1 Personal income 20,924.5 20,514.7 20,570.5 20,818.9 ...

Effects of Selected Federal Pandemic Response Programs on Personal Income, November 2021 (Billions of dollars, seasonally adjusted at annual rates)

Release Date: December 23, 2021

Line

1 Personal income

2 Compensation of employees

3

Wages and salaries

4

Private industries

5

Government

6

Supplements to wages and salaries

7 Proprietors' income with IVA and CCAdj

8

Farm

Of which:

9

Coronavirus Food Assistance Program 1

10

Paycheck Protection Program loans to businesses 2

11

Nonfarm

Of which:

12

Paycheck Protection Program loans to businesses 2

13 Rental income of persons with CCAdj

14 Personal income receipts on assets

15

Personal interest income

16

Personal dividend income

17 Personal current transfer receipts

18

Government social benefits to persons

19

Social security

20

Medicare

Of which:

21

Increase in Medicare reimbursement rates 3

22

Medicaid

23

Unemployment insurance

Of which: 4

24

Extended Unemployment Benefits

25

Pandemic Emergency Unemployment Compensation

26

Pandemic Unemployment Assistance

27

Pandemic Unemployment Compensation Payments

28

Veterans' benefits

29

Other

Of which:

30

Child tax credit 5

31

Economic impact payments 6

32

Lost wages supplemental payments 7

33

Paycheck Protection Program loans to NPISH 2

34

Provider Relief Fund to NPISH 8

35

Other current transfer receipts, from business (net)

36 Less: Contributions for government social insurance

37 Less: Personal current taxes

38 Equals: Disposable personal income (DPI)

39 Less: Personal outlays

40 Personal consumption expenditures

41 Personal interest payments

Of which:

42

Student loan forbearance 9

43 Personal current transfer payments

44

To government

45

To the rest of the world (net)

46 Equals: Personal saving

Apr. 20,924.5 12,293.7 10,068.5

8,556.9 1,511.5 2,225.3 1,829.7

108.7

15.5 10.4 1,720.9

163.7 720.4 2,920.7 1,638.9 1,281.8 4,717.8 4,655.7 1,107.8 813.4

14.1 717.7 516.4

9.7 105.8

90.9 258.2 155.0 1,345.4

34.4 688.0

0.8 22.8 27.6 62.1 1,557.7 2,494.6 18,429.9 16,098.8 15,618.7 264.4

-37.8 215.7 115.7

99.9 2,331.1

May 20,514.7 12,417.6 10,181.5

8,664.4 1,517.1 2,236.1 1,850.8

119.4

13.9 11.8 1,731.4

184.6 715.9 2,931.5 1,639.4 1,292.1 4,171.4 4,108.7 1,107.9 814.9

14.1 730.8 492.0

4.8 106.9

81.3 247.2 156.5 806.5

34.4 128.6

0.5 25.7 28.4 62.8 1,572.5 2,534.1 17,980.6 16,107.8 15,624.4 267.4

-37.8 215.9 116.0

99.9 1,872.8

Jun. 20,570.5 12,538.4 10,291.2

8,762.5 1,528.8 2,247.2 1,864.0

130.1

13.4 11.8 1,733.8

184.6 712.5 2,944.2 1,639.8 1,304.4 4,097.8 4,009.0 1,113.3 817.5

14.2 742.9 433.0

3.0 100.9 74.1 206.3 158.0 744.3

34.4 53.8

0.5 25.7 23.9 88.9 1,586.5 2,568.7 18,001.7 16,288.6 15,802.0 270.4

-37.8 216.2 116.3

99.9 1,713.2

Levels 2021 Jul.

20,818.9 12,661.3 10,401.1

8,851.3 1,549.9 2,260.2 1,872.3

123.0

Aug.

20,889.9 12,713.3 10,447.0

8,892.2 1,554.8 2,266.3 1,868.8

114.5

12.9 10.2 1,749.2

12.7 6.9

1,754.3

160.3 719.8 2,946.7 1,637.8 1,308.9 4,218.9 4,145.3 1,113.6 821.3

108.8 728.9 2,942.4 1,636.0 1,306.3 4,242.4 4,177.7 1,119.3 826.2

14.2 763.3 367.8

14.3 777.4 352.3

5.8 84.3 65.6 167.1 160.4 919.0

4.8 78.7 67.9 159.9 162.2 940.3

211.9

45.7

0.2

21.7

36.1 73.6 1,600.1 2,600.2 18,218.6 16,305.3 15,814.9 271.0

225.6

40.4

0.0

13.5

49.3 64.8 1,605.8 2,621.2 18,268.7 16,482.4 15,991.1 271.7

-37.8 219.4 116.5 102.8 1,913.3

-37.8 219.6 116.8 102.8 1,786.3

Sep. 20,684.6 12,805.8 10,530.4

8,972.4 1,558.0 2,275.5 1,859.9

94.4

0.5 3.9 1,765.5

61.5 738.1 2,946.4 1,635.1 1,311.3 3,951.2 3,885.7 1,118.7 832.2

14.4 784.4

96.9

6.5 21.4 16.6 12.7 164.4 889.2

219.3 30.6 0.0 6.8 26.8 65.4 1,616.8 2,649.5 18,035.1 16,581.0 16,088.9 272.3

-37.8 219.8 117.0 102.8 1,454.0

Oct. 20,777.8 12,900.0 10,615.7

9,058.3 1,557.4 2,284.3 1,860.9

88.4

1.1 1.8 1,772.5

28.3 745.0 2,969.7 1,643.5 1,326.3 3,930.3 3,864.2 1,129.5 839.3

14.5 784.3 45.4

2.9 5.4 3.8 0.0 166.7 899.1

220.5 31.3 0.0 3.4 37.0 66.1

1,628.0 2,679.4 18,098.4 16,812.3 16,318.5

273.7

-37.8 220.1 117.2 102.8 1,286.2

Nov.

20,868.2 12,957.4 10,665.5

9,104.9 1,560.6 2,291.9 1,855.0

84.2

May

-409.8 123.9 113.0 107.5

5.6 10.8 21.2 10.7

2.5

-1.7

0.5

1.3

1,770.8

10.5

7.3 752.6 2,977.6 1,648.1 1,329.5 3,960.1 3,893.4 1,126.7 847.5

21.0 -4.5 10.8 0.5 10.3 -546.3 -547.0 0.1 1.5

14.6 784.2

37.2

0.0 13.2 -24.5

2.8 2.7 2.1 0.0 169.2 928.5

-4.9 1.2 -9.6 -11.0 1.6 -538.9

222.6

20.3

0.0

2.6

74.4 66.7 1,634.5 2,699.4 18,168.8 16,918.5 16,423.2 275.0

0.0

-559.4

-0.2

2.9

0.9 0.7 14.8 39.5 -449.3 9.0 5.7 3.0

-37.8 220.3 117.5 102.8 1,250.3

0.0 0.3 0.3 0.0 -458.3

Jun. 55.8

120.8 109.8

98.1 11.7 11.0 13.1 10.7

-0.5 0.0 2.4

0.0 -3.3 12.7 0.5 12.3 -73.6 -99.7 5.3 2.6

0.0 12.1 -59.0

-1.9 -6.1 -7.2 -40.9 1.5 -62.3

0.0 -74.8 -0.1

0.0 -4.6 26.1 14.0 34.6 21.2 180.8 177.6 3.0

0.0 0.3 0.3 0.0 -159.6

Change from prior month

2021

Jul.

Aug.

Sep.

248.4

71.0

-205.3

122.9

51.9

92.6

109.9

45.9

83.4

88.8

40.9

80.2

21.1

4.9

3.2

13.0

6.1

9.2

8.3

-3.5

-8.9

-7.1

-8.5

-20.2

-0.5

-0.2

-12.2

-1.5

-3.3

-3.0

15.4

5.0

11.2

-24.3 7.3 2.5 -2.0 4.5

121.0 136.3

0.3 3.7

-51.6 9.1 -4.3 -1.7 -2.6

23.5 32.3 5.7 4.9

-47.3 9.2 4.1 -0.9 5.0

-291.2 -291.9

-0.5 6.0

0.1 20.4 -65.2

0.1 14.1 -15.5

0.1 7.0 -255.3

2.8 -16.6

-8.4 -39.2

2.4 174.7

-1.0

1.7

-5.6

-57.3

2.3

-51.3

-7.2

-147.2

1.9

2.2

21.3

-51.2

177.5

-8.0

-0.2

-4.0

12.3 -15.3 13.6 31.5 216.9 16.7 12.9

0.7

13.7

-5.4

-0.2

-8.2

13.2 -8.8 5.7 21.0 50.1 177.1 176.2 0.7

-6.3

-9.7

0.0

-6.7

-22.5 0.7

11.0 28.3 -233.6 98.7 97.8 0.7

0.0 3.2 0.3 2.9 200.2

0.0 0.2 0.2 0.0 -127.0

0.0 0.2 0.2 0.0 -332.3

Oct. 93.2 94.1 85.3 85.9 -0.6 8.8 1.0 -6.0

0.6 -2.1 7.0

-33.2 6.8 23.3 8.3 15.0

-20.9 -21.6 10.8

7.1

0.1 -0.1 -51.6

-3.6 -16.0 -12.8 -12.7

2.3 9.9

1.2 0.6 0.0 -3.4 10.2 0.7 11.2 29.9 63.3 231.2 229.7 1.3

0.0 0.2 0.2 0.0 -167.9

Nov. 90.4 57.4 49.8 46.6 3.2 7.6 -5.8 -4.2

1.4 -1.3 -1.6

-21.0 7.6 7.9 4.6 3.3

29.9 29.2 -2.8 8.2

0.1 -0.1 -8.1

-0.1 -2.6 -1.7 0.0 2.6 29.4

2.1 -11.0

0.0 -0.8 37.5 0.7 6.5 20.0 70.4 106.3 104.7 1.3

0.0 0.2 0.2 0.0 -35.9

CARES -Coronavirus Aid, Relief, and Economic Security CCAdj -Capital consumption adjustment IVA -Inventory valuation adjustment NPISH -Nonprofit institutions serving households

1. The Coronavirus Food Assistance Program, initially established by the CARES Act, provides direct support to farmers and ranchers where prices and market supply chains have been impacted by the COVID-19 pandemic. 2. The Paycheck Protection Program, initially established by the CARES Act, provides forgivable loans to help small businesses and nonprofit institutions make payroll and cover other expenses. It also provides funding to reimburse private lending institutions for the costs of administering these loans. For more information, see How does the Paycheck Protection Program impact the national income and product accounts (NIPAs)?

3. A two percent reduction in reimbursements paid to Medicare service providers that went into effect in 2013 was initially suspended by the CARES Act. The resulting increased reimbursement rates went into effect beginning on May 1, 2020.

4. Unemployment insurance benefits were expanded through several programs that were initially established through the CARES Act. For more information, see How will the expansion of unemployment benefits in response to the COVID-19 pandemic be recorded in the NIPAs? 5. The American Rescue Plan increased the Child Tax Credit to $3,000 per child over the age of six and $3,600 for children under the age of six, and raised the age limit from 16 to 17. It also authorized that up to half of these credits could be distributed through advance payments during the tax year, while the rest would be claimed when parents file tax returns the following year.

6. Economic impact payments, initially established by the CARES Act, provide direct payments to individuals. For more information, see How are federal economic impact payments to support individuals during the COVID-19 pandemic recorded in the NIPAs?

7. The Federal Emergency Management Agency (FEMA) was authorized to make payments from the Disaster Relief Fund to supplement wages lost as a result of the COVID-19 pandemic. 8. The Department of Health and Human Services distributes money from the Provider Relief Fund to hospitals and health care providers on the front lines of the coronavirus response. This funding supports health care-related expenses or lost revenue attributable to COVID-19 and ensures uninsured Americans can get treatment for COVID-19. In the NIPAs, funds provided to nonprofit hospitals are recorded as social benefits.

9. Interest payments due on certain categories of federally-held student loans were initially suspended by the CARES Act. For more information, see How does the federal response to the COVID-19 pandemic affect BEA's estimate of personal interest payments?

NOTE: For national statistics, BEA publishes the total level at an annualized rate. BEA does this so that monthly estimates can be easily compared to quarterly estimates included in BEA's quarterly gross domestic product report, for example. To be consistent, the figures in this table also are annualized. For more information, see Why does BEA publish estimates at annual rates? on BEA's website.

Data on this table will be superseded by updated estimates. Source: U.S. Bureau of Economic Analysis

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