income............... .8 .8 .9 1.0 1.0 1.1 1.1 1.1
Personal current transfer receipts....... .5 .2 .7 .4 .6 .9 .2 .0
Less: Contributions for government social
insurance............................... .6 -.3 -.4 .3 .5 .3 .5 .6
Less: Personal current taxes............... .9 .8 .0 .7 -.4 .2 .4 1.2
Equals: Disposable personal income......... .5 .0 .1 .4 .6 .6 .5 .3
Addenda:
Personal consumption expenditures........ .5 .6 .7 .3 .8 .1 -.2 .2
Durable goods.......................... 1.1 -.3 -.6 .5 2.0 -1.5 .1 .2
Nondurable goods....................... .4 1.5 .9 .1 .9 .2 -1.5 -.6
Services............................... .4 .3 .8 .4 .5 .4 .5 .6
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... .1 -.5 -.2 .3 .3 .3 .8 .6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2006.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 II 05 III 05 IV 05 I 06 II 06/r/ III 06/r/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 6.2 5.2 4.6 4.0 8.9 9.4 3.2 5.5
Compensation of employees, received...... 5.6 5.5 3.8 8.3 5.2 12.6 1.4 4.7
Wage and salary disbursements.......... 5.5 5.1 3.3 8.4 5.1 13.3 .7 4.5
Supplements to wages and salaries...... 6.3 7.3 5.7 7.9 5.6 9.7 4.1 5.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 12.3 6.5 5.6 .6 12.7 4.7 1.4 .8
Rental income of persons with capital
consumption adjustment.................. -4.5 -42.7 -43.3 ..... ..... -21.2 -25.2 11.9
Personal income receipts on assets....... 6.8 6.4 10.3 8.9 13.0 5.7 11.8 9.4
Personal interest income............... -2.5 6.1 10.2 7.2 13.5 3.0 12.7 7.3
Personal dividend income............... 27.1 7.0 10.4 11.7 12.2 10.2 10.4 12.8
Personal current transfer receipts....... 5.6 7.0 6.3 16.5 -7.3 8.2 5.0 7.5
Less: Contributions for government social
insurance............................... 6.1 6.6 3.7 8.0 4.8 17.9 .9 4.0
Less: Personal current taxes............... 4.9 14.6 12.2 8.0 11.2 30.2 8.8 1.3
Equals: Disposable personal income......... 6.4 4.1 3.6 3.5 8.6 6.8 2.5 6.2
Addenda:
Personal consumption expenditures........ 6.6 6.5 7.5 8.2 3.7 7.0 6.7 5.3
Durable goods.......................... 4.6 4.7 12.1 5.9 -13.5 18.6 -.9 4.8
Nondurable goods....................... 7.1 8.3 9.9 12.7 4.5 7.0 9.9 3.5
Services............................... 6.8 5.9 5.4 6.5 7.1 4.8 6.7 6.4
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 3.6 1.2 .5 -.6 5.5 4.6 -1.5 3.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2006.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Mar 06 Apr 06 May 06 Jun 06 Jul 06/r/ Aug 06/r/ Sep 06/r/ Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,022.6 8,031.2 8,058.7 8,075.0 8,115.0 8,103.6 8,117.2 8,150.1
Durable goods............................ 1,195.2 1,191.7 1,184.9 1,194.2 1,217.9 1,198.7 1,206.3 1,208.2
Nondurable goods......................... 2,338.6 2,347.3 2,352.1 2,353.9 2,361.0 2,356.6 2,355.4 2,371.2
Services................................. 4,512.8 4,515.3 4,542.1 4,548.9 4,562.8 4,570.2 4,578.9 4,593.6
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 11.3 8.6 27.5 16.3 40.0 -11.4 13.6 32.9
Durable goods............................ 14.2 -3.5 -6.8 9.3 23.7 -19.2 7.6 1.9
Nondurable goods......................... -7.8 8.7 4.8 1.8 7.1 -4.4 -1.2 15.8
Services................................. 7.5 2.5 26.8 6.8 13.9 7.4 8.7 14.7
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .1 .1 .3 .2 .5 -.1 .2 .4
Durable goods............................ 1.2 -.3 -.6 .8 2.0 -1.6 .6 .2
Nondurable goods......................... -.3 .4 .2 .1 .3 -.2 -.1 .7
Services................................. .2 .1 .6 .1 .3 .2 .2 .3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 II 05 III 05 IV 05 I 06 II 06 III 06/r/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,577.1 7,841.2 7,819.8 7,895.3 7,910.2 8,003.8 8,055.0 8,112.0
Durable goods............................ 1,085.7 1,145.3 1,150.8 1,175.9 1,137.9 1,190.5 1,190.3 1,207.6
Nondurable goods......................... 2,179.2 2,276.8 2,268.4 2,287.6 2,309.6 2,342.8 2,351.1 2,357.7
Services................................. 4,323.9 4,436.6 4,420.0 4,454.5 4,476.7 4,494.5 4,535.4 4,570.7
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 281.8 264.1 80.4 75.5 14.9 93.6 51.2 57.0
Durable goods............................ 65.1 59.6 34.0 25.1 -38.0 52.6 -.2 17.3
Nondurable goods......................... 76.2 97.6 26.9 19.2 22.0 33.2 8.3 6.6
Services................................. 145.1 112.7 24.7 34.5 22.2 17.8 40.9 35.3
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.9 3.5 4.2 3.9 .8 4.8 2.6 2.9
Durable goods............................ 6.4 5.5 12.8 9.0 -12.3 19.8 -.1 6.0
Nondurable goods......................... 3.6 4.5 4.9 3.4 3.9 5.9 1.4 1.1
Services................................. 3.5 2.6 2.3 3.2 2.0 1.6 3.7 3.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Mar 06 Apr 06 May 06 Jun 06 Jul 06/r/ Aug 06/r/ Sep 06/r/ Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 113.737 114.254 114.650 114.815 115.176 115.486 115.116 114.861
Durable goods............................ 89.264 89.289 89.279 89.049 89.097 89.145 88.661 88.681
Nondurable goods......................... 113.953 115.210 116.015 116.082 116.751 117.144 115.433 113.940
Services................................. 119.502 119.761 120.049 120.368 120.652 120.986 121.339 121.650
Addenda:
PCE excluding food and energy............ 111.264 111.515 111.736 111.963 112.095 112.395 112.586 112.841
Market-based PCE\1\...................... 112.390 112.929 113.374 113.513 113.862 114.142 113.656 113.297
Market-based PCE excluding food
and energy\1\........................... 109.065 109.290 109.537 109.745 109.816 110.076 110.238 110.467
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .4 .5 .3 .1 .3 .3 -.3 -.2
Durable goods............................ -.1 .0 .0 -.3 .1 .1 -.5 .0
Nondurable goods......................... .7 1.1 .7 .1 .6 .3 -1.5 -1.3
Services................................. .3 .2 .2 .3 .2 .3 .3 .3
Addenda:
PCE excluding food and energy............ .3 .2 .2 .2 .1 .3 .2 .2
Market-based PCE\1\...................... .4 .5 .4 .1 .3 .2 -.4 -.3
Market-based PCE excluding food
and energy\1\........................... .3 .2 .2 .2 .1 .2 .1 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Mar 06 Apr 06/r/ May 06/r/ Jun 06/r/ Jul 06/r/ Aug 06/r/ Sep 06/r/ Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 2.8 2.3 1.9 1.7 1.6 4.5 3.1 3.4
Personal consumption expenditures.......... 3.5 2.9 3.4 2.7 2.3 2.7 3.2 3.5
Durable goods............................ 5.9 2.3 6.1 2.0 -1.6 3.2 6.8 8.9
Nondurable goods......................... 4.6 3.6 3.9 3.4 3.5 2.9 2.8 2.5
Services................................. 2.4 2.7 2.6 2.5 2.6 2.5 2.7 3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the second quarter of 2006.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Mar 06 Apr 06 May 06 Jun 06 Jul 06/r/ Aug 06/r/ Sep 06/r/ Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.9 3.0 3.3 3.5 3.4 3.2 2.0 1.5
Durable goods............................ -1.5 -1.4 -1.6 -1.5 -1.1 -.7 -1.3 -1.3
Nondurable goods......................... 3.5 3.8 5.0 5.3 4.8 4.0 .3 -.7
Services................................. 3.5 3.5 3.5 3.6 3.6 3.6 3.4 3.1
Addenda:
PCE excluding food and energy............ 2.0 2.2 2.2 2.3 2.3 2.5 2.4 2.4
Market-based PCE\1\...................... 2.7 2.8 3.2 3.4 3.3 3.1 1.6 1.1
Market-based PCE excluding food
and energy\1\........................... 1.6 1.8 1.8 2.0 1.9 2.1 2.1 2.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
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