The following is the unedited transcript of the news release from the Bureau of Economic Analysis.

Personal income increased $49.3 billion, or 0.4%, and disposable personal income increased $33.1 billion, or 0.3%, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures increased $16.9 billion, or 0.2%. In September, personal income increased $54.3 billion, or 0.5%, DPI increased $49.4 billion, or 0.5%, and PCE decreased $14.2 billion, or 0.2%, based on revised estimates.

Wages and salaries

Private wage and salary disbursements increased $34.9 billion in October, compared with an increase of $33.4 billion in September. Goods-producing industries'' payrolls increased $6.1 billion, compared with an increase of $3.2 billion; manufacturing payrolls increased $4.7 billion, compared with an increase of $1.0 billion. Services-producing industries'' payrolls increased $28.8 billion, compared with an increase of $30.2 billion. Government wage and salary disbursements increased $3.0 billion, compared with an increase of $4.9 billion.

Other personal income

Supplements to wages and salaries increased $7.5 billion in October, compared with an increase of $6.8 billion in September.

Proprietors'' income increased $1.1 billion in October, in contrast to a decrease of $0.3 billion in September. Farm proprietors'' income increased $2.8 billion, compared with an increase of $4.4 billion. Nonfarm proprietors'' income decreased $1.7 billion, compared with a decrease of $4.6 billion.

Rental income of persons decreased $3.0 billion in October, in contrast to an increase of $2.9 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $11.4 billion, compared with an increase of $7.8 billion. Personal current transfer receipts increased $0.5 billion, compared with an increase of $3.4 billion.

Contributions for government social insurance - a subtraction in calculating personal income -increased $6.1 billion in October, compared with an increase of $4.5 billion in September.

Personal current taxes and disposable personal income

Personal current taxes increased $16.2 billion in October, compared with an increase of $4.9 billion in September. Disposable personal income (DPI) - personal income less personal current taxes - increased $33.1 billion, or 0.3%, in October, compared with an increase of $49.4 billion, or 0.5%, in September.

Personal outlays and personal saving

Personal outlays - PCE, personal interest payments, and personal current transfer payments increased $18.0 billion in October, in contrast to a decrease of $10.0 billion in September. PCE increased $16.9 billion, in contrast to a decrease of $14.2 billion.

Personal saving - DPI less personal outlays - was a negative $53.8 billion in October, compared with a negative $69.1 billion in September. Personal saving as a age of disposable personal income was a negative 0.6% in October, compared with a negative 0.7% in September. Negative personal saving reflects personal outlays that exceed disposable personal income. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods.

Real DPI and real PCE

Real DPI - DPI adjusted to remove price changes - increased 0.6% in October, compared with an increase of 0.8% in September. In October, the larger increase in real DPI than in current-dollar DPI reflected a decrease in the PCE implicit price deflator, which is used to deflate DPI. The decrease in the PCE price index primarily reflected decreases in energy prices. The PCE price index decreased 0.2% in October, compared with a decrease of 0.3% in September. The PCE price index, excluding food and energy, increased 0.2% in October, the same increase as in September.

Real PCE - PCE adjusted to remove price changes - increased 0.4% in October, compared with an increase of 0.2% in September. Purchases of durable goods increased 0.2%, compared with an increase of 0.6%. Purchases of nondurable goods increased 0.7%, in contrast to a decrease of 0.1%. Purchases of services increased 0.3 %, compared with an increase of 0.2%.


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