Summer of Recovery huh? Economy Caught in Depression, Not Recession

[uscitizen]

I can't name 1 who's making less. People are still getting raises, maybe lower raises but the 90% of us working are still paying our mortgages and still getting raises.

You have changed your stat three times now since I started challenging you. That shows dishonesty and weakness on your part. Now 90% of people are paying their mortgages and getting raises? (those working)

If that were true, why the recent increase in foreclosures? Most people I know took jobs that paid less than their old job. If they got a raise, it still is well below their old job's rate. Your wrong and spewing nothing but messiah 0bama scripture.

toppy was one of those I was speaking of who said the economy would rebound in 3rd quarted 2008 or 1st quarter 2009. He Kept talking about how could things be bad the mall parking lots were full.

He has been wrong all along on the economy.

 

[topspin]

you are an uneducated moron. And I'll gladly place my investment portfolio and education vs yours. Oh wait, you thought high school was enough. LOFL

 

[RDD_1210]

income up ditz

s/he is interpreting PCE as income. With that in mind, do you really expect him/her to understand the rest of the report?

She is a unemployed high school dropout who's only purpose in life it seems is to start threads on this site about the demise of our country. She doesn't know what she is saying 99.9% of the time and when she "read" that article posted, she just looked for the word 'decrease' and assumed it was showing Obama in a bad light and thus somehow validating her POV.

There is no use trying to have an intelligent discussion with someone who is unfortunately just not intelligent.

 

[topspin]

BAM!!! well said

 

[saveliberty]

Since your incapable of interpreting the data. What we have here is a double dip recession that will be a depression if we try the smae solution again. It is happening because the stimulus could not, BY DESIGN, reverse the problem. It was nothing but a delay in the cycle. The causes may have been from the prior decade, but the solution is what will make this longer and deeper. 0bama owns ALL of that.

 

[RDD_1210]

Since your incapable of interpreting the data. What we have here is a double dip recession that will be a depression if we try the smae solution again. It is happening because the stimulus could not, BY DESIGN, reverse the problem. It was nothing but a delay in the cycle. The causes may have been from the prior decade, but the solution is what will make this longer and deeper. 0bama owns ALL of that.

I love hidden erotic messages.

 

[Annie]

incomes are and have been rising
Prices on Houses are way down, cars and most big ticket items have to be discounted to be sold.

The economy is not even strong, but it's growing and those with the rising incomes are seeing thier purchasing power rise.

Factually wrong.

Personal Income Falls In Most Cities–Except Washington DC - 24/7 Wall St.

Personal Income Falls In Most Cities–Except Washington DC
Posted: August 10, 2010 at 5:08 am


Washington DC is a good place to work during a recession. Information from the Commerce Department shows personal incomes declined in 233 cities and rose in 134 in 2009. In nine cities, the figure was unchanged from 2008. Total personal income across the cities fell an average of 1.8% last year compared to a gain of 2.7% in 2008.

The most interesting number in the report may be that among the cities with populations of more than one million people only Washington DC had an improvement in personal income. Federal government employment accounted for much of the increase.

Other large cities suffered horribly. Personal income in Naples, Florida fell 7.1%.

...

 

[topspin]

incomes are and have been rising
Prices on Houses are way down, cars and most big ticket items have to be discounted to be sold.

The economy is not even strong, but it's growing and those with the rising incomes are seeing thier purchasing power rise.

Factually wrong.

Personal Income Falls In Most Cities–Except Washington DC - 24/7 Wall St.

Personal Income Falls In Most Cities–Except Washington DC
Posted: August 10, 2010 at 5:08 am


Washington DC is a good place to work during a recession. Information from the Commerce Department shows personal incomes declined in 233 cities and rose in 134 in 2009. In nine cities, the figure was unchanged from 2008. Total personal income across the cities fell an average of 1.8% last year compared to a gain of 2.7% in 2008.

The most interesting number in the report may be that among the cities with populations of more than one million people only Washington DC had an improvement in personal income. Federal government employment accounted for much of the increase.

Other large cities suffered horribly. Personal income in Naples, Florida fell 7.1%.

...

cities are where the poor live, and you don't know much about finance. Total income is up.

 

[saveliberty]

incomes are and have been rising
Prices on Houses are way down, cars and most big ticket items have to be discounted to be sold.

The economy is not even strong, but it's growing and those with the rising incomes are seeing thier purchasing power rise.

Factually wrong.

Personal Income Falls In Most Cities–Except Washington DC - 24/7 Wall St.

Personal Income Falls In Most Cities–Except Washington DC
Posted: August 10, 2010 at 5:08 am


Washington DC is a good place to work during a recession. Information from the Commerce Department shows personal incomes declined in 233 cities and rose in 134 in 2009. In nine cities, the figure was unchanged from 2008. Total personal income across the cities fell an average of 1.8% last year compared to a gain of 2.7% in 2008.

The most interesting number in the report may be that among the cities with populations of more than one million people only Washington DC had an improvement in personal income. Federal government employment accounted for much of the increase.

Other large cities suffered horribly. Personal income in Naples, Florida fell 7.1%.

...

cities are where the poor live, and you don't know much about finance. Total income is up.

...and the poor represent a large proportion of your 90% topspin. Now you move into the fourth variation of your "fact". Its just total income is up. Keep clawing for traction. That ravine looks pretty deep.

 

[topspin]

save liberty you saved on education. Look up the gov numbers income is up about 1%.

Just becuase you pray for a double dip doesn't make it so. GDP is up, had you gone to college you'd know what GDP is.

 

[8537]

Since your incapable of interpreting the data. What we have here is a double dip recession that will be a depression if we try the smae solution again. It is happening because the stimulus could not, BY DESIGN, reverse the problem. It was nothing but a delay in the cycle. The causes may have been from the prior decade, but the solution is what will make this longer and deeper. 0bama owns ALL of that.

How can a boost to current production and current employment during a time when the recessionary gap is 10% or so, cap utilization is at historic lows and the investment class is sitting on their hands NOT be considered an improvement?

Increased income = increase demand = increased consumption = economic growth.

The short term increase in income combined with long-term productivity gains is what causes the economy to grow (in both the short and long term)

 

[Missourian]

Daryl Montgomery, On Monday August 9, 2010, 2:38 pm EDT


As of June, consumer borrowing has now dropped 16 out of the last 17 months. Credit card debt has fallen 21 months in a row. The personal savings rate in June rose to 6.4% from 2.1% before the recession began. Wages and Salaries are down 3.6% in the last two and half years. Despite decreased credit and income and increased savings, all three of which are negatives for consumer spending (NYSEArca: XLY - News), GDP figures claim American consumers are buying more.

Consumers: Credit, Wages Down, But Spending Up - Yahoo! Finance​

So much for your arrogance and elitisism.


Stay at home mom 100% right...college educated topspin 100% wrong.

 

[topspin]

another moron hunts and pecks data, highlights the negative while ignoring the positive. Gov stats show income up over the last year as posted. Credit card debt is going way down. Yeah that's bad.
Is the economy great, no. is it average no it's sluggish. But its growing it's not a depression like teapartyGED and co want it to be. Now if your one of the unlucky/unskilled 10% unemployed then it prob does feel like a depression. Not to be confused with teaparty being depressed cause hubby never home.

 

[Annie]

For Americas Middle Class, the Hits Just Keep on Coming: Tech Ticker, Yahoo! Finance

For America's Middle Class, the Hits Just Keep on Coming

Posted Aug 25, 2010 07:50am EDT by Aaron Task
A lot of ink and pixels have been spilled this week over the ICI's report that equity mutual funds suffered net withdrawals totaling over $33 billion in the first seven months of 2010. Myriad reasons were cited for the trend, including a mistrust of stocks, the flash crash and an aging population. (See: The Next Bubble? Investors Flee Stocks in Droves In Favor of Bonds.)

Perhaps the biggest reason of all hasn't gotten enough attention: Americans are making due with less and don't have the money to put into stock funds, and many are taking money out of their investments to pay for basic necessities like food, clothing and shelter.

With wages stagnant for those who still have a job "a lot of people are having to tap into their nest egg to keep their living standards going," says Damien Hoffman, co-founder of WallStCheatSheet. "A lot of people are living out of principal. There's no other way to get around that."

Fidelity's recent report of a sharp increase in the number of 401(k) participants seeking loans or hardship withdrawals in the second quarter is further evidence of the disappearing middle class. "These are basically emergency ways to fund yourself. We think it's a scary statistic," Hoffman says. "Where is the middle class going to be if they draw down their 401(k)s drastically over course of next few years?"

...

 

[topspin]

yes americans are dumbasses, like I said the poor are funny. Raiding the 401K to pay for disneyland is not smart.

 

[NYcarbineer]

News Headlines

It's all BUUUUUUUUUUUUUUUSH's fault!

Yeah right! Democrats have been in control since 2007, but they are just innocent of all the economic damage their policies have caused.

November is coming liberals!

Then what should the administration be doing that they are not doing, or have not done?

Specifically.

You have been told at least twice in the last month. You don't like the answer, because it means less control by government. Your scared of being responsible and hard work.

I'll repeat the question:

what should the administration be doing that they are not doing, or have not done?

 

[johnrocks]

Then what should the administration be doing that they are not doing, or have not done?

Specifically.

You have been told at least twice in the last month. You don't like the answer, because it means less control by government. Your scared of being responsible and hard work.

I'll repeat the question:

what should the administration be doing that they are not doing, or have not done?

Government is the problem, recessions are needed to burn off malinvestments, government intervention got us into the mess, it's prolonging the mess and when we do come out of it, it will be IN SPITE OF government, not due to government intervention.

 

[MaggieMae]

Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday.

Writing in his daily briefing to investors, Rosenberg said the Great Depression also had its high points, with a series of positive GDP reports and sharp stock market gains.

But then as now, those signs of recovery were unsustainable and only provided a false sense of stability, said Rosenberg.

Rosenberg calls current economic conditions "a depression, and not just some garden-variety recession," and notes that any good news both during the initial 1929-33 recession and the one that began in 2008 triggered "euphoric response."

News Headlines

It's all BUUUUUUUUUUUUUUUSH's fault!

Yeah right! Democrats have been in control since 2007, but they are just innocent of all the economic damage their policies have caused.

November is coming liberals!

...

 

[Missourian]

News Release: Personal Income and Outlays, June 2010


Personal Income and Outlays, June 2010
Revised Estimates: 2007 Through May 2010
Personal income increased $3.0 billion, or less than 0.1 percent, and disposable personal income
(DPI) increased $5.1 billion, or less than 0.1 percent, in June, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $2.9 billion, or less than 0.1 percent.
In May, personal income increased $40.5 billion, or 0.3 percent, DPI increased $36.9 billion, or 0.3
percent, and PCE increased $8.6 billion, or 0.1 percent, based on revised estimates.

Real disposable income increased 0.2 percent in June, compared with an increase of 0.4 percent in May.
Real PCE increased 0.1 percent, compared with an increase of 0.2 percent.

2010
Feb. Mar. Apr. May June
(Percent change from preceding month)
Personal income, current dollars 0.1 0.4 0.4 0.3 0.0
Disposable personal income:
Current dollars 0.1 0.4 0.5 0.3 0.0
Chained (2005) dollars 0.1 0.3 0.5 0.4 0.2
Personal consumption expenditures:
Current dollars 0.5 0.5 -0.1 0.1 0.0
Chained (2005) dollars 0.4 0.3 -0.1 0.2 0.1

Wages and salaries

Private wage and salary disbursements decreased $5.2 billion in June, in contrast to an increase
of $19.2 billion in May. Goods-producing industries' payrolls decreased $8.9 billion, in contrast to
an increase of $10.4 billion; manufacturing payrolls decreased $6.0 billion, in contrast to an increase
of $7.8 billion. Services-producing industries' payrolls increased $3.7 billion, compared with an
increase of $8.8 billion. Government wage and salary disbursements decreased $0.6 billion, in contrast
to an increase of $7.0 billion. The decline in the number of temporary workers for Census 2010 subtracted
$3.4 billion at an annual rate from federal civilian payrolls in June; the hiring of additional
temporary workers had added $5.7 billion at an annual rate in May.

Other personal income

Supplements to wages and salaries increased $1.9 billion in June, compared with an increase of $4.1 billion in May.

Proprietors' income decreased $4.4 billion in June, in contrast to an increase of $2.2 billion in May.
Farm proprietors' income increased $0.2 billion, the same increase as in May. Nonfarm proprietors' income
decreased $4.7 billion in June, in contrast to an increase of $2.0 billion in May.

Rental income of persons increased $1.8 billion in June, the same increase as in May. Personal income
receipts on assets (personal interest income plus personal dividend income) increased $1.9 billion in
June, compared with an increase of $4.1 billion in May. Personal current transfer receipts increased
$7.2 billion, compared with an increase of $6.0 billion.

Contributions for government social insurance -- a subtraction in calculating personal income -- decreased
$0.4 billion in June, in contrast to an increase of $3.8 billion in May.

Personal current taxes and disposable personal income

Personal current taxes decreased $2.0 billion in June, in contrast to an increase of $3.6 billion in May.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $5.1 billion,
or less than 0.1 percent, in June, compared with an increase of $36.9 billion, or 0.3 percent, in May.

Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased
$7.0 billion in June, in contrast to an increase of $4.6 billion in May. PCE decreased $2.9
billion, in contrast to an increase of $8.6 billion.

Personal saving -- DPI less personal outlays -- was $725.9 billion in June, compared with $713.9 billion
in May. Personal saving as a percentage of disposable personal income was 6.4 percent in June,
compared with 6.3 percent in May. 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 U.S. Department of Commerce. Bureau of Economic Analysis.

Real DPI, real PCE and price index

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

Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in June, compared with
an increase of 0.2 percent in May. Purchases of durable goods increased 0.4 percent, in contrast to a
decrease of less than 0.1 percent. Purchases of nondurable goods increased 0.1 percent, in contrast
to a decrease of 0.2 percent. Purchases of services increased 0.1 percent, compared with an increase
of 0.3 percent.

PCE price index -- The price index for PCE decreased 0.1 percent in June, the same decrease as in May.
The PCE price index, excluding food and energy, increased less than 0.1 percent in June, compared with an
increase of 0.1 percent in May.

Revisions of the Personal Income and Outlays Estimates

Personal income, personal outlays, DPI, and personal saving are revised, beginning with January 2007,
to reflect the results of the annual revision of the national income and products accounts (NIPAs)
released last week. Annual revisions, which are usually released in July, incorporate source data
that are more complete, more detailed, and otherwise more reliable than those previously published.

Revised annual estimates of personal income and outlays for 2007-2009, are shown in table 12. Revised
and previously published monthly estimates of personal income, DPI, PCE, personal saving as a
percentage of DPI, real DPI, and real PCE are shown in table 13; revised and previously published
annual and quarterly estimates are shown in table 14.

Personal income was revised up for all 3 years: $18.2 billion, or 0.2 percent, for 2007; $152.3 billion,
or 1.2 percent, for 2008; and $155.9 billion, or 1.3 percent, for 2009. For 2007, upward revisions to
personal dividend income and to wages and salaries were partly offset by a downward revision to supplements
to wages and salaries. For 2008, upward revisions to personal dividend income, to wages and salaries, to
rental income of persons, and to supplements to wages and salaries were partly offset by a downward revision
to nonfarm proprietors’ income. For 2009, upward revisions to personal dividend income, to supplements
to wages and salaries, and to government social benefits to persons were partly offset by downward revisions
to nonfarm proprietors’ income and to personal interest income.

Disposable personal income (DPI) was revised up for all 3 years: $20.5 billion, or 0.2 percent, for
2007; $146.5 billion, or 1.4 percent, for 2008; and $117.6 billion, or 1.1 percent, for 2009. Personal
current taxes was revised down $2.2 billion for 2007, was revised up $5.8 billion for 2008, and was revised
up $38.3 billion for 2009. The percent change from the preceding year in real DPI was revised up
from 2.2 percent to 2.3 percent for 2007, was revised up from 0.5 percent to 1.7 percent for 2008,
and was revised down from 0.8 percent to 0.6 percent for 2009.

Personal outlays was revised down for all 3 years: $15.4 billion for 2007, $15.0 billion for 2008, and
$79.1 billion for 2009. For all 3 years, downward revisions to PCE more than accounted for the revision
to personal outlays.

The personal saving rate (personal saving as a percentage of DPI) was revised up for all 3 years: from
1.7 percent to 2.1 percent for 2007, from 2.7 percent to 4.1 percent for 2008, and from 4.2 percent
to 5.9 percent for 2009.

NOTE. -- BEA acknowledges the special efforts by the Bureau of Labor Statistics with the assistance
of 16 state employment offices in providing preliminary data for the first quarter of 2010 from the
quarterly census of employment and wages. Wage and salary data from the state employment offices of
California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Massachusetts,
Missouri, North Carolina, New Jersey, New York, Ohio, Pennsylvania, and Texas were provided.
These data should greatly improve the estimates of wages and salaries.

Annual Revision of the National Income and Product Accounts

The estimates released today reflect the results of the annual revision of the national income
and product accounts, beginning with the estimates for January 2007. Annual revisions, which are usually
released in July, incorporate source data that are more complete, more detailed, and otherwise more
reliable than those previously available. This release includes revised estimates of monthly
personal income, disposable personal income, and outlays and provides an overview of the effects of the revision.

The August 2010 Survey will contain NIPA tables and an article describing the revisions.
The revised estimates will be available on BEA’s Web site at U.S. Bureau of Economic Analysis (BEA) - bea.gov Home Page.

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 U.S. Bureau of Economic Analysis (BEA) - bea.gov Home Page.
By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

* * *

Next release -- August 30, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for July.
________________________

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 BEA : Current Releases.

Your own posted data doesn't say what you claim it says.

​

 

[teapartysamurai]

News Release: Personal Income and Outlays, June 2010


Personal Income and Outlays, June 2010
Revised Estimates: 2007 Through May 2010
Personal income increased $3.0 billion, or less than 0.1 percent, and disposable personal income
(DPI) increased $5.1 billion, or less than 0.1 percent, in June, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $2.9 billion, or less than 0.1 percent.
In May, personal income increased $40.5 billion, or 0.3 percent, DPI increased $36.9 billion, or 0.3
percent, and PCE increased $8.6 billion, or 0.1 percent, based on revised estimates.

Real disposable income increased 0.2 percent in June, compared with an increase of 0.4 percent in May.
Real PCE increased 0.1 percent, compared with an increase of 0.2 percent.

2010
Feb. Mar. Apr. May June
(Percent change from preceding month)
Personal income, current dollars 0.1 0.4 0.4 0.3 0.0
Disposable personal income:
Current dollars 0.1 0.4 0.5 0.3 0.0
Chained (2005) dollars 0.1 0.3 0.5 0.4 0.2
Personal consumption expenditures:
Current dollars 0.5 0.5 -0.1 0.1 0.0
Chained (2005) dollars 0.4 0.3 -0.1 0.2 0.1

Wages and salaries

Private wage and salary disbursements decreased $5.2 billion in June, in contrast to an increase
of $19.2 billion in May. Goods-producing industries' payrolls decreased $8.9 billion, in contrast to
an increase of $10.4 billion; manufacturing payrolls decreased $6.0 billion, in contrast to an increase
of $7.8 billion. Services-producing industries' payrolls increased $3.7 billion, compared with an
increase of $8.8 billion. Government wage and salary disbursements decreased $0.6 billion, in contrast
to an increase of $7.0 billion. The decline in the number of temporary workers for Census 2010 subtracted
$3.4 billion at an annual rate from federal civilian payrolls in June; the hiring of additional
temporary workers had added $5.7 billion at an annual rate in May.

Other personal income

Supplements to wages and salaries increased $1.9 billion in June, compared with an increase of $4.1 billion in May.

Proprietors' income decreased $4.4 billion in June, in contrast to an increase of $2.2 billion in May.
Farm proprietors' income increased $0.2 billion, the same increase as in May. Nonfarm proprietors' income
decreased $4.7 billion in June, in contrast to an increase of $2.0 billion in May.

Rental income of persons increased $1.8 billion in June, the same increase as in May. Personal income
receipts on assets (personal interest income plus personal dividend income) increased $1.9 billion in
June, compared with an increase of $4.1 billion in May. Personal current transfer receipts increased
$7.2 billion, compared with an increase of $6.0 billion.

Contributions for government social insurance -- a subtraction in calculating personal income -- decreased
$0.4 billion in June, in contrast to an increase of $3.8 billion in May.

Personal current taxes and disposable personal income

Personal current taxes decreased $2.0 billion in June, in contrast to an increase of $3.6 billion in May.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $5.1 billion,
or less than 0.1 percent, in June, compared with an increase of $36.9 billion, or 0.3 percent, in May.

Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased
$7.0 billion in June, in contrast to an increase of $4.6 billion in May. PCE decreased $2.9
billion, in contrast to an increase of $8.6 billion.

Personal saving -- DPI less personal outlays -- was $725.9 billion in June, compared with $713.9 billion
in May. Personal saving as a percentage of disposable personal income was 6.4 percent in June,
compared with 6.3 percent in May. 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 U.S. Department of Commerce. Bureau of Economic Analysis.

Real DPI, real PCE and price index

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

Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in June, compared with
an increase of 0.2 percent in May. Purchases of durable goods increased 0.4 percent, in contrast to a
decrease of less than 0.1 percent. Purchases of nondurable goods increased 0.1 percent, in contrast
to a decrease of 0.2 percent. Purchases of services increased 0.1 percent, compared with an increase
of 0.3 percent.

PCE price index -- The price index for PCE decreased 0.1 percent in June, the same decrease as in May.
The PCE price index, excluding food and energy, increased less than 0.1 percent in June, compared with an
increase of 0.1 percent in May.

Revisions of the Personal Income and Outlays Estimates

Personal income, personal outlays, DPI, and personal saving are revised, beginning with January 2007,
to reflect the results of the annual revision of the national income and products accounts (NIPAs)
released last week. Annual revisions, which are usually released in July, incorporate source data
that are more complete, more detailed, and otherwise more reliable than those previously published.

Revised annual estimates of personal income and outlays for 2007-2009, are shown in table 12. Revised
and previously published monthly estimates of personal income, DPI, PCE, personal saving as a
percentage of DPI, real DPI, and real PCE are shown in table 13; revised and previously published
annual and quarterly estimates are shown in table 14.

Personal income was revised up for all 3 years: $18.2 billion, or 0.2 percent, for 2007; $152.3 billion,
or 1.2 percent, for 2008; and $155.9 billion, or 1.3 percent, for 2009. For 2007, upward revisions to
personal dividend income and to wages and salaries were partly offset by a downward revision to supplements
to wages and salaries. For 2008, upward revisions to personal dividend income, to wages and salaries, to
rental income of persons, and to supplements to wages and salaries were partly offset by a downward revision
to nonfarm proprietors’ income. For 2009, upward revisions to personal dividend income, to supplements
to wages and salaries, and to government social benefits to persons were partly offset by downward revisions
to nonfarm proprietors’ income and to personal interest income.

Disposable personal income (DPI) was revised up for all 3 years: $20.5 billion, or 0.2 percent, for
2007; $146.5 billion, or 1.4 percent, for 2008; and $117.6 billion, or 1.1 percent, for 2009. Personal
current taxes was revised down $2.2 billion for 2007, was revised up $5.8 billion for 2008, and was revised
up $38.3 billion for 2009. The percent change from the preceding year in real DPI was revised up
from 2.2 percent to 2.3 percent for 2007, was revised up from 0.5 percent to 1.7 percent for 2008,
and was revised down from 0.8 percent to 0.6 percent for 2009.

Personal outlays was revised down for all 3 years: $15.4 billion for 2007, $15.0 billion for 2008, and
$79.1 billion for 2009. For all 3 years, downward revisions to PCE more than accounted for the revision
to personal outlays.

The personal saving rate (personal saving as a percentage of DPI) was revised up for all 3 years: from
1.7 percent to 2.1 percent for 2007, from 2.7 percent to 4.1 percent for 2008, and from 4.2 percent
to 5.9 percent for 2009.

NOTE. -- BEA acknowledges the special efforts by the Bureau of Labor Statistics with the assistance
of 16 state employment offices in providing preliminary data for the first quarter of 2010 from the
quarterly census of employment and wages. Wage and salary data from the state employment offices of
California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Massachusetts,
Missouri, North Carolina, New Jersey, New York, Ohio, Pennsylvania, and Texas were provided.
These data should greatly improve the estimates of wages and salaries.

Annual Revision of the National Income and Product Accounts

The estimates released today reflect the results of the annual revision of the national income
and product accounts, beginning with the estimates for January 2007. Annual revisions, which are usually
released in July, incorporate source data that are more complete, more detailed, and otherwise more
reliable than those previously available. This release includes revised estimates of monthly
personal income, disposable personal income, and outlays and provides an overview of the effects of the revision.

The August 2010 Survey will contain NIPA tables and an article describing the revisions.
The revised estimates will be available on BEA’s Web site at U.S. Bureau of Economic Analysis (BEA) - bea.gov Home Page.

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 U.S. Bureau of Economic Analysis (BEA) - bea.gov Home Page.
By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

* * *

Next release -- August 30, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for July.
________________________

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 BEA : Current Releases.

A) This is over a month old.

B) THIS is your idea of incomes going up?

Who needs to stay home??????

Why would you highlight a decline in PCE as evidence that incomes went down? Other than unadulterated ignorance, I see no connection.

PCE going down could indicate two things: People are buying just as much but it's now cheaper, or people are purchasing less. Neither of those say anything about income or wages.

DID IT EVER OCCUR TO YOU, that prices may be coming down, because stores know that people can't afford to buy them at higher prices, and they are desperate to get them in the stores?

How is that an example of a better economy with the tanking of incomes WHICH IS OUTLINED IN YOUR OWN REPORT, GENIUS????