US Economic Indicators: Personal Income & Consumption December, 17 Dr. Edward Yardeni 1-97-73 eyardeni@ Debbie Johnson --1333 djohnson@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Wages & Salaries & DPI 1 Real Wages & Salaries & DPI Real Personal Consumption 3 Real Personal Income - Personal Saving Nominal Personal Income 7 Real Personal Income Personal Income 9 Personal Saving 1 December, 17 / US Economic Indicators: Personal Income & Consumption www.
1 1 Figure 1. Wages & Salaries & DPI DISPOSABLE PERSONAL INCOME vs. PERSONAL CONSUMPTION EXPENDITURES (yearly percent change) 1 1 - - Disposable Personal Income (3.7) Personal Consumption Expenditures (.) - - - 7 9 1 11 1 13 1 1 1 17 1 Source: US Department of Labor, Bureau of Labor Statistics. - 1 Figure. PRIVATE WAGES & SALARIES* vs. PERSONAL CONSUMPTION EXPENDITURES (yearly percent change) 1 - - Private Wages & Salaries (pre-tax) (.) Personal Consumption Expenditures (.) - - - - - - -1 7 9 1 11 1 13 1 1 1 17 1-1 * Pre-tax. Source: US Department of Labor, Bureau of Labor Statistics. Page 1 / December, 17 / US Economic Indicators: Personal Income & Consumption www.
Figure 3. Real Wages & Salaries & DPI REAL DISPOSABLE PERSONAL INCOME vs. REAL PERSONAL CONSUMPTION EXPENDITURES (yearly percent change) - - Real Disposable Personal Income (1.9) Real Personal Consumption Expenditures (.7) - - - 7 9 1 11 1 13 1 1 1 17 1 Source: US Department of Labor, Bureau of Labor Statistics. - Figure. REAL PRIVATE WAGES & SALARIES vs. REAL PERSONAL CONSUMPTION EXPENDITURES (yearly percent change) - - - Real Wages & Salaries (.7) Real Personal Consumption Expenditures (.7) - - 7 9 1 11 1 13 1 1 1 17 1 Source: US Department of Labor, Bureau of Labor Statistics. - Page / December, 17 / US Economic Indicators: Personal Income & Consumption www.
Real Personal Consumption Figure. REAL PERSONAL CONSUMPTION EXPENDITURES (3-month percent change in 3-ma, saar) Total (3.) - - - - - 3 7 9 1 11 1 13 1 1 1 17 1-3 1 Durable Goods (13.) 1-1 -1 - - -3-3 - 9 7 9 1 11 1 13 1 1 1 17 1-9 3 Nondurable Goods (.) 3-3 -3 - - -9 7 9 1 11 1 13 1 1 1 17 1-9 Services (1.3) - - - 7 9 1 11 1 13 1 1 1 17 1 Source: Bureau of Economic Analysis. - Page 3 / December, 17 / US Economic Indicators: Personal Income & Consumption www.
1 1 Figure. REAL PERSONAL INCOME (3-month percent change in 3-ma, saar) Total Income (1.3) Real Personal Income 1 1 - - -1-1 -1 1 9 3-3 - -9-1 -1-1 1 1 7 9 1 11 1 13 1 1 1 17 1 Disposable Income (1.) 7 9 1 11 1 13 1 1 1 17 1 Wages & Salaries (1.) -1 1 9 3-3 - -9-1 -1-1 1 1 - - -1-1 -1-7 9 1 11 1 13 1 1 1 17 1 Source: Bureau of Economic Analysis. -1 - Page / December, 17 / US Economic Indicators: Personal Income & Consumption www.
3 1 1 Figure 7. Real Personal Income REAL GOVERNMENT SOCIAL BENEFITS TO PERSONS (3-month percent change in 3-ma, saar) 3 1 1 - -1-1 - - -3 7 9 1 11 1 13 1 1 1 17 1 Source: Bureau of Economic Analysis. - -1-1 - - -3 1 1 Figure. REAL PERSONAL INCOME LESS TRANSFER PAYMENTS (3-month percent change in 3-ma, saar) 1 1 - - -1-1 -1-1 - 7 9 1 11 1 13 1 1 1 17 1 Source: Bureau of Economic Analysis. - Page / December, 17 / US Economic Indicators: Personal Income & Consumption www.
1 Figure 9. PERSONAL SAVING RATE (percent, saar) Personal Saving 1 1 1 (.9) 9 91 9 93 9 9 9 97 9 99 1 3 7 9 1 11 1 13 1 1 1 17 1 19 Source: Bureau of Economic Analysis and Haver Analytics. 1 Figure 1. PERSONAL SAVING (billion dollars, 1-month sum) 1 Avg = $71bn Avg = $37bn 9 91 9 93 9 9 9 97 9 99 1 3 7 9 1 11 1 13 1 1 1 17 1 19 Source: Bureau of Economic Analysis and Haver Analytics. Page / December, 17 / US Economic Indicators: Personal Income & Consumption www.
1 1 1 1 1 Figure 11. PERSONAL INCOME (billion dollars, saar) Total 1 3 7 9 1 11 1 13 1 1 1 17 1 19 Nominal Personal Income Government Social Benefits 1 3 7 9 1 11 1 13 1 1 1 17 1 19 3 1 1 1 1 1 7 7 Wages & Salaries 1 3 7 9 1 11 1 13 1 1 1 17 1 19 Income Tax Payroll Tax 1 3 7 9 1 11 1 13 1 1 1 17 1 19 1 1 1 1 1 1 19 1 1 13 17 1 1 13 Supplements Disposable Income 11 1 9 11 7 9 1 3 7 9 1 11 1 13 1 1 1 17 1 19 1 3 7 9 1 11 1 13 1 1 1 17 1 19 3 1 19 17 1 13 11 9 Receipts from Assets Proprietors Income Plus Rental Income 1 3 7 9 1 11 1 13 1 1 1 17 1 19 Personal Income Excluding Personal Transfer Receipts 1 3 7 9 1 11 1 13 1 1 1 17 1 19 1 13 1 11 1 9 7 Source: Bureau of Economic Analysis. Page 7 / December, 17 / US Economic Indicators: Personal Income & Consumption www.
Real Personal Income 1 1 Figure 1. REAL PERSONAL INCOME (billion 9 dollars, saar) 13 1 11 Total Government Social Benefits 1 1 1 1 1 3 7 9 1 11 1 13 1 1 1 17 1 19 1 3 7 9 1 11 1 13 1 1 1 17 1 19 1 77 7 73 71 9 7 3 1 9 7 Wages & Salaries Aug 1 3 7 9 1 11 1 13 1 1 1 17 1 19 Income Tax Payroll Tax 1 3 7 9 1 11 1 13 1 1 1 17 1 19 1 1 1 1 1 1 13 1 1 1 11 11 1 Supplements Disposable Income 1 1 9 9 1 1 3 7 9 1 11 1 13 1 1 1 17 1 19 1 3 7 9 1 11 1 13 1 1 1 17 1 19 Receipts from Assets 1 1 1 11 1 1 1 1 Proprietors Income Plus Rental Income 1 3 7 9 1 11 1 13 1 1 1 17 1 19 Personal Income Excluding Personal Transfer Receipts 1 3 7 9 1 11 1 13 1 1 1 17 1 19 9 Source: Bureau of Economic Analysis. Page / December, 17 / US Economic Indicators: Personal Income & Consumption www.
1 9 Figure 13. PERSONAL INCOME (as percent of Personal Income) Personal Income Disposable Personal Income 1 9 7 Wages, Salaries, & Supplements (Pre-Tax) 7 Wages & Salaries (Pre-Tax) 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 Source: US Department of Commerce, Bureau of Economic Analysis. 19 Figure 1. PERSONAL INCOME: ENTITLEMENTS 19 17 Q3 17 1 Government Social Benefits to Persons (as a percent of Personal Income) 1 13 13 11 11 9 9 7 7 3 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 3 Source: US Department of Commerce, Bureau of Economic Analysis. Page 9 / December, 17 / US Economic Indicators: Personal Income & Consumption www.
1 Figure 1. PERSONAL SAVING (billion dollars, saar) Personal Saving 1 1 1 9 9 9 9 9 1 1 1 1 1 Source: Bureau of Economic Analysis and Haver Analytics. Page 1 / December, 17 / US Economic Indicators: Personal Income & Consumption www.
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