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Wages up 0.4 % in June spending ebbs

Personal Income and Its Disposition Report U.S. Economy



Americans cut back on spending in June and used a hefty increase in wages to pad their savings accounts, government data showed.
Personal income inched up 0.4 % in June at the annualized rate of $17.57 trillion on the seasonally adjusted basis, reported by the Commerce Department.
The renewed caution by consumers is a double-edged sword. While Americans need to put more money aside to boost a low savings rate, lackluster spending also contributes to slower growth. (Consumer spending accounts for as much as 70% of U.S. economic activity).

Disposable personal income has climbed by 0.4 %, as well, lifting average American income to $47,297 at the annualized rate.






For the year 2018, 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
0.35% 6.38% 0.50% 9.09% 0.32% 5.72% 0.38% 2.58%
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 6.8 % from 6.8 % in May.
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.


Americans had higher proceeds from dividends and real-estate in June, rental income increased 0.6 %, helping to boost overall income.




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    Compensation       Compensation
Compensation of employees
Compensation of employees grew by 0.34 % from May 2018 and advanced by 5.30 % from June 2017, while wage & salary disbursements rose by 0.36 % sequentially and grew by 5.77 % from same month year ago, now representing 81.39 % of total compensation of employees.
  Supplements to Wages

Supplements to wages & salaries now representing 18.61 % of total compensation of employees with an increase of 0.27 % from May 2018 and an increase by 3.28 % from June 2017.

   
Wage & salary disbursements
Wages & Salaries from private industries rose by 0.35 % sequentially and grew by 6.38 % from same month year ago, now representing 84.42 % of total wage & salary disbursements, while Wages & Salaries from government grew by 0.38 % from May 2018 and increased by 2.58 % from June 2017, now representing 15.58 % of total wage & salary disbursements. 

   Personal Income Receipts On Assets    Capital Consumption
Interest & Other
Personal interest income went up by 0.40 % sequentially while Personal dividend income grew by 1.16 % from May 2018. Compare to same quarter a year ago, personal interest income went up by 10.96 % and personal dividend income grew by 19.84 %.
Personal interest payments excluding mortgage interests increased by 1.59 % sequentially and advanced by 8.28 % from same month year ago.
Proprietors Income & Capital Consumption

Proprietors Income advanced by 0.47 % sequentially and grew by 14.79 % from same month year ago, now representing 8.98 % of total personal income.
Rental Income with capital consumption adjustment grew by 0.59 % from May 2018 and increased by 2.39 % from same month year ago.






Personal Income & Its Disposition
(Monthly at Annual rates, in Billions $)
  June 2018
adv.
May 2018
adv.
April 2018
adv.
March 2018
adv.
Feb. 2018
adv.
Jan. 2018
adv.
Personal income
17,572.4 17,500.7 16,934.5 16,888.3 16,861.2 16,783.6
  Compensation of employees, received
10,854.5 10,817.5 10,670.6 10,622.7 10,615.7 10,559.3
   Wage & salary disbursements
8,834.9 8,803.4 8,665.8 8,623.7 8,618.7 8,569.0
    Private industries
7,458.8 7,432.5 7,296.6 7,256.7 7,249.8 7,205.0
     Goods-producing industries
1,477.8 1,470.5 1,441.0 1,424.1 1,436.5 1,406.6
      Manufacturing
889.1 883.3 873.7 857.6 869.9 847.8
     Services-producing industries
5,980.9 5,962.0 5,855.6 5,832.5 5,813.3 5,798.4
      Trade, transportation, & utilities
1,363.0 1,362.0 1,327.0 1,338.3 1,334.9 1,333.7
      Other services-producing industries
4,617.9 4,600.0 4,528.7 4,494.2 4,478.4 4,464.7
    Government
1,376.1 1,370.9 1,369.2 1,367.0 1,369.0 1,364.0
   Supplements to wages & salaries
2,019.6 2,014.2 2,004.8 1,999.0 1,996.9 1,990.4
    Employer contr. for employee pension & insur.
1,388.3 1,385.0 1,371.4 1,368.7 1,367.0 1,364.0
    Employer contr. for govt. social insurance
631.3 629.2 633.4 630.3 629.9 626.4
  Proprietors Income with invent. valu.
1,577.4 1,570.0 1,428.5 1,427.3 1,426.0 1,406.9
   Farm
41.4 39.6 31.7 27.6 30.1 28.7
   Nonfarm
1,536.0 1,530.4 1,396.9 1,399.6 1,395.9 1,378.2
  Rental Inc. with capital consumption adj.
761.9 757.4 767.8 765.1 768.8 768.0
  Personal income receipts on assets
2,768.9 2,749.3 2,508.4 2,512.3 2,501.5 2,484.7
   Personal interest income
1,613.3 1,606.9 1,521.5 1,523.0 1,523.5 1,516.9
   Personal dividend income
1,155.6 1,142.4 987.0 989.3 977.9 967.8
  Personal current transfer receipts
2,970.8 2,963.0 2,923.4 2,918.9 2,905.9 2,914.2
   Government social benefits to persons
2,911.5 2,904.0 2,861.2 2,857.0 2,844.2 2,852.8
    Old-age, disability, & health insurance benefits
972.5 968.4 967.0 966.5 957.1 959.4
    Government unemployment insurance benefits
729.0 724.4 690.8 687.7 685.5 684.2
    Other
604.4 602.8 601.3 601.4 597.7 602.1
   Other current transfers, from business
25.2 25.1 26.4 27.0 27.6 28.2
  Contributions for govt. social insurance
-1,361.0 -1,356.6 -1,364.3 -1,358.0 -1,356.7 -1,349.5
Personal current taxes
-2,052.0 -2,045.6 -2,073.7 -2,078.4 -2,066.4 -2,052.9
Disposable personal income
15,520.4 15,455.1 14,860.8 14,809.9 14,794.7 14,730.8
Personal outlays
-14,470.8 -14,408.1 -14,441.2 -14,349.3 -14,297.3 -14,266.4
  Personal consumption expenditures
13,937.1 13,880.0 13,906.9 13,823.9 13,777.0 13,743.1
    Goods
4,345.2 4,347.2 4,458.2 4,408.3 4,409.6 4,419.0
     Durable goods
1,464.1 1,463.5 1,520.5 1,504.8 1,504.5 1,504.3
     Nondurable goods
2,881.1 2,883.6 2,937.7 2,903.5 2,905.1 2,914.7
    Services
9,591.9 9,532.9 9,448.6 9,415.6 9,367.4 9,324.2
  Personal interest payments
332.3 327.1 329.6 321.2 319.7 322.5
  Personal current transfer payments
201.4 200.9 204.7 204.2 200.6 200.8
    To government
111.8 111.4 117.2 117.1 116.9 116.8
    To the rest of the world
89.6 89.6 87.5 87.2 83.7 84.1
Personal saving
1,049.7 1,047.1 419.6 460.6 497.4 464.4
Personal saving as a percentage of disposable personal income %   6.80 % 6.80 % 2.80 % 3.10 % 3.40 % 3.20 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   13,500.6 13,455.2 12,236.2 12,221.2 12,210.2 12,160.0
Per capita:  
Current dollars ($)   47,297 47,126 45,340 45,209 45,186 45,012
Chained ($) dollars Y 2000   43,730 43,617 39,596 39,552 39,536 39,464
Population (midperiod, millions)   328.15 327.95 327.76 327.58 327.42 327.27





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





Personal Income & Its Disposition
(Quarterly, in Billions $)
  II Q. 2018
adv.
I Q. 2018
adv.
I Q. 2018
adv.
I Q. 2018
adv.
IV Q. 2017
adv.
III Q. 2017
adv.
Personal income
17,502.6 16,839.8 16,839.8 16,655.3 16,655.3 16,451.9
  Compensation of employees, received
10,818.9 10,607.9 10,607.9 10,463.3 10,463.3 10,336.5
   Wage & salary disbursements
8,804.5 8,612.4 8,612.4 8,485.2 8,485.2 8,374.3
    Private industries
7,433.2 7,248.4 7,248.4 7,132.6 7,132.6 7,029.2
     Goods-producing industries
1,473.9 1,427.5 1,427.5 1,391.8 1,391.8 1,374.6
      Manufacturing
887.4 867.6 867.6 841.7 841.7 834.2
     Services-producing industries
5,959.3 5,820.9 5,820.9 5,740.9 5,740.9 5,654.6
      Trade, transportation, & utilities
1,358.9 1,324.9 1,324.9 1,322.7 1,322.7 1,303.5
      Other services-producing industries
4,600.4 4,496.0 4,496.0 4,418.1 4,418.1 4,351.1
    Government
1,371.3 1,364.1 1,364.1 1,352.5 1,352.5 1,345.1
   Supplements to wages & salaries
2,014.4 1,995.5 1,995.5 1,978.1 1,978.1 1,962.2
    Employer contr. for employee pension & insur.
1,385.0 1,366.0 1,366.0 1,358.3 1,358.3 1,350.4
    Employer contr. for govt. social insurance
629.3 629.5 629.5 619.8 619.8 611.8
  Proprietors Income with invent. valu.
1,569.1 1,420.0 1,420.0 1,403.1 1,403.1 1,381.9
   Farm
39.6 29.8 29.8 29.6 29.6 31.9
   Nonfarm
1,529.5 1,390.2 1,390.2 1,373.6 1,373.6 1,350.0
  Rental Inc. with capital consumption adj.
757.9 761.7 761.7 757.4 757.4 747.2
  Personal income receipts on assets
2,749.3 2,497.4 2,497.4 2,481.1 2,481.1 2,433.9
   Personal interest income
1,606.9 1,518.9 1,518.9 1,506.1 1,506.1 1,460.6
   Personal dividend income
1,142.4 978.5 978.5 975.0 975.0 973.2
  Personal current transfer receipts
2,964.2 2,908.7 2,908.7 2,873.2 2,873.2 2,858.4
   Government social benefits to persons
2,905.2 2,847.1 2,847.1 2,812.6 2,812.6 2,798.5
    Old-age, disability, & health insurance benefits
969.2 960.8 960.8 935.4 935.4 930.0
    Government unemployment insurance benefits
25.5 27.5 27.5 27.8 27.8 28.5
    Other
951.8 942.8 942.8 952.8 952.8 962.0
   Other current transfers, from business
59.0 61.6 61.6 60.7 60.7 59.9
  Contributions for govt. social insurance
-1,356.7 -1,355.9 -1,355.9 -1,322.8 -1,322.8 -1,306.0
Personal current taxes
-2,046.3 -2,076.5 -2,076.5 -2,108.2 -2,108.2 -2,046.4
Disposable personal income
15,456.4 14,763.3 14,763.3 14,547.1 14,547.1 14,405.5
Personal outlays
-14,405.3 -14,302.0 -14,302.0 -14,167.3 -14,167.3 -13,927.2
  Personal consumption expenditures
13,877.2 13,775.9 13,775.9 13,654.3 13,654.3 13,429.1
    Goods
4,334.1 4,416.5 4,416.5 4,401.8 4,401.8 4,301.4
     Durable goods
1,461.6 1,501.7 1,501.7 1,517.8 1,517.8 1,477.6
     Nondurable goods
2,872.5 2,914.8 2,914.8 2,884.0 2,884.0 2,823.8
    Services
9,543.2 9,359.4 9,359.4 9,252.5 9,252.5 9,127.7
  Personal interest payments
327.1 321.7 321.7 312.7 312.7 301.3
  Personal current transfer payments
200.9 204.4 204.4 200.3 200.3 196.7
    To government
111.3 116.9 116.9 116.5 116.5 115.5
    To the rest of the world
89.6 87.5 87.5 83.7 83.7 81.2
Personal saving
1,051.1 461.3 461.3 379.8 379.8 478.3
Personal saving as a percentage of disposable personal income %   6.80 % 3.10 % 3.10 % 2.60 % 2.60 % 3.30 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   13,460.0 12,201.9 12,201.9 12,147.8 12,147.8 12,062.4
Per capita:  
Current dollars ($)   47,130 45,090 45,090 44,499 44,499 44,203
Chained ($) dollars Y 2000   43,634 39,493 39,493 39,223 39,223 39,225
Population (midperiod, millions)   327.96 327.42 327.42 326.91 326.91 325.89





Quarterly Growth in Personal Income & Its Disposition
(quarter on quarter seasonally adj. at annual rates, in %)
II Q. 2018
adv.
I Q. 2018
adv.
I Q. 2018
adv.
I Q. 2018
adv.
IV Q. 2017
adv.
III Q. 2017
adv.
Personal income 4.3 % 5.1 % 4.3 % 4.6 % 4.6 % 2.8 %
Compensation of employees, received 4.1 % 5.4 % 5.3 % 4.2 % 4.2 % 3.7 %
Wage & salary disbursements 4.4 % 5.8 % 5.7 % 4.5 % 4.5 % 3.9 %
Supplements to wages & salaries 3 % 3.9 % 3.4 % 3 % 3 % 3 %
Proprietors' Income 5 % 6.4 % 4.9 % 6.3 % 6.3 % 1 %
Rental Income of Persons 4.7 % 2.2 % 2.3 % 5.6 % 5.6 % 3.8 %
Personal income receipts on assets 4.5 % 4 % 2.7 % 8 % 8 % -0.1 %
Personal interest income 2.4 % 5.3 % 3.4 % 13 % 13 % -1.2 %
Personal dividend income 7.5 % 2.2 % 1.4 % 0.7 % 0.7 % 1.6 %
Personal current transfer receipts 4.2 % 6.6 % 5 % 2.1 % 2.1 % 3.1 %
Less: Contributions for social insurance 4 % 8.2 % 10 % 4.5 % 4.5 % 3.8 %
Less: Personal current taxes 3.3 % -7.7 % -6.1 % 10.1 % 10.1 % 7.9 %
Equals: Disposable personal income 4.5 % 7 % 5.9 % 3.8 % 3.8 % 2.1 %
             
Addenda:            
Personal consumption expenditures 5.9 % 3 % 3.6 % 6.9 % 6.9 % 3.7 %
Goods 6.4 % 1.6 % 1.3 % 9.7 % 9.7 % 5.2 %
 Durable goods 7.8 % -3.1 % -4.2 % 11.3 % 11.3 % 5.9 %
 Nondurable goods 5.7 % 4.1 % 4.3 % 8.8 % 8.8 % 4.8 %
Services 5.7 % 3.6 % 4.7 % 5.6 % 5.6 % 3 %
Based on chained (2000) dollar measures            
Real disposable personal income 2.6 % 4.4 % 3.3 % 1.1 % 1.1 % 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 %)
June 2018
rest.
May 2018
rest.
April 2018
rest.
March 2018
rest.
Feb. 2018
rest.
Jan. 2018
rest.
Personal income 0.4 % 0.4 % 0.3 % 0.3 % 0.4 % 0.4 %
Compensation of employees, received 0.3 % 0.3 % 0.3 % 0.2 % 0.4 % 0.5 %
Wage & salary disbursements 0.4 % 0.3 % 0.4 % 0.2 % 0.5 % 0.5 %
Supplements to wages & salaries 0.3 % 0.2 % 0.3 % 0.2 % 0.3 % 0.3 %
Proprietors' Income 0.5 % 0.6 % 0.1 % 0.4 % 1.1 % 0.2 %
Rental Income of Persons 0.6 % 0.4 % 0.3 % 0.5 % 0.6 % 0.5 %
Personal income receipts on assets 0.7 % 0.7 % 0.3 % 0.3 % 0.3 % -0.4 %
Personal interest income 0.4 % 0.4 % 0.4 % -0.1 % -0.1 % -0.4 %
Personal dividend income 1.2 % 1.2 % - % 0.9 % 0.9 % -0.4 %
Personal current transfer receipts 0.3 % 0.1 % 0.2 % 0.4 % - % 1.3 %
Less: Contributions for social insurance 0.3 % 0.3 % 0.4 % 0.2 % 0.5 % 1.6 %
Less: Personal current taxes 0.3 % 0.2 % -0.5 % 0.4 % 0.7 % -3.3 %
Equals: Disposable personal income 0.4 % 0.4 % 0.4 % 0.3 % 0.4 % 0.9 %
             
Addenda:            
Personal consumption expenditures - % - % - % - % - % - %
Goods 0.4 % 0.5 % 0.6 % 0.4 % 0.2 % 0.2 %
 Durable goods - % 0.9 % 0.7 % 0.1 % -0.1 % 0.1 %
 Nondurable goods - % 0.4 % 0.3 % 0.8 % 0.2 % -1.5 %
Services -0.1 % 1.1 % 0.9 % -0.2 % -0.2 % 1 %
Based on chained (2000) dollar measures            
Real disposable personal income 0.3 % 0.2 % 0.1 % 0.2 % 0.3 % -0.2 %

Source: Department of Commerce, Bea.gov


     
       
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