Personal Income and Outlays, September 2015

Historical release narrative reproduced from the official public-domain U.S. Bureau of Economic Analysis source. Statistical tables, charts, standard technical appendices and administrative material are omitted; formatting is adapted for reading. Figures retain the release's original vintage and may have been revised. Consult the linked source for the complete release and current data.

Personal income increased $18.6 billion, or 0.1 percent, and disposable personal income (DPI) increased $19.2 billion, or 0.1 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $15.6 billion, or 0.1 percent. In August, personal income increased $54.9 billion, or 0.4 percent, DPI increased $49.5 billion, or 0.4 percent, and PCE increased $44.2 billion, or 0.4 percent, based on revised estimates.

Real DPI increased 0.2 percent in September, compared with an increase of 0.4 percent in August. Real PCE increased 0.2 percent, compared with an increase of 0.4 percent.

Compensation

Wages and salaries decreased $3.7 billion in September, in contrast to an increase of $36.0 billion in August. Private wages and salaries decreased $7.0 billion, in contrast to an increase of $32.2 billion. Government wages and salaries increased $3.3 billion, compared with an increase of $3.8 billion.

Supplements to wages and salaries increased $3.3 billion in September, compared with an increase of $6.4 billion in August.

Other personal income

Proprietors' income increased $5.6 billion in September, compared with an increase of $0.6 billion in August. Farm proprietors' income increased $2.6 billion, the same increase as in August. Nonfarm proprietors' income increased $3.1 billion in September, in contrast to a decrease of $2.0 billion in August.

Rental income of persons increased $2.5 billion in September, compared with an increase of $1.8 billion in August. Personal income receipts on assets (personal interest income plus personal dividend income) increased $5.7 billion, compared with an increase of $5.1 billion. Personal current transfer receipts increased $4.0 billion, compared with an increase of $9.5 billion.

Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $1.0 billion in September, in contrast to an increase of $4.4 billion in August.

Personal current taxes and disposable personal income

Personal current taxes decreased $0.6 billion in September, in contrast to an increase of $5.4 billion in August. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $19.2 billion, or 0.1 percent, compared with an increase of $49.5 billion, or 0.4 percent.

Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $13.7 billion in September, compared with an increase of $42.3 billion in August. PCE increased $15.6 billion, compared with an increase of $44.2 billion.

Personal saving -- DPI less personal outlays -- was $642.8 billion in September, compared with $637.3 billion in August. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.8 percent, compared with 4.7 percent. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp.

Real DPI, real PCE, and price index

Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in September, compared with an increase of 0.4 percent in August.

Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in September, compared with an increase of 0.4 percent in August. Purchases of durable goods increased 0.6 percent in September, the same increase as in August. Purchases of nondurable goods decreased 0.3 percent in September, in contrast to an increase of 0.3 percent in August. Purchases of services increased 0.3 percent, compared with an increase of 0.4 percent.

The price index for PCE decreased 0.1 percent in September, compared with a decrease of less than 0.1 percent in August. The PCE price index, excluding food and energy, increased 0.1 percent in September, the same increase as in August.

The September price index for PCE increased 0.2 percent from September a year ago. The September PCE price index, excluding food and energy, increased 1.3 percent from September a year ago.

Revisions

Estimates have been revised for July and August. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for July and August -- revised and as published in last month's release -- are shown below.