CSIMarket
 

Incomes rose 0.3 % in March 202 spending ebbs

Personal Income and Its Disposition Report U.S. Economy

Modified 2023-05-17T07:29:56+00:00
Goran Soko / CSIMarket.com Contributer


Americans cut back on spending in March 202 and increased their savings, another sign that the U.S. economy has cooled off, government data showed.
Personal income inched up 0.3 % in March 202 at the annualized rate of $22.72 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 $59,103 at the annualized rate for every American.

Wages have increased on the same pace like in previous month, with biggest gain in Goods-producing industries increase of 0.45 %, wages in Government Sector grew as well, followed on the same pace by supplements to wages and salaries, as employers have paid more for government social insurance.


Americans had higher proceeds from dividends and real-estate in March 202, rental income increased 1.4 %, helping to boost overall income.


Personal consumption expenditures remained unchanged. The combination of higher income and lower spending allowed consumers to boost their savings rate to 5.1 % from 4.8 % in February 2023, although interest income fell.
Consumers appear to already have begun the process of paying down their debt loads. With the savings ratio already rising back upward, stronger income growth should lead to improved spending in the coming months.

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Private industries
Goods-producing industries
Services
Government
0.32% 6.37% 0.45% 5.25% 0.29% 6.63% 0.40% 5.51%
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y












    Compensation       Compensation
Compensation of employees
Compensation of employees grew by 0.33 % from Feb. 2023 and advanced by 6.02 % from March 2022, while wage & salary disbursements rose by 0.33 % sequentially and grew by 6.25 % from same month year ago, now representing 82.71 % of total compensation of employees.
  Supplements to Wages

Supplements to wages & salaries now representing 17.29 % of total compensation of employees with an increase of 0.30 % from Feb. 2023 and an increase by 4.94 % from March 2022.

  Compensation
Compensation of employees
Compensation of employees grew by 0.33 % from Feb. 2023 and advanced by 6.02 % from March 2022, while wage & salary disbursements rose by 0.33 % sequentially and grew by 6.25 % from same month year ago, now representing 82.71 % of total compensation of employees.


  Compensation
Supplements to Wages

Supplements to wages & salaries now representing 17.29 % of total compensation of employees with an increase of 0.30 % from Feb. 2023 and an increase by 4.94 % from March 2022.

   
Wage & salary disbursements
Wages & Salaries from private industries rose by 0.32 % sequentially and grew by 6.37 % from same month year ago, now representing 85.77 % of total wage & salary disbursements, while Wages & Salaries from government grew by 0.40 % from Feb. 2023 and increased by 5.51 % from March 2022, now representing 14.23 % of total wage & salary disbursements. 

   Personal Income Receipts On Assets    Capital Consumption
Interest & Other
Personal interest income fell by -0.12 % sequentially while Personal dividend income grew by 1.26 % from Feb. 2023. Compare to same quarter a year ago, personal interest income went up by 6.60 % and personal dividend income grew by 24.74 %.
Personal interest payments excluding mortgage interests increased by 2.94 % sequentially and advanced by 61.15 % from same month year ago.
Proprietors Income & Capital Consumption
Proprietors Income fell by -0.13 % sequentially and fell by -0.82 % from same month year ago, now representing 8.30 % of total personal income.
Rental Income with capital consumption adjustment grew by 1.41 % from Feb. 2023 and increased by 12.10 % from same month year ago.
 Personal Income Receipts On Assets
Interest & Other
Personal interest income fell by -0.12 % sequentially while Personal dividend income grew by 1.26 % from Feb. 2023. Compare to same quarter a year ago, personal interest income went up by 6.60 % and personal dividend income grew by 24.74 %.
Personal interest payments excluding mortgage interests increased by 2.94 % sequentially and advanced by 61.15 % from same month year ago.


 Capital Consumption
Proprietors Income & Capital Consumption
Proprietors Income fell by -0.13 % sequentially and fell by -0.82 % from same month year ago, now representing 8.30 % of total personal income.
Rental Income with capital consumption adjustment grew by 1.41 % from Feb. 2023 and increased by 12.10 % from same month year ago.





Personal Income & Its Disposition
(Monthly at Annual rates, in Billions $)
  March 2023
adv.
Feb. 2023
adv.
Jan. 2023
adv.
Dec. 2022
adv.
Nov. 2022
adv.
Oct. 2022
adv.
Personal income
22,717.0 22,649.1 22,562.4 22,431.3 22,172.1 22,092.0
  Compensation of employees, received
14,224.9 14,178.7 14,149.7 14,029.0 13,831.7 13,765.2
   Wage & salary disbursements
11,765.6 11,726.8 11,704.3 11,596.8 11,417.5 11,360.4
    Private industries
10,091.8 10,059.7 10,047.1 9,947.1 9,775.1 9,723.6
     Goods-producing industries
1,845.7 1,837.4 1,838.6 1,816.6 1,783.6 1,777.7
      Manufacturing
1,082.5 1,078.0 1,079.9 1,066.3 1,051.7 1,051.2
     Services-producing industries
8,246.1 8,222.4 8,208.6 8,130.5 7,991.6 7,945.9
      Trade, transportation, & utilities
1,813.5 1,813.0 1,808.1 1,781.3 1,743.1 1,730.7
      Other services-producing industries
6,432.6 6,409.4 6,400.5 6,349.3 6,248.5 6,215.2
    Government
1,673.8 1,667.1 1,657.1 1,649.7 1,642.4 1,636.8
   Supplements to wages & salaries
2,459.3 2,451.9 2,445.4 2,432.1 2,414.2 2,404.8
    Employer contr. for employee pension & insur.
1,657.0 1,651.9 1,646.7 1,642.7 1,636.5 1,630.9
    Employer contr. for govt. social insurance
802.3 800.0 798.7 789.5 777.7 773.9
  Proprietors Income with invent. valu.
1,884.6 1,887.0 1,897.5 1,889.8 1,867.5 1,871.2
   Farm
91.5 95.3 99.6 102.4 89.3 93.2
   Nonfarm
1,793.1 1,791.7 1,797.9 1,787.4 1,778.3 1,778.0
  Rental Inc. with capital consumption adj.
853.4 841.5 828.9 816.5 794.7 795.7
  Personal income receipts on assets
3,467.6 3,449.2 3,437.1 3,419.6 3,416.0 3,399.8
   Personal interest income
1,806.1 1,808.3 1,803.2 1,800.6 1,766.5 1,755.5
   Personal dividend income
1,661.5 1,640.9 1,633.9 1,619.0 1,649.5 1,644.2
  Personal current transfer receipts
4,045.6 4,046.9 4,003.4 4,003.8 3,966.3 3,956.6
   Government social benefits to persons
3,974.0 3,975.6 3,932.0 3,934.2 3,896.9 3,887.2
    Old-age, disability, & health insurance benefits
1,339.9 1,340.5 1,333.6 1,223.9 1,224.3 1,227.6
    Government unemployment insurance benefits
974.4 966.6 958.4 949.7 941.5 933.8
    Other
817.6 813.5 795.8 796.5 782.4 782.7
   Other current transfers, from business
-71.6 -71.3 -71.4 -69.6 -69.5 -69.4
  Contributions for govt. social insurance
-1,759.2 -1,754.2 -1,754.1 -1,727.5 -1,704.3 -1,696.5
Personal current taxes
2,931.9 2,935.7 2,967.6 3,223.9 3,268.6 3,257.1
Disposable personal income
-19,785.1 -19,713.3 -19,594.8 -19,207.4 -18,903.5 -18,834.9
Personal outlays
18,783.2 18,761.7 18,676.0 18,349.2 18,442.3 18,415.7
  Personal consumption expenditures
6,057.5 6,094.2 6,042.9 5,880.6 6,007.9 6,067.3
    Goods
6.1 6.1 6.0 5.9 6.0 6.1
     Durable goods
2,237.6 2,257.6 2,241.7 2,125.1 2,184.1 2,235.4
     Nondurable goods
3,820.0 3,836.7 3,801.2 3,755.5 3,823.8 3,831.9
    Services
12,046.6 12,001.7 12,007.8 11,857.5 11,820.2 11,741.0
  Personal interest payments
455.1 442.1 400.4 386.2 388.8 382.2
  Personal current transfer payments
223.8 223.6 225.0 224.8 225.4 225.2
    To government
118.0 117.8 117.3 117.2 117.1 116.9
    To the rest of the world
105.8 105.8 107.6 107.6 108.3 108.3
Personal saving
1.0 1.0 0.9 0.9 0.5 0.4
Personal saving as a percentage of disposable personal income %   5.10 % 4.80 % 4.70 % 4.50 % 2.40 % 2.20 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   14,778.8 14,735.2 14,745.0 14,731.2 14,598.2 14,557.0
Per capita:  
Current dollars ($)   59,103 58,910 58,573 57,435 56,675 56,484
Chained ($) dollars Y 2000   46,782 46,664 46,536 45,915 45,444 45,338
Population (midperiod, millions)   334.75 334.64 334.53 334.42 333.54 333.46





Percentage Change in Personal Income & Its Disposition
(month on month seasonally adj. at annual rates, in %)
March 2023
rest.
Feb. 2023
rest.
Jan. 2023
rest.
Dec. 2022
rest.
Nov. 2022
rest.
Oct. 2022
rest.
Personal income 0.3 % 0.3 % 0.6 % 0.3 % 0.4 % 0.3 %
Compensation of employees, received 0.3 % 0.3 % 0.9 % 0.4 % 0.5 % 0.3 %
Wage & salary disbursements 0.3 % 0.3 % 0.9 % 0.4 % 0.5 % 0.3 %
Supplements to wages & salaries 0.3 % 0.3 % 0.5 % 0.3 % 0.4 % 0.3 %
Proprietors' Income -0.1 % -0.2 % 0.4 % 0.4 % -0.2 % 1.2 %
Rental Income of Persons 1.4 % 1.4 % 1.5 % 1 % -0.1 % 0.4 %
Personal income receipts on assets 0.5 % 0.1 % 0.5 % 0.1 % 0.5 % -0.1 %
Personal interest income -0.1 % -0.1 % 0.1 % 1.1 % 0.6 % -0.2 %
Personal dividend income 1.3 % 0.3 % 0.9 % -0.9 % 0.3 % - %
Personal current transfer receipts - % 0.7 % - % 0.1 % 0.2 % 0.2 %
Less: Contributions for social insurance 0.3 % 0.2 % 1.5 % 0.3 % 0.5 % 0.3 %
Less: Personal current taxes -0.1 % -0.6 % -7.9 % -0.2 % 0.4 % 0.1 %
Equals: Disposable personal income 0.4 % 0.5 % 2 % 0.4 % 0.4 % 0.4 %
             
Addenda:            
Personal consumption expenditures - % 0.1 % 1.8 % -0.1 % 0.1 % 0.4 %
Goods -0.6 % -0.2 % 2.8 % -1.6 % -1 % -0.5 %
 Durable goods -0.9 % -1.5 % 5.5 % -2 % -2.3 % 0.1 %
 Nondurable goods -0.4 % 0.6 % 1.2 % -1.3 % -0.2 % -0.8 %
Services 0.4 % 0.2 % 1.3 % 0.6 % 0.7 % 0.8 %
Based on chained (2000) dollar measures            
Real disposable personal income 0.3 % 0.2 % 1.4 % 0.2 % 0.3 % 0.1 %





Personal Income & Its Disposition
(Quarterly, in Billions $)
  I Q. 2023
adv.
IV Q. 2022
adv.
IV Q. 2022
adv.
III Q. 2022
adv.
III Q. 2022
adv.
II Q. 2022
adv.
Personal income
22,647.2 22,357.6 22,357.6 21,861.4 21,861.4 21,625.5
  Compensation of employees, received
14,180.8 13,975.9 13,975.9 13,632.1 13,632.1 13,469.0
   Wage & salary disbursements
11,728.7 11,552.5 11,552.5 11,245.8 11,245.8 11,108.4
    Private industries
10,061.7 9,909.4 9,909.4 9,622.1 9,622.1 9,508.1
     Goods-producing industries
1,840.4 1,812.9 1,812.9 1,760.1 1,760.1 1,733.4
      Manufacturing
1,080.8 1,069.2 1,069.2 1,041.7 1,041.7 1,023.3
     Services-producing industries
8,221.4 8,096.5 8,096.5 7,861.9 7,861.9 7,774.7
      Trade, transportation, & utilities
1,812.0 1,778.3 1,778.3 1,713.3 1,713.3 1,720.1
      Other services-producing industries
6,409.3 6,318.2 6,318.2 6,148.6 6,148.6 6,054.5
    Government
1,667.0 1,643.1 1,643.1 1,623.8 1,623.8 1,600.4
   Supplements to wages & salaries
2,452.1 2,423.4 2,423.4 2,386.3 2,386.3 2,360.5
    Employer contr. for employee pension & insur.
1,652.0 1,636.8 1,636.8 1,620.0 1,620.0 1,603.6
    Employer contr. for govt. social insurance
800.1 786.6 786.6 766.3 766.3 756.9
  Proprietors Income with invent. valu.
1,887.4 1,883.5 1,883.5 1,863.5 1,863.5 1,835.4
   Farm
95.3 100.6 100.6 95.9 95.9 95.7
   Nonfarm
1,792.2 1,782.9 1,782.9 1,767.6 1,767.6 1,739.7
  Rental Inc. with capital consumption adj.
841.7 809.4 809.4 794.9 794.9 775.9
  Personal income receipts on assets
3,454.1 3,414.8 3,414.8 3,358.8 3,358.8 3,323.0
   Personal interest income
1,808.2 1,781.7 1,781.7 1,738.1 1,738.1 1,708.6
   Personal dividend income
1,645.9 1,633.1 1,633.1 1,620.7 1,620.7 1,614.4
  Personal current transfer receipts
4,037.7 3,995.4 3,995.4 3,892.8 3,892.8 3,883.2
   Government social benefits to persons
3,966.4 3,925.9 3,925.9 3,823.0 3,823.0 3,809.1
    Old-age, disability, & health insurance benefits
813.1 793.3 793.3 786.1 786.1 789.5
    Government unemployment insurance benefits
332.6 328.0 328.0 323.4 323.4 319.4
    Other
659.0 780.5 780.5 721.7 721.7 722.7
   Other current transfers, from business
-71.3 -69.5 -69.5 -69.8 -69.8 -74.1
  Contributions for govt. social insurance
-1,754.4 -1,721.6 -1,721.6 -1,680.8 -1,680.8 -1,660.9
Personal current taxes
2,940.0 3,232.5 3,232.5 3,229.2 3,229.2 3,197.9
Disposable personal income
-19,707.2 -19,125.1 -19,125.1 -18,632.2 -18,632.2 -18,427.6
Personal outlays
18,761.0 18,370.1 18,370.1 18,124.5 18,124.5 17,798.7
  Personal consumption expenditures
6,085.8 5,972.9 5,972.9 5,988.6 5,988.6 5,953.6
    Goods
6,085.8 5,972.9 5,972.9 5,988.6 5,988.6 5,953.6
     Durable goods
2,262.0 2,177.2 2,177.2 2,195.8 2,195.8 2,181.8
     Nondurable goods
3,823.8 3,795.6 3,795.6 3,792.7 3,792.7 3,771.9
    Services
12,009.5 11,789.9 11,789.9 11,554.1 11,554.1 11,307.7
  Personal interest payments
442.1 382.7 382.7 357.1 357.1 313.1
  Personal current transfer payments
223.6 224.7 224.7 224.7 224.7 224.2
    To government
117.8 117.0 117.0 116.4 116.4 115.4
    To the rest of the world
105.8 107.6 107.6 108.3 108.3 108.8
Personal saving
0.9 0.8 0.8 0.5 0.5 0.6
Personal saving as a percentage of disposable personal income %   4.80 % 3.90 % 3.90 % 2.70 % 2.70 % 3.40 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   15,622.2 15,318.0 15,318.0 15,059.1 15,059.1 15,052.1
Per capita:  
Current dollars ($)   58,891 57,212 57,212 55,912 55,912 55,348
Chained ($) dollars Y 2000   58,891 57,212 57,212 55,912 55,912 55,348
Population (midperiod, millions)   334.64 334.28 334.28 333.24 333.24 332.94





Quarterly Growth in Personal Income & Its Disposition
(quarter on quarter seasonally adj. at annual rates, in %)
I Q. 2023
adv.
IV Q. 2022
adv.
IV Q. 2022
adv.
III Q. 2022
adv.
III Q. 2022
adv.
II Q. 2022
adv.
Personal income 5.1 % 7.3 % 7.3 % 7.5 % 5.4 % 5.9 %
Compensation of employees, received 6.1 % 6.6 % 6.6 % 10.5 % 6.6 % 6.5 %
Wage & salary disbursements 6.4 % 6.9 % 6.9 % 11.4 % 7 % 6.9 %
Supplements to wages & salaries 4.8 % 5 % 5 % 6.4 % 5 % 4.6 %
Proprietors' Income 1 % 4.4 % 4.4 % 6.3 % 6.3 % 5.4 %
Rental Income of Persons 15.6 % 7.5 % 7.5 % 10.2 % 10.2 % 17.7 %
Personal income receipts on assets 3.6 % 6.8 % 6.8 % 4.4 % 4.4 % 6.7 %
Personal interest income 4.4 % 10.4 % 10.4 % 7.1 % 7.1 % 9.4 %
Personal dividend income 2.7 % 3.1 % 3.1 % 1.6 % 1.6 % 3.9 %
Personal current transfer receipts 4 % 11 % 11 % 1 % 1 % 1.5 %
Less: Contributions for social insurance 8 % 6.3 % 6.3 % 10.3 % 6.5 % 6.6 %
Less: Personal current taxes -31.6 % -0.5 % -0.5 % 6.2 % 5.2 % 6.8 %
Equals: Disposable personal income 12.5 % 8.6 % 8.6 % 7.7 % 5.4 % 5.7 %
             
Addenda:            
Personal consumption expenditures 7.3 % -1 % -1 % 2.4 % 2.4 % 7.8 %
Goods 7.3 % -1 % -1 % 2.4 % 2.4 % 7.8 %
 Durable goods 15.8 % -3.3 % -3.3 % 2.6 % 2.6 % -0.4 %
 Nondurable goods 2.6 % 0.3 % 0.3 % 2.2 % 2.2 % 12.9 %
Services 1.1 % 2.7 % 2.7 % 4.4 % 1.9 % -0.4 %
Based on chained (2000) dollar measures            
Real disposable personal income 8 % 4.8 % 4.8 % 3.2 % 1 % -1.5 %





Personal Income & Its Disposition
(Annually, in Billions $)
  2022
2021
2020
2019
2018
2017
Personal income
21,806.3 21,077.2 19,627.6 18,601.4 17,819.2 16,830.9
  Compensation of employees, received
13,601.5 12,580.9 11,572.2 11,420.4 10,928.5 10,407.2
   Wage & salary disbursements
11,224.3 10,327.1 9,444.1 9,297.4 8,888.5 8,453.8
    Private industries
9,610.5 8,791.6 7,949.6 7,845.7 7,485.9 7,108.1
     Goods-producing industries
1,758.2 1,643.4 1,514.0 1,532.8 1,471.6 1,390.3
      Manufacturing
1,041.4 973.0 904.4 908.4 883.2 846.4
     Services-producing industries
7,852.3 7,148.3 6,435.6 6,312.8 6,014.3 5,717.8
      Trade, transportation, & utilities
1,731.1 1,601.2 1,443.2 1,413.7 1,361.0 1,313.5
      Other services-producing industries
6,121.2 5,547.1 4,992.4 4,899.2 4,653.3 4,404.3
    Government
1,613.8 1,535.5 1,494.5 1,451.7 1,402.6 1,345.7
   Supplements to wages & salaries
2,377.2 2,253.7 2,128.0 2,123.0 2,040.0 1,953.4
    Employer contr. for employee pension & insur.
1,612.5 1,526.4 1,464.4 1,473.2 1,417.2 1,348.1
    Employer contr. for govt. social insurance
764.7 727.3 663.7 649.9 622.8 605.3
  Proprietors Income with invent. valu.
1,848.5 1,821.9 1,650.0 1,657.8 1,588.8 1,500.9
   Farm
91.7 97.8 70.2 31.9 27.2 38.9
   Nonfarm
1,756.8 1,724.1 1,579.9 1,626.0 1,561.6 1,462.0
  Rental Inc. with capital consumption adj.
781.3 726.4 711.6 778.2 756.8 730.2
  Personal income receipts on assets
3,341.6 2,941.3 2,912.1 2,992.7 2,930.1 2,631.6
   Personal interest income
1,724.8 1,640.7 1,614.4 1,720.4 1,702.7 1,523.0
   Personal dividend income
1,616.8 1,300.7 1,297.8 1,272.3 1,227.5 1,108.6
  Personal current transfer receipts
3,910.0 4,597.8 4,241.1 3,171.7 2,971.5 2,859.7
   Government social benefits to persons
3,838.9 4,530.9 4,181.3 3,117.1 2,918.3 2,804.0
    Old-age, disability, & health insurance benefits
783.0 746.1 657.3 1,034.7 972.4 926.1
    Government unemployment insurance benefits
321.6 320.2 291.0 26.1 27.1 29.1
    Other
742.9 1,344.6 944.7 1,009.4 960.6 955.2
   Other current transfers, from business
-71.1 -67.0 -59.9 54.6 53.2 55.7
  Contributions for govt. social insurance
-1,676.6 -1,591.1 -1,459.5 -1,419.5 -1,356.5 -1,298.6
Personal current taxes
3,200.7 2,582.6 2,195.6 -2,181.5 -2,077.6 -2,034.6
Disposable personal income
-18,605.6 -18,494.5 -17,432.0 16,419.9 15,741.5 14,796.3
Personal outlays
17,920.7 16,226.3 14,544.5 -15,121.1 -14,531.1 -13,809.5
  Personal consumption expenditures
5,939.6 5,481.4 4,653.8 14,561.2 13,998.7 13,321.4
    Goods
5,939.6 5,481.4 4,653.8 4,505.3 4,364.8 4,156.1
     Durable goods
2,184.7 2,026.2 1,616.4 1,526.6 1,475.6 1,406.5
     Nondurable goods
3,754.9 3,455.2 3,037.4 2,978.6 2,889.2 2,749.6
    Services
11,420.8 10,260.1 9,393.7 10,055.9 9,633.9 9,165.3
  Personal interest payments
336.6 266.5 285.4 360.0 336.7 293.9
  Personal current transfer payments
223.7 218.3 211.5 199.8 195.8 194.2
    To government
115.7 116.4 114.6 108.8 106.9 107.3
    To the rest of the world
108.0 101.9 96.9 91.0 88.9 86.9
Personal saving
0.7 2.3 2.9 1,298.8 1,210.4 986.8
Personal saving as a percentage of disposable personal income %   3.70 % 12.30 % 16.60 % 7.90 % 7.70 % 6.70 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   15,147.0 16,007.5 15,672.8 14,071.2 13,729.6 13,171.4
Per capita:  
Current dollars ($)   55,773 55,671 52,800 49,980 48,075 45,390
Chained ($) dollars Y 2000   45,405 48,185 47,471 45,580 44,455 42,791
Population (midperiod, millions)   333.60 332.21 330.15 328.53 327.44 325.98





Annual Growth in Personal Income & Its Disposition
(year on year, in %)
2022
rest.
2021
rest.
2020
rest.
2019
rest.
2018
rest.
2017
rest.
Personal income 2.4 % 7.4 % 6.5 % 4.4 % 5.6 % 4.4 %
Compensation of employees, received 8.5 % 8.7 % 1.1 % 4.5 % 5 % 4.5 %
Wage & salary disbursements 9.1 % 9.3 % 1.3 % 4.6 % 5 % 4.6 %
Supplements to wages & salaries 5.7 % 5.9 % 0.2 % 4.1 % 4.6 % 4.1 %
Proprietors' Income 5.4 % 10.4 % 3.2 % 4.3 % 4.6 % 5.8 %
Rental Income of Persons 7.9 % 2.2 % 2.8 % 2.8 % 5.3 % 5.1 %
Personal income receipts on assets 4.3 % 1 % -1.9 % 2.1 % 9.3 % 4.6 %
Personal interest income 4 % 1.6 % -2.3 % 1 % 9.7 % 5.7 %
Personal dividend income 4.7 % 0.2 % -1.4 % 3.7 % 8.6 % 3.1 %
Personal current transfer receipts -15.3 % 8.4 % 35.1 % 6.7 % 4.3 % 2.9 %
Less: Contributions for social insurance 8.8 % 9 % 2.7 % 4.6 % 4.4 % 4.7 %
Less: Personal current taxes 20.3 % 17.6 % -0.4 % 5 % 1.6 % 4.1 %
Equals: Disposable personal income -0.1 % 6.1 % 7.5 % 4.3 % 6.1 % 4.4 %
             
Addenda:            
Personal consumption expenditures 8.1 % 17.8 % 3.9 % 4 % 5.2 % 4.3 %
Goods 8.1 % 17.8 % 3.9 % 3.2 % 4.8 % 4 %
 Durable goods 6 % 25.4 % 6.8 % 3.5 % 4.5 % 4.4 %
 Nondurable goods 9.3 % 13.8 % 2.4 % 3.1 % 5 % 3.8 %
Services 1 % 3.1 % -0.5 % 4.4 % 5.3 % 4.5 %
Based on chained (2000) dollar measures            
Real disposable personal income 9.2 % 12.1 % -2.6 % 2.9 % 4 % 2.6 %

Source: Department of Commerce, Bea.gov




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