News Release
Personal Income and Outlays, December 2006
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James E. Rankin: (202) 606-5301 (Personal Income)BEA 06-03
Michael Armah: (202) 606-5302 (Personal Outlays)
PERSONAL INCOME AND OUTLAYS: DECEMBER 2006
Personal income increased $60.6 billion, or 0.5 percent, and disposable personal income (DPI)
increased $50.8 billion, or 0.5 percent, in December, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $67.1 billion, or 0.7 percent. In November,
personal income increased $32.4 billion, or 0.3 percent, DPI increased $25.4 billion, or 0.3 percent,
and PCE increased $51.1 billion, or 0.5 percent, based on revised estimates.
2006
Aug. Sept. Oct. Nov. Dec.
(Percent change from preceding month)
Personal income, current dollars 0.5 0.5 0.3 0.3 0.5
Disposable personal income:
Current dollars 0.6 0.5 0.2 0.3 0.5
Chained (2000) dollars 0.3 0.9 0.4 0.3 0.2
Personal consumption expenditures:
Current dollars 0.1 0.0 0.3 0.5 0.7
Chained (2000) dollars -0.1 0.3 0.5 0.5 0.3
Wages and salaries
Private wage and salary disbursements increased $36.7 billion in December, compared with an
increase of $19.6 billion in November. Goods-producing industries' payrolls increased $4.3 billion,
compared with an increase of $1.2 billion; manufacturing payrolls increased $1.8 billion, in contrast
to a decrease of $0.8 billion. Services-producing industries' payrolls increased $32.4 billion,
compared with an increase of $18.4 billion. Government wage and salary disbursements increased
$2.7 billion, compared with an increase of $2.4 billion.
Other personal income
Supplements to wages and salaries increased $6.8 billion in December, compared with an
increase of $5.6 billion in November.
Proprietors' income increased less than $0.1 billion in December, compared with an increase of
$2.2 billion in November. Farm proprietors' income decreased $3.1 billion, in contrast to an
increase of $0.6 billion. Nonfarm proprietors' income increased $3.1 billion, compared with an
increase of $1.6 billion.
Rental income of persons decreased $2.2 billion in December, compared with a decrease of
$1.2 billion in November. Personal income receipts on assets (personal interest income plus
personal dividend income) increased $3.2 billion, compared with an increase of $3.4 billion.
Personal current transfer receipts increased $19.0 billion in December, compared with an
increase of $3.3 billion in November. The December increase in personal current transfer receipts
reflected retroactive social security benefit payments of $6.7 billion at an annual rate, resulting from
a recalculation of the earnings base underlying the benefits for recent retirees.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $5.7 billion in December, compared with an increase of $2.8 billion in November.
Personal current taxes and disposable personal income
Personal current taxes increased $9.9 billion in December, compared with an increase of $7.0
billion in November. Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $50.8 billion, or 0.5 percent, in December, compared with an increase of $25.4
billion, or 0.3 percent, in November.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $68.1 billion in December, compared with an increase of $52.3 billion in November. PCE
increased $67.1 billion, compared with an increase of $51.1 billion.
Personal saving -- DPI less personal outlays -- was a negative $116.6 billion in December,
compared with a negative $99.2 billion in November. Personal saving as a percentage of disposable
personal income was a negative 1.2 percent in December, compared with a negative 1.0 percent in
November. 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 0.2 percent in December,
compared with an increase of 0.3 percent in November.
Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in December,
compared with an increase of 0.5 percent in November. Purchases of durable goods increased 1.2
percent, compared with an increase of 1.3 percent. Purchases of motor vehicles and parts accounted
for most of the increase in December. Purchases of nondurable goods increased 0.6 percent in
December, compared with an increase of 1.0 percent in November. Purchases of services increased
less than 0.1 percent, compared with an increase of 0.2 percent.
PCE prices -- The price index for PCE increased 0.4 percent in December, compared with an
increase of less than 0.1 percent in November. Prices, excluding food and energy, increased 0.1
percent, compared with an increase of less than 0.1 percent.
2006 Personal Income and Outlays
Personal income increased 6.4 percent in 2006 (that is, from the 2005 annual level to the 2006
annual level), compared with an increase of 5.2 percent in 2005. The acceleration in personal
income growth was mostly accounted for by wage and salary disbursements. DPI increased 5.5 percent,
compared with an increase of 4.1 percent. PCE increased 6.0 percent, compared with an increase of
6.5 percent.
Real DPI increased 2.7 percent in 2006, compared with an increase of 1.2 percent in 2005.
Real PCE increased 3.2 percent, compared with an increase of 3.5 percent.
Revisions
Estimates have been revised for October and November. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for October
and November -- revised and as published in last month's release -- are shown below.
Change from preceding month
October November
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars...................... 35.7 32.8 0.3 0.3 33.8 32.4 0.3 0.3
Disposable personal income:
Current dollars...................... 21.2 20.3 0.2 0.2 27.0 25.4 0.3 0.3
Chained (2000) dollars............... 36.5 34.6 0.4 0.4 22.7 21.6 0.3 0.3
Personal consumption expenditures:
Current dollars...................... 26.2 24.4 0.3 0.3 50.5 51.1 0.5 0.5
Chained (2000) dollars............... 40.3 37.6 0.5 0.5 43.3 44.1 0.5 0.5
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 January will be released on
March 1, 2007, at 8:30 A.M. EST.
Release dates in 2007
December 2006... February 1 April 2007.... June 1 August 2007..... September 28
January 2007.... March 1 May 2007..... June 29 September 2007... November 1
February 2007... March 30 June 2007..... July 31 October 2007....... November 30
March 2007...... April 30 July 2007.... August 31 November 2007.... December 21
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,795.3 10,842.2 10,906.7 10,965.3 11,021.7 11,054.5 11,086.9 11,147.5
Compensation of employees, received...... 7,406.8 7,434.7 7,484.2 7,512.4 7,557.7 7,594.6 7,622.2 7,668.5
Wage and salary disbursements.......... 5,963.5 5,985.7 6,026.7 6,049.1 6,087.6 6,117.5 6,139.5 6,179.0
Private industries................... 4,958.1 4,976.4 5,012.1 5,028.6 5,061.1 5,088.8 5,108.4 5,145.1
Goods-producing industries......... 1,170.4 1,174.2 1,179.3 1,182.7 1,184.9 1,190.7 1,191.9 1,196.2
Manufacturing.................... 730.9 731.2 734.8 736.4 736.5 739.9 739.1 740.9
Services-producing industries...... 3,787.7 3,802.2 3,832.9 3,845.9 3,876.2 3,898.1 3,916.5 3,948.9
Trade, transportation, and
utilities....................... 987.1 992.6 1,001.5 1,001.3 1,006.3 1,009.7 1,015.3 1,016.7
Other services-producing
industries...................... 2,800.6 2,809.6 2,831.4 2,844.6 2,870.0 2,888.4 2,901.2 2,932.2
Government........................... 1,005.4 1,009.2 1,014.6 1,020.5 1,026.5 1,028.7 1,031.1 1,033.8
Supplements to wages and salaries...... 1,443.3 1,449.0 1,457.4 1,463.3 1,470.1 1,477.1 1,482.7 1,489.5
Employer contributions for employee
pension and insurance funds......... 985.6 990.1 995.6 1,000.2 1,004.5 1,009.4 1,013.7 1,017.8
Employer contributions for government
social insurance.................... 457.7 458.9 461.8 463.1 465.6 467.6 469.1 471.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,014.8 1,010.7 1,009.9 1,017.2 1,017.4 1,022.6 1,024.8 1,024.8
Farm................................... 17.5 14.6 17.1 21.5 26.4 28.9 29.5 26.4
Nonfarm................................ 997.3 996.1 992.9 995.7 991.0 993.7 995.3 998.4
Rental income of persons with capital
consumption adjustment.................. 71.8 68.2 73.4 78.1 83.4 80.9 79.7 77.5
Personal income receipts on assets....... 1,647.3 1,670.2 1,676.7 1,683.5 1,690.6 1,693.6 1,697.0 1,700.2
Personal interest income............... 1,019.2 1,035.6 1,035.7 1,035.8 1,035.9 1,032.0 1,028.2 1,024.3
Personal dividend income............... 628.2 634.6 641.0 647.7 654.6 661.6 668.8 675.9
Personal current transfer receipts....... 1,591.1 1,597.8 1,608.0 1,622.5 1,625.5 1,620.9 1,624.2 1,643.2
Government social benefits to persons.. 1,556.1 1,562.6 1,572.6 1,587.0 1,589.8 1,585.0 1,588.2 1,607.0
Old-age, survivors, disability, and
health insurance benefits........... 927.9 935.8 931.4 938.9 939.7 940.4 944.1 963.3
Government unemployment insurance
benefits............................ 27.0 27.0 27.3 27.3 27.3 27.0 27.3 27.0
Other................................ 601.2 599.9 613.8 620.7 622.8 617.6 616.7 616.8
Other current transfer receipts, from
business (net)........................ 35.0 35.2 35.4 35.5 35.7 35.9 36.1 36.1
Less: Contributions for government social
insurance............................... 936.6 939.4 945.5 948.4 952.9 958.1 960.9 966.6
Less: Personal current taxes............... 1,358.1 1,367.5 1,363.1 1,365.4 1,370.1 1,382.6 1,389.6 1,399.5
Equals: Disposable personal income......... 9,437.2 9,474.6 9,543.5 9,599.9 9,651.6 9,671.9 9,697.3 9,748.1
Less: Personal outlays..................... 9,587.5 9,621.2 9,696.0 9,716.0 9,718.1 9,744.2 9,796.5 9,864.6
Personal consumption expenditures........ 9,238.6 9,270.5 9,338.9 9,352.6 9,348.5 9,372.9 9,424.0 9,491.1
Durable goods.......................... 1,057.9 1,063.5 1,085.2 1,068.9 1,072.3 1,074.4 1,083.8 1,092.4
Nondurable goods....................... 2,728.3 2,732.0 2,755.9 2,761.1 2,726.2 2,711.4 2,728.0 2,770.5
Services............................... 5,452.4 5,475.0 5,497.8 5,522.6 5,550.0 5,587.1 5,612.2 5,628.3
Personal interest payments\1\............ 222.9 224.2 229.9 235.5 241.2 242.0 242.8 243.6
Personal current transfer payments....... 126.0 126.5 127.2 127.8 128.3 129.3 129.6 129.9
To government.......................... 77.3 77.9 78.4 79.0 79.5 79.8 80.1 80.3
To the rest of the world (net)......... 48.7 48.7 48.8 48.8 48.8 49.6 49.6 49.6
Equals: Personal saving.................... -150.3 -146.6 -152.4 -116.1 -66.5 -72.3 -99.2 -116.6
Personal saving as a percentage of
disposable personal income.............. -1.6 -1.5 -1.6 -1.2 -.7 -.7 -1.0 -1.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,232.0 8,252.8 8,287.8 8,314.8 8,386.2 8,420.8 8,442.4 8,455.7
Per capita:
Current dollars...................... 31,565 31,665 31,869 32,030 32,175 32,216 32,275 32,420
Chained (2000) dollars............... 27,534 27,582 27,676 27,742 27,957 28,049 28,098 28,121
Population (midperiod, thousands)\3\..... 298,979 299,213 299,459 299,716 299,972 300,221 300,460 300,685
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 III 05 IV 05 I 06 II 06 III 06 IV 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,239.2 10,897.4 10,262.7 10,483.7 10,721.4 10,807.3 10,964.5 11,096.3
Compensation of employees, received...... 7,030.3 7,493.1 7,093.6 7,184.4 7,400.3 7,425.5 7,518.1 7,628.4
Wage and salary disbursements.......... 5,664.8 6,037.7 5,715.2 5,787.0 5,970.1 5,980.9 6,054.5 6,145.3
Private industries................... 4,687.1 5,023.7 4,734.6 4,798.9 4,972.0 4,975.0 5,033.9 5,114.1
Goods-producing industries......... 1,101.3 1,181.4 1,113.9 1,124.9 1,177.3 1,173.0 1,182.3 1,193.0
Manufacturing.................... 704.7 737.9 709.7 715.0 742.8 732.8 735.9 740.0
Services-producing industries...... 3,585.8 3,842.4 3,620.7 3,673.9 3,794.7 3,802.0 3,851.7 3,921.2
Trade, transportation, and
utilities....................... 937.2 997.8 945.5 954.9 983.6 990.8 1,003.0 1,013.9
Other services-producing
industries...................... 2,648.5 2,844.5 2,675.2 2,719.0 2,811.0 2,811.2 2,848.7 2,907.3
Government........................... 977.7 1,013.9 980.6 988.1 998.1 1,005.9 1,020.5 1,031.2
Supplements to wages and salaries...... 1,365.5 1,455.4 1,378.4 1,397.4 1,430.3 1,444.5 1,463.6 1,483.1
Employer contributions for employee
pension and insurance funds......... 933.2 992.7 942.1 956.1 971.6 985.7 1,000.1 1,013.6
Employer contributions for government
social insurance.................... 432.3 462.6 436.3 441.3 458.7 458.9 463.5 469.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 970.7 1,014.8 967.3 996.8 1,008.3 1,011.9 1,014.8 1,024.0
Farm................................... 30.2 22.8 29.7 28.7 23.9 17.5 21.7 28.3
Nonfarm................................ 940.4 991.9 937.7 968.1 984.4 994.3 993.2 995.8
Rental income of persons with capital
consumption adjustment.................. 72.8 76.5 -11.5 81.5 76.8 71.4 78.3 79.4
Personal income receipts on assets....... 1,519.4 1,657.6 1,532.7 1,580.2 1,602.3 1,647.7 1,683.6 1,696.9
Personal interest income............... 945.0 1,018.1 951.2 981.7 989.1 1,019.2 1,035.8 1,028.2
Personal dividend income............... 574.4 639.6 581.5 598.5 613.2 628.5 647.8 668.8
Personal current transfer receipts....... 1,526.6 1,602.1 1,569.0 1,539.8 1,570.4 1,589.7 1,618.6 1,629.4
Government social benefits to persons.. 1,480.9 1,566.8 1,489.2 1,500.8 1,536.0 1,554.7 1,583.1 1,593.4
Old-age, survivors, disability, and
health insurance benefits........... 844.9 931.0 848.5 854.6 909.9 928.1 936.7 949.3
Government unemployment insurance
benefits............................ 31.3 27.3 30.2 31.6 27.8 27.0 27.3 27.1
Other................................ 604.6 608.5 610.4 614.5 598.3 599.6 619.1 617.0
Other current transfer receipts, from
business (net)........................ 45.7 35.3 79.8 39.0 34.5 35.0 35.5 36.0
Less: Contributions for government social
insurance............................... 880.6 946.6 888.5 898.9 936.7 938.8 948.9 961.8
Less: Personal current taxes............... 1,203.1 1,362.6 1,215.0 1,247.6 1,332.6 1,361.0 1,366.2 1,390.5
Equals: Disposable personal income......... 9,036.1 9,534.8 9,047.7 9,236.1 9,388.8 9,446.2 9,598.3 9,705.8
Less: Personal outlays..................... 9,070.9 9,626.8 9,180.3 9,264.5 9,418.5 9,577.0 9,710.0 9,801.8
Personal consumption expenditures........ 8,742.4 9,270.8 8,847.3 8,927.8 9,079.2 9,228.1 9,346.7 9,429.3
Durable goods.......................... 1,033.1 1,071.3 1,057.3 1,019.6 1,064.1 1,061.8 1,075.5 1,083.5
Nondurable goods....................... 2,539.3 2,716.0 2,584.9 2,613.5 2,658.2 2,721.4 2,747.7 2,736.6
Services............................... 5,170.0 5,483.6 5,205.1 5,294.7 5,356.8 5,444.9 5,523.5 5,609.2
Personal interest payments\1\............ 209.4 229.9 214.6 214.9 218.5 222.9 235.5 242.8
Personal current transfer payments....... 119.2 126.1 118.5 121.8 120.9 126.0 127.8 129.6
To government.......................... 72.0 78.0 72.7 74.2 75.7 77.3 79.0 80.0
To the rest of the world (net)......... 47.1 48.1 45.8 47.6 45.2 48.7 48.8 49.6
Equals: Personal saving.................... -34.8 -92.0 -132.6 -28.5 -29.7 -130.8 -111.7 -96.0
Personal saving as a percentage of
disposable personal income.............. -.4 -1.0 -1.5 -.3 -.3 -1.4 -1.2 -1.0
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,104.6 8,322.7 8,074.1 8,183.3 8,276.8 8,245.4 8,329.6 8,439.6
Per capita:
Current dollars...................... 30,458 31,849 30,461 31,020 31,470 31,595 32,025 32,304
Chained (2000) dollars............... 27,318 27,800 27,183 27,484 27,743 27,578 27,792 28,089
Population (midperiod, thousands)\3\..... 296,677 299,373 297,027 297,748 298,340 298,982 299,716 300,455
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 11.0 46.9 64.5 58.6 56.4 32.8 32.4 60.6
Compensation of employees, received...... -28.1 27.9 49.5 28.2 45.3 36.9 27.6 46.3
Wage and salary disbursements.......... -30.1 22.2 41.0 22.4 38.5 29.9 22.0 39.5
Private industries................... -32.3 18.3 35.7 16.5 32.5 27.7 19.6 36.7
Goods-producing industries......... -3.9 3.8 5.1 3.4 2.2 5.8 1.2 4.3
Manufacturing.................... -5.3 .3 3.6 1.6 .1 3.4 -.8 1.8
Services-producing industries...... -28.4 14.5 30.7 13.0 30.3 21.9 18.4 32.4
Trade, transportation, and
utilities....................... -5.6 5.5 8.9 -.2 5.0 3.4 5.6 1.4
Other services-producing
industries...................... -22.8 9.0 21.8 13.2 25.4 18.4 12.8 31.0
Government........................... 2.2 3.8 5.4 5.9 6.0 2.2 2.4 2.7
Supplements to wages and salaries...... 2.0 5.7 8.4 5.9 6.8 7.0 5.6 6.8
Employer contributions for employee
pension and insurance funds......... 4.2 4.5 5.5 4.6 4.3 4.9 4.3 4.1
Employer contributions for government
social insurance.................... -2.3 1.2 2.9 1.3 2.5 2.0 1.5 2.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 4.7 -4.1 -.8 7.3 .2 5.2 2.2 .0
Farm................................... -3.0 -2.9 2.5 4.4 4.9 2.5 .6 -3.1
Nonfarm................................ 7.7 -1.2 -3.2 2.8 -4.7 2.7 1.6 3.1
Rental income of persons with capital
consumption adjustment.................. -2.4 -3.6 5.2 4.7 5.3 -2.5 -1.2 -2.2
Personal income receipts on assets....... 21.9 22.9 6.5 6.8 7.1 3.0 3.4 3.2
Personal interest income............... 16.5 16.4 .1 .1 .1 -3.9 -3.8 -3.9
Personal dividend income............... 5.5 6.4 6.4 6.7 6.9 7.0 7.2 7.1
Personal current transfer receipts....... 10.9 6.7 10.2 14.5 3.0 -4.6 3.3 19.0
Government social benefits to persons.. 10.7 6.5 10.0 14.4 2.8 -4.8 3.2 18.8
Old-age, survivors, disability, and
health insurance benefits........... 7.1 7.9 -4.4 7.5 .8 .7 3.7 19.2
Government unemployment insurance
benefits............................ .0 .0 .3 .0 .0 -.3 .3 -.3
Other................................ 3.6 -1.3 13.9 6.9 2.1 -5.2 -.9 .1
Other current transfer receipts, from
business (net)........................ .2 .2 .2 .1 .2 .2 .2 .0
Less: Contributions for government social
insurance............................... -3.9 2.8 6.1 2.9 4.5 5.2 2.8 5.7
Less: Personal current taxes............... .6 9.4 -4.4 2.3 4.7 12.5 7.0 9.9
Equals: Disposable personal income......... 10.4 37.4 68.9 56.4 51.7 20.3 25.4 50.8
Less: Personal outlays..................... 65.2 33.7 74.8 20.0 2.1 26.1 52.3 68.1
Personal consumption expenditures........ 63.4 31.9 68.4 13.7 -4.1 24.4 51.1 67.1
Durable goods.......................... -6.2 5.6 21.7 -16.3 3.4 2.1 9.4 8.6
Nondurable goods....................... 24.4 3.7 23.9 5.2 -34.9 -14.8 16.6 42.5
Services............................... 45.2 22.6 22.8 24.8 27.4 37.1 25.1 16.1
Personal interest payments\1\............ 1.3 1.3 5.7 5.6 5.7 .8 .8 .8
Personal current transfer payments....... .5 .5 .7 .6 .5 1.0 .3 .3
To government.......................... .5 .6 .5 .6 .5 .3 .3 .2
To the rest of the world (net)......... .0 .0 .1 .0 .0 .8 .0 .0
Equals: Personal saving.................... -54.8 3.7 -5.8 36.3 49.6 -5.8 -26.9 -17.4
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -19.4 20.8 35.0 27.0 71.4 34.6 21.6 13.3
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 III 05 IV 05 I 06 II 06 III 06 IV 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 507.8 658.2 101.2 221.0 237.7 85.9 157.2 131.8
Compensation of employees, received...... 365.0 462.8 139.9 90.8 215.9 25.2 92.6 110.3
Wage and salary disbursements.......... 272.7 372.9 113.9 71.8 183.1 10.8 73.6 90.8
Private industries................... 236.8 336.6 107.0 64.3 173.1 3.0 58.9 80.2
Goods-producing industries......... 50.5 80.1 26.4 11.0 52.4 -4.3 9.3 10.7
Manufacturing.................... 16.7 33.2 12.4 5.3 27.8 -10.0 3.1 4.1
Services-producing industries...... 186.3 256.6 80.7 53.2 120.8 7.3 49.7 69.5
Trade, transportation, and
utilities....................... 38.0 60.6 15.1 9.4 28.7 7.2 12.2 10.9
Other services-producing
industries...................... 148.2 196.0 65.5 43.8 92.0 .2 37.5 58.6
Government........................... 35.9 36.2 6.9 7.5 10.0 7.8 14.6 10.7
Supplements to wages and salaries...... 92.3 89.9 26.0 19.0 32.9 14.2 19.1 19.5
Employer contributions for employee
pension and insurance funds......... 67.1 59.5 17.4 14.0 15.5 14.1 14.4 13.5
Employer contributions for government
social insurance.................... 25.2 30.3 8.6 5.0 17.4 .2 4.6 6.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 59.6 44.1 1.5 29.5 11.5 3.6 2.9 9.2
Farm................................... -6.0 -7.4 1.0 -1.0 -4.8 -6.4 4.2 6.6
Nonfarm................................ 65.5 51.5 .6 30.4 16.3 9.9 -1.1 2.6
Rental income of persons with capital
consumption adjustment.................. -54.2 3.7 -114.3 93.0 -4.7 -5.4 6.9 1.1
Personal income receipts on assets....... 91.5 138.2 32.2 47.5 22.1 45.4 35.9 13.3
Personal interest income............... 54.2 73.1 16.4 30.5 7.4 30.1 16.6 -7.6
Personal dividend income............... 37.3 65.2 15.8 17.0 14.7 15.3 19.3 21.0
Personal current transfer receipts....... 100.1 75.5 58.9 -29.2 30.6 19.3 28.9 10.8
Government social benefits to persons.. 82.5 85.9 12.0 11.6 35.2 18.7 28.4 10.3
Old-age, survivors, disability, and
health insurance benefits........... 53.5 86.1 4.1 6.1 55.3 18.2 8.6 12.6
Government unemployment insurance
benefits............................ -4.7 -4.0 -.5 1.4 -3.8 -.8 .3 -.2
Other................................ 33.6 3.9 8.3 4.1 -16.2 1.3 19.5 -2.1
Other current transfer receipts, from
business (net)........................ 17.6 -10.4 46.8 -40.8 -4.5 .5 .5 .5
Less: Contributions for government social
insurance............................... 54.2 66.0 17.0 10.4 37.8 2.1 10.1 12.9
Less: Personal current taxes............... 153.3 159.5 23.2 32.6 85.0 28.4 5.2 24.3
Equals: Disposable personal income......... 354.5 498.7 78.0 188.4 152.7 57.4 152.1 107.5
Less: Personal outlays..................... 563.7 555.9 179.9 84.2 154.0 158.5 133.0 91.8
Personal consumption expenditures........ 530.9 528.4 172.7 80.5 151.4 148.9 118.6 82.6
Durable goods.......................... 46.8 38.2 15.0 -37.7 44.5 -2.3 13.7 8.0
Nondurable goods....................... 194.1 176.7 76.3 28.6 44.7 63.2 26.3 -11.1
Services............................... 289.9 313.6 81.4 89.6 62.1 88.1 78.6 85.7
Personal interest payments\1\............ 23.4 20.5 6.1 .3 3.6 4.4 12.6 7.3
Personal current transfer payments....... 9.5 6.9 1.2 3.3 -.9 5.1 1.8 1.8
To government.......................... 5.2 6.0 1.4 1.5 1.5 1.6 1.7 1.0
To the rest of the world (net)......... 4.2 1.0 -.2 1.8 -2.4 3.5 .1 .8
Equals: Personal saving.................... -209.1 -57.2 -101.8 104.1 -1.2 -101.1 19.1 15.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 93.8 218.1 -11.7 109.2 93.5 -31.4 84.2 110.0
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .1 .4 .6 .5 .5 .3 .3 .5
Compensation of employees, received...... -.4 .4 .7 .4 .6 .5 .4 .6
Wage and salary disbursements.......... -.5 .4 .7 .4 .6 .5 .4 .6
Supplements to wages and salaries...... .1 .4 .6 .4 .5 .5 .4 .5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .5 -.4 -.1 .7 .0 .5 .2 .0
Rental income of persons with capital
consumption adjustment.................. -3.2 -5.0 7.6 6.4 6.8 -3.0 -1.5 -2.7
Personal income receipts on assets....... 1.3 1.4 .4 .4 .4 .2 .2 .2
Personal interest income............... 1.6 1.6 .0 .0 .0 -.4 -.4 -.4
Personal dividend income............... .9 1.0 1.0 1.1 1.1 1.1 1.1 1.1
Personal current transfer receipts....... .7 .4 .6 .9 .2 -.3 .2 1.2
Less: Contributions for government social
insurance............................... -.4 .3 .6 .3 .5 .5 .3 .6
Less: Personal current taxes............... .0 .7 -.3 .2 .3 .9 .5 .7
Equals: Disposable personal income......... .1 .4 .7 .6 .5 .2 .3 .5
Addenda:
Personal consumption expenditures........ .7 .3 .7 .1 .0 .3 .5 .7
Durable goods.......................... -.6 .5 2.0 -1.5 .3 .2 .9 .8
Nondurable goods....................... .9 .1 .9 .2 -1.3 -.5 .6 1.6
Services............................... .8 .4 .4 .5 .5 .7 .4 .3
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... -.2 .3 .4 .3 .9 .4 .3 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 III 05 IV 05 I 06 II 06 III 06 IV 06
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.2 6.4 4.0 8.9 9.4 3.2 5.9 4.9
Compensation of employees, received...... 5.5 6.6 8.3 5.2 12.6 1.4 5.1 6.0
Wage and salary disbursements.......... 5.1 6.6 8.4 5.1 13.3 .7 5.0 6.1
Supplements to wages and salaries...... 7.3 6.6 7.9 5.6 9.7 4.1 5.4 5.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.5 4.5 .6 12.7 4.7 1.4 1.2 3.7
Rental income of persons with capital
consumption adjustment.................. -42.7 5.0 ..... ..... -21.2 -25.2 44.6 5.6
Personal income receipts on assets....... 6.4 9.1 8.9 13.0 5.7 11.8 9.0 3.2
Personal interest income............... 6.1 7.7 7.2 13.5 3.0 12.7 6.7 -2.9
Personal dividend income............... 7.0 11.3 11.7 12.2 10.2 10.4 12.8 13.6
Personal current transfer receipts....... 7.0 4.9 16.5 -7.3 8.2 5.0 7.5 2.7
Less: Contributions for government social
insurance............................... 6.6 7.5 8.0 4.8 17.9 .9 4.4 5.6
Less: Personal current taxes............... 14.6 13.3 8.0 11.2 30.2 8.8 1.5 7.3
Equals: Disposable personal income......... 4.1 5.5 3.5 8.6 6.8 2.5 6.6 4.6
Addenda:
Personal consumption expenditures........ 6.5 6.0 8.2 3.7 7.0 6.7 5.2 3.6
Durable goods.......................... 4.7 3.7 5.9 -13.5 18.6 -.9 5.3 3.0
Nondurable goods....................... 8.3 7.0 12.7 4.5 7.0 9.9 3.9 -1.6
Services............................... 5.9 6.1 6.5 7.1 4.8 6.7 5.9 6.4
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 1.2 2.7 -.6 5.5 4.6 -1.5 4.1 5.4
-----------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,058.7 8,075.0 8,110.1 8,100.7 8,122.8 8,160.4 8,204.5 8,232.8
Durable goods............................ 1,184.9 1,194.2 1,218.0 1,199.0 1,209.5 1,211.5 1,226.7 1,241.4
Nondurable goods......................... 2,352.1 2,353.9 2,360.9 2,357.4 2,362.1 2,379.5 2,402.5 2,417.6
Services................................. 4,542.1 4,548.9 4,558.1 4,566.4 4,575.4 4,592.8 4,601.8 4,603.8
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 27.5 16.3 35.1 -9.4 22.1 37.6 44.1 28.3
Durable goods............................ -6.8 9.3 23.8 -19.0 10.5 2.0 15.2 14.7
Nondurable goods......................... 4.8 1.8 7.0 -3.5 4.7 17.4 23.0 15.1
Services................................. 26.8 6.8 9.2 8.3 9.0 17.4 9.0 2.0
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .3 .2 .4 -.1 .3 .5 .5 .3
Durable goods............................ -.6 .8 2.0 -1.6 .9 .2 1.3 1.2
Nondurable goods......................... .2 .1 .3 -.1 .2 .7 1.0 .6
Services................................. .6 .1 .2 .2 .2 .4 .2 .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2005 2006 III 05 IV 05 I 06 II 06 III 06 IV 06
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,841.2 8,092.3 7,895.3 7,910.2 8,003.8 8,055.0 8,111.2 8,199.2
Durable goods............................ 1,145.3 1,204.0 1,175.9 1,137.9 1,190.5 1,190.3 1,208.8 1,226.5
Nondurable goods......................... 2,276.8 2,363.5 2,287.6 2,309.6 2,342.8 2,351.1 2,360.1 2,399.9
Services................................. 4,436.6 4,549.0 4,454.5 4,476.7 4,494.5 4,535.4 4,566.6 4,599.4
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 264.1 251.1 75.5 14.9 93.6 51.2 56.2 88.0
Durable goods............................ 59.6 58.7 25.1 -38.0 52.6 -.2 18.5 17.7
Nondurable goods......................... 97.6 86.7 19.2 22.0 33.2 8.3 9.0 39.8
Services................................. 112.7 112.4 34.5 22.2 17.8 40.9 31.2 32.8
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.5 3.2 3.9 .8 4.8 2.6 2.8 4.4
Durable goods............................ 5.5 5.1 9.0 -12.3 19.8 -.1 6.4 6.0
Nondurable goods......................... 4.5 3.8 3.4 3.9 5.9 1.4 1.5 6.9
Services................................. 2.6 2.5 3.2 2.0 1.6 3.7 2.8 2.9
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 114.650 114.815 115.160 115.465 115.098 114.867 114.875 115.294
Durable goods............................ 89.279 89.049 89.096 89.145 88.659 88.679 88.348 87.991
Nondurable goods......................... 116.015 116.082 116.749 117.143 115.434 113.967 113.569 114.615
Services................................. 120.049 120.368 120.625 120.948 121.308 121.657 121.966 122.262
Addenda:
PCE excluding food and energy............ 111.736 111.963 112.076 112.369 112.565 112.844 112.886 113.027
Market-based PCE\1\...................... 113.374 113.513 113.852 114.131 113.652 113.299 113.282 113.722
Market-based PCE excluding food
and energy\1\........................... 109.537 109.745 109.803 110.062 110.233 110.460 110.479 110.589
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .3 .1 .3 .3 -.3 -.2 .0 .4
Durable goods............................ .0 -.3 .1 .1 -.5 .0 -.4 -.4
Nondurable goods......................... .7 .1 .6 .3 -1.5 -1.3 -.3 .9
Services................................. .2 .3 .2 .3 .3 .3 .3 .2
Addenda:
PCE excluding food and energy............ .2 .2 .1 .3 .2 .2 .0 .1
Market-based PCE\1\...................... .4 .1 .3 .2 -.4 -.3 .0 .4
Market-based PCE excluding food
and energy\1\........................... .2 .2 .1 .2 .2 .2 .0 .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
-----------------------------------------------------------------------------------------------------------------------------------
May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.9 1.7 1.7 4.6 3.2 3.4 3.1 2.9
Personal consumption expenditures.......... 3.4 2.7 2.3 2.7 3.2 3.6 3.7 3.6
Durable goods............................ 6.1 2.0 -1.6 3.3 7.1 9.2 7.4 6.8
Nondurable goods......................... 3.9 3.4 3.5 3.0 3.0 2.9 4.2 4.6
Services................................. 2.6 2.5 2.5 2.4 2.6 2.9 2.8 2.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06\r\ Nov 06\r\ Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 3.3 3.5 3.4 3.2 1.9 1.5 1.9 2.3
Durable goods............................ -1.6 -1.5 -1.1 -.7 -1.3 -1.3 -1.4 -1.6
Nondurable goods......................... 5.0 5.3 4.8 4.0 .3 -.6 .9 2.1
Services................................. 3.5 3.6 3.6 3.6 3.4 3.1 3.0 3.2
Addenda:
PCE excluding food and energy............ 2.2 2.3 2.3 2.4 2.4 2.4 2.2 2.2
Market-based PCE\1\...................... 3.2 3.4 3.3 3.1 1.6 1.1 1.6 2.1
Market-based PCE excluding food
and energy\1\........................... 1.8 2.0 1.9 2.1 2.1 2.1 1.9 1.9
-----------------------------------------------------------------------------------------------------------------------------------
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.