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FOR WIRE TRANSMISSION: 8:30 A.M. EDT, TUESDAY, AUGUST 1, 2000
James E. Rankin: (202) 606-5301 (Personal Income) BEA 00-23
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
Carol Moylan: 606-9515 (Annual Revision)
PERSONAL INCOME AND OUTLAYS: JUNE 2000
REVISED ESTIMATES:1997-MAY 2000
Personal income increased $32.8 billion, or 0.4 percent, and disposable personal income (DPI)
increased $20.8 billion, or 0.3 percent, in June, according to the Commerce Department's Bureau of
Economic Analysis. Personal consumption expenditures (PCE) increased $32.5 billion, or 0.5
percent. In May, personal income increased $27.1 billion, or 0.3 percent, DPI increased $22.2
billion, or 0.3 percent, and PCE increased $18.7 billion, or 0.3 percent, based on revised estimates.
2000
Feb. Mar. Apr. May June
(Percent change from preceding month)
Personal income, current dollars 0.5 0.8 0.6 0.3 0.4
Disposable personal income:
Current dollars .4 .8 .5 .3 .3
Chained (1996) dollars -.1 .3 .4 .3 .0
Personal consumption expenditures:
Current dollars 1.2 .5 .2 .3 .5
Chained (1996) dollars .7 .1 .2 .3 .2
The estimates released today reflect revisions in the national income and product accounts
beginning with the January 1997. Revisions are usually made each July to incorporate source data that
are more complete, more detailed, and otherwise more appropriate than previously available. This
release includes revised monthly personal income, disposable personal income, and outlays and
provides an overview of the effects of the revision. The August 2000 Survey of Current Business will
contain national income and product accounts tables and an article describing the revisions. The revised
estimates will be available from BEA's Web site and from STAT-USA's Web site (see page 6).
Wages and salaries
Private wage and salary disbursements increased $27.0 billion in June, in contrast to a decrease
of $1.3 billion in May. Goods-producing industries' payrolls increased $5.9 billion, in contrast to a
decrease of $6.9 billion; manufacturing payrolls increased $4.8 billion, in contrast to a decrease of
$4.8 billion. Distributive industries' payrolls increased $8.7 billion, compared with an increase of
$1.7 billion. Service industries' payrolls increased $12.4 billion, compared with an increase of $3.9
billion.
Government wage and salary disbursements decreased $1.3 billion in June, in contrast to an
increase of $6.0 billion in May. The decline in the number of temporary workers for Census 2000
subtracted $2.7 billion at an annual rate from federal civilian payrolls in June; the hiring of
additional temporary workers had added $5.2 billion at an annual rate in May.
Other personal income
Proprietors' income increased $12.8 billion in June, in contrast to a decrease of $3.1 billion in
May. Farm proprietors' income increased $6.9 billion, in contrast to a decrease of $5.3 billion. The
changes in farm proprietors' income reflected the pattern of specially authorized federal farm
subsidy payments, which were $5.4 billion at an annual rate in June, $0.5 billion at an annual rate in
May, and $7.5 billion at an annual rate in April. Nonfarm proprietors' income increased $6.0 billion
in June, compared with an increase of $2.2 billion in May.
Transfer payments decreased $8.9 billion in June, in contrast to an increase of $23.3 billion in
May. The May increase had included benefit payments of $19.2 billion at an annual rate, resulting
from new legislation under the Senior Citizens' Freedom to Work Act of 2000 that eliminated the
"retirement earnings test" and allowed social security beneficiaries aged 65 and older to receive full
benefits regardless of their earnings. Prior to enactment, these beneficiaries had their benefits
reduced by $1 for every $3 earned over the annual earning limit, which is $17,000 for calendar year
2000.
Personal interest income increased $2.0 billion in June, compared with an increase of $2.6
billion in May. Personal dividend income increased $2.4 billion, compared with an increase of $1.8
billion. Rental income of persons decreased $1.4 billion, compared with a decrease of $4.0 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.8 billion in June, compared with an increase of $0.4 billion in May.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $12.0 billion in June, compared with an increase
of $4.9 billion in May. Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $20.8 billion, or 0.3 percent, in June, compared with an increase of
$22.2 billion, or 0.3 percent, in May.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $33.8 billion in June, compared with an increase of $20.1 billion in May.
PCE increased $32.5 billion, compared with an increase of $18.7 billion.
Personal saving -- DPI less personal outlays -- was $8.2 billion in June, compared with $21.2
billion in May. Saving from current income may be near zero or negative when outlays are financed
by borrowing -- including through credit cards or home equity loans -- selling investments or other
assets, or by using savings from previous periods. Personal saving as a percentage of disposable
personal income was 0.1 percent in June, compared with 0.3 percent in May.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in June,
compared with an increase of 0.3 percent in May. The smaller growth in real DPI than in current-
dollar DPI is attributable to the acceleration in the PCE implicit price deflator (IPD) that is used to
deflate DPI; the IPD increased 0.3 percent in June, compared with an increase of less than 0.1
percent in May.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in June, compared
with an increase of 0.3 percent in May. Purchases of durable goods increased 0.9 percent, in
contrast to a decrease of 0.8 percent. Purchases of motor vehicles and parts accounted for most of
the June increase and more than accounted for the May decrease. Purchases of nondurable goods
decreased 0.1 percent in June, in contrast to an increase of 0.6 percent in May. Purchases of services
increased 0.2 percent, compared with an increase of 0.3 percent.
Table changes
This release includes two table changes. Table 4 now presents chain-type price indexes for
PCE instead of implicit price deflators. In addition, table 4 now includes an addendum that
presents the chain-type price index for PCE excluding food and energy.
Annual Revision of the National Income and Product Account Estimates
As a result of the annual revision to the national income and product accounts (NIPA's),
personal income, personal outlays, disposable personal income (DPI), personal saving, and personal
saving as a percentage of DPI are revised beginning with January 1997. The NIPA's usually are
revised each July to incorporate new source data that are more complete, more detailed, and
otherwise more appropriate than data previously available.
The revised estimates incorporate a new data source for employer contributions to group health
insurance, which accounts for about one-half of other labor income. The revised estimates are based
on the medical expenditure panel survey (MEPS) -- a new Department of Health and Human
Services survey that covers both health insurance purchased by employers for their employees and
health insurance provided by employers on a self-insurance basis.
Revisions to the estimates of personal income and outlays for 1997 forward are shown in table
6. Revised and previously published estimates of personal income, DPI, PCE, and personal saving
as a percentage of DPI are shown in table 7. Revised and previously published estimates of real
DPI, real PCE, and the PCE implicit price deflator are shown in table 8.
Personal income was revised down $14.1 billion for 1997, revised up $32.1 billion for 1998,
and revised down $2.2 billion for 1999. For 1997, a downward revision to other labor income more
than offset upward revisions to personal interest income and to proprietors' income. For 1998,
upward revisions to personal interest income, to proprietors' income, to wage and salary
disbursements, and to personal dividend income more than offset downward revisions to other labor
income and to rental income of persons. For 1999, downward revisions to other labor income, to
rental income of persons, to wage and salary disbursements, and to transfer payments to persons
more than offset upward revisions to personal interest income, to personal dividend income, and to
proprietors' income; an upward revision to personal contributions for social insurance -- a
subtraction in calculating personal income -- also contributed to the downward revision.
Personal tax and nontax payments was revised up $0.5 billion for 1997, revised down $1.7
billion for 1998, and revised down $0.1 billion for 1999. DPI was revised down $14.6 billion for
1997, revised up $33.8 billion for 1998, and revised down $2.0 billion for 1999. The percent change
from the preceding year in real DPI was revised down from 3.3 percent to 3.1 percent for 1997,
revised up from 4.1 percent to 4.8 percent for 1998, and revised down from 4.0 percent to 3.2
percent for 1999.
Personal outlays was revised up $3.6 billion for 1997, revised down $1.9 billion for 1998, and
revised up $6.8 billion for 1999. For 1997, the revision was more than accounted for by PCE. For
1998, the revision reflected a downward revision to interest paid by persons that more than offset an
upward revision to PCE. For 1999, the revision reflected upward revisions to PCE and to personal
transfer payments to the rest of the world (net) that more than offset a downward revision to interest
paid by persons.
Personal saving as a percentage of DPI was revised down from 4.5 percent to 4.2 percent for
1997, revised up from 3.7 percent to 4.2 percent for 1998, and revised down from 2.4 percent to 2.2
percent for 1999.
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
STAT-USA maintains an Internet site that contains BEA estimates, the Survey of Current
Business, and BEA news releases. The information available through STAT-USA is often more
detailed and more timely than that available from other sources. For information about STAT-USA,
go to , or call (202) 482-1986. Subscriptions for single-user unlimited access to
STAT-USA's Internet information are $75.00 for 3 months or $175.00 for 1 year.
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
606-5303 Personal income and outlays
606-5362 U.S. international transactions
Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
monthly journal. The printed Survey of Current Business is available from the Superintendent of
Documents, U.S. Government Printing Office, Washington, DC 20402. First class mail: Annual
subscription $120.00 domestic. Second class mail: Annual subscription $48.00 domestic, $60.00
foreign; single issue $17.25 domestic, $21.56 foreign.
* * *
Next release -- Personal Income and Outlays for July will be released on
August 28, 2000, at 8:30 A.M. EDT.
Table 1. -- Personal Income
[Billions of dollars]
Seasonally adjusted at annual rates
1995 1996 1997 1997
Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Personal income 6,200.9 6,547.4 6,937.0 6,754.8 6,792.1 6,830.4 6,850.2 6,877.5 6,909.5 6,937.4 6,982.4 7,016.0 7,058.0 7,103.1 7,132.7
Wage and salary disbursements 3,424.7 3,626.5 3,888.9 3,758.6 3,791.8 3,817.9 3,828.9 3,847.7 3,867.1 3,885.8 3,921.4 3,939.7 3,969.9 4,011.1 4,026.8
Private industries 2,802.0 2,985.5 3,224.7 3,103.4 3,134.4 3,159.8 3,169.1 3,186.6 3,204.3 3,220.8 3,255.0 3,271.7 3,299.2 3,338.5 3,352.8
Goods-producing industries 863.6 908.2 975.1 944.8 951.0 958.3 961.0 965.2 968.2 972.9 981.2 985.7 996.2 1,004.7 1,012.4
Manufacturing 647.5 673.7 718.4 698.6 701.3 706.3 708.8 710.4 712.9 716.1 722.3 724.8 733.7 740.1 745.0
Distributive industries 782.1 822.4 879.6 848.6 855.9 864.6 865.8 869.3 872.8 877.7 888.7 892.7 898.6 910.8 909.5
Service industries 1,156.3 1,254.9 1,369.9 1,310.0 1,327.5 1,336.9 1,342.3 1,352.1 1,363.4 1,370.3 1,385.0 1,393.3 1,404.4 1,423.0 1,431.0
Government 622.7 641.0 664.3 655.2 657.4 658.1 659.8 661.0 662.8 665.0 666.5 668.0 670.7 672.6 674.0
Other labor income 497.0 490.0 475.4 486.1 482.7 479.4 477.1 475.0 473.4 472.3 471.6 471.3 470.7 471.7 473.5
Proprietors' income with IVA and CCAdj 497.7 544.7 581.2 566.1 570.9 573.0 573.3 575.6 579.2 583.4 584.6 589.9 594.0 589.9 594.0
Farm 22.2 34.3 29.7 31.1 30.5 30.1 29.8 29.6 29.5 29.9 29.8 29.6 29.6 29.0 28.1
Nonfarm 475.5 510.5 551.5 535.0 540.3 542.9 543.5 546.0 549.7 553.6 554.8 560.3 564.5 561.0 565.9
Rental income of persons with CCAdj 117.9 129.7 128.3 130.9 130.4 129.9 129.4 128.9 128.4 127.7 127.3 127.0 126.8 126.6 126.6
Personal dividend income 254.0 297.4 334.9 317.4 321.0 324.8 328.1 331.5 334.9 337.6 340.3 343.0 345.2 347.0 348.1
Personal interest income 792.5 810.6 864.0 830.1 834.4 839.8 847.9 854.2 860.3 865.2 871.7 878.9 887.4 895.1 902.7
Transfer payments to persons 885.9 928.8 962.2 955.6 952.9 959.3 959.8 960.1 962.9 963.0 965.3 967.1 966.7 966.9 967.0
Old-age, survivors, disability, and health
insurance benefits 508.0 537.6 565.8 560.5 557.1 562.5 563.5 565.4 566.2 567.2 569.7 569.2 570.0 569.2 569.1
Government unemployment insurance benefits 21.5 22.1 19.9 20.8 20.7 20.6 20.5 19.7 20.1 19.4 18.8 20.0 18.8 19.4 19.8
Other 356.5 369.1 376.5 374.3 375.2 376.2 375.8 375.1 376.7 376.3 376.8 378.0 377.9 378.2 378.1
Less: Personal contributions for social insurance 268.8 280.4 297.9 289.9 292.1 293.7 294.4 295.5 296.7 297.7 299.9 300.9 302.7 305.2 305.9
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 1. -- Personal Income--Continued
[Billions of dollars]
Seasonally adjusted at annual rates
1996 1997 1998 1998
Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Personal income 6,547.4 6,937.0 7,391.0 7,186.5 7,233.7 7,272.0 7,299.3 7,344.2 7,375.0 7,410.8 7,451.5 7,473.0 7,508.1 7,575.2 7,562.6
Wage and salary disbursements 3,626.5 3,888.9 4,190.7 4,057.9 4,089.0 4,107.8 4,125.5 4,160.3 4,174.4 4,196.4 4,233.9 4,248.3 4,273.2 4,302.5 4,318.9
Private industries 2,985.5 3,224.7 3,498.0 3,378.9 3,406.7 3,423.9 3,439.3 3,471.1 3,483.3 3,503.1 3,536.8 3,548.7 3,571.4 3,598.9 3,613.8
Goods-producing industries 908.2 975.1 1,038.6 1,018.4 1,021.8 1,025.1 1,028.4 1,033.5 1,033.3 1,032.3 1,045.8 1,050.7 1,053.6 1,057.6 1,063.1
Manufacturing 673.7 718.4 756.6 746.3 748.8 751.4 752.3 755.7 753.6 749.6 760.1 765.1 764.2 765.2 766.8
Distributive industries 822.4 879.6 949.1 918.2 926.1 927.9 931.9 942.4 944.2 951.1 959.0 963.3 967.7 977.5 979.8
Service industries 1,254.9 1,369.9 1,510.3 1,442.4 1,458.8 1,471.0 1,479.0 1,495.2 1,505.8 1,519.7 1,532.0 1,534.7 1,550.1 1,563.8 1,571.0
Government 641.0 664.3 692.7 679.0 682.3 683.9 686.2 689.1 691.2 693.3 697.2 699.6 701.7 703.7 705.1
Other labor income 490.0 475.4 485.5 477.9 480.1 481.9 482.5 483.8 485.0 486.3 487.5 488.6 489.6 490.8 492.2
Proprietors' income with IVA and CCAdj 544.7 581.2 620.7 601.3 605.4 611.8 610.8 611.6 617.4 621.2 617.9 619.5 630.8 661.6 638.8
Farm 34.3 29.7 25.4 26.3 25.2 24.4 23.9 23.3 22.6 21.5 21.1 21.0 23.7 50.3 22.1
Nonfarm 510.5 551.5 595.2 575.1 580.2 587.5 586.8 588.3 594.8 599.8 596.8 598.5 607.1 611.3 616.7
Rental income of persons with CCAdj 129.7 128.3 135.4 125.8 126.5 127.8 130.8 132.8 134.8 137.3 138.9 140.1 140.8 147.5 142.3
Personal dividend income 297.4 334.9 351.1 348.1 348.4 348.8 349.1 349.3 349.7 350.1 350.8 352.1 354.1 355.7 357.3
Personal interest income 810.6 864.0 940.8 910.1 917.7 925.3 934.3 940.9 946.5 952.1 955.7 955.8 953.3 950.3 947.2
Transfer payments to persons 928.8 962.2 983.0 974.2 977.1 980.0 978.7 980.0 982.2 983.9 985.4 988.0 987.2 989.5 989.8
Old-age, survivors, disability, and health
insurance benefits 537.6 565.8 578.0 575.5 576.8 578.8 577.4 577.8 578.1 579.2 579.0 580.4 578.3 577.9 577.4
Government unemployment insurance benefits 22.1 19.9 19.5 18.8 19.2 19.5 18.8 19.2 19.3 20.1 20.5 19.7 18.9 20.3 20.1
Other 369.1 376.5 385.4 379.9 381.1 381.6 382.5 383.0 384.8 384.6 386.0 387.9 390.0 391.3 392.3
Less: Personal contributions for social insurance 280.4 297.9 316.2 308.9 310.5 311.5 312.4 314.4 315.1 316.4 318.6 319.4 320.9 322.7 323.8
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 1. -- Personal Income--Continued
[Billions of dollars]
Seasonally adjusted at annual rates
1997 1998 1999 1999
Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Personal income 6,937.0 7,391.0 7,789.6 7,595.3 7,632.1 7,656.9 7,690.1 7,716.0 7,783.0 7,797.4 7,841.1 7,847.0 7,945.7 7,977.0 7,994.3
Wage and salary disbursements 3,888.9 4,190.7 4,470.0 4,340.7 4,370.1 4,382.1 4,407.8 4,428.6 4,454.8 4,484.8 4,508.5 4,527.7 4,559.6 4,572.6 4,602.7
Private industries 3,224.7 3,498.0 3,745.6 3,627.7 3,654.5 3,664.6 3,689.1 3,708.5 3,732.5 3,760.1 3,780.8 3,797.8 3,827.4 3,838.2 3,865.9
Goods-producing industries 975.1 1,038.6 1,089.2 1,062.2 1,067.3 1,069.7 1,076.2 1,081.0 1,087.7 1,094.8 1,095.6 1,103.0 1,110.7 1,109.6 1,113.2
Manufacturing 718.4 756.6 782.4 766.1 768.1 770.1 773.2 777.0 782.0 787.0 788.0 792.1 797.5 793.4 794.3
Distributive industries 879.6 949.1 1,020.3 984.7 995.8 995.9 1,004.5 1,007.9 1,017.2 1,024.6 1,031.7 1,033.4 1,041.7 1,046.5 1,060.1
Service industries 1,369.9 1,510.3 1,636.0 1,580.8 1,591.5 1,599.0 1,608.4 1,619.7 1,627.6 1,640.7 1,653.5 1,661.3 1,675.0 1,682.1 1,692.6
Government 664.3 692.7 724.4 712.9 715.5 717.4 718.7 720.1 722.3 724.8 727.7 729.9 732.2 734.4 736.9
Other labor income 475.4 485.5 501.0 493.8 495.1 496.4 497.4 498.7 500.0 501.4 502.8 504.3 505.8 507.4 509.0
Proprietors' income with IVA and CCAdj 581.2 620.7 663.5 639.6 644.3 648.4 653.8 649.2 678.2 659.2 665.0 655.1 688.9 698.8 681.2
Farm 29.7 25.4 25.3 24.0 26.2 24.7 25.6 22.3 39.1 17.6 16.0 13.0 39.7 39.6 15.8
Nonfarm 551.5 595.2 638.2 615.5 618.1 623.7 628.2 626.9 639.1 641.6 649.0 642.0 649.2 659.1 665.5
Rental income of persons with CCAdj 128.3 135.4 143.4 144.2 145.3 145.2 145.2 144.3 147.6 141.7 141.2 127.0 146.5 148.0 144.1
Personal dividend income 334.9 351.1 370.3 359.0 360.7 362.6 364.7 366.8 368.9 371.2 373.5 375.8 378.0 380.2 382.4
Personal interest income 864.0 940.8 963.7 945.2 944.7 945.5 947.5 950.8 955.6 963.2 969.4 975.8 984.4 989.5 993.1
Transfer payments to persons 962.2 983.0 1,016.2 1,002.5 1,003.5 1,009.1 1,008.0 1,013.3 1,015.3 1,015.4 1,021.7 1,023.8 1,027.0 1,026.0 1,029.2
Old-age, survivors, disability, and health
insurance benefits 565.8 578.0 588.0 583.0 582.9 584.5 585.4 585.8 587.0 588.1 589.9 591.0 593.1 591.3 593.9
Government unemployment insurance benefits 19.9 19.5 20.3 20.4 20.3 20.6 19.2 21.9 20.7 19.4 21.0 20.2 20.5 20.3 19.6
Other 376.5 385.4 407.9 399.0 400.3 404.0 403.4 405.6 407.7 407.9 410.8 412.7 413.4 414.4 415.7
Less: Personal contributions for social insurance 297.9 316.2 338.5 329.5 331.6 332.4 334.2 335.7 337.5 339.5 341.1 342.4 344.6 345.5 347.5
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 1. -- Personal Income--Continued
Seasonally adjusted at annual rates
1999 2000
Jan. Feb. Mar. Apr. May June /p/
Personal income 7,789.6 8,056.4 8,099.6 8,161.6 8,206.8 8,233.9 8,266.7
Wage and salary disbursements 4,470.0 4,637.4 4,657.8 4,685.9 4,724.5 4,729.2 4,754.8
Private industries 3,745.6 3,890.6 3,908.5 3,932.3 3,967.5 3,966.2 3,993.2
Goods-producing industries 1,089.2 1,125.9 1,128.8 1,138.0 1,147.3 1,140.4 1,146.3
Manufacturing 782.4 800.7 802.9 804.8 812.6 807.8 812.6
Distributive industries 1,020.3 1,065.9 1,070.7 1,076.2 1,089.9 1,091.6 1,100.3
Service industries 1,636.0 1,698.8 1,708.9 1,718.0 1,730.2 1,734.1 1,746.5
Government 724.4 746.9 749.2 753.6 757.0 763.0 761.7
Other labor income 501.0 511.8 514.1 516.2 518.4 520.5 522.6
Proprietors' income with IVA and CCAdj 663.5 685.1 690.0 706.6 707.5 704.4 717.2
Farm 25.3 17.3 18.4 21.7 23.3 18.0 24.9
Nonfarm 638.2 667.9 671.7 684.9 684.2 686.4 692.4
Rental income of persons with CCAdj 143.4 144.4 145.3 147.0 144.7 140.7 139.3
Personal dividend income 370.3 384.7 387.0 388.9 390.6 392.4 394.8
Personal interest income 963.7 1,002.1 1,011.4 1,021.2 1,025.3 1,027.9 1,029.9
Transfer payments to persons 1,016.2 1,042.5 1,047.3 1,050.9 1,053.5 1,076.8 1,067.9
Old-age, survivors, disability, and health
insurance benefits 588.0 605.0 607.7 611.1 613.4 634.4 625.3
Government unemployment insurance benefits 20.3 20.2 20.5 19.7 19.1 18.8 19.7
Other 407.9 417.3 419.1 420.1 421.0 423.6 423.0
Less: Personal contributions for social insurance 338.5 351.8 353.2 355.2 357.7 358.1 359.9
p Preliminary.
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 2. -- The Disposition of Personal Income
[Billions of dollars]
Seasonally adjusted at annual rates
1995 1996 1997 1997
Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Personal income 6,200.9 6,547.4 6,937.0 6,754.8 6,792.1 6,830.4 6,850.2 6,877.5 6,909.5 6,937.4 6,982.4 7,016.0 7,058.0 7,103.1 7,132.7
Less: Personal tax and nontax payments 778.3 869.7 968.8 926.1 936.0 943.1 946.8 954.8 963.1 969.6 980.1 986.9 996.0 1,008.2 1,014.8
Equals: Disposable personal income 5,422.6 5,677.7 5,968.2 5,828.7 5,856.0 5,887.3 5,903.4 5,922.7 5,946.5 5,967.8 6,002.3 6,029.0 6,062.0 6,094.9 6,117.9
Less: Personal outlays 5,120.2 5,405.6 5,715.3 5,587.9 5,612.6 5,627.0 5,644.3 5,637.4 5,680.5 5,746.9 5,764.1 5,780.0 5,809.5 5,833.5 5,859.9
Personal consumption expenditures 4,969.0 5,237.5 5,529.3 5,410.2 5,433.3 5,446.3 5,461.8 5,454.1 5,496.4 5,560.8 5,576.6 5,590.2 5,616.5 5,640.2 5,665.0
Interest paid by persons 134.7 149.9 164.8 157.5 159.0 160.4 162.1 162.9 163.7 164.8 166.3 168.6 170.2 170.4 172.0
Personal transfer payments to the
rest of the world (net) 16.5 18.2 21.2 20.3 20.3 20.3 20.4 20.4 20.4 21.2 21.2 21.2 22.9 22.9 22.9
Equals: Personal saving 302.4 272.1 252.9 240.7 243.4 260.2 259.1 285.3 265.9 220.9 238.2 249.0 252.5 261.4 258.1
Addenda:
Disposable personal income:
Chained (1996) dollars /1/ 5,539.1 5,677.7 5,854.5 5,755.4 5,767.5 5,792.6 5,802.2 5,822.2 5,839.3 5,853.1 5,882.1 5,896.5 5,919.9 5,950.4 5,972.2
Per capita:
Current dollars 20,613 21,385 22,262 21,837 21,925 22,026 22,069 22,124 22,194 22,253 22,360 22,439 22,543 22,649 22,719
Chained (1996) dollars 21,055 21,385 21,838 21,562 21,593 21,671 21,691 21,748 21,794 21,825 21,912 21,946 22,015 22,112 22,178
Population (thousands) 263,073 265,504 268,087 266,924 267,099 267,293 267,498 267,709 267,933 268,180 268,437 268,681 268,904 269,099 269,284
Personal saving as a percentage of
disposable personal income 5.6 4.8 4.2 4.1 4.2 4.4 4.4 4.8 4.5 3.7 4.0 4.1 4.2 4.3 4.2
1. Disposable personal income in chained (1996) dollars equals the current-dollar figure divided
by the implicit price deflator for personal consumption expenditures.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 2. -- The Disposition of Personal Income--Continued
[Billions of dollars]
Seasonally adjusted at annual rates
1996 1997 1998 1998
Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Personal income 6,547.4 6,937.0 7,391.0 7,186.5 7,233.7 7,272.0 7,299.3 7,344.2 7,375.0 7,410.8 7,451.5 7,473.0 7,508.1 7,575.2 7,562.6
Less: Personal tax and nontax payments 869.7 968.8 1,070.9 1,028.3 1,038.3 1,040.9 1,044.8 1,058.0 1,066.5 1,073.6 1,086.9 1,091.6 1,098.0 1,108.5 1,115.9
Equals: Disposable personal income 5,677.7 5,968.2 6,320.0 6,158.2 6,195.3 6,231.1 6,254.5 6,286.3 6,308.5 6,337.2 6,364.6 6,381.5 6,410.0 6,466.7 6,446.7
Less: Personal outlays 5,405.6 5,715.3 6,054.7 5,874.0 5,910.1 5,943.6 5,963.2 6,021.5 6,053.8 6,067.0 6,099.4 6,132.2 6,167.7 6,187.3 6,236.4
Personal consumption expenditures 5,237.5 5,529.3 5,850.9 5,678.5 5,713.5 5,745.9 5,763.4 5,820.5 5,850.3 5,862.0 5,893.3 5,924.9 5,957.7 5,975.9 6,024.5
Interest paid by persons 149.9 164.8 179.8 173.0 174.0 175.1 175.8 176.9 179.4 180.8 181.8 183.0 184.9 186.2 186.8
Personal transfer payments to the
rest of the world (net) 18.2 21.2 24.0 22.6 22.6 22.6 24.1 24.1 24.1 24.3 24.3 24.3 25.1 25.1 25.1
Equals: Personal saving 272.1 252.9 265.4 284.1 285.3 287.5 291.2 264.7 254.7 270.2 265.2 249.3 242.3 279.4 210.3
Addenda:
Disposable personal income:
Chained (1996) dollars /1/ 5,677.7 5,854.5 6,134.1 6,008.8 6,042.9 6,076.7 6,087.9 6,111.2 6,131.8 6,146.9 6,165.1 6,180.5 6,195.5 6,245.5 6,216.6
Per capita:
Current dollars 21,385 22,262 23,359 22,854 22,978 23,096 23,166 23,267 23,330 23,416 23,495 23,537 23,623 23,814 23,724
Chained (1996) dollars 21,385 21,838 22,672 22,300 22,413 22,523 22,549 22,619 22,677 22,713 22,759 22,796 22,832 22,999 22,877
Population (thousands) 265,504 268,087 270,560 269,458 269,618 269,793 269,982 270,183 270,398 270,636 270,885 271,124 271,350 271,552 271,743
Personal saving as a percentage of
disposable personal income 4.8 4.2 4.2 4.6 4.6 4.6 4.7 4.2 4.0 4.3 4.2 3.9 3.8 4.3 3.3
1. Disposable personal income in chained (1996) dollars equals the current-dollar figure divided
by the implicit price deflator for personal consumption expenditures.
Table 2. -- The Disposition of Personal Income--Continued
[Billions of dollars]
Seasonally adjusted at annual rates
1997 1998 1999 1999
Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Personal income 6,937.0 7,391.0 7,789.6 7,595.3 7,632.1 7,656.9 7,690.1 7,716.0 7,783.0 7,797.4 7,841.1 7,847.0 7,945.7 7,977.0 7,994.3
Less: Personal tax and nontax payments 968.8 1,070.9 1,152.0 1,106.9 1,116.5 1,116.1 1,121.1 1,132.9 1,146.1 1,159.1 1,154.3 1,178.6 1,185.6 1,195.4 1,210.9
Equals: Disposable personal income 5,968.2 6,320.0 6,637.7 6,488.4 6,515.6 6,540.8 6,569.0 6,583.1 6,636.9 6,638.3 6,686.8 6,668.3 6,760.0 6,781.6 6,783.4
Less: Personal outlays 5,715.3 6,054.7 6,490.1 6,262.6 6,304.5 6,363.9 6,405.2 6,419.8 6,473.3 6,499.6 6,547.4 6,583.0 6,625.5 6,660.9 6,735.7
Personal consumption expenditures 5,529.3 5,850.9 6,268.7 6,049.1 6,089.3 6,147.5 6,187.3 6,200.4 6,251.8 6,277.4 6,323.4 6,358.9 6,399.3 6,433.2 6,506.3
Interest paid by persons 164.8 179.8 194.8 187.9 189.6 190.8 191.2 192.7 194.8 195.5 197.4 197.5 198.6 200.2 201.8
Personal transfer payments to the
rest of the world (net) 21.2 24.0 26.6 25.6 25.6 25.6 26.7 26.7 26.7 26.6 26.6 26.6 27.6 27.6 27.6
Equals: Personal saving 252.9 265.4 147.6 225.8 211.1 176.9 163.9 163.4 163.6 138.7 139.4 85.3 134.5 120.7 47.7
Addenda:
Disposable personal income:
Chained (1996) dollars /1/ 5,854.5 6,134.1 6,331.0 6,240.4 6,264.4 6,286.3 6,280.8 6,294.3 6,344.7 6,331.3 6,366.4 6,327.6 6,403.8 6,420.7 6,412.0
Per capita:
Current dollars 22,262 23,359 24,314 23,862 23,949 24,027 24,114 24,148 24,326 24,310 24,465 24,377 24,691 24,752 24,741
Chained (1996) dollars 21,838 22,672 23,191 22,950 23,025 23,092 23,056 23,089 23,255 23,185 23,293 23,131 23,390 23,435 23,387
Population (thousands) 268,087 270,560 272,996 271,914 272,065 272,230 272,413 272,613 272,832 273,071 273,318 273,556 273,782 273,984 274,174
Personal saving as a percentage of
disposable personal income 4.2 4.2 2.2 3.5 3.2 2.7 2.5 2.5 2.5 2.1 2.1 1.3 2.0 1.8 0.7
1. Disposable personal income in chained (1996) dollars equals the current-dollar figure divided
by the implicit price deflator for personal consumption expenditures.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 2.-- The Disposition of Personal Income--Continued
[Billions of dollars]
Seasonally adjusted at annual rates
1998 1999 2000
Jan. Feb. Mar. Apr. May June /p/
Personal income 7,391.0 7,789.6 8,056.4 8,099.6 8,161.6 8,206.8 8,233.9 8,266.7
Less: Personal tax and nontax payments 1,070.9 1,152.0 1,225.7 1,241.1 1,251.2 1,265.0 1,269.9 1,281.9
Equals: Disposable personal income 6,320.0 6,637.7 6,830.6 6,858.5 6,910.4 6,941.8 6,964.0 6,984.8
Less: Personal outlays 6,054.7 6,490.1 6,791.7 6,868.7 6,906.2 6,922.7 6,942.8 6,976.6
Personal consumption expenditures 5,850.9 6,268.6 6,558.9 6,635.0 6,671.3 6,685.7 6,704.4 6,736.9
Interest paid by persons 179.8 194.8 204.3 205.2 206.4 208.0 209.5 210.8
Personal transfer payments to the
rest of the world (net) 24.0 26.6 28.5 28.5 28.5 28.9 28.9 28.9
Equals: Personal saving 265.4 147.6 38.9 -10.3 4.2 19.2 21.2 8.2
Addenda:
Disposable personal income:
Chained (1996) dollars /1/ 6,134.1 6,331.0 6,438.7 6,434.9 6,455.9 6,483.2 6,503.1 6,505.1
Per capita:
Current dollars 23,359 24,314 24,898 24,985 25,159 25,256 25,319 25,375
Chained (1996) dollars 22,672 23,191 23,469 23,442 23,504 23,587 23,643 23,632
Population (thousands) 270,560 272,996 274,347 274,503 274,674 274,859 275,054 275,264
Personal saving as a percentage of
disposable personal income 4.2 2.2 0.6 -0.1 0.1 0.3 0.3 0.1
p Preliminary.
1. Disposable personal income in chained (1996) dollars equals the current-dollar figure divided
by the implicit price deflator for personal consumption expenditures.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 3. -- Personal Income and Its Disposition, Change From Preceding Period
[Billions of dollars]
Seasonally adjusted at annual rates
1995 1996 1997 1997
Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Personal income 312.9 346.5 389.6 41.0 37.3 38.3 19.8 27.3 32.0 27.9 45.0 33.6 42.0 45.1 29.6
Wage and salary disbursements 188.0 201.8 262.4 18.3 33.2 26.1 11.0 18.8 19.4 18.7 35.6 18.3 30.2 41.2 15.7
Private industries 169.2 183.5 239.1 11.7 31.0 25.4 9.3 17.5 17.7 16.5 34.2 16.7 27.5 39.3 14.3
Goods-producing industries 39.6 44.6 66.9 8.4 6.2 7.3 2.7 4.2 3.0 4.7 8.3 4.5 10.5 8.5 7.7
Manufacturing 27.2 26.2 44.7 5.7 2.7 5.0 2.5 1.6 2.5 3.2 6.2 2.5 8.9 6.4 4.9
Distributive industries 43.7 40.3 57.2 0.8 7.3 8.7 1.2 3.5 3.5 4.9 11.0 4.0 5.9 12.2 -1.3
Service industries 85.9 98.6 115.0 2.5 17.5 9.4 5.4 9.8 11.3 6.9 14.7 8.3 11.1 18.6 8.0
Government 18.8 18.3 23.3 6.6 2.2 0.7 1.7 1.2 1.8 2.2 1.5 1.5 2.7 1.9 1.4
Other labor income -10.5 -7.0 -14.6 -6.4 -3.4 -3.3 -2.3 -2.1 -1.6 -1.1 -0.7 -0.3 -0.6 1.0 1.8
Proprietors' income with IVA and CCAdj 21.1 47.0 36.5 12.3 4.8 2.1 0.3 2.3 3.6 4.2 1.2 5.3 4.1 -4.1 4.1
Farm -9.7 12.1 -4.6 0.2 -0.6 -0.4 -0.3 -0.2 -0.1 0.4 -0.1 -0.2 0.0 -0.6 -0.9
Nonfarm 30.9 35.0 41.0 12.1 5.3 2.6 0.6 2.5 3.7 3.9 1.2 5.5 4.2 -3.5 4.9
Rental income of persons with CCAdj 7.6 11.8 -1.4 -0.9 -0.5 -0.5 -0.5 -0.5 -0.5 -0.7 -0.4 -0.3 -0.2 -0.2 0.0
Personal dividend income 19.3 43.4 37.5 3.8 3.6 3.8 3.3 3.4 3.4 2.7 2.7 2.7 2.2 1.8 1.1
Personal interest income 50.1 18.1 53.4 1.9 4.3 5.4 8.1 6.3 6.1 4.9 6.5 7.2 8.5 7.7 7.6
Transfer payments to persons 52.0 42.9 33.4 14.6 -2.7 6.4 0.5 0.3 2.8 0.1 2.3 1.8 -0.4 0.2 0.1
Old-age, survivors, disability, and health
insurance benefits 35.0 29.6 28.2 11.3 -3.4 5.4 1.0 1.9 0.8 1.0 2.5 -0.5 0.8 -0.8 -0.1
Government unemployment insurance benefits -2.1 0.6 -2.2 -1.0 -0.1 -0.1 -0.1 -0.8 0.4 -0.7 -0.6 1.2 -1.2 0.6 0.4
Other 19.3 12.6 7.4 4.3 0.9 1.0 -0.4 -0.7 1.6 -0.4 0.5 1.2 -0.1 0.3 -0.1
Less: Personal contributions for social
insurance 14.7 11.6 17.5 2.5 2.2 1.6 0.7 1.1 1.2 1.0 2.2 1.0 1.8 2.5 0.7
Less: Personal tax and nontax payments 55.7 91.4 99.1 19.8 9.9 7.1 3.7 8.0 8.3 6.5 10.5 6.8 9.1 12.2 6.6
Equals: Disposable personal income 257.2 255.1 290.5 21.2 27.3 31.3 16.1 19.3 23.8 21.3 34.5 26.7 33.0 32.9 23.0
Less: Personal outlays 270.3 285.4 309.7 45.6 24.7 14.4 17.3 -6.9 43.1 66.4 17.2 15.9 29.5 24.0 26.4
Personal consumption expenditures 252.6 268.5 291.8 44.3 23.1 13.0 15.5 -7.7 42.3 64.4 15.8 13.6 26.3 23.7 24.8
Interest paid by persons 16.8 15.2 14.9 0.4 1.5 1.4 1.7 0.8 0.8 1.1 1.5 2.3 1.6 0.2 1.6
Personal transfer payments to the rest of the
world (net) 0.9 1.7 3.0 1.0 0.0 0.0 0.1 0.0 0.0 0.8 0.0 0.0 1.7 0.0 0.0
Equals: Personal saving -13.1 -30.3 -19.2 -24.5 2.7 16.8 -1.1 26.2 -19.4 -45.0 17.3 10.8 3.5 8.9 -3.3
Addendum:
Disposable personal income,
chained (1996) dollars 141.9 138.6 176.8 8.6 12.1 25.1 9.6 20.0 17.1 13.8 29.0 14.4 23.4 30.5 21.8
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 3. -- Personal Income and Its Disposition, Change From Preceding Period--Continued
[Billions of dollars]
Seasonally adjusted at annual rates
1996 1997 1998 1998
Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Personal income 346.5 389.6 454.0 53.8 47.2 38.3 27.3 44.9 30.8 35.8 40.7 21.5 35.1 67.1 -12.6
Wage and salary disbursements 201.8 262.4 301.8 31.1 31.1 18.8 17.7 34.8 14.1 22.0 37.5 14.4 24.9 29.3 16.4
Private industries 183.5 239.1 273.3 26.1 27.8 17.2 15.4 31.8 12.2 19.8 33.7 11.9 22.7 27.5 14.9
Goods-producing industries 44.6 66.9 63.5 6.0 3.4 3.3 3.3 5.1 -0.2 -1.0 13.5 4.9 2.9 4.0 5.5
Manufacturing 26.2 44.7 38.2 1.3 2.5 2.6 0.9 3.4 -2.1 -4.0 10.5 5.0 -0.9 1.0 1.6
Distributive industries 40.3 57.2 69.5 8.7 7.9 1.8 4.0 10.5 1.8 6.9 7.9 4.3 4.4 9.8 2.3
Service industries 98.6 115.0 140.4 11.4 16.4 12.2 8.0 16.2 10.6 13.9 12.3 2.7 15.4 13.7 7.2
Government 18.3 23.3 28.4 5.0 3.3 1.6 2.3 2.9 2.1 2.1 3.9 2.4 2.1 2.0 1.4
Other labor income -7.0 -14.6 10.1 4.4 2.2 1.8 0.6 1.3 1.2 1.3 1.2 1.1 1.0 1.2 1.4
Proprietors' income with IVA and CCAdj 47.0 36.5 39.5 7.3 4.1 6.4 -1.0 0.8 5.8 3.8 -3.3 1.6 11.3 30.8 -22.8
Farm 12.1 -4.6 -4.3 -1.8 -1.1 -0.8 -0.5 -0.6 -0.7 -1.1 -0.4 -0.1 2.7 26.6 -28.2
Nonfarm 35.0 41.0 43.7 9.2 5.1 7.3 -0.7 1.5 6.5 5.0 -3.0 1.7 8.6 4.2 5.4
Rental income of persons with CCAdj 11.8 -1.4 7.1 -0.8 0.7 1.3 3.0 2.0 2.0 2.5 1.6 1.2 0.7 6.7 -5.2
Personal dividend income 43.4 37.5 16.2 0.0 0.3 0.4 0.3 0.2 0.4 0.4 0.7 1.3 2.0 1.6 1.6
Personal interest income 18.1 53.4 76.8 7.4 7.6 7.6 9.0 6.6 5.6 5.6 3.6 0.1 -2.5 -3.0 -3.1
Transfer payments to persons 42.9 33.4 20.8 7.2 2.9 2.9 -1.3 1.3 2.2 1.7 1.5 2.6 -0.8 2.3 0.3
Old-age, survivors, disability, and health
insurance benefits 29.6 28.2 12.2 6.4 1.3 2.0 -1.4 0.4 0.3 1.1 -0.2 1.4 -2.1 -0.4 -0.5
Government unemployment insurance benefits 0.6 -2.2 -0.4 -1.0 0.4 0.3 -0.7 0.4 0.1 0.8 0.4 -0.8 -0.8 1.4 -0.2
Other 12.6 7.4 8.9 1.8 1.2 0.5 0.9 0.5 1.8 -0.2 1.4 1.9 2.1 1.3 1.0
Less: Personal contributions for social
insurance 11.6 17.5 18.3 3.0 1.6 1.0 0.9 2.0 0.7 1.3 2.2 0.8 1.5 1.8 1.1
Less: Personal tax and nontax payments 91.4 99.1 102.1 13.5 10.0 2.6 3.9 13.2 8.5 7.1 13.3 4.7 6.4 10.5 7.4
Equals: Disposable personal income 255.1 290.5 351.8 40.3 37.1 35.8 23.4 31.8 22.2 28.7 27.4 16.9 28.5 56.7 -20.0
Less: Personal outlays 285.4 309.7 339.4 14.1 36.1 33.5 19.6 58.3 32.3 13.2 32.4 32.8 35.5 19.6 49.1
Personal consumption expenditures 268.5 291.8 321.6 13.5 35.0 32.4 17.5 57.1 29.8 11.7 31.3 31.6 32.8 18.2 48.6
Interest paid by persons 15.2 14.9 15.0 1.0 1.0 1.1 0.7 1.1 2.5 1.4 1.0 1.2 1.9 1.3 0.6
Personal transfer payments to the rest of the
world (net) 1.7 3.0 2.8 -0.3 0.0 0.0 1.5 0.0 0.0 0.2 0.0 0.0 0.8 0.0 0.0
Equals: Personal saving -30.3 -19.2 12.5 26.0 1.2 2.2 3.7 -26.5 -10.0 15.5 -5.0 -15.9 -7.0 37.1 -69.1
Addendum:
Disposable personal income,
chained (1996) dollars 138.6 176.8 279.6 36.6 34.1 33.8 11.2 23.3 20.6 15.1 18.2 15.4 15.0 50.0 -28.9
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 3. -- Personal Income and Its Disposition, Change From Preceding Period--Continued
[Billions of dollars]
Seasonally adjusted at annual rates
1997 1998 1999 1999
Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Personal income 389.6 454.0 398.6 32.7 36.8 24.8 33.2 25.9 67.0 14.4 43.7 5.9 98.7 31.3 17.3
Wage and salary disbursements 262.4 301.8 279.3 21.8 29.4 12.0 25.7 20.8 26.2 30.0 23.7 19.2 31.9 13.0 30.1
Private industries 239.1 273.3 247.6 13.9 26.8 10.1 24.5 19.4 24.0 27.6 20.7 17.0 29.6 10.8 27.7
Goods-producing industries 66.9 63.5 50.6 -0.9 5.1 2.4 6.5 4.8 6.7 7.1 0.8 7.4 7.7 -1.1 3.6
Manufacturing 44.7 38.2 25.8 -0.7 2.0 2.0 3.1 3.8 5.0 5.0 1.0 4.1 5.4 -4.1 0.9
Distributive industries 57.2 69.5 71.2 4.9 11.1 0.1 8.6 3.4 9.3 7.4 7.1 1.7 8.3 4.8 13.6
Service industries 115.0 140.4 125.7 9.8 10.7 7.5 9.4 11.3 7.9 13.1 12.8 7.8 13.7 7.1 10.5
Government 23.3 28.4 31.7 7.8 2.6 1.9 1.3 1.4 2.2 2.5 2.9 2.2 2.3 2.2 2.5
Other labor income -14.6 10.1 15.5 1.6 1.3 1.3 1.0 1.3 1.3 1.4 1.4 1.5 1.5 1.6 1.6
Proprietors' income with IVA and CCAdj 36.5 39.5 42.8 0.8 4.7 4.1 5.4 -4.6 29.0 -19.0 5.8 -9.9 33.8 9.9 -17.6
Farm -4.6 -4.3 -0.1 1.9 2.2 -1.5 0.9 -3.3 16.8 -21.5 -1.6 -3.0 26.7 -0.1 -23.8
Nonfarm 41.0 43.7 43.0 -1.2 2.6 5.6 4.5 -1.3 12.2 2.5 7.4 -7.0 7.2 9.9 6.4
Rental income of persons with CCAdj -1.4 7.1 8.0 1.9 1.1 -0.1 0.0 -0.9 3.3 -5.9 -0.5 -14.2 19.5 1.5 -3.9
Personal dividend income 37.5 16.2 19.2 1.7 1.7 1.9 2.1 2.1 2.1 2.3 2.3 2.3 2.2 2.2 2.2
Personal interest income 53.4 76.8 22.9 -2.0 -0.5 0.8 2.0 3.3 4.8 7.6 6.2 6.4 8.6 5.1 3.6
Transfer payments to persons 33.4 20.8 33.2 12.7 1.0 5.6 -1.1 5.3 2.0 0.1 6.3 2.1 3.2 -1.0 3.2
Old-age, survivors, disability, and health
insurance benefits 28.2 12.2 10.0 5.6 -0.1 1.6 0.9 0.4 1.2 1.1 1.8 1.1 2.1 -1.8 2.6
Government unemployment insurance benefits -2.2 -0.4 0.8 0.3 -0.1 0.3 -1.4 2.7 -1.2 -1.3 1.6 -0.8 0.3 -0.2 -0.7
Other 7.4 8.9 22.5 6.7 1.3 3.7 -0.6 2.2 2.1 0.2 2.9 1.9 0.7 1.0 1.3
Less: Personal contributions for social
insurance 17.5 18.3 22.3 5.7 2.1 0.8 1.8 1.5 1.8 2.0 1.6 1.3 2.2 0.9 2.0
Less: Personal tax and nontax payments 99.1 102.1 81.1 -9.0 9.6 -0.4 5.0 11.8 13.2 13.0 -4.8 24.3 7.0 9.8 15.5
Equals: Disposable personal income 290.5 351.8 317.7 41.7 27.2 25.2 28.2 14.1 53.8 1.4 48.5 -18.5 91.7 21.6 1.8
Less: Personal outlays 309.7 339.4 435.4 26.2 41.9 59.4 41.3 14.6 53.5 26.3 47.8 35.6 42.5 35.4 74.8
Personal consumption expenditures 291.8 321.6 417.7 24.6 40.2 58.2 39.8 13.1 51.4 25.6 46.0 35.5 40.4 33.9 73.1
Interest paid by persons 14.9 15.0 15.0 1.1 1.7 1.2 0.4 1.5 2.1 0.7 1.9 0.1 1.1 1.6 1.6
Personal transfer payments to the rest of the
world (net) 3.0 2.8 2.6 0.5 0.0 0.0 1.1 0.0 0.0 -0.1 0.0 0.0 1.0 0.0 0.0
Equals: Personal saving -19.2 12.5 -117.8 15.5 -14.7 -34.2 -13.0 -0.5 0.2 -24.9 0.7 -54.1 49.2 -13.8 -73.0
Addendum:
Disposable personal income,
chained (1996) dollars 176.8 279.6 196.9 23.8 24.0 21.9 -5.5 13.5 50.4 -13.4 35.1 -38.8 76.2 16.9 -8.7
Table 3. -- Personal Income and Its Disposition, Change From Preceding Period--Continued
[Billions of dollars]
Seasonally adjusted at annual rates
1998 1999 2000
Jan. Feb. Mar. Apr. May June /p/
Personal income 454.0 398.6 62.1 43.2 62.0 45.2 27.1 32.8
Wage and salary disbursements 301.8 279.3 34.7 20.4 28.1 38.6 4.7 25.6
Private industries 273.3 247.6 24.7 17.9 23.8 35.2 -1.3 27.0
Goods-producing industries 63.5 50.6 12.7 2.9 9.2 9.3 -6.9 5.9
Manufacturing 38.2 25.8 6.4 2.2 1.9 7.8 -4.8 4.8
Distributive industries 69.5 71.2 5.8 4.8 5.5 13.7 1.7 8.7
Service industries 140.4 125.7 6.2 10.1 9.1 12.2 3.9 12.4
Government 28.4 31.7 10.0 2.3 4.4 3.4 6.0 -1.3
Other labor income 10.1 15.5 2.8 2.3 2.1 2.2 2.1 2.1
Proprietors' income with IVA and CCAdj 39.5 42.8 3.9 4.9 16.6 0.9 -3.1 12.8
Farm -4.3 -0.1 1.5 1.1 3.3 1.6 -5.3 6.9
Nonfarm 43.7 43.0 2.4 3.8 13.2 -0.7 2.2 6.0
Rental income of persons with CCAdj 7.1 8.0 0.3 0.9 1.7 -2.3 -4.0 -1.4
Personal dividend income 16.2 19.2 2.3 2.3 1.9 1.7 1.8 2.4
Personal interest income 76.8 22.9 9.0 9.3 9.8 4.1 2.6 2.0
Transfer payments to persons 20.8 33.2 13.3 4.8 3.6 2.6 23.3 -8.9
Old-age, survivors, disability, and health
insurance benefits 12.2 10.0 11.1 2.7 3.4 2.3 21.0 -9.1
Government unemployment insurance benefits -0.4 0.8 0.6 0.3 -0.8 -0.6 -0.3 0.9
Other 8.9 22.5 1.6 1.8 1.0 0.9 2.6 -0.6
Less: Personal contributions for social
insurance 18.3 22.3 4.3 1.4 2.0 2.5 0.4 1.8
Less: Personal tax and nontax payments 102.1 81.1 14.8 15.4 10.1 13.8 4.9 12.0
Equals: Disposable personal income 351.8 317.7 47.2 27.9 51.9 31.4 22.2 20.8
Less: Personal outlays 339.4 435.4 56.0 77.0 37.5 16.5 20.1 33.8
Personal consumption expenditures 321.6 417.7 52.6 76.1 36.3 14.4 18.7 32.5
Interest paid by persons 15.0 15.0 2.5 0.9 1.2 1.6 1.5 1.3
Personal transfer payments to the rest of the
world (net) 2.8 2.6 0.9 0.0 0.0 0.4 0.0 0.0
Equals: Personal saving 12.5 -117.8 -8.8 -49.2 14.5 15.0 2.0 -13.0
Addendum:
Disposable personal income,
chained (1996) dollars 279.6 196.9 26.7 -3.8 21.0 27.3 19.9 2.0
p Preliminary.
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 4. -- Personal Consumption Expenditures by Major Type of Product
Seasonally adjusted at annual rates
1995 1996 1997 1997
Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Billions of current dollars
Personal consumption expenditures 4,969.0 5,237.5 5,529.3 5,410.2 5,433.3 5,446.3 5,461.8 5,454.1 5,496.4 5,560.8 5,576.6 5,590.2 5,616.5 5,640.2 5,665.0
Durable goods 589.7 616.5 642.5 637.4 631.1 636.8 625.3 614.5 633.3 653.3 654.8 649.0 647.1 662.8 664.9
Nondurable goods 1,497.3 1,574.1 1,641.6 1,623.7 1,627.3 1,629.4 1,628.2 1,620.6 1,633.0 1,646.8 1,654.5 1,658.2 1,656.8 1,660.3 1,659.9
Services 2,882.0 3,047.0 3,245.2 3,149.1 3,174.9 3,180.1 3,208.2 3,218.9 3,230.1 3,260.8 3,267.3 3,283.1 3,312.5 3,317.2 3,340.1
Billions of chained (1996) dollars
Personal consumption expenditures 5,075.6 5,237.5 5,423.9 5,342.1 5,351.2 5,358.7 5,368.2 5,361.5 5,397.4 5,454.0 5,464.9 5,467.3 5,484.8 5,506.5 5,530.0
Durable goods 583.5 616.5 657.3 644.5 636.8 643.1 635.8 626.8 647.0 669.2 673.7 668.6 668.1 686.1 688.6
Nondurable goods 1,529.0 1,574.1 1,619.9 1,602.3 1,605.0 1,609.4 1,606.4 1,601.9 1,616.3 1,629.5 1,633.0 1,632.7 1,630.9 1,635.3 1,635.9
Services 2,963.4 3,047.0 3,147.0 3,095.5 3,109.4 3,106.3 3,125.7 3,132.0 3,134.1 3,156.0 3,159.2 3,166.6 3,186.0 3,186.4 3,206.5
Chain-type price indexes (Index numbers, 1996 = 100)
Personal consumption expenditures 97.90 100.00 101.94 101.28 101.54 101.64 101.75 101.73 101.84 101.96 102.05 102.25 102.40 102.43 102.44
Durable goods 101.06 100.00 97.75 98.88 99.09 99.00 98.33 98.03 97.87 97.59 97.18 97.04 96.84 96.58 96.54
Nondurable goods 97.93 100.00 101.34 101.34 101.39 101.25 101.36 101.16 101.03 101.06 101.31 101.56 101.59 101.53 101.47
Services 97.25 100.00 103.12 101.74 102.12 102.38 102.65 102.78 103.07 103.33 103.43 103.69 103.98 104.11 104.18
Addendum:
Personal consumption expenditures less
food and energy 98.16 100.00 101.94 101.05 101.32 101.54 101.77 101.87 101.99 102.12 102.08 102.23 102.40 102.44 102.54
Change From Preceding Period
Billions of current dollars
Personal consumption expenditures 252.6 268.5 291.8 44.3 23.1 13.0 15.5 7.7 42.3 64.4 15.8 13.6 26.3 23.7 24.8
Durable goods 28.9 26.8 26.0 17.5 -6.3 5.7 -11.5 10.8 18.8 20.0 1.5 -5.8 -1.9 15.7 2.1
Nondurable goods 59.3 76.8 67.5 7.7 3.6 2.1 -1.2 -7.6 12.4 13.8 7.7 3.7 -1.4 3.5 -0.4
Services 164.4 165.0 198.2 19.2 25.8 5.2 28.1 10.7 11.2 30.7 6.5 15.8 29.4 4.7 22.9
Billions of chained (1996) dollars
Personal consumption expenditures 147.5 161.9 186.4 32.4 9.1 7.5 9.5 -6.7 35.9 56.6 10.9 2.4 17.5 21.7 23.5
Durable goods 25.8 33.0 40.8 18.1 -7.7 6.3 -7.3 -9.0 20.2 22.2 4.5 -5.1 -0.5 18.0 2.5
Nondurable goods 43.9 45.1 45.8 5.9 2.7 4.4 -3.0 -4.5 14.4 13.2 3.5 -0.3 -1.8 4.4 0.6
Services 77.2 83.6 100.0 8.7 13.9 -3.1 19.4 6.3 2.1 21.9 3.2 7.4 19.4 0.4 20.1
Table 5. -- Percent Change From Preceding Period in Selected Series
Based on current dollars
Personal income 5.3 5.6 6.0 0.6 0.6 0.6 0.3 0.4 0.5 0.4 0.6 0.5 0.6 0.6 0.4
Disposable personal income 5.0 4.7 5.1 0.4 0.5 0.5 0.3 0.3 0.4 0.4 0.6 0.4 0.5 0.5 0.4
Personal consumption expenditures 5.4 5.4 5.6 0.8 0.4 0.2 0.3 -0.1 0.8 1.2 0.3 0.2 0.5 0.4 0.4
Durable goods 5.2 4.5 4.2 2.8 -1.0 0.9 -1.8 -1.7 3.1 3.1 0.2 -0.9 -0.3 2.4 0.3
Nondurable goods 4.1 5.1 4.3 0.5 0.2 0.1 -0.1 -0.5 0.8 0.8 0.5 0.2 -0.1 0.2 0.0
Services 6.0 5.7 6.5 0.6 0.8 0.2 0.9 0.3 0.3 0.9 0.2 0.5 0.9 0.1 0.7
Based on chained (1996) dollars
Disposable personal income 2.6 2.5 3.1 0.1 0.2 0.4 0.2 0.3 0.3 0.2 0.5 0.2 0.4 0.5 0.4
Personal consumption expenditures 3.0 3.2 3.6 0.6 0.2 0.1 0.2 -0.1 0.7 1.0 0.2 0.0 0.3 0.4 0.4
Durable goods 4.6 5.6 6.6 2.9 -1.2 1.0 -1.1 -1.4 3.2 3.4 0.7 -0.8 -0.1 2.7 0.4
Nondurable goods 3.0 2.9 2.9 0.4 0.2 0.3 -0.2 -0.3 0.9 0.8 0.2 0.0 -0.1 0.3 0.0
Services 2.7 2.8 3.3 0.3 0.4 -0.1 0.6 0.2 0.1 0.7 0.1 0.2 0.6 0.0 0.6
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 4. -- Personal Consumption Expenditures by Major Type of Product
Seasonally adjusted at annual rates
1996 1997 1998 1998
Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec.
Millions of current dollars
Personal consumption expenditures 5,237.5 5,529.3 5,850.9 5,678.5 5,713.5 5,745.9 5,763.4 5,820.5 5,850.3 5,862.0 5,893.3 5,924.9 5,957.7 5,975.9 6,024.5
Durable goods 616.5 642.5 693.9 670.7 670.9 669.8 675.1 695.1 697.6 680.1 692.4 705.1 715.8 720.1 734.4
Nondurable goods 1,574.1 1,641.6 1,707.6 1,665.1 1,673.5 1,678.8 1,683.0 1,696.3 1,705.0 1,713.7 1,716.3 1,723.8 1,733.4 1,744.1 1,758.1
Services 3,047.0 3,245.2 3,449.3 3,342.7 3,369.0 3,397.3 3,405.3 3,429.1 3,447.7 3,468.2 3,484.5 3,496.1 3,508.5 3,511.7 3,532.0
Billions of chained (1996) dollars
Personal consumption expenditures 5,237.5 5,423.9 5,678.7 5,540.8 5,573.0 5,603.5 5,609.8 5,658.4 5,686.4 5,685.9 5,708.7 5,738.4 5,758.3 5,771.5 5,809.5
Durable goods 616.5 657.3 727.3 695.5 696.7 696.9 701.6 725.8 730.6 711.5 725.5 742.9 756.9 764.5 778.6
Nondurable goods 1,574.1 1,619.9 1,684.8 1,641.7 1,652.9 1,663.8 1,667.0 1,676.4 1,685.5 1,692.0 1,691.0 1,699.5 1,705.0 1,716.6 1,726.3
Services 3,047.0 3,147.0 3,269.4 3,205.0 3,224.5 3,243.8 3,242.5 3,258.9 3,273.1 3,283.6 3,294.2 3,299.3 3,301.0 3,296.1 3,311.2
Chain-type price indexes (Index numbers, 1996 = 100)
Personal consumption expenditures 100.00 101.94 103.03 102.49 102.53 102.55 102.74 102.87 102.89 103.10 103.24 103.26 103.47 103.55 103.71
Durable goods 100.00 97.75 95.41 96.41 96.27 96.09 96.19 95.73 95.45 95.55 95.41 94.88 94.54 94.17 94.30
Nondurable goods 100.00 101.34 101.35 101.42 101.24 100.90 100.96 101.19 101.16 101.28 101.50 101.43 101.67 101.61 101.85
Services 100.00 103.12 105.50 104.30 104.49 104.74 105.03 105.23 105.34 105.63 105.79 105.97 106.29 106.55 106.67
Addendum:
Personal consumption expenditures less
food and energy 100.00 101.94 103.45 102.64 102.79 102.89 103.14 103.27 103.27 103.52 103.72 103.79 103.97 104.05 104.31
Change From Preceding Period
Billions of current dollars
Personal consumption expenditures 268.5 291.8 321.6 13.5 35.0 32.4 17.5 57.1 29.8 11.7 31.3 31.6 32.8 18.2 48.6
Durable goods 26.8 26.0 51.4 5.8 0.2 -1.1 5.3 20.0 2.5 -17.5 12.3 12.7 10.7 4.3 14.3
Nondurable goods 76.8 67.5 66.0 5.2 8.4 5.3 4.2 13.3 8.7 8.7 2.6 7.5 9.6 10.7 14.0
Services 165.0 198.2 204.1 2.6 26.3 28.3 8.0 23.8 18.6 20.5 16.3 11.6 12.4 3.2 20.3
Billions of chained (1996) dollars
Personal consumption expenditures 161.9 186.4 254.8 10.8 32.2 30.5 6.3 48.6 28.0 -0.5 22.8 29.7 19.9 13.2 38.0
Durable goods 33.0 40.8 70.0 6.9 1.2 0.2 4.7 24.2 4.8 -19.1 14.0 17.4 14.0 7.6 14.1
Nondurable goods 45.1 45.8 64.9 5.8 11.2 10.9 3.2 9.4 9.1 6.5 -1.0 8.5 5.5 11.6 9.7
Services 83.6 100.0 122.4 -1.5 19.5 19.3 -1.3 16.4 14.2 10.5 10.6 5.1 1.7 -4.9 15.1
Table 5. -- Percent Change From Preceding Period in Selected Series
Based on current dollars
Personal income 5.6 6.0 6.5 0.8 0.7 0.5 0.4 0.6 0.4 0.5 0.5 0.3 0.5 0.9 -0.2
Disposable personal income 4.7 5.1 5.9 0.7 0.6 0.6 0.4 0.5 0.4 0.5 0.4 0.3 0.4 0.9 -0.3
Personal consumption expenditures 5.4 5.6 5.8 0.2 0.6 0.6 0.3 1.0 0.5 0.2 0.5 0.5 0.6 0.3 0.8
Durable goods 4.5 4.2 8.0 0.9 0.0 -0.2 0.8 3.0 0.4 -2.5 1.8 1.8 1.5 0.6 2.0
Nondurable goods 5.1 4.3 4.0 0.3 0.5 0.3 0.3 0.8 0.5 0.5 0.2 0.4 0.6 0.6 0.8
Services 5.7 6.5 6.3 0.1 0.8 0.8 0.2 0.7 0.5 0.6 0.5 0.3 0.4 0.1 0.6
Based on chained (1996) dollars
Disposable personal income 2.5 3.1 4.8 0.6 0.6 0.6 0.2 0.4 0.3 0.2 0.3 0.2 0.2 0.8 -0.5
Personal consumption expenditures 3.2 3.6 4.7 0.2 0.6 0.5 0.1 0.9 0.5 -0.0 0.4 0.5 0.3 0.2 0.7
Durable goods 5.6 6.6 10.6 1.0 0.2 0.0 0.7 3.4 0.7 -2.6 2.0 2.4 1.9 1.0 1.8
Nondurable goods 2.9 2.9 4.0 0.4 0.7 0.7 0.2 0.6 0.5 0.4 -0.1 0.5 0.3 0.7 0.6
Services 2.8 3.3 3.9 0.0 0.6 0.6 0.0 0.5 0.4 0.3 0.3 0.2 0.0 -0.1 0.5
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 4. -- Personal Consumption Expenditures by Major Type of Product
Seasonally adjusted at annual rates
1997 1998 1999 1999
Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.
Billions of current dollars
Personal consumption expenditures 5,529.3 5,850.9 6,268.6 6,049.1 6,089.3 6,147.5 6,187.3 6,200.4 6,251.8 6,277.4 6,323.4 6,358.9 6,399.3 6,433.2 6,506.3
Durable goods 642.5 693.9 761.3 715.0 733.4 753.3 760.7 741.8 766.4 758.2 768.9 774.7 778.2 786.9 797.6
Nondurable goods 1,641.6 1,707.6 1,845.5 1,777.1 1,788.4 1,793.7 1,815.0 1,827.8 1,833.2 1,842.0 1,860.7 1,877.3 1,891.1 1,899.3 1,940.2
Services 3,245.2 3,449.3 3,661.9 3,557.0 3,567.5 3,600.5 3,611.6 3,630.8 3,652.1 3,677.3 3,693.9 3,706.8 3,730.0 3,747.0 3,768.4
Billions of chained (1996) dollars
Personal consumption expenditures 5,423.9 5,678.7 5,978.8 5,817.9 5,854.5 5,908.4 5,915.8 5,928.4 5,976.6 5,987.1 6,020.4 6,033.9 6,062.1 6,090.8 6,150.0
Durable goods 657.3 727.3 817.8 759.2 781.6 807.2 813.3 794.6 823.6 815.3 828.3 834.8 840.0 850.6 864.8
Nondurable goods 1,619.9 1,684.8 1,779.4 1,738.6 1,751.5 1,755.5 1,753.1 1,767.7 1,774.2 1,777.3 1,789.0 1,791.9 1,801.6 1,810.9 1,841.7
Services 3,147.0 3,269.4 3,390.8 3,324.7 3,328.3 3,354.3 3,358.6 3,373.1 3,388.6 3,402.9 3,412.8 3,417.6 3,431.2 3,441.2 3,456.8
Chain-type price indexes (Index numbers, 1996 = 100)
Personal consumption expenditures 101.94 103.03 104.85 103.98 104.02 104.06 104.60 104.60 104.62 104.86 105.04 105.40 105.57 105.63 105.80
Durable goods 97.75 95.41 93.09 94.16 93.81 93.30 93.51 93.34 93.05 92.97 92.81 92.78 92.63 92.50 92.21
Nondurable goods 101.34 101.35 103.71 102.22 102.12 102.19 103.54 103.41 103.34 103.65 104.02 104.79 104.99 104.90 105.37
Services 103.12 105.50 107.99 106.99 107.19 107.35 107.54 107.65 107.79 108.07 108.24 108.47 108.71 108.89 109.02
Addendum:
Personal consumption expenditures less
food and energy 101.94 103.45 105.11 104.58 104.60 104.57 104.88 104.91 104.96 105.13 105.17 105.46 105.64 105.68 105.74
Change From Preceding Period
Billions of current dollars
Personal consumption expenditures 291.8 321.6 417.7 24.6 40.2 58.2 39.8 13.1 51.4 25.6 46.0 35.5 40.4 33.9 73.1
Durable goods 26.0 51.4 67.4 -19.4 18.4 19.9 7.4 -18.9 24.6 -8.2 10.7 5.8 3.5 8.7 10.7
Nondurable goods 67.5 66.0 137.9 19.0 11.3 5.3 21.3 12.8 5.4 8.8 18.7 16.6 13.8 8.2 40.9
Services 198.2 204.1 212.6 25.0 10.5 33.0 11.1 19.2 21.3 25.2 16.6 12.9 23.2 17.0 21.4
Billions of chained (1996) dollars
Personal consumption expenditures 186.4 254.8 300.1 8.4 36.6 53.9 7.4 12.6 48.2 10.5 33.3 13.5 28.2 28.7 59.2
Durable goods 40.8 70.0 90.5 -19.4 22.4 25.6 6.1 -18.7 29.0 -8.3 13.0 6.5 5.2 10.6 14.2
Nondurable goods 45.8 64.9 94.6 12.3 12.9 4.0 -2.4 14.6 6.5 3.1 11.7 2.9 9.7 9.3 30.8
Services 100.0 122.4 121.4 13.5 3.6 26.0 4.3 14.5 15.5 14.3 9.9 4.8 13.6 10.0 15.6
Table 5. -- Percent Change From Preceding Period in Selected Series
Based on current dollars
Personal income 6.0 6.5 5.4 0.4 0.5 0.3 0.4 0.3 0.9 0.2 0.6 0.1 1.3 0.4 0.2
Disposable personal income 5.1 5.9 5.0 0.6 0.4 0.4 0.4 0.2 0.8 0.0 0.7 -0.3 1.4 0.3 0.0
Personal consumption expenditures 5.6 5.8 7.1 0.4 0.7 1.0 0.6 0.2 0.8 0.4 0.7 0.6 0.6 0.5 1.1
Durable goods 4.2 8.0 9.7 -2.6 2.6 2.7 1.0 -2.5 3.3 -1.1 1.4 0.8 0.5 1.1 1.4
Nondurable goods 4.3 4.0 8.1 1.1 0.6 0.3 1.2 0.7 0.3 0.5 1.0 0.9 0.7 0.4 2.2
Services 6.5 6.3 6.2 0.7 0.3 0.9 0.3 0.5 0.6 0.7 0.4 0.4 0.6 0.5 0.6
Based on chained (1996) dollars
Disposable personal income 3.1 4.8 3.2 0.4 0.4 0.3 -0.1 0.2 0.8 -0.2 0.6 -0.6 1.2 0.3 -0.1
Personal consumption expenditures 3.6 4.7 5.3 0.1 0.6 0.9 0.1 0.2 0.8 0.2 0.6 0.2 0.5 0.5 1.0
Durable goods 6.6 10.6 12.4 -2.5 3.0 3.3 0.8 -2.3 3.6 -1.0 1.6 0.8 0.6 1.3 1.7
Nondurable goods 2.9 4.0 5.6 0.7 0.7 0.2 -0.1 0.8 0.4 0.2 0.7 0.2 0.5 0.5 1.7
Services 3.3 3.9 3.7 0.4 0.1 0.8 0.1 0.4 0.5 0.4 0.3 0.1 0.4 0.3 0.5
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 4. -- Personal Consumption Expenditures by Major Type of Product
Seasonally adjusted at annual rates
1998 1999 2000
Jan. Feb. Mar. Apr. May June /p/
Billions of current dollars
Personal consumption expenditures 5,850.9 6,268.6 6,558.9 6,635.0 6,671.3 6,685.7 6,704.4 6,736.9
Durable goods 693.9 761.3 820.2 834.2 824.3 819.3 813.5 817.7
Nondurable goods 1,707.6 1,845.5 1,937.1 1,965.4 1,989.2 1,989.6 1,996.7 2,006.6
Services 3,449.3 3,661.9 3,801.6 3,835.4 3,857.7 3,876.8 3,894.1 3,912.6
Billions of chained (1996) dollars
Personal consumption expenditures 5,678.7 5,978.8 6,182.6 6,225.2 6,232.5 6,244.0 6,260.6 6,274.2
Durable goods 727.3 817.8 890.4 907.3 896.9 891.6 884.4 892.3
Nondurable goods 1,684.8 1,779.4 1,836.6 1,847.6 1,850.1 1,854.1 1,865.4 1,863.2
Services 3,269.4 3,390.8 3,471.7 3,488.3 3,501.5 3,513.3 3,524.4 3,533.1
Chain-type price indexes (Index numbers, 1996 = 100)
Personal consumption expenditures 103.03 104.85 106.10 106.59 107.05 107.08 107.10 107.39
Durable goods 95.41 93.09 92.10 91.93 91.89 91.87 91.97 91.63
Nondurable goods 101.35 103.71 105.49 106.40 107.54 107.33 107.06 107.71
Services 105.50 107.99 109.51 109.96 110.18 110.35 110.50 110.75
Addendum:
Personal consumption expenditures less
food and energy 103.45 105.11 106.01 106.27 106.50 106.67 106.73 106.72
Change From Preceding Period
Billions of current dollars
Personal consumption expenditures 321.6 417.7 52.6 76.1 36.3 14.4 18.7 32.5
Durable goods 51.4 67.4 22.6 14.0 -9.9 -5.0 -5.8 4.2
Nondurable goods 66.0 137.9 -3.1 28.3 23.8 0.4 7.1 9.9
Services 204.1 212.6 33.2 33.8 22.3 19.1 17.3 18.5
Billions of chained (1996) dollars
Personal consumption expenditures 254.8 300.1 32.6 42.6 7.3 11.5 16.6 13.6
Durable goods 70.0 90.5 25.6 16.9 -10.4 -5.3 -7.2 7.9
Nondurable goods 64.9 94.6 -5.1 11.0 2.5 4.0 11.3 -2.2
Services 122.4 121.4 14.9 16.6 13.2 11.8 11.1 8.7
Table 5. -- Percent Change From Preceding Period in Selected Series
Based on current dollars
Personal income 6.5 5.4 0.8 0.5 0.8 0.6 0.3 0.4
Disposable personal income 5.9 5.0 0.7 0.4 0.8 0.5 0.3 0.3
Personal consumption expenditures 5.8 7.1 0.8 1.2 0.5 0.2 0.3 0.5
Durable goods 8.0 9.7 2.8 1.7 -1.2 -0.6 -0.7 0.5
Nondurable goods 4.0 8.1 -0.2 1.5 1.2 0.0 0.4 0.5
Services 6.3 6.2 0.9 0.9 0.6 0.5 0.4 0.5
Based on chained (1996) dollars
Disposable personal income 4.8 3.2 0.4 -0.1 0.3 0.4 0.3 0.0
Personal consumption expenditures 4.7 5.3 0.5 0.7 0.1 0.2 0.3 0.2
Durable goods 10.6 12.4 3.0 1.9 -1.1 -0.6 -0.8 0.9
Nondurable goods 4.0 5.6 -0.3 0.6 0.1 0.2 0.6 -0.1
Services 3.9 3.7 0.4 0.5 0.4 0.3 0.3 0.2
p Preliminary
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 6. -- Revisions to Personal Income and Its Disposition
(Billions of dollars)
Revised Revision Revision to percent change
1997 1998 1999 1997 1998 1999 1997 1998 1999
Personal income 6,937.0 7,391.0 7,789.6 -14.1 32.1 -2.2 -0.2 0.6 -0.5
Wage and salary disbursements 3,888.9 4,190.7 4,470.0 0.0 4.7 -2.3 0.0 0.2 -0.1
Private industries 3,224.7 3,498.0 3,745.6 0.3 4.8 -0.2 0.0 0.2 -0.1
Goods-producing industries 975.1 1,038.6 1,089.2 -0.4 -0.1 6.9 0.0 0.0 0.7
Manufacturing 718.4 756.6 782.4 -0.4 -0.9 2.7 -0.1 -0.1 0.5
Distributive industries 879.6 949.1 1,020.3 0.5 4.5 14.5 0.1 0.5 1.0
Service industries 1,369.9 1,510.3 1,636.0 0.1 0.4 -21.6 0.0 0.0 -1.5
Government 664.3 692.7 724.4 -0.1 -0.1 -2.1 -0.1 0.0 -0.3
Other labor income 475.4 485.5 501.0 -25.5 -30.2 -34.8 -5.2 -0.9 -0.7
Proprietors' income with IVA and CCAdj 581.2 620.7 663.5 2.6 14.6 5.0 0.5 2.0 -1.8
Farm 29.7 25.4 25.3 0.2 0.3 -6.0 0.7 0.7 -25.3
Nonfarm 551.5 595.2 638.2 2.4 14.2 10.9 0.4 2.1 -0.8
Rental income of persons with CCAdj 128.3 135.4 143.4 -1.9 -2.0 -2.5 -1.4 -0.1 -0.4
Personal dividend income 334.9 351.1 370.3 1.5 2.8 6.0 0.5 0.3 0.9
Personal interest income 864.0 940.8 963.7 9.1 43.0 32.4 1.1 3.9 -1.3
Transfer payments to persons 962.2 983.0 1,016.2 -0.2 -0.6 -2.0 0.0 0.0 -0.1
Old-age, survivors, disability, and health
insurance benefits 565.8 578.0 588.0 0.0 -0.1 -8.4 0.0 0.0 -1.5
Government unemployment insurance
benefits 19.9 19.5 20.3 -0.1 -0.3 0.0 -0.4 -1.0 1.7
Other 376.5 385.4 407.9 -0.1 -0.3 6.4 0.0 0.0 1.7
Less: Personal contributions for social
insurance 297.9 316.2 338.5 -0.2 0.3 3.9 -0.1 0.2 1.1
Less: Personal tax and nontax payments 968.8 1,070.9 1,152.0 0.5 -1.7 -0.1 0.1 -0.3 0.2
Equals: Disposable personal income 5,968.2 6,320.0 6,637.7 -14.6 33.8 -2.0 -0.3 0.8 -0.6
Less: Personal outlays 5,715.3 6,054.7 6,490.1 3.6 -1.9 6.8 0.0 -0.1 0.2
Personal consumption expenditures 5,529.3 5,850.9 6,268.6 4.9 2.3 11.3 0.1 -0.1 0.1
Durable goods 642.5 693.9 761.3 -0.4 -4.3 2.7 -0.1 -0.6 1.0
Nondurable goods 1,641.6 1,707.6 1,845.5 -0.1 -1.2 2.4 0.0 -0.1 0.2
Services 3,245.2 3,449.3 3,661.9 5.4 7.8 6.3 0.2 0.1 0.0
Interest paid by persons 164.8 179.8 194.8 -1.9 -5.9 -6.9 -1.2 -2.3 -0.2
Personal transfer payments to the
rest of the world (net) 21.2 24.0 26.6 0.6 1.7 2.3 3.1 5.2 1.9
Equals: Personal saving 252.9 265.4 147.6 -18.2 35.7 -8.7 -6.7 20.2 -12.5
Addenda:
Disposable personal income
Chained (1996) dollars/1/ 5,854.5 6,107.1 6,331.0 -12.2 27.0 -18.4 -0.2 0.7 -0.8
Per capita:
Current dollars 22,320 23,231 24,307 -58 128 7 -0.3 0.8 -0.5
Chained (1996) dollars 21,887 22,569 23,244 -49 103 -53 -0.2 0.7 -0.7
Population (thousands) 268,046 270,595 273,161 41 -35 -165 0.0 -0.1 0.0
Personal saving as a percentage of
disposable personal income 4.5 3.7 2.4 -0.3 0.5 -0.2 -6.1 18.5 -11.4
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
1. Disposable personal income in chained (1996) dollars equals the current-dollar figure divided by
the implicit price deflator for personal consumption expenditures.
TABLE 7. -- PERSONAL INCOME, DPI, PCE AND PERSONAL SAVING: CHANGE IN LEVELS AND PERCENT CHANGES
Personal income Disposable personal income Personal consumption expenditures Personal saving as
Billions of dollars Percent Billions of dollars Percent Billions of dollars Percent a percentage of DPI
Previously Previously Previously Previously Previously Previously Previously
published Revised published Revised published Revised published Revised published Revised published Revised published Revised
1997 403.7 389.6 6.2 6.0 305.1 290.5 5.4 5.1 286.9 291.8 5.5 5.6 4.5 4.2
1998 407.8 454.0 5.9 6.5 303.4 351.8 5.1 5.9 324.2 321.6 5.9 5.8 3.7 4.2
1999 432.9 398.6 5.9 5.4 353.5 317.7 5.6 5.0 408.7 417.7 7.0 7.1 2.4 2.2
1997
Jan. 50.5 41.0 0.8 0.6 31.1 21.2 0.5 0.4 44.3 44.3 0.8 0.8 4.3 4.1
Feb. 43.9 37.3 0.6 0.6 34.4 27.3 0.6 0.5 21.4 23.1 0.4 0.4 4.5 4.2
Mar. 42.1 38.3 0.6 0.6 35.4 31.3 0.6 0.5 19.0 13.0 0.3 0.2 4.7 4.4
Apr. 21.8 19.8 0.3 0.3 17.3 16.1 0.3 0.3 -3.7 15.5 -0.1 0.3 5.0 4.4
May 27.6 27.3 0.4 0.4 19.6 19.3 0.3 0.3 10.9 -7.7 0.2 -0.1 5.1 4.8
June 30.4 32.0 0.4 0.5 22.3 23.8 0.4 0.4 36.5 42.3 0.7 0.8 4.8 4.5
July 25.6 27.9 0.4 0.4 18.9 21.3 0.3 0.4 57.2 64.4 1.0 1.2 4.1 3.7
Aug. 41.6 45.0 0.6 0.6 31.0 34.5 0.5 0.6 19.7 15.8 0.4 0.3 4.3 4.0
Sep. 30.1 33.6 0.4 0.5 23.2 26.7 0.4 0.4 13.5 13.6 0.2 0.2 4.4 4.1
Oct. 40.0 42.0 0.6 0.6 30.7 33.0 0.5 0.5 22.8 26.3 0.4 0.5 4.4 4.2
Nov. 40.6 45.1 0.6 0.6 28.6 32.9 0.5 0.5 26.4 23.7 0.5 0.4 4.4 4.3
Dec. 24.7 29.6 0.3 0.4 18.6 23.0 0.3 0.4 18.8 24.8 0.3 0.4 4.4 4.2
1998
Jan. 25.6 53.8 0.4 0.8 16.0 40.3 0.3 0.7 26.7 13.5 0.5 0.2 4.2 4.6
Feb. 37.9 47.2 0.5 0.7 28.1 37.1 0.5 0.6 39.8 35.0 0.7 0.6 4.0 4.6
Mar. 33.4 38.3 0.5 0.5 30.6 35.8 0.5 0.6 26.3 32.4 0.5 0.6 4.0 4.6
Apr. 31.4 27.3 0.4 0.4 20.8 23.4 0.3 0.4 22.3 17.5 0.4 0.3 3.9 4.7
May 35.7 44.9 0.5 0.6 23.5 31.8 0.4 0.5 62.0 57.1 1.1 1.0 3.3 4.2
June 34.5 30.8 0.5 0.4 25.7 22.2 0.4 0.4 21.1 29.8 0.4 0.5 3.3 4.0
July 49.0 35.8 0.7 0.5 38.7 28.7 0.6 0.5 13.2 11.7 0.2 0.2 3.6 4.3
Aug. 39.1 40.7 0.5 0.5 26.2 27.4 0.4 0.4 31.2 31.3 0.5 0.5 3.5 4.2
Sep. 22.0 21.5 0.3 0.3 17.5 16.9 0.3 0.3 14.1 31.6 0.2 0.5 3.5 3.9
Oct. 40.2 35.1 0.5 0.5 33.3 28.5 0.5 0.4 38.5 32.8 0.7 0.6 3.4 3.8
Nov. 75.0 67.1 1.0 0.9 63.8 56.7 1.0 0.9 14.9 18.2 0.2 0.3 4.1 4.3
Dec. -2.0 -12.6 0.0 -0.2 -11.1 -20.0 -0.2 -0.3 47.7 48.6 0.8 0.8 3.2 3.3
1999
Jan. 44.5 32.7 0.6 0.4 43.3 41.7 0.7 0.6 27.5 24.6 0.5 0.4 3.4 3.5
Feb. 37.4 36.8 0.5 0.5 33.1 27.2 0.5 0.4 51.3 40.2 0.9 0.7 3.1 3.2
Mar. 18.9 24.8 0.2 0.3 25.0 25.2 0.4 0.4 55.7 58.2 0.9 1.0 2.6 2.7
Apr. 37.4 33.2 0.5 0.4 30.4 28.2 0.5 0.4 23.4 39.8 0.4 0.6 2.6 2.5
May 29.1 25.9 0.4 0.3 18.9 14.1 0.3 0.2 33.7 13.1 0.5 0.2 2.4 2.5
June 61.5 67.0 0.8 0.9 51.4 53.8 0.8 0.8 29.7 51.4 0.5 0.8 2.6 2.5
July 22.7 14.4 0.3 0.2 12.7 1.4 0.2 0.0 27.3 25.6 0.4 0.4 2.4 2.1
Aug. 34.0 43.7 0.4 0.6 42.5 48.5 0.6 0.7 50.8 46.0 0.8 0.7 2.3 2.1
Sep. 8.1 5.9 0.1 0.1 -11.6 -18.5 -0.2 -0.3 32.3 35.5 0.5 0.6 1.6 1.3
Oct. 95.3 98.7 1.2 1.3 89.5 91.7 1.3 1.4 34.6 40.4 0.5 0.6 2.4 2.0
Nov. 33.4 31.3 0.4 0.4 27.9 21.6 0.4 0.3 50.5 33.9 0.8 0.5 2.0 1.8
Dec. 21.8 17.3 0.3 0.2 10.9 1.8 0.2 0.0 71.0 73.1 1.1 1.1 1.1 0.7
2000
Jan. 53.1 62.1 0.7 0.8 30.3 47.2 0.4 0.7 48.5 52.6 0.7 0.8 0.8 0.6
Feb. 43.2 43.2 0.5 0.5 29.8 27.9 0.4 0.4 75.9 76.1 1.2 1.2 0.1 -0.1
Mar. 59.9 62.0 0.7 0.8 51.1 51.9 0.7 0.8 43.7 36.3 0.7 0.5 0.2 0.1
Apr. 47.7 45.2 0.6 0.6 33.3 31.4 0.5 0.5 14.2 14.4 0.2 0.2 0.4 0.3
May 31.3 27.1 0.4 0.3 26.5 22.2 0.4 0.3 16.3 18.7 0.2 0.3 0.6 0.3
June ..... 32.8 ..... 0.4 ..... 20.8 ..... 0.3 ..... 32.5 ..... 0.5 ..... 0.1
Table 8. -- Chained (1996) Dollars Disposable Personal Income and Personal Consumption Expenditures
Percent Changes
Real DPI Real PCE PCE Implicit Price Deflators
Previously Revised Previously Revised Previously Revised
published published published
1997 3.3 3.1 3.4 3.6 2.0 1.9
1998 4.1 4.8 4.9 4.7 0.9 1.1
1999 4.0 3.2 5.3 5.3 1.6 1.8
1997
Jan. 0.3 0.1 0.6 0.6 0.2 0.2
Feb. 0.3 0.2 0.1 0.2 0.3 0.3
Mar. 0.5 0.4 0.3 0.1 0.1 0.1
Apr. 0.2 0.2 -0.2 0.2 0.1 0.1
May 0.4 0.3 0.2 -0.1 0.0 0.0
June 0.3 0.3 0.6 0.7 0.1 0.1
July 0.2 0.2 0.9 1.0 0.1 0.1
Aug. 0.4 0.5 0.3 0.2 0.1 0.1
Sep. 0.2 0.2 0.0 0.0 0.2 0.2
Oct. 0.4 0.4 0.3 0.3 0.1 0.1
Nov. 0.5 0.5 0.5 0.4 0.0 0.0
Dec. 0.3 0.4 0.3 0.4 0.0 0.0
1998
Jan. 0.2 0.6 0.5 0.2 0.0 0.0
Feb. 0.4 0.6 0.7 0.6 0.0 0.0
Mar. 0.5 0.6 0.5 0.5 0.0 0.0
Apr. 0.1 0.2 0.2 0.1 0.2 0.2
May 0.3 0.4 1.0 0.9 0.1 0.1
June 0.5 0.3 0.4 0.5 0.0 0.0
July 0.4 0.2 0.0 0.0 0.2 0.2
Aug. 0.3 0.3 0.4 0.4 0.1 0.1
Sep. 0.3 0.2 0.2 0.5 0.0 0.0
Oct. 0.4 0.2 0.5 0.3 0.2 0.2
Nov. 1.0 0.8 0.2 0.2 0.0 0.1
Dec. -0.3 -0.5 0.7 0.7 0.1 0.2
1999
Jan. 0.4 0.4 0.2 0.1 0.2 0.3
Feb. 0.5 0.4 0.8 0.6 0.0 0.0
Mar. 0.4 0.3 0.9 0.9 0.0 0.0
Apr. -0.1 -0.1 -0.2 0.1 0.6 0.5
May 0.3 0.2 0.6 0.2 0.0 0.0
June 0.8 0.8 0.5 0.8 -0.1 0.0
July 0.0 -0.2 0.2 0.2 0.2 0.2
Aug. 0.4 0.6 0.6 0.6 0.2 0.2
Sep. -0.5 -0.6 0.2 0.2 0.3 0.3
Oct. 1.1 1.2 0.3 0.5 0.2 0.2
Nov. 0.3 0.3 0.7 0.5 0.1 0.1
Dec. 0.0 -0.1 0.9 1.0 0.2 0.2
2000
Jan. 0.2 0.4 0.5 0.5 0.3 0.3
Feb. 0.0 -0.1 0.8 0.7 0.4 0.5
Mar. 0.3 0.3 0.2 0.1 0.5 0.4
Apr. 0.4 0.4 0.2 0.2 0.1 0.0
May 0.4 0.3 0.2 0.3 0.0 0.0
June ..... 0.0 ..... 0.2 ..... 0.3
Month-to-month changes are at monthly rates.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.