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Wages up 0.5 % in October spending ebbs

Personal Income and Its Disposition Report U.S. Economy



Americans cut back on spending in October and used a hefty increase in wages to pad their savings accounts, government data showed.
Personal income grew in October by 0.5 % on the seasonally adjusted basis at the annualized rate of $17.78 trillion, 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).

Meanwhile, disposable income, money left over after taxes, grew by 0.5 %, as well, lifting average American income to $47,718 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 6.2 % from 6.3 % in September, but interest income rose, in contrast to the declining savings rate.
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
0.33% 6.47% 0.34% 6.01% 0.33% 6.59% 0.20% 3.23%
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 Goods-producing industries increase of 0.34 %, 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.
Spending should pick up in the holiday shopping season as consumers find good deals, and some people have a little extra disposable income in their pockets.

Higher government payments for social programs such as Medicaid and unemployment compensation, lifted October's personal income.


Although spending grew less than in the previous quarter and income grew at the higher rate, Americans were drawing their savings to compensate for higher spending, especially for sevices. Personal income jumped in the third quarter by 4.1 %, while savings rate fell to 6.3 %, disposable income grew by 3.9 %.






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    Compensation       Compensation
Compensation of employees
Compensation of employees grew by 0.30 % from Sep. 2018 and advanced by 5.46 % from Oct. 2017, while wage & salary disbursements rose by 0.31 % sequentially and grew by 5.95 % from same month year ago, now representing 81.41 % of total compensation of employees.
  Supplements to Wages

Supplements to wages & salaries now representing 18.59 % of total compensation of employees with an increase of 0.23 % from Sep. 2018 and an increase by 3.36 % from Oct. 2017.

   
Wage & salary disbursements
Wages & Salaries from private industries rose by 0.33 % sequentially and grew by 6.47 % from same month year ago, now representing 84.37 % of total wage & salary disbursements, while Wages & Salaries from government grew by 0.20 % from Sep. 2018 and increased by 3.23 % from Oct. 2017, now representing 15.63 % of total wage & salary disbursements. 

   Personal Income Receipts On Assets    Capital Consumption
Interest & Other
Personal interest income went up by 0.33 % sequentially while Personal dividend income grew by 0.49 % from Sep. 2018. Compare to same quarter a year ago, personal interest income went up by 9.29 % and personal dividend income grew by 18.80 %.
Personal interest payments excluding mortgage interests increased by 0.98 % sequentially and advanced by 15.31 % from same month year ago.
Proprietors Income & Capital Consumption

Proprietors Income advanced by 1.60 % sequentially and grew by 14.70 % from same month year ago, now representing 9.01 % of total personal income.
Rental Income with capital consumption adjustment grew by 0.41 % from Sep. 2018 and increased by 2.39 % from same month year ago.






Personal Income & Its Disposition
(Monthly at Annual rates, in Billions $)
  Oct. 2018
adv.
Sep. 2018
adv.
Aug. 2018
adv.
July 2018
adv.
June 2018
adv.
May 2018
adv.
Personal income
17,776.0 17,691.1 17,679.5 17,616.5 17,561.7 17,500.7
  Compensation of employees, received
10,961.6 10,929.3 10,942.2 10,895.0 10,858.9 10,817.5
   Wage & salary disbursements
8,924.2 8,896.4 8,912.2 8,870.4 8,839.0 8,803.4
    Private industries
7,529.5 7,504.5 7,531.4 7,492.4 7,462.8 7,432.5
     Goods-producing industries
1,466.8 1,461.9 1,489.7 1,485.4 1,481.1 1,470.5
      Manufacturing
874.8 873.1 893.6 892.9 890.4 883.3
     Services-producing industries
6,062.7 6,042.6 6,041.7 6,007.0 5,981.7 5,962.0
      Trade, transportation, & utilities
1,368.3 1,366.5 1,377.8 1,364.8 1,363.2 1,362.0
      Other services-producing industries
4,694.4 4,676.1 4,663.9 4,642.2 4,618.5 4,600.0
    Government
1,394.7 1,391.9 1,380.9 1,378.0 1,376.2 1,370.9
   Supplements to wages & salaries
2,037.5 2,032.9 2,030.0 2,024.6 2,019.9 2,014.2
    Employer contr. for employee pension & insur.
1,401.1 1,398.2 1,393.4 1,390.7 1,388.2 1,385.0
    Employer contr. for govt. social insurance
636.4 634.7 636.6 633.8 631.7 629.2
  Proprietors Income with invent. valu.
1,600.8 1,575.6 1,584.8 1,583.6 1,584.0 1,570.0
   Farm
38.9 27.3 30.1 43.9 45.1 39.6
   Nonfarm
1,561.9 1,548.3 1,554.7 1,539.7 1,538.8 1,530.4
  Rental Inc. with capital consumption adj.
776.9 773.7 767.9 761.7 756.2 757.4
  Personal income receipts on assets
2,782.3 2,771.2 2,757.9 2,763.7 2,755.7 2,749.3
   Personal interest income
1,620.2 1,614.8 1,602.4 1,609.0 1,607.8 1,606.9
   Personal dividend income
1,162.1 1,156.4 1,155.4 1,154.7 1,148.0 1,142.4
  Personal current transfer receipts
3,027.3 3,010.4 2,998.8 2,978.9 2,968.7 2,963.0
   Government social benefits to persons
2,965.0 2,948.5 2,937.2 2,917.7 2,907.9 2,904.0
    Old-age, disability, & health insurance benefits
988.7 978.9 981.0 975.2 972.3 968.4
    Government unemployment insurance benefits
752.5 745.8 739.7 734.1 729.0 724.4
    Other
611.2 607.8 608.7 598.7 601.0 602.8
   Other current transfers, from business
23.5 24.0 24.9 25.3 25.1 25.1
  Contributions for govt. social insurance
-1,372.9 -1,369.2 -1,372.1 -1,366.4 -1,361.8 -1,356.6
Personal current taxes
-2,075.5 -2,072.2 -2,062.1 -2,050.0 -2,047.8 -2,045.6
Disposable personal income
15,700.5 15,618.8 15,617.4 15,566.5 15,514.0 15,455.1
Personal outlays
-14,732.7 -14,641.9 -14,585.1 -14,518.4 -14,465.6 -14,408.1
  Personal consumption expenditures
14,177.5 14,090.6 14,050.1 13,980.0 13,930.7 13,880.0
    Goods
4,407.1 4,383.5 4,377.2 4,346.7 4,336.4 4,347.2
     Durable goods
1,477.0 1,470.0 1,464.4 1,456.5 1,458.9 1,463.5
     Nondurable goods
2,930.1 2,913.5 2,912.8 2,890.3 2,877.5 2,883.6
    Services
9,770.4 9,707.1 9,673.0 9,633.3 9,594.3 9,532.9
  Personal interest payments
348.8 345.4 332.0 335.7 332.6 327.1
  Personal current transfer payments
206.4 206.0 203.0 202.7 202.3 200.9
    To government
113.4 113.0 112.6 112.2 111.8 111.4
    To the rest of the world
93.0 93.0 90.4 90.5 90.5 89.6
Personal saving
967.8 976.9 1,032.3 1,048.1 1,048.4 1,047.1
Personal saving as a percentage of disposable personal income %   6.20 % 6.30 % 6.60 % 6.70 % 6.80 % 6.80 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   13,559.8 13,521.6 13,534.8 13,514.6 13,490.1 13,455.2
Per capita:  
Current dollars ($)   47,718 47,500 47,529 47,406 47,277 47,126
Chained ($) dollars Y 2000   43,871 43,750 43,819 43,769 43,704 43,617
Population (midperiod, millions)   329.03 328.81 328.59 328.37 328.15 327.95





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





Personal Income & Its Disposition
(Quarterly, in Billions $)
  III Q. 2018
adv.
II Q. 2018
adv.
II Q. 2018
adv.
II Q. 2018
adv.
II Q. 2018
adv.
I Q. 2018
adv.
Personal income
17,641.7 17,499.8 17,499.8 16,839.8 16,839.8 16,839.8
  Compensation of employees, received
10,892.6 10,820.7 10,820.7 10,607.9 10,607.9 10,607.9
   Wage & salary disbursements
8,865.1 8,806.2 8,806.2 8,612.4 8,612.4 8,612.4
    Private industries
7,479.5 7,434.9 7,434.9 7,248.4 7,248.4 7,248.4
     Goods-producing industries
1,456.5 1,476.2 1,476.2 1,427.5 1,427.5 1,427.5
      Manufacturing
871.8 888.2 888.2 867.6 867.6 867.6
     Services-producing industries
6,023.1 5,958.8 5,958.8 5,820.9 5,820.9 5,820.9
      Trade, transportation, & utilities
1,363.5 1,358.9 1,358.9 1,324.9 1,324.9 1,324.9
      Other services-producing industries
4,659.6 4,599.8 4,599.8 4,496.0 4,496.0 4,496.0
    Government
1,385.5 1,371.2 1,371.2 1,364.1 1,364.1 1,364.1
   Supplements to wages & salaries
2,027.5 2,014.5 2,014.5 1,995.5 1,995.5 1,995.5
    Employer contr. for employee pension & insur.
1,394.6 1,385.0 1,385.0 1,366.0 1,366.0 1,366.0
    Employer contr. for govt. social insurance
632.9 629.5 629.5 629.5 629.5 629.5
  Proprietors Income with invent. valu.
1,582.5 1,568.5 1,568.5 1,420.0 1,420.0 1,420.0
   Farm
30.7 37.0 37.0 29.8 29.8 29.8
   Nonfarm
1,551.8 1,531.5 1,531.5 1,390.2 1,390.2 1,390.2
  Rental Inc. with capital consumption adj.
767.0 754.2 754.2 761.7 761.7 761.7
  Personal income receipts on assets
2,769.3 2,747.8 2,747.8 2,497.4 2,497.4 2,497.4
   Personal interest income
1,614.1 1,606.5 1,606.5 1,518.9 1,518.9 1,518.9
   Personal dividend income
1,155.3 1,141.2 1,141.2 978.5 978.5 978.5
  Personal current transfer receipts
2,995.4 2,965.8 2,965.8 2,908.7 2,908.7 2,908.7
   Government social benefits to persons
2,933.8 2,905.4 2,905.4 2,847.1 2,847.1 2,847.1
    Old-age, disability, & health insurance benefits
977.3 969.1 969.1 960.8 960.8 960.8
    Government unemployment insurance benefits
24.7 25.5 25.5 27.5 27.5 27.5
    Other
949.4 951.6 951.6 942.8 942.8 942.8
   Other current transfers, from business
61.6 60.4 60.4 61.6 61.6 61.6
  Contributions for govt. social insurance
-1,365.2 -1,357.1 -1,357.1 -1,355.9 -1,355.9 -1,355.9
Personal current taxes
-2,062.5 -2,041.7 -2,041.7 -2,076.5 -2,076.5 -2,076.5
Disposable personal income
15,579.2 15,458.1 15,458.1 14,763.3 14,763.3 14,763.3
Personal outlays
-14,598.3 -14,403.8 -14,403.8 -14,302.0 -14,302.0 -14,302.0
  Personal consumption expenditures
14,052.1 13,875.6 13,875.6 13,775.9 13,775.9 13,775.9
    Goods
4,376.8 4,329.5 4,329.5 4,416.5 4,416.5 4,416.5
     Durable goods
1,469.2 1,458.7 1,458.7 1,501.7 1,501.7 1,501.7
     Nondurable goods
2,907.5 2,870.8 2,870.8 2,914.8 2,914.8 2,914.8
    Services
9,675.3 9,546.1 9,546.1 9,359.4 9,359.4 9,359.4
  Personal interest payments
340.7 326.4 326.4 321.7 321.7 321.7
  Personal current transfer payments
205.6 201.7 201.7 204.4 204.4 204.4
    To government
112.6 111.3 111.3 116.9 116.9 116.9
    To the rest of the world
93.0 90.4 90.4 87.5 87.5 87.5
Personal saving
980.9 1,054.3 1,054.3 461.3 461.3 461.3
Personal saving as a percentage of disposable personal income %   6.30 % 6.80 % 6.80 % 3.10 % 3.10 % 3.10 %
Disposable personal income:  
Total, billions of chained ($) dollars Y 2000   13,505.1 13,451.4 13,451.4 12,201.9 12,201.9 12,201.9
Per capita:  
Current dollars ($)   47,412 47,135 47,135 45,090 45,090 45,090
Chained ($) dollars Y 2000   43,718 43,624 43,624 39,493 39,493 39,493
Population (midperiod, millions)   328.59 327.96 327.96 327.42 327.42 327.42





Quarterly Growth in Personal Income & Its Disposition
(quarter on quarter seasonally adj. at annual rates, in %)
III Q. 2018
adv.
II Q. 2018
adv.
II Q. 2018
adv.
II Q. 2018
adv.
II Q. 2018
adv.
I Q. 2018
adv.
Personal income 4.1 % 3.5 % 4.2 % 5.1 % 5.1 % 5.1 %
Compensation of employees, received 4.1 % 2.7 % 4.2 % 5.4 % 5.4 % 5.4 %
Wage & salary disbursements 4.4 % 2.8 % 4.5 % 5.8 % 5.8 % 5.8 %
Supplements to wages & salaries 3.1 % 2.5 % 3 % 3.9 % 3.9 % 3.9 %
Proprietors' Income 3.6 % 4.9 % 4.9 % 6.4 % 6.4 % 6.4 %
Rental Income of Persons 7 % 2.7 % 2.7 % 2.2 % 2.2 % 2.2 %
Personal income receipts on assets 3.2 % 4.2 % 4.2 % 4 % 4 % 4 %
Personal interest income 1.9 % 2.3 % 2.3 % 5.3 % 5.3 % 5.3 %
Personal dividend income 5 % 7.1 % 7.1 % 2.2 % 2.2 % 2.2 %
Personal current transfer receipts 4 % 4.4 % 4.4 % 6.6 % 6.6 % 6.6 %
Less: Contributions for social insurance 3.8 % 2.7 % 4.1 % 8.2 % 8.2 % 8.2 %
Less: Personal current taxes 5.5 % 1 % 2.3 % -7.7 % -7.7 % -7.7 %
Equals: Disposable personal income 3.9 % 3.8 % 4.5 % 7 % 7 % 7 %
             
Addenda:            
Personal consumption expenditures 5.2 % 5.9 % 5.9 % 3 % 3 % 3 %
Goods 4.4 % 5.9 % 5.9 % 1.6 % 1.6 % 1.6 %
 Durable goods 2.9 % 6.9 % 6.9 % -3.1 % -3.1 % -3.1 %
 Nondurable goods 5.2 % 5.4 % 5.4 % 4.1 % 4.1 % 4.1 %
Services 5.5 % 5.8 % 5.8 % 3.6 % 3.6 % 3.6 %
Based on chained (2000) dollar measures            
Real disposable personal income 2.4 % 1.8 % 2.5 % 4.4 % 4.4 % 4.4 %





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

Source: Department of Commerce, Bea.gov


     
       
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