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Incomes rose 0.3 % in August spending ebbs

Personal Income and Its Disposition Report U.S. Economy



Americans cut back on spending in August and increased their savings, another sign that the U.S. economy has cooled off, government data showed.
Personal income inched up 0.3 % in August at the annualized rate of $17.68 trillion on the seasonally adjusted basis, reported by the Commerce Department.
Yet spending has barely changed over the past month, indicating consumers have grown more cautious and they are trying to rebuild their savings. Businesses, for their part, have less reason to hire and boost production if consumer demand slackens. And without more hiring, consumer spending is likely to remain subdued.

Meanwhile, disposable income advanced by 0.3 %, as well, lifting average American income to $47,529 at the annualized rate.

Personal consumption expenditures remained unchanged. The combination of higher income and lower spending allowed consumers to boost their savings rate to 6.6 % from 6.7 % in July, what explains the decline in interest income.
A slower pace of consumer spending is one reason that economists are cutting estimates for gross domestic product growth.




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Private industries
Goods-producing industries
Services
Government
0.52% 6.81% 0.29% 9.41% 0.58% 6.19% 0.21% 2.75%
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y

The growth in Wages has accelerated, led by highest increase in Trade, transportation, and utilities, salaries in Government Sector grew as well, the supplements to wages and salaries grew less than total wages, as employer boost contributions for government social insurance.











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    Compensation       Compensation
Compensation of employees
Compensation of employees grew by 0.43 % from July 2018 and advanced by 5.63 % from Aug. 2017, while wage & salary disbursements rose by 0.47 % sequentially and grew by 6.16 % from same month year ago, now representing 81.45 % of total compensation of employees.
  Supplements to Wages

Supplements to wages & salaries now representing 18.55 % of total compensation of employees with an increase of 0.27 % from July 2018 and an increase by 3.39 % from Aug. 2017.

   
Wage & salary disbursements
Wages & Salaries from private industries rose by 0.52 % sequentially and grew by 6.81 % from same month year ago, now representing 84.51 % of total wage & salary disbursements, while Wages & Salaries from government grew by 0.21 % from July 2018 and increased by 2.75 % from Aug. 2017, now representing 15.49 % of total wage & salary disbursements. 

   Personal Income Receipts On Assets    Capital Consumption
Interest & Other
Personal interest income fell by -0.41 % sequentially while Personal dividend income grew by 0.06 % from July 2018. Compare to same quarter a year ago, personal interest income went up by 10.02 % and personal dividend income grew by 18.84 %.
Personal interest payments excluding mortgage interests fell by -1.10 % sequentially and advanced by 9.10 % from same month year ago.
Proprietors Income & Capital Consumption

Proprietors Income advanced by 0.08 % sequentially and grew by 14.75 % from same month year ago, now representing 8.96 % of total personal income.
Rental Income with capital consumption adjustment grew by 0.81 % from July 2018 and increased by 1.91 % from same month year ago.






Personal Income & Its Disposition
(Monthly at Annual rates, in Billions $)
  Aug. 2018
adv.
July 2018
adv.
June 2018
adv.
May 2018
adv.
April 2018
adv.
March 2018
adv.
Personal income
17,679.5 17,616.5 17,561.7 17,500.7 16,934.5 16,888.3
  Compensation of employees, received
10,942.2 10,895.0 10,858.9 10,817.5 10,670.6 10,622.7
   Wage & salary disbursements
8,912.2 8,870.4 8,839.0 8,803.4 8,665.8 8,623.7
    Private industries
7,531.4 7,492.4 7,462.8 7,432.5 7,296.6 7,256.7
     Goods-producing industries
1,489.7 1,485.4 1,481.1 1,470.5 1,441.0 1,424.1
      Manufacturing
893.6 892.9 890.4 883.3 873.7 857.6
     Services-producing industries
6,041.7 6,007.0 5,981.7 5,962.0 5,855.6 5,832.5
      Trade, transportation, & utilities
1,377.8 1,364.8 1,363.2 1,362.0 1,327.0 1,338.3
      Other services-producing industries
4,663.9 4,642.2 4,618.5 4,600.0 4,528.7 4,494.2
    Government
1,380.9 1,378.0 1,376.2 1,370.9 1,369.2 1,367.0
   Supplements to wages & salaries
2,030.0 2,024.6 2,019.9 2,014.2 2,004.8 1,999.0
    Employer contr. for employee pension & insur.
1,393.4 1,390.7 1,388.2 1,385.0 1,371.4 1,368.7
    Employer contr. for govt. social insurance
636.6 633.8 631.7 629.2 633.4 630.3
  Proprietors Income with invent. valu.
1,584.8 1,583.6 1,584.0 1,570.0 1,428.5 1,427.3
   Farm
30.1 43.9 45.1 39.6 31.7 27.6
   Nonfarm
1,554.7 1,539.7 1,538.8 1,530.4 1,396.9 1,399.6
  Rental Inc. with capital consumption adj.
767.9 761.7 756.2 757.4 767.8 765.1
  Personal income receipts on assets
2,757.9 2,763.7 2,755.7 2,749.3 2,508.4 2,512.3
   Personal interest income
1,602.4 1,609.0 1,607.8 1,606.9 1,521.5 1,523.0
   Personal dividend income
1,155.4 1,154.7 1,148.0 1,142.4 987.0 989.3
  Personal current transfer receipts
2,998.8 2,978.9 2,968.7 2,963.0 2,923.4 2,918.9
   Government social benefits to persons
2,937.2 2,917.7 2,907.9 2,904.0 2,861.2 2,857.0
    Old-age, disability, & health insurance benefits
981.0 975.2 972.3 968.4 967.0 966.5
    Government unemployment insurance benefits
739.7 734.1 729.0 724.4 690.8 687.7
    Other
608.7 598.7 601.0 602.8 601.3 601.4
   Other current transfers, from business
24.9 25.3 25.1 25.1 26.4 27.0
  Contributions for govt. social insurance
-1,372.1 -1,366.4 -1,361.8 -1,356.6 -1,364.3 -1,358.0
Personal current taxes
-2,062.1 -2,050.0 -2,047.8 -2,045.6 -2,073.7 -2,078.4
Disposable personal income
15,617.4 15,566.5 15,514.0 15,455.1 14,860.8 14,809.9
Personal outlays
-14,585.1 -14,518.4 -14,465.6 -14,408.1 -14,441.2 -14,349.3
  Personal consumption expenditures
14,050.1 13,980.0 13,930.7 13,880.0 13,906.9 13,823.9
    Goods
4,377.2 4,346.7 4,336.4 4,347.2 4,458.2 4,408.3
     Durable goods
1,464.4 1,456.5 1,458.9 1,463.5 1,520.5 1,504.8
     Nondurable goods
2,912.8 2,890.3 2,877.5 2,883.6 2,937.7 2,903.5
    Services
9,673.0 9,633.3 9,594.3 9,532.9 9,448.6 9,415.6
  Personal interest payments
332.0 335.7 332.6 327.1 329.6 321.2
  Personal current transfer payments
203.0 202.7 202.3 200.9 204.7 204.2
    To government
112.6 112.2 111.8 111.4 117.2 117.1
    To the rest of the world
90.4 90.5 90.5 89.6 87.5 87.2
Personal saving
1,032.3 1,048.1 1,048.4 1,047.1 419.6 460.6
Personal saving as a percentage of disposable personal income %   6.60 % 6.70 % 6.80 % 6.80 % 2.80 % 3.10 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   13,534.8 13,514.6 13,490.1 13,455.2 12,236.2 12,221.2
Per capita:  
Current dollars ($)   47,529 47,406 47,277 47,126 45,340 45,209
Chained ($) dollars Y 2000   43,819 43,769 43,704 43,617 39,596 39,552
Population (midperiod, millions)   328.59 328.37 328.15 327.95 327.76 327.58





Percentage Change in Personal Income & Its Disposition
(month on month seasonally adj. at annual rates, in %)
Aug. 2018
rest.
July 2018
rest.
June 2018
rest.
May 2018
rest.
April 2018
rest.
March 2018
rest.
Personal income 0.3 % 0.3 % 0.4 % 0.4 % 0.3 % 0.3 %
Compensation of employees, received 0.4 % 0.3 % 0.3 % 0.3 % 0.3 % 0.2 %
Wage & salary disbursements 0.5 % 0.4 % 0.4 % 0.3 % 0.4 % 0.2 %
Supplements to wages & salaries 0.3 % 0.2 % 0.3 % 0.2 % 0.3 % 0.2 %
Proprietors' Income 0.3 % - % 0.5 % 0.6 % 0.1 % 0.4 %
Rental Income of Persons 0.8 % 0.7 % 0.6 % 0.4 % 0.3 % 0.5 %
Personal income receipts on assets -0.1 % 0.3 % 0.7 % 0.7 % 0.3 % 0.3 %
Personal interest income -0.3 % 0.1 % 0.4 % 0.4 % 0.4 % -0.1 %
Personal dividend income 0.1 % 0.6 % 1.2 % 1.2 % - % 0.9 %
Personal current transfer receipts 0.4 % 0.3 % 0.3 % 0.1 % 0.2 % 0.4 %
Less: Contributions for social insurance 0.4 % 0.3 % 0.3 % 0.3 % 0.4 % 0.2 %
Less: Personal current taxes 0.4 % 0.1 % 0.3 % 0.2 % -0.5 % 0.4 %
Equals: Disposable personal income 0.3 % 0.3 % 0.4 % 0.4 % 0.4 % 0.3 %
             
Addenda:            
Personal consumption expenditures - % - % - % - % - % - %
Goods 0.3 % 0.4 % 0.4 % 0.5 % 0.6 % 0.4 %
 Durable goods 0.3 % 0.2 % - % 0.9 % 0.7 % 0.1 %
 Nondurable goods -0.1 % -0.2 % - % 0.4 % 0.3 % 0.8 %
Services 0.5 % 0.4 % -0.1 % 1.1 % 0.9 % -0.2 %
Based on chained (2000) dollar measures            
Real disposable personal income 0.2 % 0.2 % 0.3 % 0.2 % 0.1 % 0.2 %





Personal Income & Its Disposition
(Quarterly, in Billions $)
  II Q. 2018
adv.
II Q. 2018
adv.
II Q. 2018
adv.
I Q. 2018
adv.
I Q. 2018
adv.
I Q. 2018
adv.
Personal income
17,499.8 16,839.8 16,839.8 16,839.8 16,839.8 16,655.3
  Compensation of employees, received
10,820.7 10,607.9 10,607.9 10,607.9 10,607.9 10,463.3
   Wage & salary disbursements
8,806.2 8,612.4 8,612.4 8,612.4 8,612.4 8,485.2
    Private industries
7,434.9 7,248.4 7,248.4 7,248.4 7,248.4 7,132.6
     Goods-producing industries
1,476.2 1,427.5 1,427.5 1,427.5 1,427.5 1,391.8
      Manufacturing
888.2 867.6 867.6 867.6 867.6 841.7
     Services-producing industries
5,958.8 5,820.9 5,820.9 5,820.9 5,820.9 5,740.9
      Trade, transportation, & utilities
1,358.9 1,324.9 1,324.9 1,324.9 1,324.9 1,322.7
      Other services-producing industries
4,599.8 4,496.0 4,496.0 4,496.0 4,496.0 4,418.1
    Government
1,371.2 1,364.1 1,364.1 1,364.1 1,364.1 1,352.5
   Supplements to wages & salaries
2,014.5 1,995.5 1,995.5 1,995.5 1,995.5 1,978.1
    Employer contr. for employee pension & insur.
1,385.0 1,366.0 1,366.0 1,366.0 1,366.0 1,358.3
    Employer contr. for govt. social insurance
629.5 629.5 629.5 629.5 629.5 619.8
  Proprietors Income with invent. valu.
1,568.5 1,420.0 1,420.0 1,420.0 1,420.0 1,403.1
   Farm
37.0 29.8 29.8 29.8 29.8 29.6
   Nonfarm
1,531.5 1,390.2 1,390.2 1,390.2 1,390.2 1,373.6
  Rental Inc. with capital consumption adj.
754.2 761.7 761.7 761.7 761.7 757.4
  Personal income receipts on assets
2,747.8 2,497.4 2,497.4 2,497.4 2,497.4 2,481.1
   Personal interest income
1,606.5 1,518.9 1,518.9 1,518.9 1,518.9 1,506.1
   Personal dividend income
1,141.2 978.5 978.5 978.5 978.5 975.0
  Personal current transfer receipts
2,965.8 2,908.7 2,908.7 2,908.7 2,908.7 2,873.2
   Government social benefits to persons
2,905.4 2,847.1 2,847.1 2,847.1 2,847.1 2,812.6
    Old-age, disability, & health insurance benefits
969.1 960.8 960.8 960.8 960.8 935.4
    Government unemployment insurance benefits
25.5 27.5 27.5 27.5 27.5 27.8
    Other
951.6 942.8 942.8 942.8 942.8 952.8
   Other current transfers, from business
60.4 61.6 61.6 61.6 61.6 60.7
  Contributions for govt. social insurance
-1,357.1 -1,355.9 -1,355.9 -1,355.9 -1,355.9 -1,322.8
Personal current taxes
-2,041.7 -2,076.5 -2,076.5 -2,076.5 -2,076.5 -2,108.2
Disposable personal income
15,458.1 14,763.3 14,763.3 14,763.3 14,763.3 14,547.1
Personal outlays
-14,403.8 -14,302.0 -14,302.0 -14,302.0 -14,302.0 -14,167.3
  Personal consumption expenditures
13,875.6 13,775.9 13,775.9 13,775.9 13,775.9 13,654.3
    Goods
4,329.5 4,416.5 4,416.5 4,416.5 4,416.5 4,401.8
     Durable goods
1,458.7 1,501.7 1,501.7 1,501.7 1,501.7 1,517.8
     Nondurable goods
2,870.8 2,914.8 2,914.8 2,914.8 2,914.8 2,884.0
    Services
9,546.1 9,359.4 9,359.4 9,359.4 9,359.4 9,252.5
  Personal interest payments
326.4 321.7 321.7 321.7 321.7 312.7
  Personal current transfer payments
201.7 204.4 204.4 204.4 204.4 200.3
    To government
111.3 116.9 116.9 116.9 116.9 116.5
    To the rest of the world
90.4 87.5 87.5 87.5 87.5 83.7
Personal saving
1,054.3 461.3 461.3 461.3 461.3 379.8
Personal saving as a percentage of disposable personal income %   6.80 % 3.10 % 3.10 % 3.10 % 3.10 % 2.60 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   13,451.4 12,201.9 12,201.9 12,201.9 12,201.9 12,147.8
Per capita:  
Current dollars ($)   47,135 45,090 45,090 45,090 45,090 44,499
Chained ($) dollars Y 2000   43,624 39,493 39,493 39,493 39,493 39,223
Population (midperiod, millions)   327.96 327.42 327.42 327.42 327.42 326.91





Quarterly Growth in Personal Income & Its Disposition
(quarter on quarter seasonally adj. at annual rates, in %)
II Q. 2018
adv.
II Q. 2018
adv.
II Q. 2018
adv.
I Q. 2018
adv.
I Q. 2018
adv.
I Q. 2018
adv.
Personal income 4.2 % 5.1 % 5.1 % 5.1 % 4.3 % 4.6 %
Compensation of employees, received 4.2 % 5.4 % 5.4 % 5.4 % 5.3 % 4.2 %
Wage & salary disbursements 4.5 % 5.8 % 5.8 % 5.8 % 5.7 % 4.5 %
Supplements to wages & salaries 3 % 3.9 % 3.9 % 3.9 % 3.4 % 3 %
Proprietors' Income 4.9 % 6.4 % 6.4 % 6.4 % 4.9 % 6.3 %
Rental Income of Persons 2.7 % 2.2 % 2.2 % 2.2 % 2.3 % 5.6 %
Personal income receipts on assets 4.2 % 4 % 4 % 4 % 2.7 % 8 %
Personal interest income 2.3 % 5.3 % 5.3 % 5.3 % 3.4 % 13 %
Personal dividend income 7.1 % 2.2 % 2.2 % 2.2 % 1.4 % 0.7 %
Personal current transfer receipts 4.4 % 6.6 % 6.6 % 6.6 % 5 % 2.1 %
Less: Contributions for social insurance 4.1 % 8.2 % 8.2 % 8.2 % 10 % 4.5 %
Less: Personal current taxes 2.3 % -7.7 % -7.7 % -7.7 % -6.1 % 10.1 %
Equals: Disposable personal income 4.5 % 7 % 7 % 7 % 5.9 % 3.8 %
             
Addenda:            
Personal consumption expenditures 5.9 % 3 % 3 % 3 % 3.6 % 6.9 %
Goods 5.9 % 1.6 % 1.6 % 1.6 % 1.3 % 9.7 %
 Durable goods 6.9 % -3.1 % -3.1 % -3.1 % -4.2 % 11.3 %
 Nondurable goods 5.4 % 4.1 % 4.1 % 4.1 % 4.3 % 8.8 %
Services 5.8 % 3.6 % 3.6 % 3.6 % 4.7 % 5.6 %
Based on chained (2000) dollar measures            
Real disposable personal income 2.5 % 4.4 % 4.4 % 4.4 % 3.3 % 1.1 %





Personal Income & Its Disposition
(Annually, in Billions $)
 





Personal income
- - - - - -
  Compensation of employees, received
- - - - - -
   Wage & salary disbursements
- - - - - -
    Private industries
- - - - - -
     Goods-producing industries
- - - - - -
      Manufacturing
- - - - - -
     Services-producing industries
- - - - - -
      Trade, transportation, & utilities
- - - - - -
      Other services-producing industries
- - - - - -
    Government
- - - - - -
   Supplements to wages & salaries
- - - - - -
    Employer contr. for employee pension & insur.
- - - - - -
    Employer contr. for govt. social insurance
- - - - - -
  Proprietors Income with invent. valu.
- - - - - -
   Farm
- - - - - -
   Nonfarm
- - - - - -
  Rental Inc. with capital consumption adj.
- - - - - -
  Personal income receipts on assets
- - - - - -
   Personal interest income
- - - - - -
   Personal dividend income
- - - - - -
  Personal current transfer receipts
- - - - - -
   Government social benefits to persons
- - - - - -
    Old-age, disability, & health insurance benefits
- - - - - -
    Government unemployment insurance benefits
- - - - - -
    Other
- - - - - -
   Other current transfers, from business
- - - - - -
  Contributions for govt. social insurance
- - - - - -
Personal current taxes
- - - - - -
Disposable personal income
- - - - - -
Personal outlays
- - - - - -
  Personal consumption expenditures
- - - - - -
    Goods
- - - - - -
     Durable goods
- - - - - -
     Nondurable goods
- - - - - -
    Services
- - - - - -
  Personal interest payments
- - - - - -
  Personal current transfer payments
- - - - - -
    To government
- - - - - -
    To the rest of the world
- - - - - -
Personal saving
- - - - - -
Personal saving as a percentage of disposable personal income %   - % - % - % - % - % - %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   - - - - - -
Per capita:  
Current dollars ($)   - - - - - -
Chained ($) dollars Y 2000   - - - - - -
Population (midperiod, millions)   - - - - - -





Annual Growth in Personal Income & Its Disposition
(year on year, in %)
Aug. 2018
rest.
July 2018
rest.
June 2018
rest.
May 2018
rest.
April 2018
rest.
March 2018
rest.
Personal income 0.3 % 0.3 % 0.4 % 0.4 % 0.3 % 0.3 %
Compensation of employees, received 0.4 % 0.3 % 0.3 % 0.3 % 0.3 % 0.2 %
Wage & salary disbursements 0.5 % 0.4 % 0.4 % 0.3 % 0.4 % 0.2 %
Supplements to wages & salaries 0.3 % 0.2 % 0.3 % 0.2 % 0.3 % 0.2 %
Proprietors' Income 0.3 % - % 0.5 % 0.6 % 0.1 % 0.4 %
Rental Income of Persons 0.8 % 0.7 % 0.6 % 0.4 % 0.3 % 0.5 %
Personal income receipts on assets -0.1 % 0.3 % 0.7 % 0.7 % 0.3 % 0.3 %
Personal interest income -0.3 % 0.1 % 0.4 % 0.4 % 0.4 % -0.1 %
Personal dividend income 0.1 % 0.6 % 1.2 % 1.2 % - % 0.9 %
Personal current transfer receipts 0.4 % 0.3 % 0.3 % 0.1 % 0.2 % 0.4 %
Less: Contributions for social insurance 0.4 % 0.3 % 0.3 % 0.3 % 0.4 % 0.2 %
Less: Personal current taxes 0.4 % 0.1 % 0.3 % 0.2 % -0.5 % 0.4 %
Equals: Disposable personal income 0.3 % 0.3 % 0.4 % 0.4 % 0.4 % 0.3 %
             
Addenda:            
Personal consumption expenditures - % - % - % - % - % - %
Goods 0.3 % 0.4 % 0.4 % 0.5 % 0.6 % 0.4 %
 Durable goods 0.3 % 0.2 % - % 0.9 % 0.7 % 0.1 %
 Nondurable goods -0.1 % -0.2 % - % 0.4 % 0.3 % 0.8 %
Services 0.5 % 0.4 % -0.1 % 1.1 % 0.9 % -0.2 %
Based on chained (2000) dollar measures            
Real disposable personal income 0.2 % 0.2 % 0.3 % 0.2 % 0.1 % 0.2 %

Source: Department of Commerce, Bea.gov


     
       
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