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Personal Income and Outlays, December 2011

Fri, 02/03/2012 - 7:22am
U.S. Bureau of Economic Analysis

Personal income increased $61.3 billion, or 0.5 percent, and disposable personal income (DPI) increased $47.1 billion, or 0.4 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $2.0 billion, or less than 0.1 percent. In November, personal income increased $7.4 billion, or 0.1 percent, DPI decreased $4.1 billion, or less than 0.1 percent, and PCE increased $11.4 billion, or 0.1 percent, based on revised estimates. Real disposable income increased 0.3 percent in December, in contrast to a decrease of less than 0.1 percent in November. Real PCE decreased 0.1 percent, in contrast to an increase of 0.1 percent. 2011 Aug. Sept. Oct. Nov. Dec. (Percent change from preceding month) Personal income, current dollars -0.1 0.2 0.4 0.1 0.5 Disposable personal income: Current dollars -0.1 0.1 0.2 0.0 0.4 Chained (2005) dollars -0.4 -0.1 0.3 0.0 0.3 Personal consumption expenditures: Current dollars 0.1 0.7 0.1 0.1 0.0 Chained (2005) dollars -0.1 0.5 0.1 0.1 -0.1 Wages and salaries Private wage and salary disbursements increased $29.1 billion in December, in contrast to a decrease of $1.4 billion in November. Goods-producing industries' payrolls increased $10.8 billion, in contrast to a decrease of $6.5 billion; manufacturing payrolls increased $7.4 billion, in contrast to a decrease of $6.2 billion. Services-producing industries' payrolls increased $18.3 billion, compared with an increase of $5.1 billion. Government wage and salary disbursements increased $0.4 billion in December; government wages and salaries were unchanged in November. Other personal income Supplements to wages and salaries increased $3.6 billion in December, compared with an increase of $1.6 billion in November. Proprietors' income increased $1.1 billion in December, in contrast to a decrease of $1.2 billion in November. Farm proprietors' income decreased $4.7 billion in December, the same decrease as in November. Nonfarm proprietors' income increased $5.8 billion in December, compared with an increase of $3.5 billion in November. Rental income of persons increased $8.2 billion in December, compared with an increase of $8.6 billion in November. Personal income receipts on assets (personal interest income plus personal dividend income) increased $9.3 billion, in contrast to a decrease of $0.6 billion. Personal current transfer receipts increased $13.2 billion in December, compared with an increase of $0.4 billion in November. Within personal current transfer receipts, government social benefits to persons were boosted in December by retroactive social security benefit payments of $7.1 billion at an annual rate, resulting from a recalculation of the earnings base underlying the benefits of recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.7 billion in December; contributions for government social insurance were unchanged in November. Personal current taxes and disposable personal income Personal current taxes increased $14.1 billion in December, compared with an increase of $11.5 billion in November. Disposable personal income -- personal income less personal current taxes -- increased $47.1 billion, or 0.4 percent, in December, in contrast to a decrease of $4.1 billion, or less than 0.1 percent in November. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $5.2 billion in December, in contrast to an increase of $8.2 billion in November. PCE decreased $2.0 billion, in contrast to an increase of $11.4 billion. Personal saving -- DPI less personal outlays -- was $460.1 billion in December, compared with $407.8 billion in November. The personal saving rate -- personal saving as a percentage of disposable income -- was 4.0 percent in December, compared with 3.5 percent in November. For a comparison of personal saving in BEA?s national income and product accounts with personal saving in the Federal Reserve Board?s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in December, in contrast to decrease of less than 0.1 percent in November. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in December, in contrast to an increase of 0.1 percent in November. Purchases of durable goods decreased 0.1 percent, in contrast to an increase of 0.7 percent. Purchases of nondurable goods decreased 0.1 percent, the same decrease as in November. Purchases of services decreased 0.1 percent in December, in contrast to an increase of 0.1 percent in November. PCE price index -- The price index for PCE increased 0.1 percent in December, in contrast to a decrease of less than 0.1 percent in November. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. 2011 Personal Income and Outlays Personal income increased 4.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.7 percent in 2010. DPI increased 3.4 percent, compared with an increase of 3.6 percent. PCE increased 4.7 percent, compared with an increase of 3.8 percent. Real DPI increased 0.9 percent in 2011, compared with an increase of 1.8 percent in 2010. Real PCE increased 2.2 percent, compared with an increase of 2.0 percent. Revisions Estimates have been revised for October and November. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for October and November -- revised and as published in last month's release -- are shown below. Change from preceding month October November Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 47.2 46.7 0.4 0.4 8.5 7.4 0.1 0.1 Disposable personal income: Current dollars 27.2 24.4 0.2 0.2 -5.0 -4.1 0.0 0.0 Chained (2005) dollars 29.4 26.0 0.3 0.3 -0.6 -3.1 0.0 0.0 Personal consumption expenditures: Current dollars 11.3 10.5 0.1 0.1 13.1 11.4 0.1 0.1 Chained (2005) dollars 15.2 13.6 0.2 0.1 15.1 10.4 0.2 0.1 This release includes revised estimates of population, per capita disposable personal income (DPI), and per capita real DPI. The revised population estimates reflect newly available estimates from the Census Bureau for April 2000 through December 2011. BEA population estimates are a mid-month average of Census Bureau data. The revised per capita estimates reflect the revisions to the population estimates. Estimates for the complete revision period are available on BEA's Web site at http://www.bea.gov/iTable/index_nipa.cfm. BEA?s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA?s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release - March 1, 2012 at 8:30 A.M. EST for Personal Income and Outlays for January Release Dates for 2012 December 2011...January 30 April 2012...June 1 August 2012.....September 28 January 2012....March 1 May 2012.....June 29 September 2012..October 29 February 2012...March 30 June 2012....July 31 October 2012....November 30 March 2012......April 30 July 2012....August 30 November 2012...December 21 ________________________ NOTE. Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. ?Real? estimates are in chained (2005) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm.

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