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Incomes rose 0.3 % in April spending ebbs

Personal Income and Its Disposition Report U.S. Economy



Americans cut back on spending in April and increased their savings, another sign that the U.S. economy has cooled off, government data showed.
Personal income inched up 0.3 % in April at the annualized rate of $16.93 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.

Disposable personal income has climbed by 0.4 %, averaging income $45,340 at the annualized rate for every American.






For the year 201, consumer spending grew faster than income, resulting in lower savings rate 3.4 %, consumer spent 4.5 % more, while income grew 3.1 %, disposable income grew by 2.9 %.

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Private industries
Goods-producing industries
Services
Government
0.55% 3.57% 1.19% 4.66% 0.40% 3.31% 0.16% 1.69%
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y

Personal consumption expenditures remained unchanged. The combination of higher income and lower spending allowed consumers to boost their savings rate to 2.8 % from 3.1 % in March, 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.

The growth in Wages has accelerated, led by highest increase in Manufacturing, 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.





Consumer spending slowed to a 3.6 % pace in the first quarter from a 6.9 % pace in the forth quarter, spending for sevices grew the most. Personal income jumped in the first quarter by 4.3 %, the U.S. savings rate was at 3.1 %.


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    Compensation       Compensation
Compensation of employees
Compensation of employees grew by 0.45 % from March 2018 and advanced by 3.06 % from April 2017, while wage & salary disbursements rose by 0.49 % sequentially and grew by 3.27 % from same month year ago, now representing 81.21 % of total compensation of employees.
  Supplements to Wages

Supplements to wages & salaries now representing 18.79 % of total compensation of employees with an increase of 0.29 % from March 2018 and an increase by 2.13 % from April 2017.

   
Wage & salary disbursements
Wages & Salaries from private industries rose by 0.55 % sequentially and grew by 3.57 % from same month year ago, now representing 84.20 % of total wage & salary disbursements, while Wages & Salaries from government grew by 0.16 % from March 2018 and increased by 1.69 % from April 2017, now representing 15.80 % of total wage & salary disbursements. 

   Personal Income Receipts On Assets    Capital Consumption
Interest & Other
Personal interest income fell by -0.10 % sequentially while Personal dividend income fell by -0.23 % from March 2018. Compare to same quarter a year ago, personal interest income went up by 12.37 % and personal dividend income grew by 3.89 %.
Personal interest payments excluding mortgage interests increased by 2.62 % sequentially and advanced by 15.77 % from same month year ago.
Proprietors Income & Capital Consumption

Proprietors Income advanced by 0.08 % sequentially and fell by -2.26 % from same month year ago, now representing 8.44 % of total personal income.
Rental Income with capital consumption adjustment grew by 0.35 % from March 2018 and increased by 2.70 % from same month year ago.






Personal Income & Its Disposition
(Monthly at Annual rates, in Billions $)
  April 2018
adv.
March 2018
adv.
Feb. 2018
adv.
Jan. 2018
adv.
Dec. 2017
adv.
Nov. 2017
adv.
Personal income
16,934.5 16,888.3 16,861.2 16,783.6 16,686.7 16,629.1
  Compensation of employees, received
10,670.6 10,622.7 10,615.7 10,559.3 10,474.4 10,433.6
   Wage & salary disbursements
8,665.8 8,623.7 8,618.7 8,569.0 8,493.0 8,457.2
    Private industries
7,296.6 7,256.7 7,249.8 7,205.0 7,137.3 7,103.5
     Goods-producing industries
1,441.0 1,424.1 1,436.5 1,406.6 1,393.5 1,388.6
      Manufacturing
873.7 857.6 869.9 847.8 842.1 841.1
     Services-producing industries
5,855.6 5,832.5 5,813.3 5,798.4 5,743.7 5,715.0
      Trade, transportation, & utilities
1,327.0 1,338.3 1,334.9 1,333.7 1,320.9 1,317.6
      Other services-producing industries
4,528.7 4,494.2 4,478.4 4,464.7 4,422.8 4,397.4
    Government
1,369.2 1,367.0 1,369.0 1,364.0 1,355.8 1,353.7
   Supplements to wages & salaries
2,004.8 1,999.0 1,996.9 1,990.4 1,981.4 1,976.3
    Employer contr. for employee pension & insur.
1,371.4 1,368.7 1,367.0 1,364.0 1,361.1 1,358.6
    Employer contr. for govt. social insurance
633.4 630.3 629.9 626.4 620.3 617.8
  Proprietors Income with invent. valu.
1,428.5 1,427.3 1,426.0 1,406.9 1,405.4 1,403.4
   Farm
31.7 27.6 30.1 28.7 28.8 33.0
   Nonfarm
1,396.9 1,399.6 1,395.9 1,378.2 1,376.6 1,370.3
  Rental Inc. with capital consumption adj.
767.8 765.1 768.8 768.0 763.1 764.3
  Personal income receipts on assets
2,508.4 2,512.3 2,501.5 2,484.7 2,492.0 2,472.0
   Personal interest income
1,521.5 1,523.0 1,523.5 1,516.9 1,519.6 1,499.9
   Personal dividend income
987.0 989.3 977.9 967.8 972.5 972.1
  Personal current transfer receipts
2,923.4 2,918.9 2,905.9 2,914.2 2,876.2 2,874.8
   Government social benefits to persons
2,861.2 2,857.0 2,844.2 2,852.8 2,815.2 2,814.2
    Old-age, disability, & health insurance benefits
967.0 966.5 957.1 959.4 935.8 931.6
    Government unemployment insurance benefits
690.8 687.7 685.5 684.2 683.8 681.9
    Other
601.3 601.4 597.7 602.1 589.7 596.0
   Other current transfers, from business
26.4 27.0 27.6 28.2 28.0 27.9
  Contributions for govt. social insurance
-1,364.3 -1,358.0 -1,356.7 -1,349.5 -1,324.4 -1,318.9
Personal current taxes
-2,073.7 -2,078.4 -2,066.4 -2,052.9 -2,097.8 -2,062.6
Disposable personal income
14,860.8 14,809.9 14,794.7 14,730.8 14,589.0 14,566.5
Personal outlays
-14,441.2 -14,349.3 -14,297.3 -14,266.4 -14,237.4 -14,140.3
  Personal consumption expenditures
13,906.9 13,823.9 13,777.0 13,743.1 13,717.2 13,635.8
    Goods
4,458.2 4,408.3 4,409.6 4,419.0 4,430.4 4,399.5
     Durable goods
1,520.5 1,504.8 1,504.5 1,504.3 1,531.9 1,506.5
     Nondurable goods
2,937.7 2,903.5 2,905.1 2,914.7 2,898.5 2,893.0
    Services
9,448.6 9,415.6 9,367.4 9,324.2 9,286.7 9,236.3
  Personal interest payments
329.6 321.2 319.7 322.5 319.3 306.7
  Personal current transfer payments
204.7 204.2 200.6 200.8 200.9 197.8
    To government
117.2 117.1 116.9 116.8 116.8 116.5
    To the rest of the world
87.5 87.2 83.7 84.1 84.1 81.2
Personal saving
419.6 460.6 497.4 464.4 351.6 426.2
Personal saving as a percentage of disposable personal income %   2.80 % 3.10 % 3.40 % 3.20 % 2.40 % 2.90 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   12,236.2 12,221.2 12,210.2 12,160.0 12,153.6 12,118.6
Per capita:  
Current dollars ($)   45,340 45,209 45,186 45,012 44,601 44,615
Chained ($) dollars Y 2000   39,596 39,552 39,536 39,464 39,250 39,309
Population (midperiod, millions)   327.76 327.58 327.42 327.27 327.10 326.50





Percentage Change in Personal Income & Its Disposition
(month on month seasonally adj. at annual rates, in %)
April 2018
rest.
March 2018
rest.
Feb. 2018
rest.
Jan. 2018
rest.
Dec. 2017
rest.
Nov. 2017
rest.
Personal income 0.3 % 0.3 % 0.4 % 0.4 % 0.4 % 0.3 %
Compensation of employees, received 0.3 % 0.2 % 0.4 % 0.5 % 0.4 % 0.4 %
Wage & salary disbursements 0.4 % 0.2 % 0.5 % 0.5 % 0.5 % 0.4 %
Supplements to wages & salaries 0.3 % 0.2 % 0.3 % 0.3 % 0.3 % 0.3 %
Proprietors' Income 0.1 % 0.4 % 1.1 % 0.2 % -0.1 % 0.6 %
Rental Income of Persons 0.3 % 0.5 % 0.6 % 0.5 % 0.4 % 0.7 %
Personal income receipts on assets 0.3 % 0.3 % 0.3 % -0.4 % 0.7 % 0.5 %
Personal interest income 0.4 % -0.1 % -0.1 % -0.4 % 1.2 % 1.2 %
Personal dividend income - % 0.9 % 0.9 % -0.4 % -0.1 % -0.6 %
Personal current transfer receipts 0.2 % 0.4 % - % 1.3 % - % -0.2 %
Less: Contributions for social insurance 0.4 % 0.2 % 0.5 % 1.6 % 0.4 % 0.4 %
Less: Personal current taxes -0.5 % 0.4 % 0.7 % -3.3 % 0.5 % 0.2 %
Equals: Disposable personal income 0.4 % 0.3 % 0.4 % 0.9 % 0.3 % 0.4 %
             
Addenda:            
Personal consumption expenditures - % - % - % - % - % - %
Goods 0.6 % 0.4 % 0.2 % 0.2 % 0.4 % 0.6 %
 Durable goods 0.7 % 0.1 % -0.1 % 0.1 % 0.1 % 0.8 %
 Nondurable goods 0.3 % 0.8 % 0.2 % -1.5 % 0.7 % - %
Services 0.9 % -0.2 % -0.2 % 1 % -0.2 % 1.2 %
Based on chained (2000) dollar measures            
Real disposable personal income 0.1 % 0.2 % 0.3 % -0.2 % 0.3 % 0.2 %





Personal Income & Its Disposition
(Quarterly, in Billions $)
  I Q. 2018
adv.
I Q. 2018
adv.
IV Q. 2017
adv.
III Q. 2017
adv.
IV Q. 2017
adv.
III Q. 2017
adv.
Personal income
16,839.8 16,655.3 16,655.3 16,451.9 16,364.4 16,451.9
  Compensation of employees, received
10,607.9 10,463.3 10,463.3 10,336.5 10,271.4 10,336.5
   Wage & salary disbursements
8,612.4 8,485.2 8,485.2 8,374.3 8,321.7 8,374.3
    Private industries
7,248.4 7,132.6 7,132.6 7,029.2 6,984.9 7,029.2
     Goods-producing industries
1,427.5 1,391.8 1,391.8 1,374.6 1,350.4 1,374.6
      Manufacturing
867.6 841.7 841.7 834.2 829.0 834.2
     Services-producing industries
5,820.9 5,740.9 5,740.9 5,654.6 5,634.5 5,654.6
      Trade, transportation, & utilities
1,324.9 1,322.7 1,322.7 1,303.5 1,307.7 1,303.5
      Other services-producing industries
4,496.0 4,418.1 4,418.1 4,351.1 4,326.8 4,351.1
    Government
1,364.1 1,352.5 1,352.5 1,345.1 1,336.8 1,345.1
   Supplements to wages & salaries
1,995.5 1,978.1 1,978.1 1,962.2 1,949.7 1,962.2
    Employer contr. for employee pension & insur.
1,366.0 1,358.3 1,358.3 1,350.4 1,341.7 1,350.4
    Employer contr. for govt. social insurance
629.5 619.8 619.8 611.8 608.0 611.8
  Proprietors Income with invent. valu.
1,420.0 1,403.1 1,403.1 1,381.9 1,378.6 1,381.9
   Farm
29.8 29.6 29.6 31.9 37.0 31.9
   Nonfarm
1,390.2 1,373.6 1,373.6 1,350.0 1,341.6 1,350.0
  Rental Inc. with capital consumption adj.
761.7 757.4 757.4 747.2 740.3 747.2
  Personal income receipts on assets
2,497.4 2,481.1 2,481.1 2,433.9 2,434.5 2,433.9
   Personal interest income
1,518.9 1,506.1 1,506.1 1,460.6 1,465.1 1,460.6
   Personal dividend income
978.5 975.0 975.0 973.2 969.4 973.2
  Personal current transfer receipts
2,908.7 2,873.2 2,873.2 2,858.4 2,836.9 2,858.4
   Government social benefits to persons
2,847.1 2,812.6 2,812.6 2,798.5 2,777.8 2,798.5
    Old-age, disability, & health insurance benefits
960.8 935.4 935.4 930.0 922.8 930.0
    Government unemployment insurance benefits
27.5 27.8 27.8 28.5 28.6 28.5
    Other
942.8 952.8 952.8 962.0 958.8 962.0
   Other current transfers, from business
61.6 60.7 60.7 59.9 59.2 59.9
  Contributions for govt. social insurance
-1,355.9 -1,322.8 -1,322.8 -1,306.0 -1,297.4 -1,306.0
Personal current taxes
-2,076.5 -2,108.2 -2,108.2 -2,046.4 -2,012.9 -2,046.4
Disposable personal income
14,763.3 14,547.1 14,547.1 14,405.5 14,351.5 14,405.5
Personal outlays
-14,302.0 -14,167.3 -14,167.3 -13,927.2 -13,805.9 -13,927.2
  Personal consumption expenditures
13,775.9 13,654.3 13,654.3 13,429.1 13,307.0 13,429.1
    Goods
4,416.5 4,401.8 4,401.8 4,301.4 4,247.2 4,301.4
     Durable goods
1,501.7 1,517.8 1,517.8 1,477.6 1,456.6 1,477.6
     Nondurable goods
2,914.8 2,884.0 2,884.0 2,823.8 2,790.6 2,823.8
    Services
9,359.4 9,252.5 9,252.5 9,127.7 9,059.8 9,127.7
  Personal interest payments
321.7 312.7 312.7 301.3 300.7 301.3
  Personal current transfer payments
204.4 200.3 200.3 196.7 198.2 196.7
    To government
116.9 116.5 116.5 115.5 114.1 115.5
    To the rest of the world
87.5 83.7 83.7 81.2 84.1 81.2
Personal saving
461.3 379.8 379.8 478.3 545.6 478.3
Personal saving as a percentage of disposable personal income %   3.10 % 2.60 % 2.60 % 3.30 % 3.80 % 3.30 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   12,201.9 12,147.8 12,147.8 12,062.4 12,049.3 12,062.4
Per capita:  
Current dollars ($)   45,090 44,499 44,499 44,203 44,120 44,203
Chained ($) dollars Y 2000   39,493 39,223 39,223 39,225 39,299 39,225
Population (midperiod, millions)   327.42 326.91 326.91 325.89 325.28 325.89





Quarterly Growth in Personal Income & Its Disposition
(quarter on quarter seasonally adj. at annual rates, in %)
I Q. 2018
adv.
I Q. 2018
adv.
IV Q. 2017
adv.
III Q. 2017
adv.
IV Q. 2017
adv.
III Q. 2017
adv.
Personal income 4.3 % 4.6 % 4.6 % 2.8 % 2.3 % 2.8 %
Compensation of employees, received 5.3 % 4.2 % 4.2 % 3.7 % 3.1 % 3.7 %
Wage & salary disbursements 5.7 % 4.5 % 4.5 % 3.9 % 3.1 % 3.9 %
Supplements to wages & salaries 3.4 % 3 % 3 % 3 % 2.8 % 3 %
Proprietors' Income 4.9 % 6.3 % 6.3 % 1 % -0.5 % 1 %
Rental Income of Persons 2.3 % 5.6 % 5.6 % 3.8 % 5.3 % 3.8 %
Personal income receipts on assets 2.7 % 8 % 8 % -0.1 % 2.4 % -0.1 %
Personal interest income 3.4 % 13 % 13 % -1.2 % -3.1 % -1.2 %
Personal dividend income 1.4 % 0.7 % 0.7 % 1.6 % 11.4 % 1.6 %
Personal current transfer receipts 5 % 2.1 % 2.1 % 3.1 % 0.7 % 3.1 %
Less: Contributions for social insurance 10 % 4.5 % 4.5 % 3.8 % 3.1 % 3.8 %
Less: Personal current taxes -6.1 % 10.1 % 10.1 % 7.9 % -2.1 % 7.9 %
Equals: Disposable personal income 5.9 % 3.8 % 3.8 % 2.1 % 3 % 2.1 %
             
Addenda:            
Personal consumption expenditures 3.6 % 6.9 % 6.9 % 3.7 % 3.5 % 3.7 %
Goods 1.3 % 9.7 % 9.7 % 5.2 % 1.6 % 5.2 %
 Durable goods -4.2 % 11.3 % 11.3 % 5.9 % 3.8 % 5.9 %
 Nondurable goods 4.3 % 8.8 % 8.8 % 4.8 % 0.4 % 4.8 %
Services 4.7 % 5.6 % 5.6 % 3 % 4.5 % 3 %
Based on chained (2000) dollar measures            
Real disposable personal income 3.3 % 1.1 % 1.1 % 0.5 % 2.7 % 0.5 %





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 %)
April 2018
rest.
March 2018
rest.
Feb. 2018
rest.
Jan. 2018
rest.
Dec. 2017
rest.
Nov. 2017
rest.
Personal income 0.3 % 0.3 % 0.4 % 0.4 % 0.4 % 0.3 %
Compensation of employees, received 0.3 % 0.2 % 0.4 % 0.5 % 0.4 % 0.4 %
Wage & salary disbursements 0.4 % 0.2 % 0.5 % 0.5 % 0.5 % 0.4 %
Supplements to wages & salaries 0.3 % 0.2 % 0.3 % 0.3 % 0.3 % 0.3 %
Proprietors' Income 0.1 % 0.4 % 1.1 % 0.2 % -0.1 % 0.6 %
Rental Income of Persons 0.3 % 0.5 % 0.6 % 0.5 % 0.4 % 0.7 %
Personal income receipts on assets 0.3 % 0.3 % 0.3 % -0.4 % 0.7 % 0.5 %
Personal interest income 0.4 % -0.1 % -0.1 % -0.4 % 1.2 % 1.2 %
Personal dividend income - % 0.9 % 0.9 % -0.4 % -0.1 % -0.6 %
Personal current transfer receipts 0.2 % 0.4 % - % 1.3 % - % -0.2 %
Less: Contributions for social insurance 0.4 % 0.2 % 0.5 % 1.6 % 0.4 % 0.4 %
Less: Personal current taxes -0.5 % 0.4 % 0.7 % -3.3 % 0.5 % 0.2 %
Equals: Disposable personal income 0.4 % 0.3 % 0.4 % 0.9 % 0.3 % 0.4 %
             
Addenda:            
Personal consumption expenditures - % - % - % - % - % - %
Goods 0.6 % 0.4 % 0.2 % 0.2 % 0.4 % 0.6 %
 Durable goods 0.7 % 0.1 % -0.1 % 0.1 % 0.1 % 0.8 %
 Nondurable goods 0.3 % 0.8 % 0.2 % -1.5 % 0.7 % - %
Services 0.9 % -0.2 % -0.2 % 1 % -0.2 % 1.2 %
Based on chained (2000) dollar measures            
Real disposable personal income 0.1 % 0.2 % 0.3 % -0.2 % 0.3 % 0.2 %

Source: Department of Commerce, Bea.gov


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