Boom Doom Economy: USA Personal Income Rises to Post-Recession High (Charts) *Employee compensation decreases*

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Bureau of Economic Analysis: Monthly Personal Income and Outlays

Official Statement by the U.S. Bureau of Economic Analysis (August 2, 2011) Personal income increased $18.7 billion, or 0.1 percent, and disposable personal income (DPI) increased $16.3 billion, or 0.1 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $21.9 billion, or 0.2 percent. In May, personal income increased $23.2 billion, or 0.2 percent, DPI increased $17.6 billion, or 0.2 percent, and PCE increased $5.9 billion, or 0.1 percent, based on revised estimates.

Personal Income and Disposable Personal Income (Chart) (Seasonally adjusted at annual rates) Below is a chart of Personal Income and Disposable Personal Income. Personal Income is growing at a faster rate than Disposable Personal Income. Current Personal Income of $12.98 trillion is a Post-Great Recession high. The Great Recession low was $11.86 trillion in July 2009. The Pre-Great Recession peak was $12.64 trillion in May 2008. Current Disposable Personal Income of $11.59 trillion is a Post-Great Recession high. The Great Recession low was $10.71 trillion in March 2009. The Pre-Great Recession peak was $11.48 trillion in May 2008. Personal Income is all the personal income in the USA: employee compensation, proprietors' income, rentals, interest, dividends, government social benefits, and business benefits. Disposable Personal Income is Personal Income less personal income taxes.

Compensation of Employees (Chart) (Seasonally adjusted at annual rates) Below is a chart of Compensation of Employees, which is currently above the Pre-Great Recession peak. Current Compensation of Employees of $8.235 trillion is just below the Post-Great Recession high of $8.236 trillion in May 2011. The Great Recession low was $7.76 trillion in March 2009. The Pre-Great Recession peak was $8.13 trillion in March 2008. Compensation of Employees is a sub-category of Personal Income (see chart above) and is wage and salary disbursements plus employer contributions for employee pension and insurance funds plus employer contributions for government social insurance.

Wage and Salary Disbursements (Chart) (Seasonally adjusted at annual rates) Below is a chart of Wages and Salaries, which is currently above the Pre-Great Recession peak. Current Wage and Salary Disbursements of $6.630 trillion is just below the Post-Great Recession high of $6.633 trillion in May 2011. The Great Recession low was $6.24 trillion in March 2009. The Pre-Great Recession peak was $6.62 trillion in March 2008. Wage and Salary Disbursements is a sub-category of Compensation of Employees (see chart above) and does not include employer contributions for employee pension and insurance funds and employer contributions for government social insurance.

Private Industries Wage and Salary Disbursements (Chart) (Seasonally adjusted at annual rates) Below is a chart of Private Industries Wages and Salaries, which has not recovered to the Pre-Great Recession peak. Current Private Industries Wage and Salary Disbursements of $5.438 trillion is just below the Post-Great Recession high of $5.441 trillion in May 2011. The Great Recession low was $5.07 trillion in March 2009. The Pre-Great Recession peak was $5.48 trillion in March 2008. Private Industries Wage and Salary Disbursements is a sub-category of Wage and Salary Disbursements (see chart above) and does not include Government Wage and Salary Disbursements (see chart further below).

Government Wage and Salary Disbursements (Chart) (Seasonally adjusted at annual rates) Below is a chart of Government Wage and Salary Disbursements, which has peaked and trending downwards. Current Government Wage and Salary Disbursements of $1.1916 trillion is below the recent high of $1.1925 trillion in April 2011. The Post-Great Recession peak was $1.2005 trillion in May 2010, which was attributable to the 2010 census. Government Wage and Salary Disbursements grew through the Great Recession. Government Wage and Salary Disbursements is a sub-category of Wage and Salary Disbursements (see chart above) and does not include Private Industries Wage and Salary Disbursements (see chart above).

Commentary June 2011 Personal Income and Personal Disposable Income both increased to another Post-Great Recession high. Increases in interest income, dividend income, and government social benefits and business benefits were greater than decreases in compensation of employees, proprietors' income, and rental income. The lower Private Industries and Government Wages and Salaries for June 2011 does reveal the weakness in the USA labor market, which has not recovered to Pre-Great Recession levels.

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