WASHINGTON (Oct. 29, 2012) — Personal income increased $48.1 billion, or 0.4 percent, and disposable personal income (DPI) increased $43.0 billion, or 0.4 percent, in September, the Bureau of Economic Analysis reported today.
Consumer spending – or personal consumption expenditures (PCE) — increased $87.9 billion, or 0.8 percent. In August, personal income increased $17.8 billion, or 0.1 percent, DPI increased $15.1 billion, or 0.1 percent, and PCE increased $59.9 billion, or 0.5 percent, based on revised estimates.
Real disposable income decreased less than 0.1 percent in September, compared with a decrease of 0.3 percent in August. Real PCE increased 0.4 percent, compared with an increase of 0.1 percent.
Wages and salaries
Private wage and salary disbursements increased $19.5 billion in September, compared with an increase of $4.1 billion in August. Goods-producing industries’ payrolls increased $2.9 billion, in contrast to a decrease of $7.2 billion; manufacturing payrolls increased $0.5 billion, in contrast to a decrease of $6.3 billion. Services-producing industries’ payrolls increased $16.6 billion, compared with an increase of $11.3 billion. Government wage and salary disbursements increased $1.4 billion, compared with an increase of $2.8 billion.
Other personal income
Supplements to wages and salaries increased $4.7 billion in September, compared with an increase of $3.3 billion in August.
Proprietors’ income increased $13.2 billion in September, compared with an increase of $8.6 billion in August. Farm proprietors’ income increased $3.9 billion in September, the same increase as in August. Nonfarm proprietors’ income increased $9.4 billion in September, compared with an increase of $4.8 billion in August.
Rental income of persons increased $5.1 billion in September, compared with an increase of $5.0 billion in August. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $5.7 billion, compared with a decrease of $3.9 billion.
Personal current transfer receipts increased $12.7 billion in September, in contrast to a decrease of $1.6 billion in August. Within current transfer receipts, government social benefits to persons for social security benefits increased $14.0 billion, in contrast to a decrease of $2.4 billion.
Contributions for government social insurance — a subtraction in calculating personal income — increased $2.8 billion in September, compared with an increase of $0.7 billion in August.
Personal current taxes and disposable personal income
Personal current taxes increased $5.2 billion in September, compared with an increase of $2.5 billion in August. Disposable personal income (DPI) — personal income less personal current taxes — increased $43.0 billion, or 0.4 percent, in September, compared with an increase of $15.1 billion, or 0.1 percent, in August.
Personal outlays and personal saving
Personal outlays — PCE, personal interest payments, and personal current transfer payments — increased $93.1 billion in September, compared with an increase of $65.0 billion in August. PCE increased $87.9 billion, compared with an increase of $59.9 billion.
Personal saving — DPI less personal outlays — was $395.0 billion in September, compared with $445.1 billion in August. The personal saving rate — personal saving as a percentage of disposable personal income — was 3.3 percent in September, compared with 3.7 percent in August. 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 — decreased less than 0.1 percent in September, compared with a decrease of 0.3 percent in August.
Real PCE — PCE adjusted to remove price changes — increased 0.4 percent in September, compared with an increase of 0.1 percent in August. Purchases of durable goods increased 1.3 percent, compared with an increase of 1.5 percent. Purchases of nondurable goods increased 0.5 percent, compared with an increase of 0.4 percent. Purchases of services increased 0.2 percent, in contrast to a decrease of 0.2 percent.
The price index for PCE increased 0.4 percent in September, the same increase as in August. The PCE price index, excluding food and energy, increased 0.1 percent in September, the same increase as in August.
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