NEWS RELEASE

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, JANUARY 31, 2011

BEA 11-3

James Rankin: (202) 606-5301 (Personal Income) piniwd@[Link]

Kyle Brown: (202) 606-5302 (Personal Consumption Expenditures) pce@[Link]

PERSONAL INCOME AND OUTLAYS: DECEMBER 2010

Personal income increased $54.5 billion, or 0.4 percent, and disposable personal income (DPI)

increased $47.3 billion, or 0.4 percent, in December, according to the Bureau of Economic Analysis.

Personal consumption expenditures (PCE) increased $69.5 billion, or 0.7 percent. In November,

personal income increased $44.9 billion, or 0.4 percent, DPI increased $39.0 billion, or 0.3 percent

and PCE increased $35.4 billion, or 0.3 percent, based on revised estimates.

Real disposable income increased 0.1 percent in December, compared with an increase of 0.2

percent in November. Real PCE increased 0.4 percent, compared with an increase of 0.2 percent.

2010
Aug. Sept. Oct. Nov. Dec.
(Percent change from preceding month)

Personal income, current dollars 0.5 0.0 0.5 0.4 0.4

Disposable personal income:
Current dollars 0.4 -0.1 0.4 0.3 0.4
Chained (2005) dollars 0.3 -0.2 0.2 0.2 0.1
Personal consumption expenditures:
Current dollars 0.5 0.3 0.7 0.3 0.7
Chained (2005) dollars 0.3 0.2 0.5 0.2 0.4

________________________
NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-
to-month dollar changes are differences between these published estimates. Month-to-month percent changes are
calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars.

This news release is available on BEA’s Web site at [Link]/newsreleases/[Link].

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Wages and salaries

Private wage and salary disbursements increased $15.5 billion in December, compared with an
increase of $5.9 billion in November. Goods-producing industries' payrolls increased $1.5 billion, in
contrast to a decrease of $2.5 billion; manufacturing payrolls increased $0.2 billion, in contrast to a
decrease of $2.5 billion. Services-producing industries' payrolls increased $14.0 billion, compared
with an increase of $8.4 billion. Government wage and salary disbursements increased $1.6 billion,
compared with an increase of $1.3 billion.

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Other personal income

Supplements to wages and salaries increased $3.8 billion in December, compared with an increase
of $3.1 billion in November.

Proprietors' income increased $8.1 billion in December, compared with an increase of $7.9 billion
in November. Farm proprietors' income increased $2.8 billion, compared with an increase of $2.7
billion. Nonfarm proprietors' income increased $5.2 billion, the same increase as in November.

Rental income of persons increased $1.9 billion in December, compared with an increase of $1.7
billion in November. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $21.9 billion, compared with an increase of $17.3 billion. Personal
current transfer receipts increased $3.8 billion, compared with an increase of $8.7 billion.

Contributions for government social insurance -- a subtraction in calculating personal income --

increased $2.1 billion in December, compared with an increase of $1.1 billion in November.

Personal current taxes and disposable personal income

Personal current taxes increased $7.1 billion in December, compared with an increase of $5.9
billion in November. Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $47.3 billion, or 0.4 percent, in December, compared with an increase of $39.0
billion, or 0.3 percent, in November.

Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments --
increased $67.5 billion in December, compared with an increase of $33.6 billion in November. PCE
increased $69.5 billion, compared with an increase of $35.4 billion.

Personal saving -- DPI less personal outlays -- was $614.1 billion in December, compared with
$634.4 billion in November. Personal saving as a percentage of disposable personal income was 5.3
percent in December, compared with 5.5 percent in November. For a comparison of personal saving
in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s
flow of funds accounts and data on changes in net worth, go to
[Link]

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Real DPI, real PCE and price index

Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in December,
compared with an increase of 0.2 percent in November.

Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in December,
compared with an increase of 0.2 percent in November. Purchases of durable goods increased 1.0
percent, in contrast to a decrease of 0.2 percent. Purchases of nondurable goods increased 0.3 percent,
compared with an increase of 0.4 percent. Purchases of services increased 0.3 percent, the same
increase as in November.

PCE price index -- The price index for PCE increased 0.3 percent in December, compared with an
increase of 0.1 percent in November. The PCE price index, excluding food and energy, increased less
than 0.1 percent, compared with an increase of 0.1 percent.

Revisions

Estimates have been revised for October and November. Changes in personal income, current-
dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) 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 49.5 64.1 0.4 0.5 42.3 44.9 0.3 0.4

Disposable personal income:

Current dollars 39.3 48.4 0.3 0.4 37.8 39.0 0.3 0.3
Chained (2005) dollars 18.1 24.4 0.2 0.2 24.7 24.9 0.2 0.2

Personal consumption expenditures:

Current dollars 68.9 74.8 0.7 0.7 43.3 35.4 0.4 0.3
Chained (2005) dollars 46.2 49.7 0.5 0.5 30.4 22.6 0.3 0.2

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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 [Link].
By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and
announcements.

* * *

Next release – February 28, 2011, at 8:30 A.M. EST for

Personal Income and Outlays for January.

Release dates in 2011

December 2010.. January 31 April 2011…May 27 August 2011…… September 30

January 2011….. February 28 May 2011… June 27 September 2011.. October 28
February 2011… March 28 June 2011… August 2 October 2011….. November 23
March 2011…… April 29 July 2011…. August 29 November 2011.. December 23

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 Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]

Seasonally adjusted at annual rates

2010
May June July August September October r November r December p
Personal income................................................................................... 12,532.8 12,540.0 12,556.0 12,613.4 12,608.9 12,673.0 12,717.9 12,772.4
Compensation of employees, received .......................................... 7,985.8 7,984.8 8,013.5 8,038.7 8,046.9 8,088.2 8,098.6 8,119.5
Wage and salary disbursements .................................................. 6,403.7 6,400.4 6,425.2 6,446.0 6,451.3 6,487.3 6,494.6 6,511.7
Private industries.......................................................................... 5,207.8 5,207.0 5,233.3 5,262.0 5,271.3 5,303.8 5,309.7 5,325.2
Goods-producing industries ...................................................... 1,062.9 1,054.2 1,061.3 1,068.7 1,067.0 1,071.5 1,069.0 1,070.5
Manufacturing ........................................................................ 679.6 673.1 678.7 681.7 680.7 683.1 680.6 680.8
Services-producing industries................................................... 4,144.9 4,152.9 4,172.0 4,193.3 4,204.3 4,232.3 4,240.7 4,254.7
Trade, transportation, and utilities.......................................... 1,007.2 1,006.2 1,012.1 1,014.0 1,017.4 1,025.3 1,025.5 1,028.0
Other services-producing industries ...................................... 3,137.7 3,146.6 3,159.9 3,179.3 3,186.9 3,206.9 3,215.1 3,226.6
Government.................................................................................. 1,195.9 1,193.4 1,191.9 1,184.0 1,179.9 1,183.6 1,184.9 1,186.5
Supplements to wages and salaries............................................ 1,582.1 1,584.4 1,588.3 1,592.7 1,595.7 1,600.9 1,604.0 1,607.8
Employer contributions for employee pension and insurance
funds ......................................................................................... 1,103.1 1,105.5 1,107.8 1,110.2 1,112.8 1,115.6 1,118.1 1,121.0
Employer contributions for government social insurance ............. 479.0 479.0 480.6 482.5 482.8 485.2 485.9 486.9
Proprietors’ income with inventory valuation and capital
consumption adjustments............................................................ 1,051.7 1,048.3 1,050.5 1,061.3 1,066.7 1,075.3 1,083.2 1,091.3
Farm ................................................................................................ 38.9 40.3 44.4 48.5 52.6 55.4 58.1 60.9
Nonfarm........................................................................................... 1,012.7 1,008.0 1,006.1 1,012.8 1,014.1 1,019.9 1,025.1 1,030.3
Rental income of persons with capital consumption adjustment 298.8 299.6 301.2 303.6 306.7 308.2 309.9 311.8
Personal income receipts on assets ............................................... 1,915.0 1,917.3 1,902.8 1,888.0 1,878.5 1,891.7 1,909.0 1,930.9
Personal interest income ................................................................. 1,205.3 1,205.6 1,190.1 1,174.7 1,159.3 1,172.9 1,186.5 1,200.1
Personal dividend income................................................................ 709.7 711.8 712.7 713.3 719.2 718.9 722.5 730.8
Personal current transfer receipts .................................................. 2,285.4 2,293.8 2,295.2 2,332.5 2,321.5 2,325.9 2,334.6 2,338.4
Government social benefits to persons ........................................... 2,248.4 2,256.5 2,257.8 2,295.2 2,284.5 2,286.6 2,296.0 2,300.0
Old-age, survivors, disability, and health insurance benefits ........ 1,207.9 1,208.6 1,219.5 1,221.5 1,229.5 1,229.8 1,228.9 1,239.2
Government unemployment insurance benefits ........................... 137.1 136.1 123.2 150.5 133.3 128.7 131.1 125.1
Other ............................................................................................ 903.4 911.9 915.1 923.3 921.6 928.1 936.0 935.8
Other current transfer receipts, from business (net) ........................ 37.0 37.2 37.4 37.3 37.0 39.3 38.6 38.4
Less: Contributions for government social insurance, domestic 1,003.9 1,003.9 1,007.2 1,010.7 1,011.5 1,016.3 1,017.4 1,019.5
Less: Personal current taxes .............................................................. 1,151.8 1,152.0 1,170.1 1,178.5 1,184.4 1,200.1 1,206.0 1,213.1
Equals: Disposable personal income................................................. 11,381.0 11,388.0 11,385.9 11,434.9 11,424.5 11,472.9 11,511.9 11,559.2
Less: Personal outlays ........................................................................ 10,670.4 10,668.1 10,696.2 10,743.2 10,769.6 10,844.0 10,877.6 10,945.1
Personal consumption expenditures ................................................... 10,292.1 10,288.8 10,322.1 10,373.2 10,403.6 10,478.4 10,513.8 10,583.3
Goods .............................................................................................. 3,374.8 3,361.2 3,384.0 3,421.8 3,453.0 3,512.3 3,522.4 3,565.3
Durable goods .............................................................................. 1,074.6 1,069.5 1,081.2 1,081.8 1,100.5 1,136.2 1,131.5 1,139.2
Nondurable goods ........................................................................ 2,300.1 2,291.7 2,302.7 2,340.0 2,352.5 2,376.1 2,390.9 2,426.1
Services........................................................................................... 6,917.3 6,927.6 6,938.1 6,951.4 6,950.6 6,966.1 6,991.5 7,018.0
Personal interest payments 1 .............................................................. 206.0 206.5 201.8 197.1 192.5 189.9 187.3 184.7
Personal current transfer payments .................................................... 172.3 172.8 172.3 172.9 173.5 175.8 176.4 177.1
To government ................................................................................. 100.1 100.6 101.2 101.8 102.4 103.0 103.6 104.3
To the rest of the world (net) ............................................................ 72.2 72.2 71.1 71.1 71.1 72.8 72.8 72.8
Equals: Personal saving ...................................................................... 710.6 719.8 689.7 691.6 654.9 628.8 634.4 614.1
Personal saving as a percentage of disposable personal income 6.2 6.3 6.1 6.0 5.7 5.5 5.5 5.3
Addenda:
Personal income excluding current transfer receipts, billions of
chained (2005) dollars 2 ................................................................ 9,240.2 9,250.8 9,247.4 9,250.8 9,250.8 9,287.3 9,310.6 9,327.2
Disposable personal income:
Total, billions of chained (2005) dollars 2 ......................................... 10,262.4 10,281.6 10,261.3 10,289.2 10,273.4 10,297.8 10,322.7 10,333.1
Per capita:
Current dollars.............................................................................. 36,746 36,742 36,707 36,835 36,771 36,899 36,997 37,122
Chained (2005) dollars ................................................................. 33,135 33,172 33,081 33,144 33,066 33,120 33,175 33,185
Population (midperiod, thousands) 3................................................... 309,718 309,946 310,185 310,439 310,691 310,927 311,157 311,381
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. The current-dollar measure is 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]

Seasonally adjusted at annual rates

2009 2010 2009 2010
III IV I II III IV
Personal income.................................................................................... 12,174.9 12,545.3 12,164.0 12,239.0 12,350.3 12,517.1 12,592.8 12,721.1
Compensation of employees, received ........................................... 7,806.7 7,990.8 7,798.7 7,831.4 7,858.1 7,969.9 8,033.0 8,102.1
Wage and salary disbursements ................................................... 6,274.1 6,404.7 6,263.9 6,284.9 6,291.4 6,388.8 6,440.8 6,497.9
Private industries........................................................................... 5,100.5 5,217.5 5,088.3 5,110.0 5,105.9 5,195.7 5,255.5 5,312.9
Goods-producing industries ....................................................... 1,064.0 1,055.6 1,046.7 1,046.1 1,032.2 1,054.3 1,065.7 1,070.3
Manufacturing ......................................................................... 661.5 671.7 649.8 658.3 652.6 672.4 680.4 681.5
Services-producing industries.................................................... 4,036.6 4,161.9 4,041.6 4,064.0 4,073.7 4,141.4 4,189.9 4,242.5
Trade, transportation, and utilities........................................... 990.5 1,008.5 986.9 988.2 988.0 1,005.4 1,014.5 1,026.3
Other services-producing industries ....................................... 3,046.1 3,153.4 3,054.7 3,075.7 3,085.8 3,136.0 3,175.4 3,216.2
Government................................................................................... 1,173.6 1,187.2 1,175.6 1,174.9 1,185.5 1,193.1 1,185.3 1,185.0
Supplements to wages and salaries............................................. 1,532.6 1,586.1 1,534.8 1,546.5 1,566.7 1,581.1 1,592.2 1,604.2
Employer contributions for employee pension and insurance
funds .......................................................................................... 1,072.0 1,106.9 1,074.0 1,084.0 1,095.8 1,103.1 1,110.3 1,118.2
Employer contributions for government social insurance .............. 460.6 479.2 460.8 462.5 470.9 478.0 482.0 486.0
Proprietors’ income with inventory valuation and capital
consumption adjustments............................................................. 1,011.9 1,055.8 1,006.4 1,022.1 1,030.7 1,049.7 1,059.5 1,083.3
Farm ................................................................................................. 30.5 45.6 28.0 36.2 36.8 38.9 48.5 58.1
Nonfarm............................................................................................ 981.5 1,010.2 978.4 985.9 994.0 1,010.8 1,011.0 1,025.1
Rental income of persons with capital consumption adjustment. 274.0 301.3 279.1 282.8 292.7 298.8 303.8 309.9
Personal income receipts on assets ................................................ 1,919.7 1,906.4 1,891.1 1,889.2 1,911.1 1,914.4 1,889.7 1,910.5
Personal interest income .................................................................. 1,222.3 1,193.8 1,213.3 1,205.8 1,208.7 1,205.3 1,174.7 1,186.5
Personal dividend income................................................................. 697.4 712.7 677.8 683.4 702.4 709.2 715.0 724.1
Personal current transfer receipts ................................................... 2,132.8 2,295.2 2,159.3 2,188.2 2,245.5 2,286.1 2,316.4 2,333.0
Government social benefits to persons ............................................ 2,096.8 2,257.8 2,123.4 2,152.5 2,208.9 2,249.1 2,279.2 2,294.2
Old-age, survivors, disability, and health insurance benefits ......... 1,164.5 1,213.9 1,172.6 1,188.8 1,191.3 1,208.1 1,223.5 1,232.6
Government unemployment insurance benefits ............................ 128.6 136.7 145.0 143.4 146.1 136.8 135.7 128.3
Other ............................................................................................. 803.7 907.2 805.9 820.2 871.5 904.2 920.0 933.3
Other current transfer receipts, from business (net) ......................... 36.0 37.4 35.8 35.8 36.6 37.0 37.2 38.8
Less: Contributions for government social insurance, domestic 970.3 1,004.3 970.6 974.8 987.8 1,001.9 1,009.8 1,017.7
Less: Personal current taxes ............................................................... 1,140.0 1,167.0 1,117.0 1,117.2 1,134.7 1,149.1 1,177.7 1,206.4
Equals: Disposable personal income.................................................. 11,034.9 11,378.3 11,047.0 11,121.7 11,215.6 11,368.0 11,415.1 11,514.7
Less: Personal outlays ......................................................................... 10,379.6 10,723.2 10,423.6 10,505.7 10,603.9 10,663.7 10,736.3 10,888.9
Personal consumption expenditures .................................................... 10,001.3 10,351.9 10,040.7 10,131.5 10,230.8 10,285.4 10,366.3 10,525.2
Goods ............................................................................................... 3,230.7 3,427.6 3,276.1 3,312.9 3,380.0 3,377.5 3,419.6 3,533.3
Durable goods ............................................................................... 1,026.5 1,089.6 1,045.2 1,043.9 1,060.7 1,074.1 1,087.8 1,135.7
Nondurable goods ......................................................................... 2,204.2 2,338.0 2,231.0 2,269.0 2,319.3 2,303.4 2,331.8 2,397.7
Services............................................................................................ 6,770.6 6,924.3 6,764.6 6,818.6 6,850.9 6,907.9 6,946.7 6,991.8
Personal interest payments 1 ............................................................... 216.8 198.6 220.9 207.8 203.8 206.0 197.1 187.3
Personal current transfer payments ..................................................... 161.4 172.7 161.9 166.4 169.2 172.3 172.9 176.4
To government .................................................................................. 95.0 101.0 95.6 97.0 98.5 100.1 101.8 103.6
To the rest of the world (net) ............................................................. 66.5 71.7 66.3 69.5 70.7 72.2 71.1 72.8
Equals: Personal saving ....................................................................... 655.3 655.1 623.4 616.0 611.8 704.3 678.7 625.8
Personal saving as a percentage of disposable personal income 5.9 5.8 5.6 5.5 5.5 6.2 5.9 5.4
Addenda:
Personal income excluding current transfer receipts, billions of
chained (2005) dollars 2 ................................................................. 9,191.1 9,224.1 9,128.7 9,109.7 9,111.7 9,226.6 9,249.6 9,308.3
Disposable personal income:
Total, billions of chained (2005) dollars 2 .......................................... 10,099.8 10,239.4 10,079.7 10,080.4 10,113.3 10,251.9 10,274.6 10,317.8
Per capita:
Current dollars............................................................................... 35,888 36,691 35,888 36,049 36,282 36,704 36,771 37,006
Chained (2005) dollars .................................................................. 32,847 33,019 32,746 32,673 32,717 33,100 33,097 33,160
Population (midperiod, thousands) 3.................................................... 307,483 310,109 307,815 308,521 309,120 309,724 310,438 311,155
1. Consists of nonmortgage interest paid by households.
2. The current-dollar measure is 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]

Seasonally adjusted at annual rates

2010
May June July August September October r November r December p
Personal income................................................................................... 54.3 7.2 16.0 57.4 –4.5 64.1 44.9 54.5
Compensation of employees, received .......................................... 46.7 –1.0 28.7 25.2 8.2 41.3 10.4 20.9
Wage and salary disbursements .................................................. 41.3 –3.3 24.8 20.8 5.3 36.0 7.3 17.1
Private industries.......................................................................... 35.6 –0.8 26.3 28.7 9.3 32.5 5.9 15.5
Goods-producing industries ...................................................... 17.2 –8.7 7.1 7.4 –1.7 4.5 –2.5 1.5
Manufacturing ........................................................................ 15.0 –6.5 5.6 3.0 –1.0 2.4 –2.5 0.2
Services-producing industries................................................... 18.4 8.0 19.1 21.3 11.0 28.0 8.4 14.0
Trade, transportation, and utilities.......................................... 4.5 –1.0 5.9 1.9 3.4 7.9 0.2 2.5
Other services-producing industries ...................................... 14.0 8.9 13.3 19.4 7.6 20.0 8.2 11.5
Government.................................................................................. 5.8 –2.5 –1.5 –7.9 –4.1 3.7 1.3 1.6
Supplements to wages and salaries............................................ 5.4 2.3 3.9 4.4 3.0 5.2 3.1 3.8
Employer contributions for employee pension and insurance
funds ......................................................................................... 2.4 2.4 2.3 2.4 2.6 2.8 2.5 2.9
Employer contributions for government social insurance ............. 3.0 0.0 1.6 1.9 0.3 2.4 0.7 1.0
Proprietors’ income with inventory valuation and capital
consumption adjustments............................................................ 2.5 –3.4 2.2 10.8 5.4 8.6 7.9 8.1
Farm ................................................................................................ 1.3 1.4 4.1 4.1 4.1 2.8 2.7 2.8
Nonfarm........................................................................................... 1.1 –4.7 –1.9 6.7 1.3 5.8 5.2 5.2
Rental income of persons with capital consumption adjustment 0.7 0.8 1.6 2.4 3.1 1.5 1.7 1.9
Personal income receipts on assets ............................................... 3.9 2.3 –14.5 –14.8 –9.5 13.2 17.3 21.9
Personal interest income ................................................................. 0.3 0.3 –15.5 –15.4 –15.4 13.6 13.6 13.6
Personal dividend income................................................................ 3.7 2.1 0.9 0.6 5.9 –0.3 3.6 8.3
Personal current transfer receipts .................................................. 6.4 8.4 1.4 37.3 –11.0 4.4 8.7 3.8
Government social benefits to persons ........................................... 6.1 8.1 1.3 37.4 –10.7 2.1 9.4 4.0
Old-age, survivors, disability, and health insurance benefits ........ 0.0 0.7 10.9 2.0 8.0 0.3 –0.9 10.3
Government unemployment insurance benefits ........................... –0.1 –1.0 –12.9 27.3 –17.2 –4.6 2.4 –6.0
Other ............................................................................................ 6.2 8.5 3.2 8.2 –1.7 6.5 7.9 –0.2
Other current transfer receipts, from business (net) ........................ 0.3 0.2 0.2 –0.1 –0.3 2.3 –0.7 –0.2
Less: Contributions for government social insurance, domestic 5.9 0.0 3.3 3.5 0.8 4.8 1.1 2.1
Less: Personal current taxes .............................................................. 8.3 0.2 18.1 8.4 5.9 15.7 5.9 7.1
Equals: Disposable personal income................................................. 46.0 7.0 –2.1 49.0 –10.4 48.4 39.0 47.3
Less: Personal outlays ........................................................................ 17.8 –2.3 28.1 47.0 26.4 74.4 33.6 67.5
Personal consumption expenditures ................................................... 16.9 –3.3 33.3 51.1 30.4 74.8 35.4 69.5
Goods .............................................................................................. –21.6 –13.6 22.8 37.8 31.2 59.3 10.1 42.9
Durable goods .............................................................................. –3.5 –5.1 11.7 0.6 18.7 35.7 –4.7 7.7
Nondurable goods ........................................................................ –18.2 –8.4 11.0 37.3 12.5 23.6 14.8 35.2
Services........................................................................................... 38.5 10.3 10.5 13.3 –0.8 15.5 25.4 26.5
Personal interest payments 1 .............................................................. 0.4 0.5 –4.7 –4.7 –4.6 –2.6 –2.6 –2.6
Personal current transfer payments .................................................... 0.6 0.5 –0.5 0.6 0.6 2.3 0.6 0.7
To government ................................................................................. 0.6 0.5 0.6 0.6 0.6 0.6 0.6 0.7
To the rest of the world (net) ............................................................ 0.0 0.0 –1.1 0.0 0.0 1.7 0.0 0.0
Equals: Personal saving ...................................................................... 28.2 9.2 –30.1 1.9 –36.7 –26.1 5.6 –20.3
Addenda:
Personal income excluding current transfer receipts, billions of
chained (2005) dollars 2 .................................................................. 51.3 10.6 –3.4 3.4 0.0 36.5 23.3 16.6
Disposable personal income, billions of chained (2005) dollars 2 ....... 50.5 19.2 –20.3 27.9 –15.8 24.4 24.9 10.4
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
 Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars]

Seasonally adjusted at annual rates

2009 2010 2009 2010
III IV I II III IV
Personal income.................................................................................. –216.2 370.4 –39.4 75.0 111.3 166.8 75.7 128.3
Compensation of employees, received ......................................... –259.1 184.1 –20.3 32.7 26.7 111.8 63.1 69.1
Wage and salary disbursements ................................................. –284.9 130.6 –23.8 21.0 6.5 97.4 52.0 57.1
Private industries......................................................................... –314.6 117.0 –23.1 21.7 –4.1 89.8 59.8 57.4
Goods-producing industries ..................................................... –143.6 –8.4 –16.3 –0.6 –13.9 22.1 11.4 4.6
Manufacturing ....................................................................... –79.7 10.2 –9.3 8.5 –5.7 19.8 8.0 1.1
Services-producing industries.................................................. –170.8 125.3 –6.9 22.4 9.7 67.7 48.5 52.6
Trade, transportation, and utilities......................................... –60.4 18.0 –3.0 1.3 –0.2 17.4 9.1 11.8
Other services-producing industries ..................................... –110.5 107.3 –3.8 21.0 10.1 50.2 39.4 40.8
Government................................................................................. 29.6 13.6 –0.6 –0.7 10.6 7.6 –7.8 –0.3
Supplements to wages and salaries........................................... 25.8 53.5 3.4 11.7 20.2 14.4 11.1 12.0
Employer contributions for employee pension and insurance
funds ........................................................................................ 35.4 34.9 4.1 10.0 11.8 7.3 7.2 7.9
Employer contributions for government social insurance ............ –9.5 18.6 –0.7 1.7 8.4 7.1 4.0 4.0
Proprietors’ income with inventory valuation and capital
consumption adjustments........................................................... –90.1 43.9 5.9 15.7 8.6 19.0 9.8 23.8
Farm ............................................................................................... –20.3 15.1 0.0 8.2 0.6 2.1 9.6 9.6
Nonfarm.......................................................................................... –69.7 28.7 5.9 7.5 8.1 16.8 0.2 14.1
Rental income of persons with capital consumption adjustment 52.0 27.3 9.7 3.7 9.9 6.1 5.0 6.1
Personal income receipts on assets .............................................. –189.6 –13.3 –34.8 –1.9 21.9 3.3 –24.7 20.8
Personal interest income ................................................................ –92.4 –28.5 –16.2 –7.5 2.9 –3.4 –30.6 11.8
Personal dividend income............................................................... –97.2 15.3 –18.6 5.6 19.0 6.8 5.8 9.1
Personal current transfer receipts ................................................. 253.6 162.4 –0.9 28.9 57.3 40.6 30.3 16.6
Government social benefits to persons .......................................... 254.2 161.0 –0.7 29.1 56.4 40.2 30.1 15.0
Old-age, survivors, disability, and health insurance benefits ....... 96.2 49.4 14.4 16.2 2.5 16.8 15.4 9.1
Government unemployment insurance benefits .......................... 77.9 8.1 17.3 –1.6 2.7 –9.3 –1.1 –7.4
Other ........................................................................................... 80.1 103.5 –32.2 14.3 51.3 32.7 15.8 13.3
Other current transfer receipts, from business (net) ....................... –0.7 1.4 –0.3 0.0 0.8 0.4 0.2 1.6
Less: Contributions for government social insurance, domestic –16.9 34.0 –1.0 4.2 13.0 14.1 7.9 7.9
Less: Personal current taxes ............................................................. –298.2 27.0 4.5 0.2 17.5 14.4 28.6 28.7
Equals: Disposable personal income................................................ 82.0 343.4 –43.9 74.7 93.9 152.4 47.1 99.6
Less: Personal outlays ....................................................................... –125.4 343.6 126.2 82.1 98.2 59.8 72.6 152.6
Personal consumption expenditures .................................................. –103.2 350.6 120.6 90.8 99.3 54.6 80.9 158.9
Goods ............................................................................................. –148.8 196.9 100.7 36.8 67.1 –2.5 42.1 113.7
Durable goods ............................................................................. –57.0 63.1 40.5 –1.3 16.8 13.4 13.7 47.9
Nondurable goods ....................................................................... –91.8 133.8 60.3 38.0 50.3 –15.9 28.4 65.9
Services.......................................................................................... 45.6 153.7 19.9 54.0 32.3 57.0 38.8 45.1
Personal interest payments 1 ............................................................. –29.4 –18.2 2.5 –13.1 –4.0 2.2 –8.9 –9.8
Personal current transfer payments ................................................... 7.1 11.3 3.0 4.5 2.8 3.1 0.6 3.5
To government ................................................................................ 5.3 6.0 1.3 1.4 1.5 1.6 1.7 1.8
To the rest of the world (net) ........................................................... 1.9 5.2 1.7 3.2 1.2 1.5 –1.1 1.7
Equals: Personal saving ..................................................................... 207.4 –0.2 –170.1 –7.4 –4.2 92.5 –25.6 –52.9
Addenda:
Personal income excluding current transfer receipts, billions of
chained (2005) dollars 2 ................................................................. –447.4 33.0 –101.5 –19.0 2.0 114.9 23.0 58.7
Disposable personal income, billions of chained (2005) dollars 2 ...... 56.9 139.6 –113.3 0.7 32.9 138.6 22.7 43.2
1. Consists of nonmortgage interest paid by households.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Seasonally adjusted at monthly rates
2010
May June July August September October r November r December p
Based on current-dollar measures
Personal income........................................................................... 0.4 0.1 0.1 0.5 0.0 0.5 0.4 0.4
Compensation of employees, received ....................................... 0.6 0.0 0.4 0.3 0.1 0.5 0.1 0.3
Wage and salary disbursements ............................................. 0.6 –0.1 0.4 0.3 0.1 0.6 0.1 0.3
Supplements to wages and salaries........................................ 0.3 0.1 0.2 0.3 0.2 0.3 0.2 0.2
Proprietors’ income with inventory valuation and capital
consumption adjustments........................................................ 0.2 –0.3 0.2 1.0 0.5 0.8 0.7 0.7
Rental income of persons with capital consumption adjustment 0.3 0.3 0.5 0.8 1.0 0.5 0.5 0.6
Personal income receipts on assets ........................................... 0.2 0.1 –0.8 –0.8 –0.5 0.7 0.9 1.1
Personal interest income ......................................................... 0.0 0.0 –1.3 –1.3 –1.3 1.2 1.2 1.1
Personal dividend income........................................................ 0.5 0.3 0.1 0.1 0.8 0.0 0.5 1.1
Personal current transfer receipts ............................................... 0.3 0.4 0.1 1.6 –0.5 0.2 0.4 0.2
Less: Contributions for government social insurance, domestic 0.6 0.0 0.3 0.3 0.1 0.5 0.1 0.2
Less: Personal current taxes ...................................................... 0.7 0.0 1.6 0.7 0.5 1.3 0.5 0.6
Equals: Disposable personal income......................................... 0.4 0.1 0.0 0.4 –0.1 0.4 0.3 0.4
Addenda:
Personal consumption expenditures ........................................... 0.2 0.0 0.3 0.5 0.3 0.7 0.3 0.7
Goods ...................................................................................... –0.6 –0.4 0.7 1.1 0.9 1.7 0.3 1.2
Durable goods ...................................................................... –0.3 –0.5 1.1 0.1 1.7 3.2 –0.4 0.7
Nondurable goods ................................................................ –0.8 –0.4 0.5 1.6 0.5 1.0 0.6 1.5
Services................................................................................... 0.6 0.1 0.2 0.2 0.0 0.2 0.4 0.4
Based on chained (2005) dollar measures
Real personal income excluding current transfer receipts .......... 0.6 0.1 0.0 0.0 0.0 0.4 0.3 0.2
Real disposable personal income ............................................... 0.5 0.2 –0.2 0.3 –0.2 0.2 0.2 0.1
p Preliminary
r Revised

Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
Seasonally adjusted at annual rates
2009 2010 2009 2010
III IV I II III IV
Based on current-dollar measures
Personal income.......................................................................... –1.7 3.0 –1.3 2.5 3.7 5.5 2.4 4.1
Compensation of employees, received ...................................... –3.2 2.4 –1.0 1.7 1.4 5.8 3.2 3.5
Wage and salary disbursements ............................................ –4.3 2.1 –1.5 1.3 0.4 6.3 3.3 3.6
Supplements to wages and salaries....................................... 1.7 3.5 0.9 3.1 5.3 3.7 2.8 3.0
Proprietors’ income with inventory valuation and capital
consumption adjustments....................................................... –8.2 4.3 2.4 6.4 3.4 7.6 3.8 9.3
Rental income of persons with capital consumption adjustment 23.4 10.0 15.3 5.4 14.7 8.7 6.9 8.3
Personal income receipts on assets .......................................... –9.0 –0.7 –7.0 –0.4 4.7 0.7 –5.1 4.5
Personal interest income ........................................................ –7.0 –2.3 –5.2 –2.5 1.0 –1.1 –9.8 4.1
Personal dividend income....................................................... –12.2 2.2 –10.2 3.3 11.6 3.9 3.4 5.1
Personal current transfer receipts .............................................. 13.5 7.6 –0.2 5.5 10.9 7.4 5.4 2.9
Less: Contributions for government social insurance, domestic –1.7 3.5 –0.4 1.7 5.4 5.9 3.2 3.2
Less: Personal current taxes ..................................................... –20.7 2.4 1.6 0.1 6.4 5.2 10.3 10.1
Equals: Disposable personal income........................................ 0.7 3.1 –1.6 2.7 3.4 5.5 1.7 3.5
Addenda:
Personal consumption expenditures .......................................... –1.0 3.5 5.0 3.7 4.0 2.1 3.2 6.3
Goods ..................................................................................... –4.4 6.1 13.3 4.6 8.3 –0.3 5.1 14.0
Durable goods ..................................................................... –5.3 6.1 17.1 –0.5 6.6 5.1 5.2 18.8
Nondurable goods ............................................................... –4.0 6.1 11.6 7.0 9.2 –2.7 5.0 11.8
Services.................................................................................. 0.7 2.3 1.2 3.2 1.9 3.4 2.3 2.6
Based on chained (2005) dollar measures
Real personal income excluding current transfer receipts ......... –4.6 0.4 –1.1 –0.2 0.0 1.3 0.2 0.6
Real disposable personal income .............................................. 0.6 1.4 –4.4 0.0 1.3 5.6 0.9 1.7
 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
2010
May June July August September October r November r December p
Billions of chained (2005) dollars, seasonally adjusted at annual rates
Personal consumption expenditures ........................................ 9,280.5 9,289.3 9,302.6 9,333.9 9,355.4 9,405.1 9,427.7 9,460.7
Goods ........................................................................................ 3,221.8 3,222.3 3,231.9 3,254.3 3,279.4 3,324.0 3,331.0 3,347.4
Durable goods ........................................................................ 1,158.2 1,156.2 1,172.0 1,172.2 1,193.6 1,235.8 1,233.7 1,246.0
Nondurable goods .................................................................. 2,062.3 2,064.4 2,060.4 2,081.2 2,087.1 2,094.4 2,102.6 2,108.0
Services ..................................................................................... 6,058.9 6,066.9 6,071.0 6,080.9 6,078.7 6,085.9 6,101.4 6,118.5
Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates
Personal consumption expenditures ........................................ 23.3 8.8 13.3 31.3 21.5 49.7 22.6 33.0
Goods ........................................................................................ –1.9 0.5 9.6 22.4 25.1 44.6 7.0 16.4
Durable goods ........................................................................ –0.9 –2.0 15.8 0.2 21.4 42.2 –2.1 12.3
Nondurable goods .................................................................. –1.1 2.1 –4.0 20.8 5.9 7.3 8.2 5.4
Services ..................................................................................... 24.5 8.0 4.1 9.9 –2.2 7.2 15.5 17.1
Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures ........................................ 0.3 0.1 0.1 0.3 0.2 0.5 0.2 0.4
Goods ........................................................................................ –0.1 0.0 0.3 0.7 0.8 1.4 0.2 0.5
Durable goods ........................................................................ –0.1 –0.2 1.4 0.0 1.8 3.5 –0.2 1.0
Nondurable goods .................................................................. –0.1 0.1 –0.2 1.0 0.3 0.4 0.4 0.3
Services ..................................................................................... 0.4 0.1 0.1 0.2 0.0 0.1 0.3 0.3
p Preliminary
r Revised

Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Seasonally adjusted at annual rates
2009 2010 2009 2010
III IV I II III IV
Billions of chained (2005) dollars
Personal consumption expenditures ......................................... 9,153.9 9,315.7 9,161.6 9,182.9 9,225.4 9,275.7 9,330.6 9,431.2
Goods ......................................................................................... 3,117.4 3,251.8 3,138.2 3,151.8 3,195.4 3,222.6 3,255.2 3,334.1
Durable goods ......................................................................... 1,094.6 1,178.6 1,118.3 1,115.1 1,138.9 1,157.8 1,179.3 1,238.5
Nondurable goods ................................................................... 2,017.4 2,073.7 2,016.9 2,032.3 2,053.5 2,063.4 2,076.2 2,101.7
Services ...................................................................................... 6,032.7 6,065.4 6,020.7 6,028.7 6,029.6 6,053.4 6,076.9 6,101.9
Change from preceding period in billions of chained (2005) dollars
Personal consumption expenditures ......................................... –111.1 161.8 44.6 21.3 42.5 50.3 54.9 100.6
Goods ......................................................................................... –62.9 134.4 54.2 13.6 43.6 27.2 32.6 78.9
Durable goods ......................................................................... –41.8 84.0 50.1 –3.2 23.8 18.9 21.5 59.2
Nondurable goods ................................................................... –23.8 56.3 8.6 15.4 21.2 9.9 12.8 25.5
Services ...................................................................................... –49.6 32.7 –7.0 8.0 0.9 23.8 23.5 25.0
Percent change from preceding period in chained (2005) dollars
Personal consumption expenditures ......................................... –1.2 1.8 2.0 0.9 1.9 2.2 2.4 4.4
Goods ......................................................................................... –2.0 4.3 7.2 1.7 5.7 3.4 4.1 10.1
Durable goods ......................................................................... –3.7 7.7 20.1 –1.1 8.8 6.8 7.6 21.6
Nondurable goods ................................................................... –1.2 2.8 1.7 3.1 4.2 1.9 2.5 5.0
Services ...................................................................................... –0.8 0.5 –0.5 0.5 0.1 1.6 1.6 1.7
 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
2010
May June July August September October r November r December p
Chain-type price indexes (2005=100), seasonally adjusted
Personal consumption expenditures (PCE)............................... 110.902 110.762 110.962 111.137 111.207 111.414 111.524 111.869
Goods ......................................................................................... 104.755 104.318 104.713 105.155 105.305 105.672 105.755 106.520
Durable goods ......................................................................... 92.775 92.488 92.243 92.273 92.188 91.933 91.705 91.417
Nondurable goods ................................................................... 111.537 111.016 111.771 112.446 112.728 113.455 113.718 115.101
Services ...................................................................................... 114.169 114.186 114.282 114.316 114.343 114.462 114.587 114.702
Addenda:
PCE excluding food and energy.................................................. 110.188 110.255 110.299 110.328 110.327 110.356 110.460 110.493
Food 1 ......................................................................................... 113.987 113.771 113.836 113.919 114.212 114.291 114.410 114.566
Energy goods and services 2 ...................................................... 117.572 114.081 117.102 119.873 120.838 124.238 124.404 130.274
Market-based PCE 3 ................................................................... 110.752 110.655 110.923 111.182 111.276 111.452 111.563 111.957
Market-based PCE excluding food and energy 3 ........................ 109.892 110.042 110.141 110.243 110.259 110.222 110.327 110.367
Percent change from preceding period in price indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)............................... –0.1 –0.1 0.2 0.2 0.1 0.2 0.1 0.3
Goods ......................................................................................... –0.6 –0.4 0.4 0.4 0.1 0.3 0.1 0.7
Durable goods ......................................................................... –0.2 –0.3 –0.3 0.0 –0.1 –0.3 –0.2 –0.3
Nondurable goods ................................................................... –0.7 –0.5 0.7 0.6 0.3 0.6 0.2 1.2
Services ...................................................................................... 0.2 0.0 0.1 0.0 0.0 0.1 0.1 0.1
Addenda:
PCE excluding food and energy.................................................. 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.0
Food 1 ......................................................................................... 0.0 –0.2 0.1 0.1 0.3 0.1 0.1 0.1
Energy goods and services 2 ...................................................... –3.2 –3.0 2.6 2.4 0.8 2.8 0.1 4.7
Market-based PCE 3 ................................................................... –0.1 –0.1 0.2 0.2 0.1 0.2 0.1 0.4
Market-based PCE excluding food and energy 3 ........................ 0.1 0.1 0.1 0.1 0.0 0.0 0.1 0.0
p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity and gas services.
3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services
furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.

Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures:
Percent Change From Month One Year Ago
2010
May June July August September October r November r December p
Disposable personal income...................................................... –0.4 1.4 1.7 2.1 2.1 2.5 2.4 2.1
Personal consumption expenditures ........................................ 1.8 1.9 1.9 1.3 2.3 2.6 2.7 2.8
Goods ........................................................................................ 4.3 4.2 3.9 1.9 5.4 6.0 5.4 6.0
Durable goods ........................................................................ 8.1 7.3 6.5 –0.4 10.7 12.2 10.2 10.7
Nondurable goods .................................................................. 2.5 2.9 2.7 3.1 3.0 3.2 3.2 3.8
Services ..................................................................................... 0.6 0.7 0.9 1.0 0.9 0.9 1.4 1.3
p Preliminary
r Revised

Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
2010
May June July August September October r November r December p
Personal consumption expenditures (PCE).............................. 2.1 1.4 1.5 1.4 1.3 1.2 1.1 1.2
Goods ........................................................................................ 2.2 0.3 0.8 0.6 0.5 0.8 0.6 1.1
Durable goods ........................................................................ –1.3 –1.7 –1.4 –1.0 –1.4 –1.9 –2.1 –2.2
Nondurable goods .................................................................. 3.8 1.2 1.8 1.4 1.4 2.0 1.8 2.7
Services ..................................................................................... 2.0 1.9 1.9 1.7 1.7 1.4 1.3 1.2
Addenda:
PCE excluding food and energy................................................. 1.5 1.4 1.3 1.2 1.1 0.8 0.8 0.7
Food 1 ........................................................................................ 0.4 0.2 0.7 0.7 1.3 1.3 1.3 1.3
Energy goods and services 2 ..................................................... 15.3 3.4 5.6 4.0 4.2 6.4 4.1 8.2
Market-based PCE 3 .................................................................. 1.8 1.1 1.3 1.2 1.2 1.2 1.1 1.3
Market-based PCE excluding food and energy 3 ....................... 1.1 1.1 1.1 1.1 1.0 0.8 0.8 0.8
p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity and gas services.
3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services
furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.