Personal Income and Outlays, October 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 $68.1 billion, or 0.4 percent, and disposable personal income (DPI) increased $56.8 billion, or 0.4 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $15.2 billion, or 0.1 percent. In September, personal income increased $27.4 billion, or 0.2 percent, DPI increased $27.0 billion, or 0.2 percent, and PCE increased $9.5 billion, or 0.1 percent, based on revised estimates.

Real DPI increased 0.4 percent in October, compared with an increase of 0.3 percent in September. Real PCE increased 0.1 percent in October, the same increase as in September.

This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for April through June 2015 (second quarter). These estimates reflect the incorporation of the most recently available second-quarter wage and salary tabulations from the Quarterly Census of Employment and Wages (QCEW) from the Bureau of Labor Statistics.

Compensation

Wages and salaries increased $45.0 billion in October, compared with an increase of $2.5 billion in September. Private wages and salaries increased $43.0 billion, compared with an increase of $1.5 billion. Government wages and salaries increased $2.0 billion, compared with an increase of $1.0 billion.

Supplements to wages and salaries increased $6.5 billion in October, compared with an increase of $3.4 billion in September.

Other personal income

Proprietors' income increased $4.3 billion in October, compared with an increase of $5.9 billion in September. Farm proprietors' income decreased $0.4 billion, in contrast to an increase of $3.4 billion. Nonfarm proprietors' income increased $4.7 billion, compared with an increase of $2.5 billion.

Rental income of persons increased $5.2 billion in October, compared with an increase of $2.6 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $4.7 billion, compared with an increase of $5.8 billion. Personal current transfer receipts increased $8.0 billion in October, compared with an increase of $7.2 billion in September.

Contributions for government social insurance -- a subtraction in calculating personal income -- increased $5.5 billion in October, in contrast to a decrease of $0.1 billion in September

Personal current taxes and disposable personal income

Personal current taxes increased $11.4 billion in October, compared with an increase of $0.4 billion in September. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $56.8 billion, or 0.4 percent, compared with an increase of $27.0 billion, or 0.2 percent.

Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $17.8 billion in October, compared with an increase of $7.3 billion in September. PCE increased $15.2 billion, compared with an increase of $9.5 billion.

Personal saving -- DPI less personal outlays -- was $761.9 billion in October, compared with $722.9 billion in September. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.6 percent, compared with 5.3 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 0.4 percent in October, compared with an increase of 0.3 percent in September.

Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in October, the same increase as in September. Purchases of durable goods increased 0.2 percent in October, the same increase as in September. Purchases of nondurable goods increased 0.1 percent in October, in contrast to a decrease of 0.2 percent in September. Purchases of services increased less than 0.1 percent, compared to an increase of 0.2 percent.

The price index for PCE increased 0.1 percent in October, in contrast to a decrease of 0.1 percent in September. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared to an increase of 0.2 percent.

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

Revisions

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

Estimates of wages and salaries were revised from April through September. The revision to second-quarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of second-quarter wages and salaries from the QCEW. Revised estimates for July, August, and September reflect extrapolation from the revised second-quarter level of wages. In addition, revisions to August and September reflect revised BLS employment, hours, and earnings data for those months.