News Release
Personal Income and Outlays, September 2006
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James E. Rankin: (202) 606-5301 (Personal Income)BEA 06-49
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2006
Personal income increased $53.0 billion, or 0.5 percent, and disposable personal income (DPI)
increased $49.3 billion, or 0.5 percent, in September, according to the Bureau of Economic
Analysis. Personal consumption expenditures (PCE) increased $11.6 billion, or 0.1 percent. In
August, personal income increased $47.2 billion, or 0.4 percent, DPI increased $46.4 billion, or 0.5
percent, and PCE increased $15.3 billion, or 0.2 percent, based on revised estimates.
2006
May June July Aug. Sept.
(Percent change from preceding month)
Personal income, current dollars 0.4 0.6 0.4 0.4 0.5
Disposable personal income:
Current dollars 0.4 0.5 0.6 0.5 0.5
Chained (2000) dollars 0.0 0.4 0.2 0.2 0.8
Personal consumption expenditures:
Current dollars 0.7 0.3 0.8 0.2 0.1
Chained (2000) dollars 0.3 0.2 0.4 -0.1 0.4
Wages and salaries
Private wage and salary disbursements increased $31.0 billion in September, compared with an
increase of $10.1 billion in August. Goods-producing industries' payrolls increased $1.3 billion,
compared with an increase of $3.0 billion; manufacturing payrolls decreased $0.4 billion, in contrast
to an increase of $0.7 billion. Services-producing industries' payrolls increased $29.7 billion,
compared with an increase of $7.0 billion. Government wage and salary disbursements increased
$1.8 billion, compared with an increase of $3.3 billion.
Other personal income
Supplements to wages and salaries increased $6.4 billion in September, compared with an
increase of $5.3 billion in August.
Proprietors' income increased $3.2 billion in September, compared with an increase of $5.3
billion in August. Farm proprietors' income increased $3.7 billion, compared with an increase of
$3.4 billion. Nonfarm proprietors' income decreased $0.5 billion, in contrast to an increase of $1.9
billion.
Rental income of persons increased $3.5 billion in September, compared with an increase of
$2.7 billion in August. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $7.8 billion, compared with an increase of $7.5 billion. Personal current
transfer receipts increased $3.4 billion, compared with an increase $14.5 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $3.9 billion in September, compared with an increase of $1.7 billion in August.
Personal current taxes and disposable personal income
Personal current taxes increased $3.7 billion in September, compared with an increase of $0.8
billion in August. Disposable personal income (DPI) -- personal income less personal current taxes
-- increased $49.3 billion, or 0.5 percent, in September, compared with an increase of $46.4 billion,
or 0.5 percent, in August.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $15.3 billion in September, compared with an increase of $19.1 billion in August. PCE
increased $11.6 billion, compared with an increase of $15.3 billion.
Personal saving -- DPI less personal outlays -- was a negative $15.0 billion in September,
compared with a negative $49.0 billion in August. Personal saving as a percentage of disposable
personal income was a negative 0.2 percent in September, compared with a negative 0.5 percent in
August. 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 0.8 percent in September,
compared with an increase of 0.2 percent in August. In September, 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 0.3 percent in September, in contrast to an increase of 0.3 percent in
August. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an
increase of 0.3 percent.
Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in September, in
contrast to a decrease of 0.1 percent in August. Purchases of durable goods increased 2.1 percent, in
contrast to a decrease of 1.5 percent. Motor vehicles accounted for about one-third of the increase in
September and accounted for the decrease in August. Purchases of nondurable goods increased 0.3
percent in September, in contrast to a decrease of 0.2 percent in August. Purchases of services
increased 0.2 percent in September and in August.
Revisions
Estimates have been revised for July and August. Changes in personal income, current-dollar
and chained (2000) dollar DPI, and current-dollar and chained (2000) 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...................... 57.2 47.1 0.5 0.4 38.4 47.2 0.3 0.4
Disposable personal income:
Current dollars...................... 62.0 53.7 0.6 0.6 38.8 46.4 0.4 0.5
Chained (2000) dollars......... 26.0 19.2 0.3 0.2 13.5 17.8 0.2 0.2
Personal consumption expenditures:
Current dollars...................... 75.9 70.9 0.8 0.8 10.5 15.3 0.1 0.2
Chained (2000) dollars......... 38.9 35.0 0.5 0.4 -10.4 -8.5 -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
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* * *
Next release -- Personal Income and Outlays for October will be released on
November 30, 2006, at 8:30 A.M. EST.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06/r/ Aug 06/r/ Sep 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,721.9 10,777.4 10,852.4 10,894.2 10,956.3 11,003.4 11,050.6 11,103.6
Compensation of employees, received...... 7,407.2 7,451.3 7,513.2 7,520.5 7,565.9 7,598.1 7,616.8 7,656.0
Wage and salary disbursements.......... 5,976.6 6,013.8 6,066.5 6,069.4 6,107.8 6,132.8 6,146.3 6,179.0
Private industries................... 4,977.9 5,013.4 5,063.3 5,064.0 5,098.6 5,119.9 5,130.0 5,161.0
Goods-producing industries......... 1,179.5 1,188.4 1,197.0 1,199.6 1,207.3 1,207.7 1,210.7 1,212.0
Manufacturing.................... 744.3 749.6 754.7 754.5 757.5 757.2 757.9 757.5
Services-producing industries...... 3,798.4 3,825.0 3,866.3 3,864.4 3,891.3 3,912.3 3,919.3 3,949.0
Trade, transportation, and
utilities....................... 984.8 990.8 1,001.0 998.7 1,005.8 1,010.1 1,010.8 1,017.9
Other services-producing
industries...................... 2,813.7 2,834.2 2,865.3 2,865.7 2,885.5 2,902.2 2,908.5 2,931.1
Government........................... 998.7 1,000.4 1,003.2 1,005.4 1,009.2 1,012.9 1,016.2 1,018.0
Supplements to wages and salaries...... 1,430.7 1,437.4 1,446.8 1,451.1 1,458.0 1,465.3 1,470.6 1,477.0
Employer contributions for employee
pension and insurance funds......... 971.6 975.7 981.4 985.6 990.1 995.6 1,000.2 1,004.4
Employer contributions for government
social insurance.................... 459.1 461.7 465.4 465.5 468.0 469.7 470.4 472.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,005.7 1,012.5 1,010.1 1,014.8 1,010.7 1,008.8 1,014.1 1,017.3
Farm................................... 23.9 23.2 20.5 17.5 14.6 16.1 19.5 23.2
Nonfarm................................ 981.8 989.3 989.6 997.3 996.1 992.7 994.6 994.1
Rental income of persons with capital
consumption adjustment.................. 75.9 76.4 74.2 71.8 68.2 71.5 74.2 77.7
Personal income receipts on assets....... 1,602.1 1,603.9 1,625.4 1,647.3 1,670.2 1,677.4 1,684.9 1,692.7
Personal interest income............... 989.1 986.2 1,002.7 1,019.2 1,035.6 1,036.4 1,037.2 1,038.0
Personal dividend income............... 613.0 617.8 622.7 628.2 634.6 641.0 647.7 654.6
Personal current transfer receipts....... 1,568.7 1,576.3 1,580.2 1,591.1 1,597.8 1,608.0 1,622.5 1,625.9
Government social benefits to persons.. 1,534.3 1,541.7 1,545.4 1,556.1 1,562.6 1,572.6 1,587.0 1,590.2
Old-age, survivors, disability, and
health insurance benefits........... 910.3 917.9 920.8 927.9 935.8 931.4 938.9 939.7
Government unemployment insurance
benefits............................ 27.4 27.4 27.0 27.0 27.0 27.3 27.3 27.3
Other................................ 596.6 596.4 597.6 601.2 599.9 613.9 620.7 623.2
Other current transfer receipts, from
business (net)........................ 34.5 34.6 34.8 35.0 35.2 35.4 35.5 35.7
Less: Contributions for government social
insurance............................... 937.8 943.0 950.7 951.4 956.5 960.4 962.1 966.0
Less: Personal current taxes............... 1,333.9 1,346.2 1,370.2 1,376.6 1,388.9 1,382.3 1,383.1 1,386.8
Equals: Disposable personal income......... 9,388.1 9,431.3 9,482.2 9,517.6 9,567.4 9,621.1 9,667.5 9,716.8
Less: Personal outlays..................... 9,418.6 9,465.7 9,522.3 9,587.5 9,621.2 9,697.4 9,716.5 9,731.8
Personal consumption expenditures........ 9,079.2 9,123.8 9,175.2 9,238.6 9,270.5 9,341.4 9,356.7 9,368.3
Durable goods.......................... 1,055.7 1,066.9 1,064.1 1,057.9 1,063.5 1,085.1 1,069.9 1,086.6
Nondurable goods....................... 2,654.5 2,664.5 2,703.9 2,728.3 2,732.0 2,756.1 2,760.2 2,728.3
Services............................... 5,369.0 5,392.5 5,407.2 5,452.4 5,475.0 5,500.2 5,526.6 5,553.4
Personal interest payments\1\............ 218.5 220.4 221.6 222.9 224.2 227.4 230.6 233.8
Personal current transfer payments....... 120.9 121.4 125.5 126.0 126.5 128.6 129.2 129.7
To government.......................... 75.7 76.3 76.8 77.3 77.9 78.4 79.0 79.5
To the rest of the world (net)......... 45.2 45.2 48.7 48.7 48.7 50.2 50.2 50.2
Equals: Personal saving.................... -30.6 -34.4 -40.1 -69.8 -53.8 -76.3 -49.0 -15.0
Personal saving as a percentage of
disposable personal income.............. -.3 -.4 -.4 -.7 -.6 -.8 -.5 -.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,283.8 8,292.9 8,299.9 8,302.2 8,333.6 8,352.8 8,370.6 8,439.8
Per capita:
Current dollars...................... 31,468 31,591 31,739 31,834 31,975 32,128 32,256 32,392
Chained (2000) dollars............... 27,767 27,778 27,782 27,768 27,852 27,893 27,928 28,135
Population (midperiod, thousands)\3\..... 298,337 298,539 298,753 298,979 299,213 299,459 299,716 299,972
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 II 05 III 05 IV 05 I 06 II 06 III 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,731.4 10,239.2 10,161.5 10,262.7 10,483.7 10,721.4 10,901.0 11,052.5
Compensation of employees, received...... 6,665.3 7,030.3 6,953.7 7,093.6 7,184.4 7,400.3 7,533.2 7,623.7
Wage and salary disbursements.......... 5,392.1 5,664.8 5,601.3 5,715.2 5,787.0 5,970.1 6,081.2 6,152.7
Private industries................... 4,450.3 4,687.1 4,627.6 4,734.6 4,798.9 4,972.0 5,075.3 5,137.0
Goods-producing industries......... 1,050.8 1,101.3 1,087.5 1,113.9 1,124.9 1,177.3 1,201.3 1,210.1
Manufacturing.................... 688.0 704.7 697.3 709.7 715.0 742.8 755.6 757.5
Services-producing industries...... 3,399.5 3,585.8 3,540.0 3,620.7 3,673.9 3,794.7 3,874.0 3,926.9
Trade, transportation, and
utilities....................... 899.2 937.2 930.4 945.5 954.9 983.6 1,001.8 1,012.9
Other services-producing
industries...................... 2,500.3 2,648.5 2,609.7 2,675.2 2,719.0 2,811.0 2,872.2 2,913.9
Government........................... 941.8 977.7 973.7 980.6 988.1 998.1 1,005.9 1,015.7
Supplements to wages and salaries...... 1,273.2 1,365.5 1,352.4 1,378.4 1,397.4 1,430.3 1,452.0 1,471.0
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.................... 407.1 432.3 427.7 436.3 441.3 458.7 466.3 470.9
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 1,013.4
Farm................................... 36.2 30.2 28.7 29.7 28.7 23.9 17.5 19.6
Nonfarm................................ 874.9 940.4 937.1 937.7 968.1 984.4 994.3 993.8
Rental income of persons with capital
consumption adjustment.................. 127.0 72.8 102.8 -11.5 81.5 76.8 71.4 74.5
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................................ 571.0 604.6 602.1 610.4 614.5 598.3 599.6 619.3
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............................... 826.4 880.6 871.5 888.5 898.9 936.7 952.9 962.8
Less: Personal current taxes............... 1,049.8 1,203.1 1,191.8 1,215.0 1,247.6 1,332.6 1,378.6 1,384.1
Equals: Disposable personal income......... 8,681.6 9,036.1 8,969.7 9,047.7 9,236.1 9,388.8 9,522.4 9,668.5
Less: Personal outlays..................... 8,507.2 9,070.9 9,000.4 9,180.3 9,264.5 9,418.5 9,577.0 9,715.2
Personal consumption expenditures........ 8,211.5 8,742.4 8,674.6 8,847.3 8,927.8 9,079.2 9,228.1 9,355.5
Durable goods.......................... 986.3 1,033.1 1,042.3 1,057.3 1,019.6 1,064.1 1,061.8 1,080.6
Nondurable goods....................... 2,345.2 2,539.3 2,508.6 2,584.9 2,613.5 2,658.2 2,721.4 2,748.2
Services............................... 4,880.1 5,170.0 5,123.7 5,205.1 5,294.7 5,356.8 5,444.9 5,526.7
Personal interest payments\1\............ 186.0 209.4 208.5 214.6 214.9 218.5 222.9 230.6
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 -54.6 -46.8
Personal saving as a percentage of
disposable personal income.............. 2.0 -.4 -.3 -1.5 -.3 -.3 -.6 -.5
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 8,311.9 8,387.7
Per capita:
Current dollars...................... 29,536 30,458 30,273 30,461 31,020 31,470 31,849 32,259
Chained (2000) dollars............... 27,254 27,318 27,290 27,183 27,484 27,743 27,801 27,986
Population (midperiod, thousands)\3\..... 293,933 296,677 296,289 297,027 297,748 298,340 298,982 299,716
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06/r/ Aug 06/r/ Sep 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 57.0 55.5 75.0 41.8 62.1 47.1 47.2 53.0
Compensation of employees, received...... 64.7 44.1 61.9 7.3 45.4 32.2 18.7 39.2
Wage and salary disbursements.......... 56.8 37.2 52.7 2.9 38.4 25.0 13.5 32.7
Private industries................... 53.4 35.5 49.9 .7 34.6 21.3 10.1 31.0
Goods-producing industries......... 15.5 8.9 8.6 2.6 7.7 .4 3.0 1.3
Manufacturing.................... 9.6 5.3 5.1 -.2 3.0 -.3 .7 -.4
Services-producing industries...... 37.9 26.6 41.3 -1.9 26.9 21.0 7.0 29.7
Trade, transportation, and
utilities....................... 9.5 6.0 10.2 -2.3 7.1 4.3 .7 7.1
Other services-producing
industries...................... 28.4 20.5 31.1 .4 19.8 16.7 6.3 22.6
Government........................... 3.4 1.7 2.8 2.2 3.8 3.7 3.3 1.8
Supplements to wages and salaries...... 8.0 6.7 9.4 4.3 6.9 7.3 5.3 6.4
Employer contributions for employee
pension and insurance funds......... 4.2 4.1 5.7 4.2 4.5 5.5 4.6 4.2
Employer contributions for government
social insurance.................... 3.8 2.6 3.7 .1 2.5 1.7 .7 2.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.9 6.8 -2.4 4.7 -4.1 -1.9 5.3 3.2
Farm................................... -.7 -.7 -2.7 -3.0 -2.9 1.5 3.4 3.7
Nonfarm................................ -.2 7.5 .3 7.7 -1.2 -3.4 1.9 -.5
Rental income of persons with capital
consumption adjustment.................. -2.1 .5 -2.2 -2.4 -3.6 3.3 2.7 3.5
Personal income receipts on assets....... 1.3 1.8 21.5 21.9 22.9 7.2 7.5 7.8
Personal interest income............... -2.9 -2.9 16.5 16.5 16.4 .8 .8 .8
Personal dividend income............... 4.2 4.8 4.9 5.5 6.4 6.4 6.7 6.9
Personal current transfer receipts....... 2.4 7.6 3.9 10.9 6.7 10.2 14.5 3.4
Government social benefits to persons.. 2.4 7.4 3.7 10.7 6.5 10.0 14.4 3.2
Old-age, survivors, disability, and
health insurance benefits........... 8.9 7.6 2.9 7.1 7.9 -4.4 7.5 .8
Government unemployment insurance
benefits............................ -1.2 .0 -.4 .0 .0 .3 .0 .0
Other................................ -5.3 -.2 1.2 3.6 -1.3 14.0 6.8 2.5
Other current transfer receipts, from
business (net)........................ .1 .1 .2 .2 .2 .2 .1 .2
Less: Contributions for government social
insurance............................... 8.5 5.2 7.7 .7 5.1 3.9 1.7 3.9
Less: Personal current taxes............... 16.1 12.3 24.0 6.4 12.3 -6.6 .8 3.7
Equals: Disposable personal income......... 41.0 43.2 50.9 35.4 49.8 53.7 46.4 49.3
Less: Personal outlays..................... 47.3 47.1 56.6 65.2 33.7 76.2 19.1 15.3
Personal consumption expenditures........ 44.8 44.6 51.4 63.4 31.9 70.9 15.3 11.6
Durable goods.......................... -14.1 11.2 -2.8 -6.2 5.6 21.6 -15.2 16.7
Nondurable goods....................... -1.2 10.0 39.4 24.4 3.7 24.1 4.1 -31.9
Services............................... 60.1 23.5 14.7 45.2 22.6 25.2 26.4 26.8
Personal interest payments\1\............ 1.9 1.9 1.2 1.3 1.3 3.2 3.2 3.2
Personal current transfer payments....... .5 .5 4.1 .5 .5 2.1 .6 .5
To government.......................... .5 .6 .5 .5 .6 .5 .6 .5
To the rest of the world (net)......... .0 .0 3.5 .0 .0 1.5 .0 .0
Equals: Personal saving.................... -6.4 -3.8 -5.7 -29.7 16.0 -22.5 27.3 34.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 30.2 9.1 7.0 2.3 31.4 19.2 17.8 69.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 II 05 III 05 IV 05 I 06 II 06 III 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 567.8 507.8 112.7 101.2 221.0 237.7 179.6 151.5
Compensation of employees, received...... 354.9 365.0 64.1 139.9 90.8 215.9 132.9 90.5
Wage and salary disbursements.......... 279.4 272.7 45.6 113.9 71.8 183.1 111.1 71.5
Private industries................... 242.0 236.8 40.3 107.0 64.3 173.1 103.3 61.7
Goods-producing industries......... 42.9 50.5 8.6 26.4 11.0 52.4 24.0 8.8
Manufacturing.................... 19.1 16.7 .4 12.4 5.3 27.8 12.8 1.9
Services-producing industries...... 199.1 186.3 31.6 80.7 53.2 120.8 79.3 52.9
Trade, transportation, and
utilities....................... 40.9 38.0 12.2 15.1 9.4 28.7 18.2 11.1
Other services-producing
industries...................... 158.2 148.2 19.4 65.5 43.8 92.0 61.2 41.7
Government........................... 37.4 35.9 5.3 6.9 7.5 10.0 7.8 9.8
Supplements to wages and salaries...... 75.5 92.3 18.5 26.0 19.0 32.9 21.7 19.0
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 7.6 4.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 99.8 59.6 13.0 1.5 29.5 11.5 3.6 1.5
Farm................................... 7.0 -6.0 -5.2 1.0 -1.0 -4.8 -6.4 2.1
Nonfarm................................ 92.8 65.5 18.2 .6 30.4 16.3 9.9 -.5
Rental income of persons with capital
consumption adjustment.................. -6.0 -54.2 -15.7 -114.3 93.0 -4.7 -5.4 3.1
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 19.7
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 16.2 9.9
Less: Personal current taxes............... 48.7 153.3 33.9 23.2 32.6 85.0 46.0 5.5
Equals: Disposable personal income......... 519.1 354.5 78.8 78.0 188.4 152.7 133.6 146.1
Less: Personal outlays..................... 519.5 563.7 161.9 179.9 84.2 154.0 158.5 138.2
Personal consumption expenditures........ 507.9 530.9 154.9 172.7 80.5 151.4 148.9 127.4
Durable goods.......................... 43.6 46.8 29.2 15.0 -37.7 44.5 -2.3 18.8
Nondurable goods....................... 155.0 194.1 58.4 76.3 28.6 44.7 63.2 26.8
Services............................... 309.3 289.9 67.3 81.4 89.6 62.1 88.1 81.8
Personal interest payments\1\............ 3.5 23.4 8.7 6.1 .3 3.6 4.4 7.7
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 -24.9 7.8
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 280.9 93.8 9.2 -11.7 109.2 93.5 35.1 75.8
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06/r/ Aug 06/r/ Sep 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .5 .5 .7 .4 .6 .4 .4 .5
Compensation of employees, received...... .9 .6 .8 .1 .6 .4 .2 .5
Wage and salary disbursements.......... 1.0 .6 .9 .0 .6 .4 .2 .5
Supplements to wages and salaries...... .6 .5 .6 .3 .5 .5 .4 .4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.1 .7 -.2 .5 -.4 -.2 .5 .3
Rental income of persons with capital
consumption adjustment.................. -2.6 .7 -2.9 -3.2 -5.0 4.8 3.9 4.6
Personal income receipts on assets....... .1 .1 1.3 1.3 1.4 .4 .5 .5
Personal interest income............... -.3 -.3 1.7 1.6 1.6 .1 .1 .1
Personal dividend income............... .7 .8 .8 .9 1.0 1.0 1.1 1.1
Personal current transfer receipts....... .2 .5 .2 .7 .4 .6 .9 .2
Less: Contributions for government social
insurance............................... .9 .6 .8 .1 .5 .4 .2 .4
Less: Personal current taxes............... 1.2 .9 1.8 .5 .9 -.5 .1 .3
Equals: Disposable personal income......... .4 .5 .5 .4 .5 .6 .5 .5
Addenda:
Personal consumption expenditures........ .5 .5 .6 .7 .3 .8 .2 .1
Durable goods.......................... -1.3 1.1 -.3 -.6 .5 2.0 -1.4 1.6
Nondurable goods....................... .0 .4 1.5 .9 .1 .9 .2 -1.2
Services............................... 1.1 .4 .3 .8 .4 .5 .5 .5
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... .4 .1 .1 .0 .4 .2 .2 .8
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 II 05 III 05 IV 05 I 06 II 06 III 06
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 6.2 5.2 4.6 4.0 8.9 9.4 6.9 5.7
Compensation of employees, received...... 5.6 5.5 3.8 8.3 5.2 12.6 7.4 4.9
Wage and salary disbursements.......... 5.5 5.1 3.3 8.4 5.1 13.3 7.7 4.8
Supplements to wages and salaries...... 6.3 7.3 5.7 7.9 5.6 9.7 6.2 5.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 12.3 6.5 5.6 .6 12.7 4.7 1.4 .6
Rental income of persons with capital
consumption adjustment.................. -4.5 -42.7 -43.3 ..... ..... -21.2 -25.2 18.3
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 7.1 4.2
Less: Personal current taxes............... 4.9 14.6 12.2 8.0 11.2 30.2 14.5 1.6
Equals: Disposable personal income......... 6.4 4.1 3.6 3.5 8.6 6.8 5.8 6.3
Addenda:
Personal consumption expenditures........ 6.6 6.5 7.5 8.2 3.7 7.0 6.7 5.6
Durable goods.......................... 4.6 4.7 12.1 5.9 -13.5 18.6 -.9 7.2
Nondurable goods....................... 7.1 8.3 9.9 12.7 4.5 7.0 9.9 4.0
Services............................... 6.8 5.9 5.4 6.5 7.1 4.8 6.7 6.2
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 3.6 1.2 .5 -.6 5.5 4.6 1.7 3.7
-----------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06/r/ Aug 06/r/ Sep 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,011.3 8,022.6 8,031.2 8,058.7 8,075.0 8,110.0 8,101.5 8,137.1
Durable goods............................ 1,181.0 1,195.2 1,191.7 1,184.9 1,194.2 1,217.9 1,200.1 1,225.5
Nondurable goods......................... 2,346.4 2,338.6 2,347.3 2,352.1 2,353.9 2,361.0 2,356.7 2,363.8
Services................................. 4,505.3 4,512.8 4,515.3 4,542.1 4,548.9 4,557.9 4,567.2 4,575.6
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 33.8 11.3 8.6 27.5 16.3 35.0 -8.5 35.6
Durable goods............................ -14.2 14.2 -3.5 -6.8 9.3 23.7 -17.8 25.4
Nondurable goods......................... 3.1 -7.8 8.7 4.8 1.8 7.1 -4.3 7.1
Services................................. 39.9 7.5 2.5 26.8 6.8 9.0 9.3 8.4
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .4 .1 .1 .3 .2 .4 -.1 .4
Durable goods............................ -1.2 1.2 -.3 -.6 .8 2.0 -1.5 2.1
Nondurable goods......................... .1 -.3 .4 .2 .1 .3 -.2 .3
Services................................. .9 .2 .1 .6 .1 .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]
-----------------------------------------------------------------------------------------------------------------------------------
2004 2005 II 05 III 05 IV 05 I 06 II 06 III 06
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
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 8,116.2
Durable goods............................ 1,085.7 1,145.3 1,150.8 1,175.9 1,137.9 1,190.5 1,190.3 1,214.5
Nondurable goods......................... 2,179.2 2,276.8 2,268.4 2,287.6 2,309.6 2,342.8 2,351.1 2,360.5
Services................................. 4,323.9 4,436.6 4,420.0 4,454.5 4,476.7 4,494.5 4,535.4 4,566.9
----------------------------------------------------------------------------------------
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 61.2
Durable goods............................ 65.1 59.6 34.0 25.1 -38.0 52.6 -.2 24.2
Nondurable goods......................... 76.2 97.6 26.9 19.2 22.0 33.2 8.3 9.4
Services................................. 145.1 112.7 24.7 34.5 22.2 17.8 40.9 31.5
----------------------------------------------------------------------------------------
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 3.1
Durable goods............................ 6.4 5.5 12.8 9.0 -12.3 19.8 -.1 8.4
Nondurable goods......................... 3.6 4.5 4.9 3.4 3.9 5.9 1.4 1.6
Services................................. 3.5 2.6 2.3 3.2 2.0 1.6 3.7 2.8
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06/r/ Aug 06/r/ Sep 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 113.340 113.737 114.254 114.650 114.815 115.193 115.502 115.140
Durable goods............................ 89.389 89.264 89.289 89.279 89.049 89.095 89.144 88.665
Nondurable goods......................... 113.150 113.953 115.210 116.015 116.082 116.749 117.142 115.439
Services................................. 119.180 119.502 119.761 120.049 120.368 120.683 121.017 121.378
Addenda:
PCE excluding food and energy............ 110.928 111.264 111.515 111.736 111.963 112.115 112.415 112.614
Market-based PCE\1\...................... 111.988 112.390 112.929 113.374 113.513 113.893 114.172 113.687
Market-based PCE excluding food
and energy\1\........................... 108.735 109.065 109.290 109.537 109.745 109.853 110.113 110.275
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .1 .4 .5 .3 .1 .3 .3 -.3
Durable goods............................ -.1 -.1 .0 .0 -.3 .1 .1 -.5
Nondurable goods......................... -.2 .7 1.1 .7 .1 .6 .3 -1.5
Services................................. .2 .3 .2 .2 .3 .3 .3 .3
Addenda:
PCE excluding food and energy............ .2 .3 .2 .2 .2 .1 .3 .2
Market-based PCE\1\...................... .0 .4 .5 .4 .1 .3 .2 -.4
Market-based PCE excluding food
and energy\1\........................... .1 .3 .2 .2 .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.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06/r/ Aug 06/r/ Sep 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 2.5 2.8 3.0 2.8 2.7 2.5 5.3 3.9
Personal consumption expenditures.......... 3.4 3.5 2.9 3.4 2.7 2.3 2.7 3.4
Durable goods............................ 6.0 5.9 2.3 6.1 2.0 -1.6 3.4 8.5
Nondurable goods......................... 4.3 4.6 3.6 3.9 3.4 3.5 2.9 3.1
Services................................. 2.5 2.4 2.7 2.6 2.5 2.5 2.4 2.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06/r/ Aug 06/r/ Sep 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 3.0 2.9 3.0 3.3 3.5 3.4 3.2 2.0
Durable goods............................ -1.4 -1.5 -1.4 -1.6 -1.5 -1.1 -.7 -1.3
Nondurable goods......................... 3.6 3.5 3.8 5.0 5.3 4.8 4.0 .3
Services................................. 3.6 3.5 3.5 3.5 3.6 3.6 3.6 3.5
Addenda:
PCE excluding food and energy............ 2.0 2.0 2.2 2.2 2.3 2.3 2.5 2.4
Market-based PCE\1\...................... 2.8 2.7 2.8 3.2 3.4 3.3 3.1 1.6
Market-based PCE excluding food
and energy\1\........................... 1.6 1.6 1.8 1.8 2.0 2.0 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.