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Wages up 0.4 % in February spending ebbs

Personal Income and Its Disposition Report U.S. Economy



Americans cut back on spending in February and used a hefty increase in wages to pad their savings accounts, government data showed.
Personal income inched up 0.4 % in February at the annualized rate of $16.86 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 $45,186 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 3.4 % from 3.2 % in January.
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
0.62% 2.18% 2.13% 2.53% 0.26% 2.09% 0.37% 2.13%
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y

Wages have increased on the same pace like in previous month, with biggest gain in Manufacturing, wages 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 February, rental income increased 0.6 %, helping to boost overall income.





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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    Compensation       Compensation
Compensation of employees
Compensation of employees grew by 0.53 % from Jan. 2018 and advanced by 2.12 % from Feb. 2017, while wage & salary disbursements rose by 0.58 % sequentially and grew by 2.17 % from same month year ago, now representing 81.19 % of total compensation of employees.
  Supplements to Wages

Supplements to wages & salaries now representing 18.81 % of total compensation of employees with an increase of 0.33 % from Jan. 2018 and an increase by 1.88 % from Feb. 2017.

   
Wage & salary disbursements
Wages & Salaries from private industries rose by 0.62 % sequentially and grew by 2.18 % from same month year ago, now representing 84.12 % of total wage & salary disbursements, while Wages & Salaries from government grew by 0.37 % from Jan. 2018 and increased by 2.13 % from Feb. 2017, now representing 15.88 % of total wage & salary disbursements. 

   Personal Income Receipts On Assets    Capital Consumption
Interest & Other
Personal interest income went up by 0.44 % sequentially while Personal dividend income grew by 1.04 % from Jan. 2018. Compare to same quarter a year ago, personal interest income went up by 12.67 % and personal dividend income grew by 3.36 %.
Personal interest payments excluding mortgage interests fell by -0.87 % sequentially and advanced by 12.61 % from same month year ago.
Proprietors Income & Capital Consumption

Proprietors Income advanced by 1.36 % sequentially and fell by -1.86 % from same month year ago, now representing 8.46 % of total personal income.
Rental Income with capital consumption adjustment grew by 0.10 % from Jan. 2018 and increased by 4.71 % from same month year ago.






Personal Income & Its Disposition
(Monthly at Annual rates, in Billions $)
  Feb. 2018
adv.
Jan. 2018
adv.
Dec. 2017
adv.
Nov. 2017
adv.
Oct. 2017
adv.
Sep. 2017
adv.
Personal income
16,861.2 16,783.6 16,686.7 16,629.1 16,575.1 16,515.6
  Compensation of employees, received
10,615.7 10,559.3 10,474.4 10,433.6 10,394.1 10,370.7
   Wage & salary disbursements
8,618.7 8,569.0 8,493.0 8,457.2 8,422.9 8,403.5
    Private industries
7,249.8 7,205.0 7,137.3 7,103.5 7,071.8 7,054.8
     Goods-producing industries
1,436.5 1,406.6 1,393.5 1,388.6 1,383.7 1,382.2
      Manufacturing
869.9 847.8 842.1 841.1 840.1 836.1
     Services-producing industries
5,813.3 5,798.4 5,743.7 5,715.0 5,688.1 5,672.5
      Trade, transportation, & utilities
1,334.9 1,333.7 1,320.9 1,317.6 1,308.5 1,306.6
      Other services-producing industries
4,478.4 4,464.7 4,422.8 4,397.4 4,379.6 4,365.9
    Government
1,369.0 1,364.0 1,355.8 1,353.7 1,351.1 1,348.7
   Supplements to wages & salaries
1,996.9 1,990.4 1,981.4 1,976.3 1,971.2 1,967.2
    Employer contr. for employee pension & insur.
1,367.0 1,364.0 1,361.1 1,358.6 1,355.9 1,353.4
    Employer contr. for govt. social insurance
629.9 626.4 620.3 617.8 615.3 613.8
  Proprietors Income with invent. valu.
1,426.0 1,406.9 1,405.4 1,403.4 1,395.6 1,389.2
   Farm
30.1 28.7 28.8 33.0 32.3 31.5
   Nonfarm
1,395.9 1,378.2 1,376.6 1,370.3 1,363.3 1,357.7
  Rental Inc. with capital consumption adj.
768.8 768.0 763.1 764.3 758.8 751.1
  Personal income receipts on assets
2,501.5 2,484.7 2,492.0 2,472.0 2,460.6 2,442.7
   Personal interest income
1,523.5 1,516.9 1,519.6 1,499.9 1,482.5 1,465.0
   Personal dividend income
977.9 967.8 972.5 972.1 978.2 977.7
  Personal current transfer receipts
2,905.9 2,914.2 2,876.2 2,874.8 2,879.7 2,872.2
   Government social benefits to persons
2,844.2 2,852.8 2,815.2 2,814.2 2,819.3 2,812.1
    Old-age, disability, & health insurance benefits
957.1 959.4 935.8 931.6 939.2 932.3
    Government unemployment insurance benefits
685.5 684.2 683.8 681.9 680.1 678.3
    Other
597.7 602.1 589.7 596.0 592.7 587.3
   Other current transfers, from business
27.6 28.2 28.0 27.9 27.6 28.2
  Contributions for govt. social insurance
-1,356.7 -1,349.5 -1,324.4 -1,318.9 -1,313.7 -1,310.4
Personal current taxes
-2,066.4 -2,052.9 -2,097.8 -2,062.6 -2,059.5 -2,061.0
Disposable personal income
14,794.7 14,730.8 14,589.0 14,566.5 14,515.6 14,454.6
Personal outlays
-14,297.3 -14,266.4 -14,237.4 -14,140.3 -14,048.7 -14,020.9
  Personal consumption expenditures
13,777.0 13,743.1 13,717.2 13,635.8 13,548.7 13,525.5
    Goods
4,409.6 4,419.0 4,430.4 4,399.5 4,365.1 4,363.4
     Durable goods
1,504.5 1,504.3 1,531.9 1,506.5 1,506.5 1,502.4
     Nondurable goods
2,905.1 2,914.7 2,898.5 2,893.0 2,858.6 2,861.0
    Services
9,367.4 9,324.2 9,286.7 9,236.3 9,183.7 9,162.1
  Personal interest payments
319.7 322.5 319.3 306.7 302.5 298.2
  Personal current transfer payments
200.6 200.8 200.9 197.8 197.5 197.1
    To government
116.9 116.8 116.8 116.5 116.2 115.9
    To the rest of the world
83.7 84.1 84.1 81.2 81.2 81.2
Personal saving
497.4 464.4 351.6 426.2 466.9 433.7
Personal saving as a percentage of disposable personal income %   3.40 % 3.20 % 2.40 % 2.90 % 3.20 % 3.00 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   12,210.2 12,160.0 12,153.6 12,118.6 12,094.7 12,066.3
Per capita:  
Current dollars ($)   45,186 45,012 44,601 44,615 44,483 44,325
Chained ($) dollars Y 2000   39,536 39,464 39,250 39,309 39,284 39,201
Population (midperiod, millions)   327.42 327.27 327.10 326.50 326.31 326.11





Percentage Change in Personal Income & Its Disposition
(month on month seasonally adj. at annual rates, in %)
Feb. 2018
rest.
Jan. 2018
rest.
Dec. 2017
rest.
Nov. 2017
rest.
Oct. 2017
rest.
Sep. 2017
rest.
Personal income 0.4 % 0.4 % 0.4 % 0.3 % 0.4 % 0.5 %
Compensation of employees, received 0.4 % 0.5 % 0.4 % 0.4 % 0.2 % 0.4 %
Wage & salary disbursements 0.5 % 0.5 % 0.5 % 0.4 % 0.2 % 0.5 %
Supplements to wages & salaries 0.3 % 0.3 % 0.3 % 0.3 % 0.2 % 0.3 %
Proprietors' Income 1.1 % 0.2 % -0.1 % 0.6 % 0.5 % 0.6 %
Rental Income of Persons 0.6 % 0.5 % 0.4 % 0.7 % 1 % 0.6 %
Personal income receipts on assets 0.3 % -0.4 % 0.7 % 0.5 % 0.7 % 0.4 %
Personal interest income -0.1 % -0.4 % 1.2 % 1.2 % 1.2 % 0.3 %
Personal dividend income 0.9 % -0.4 % -0.1 % -0.6 % - % 0.6 %
Personal current transfer receipts - % 1.3 % - % -0.2 % 0.3 % 0.5 %
Less: Contributions for social insurance 0.5 % 1.6 % 0.4 % 0.4 % 0.3 % 0.4 %
Less: Personal current taxes 0.7 % -3.3 % 0.5 % 0.2 % -0.1 % 0.7 %
Equals: Disposable personal income 0.4 % 0.9 % 0.3 % 0.4 % 0.4 % 0.4 %
             
Addenda:            
Personal consumption expenditures - % - % - % - % - % - %
Goods 0.2 % 0.2 % 0.4 % 0.6 % 0.2 % 1 %
 Durable goods -0.1 % 0.1 % 0.1 % 0.8 % - % 2.1 %
 Nondurable goods 0.2 % -1.5 % 0.7 % - % 0.3 % 3.3 %
Services -0.2 % 1 % -0.2 % 1.2 % -0.1 % 1.5 %
Based on chained (2000) dollar measures            
Real disposable personal income 0.3 % -0.2 % 0.3 % 0.2 % 0.2 % 0.1 %





Personal Income & Its Disposition
(Quarterly, in Billions $)
  IV Q. 2017
adv.
III Q. 2017
adv.
IV Q. 2017
adv.
III Q. 2017
adv.
II Q. 2017
adv.
I Q. 2017
adv.
Personal income
16,655.3 16,451.9 16,364.4 16,451.9 16,364.4 16,363.9
  Compensation of employees, received
10,463.3 10,336.5 10,271.4 10,336.5 10,271.4 10,273.1
   Wage & salary disbursements
8,485.2 8,374.3 8,321.7 8,374.3 8,321.7 8,323.1
    Private industries
7,132.6 7,029.2 6,984.9 7,029.2 6,984.9 6,985.8
     Goods-producing industries
1,391.8 1,374.6 1,350.4 1,374.6 1,350.4 1,350.4
      Manufacturing
841.7 834.2 829.0 834.2 829.0 829.0
     Services-producing industries
5,740.9 5,654.6 5,634.5 5,654.6 5,634.5 5,635.5
      Trade, transportation, & utilities
1,322.7 1,303.5 1,307.7 1,303.5 1,307.7 1,307.9
      Other services-producing industries
4,418.1 4,351.1 4,326.8 4,351.1 4,326.8 4,327.6
    Government
1,352.5 1,345.1 1,336.8 1,345.1 1,336.8 1,337.3
   Supplements to wages & salaries
1,978.1 1,962.2 1,949.7 1,962.2 1,949.7 1,950.0
    Employer contr. for employee pension & insur.
1,358.3 1,350.4 1,341.7 1,350.4 1,341.7 1,341.9
    Employer contr. for govt. social insurance
619.8 611.8 608.0 611.8 608.0 608.1
  Proprietors Income with invent. valu.
1,403.1 1,381.9 1,378.6 1,381.9 1,378.6 1,374.9
   Farm
29.6 31.9 37.0 31.9 37.0 33.0
   Nonfarm
1,373.6 1,350.0 1,341.6 1,350.0 1,341.6 1,341.8
  Rental Inc. with capital consumption adj.
757.4 747.2 740.3 747.2 740.3 740.3
  Personal income receipts on assets
2,481.1 2,433.9 2,434.5 2,433.9 2,434.5 2,435.6
   Personal interest income
1,506.1 1,460.6 1,465.1 1,460.6 1,465.1 1,466.5
   Personal dividend income
975.0 973.2 969.4 973.2 969.4 969.1
  Personal current transfer receipts
2,873.2 2,858.4 2,836.9 2,858.4 2,836.9 2,837.7
   Government social benefits to persons
2,812.6 2,798.5 2,777.8 2,798.5 2,777.8 2,778.6
    Old-age, disability, & health insurance benefits
935.4 930.0 922.8 930.0 922.8 922.8
    Government unemployment insurance benefits
27.8 28.5 28.6 28.5 28.6 28.6
    Other
952.8 962.0 958.8 962.0 958.8 958.8
   Other current transfers, from business
60.7 59.9 59.2 59.9 59.2 59.2
  Contributions for govt. social insurance
-1,322.8 -1,306.0 -1,297.4 -1,306.0 -1,297.4 -1,297.6
Personal current taxes
-2,108.2 -2,046.4 -2,012.9 -2,046.4 -2,012.9 -2,015.3
Disposable personal income
14,547.1 14,405.5 14,351.5 14,405.5 14,351.5 14,348.7
Personal outlays
-14,167.3 -13,927.2 -13,805.9 -13,927.2 -13,805.9 -13,818.0
  Personal consumption expenditures
13,654.3 13,429.1 13,307.0 13,429.1 13,307.0 13,308.6
    Goods
4,401.8 4,301.4 4,247.2 4,301.4 4,247.2 4,252.4
     Durable goods
1,517.8 1,477.6 1,456.6 1,477.6 1,456.6 1,461.1
     Nondurable goods
2,884.0 2,823.8 2,790.6 2,823.8 2,790.6 2,791.3
    Services
9,252.5 9,127.7 9,059.8 9,127.7 9,059.8 9,056.2
  Personal interest payments
312.7 301.3 300.7 301.3 300.7 300.3
  Personal current transfer payments
200.3 196.7 198.2 196.7 198.2 209.1
    To government
116.5 115.5 114.1 115.5 114.1 114.1
    To the rest of the world
83.7 81.2 84.1 81.2 84.1 95.0
Personal saving
379.8 478.3 545.6 478.3 545.6 530.7
Personal saving as a percentage of disposable personal income %   2.60 % 3.30 % 3.80 % 3.30 % 3.80 % 3.70 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   12,147.8 12,062.4 12,049.3 12,062.4 12,049.3 12,048.2
Per capita:  
Current dollars ($)   44,499 44,203 44,120 44,203 44,120 44,112
Chained ($) dollars Y 2000   39,223 39,225 39,299 39,225 39,299 39,292
Population (midperiod, millions)   326.91 325.89 325.28 325.89 325.28 325.28





Quarterly Growth in Personal Income & Its Disposition
(quarter on quarter seasonally adj. at annual rates, in %)
IV Q. 2017
adv.
III Q. 2017
adv.
IV Q. 2017
adv.
III Q. 2017
adv.
II Q. 2017
adv.
I Q. 2017
adv.
Personal income 4.6 % 2.8 % 2.3 % 2.8 % 2.3 % 5.6 %
Compensation of employees, received 4.2 % 3.7 % 3.1 % 3.7 % 3.1 % 6.2 %
Wage & salary disbursements 4.5 % 3.9 % 3.1 % 3.9 % 3.1 % 6.3 %
Supplements to wages & salaries 3 % 3 % 2.8 % 3 % 2.8 % 5.8 %
Proprietors' Income 6.3 % 1 % -0.5 % 1 % -0.5 % 7.8 %
Rental Income of Persons 5.6 % 3.8 % 5.3 % 3.8 % 5.3 % 6.8 %
Personal income receipts on assets 8 % -0.1 % 2.4 % -0.1 % 2.4 % 4.9 %
Personal interest income 13 % -1.2 % -3.1 % -1.2 % -3.1 % 11 %
Personal dividend income 0.7 % 1.6 % 11.4 % 1.6 % 11.4 % -3.9 %
Personal current transfer receipts 2.1 % 3.1 % 0.7 % 3.1 % 0.7 % 5.2 %
Less: Contributions for social insurance 4.5 % 3.8 % 3.1 % 3.8 % 3.1 % 11.3 %
Less: Personal current taxes 10.1 % 7.9 % -2.1 % 7.9 % -2.1 % 8.7 %
Equals: Disposable personal income 3.8 % 2.1 % 3 % 2.1 % 3 % 5.2 %
             
Addenda:            
Personal consumption expenditures 6.9 % 3.7 % 3.5 % 3.7 % 3.5 % 4.2 %
Goods 9.7 % 5.2 % 1.6 % 5.2 % 1.6 % 3.4 %
 Durable goods 11.3 % 5.9 % 3.8 % 5.9 % 3.8 % 0.8 %
 Nondurable goods 8.8 % 4.8 % 0.4 % 4.8 % 0.4 % 4.7 %
Services 5.6 % 3 % 4.5 % 3 % 4.5 % 4.6 %
Based on chained (2000) dollar measures            
Real disposable personal income 1.1 % 0.5 % 2.7 % 0.5 % 2.7 % 2.9 %





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 %)
Feb. 2018
rest.
Jan. 2018
rest.
Dec. 2017
rest.
Nov. 2017
rest.
Oct. 2017
rest.
Sep. 2017
rest.
Personal income 0.4 % 0.4 % 0.4 % 0.3 % 0.4 % 0.5 %
Compensation of employees, received 0.4 % 0.5 % 0.4 % 0.4 % 0.2 % 0.4 %
Wage & salary disbursements 0.5 % 0.5 % 0.5 % 0.4 % 0.2 % 0.5 %
Supplements to wages & salaries 0.3 % 0.3 % 0.3 % 0.3 % 0.2 % 0.3 %
Proprietors' Income 1.1 % 0.2 % -0.1 % 0.6 % 0.5 % 0.6 %
Rental Income of Persons 0.6 % 0.5 % 0.4 % 0.7 % 1 % 0.6 %
Personal income receipts on assets 0.3 % -0.4 % 0.7 % 0.5 % 0.7 % 0.4 %
Personal interest income -0.1 % -0.4 % 1.2 % 1.2 % 1.2 % 0.3 %
Personal dividend income 0.9 % -0.4 % -0.1 % -0.6 % - % 0.6 %
Personal current transfer receipts - % 1.3 % - % -0.2 % 0.3 % 0.5 %
Less: Contributions for social insurance 0.5 % 1.6 % 0.4 % 0.4 % 0.3 % 0.4 %
Less: Personal current taxes 0.7 % -3.3 % 0.5 % 0.2 % -0.1 % 0.7 %
Equals: Disposable personal income 0.4 % 0.9 % 0.3 % 0.4 % 0.4 % 0.4 %
             
Addenda:            
Personal consumption expenditures - % - % - % - % - % - %
Goods 0.2 % 0.2 % 0.4 % 0.6 % 0.2 % 1 %
 Durable goods -0.1 % 0.1 % 0.1 % 0.8 % - % 2.1 %
 Nondurable goods 0.2 % -1.5 % 0.7 % - % 0.3 % 3.3 %
Services -0.2 % 1 % -0.2 % 1.2 % -0.1 % 1.5 %
Based on chained (2000) dollar measures            
Real disposable personal income 0.3 % -0.2 % 0.3 % 0.2 % 0.2 % 0.1 %

Source: Department of Commerce, Bea.gov


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