News Release
Personal Income and Outlays, January 2008
January 2008
Personal income increased $32.2 billion, or 0.3 percent, and disposable personal income (DPI)
increased $46.6 billion, or 0.4 percent, in January, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $39.9 billion, or 0.4 percent. In December,
personal income increased $54.0 billion, or 0.5 percent, DPI increased $46.0 billion, or 0.4 percent,
and PCE increased $32.0 billion, or 0.3 percent, based on revised estimates.
2007 2008
Sept. Oct. Nov. Dec. Jan.
(Percent change from preceding month)
Personal income, current dollars 0.4 0.2 0.3 0.5 0.3
Disposable personal income:
Current dollars 0.4 0.2 0.3 0.4 0.4
Chained (2000) dollars 0.1 -0.1 -0.4 0.1 0.1
Personal consumption expenditures:
Current dollars 0.5 0.3 0.9 0.3 0.4
Chained (2000) dollars 0.2 0.0 0.2 0.0 0.0
This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for July through September 2007 (third quarter).
These estimates reflect newly available third-quarter wage and salary tabulations from the quarterly
census of employment and wages from the Bureau of Labor Statistics.
The January change in personal income was boosted by several special factors. Bonus payments
and gains on the exercise of stock options boosted private wage and salary disbursements; pay raises
for federal civilian and military personnel boosted government wage and salary disbursements; and
cost-of-living adjustments to several federal transfer payment programs boosted personal current
transfer receipts. The January change was reduced by a decrease in Medicare part D prescription
drug benefit payments, annual adjustments to personal contributions for government social
insurance (a subtraction in calculating personal income), and by lump-sum social security benefit
payments that had boosted December personal income. Excluding these special factors, personal
income increased $27.4 billion, or 0.2 percent, in January, after increasing $47.0 billion, or 0.4
percent, in December. These special factors are discussed more fully below.
Compensation of employees
Private wage and salary disbursements increased $23.1 billion in January, compared with an
increase of $23.2 billion in December. The January change in private wages and salaries was
boosted by an adjustment of $15.0 billion (at an annual rate) for large bonus payments. This type of
irregular payment is not accounted for in the primary monthly source data for wages and salaries.
The adjustment to January wages was based on data from state governments and from other sources.
Goods-producing industries' payrolls increased $0.5 billion in January, in contrast to a decrease of
$1.2 billion in December; manufacturing payrolls increased $0.3 billion, in contrast to a decrease of
$0.4 billion. Services-producing industries' payrolls increased $22.5 billion, compared with an
increase of $24.3 billion.
Government wage and salary disbursements increased $9.4 billion in January, compared with
an increase of $3.4 billion in December. Pay raises for civilian and military personnel added $7.2
billion to government payrolls in January.
Employer contributions for employee pension and insurance funds increased $6.1 billion in
January, compared with an increase of $3.4 billion in December.
Employer contributions for government social insurance increased $6.2 billion in January,
compared with an increase of $1.5 billion in December. The January increase reflected an increase
in the tax rate paid by employers to state unemployment insurance funds and an increase in the
social security taxable wage base (from $97,500 to $102,000); together, these changes added $4.0
billion to the January increase. (Changes in employer contributions for government social insurance
do not affect personal income, because employer contributions for government social insurance are
also included in total contributions for government social insurance, which is a subtraction in the
calculation of personal income.)
Other personal income
Proprietors' income increased $7.9 billion in January, in contrast to a decrease of $2.4 billion in
December. Farm proprietors' income increased $0.3 billion, compared with an increase of $2.1
billion. Nonfarm proprietors' income increased $7.7 billion, in contrast to a decrease of $4.7 billion.
Rental income of persons decreased $2.6 billion in January, in contrast to an increase of $2.3
billion in December. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $3.7 billion, compared with an increase of $3.1 billion.
Personal current transfer receipts decreased $7.3 billion in January, in contrast to an increase of
$22.7 billion in December. The January change primarily reflects a decrease in federal Medicare
part D prescription drug payments to recover overpayments that were made in 2006. The January
change in current transfer receipts was also reduced by lump-sum social security benefits payments,
which had added $7.0 billion to December benefit payments; these benefit payments resulted from a
recalculation of the earnings base underlying the benefits for recent retirees. The January change in
current transfer receipts was boosted by 2.3-percent cost-of-living adjustments to social security
benefits and to several other federal transfer payment programs; together, these changes added $15.5
billion to the January increase.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $14.2 billion in January, compared with an increase of $3.3 billion in December. The
January increase reflected increases in both employer and personal contributions for government
social insurance. As noted above, employer contributions were boosted $4.0 billion in January by
increases in unemployment-insurance rates and in the social security taxable wage base. The
January increase in personal contributions for government social insurance reflected an increase in
the monthly premiums paid by participants in the supplementary medical insurance program
(Medicare B) and the increase in the social security taxable wage base; together, these changes
added $5.0 billion to the January increase.
Personal current taxes and disposable personal income
Personal current taxes decreased $14.4 billion in January, in contrast to an increase of $8.0
billion in December. Federal net nonwithheld income taxes (payments of estimated taxes plus final
settlements less refunds) reduced the January change by $23.2 billion, based on federal budget
projections of lower final settlements and higher refunds for 2008. Indexation provisions of current
tax law reduced federal withheld income taxes by $4.1 billion in January.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased
$46.6 billion, or 0.4 percent, in January, compared with an increase of $46.0 billion, or 0.4 percent,
in December.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $44.6 billion in January, compared with an increase of $28.3 billion in December. PCE
increased $39.9 billion, compared with an increase of $32.0 billion.
Personal saving -- DPI less personal outlays -- was a negative $6.2 billion in January, compared
with a negative $8.2 billion in December. Personal saving as a percentage of disposable personal
income was a negative 0.1 percent in January, the same percentage as in December. 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 0.1 percent in January, the same
increase as in December.
Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in
January, the same increase as in December. Purchases of durable goods decreased 1.3 percent,
compared with a decrease of 0.6 percent. Purchases of motor vehicles and parts accounted for most
of the January decrease. Purchases of nondurable goods decreased 0.2 percent in January, the same
decrease as in December. Purchases of services increased 0.4 percent in January, compared with an
increase of 0.2 percent in December.
PCE prices -- The price index for PCE increased 0.4 percent in January, compared with an
increase of 0.3 percent in December. Prices, excluding food and energy, increased 0.3 percent,
compared with an increase of 0.2 percent.
2007 Personal Income and Outlays
Personal income increased 6.1 percent in 2007 (that is, from the 2006 annual level to the 2007
annual level), compared with an increase of 6.6 percent in 2006. DPI increased 5.7 percent,
compared with an increase of 5.9 percent. PCE increased 5.5 percent, compared with an increase of
5.9 percent.
Real DPI increased 3.0 percent in 2007, compared with an increase of 3.1 percent in 2006.
Real PCE increased 2.9 percent, compared with an increase of 3.1 percent.
Revisions
Estimates for personal income and DPI have been revised for July through December; estimates
for PCE have been revised for October through December. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
November and December -- revised and as published in last month's release -- are shown below.
For July through December, the revisions to wages and salaries reflected the incorporation of
the most recently available BLS tabulations of third-quarter private wages and salaries from the
quarterly census of employment and wages. Wages and salaries were revised down for all six months.
Change from preceding month
November December
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars..................... 47.6 33.7 0.4 0.3 55.1 54.0 0.5 0.5
Disposable personal income:
Current dollars...................... 37.6 25.7 0.4 0.3 47.5 46.0 0.5 0.4
Chained (2000) dollars............... -17.1 -33.8 -0.2 -0.4 18.3 11.4 0.2 0.1
Personal consumption expenditures:
Current dollars...................... 94.6 86.6 1.0 0.9 23.5 32.0 0.2 0.3
Chained (2000) dollars............... 33.0 19.7 0.4 0.2 -0.9 0.7 0.0 0.0
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 -- March 28, 2008 at 8:30 A.M. EDT for Personal Income and Outlays for February.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 11,626.5 11,683.7 11,735.9 11,785.5 11,813.0 11,846.7 11,900.7 11,932.9
Compensation of employees, received...... 7,832.3 7,853.7 7,876.4 7,918.1 7,927.4 7,958.9 7,990.6 8,035.2
Wage and salary disbursements.......... 6,344.2 6,358.6 6,376.8 6,412.9 6,417.6 6,444.1 6,470.8 6,503.1
Private industries................... 5,279.4 5,290.8 5,303.1 5,335.7 5,336.7 5,359.8 5,383.0 5,406.1
Goods-producing industries......... 1,216.1 1,215.8 1,217.1 1,219.6 1,216.9 1,221.1 1,219.9 1,220.4
Manufacturing.................... 756.0 755.1 754.9 754.2 752.2 755.3 754.9 755.2
Services-producing industries...... 4,063.3 4,075.0 4,086.0 4,116.0 4,119.8 4,138.8 4,163.1 4,185.6
Trade, transportation, and
utilities....................... 1,042.9 1,031.9 1,031.3 1,036.9 1,036.1 1,038.0 1,043.4 1,046.4
Other services-producing
industries...................... 3,020.4 3,043.2 3,054.7 3,079.1 3,083.7 3,100.8 3,119.7 3,139.3
Government........................... 1,064.7 1,067.7 1,073.7 1,077.2 1,080.9 1,084.3 1,087.7 1,097.1
Supplements to wages and salaries...... 1,488.1 1,495.1 1,499.6 1,505.2 1,509.8 1,514.8 1,519.8 1,532.0
Employer contributions for employee
pension and insurance funds......... 1,014.5 1,019.2 1,022.8 1,026.2 1,030.7 1,034.3 1,037.7 1,043.8
Employer contributions for government
social insurance.................... 473.6 476.0 476.8 479.0 479.0 480.6 482.1 488.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,041.1 1,051.3 1,050.7 1,043.9 1,050.1 1,058.5 1,056.1 1,064.0
Farm................................... 34.4 36.2 38.7 41.0 42.2 43.9 46.0 46.3
Nonfarm................................ 1,006.7 1,015.1 1,012.0 1,002.9 1,008.0 1,014.7 1,010.0 1,017.7
Rental income of persons with capital
consumption adjustment.................. 66.5 66.9 68.3 70.1 72.4 74.7 77.0 74.4
Personal income receipts on assets....... 1,941.5 1,959.0 1,976.3 1,993.2 1,996.4 1,999.7 2,002.8 2,006.5
Personal interest income............... 1,151.8 1,161.5 1,171.1 1,180.8 1,176.9 1,173.0 1,169.1 1,168.4
Personal dividend income............... 789.7 797.5 805.1 812.4 819.5 826.6 833.7 838.1
Personal current transfer receipts....... 1,720.4 1,733.2 1,746.6 1,747.1 1,754.1 1,745.7 1,768.4 1,761.1
Government social benefits to persons.. 1,692.5 1,705.4 1,718.6 1,719.0 1,726.0 1,717.5 1,740.3 1,733.0
Old-age, survivors, disability, and
health insurance benefits........... 1,027.3 1,027.6 1,038.7 1,037.4 1,036.1 1,027.2 1,045.2 1,032.5
Government unemployment insurance
benefits............................ 31.5 31.5 32.1 31.5 31.5 32.3 33.3 33.4
Other................................ 633.7 646.2 647.7 650.2 658.3 658.1 661.7 667.0
Other current transfer receipts, from
business (net)........................ 27.9 27.9 28.0 28.0 28.1 28.1 28.2 28.1
Less: Contributions for government social
insurance............................... 975.2 980.4 982.3 986.9 987.4 990.8 994.1 1,008.3
Less: Personal current taxes............... 1,486.1 1,484.3 1,488.7 1,496.3 1,504.2 1,512.2 1,520.2 1,505.8
Equals: Disposable personal income......... 10,140.4 10,199.4 10,247.2 10,289.2 10,308.8 10,334.5 10,380.5 10,427.1
Less: Personal outlays..................... 10,112.0 10,153.7 10,198.3 10,250.6 10,277.5 10,360.4 10,388.7 10,433.3
Personal consumption expenditures........ 9,705.6 9,742.0 9,783.1 9,832.0 9,862.3 9,948.9 9,980.9 10,020.8
Durable goods.......................... 1,068.6 1,063.4 1,085.8 1,095.7 1,092.8 1,083.0 1,074.0 1,060.8
Nondurable goods....................... 2,835.4 2,854.3 2,830.6 2,854.0 2,868.5 2,919.9 2,928.9 2,943.3
Services............................... 5,801.5 5,824.3 5,866.7 5,882.3 5,901.1 5,946.1 5,978.0 6,016.7
Personal interest payments\1\............ 270.1 272.9 275.8 278.7 274.6 270.5 266.4 270.8
Personal current transfer payments....... 136.4 138.7 139.3 140.0 140.6 141.0 141.4 141.7
To government.......................... 85.9 86.5 87.1 87.8 88.1 88.5 88.9 89.3
To the rest of the world (net)......... 50.5 52.2 52.2 52.2 52.5 52.5 52.5 52.5
Equals: Personal saving.................... 28.4 45.7 48.9 38.5 31.3 -25.9 -8.2 -6.2
Personal saving as a percentage of
disposable personal income.............. .3 .4 .5 .4 .3 -.3 -.1 -.1
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,619.9 8,660.3 8,702.5 8,713.5 8,705.0 8,671.2 8,682.6 8,689.7
Per capita:
Current dollars...................... 33,587 33,753 33,880 33,988 34,024 34,082 34,207 34,337
Chained (2000) dollars............... 28,551 28,660 28,773 28,783 28,730 28,596 28,612 28,615
Population (midperiod, thousands)\3\..... 301,914 302,178 302,450 302,728 302,989 303,228 303,457 303,672
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation
of revised wage and salary estimates for the third quarter of 2007.
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]
-----------------------------------------------------------------------------------------------------------------------------------
2006 2007\r\ III 06 IV 06 I 07 II 07 III 07\r\ IV 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,983.4 11,658.8 11,030.9 11,200.2 11,469.2 11,577.3 11,735.0 11,853.5
Compensation of employees, received...... 7,440.8 7,852.1 7,442.5 7,599.9 7,764.9 7,801.9 7,882.7 7,959.0
Wage and salary disbursements.......... 6,018.2 6,360.0 6,015.8 6,153.0 6,294.4 6,318.9 6,382.7 6,444.2
Private industries................... 4,997.6 5,292.3 4,988.8 5,115.7 5,242.7 5,256.9 5,309.8 5,359.9
Goods-producing industries......... 1,166.8 1,214.6 1,158.5 1,191.4 1,208.9 1,212.6 1,217.5 1,219.3
Manufacturing.................... 731.0 754.6 724.3 743.3 755.4 754.1 754.7 754.1
Services-producing industries...... 3,830.8 4,077.8 3,830.3 3,924.4 4,033.9 4,044.3 4,092.3 4,140.5
Trade, transportation, and
utilities....................... 985.1 1,031.5 985.8 1,002.2 1,020.0 1,033.7 1,033.3 1,039.1
Other services-producing
industries...................... 2,845.7 3,046.2 2,844.5 2,922.2 3,013.8 3,010.6 3,059.0 3,101.4
Government........................... 1,020.6 1,067.7 1,027.0 1,037.2 1,051.7 1,061.9 1,072.9 1,084.3
Supplements to wages and salaries...... 1,422.6 1,492.1 1,426.7 1,446.9 1,470.5 1,483.0 1,500.0 1,514.8
Employer contributions for employee
pension and insurance funds......... 970.7 1,016.8 975.4 986.7 999.2 1,010.9 1,022.7 1,034.2
Employer contributions for government
social insurance.................... 451.8 475.3 451.3 460.2 471.3 472.1 477.3 480.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,006.7 1,042.3 1,003.6 1,009.8 1,027.4 1,038.4 1,048.7 1,054.9
Farm................................... 19.4 36.2 18.1 23.9 29.1 33.1 38.6 44.0
Nonfarm................................ 987.4 1,006.1 985.5 985.8 998.3 1,005.3 1,010.0 1,010.9
Rental income of persons with capital
consumption adjustment.................. 54.5 64.6 52.9 50.9 53.2 62.1 68.4 74.7
Personal income receipts on assets....... 1,796.5 1,947.2 1,828.1 1,836.6 1,882.9 1,930.0 1,976.2 1,999.6
Personal interest income............... 1,100.2 1,154.7 1,119.7 1,102.8 1,126.1 1,148.4 1,171.1 1,173.0
Personal dividend income............... 696.3 792.5 708.4 733.8 756.8 781.6 805.0 826.6
Personal current transfer receipts....... 1,612.5 1,731.5 1,630.6 1,647.7 1,710.7 1,717.1 1,742.3 1,756.1
Government social benefits to persons.. 1,585.3 1,703.7 1,603.2 1,618.0 1,683.1 1,689.4 1,714.4 1,727.9
Old-age, survivors, disability, and
health insurance benefits........... 946.4 1,022.6 956.1 972.0 999.4 1,020.1 1,034.6 1,036.2
Government unemployment insurance
benefits............................ 29.9 31.9 30.0 30.3 31.8 31.7 31.7 32.4
Other................................ 609.0 649.2 617.1 615.7 651.8 637.6 648.1 659.4
Other current transfer receipts, from
business (net)........................ 27.2 27.9 27.4 29.7 27.6 27.8 28.0 28.1
Less: Contributions for government social
insurance............................... 927.6 979.0 926.8 944.6 969.8 972.2 983.2 990.8
Less: Personal current taxes............... 1,354.3 1,483.6 1,355.2 1,401.0 1,454.7 1,477.6 1,489.8 1,512.2
Equals: Disposable personal income......... 9,629.1 10,175.2 9,675.8 9,799.2 10,014.5 10,099.7 10,245.2 10,341.3
Less: Personal outlays..................... 9,590.3 10,132.4 9,677.1 9,757.2 9,917.5 10,069.2 10,200.9 10,342.2
Personal consumption expenditures........ 9,224.5 9,732.7 9,305.7 9,373.7 9,540.5 9,674.0 9,785.7 9,930.7
Durable goods.......................... 1,048.9 1,078.4 1,053.8 1,056.5 1,074.0 1,074.7 1,081.6 1,083.3
Nondurable goods....................... 2,688.0 2,833.5 2,732.4 2,705.4 2,759.4 2,822.7 2,846.3 2,905.7
Services............................... 5,487.6 5,820.8 5,519.5 5,611.8 5,707.1 5,776.5 5,857.8 5,941.7
Personal interest payments\1\............ 238.0 262.3 242.3 251.6 243.3 259.5 275.8 270.5
Personal current transfer payments....... 127.8 137.5 129.1 131.8 133.7 135.7 139.3 141.0
To government.......................... 78.9 86.1 79.6 81.2 83.4 85.3 87.1 88.5
To the rest of the world (net)......... 48.9 51.4 49.5 50.6 50.4 50.5 52.2 52.5
Equals: Personal saving.................... 38.8 42.7 -1.4 42.0 97.0 30.5 44.4 -.9
Personal saving as a percentage of
disposable personal income.............. .4 .4 .0 .4 1.0 .3 .4 .0
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,396.9 8,652.1 8,384.5 8,510.7 8,623.9 8,607.1 8,692.1 8,686.2
Per capita:
Current dollars...................... 32,183 33,683 32,299 32,626 33,270 33,480 33,874 34,104
Chained (2000) dollars............... 28,064 28,641 27,989 28,336 28,650 28,532 28,739 28,646
Population (midperiod, thousands)\3\..... 299,199 302,087 299,568 300,351 301,004 301,667 302,452 303,225
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation
of revised wage and salary estimates for the third quarter of 2007.
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]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 50.8 57.2 52.2 49.6 27.5 33.7 54.0 32.2
Compensation of employees, received...... 35.5 21.4 22.7 41.7 9.3 31.5 31.7 44.6
Wage and salary disbursements.......... 30.1 14.4 18.2 36.1 4.7 26.5 26.7 32.3
Private industries................... 27.1 11.4 12.3 32.6 1.0 23.1 23.2 23.1
Goods-producing industries......... 4.8 -.3 1.3 2.5 -2.7 4.2 -1.2 .5
Manufacturing.................... 3.5 -.9 -.2 -.7 -2.0 3.1 -.4 .3
Services-producing industries...... 22.3 11.7 11.0 30.0 3.8 19.0 24.3 22.5
Trade, transportation, and
utilities....................... 10.7 -11.0 -.6 5.6 -.8 1.9 5.4 3.0
Other services-producing
industries...................... 11.6 22.8 11.5 24.4 4.6 17.1 18.9 19.6
Government........................... 2.9 3.0 6.0 3.5 3.7 3.4 3.4 9.4
Supplements to wages and salaries...... 5.5 7.0 4.5 5.6 4.6 5.0 5.0 12.2
Employer contributions for employee
pension and insurance funds......... 3.7 4.7 3.6 3.4 4.5 3.6 3.4 6.1
Employer contributions for government
social insurance.................... 1.8 2.4 .8 2.2 .0 1.6 1.5 6.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 2.0 10.2 -.6 -6.8 6.2 8.4 -2.4 7.9
Farm................................... 1.3 1.8 2.5 2.3 1.2 1.7 2.1 .3
Nonfarm................................ .6 8.4 -3.1 -9.1 5.1 6.7 -4.7 7.7
Rental income of persons with capital
consumption adjustment.................. 4.9 .4 1.4 1.8 2.3 2.3 2.3 -2.6
Personal income receipts on assets....... 11.4 17.5 17.3 16.9 3.2 3.3 3.1 3.7
Personal interest income............... 3.4 9.7 9.6 9.7 -3.9 -3.9 -3.9 -.7
Personal dividend income............... 8.0 7.8 7.6 7.3 7.1 7.1 7.1 4.4
Personal current transfer receipts....... .7 12.8 13.4 .5 7.0 -8.4 22.7 -7.3
Government social benefits to persons.. .6 12.9 13.2 .4 7.0 -8.5 22.8 -7.3
Old-age, survivors, disability, and
health insurance benefits........... 4.6 .3 11.1 -1.3 -1.3 -8.9 18.0 -12.7
Government unemployment insurance
benefits............................ -.1 .0 .6 -.6 .0 .8 1.0 .1
Other................................ -4.0 12.5 1.5 2.5 8.1 -.2 3.6 5.3
Other current transfer receipts, from
business (net)........................ .1 .0 .1 .0 .1 .0 .1 -.1
Less: Contributions for government social
insurance............................... 3.6 5.2 1.9 4.6 .5 3.4 3.3 14.2
Less: Personal current taxes............... 9.3 -1.8 4.4 7.6 7.9 8.0 8.0 -14.4
Equals: Disposable personal income......... 41.5 59.0 47.8 42.0 19.6 25.7 46.0 46.6
Less: Personal outlays..................... 32.3 41.7 44.6 52.3 26.9 82.9 28.3 44.6
Personal consumption expenditures........ 21.1 36.4 41.1 48.9 30.3 86.6 32.0 39.9
Durable goods.......................... -18.0 -5.2 22.4 9.9 -2.9 -9.8 -9.0 -13.2
Nondurable goods....................... -2.7 18.9 -23.7 23.4 14.5 51.4 9.0 14.4
Services............................... 41.7 22.8 42.4 15.6 18.8 45.0 31.9 38.7
Personal interest payments\1\............ 10.6 2.8 2.9 2.9 -4.1 -4.1 -4.1 4.4
Personal current transfer payments....... .7 2.3 .6 .7 .6 .4 .4 .3
To government.......................... .6 .6 .6 .7 .3 .4 .4 .4
To the rest of the world (net)......... .0 1.7 .0 .0 .3 .0 .0 .0
Equals: Personal saving.................... 9.3 17.3 3.2 -10.4 -7.2 -57.2 17.7 2.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 22.9 40.4 42.2 11.0 -8.5 -33.8 11.4 7.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation
of revised wage and salary estimates for the third quarter of 2007.
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]
-----------------------------------------------------------------------------------------------------------------------------------
2006 2007\r\ III 06 IV 06 I 07 II 07 III 07\r\ IV 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 682.3 675.4 115.4 169.3 269.0 108.1 157.7 118.5
Compensation of employees, received...... 416.2 411.3 70.6 157.4 165.0 37.0 80.8 76.3
Wage and salary disbursements.......... 350.3 341.8 57.4 137.2 141.4 24.5 63.8 61.5
Private industries................... 310.7 294.7 44.2 126.9 127.0 14.2 52.9 50.1
Goods-producing industries......... 68.1 47.8 2.6 32.9 17.5 3.7 4.9 1.8
Manufacturing.................... 26.9 23.6 1.0 19.0 12.1 -1.3 .6 -.6
Services-producing industries...... 242.5 247.0 41.7 94.1 109.5 10.4 48.0 48.2
Trade, transportation, and
utilities....................... 48.1 46.4 4.9 16.4 17.8 13.7 -.4 5.8
Other services-producing
industries...................... 194.5 200.5 36.7 77.7 91.6 -3.2 48.4 42.4
Government........................... 39.7 47.1 13.2 10.2 14.5 10.2 11.0 11.4
Supplements to wages and salaries...... 65.8 69.5 13.2 20.2 23.6 12.5 17.0 14.8
Employer contributions for employee
pension and insurance funds......... 43.0 46.1 9.9 11.3 12.5 11.7 11.8 11.5
Employer contributions for government
social insurance.................... 22.7 23.5 3.3 8.9 11.1 .8 5.2 3.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 36.8 35.6 -9.9 6.2 17.6 11.0 10.3 6.2
Farm................................... -11.4 16.8 3.5 5.8 5.2 4.0 5.5 5.4
Nonfarm................................ 48.3 18.7 -13.4 .3 12.5 7.0 4.7 .9
Rental income of persons with capital
consumption adjustment.................. 11.6 10.1 -2.5 -2.0 2.3 8.9 6.3 6.3
Personal income receipts on assets....... 178.7 150.7 32.4 8.5 46.3 47.1 46.2 23.4
Personal interest income............... 81.3 54.5 7.0 -16.9 23.3 22.3 22.7 1.9
Personal dividend income............... 97.4 96.2 25.5 25.4 23.0 24.8 23.4 21.6
Personal current transfer receipts....... 91.8 119.0 31.5 17.1 63.0 6.4 25.2 13.8
Government social benefits to persons.. 102.2 118.4 29.9 14.8 65.1 6.3 25.0 13.5
Old-age, survivors, disability, and
health insurance benefits........... 101.1 76.2 16.0 15.9 27.4 20.7 14.5 1.6
Government unemployment insurance
benefits............................ -1.4 2.0 .8 .3 1.5 -.1 .0 .7
Other................................ 2.6 40.2 13.2 -1.4 36.1 -14.2 10.5 11.3
Other current transfer receipts, from
business (net)........................ -10.4 .7 1.5 2.3 -2.1 .2 .2 .1
Less: Contributions for government social
insurance............................... 52.8 51.4 6.7 17.8 25.2 2.4 11.0 7.6
Less: Personal current taxes............... 145.2 129.3 12.6 45.8 53.7 22.9 12.2 22.4
Equals: Disposable personal income......... 537.1 546.1 102.9 123.4 215.3 85.2 145.5 96.1
Less: Personal outlays..................... 542.9 542.1 134.2 80.1 160.3 151.7 131.7 141.3
Personal consumption expenditures........ 516.7 508.2 121.8 68.0 166.8 133.5 111.7 145.0
Durable goods.......................... 25.0 29.5 11.0 2.7 17.5 .7 6.9 1.7
Nondurable goods....................... 171.8 145.5 40.2 -27.0 54.0 63.3 23.6 59.4
Services............................... 319.8 333.2 70.6 92.3 95.3 69.4 81.3 83.9
Personal interest payments\1\............ 20.3 24.3 11.3 9.3 -8.3 16.2 16.3 -5.3
Personal current transfer payments....... 6.0 9.7 1.1 2.7 1.9 2.0 3.6 1.7
To government.......................... 4.4 7.2 1.5 1.6 2.2 1.9 1.8 1.4
To the rest of the world (net)......... 1.6 2.5 -.4 1.1 -.2 .1 1.7 .3
Equals: Personal saving.................... -5.8 3.9 -31.4 43.4 55.0 -66.5 13.9 -45.3
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 249.0 255.2 35.9 126.2 113.2 -16.8 85.0 -5.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation
of revised wage and salary estimates for the third quarter of 2007.
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]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .4 .5 .4 .4 .2 .3 .5 .3
Compensation of employees, received...... .5 .3 .3 .5 .1 .4 .4 .6
Wage and salary disbursements.......... .5 .2 .3 .6 .1 .4 .4 .5
Supplements to wages and salaries...... .4 .5 .3 .4 .3 .3 .3 .8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .2 1.0 -.1 -.6 .6 .8 -.2 .8
Rental income of persons with capital
consumption adjustment.................. 7.9 .6 2.1 2.7 3.2 3.1 3.1 -3.3
Personal income receipts on assets....... .6 .9 .9 .9 .2 .2 .2 .2
Personal interest income............... .3 .8 .8 .8 -.3 -.3 -.3 -.1
Personal dividend income............... 1.0 1.0 1.0 .9 .9 .9 .8 .5
Personal current transfer receipts....... .0 .7 .8 .0 .4 -.5 1.3 -.4
Less: Contributions for government social
insurance............................... .4 .5 .2 .5 .0 .3 .3 1.4
Less: Personal current taxes............... .6 -.1 .3 .5 .5 .5 .5 -.9
Equals: Disposable personal income......... .4 .6 .5 .4 .2 .3 .4 .4
Addenda:
Personal consumption expenditures........ .2 .4 .4 .5 .3 .9 .3 .4
Durable goods.......................... -1.7 -.5 2.1 .9 -.3 -.9 -.8 -1.2
Nondurable goods....................... -.1 .7 -.8 .8 .5 1.8 .3 .5
Services............................... .7 .4 .7 .3 .3 .8 .5 .6
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... .3 .5 .5 .1 -.1 -.4 .1 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation
of revised wage and salary estimates for the third quarter of 2007.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2006 2007\r\ III 06 IV 06 I 07 II 07 III 07\r\ IV 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 6.6 6.1 4.3 6.3 10.0 3.8 5.6 4.1
Compensation of employees, received...... 5.9 5.5 3.9 8.7 9.0 1.9 4.2 3.9
Wage and salary disbursements.......... 6.2 5.7 3.9 9.4 9.5 1.6 4.1 3.9
Supplements to wages and salaries...... 4.8 4.9 3.8 5.8 6.7 3.4 4.7 4.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 3.8 3.5 -3.9 2.5 7.2 4.4 4.0 2.4
Rental income of persons with capital
consumption adjustment.................. 27.2 18.5 -16.7 -14.0 19.2 85.9 47.1 41.9
Personal income receipts on assets....... 11.0 8.4 7.4 1.9 10.5 10.4 9.9 4.8
Personal interest income............... 8.0 4.9 2.5 -5.9 8.7 8.2 8.2 .6
Personal dividend income............... 16.3 13.8 15.8 15.1 13.1 13.8 12.5 11.2
Personal current transfer receipts....... 6.0 7.4 8.1 4.3 16.2 1.5 6.0 3.2
Less: Contributions for government social
insurance............................... 6.0 5.5 3.0 7.9 11.1 1.0 4.6 3.1
Less: Personal current taxes............... 12.0 9.5 3.8 14.2 16.2 6.5 3.3 6.2
Equals: Disposable personal income......... 5.9 5.7 4.4 5.2 9.1 3.4 5.9 3.8
Addenda:
Personal consumption expenditures........ 5.9 5.5 5.4 3.0 7.3 5.7 4.7 6.1
Durable goods.......................... 2.4 2.8 4.3 1.0 6.8 .3 2.6 .6
Nondurable goods....................... 6.8 5.4 6.1 -3.9 8.2 9.5 3.4 8.6
Services............................... 6.2 6.1 5.3 6.9 7.0 5.0 5.7 5.9
----------------------------------------------------------------------------------------
Based on chained (2000) dollar measures
----------------------------------------------------------------------------------------
Real disposable personal income.......... 3.1 3.0 1.7 6.2 5.4 -.8 4.0 -.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation
of revised wage and salary estimates for the third quarter of 2007.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jun 07 Jul 07 Aug 07 Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,250.2 8,272.0 8,308.4 8,326.4 8,328.0 8,347.7 8,348.4 8,351.0
Durable goods............................ 1,221.4 1,217.2 1,247.3 1,261.2 1,257.1 1,248.5 1,241.4 1,224.7
Nondurable goods......................... 2,385.1 2,398.8 2,389.7 2,402.0 2,406.0 2,407.3 2,402.1 2,398.4
Services................................. 4,665.9 4,676.3 4,698.3 4,693.8 4,694.6 4,717.8 4,728.4 4,745.9
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 5.9 21.8 36.4 18.0 1.6 19.7 .7 2.6
Durable goods............................ -21.5 -4.2 30.1 13.9 -4.1 -8.6 -7.1 -16.7
Nondurable goods......................... -1.3 13.7 -9.1 12.3 4.0 1.3 -5.2 -3.7
Services................................. 22.1 10.4 22.0 -4.5 .8 23.2 10.6 17.5
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .1 .3 .4 .2 .0 .2 .0 .0
Durable goods............................ -1.7 -.4 2.5 1.1 -.3 -.7 -.6 -1.3
Nondurable goods......................... -.1 .6 -.4 .5 .2 .1 -.2 -.2
Services................................. .5 .2 .5 -.1 .0 .5 .2 .4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2006 2007\r\ III 06 IV 06 I 07 II 07 III 07 IV 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,044.1 8,275.9 8,063.8 8,141.2 8,215.7 8,244.3 8,302.2 8,341.3
Durable goods............................ 1,180.5 1,235.6 1,186.3 1,197.6 1,223.2 1,228.4 1,241.9 1,249.0
Nondurable goods......................... 2,337.7 2,393.1 2,343.9 2,368.8 2,386.6 2,383.8 2,396.8 2,405.1
Services................................. 4,545.5 4,672.6 4,554.0 4,595.5 4,630.7 4,656.7 4,689.5 4,713.6
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 240.5 231.8 54.5 77.4 74.5 28.6 57.9 39.1
Durable goods............................ 43.1 55.1 16.1 11.3 25.6 5.2 13.5 7.1
Nondurable goods......................... 82.3 55.4 18.3 24.9 17.8 -2.8 13.0 8.3
Services................................. 118.2 127.1 22.4 41.5 35.2 26.0 32.8 24.1
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.1 2.9 2.8 3.9 3.7 1.4 2.8 1.9
Durable goods............................ 3.8 4.7 5.6 3.9 8.8 1.7 4.5 2.3
Nondurable goods......................... 3.6 2.4 3.2 4.3 3.0 -.5 2.2 1.4
Services................................. 2.7 2.8 2.0 3.7 3.1 2.3 2.8 2.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jun 07 Jul 07 Aug 07 Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 117.644 117.776 117.755 118.087 118.428 119.187 119.559 120.000
Durable goods............................ 87.484 87.363 87.044 86.865 86.926 86.736 86.513 86.613
Nondurable goods......................... 118.881 118.989 118.451 118.813 119.221 121.289 121.928 122.721
Services................................. 124.346 124.557 124.877 125.329 125.708 126.044 126.437 126.785
Addenda:
PCE excluding food and energy............ 114.270 114.457 114.645 114.946 115.207 115.436 115.702 116.053
Market-based PCE\1\...................... 116.083 116.173 116.053 116.333 116.664 117.488 117.867 118.298
Market-based PCE excluding food
and energy\1\........................... 111.623 111.768 111.876 112.105 112.335 112.539 112.791 113.113
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .1 .1 .0 .3 .3 .6 .3 .4
Durable goods............................ .1 -.1 -.4 -.2 .1 -.2 -.3 .1
Nondurable goods......................... .0 .1 -.5 .3 .3 1.7 .5 .7
Services................................. .2 .2 .3 .4 .3 .3 .3 .3
Addenda:
PCE excluding food and energy............ .1 .2 .2 .3 .2 .2 .2 .3
Market-based PCE\1\...................... .1 .1 -.1 .2 .3 .7 .3 .4
Market-based PCE excluding food
and energy\1\........................... .1 .1 .1 .2 .2 .2 .2 .3
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
Jun 07 Jul 07\r\ Aug 07\r\ Sep 07\r\ Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 3.0 3.6 4.0 3.4 2.6 1.9 1.7 1.2
Personal consumption expenditures.......... 2.9 2.5 3.2 3.2 2.6 2.6 2.1 1.8
Durable goods............................ 4.3 1.9 6.2 6.0 5.8 4.6 2.5 .0
Nondurable goods......................... 2.6 2.2 2.0 2.6 2.1 1.9 .6 .5
Services................................. 2.7 2.7 3.2 3.0 2.3 2.6 2.8 2.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation
of revised wage and salary estimates for the third quarter of 2007.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jun 07 Jul 07 Aug 07 Sep 07 Oct 07\r\ Nov 07\r\ Dec 07\r\ Jan 08\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.3 2.1 1.8 2.5 3.0 3.6 3.6 3.7
Durable goods............................ -1.6 -1.8 -2.2 -1.9 -1.8 -1.7 -1.6 -1.3
Nondurable goods......................... 2.2 1.8 1.0 2.8 4.4 6.6 6.3 6.8
Services................................. 3.1 3.1 3.0 3.1 3.2 3.2 3.3 3.1
Addenda:
PCE excluding food and energy............ 1.9 2.0 1.9 1.9 2.0 2.1 2.2 2.2
Market-based PCE\1\...................... 2.2 2.0 1.7 2.3 2.9 3.7 3.6 3.7
Market-based PCE excluding food
and energy\1\........................... 1.7 1.8 1.6 1.6 1.7 1.9 2.0 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.