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FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, SEPTEMBER 29, 2000
James E. Rankin: (202) 606-5301 (Personal Income) BEA 00-30 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: AUGUST 2000
Personal income increased $34.2 billion, or 0.4 percent, and disposable personal income (DPI) increased $20.0 billion, or 0.3 percent, in August, according to the Commerce Department's Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $41.4 billion, or 0.6 percent. In July, personal income increased $24.3 billion, or 0.3 percent, DPI increased $23.4 billion, or 0.3 percent, and PCE increased $43.3 billion, or 0.6 percent, based on revised estimates.
2000
Apr. May June July Aug.
(Percent change from preceding month)Personal income, current dollars 0.6 0.3 0.5 0.3 0.4
Disposable personal income: Current dollars .4 .3 .4 .3 .3 Chained (1996) dollars .4 .4 .1 .1 .3
Personal consumption expenditures: Current dollars .2 .3 .5 .6 .6 Chained (1996) dollars .2 .3 .2 .4 .6
Wages and salaries
Private wage and salary disbursements increased $13.4 billion in August, compared with an increase of $21.6 billion in July. Goods-producing industries' payrolls decreased $1.9 billion, in contrast to an increase of $10.4 billion; manufacturing payrolls decreased $3.0 billion, in contrast to an increase of $6.1 billion. Distributive industries' payrolls increased $2.7 billion, compared with an increase of $6.9 billion. Service industries' payrolls increased $12.5 billion, compared with an increase of $4.2 billion.
Government wage and salary disbursements increased $0.7 billion in August, compared with an increase of $3.1 billion in July. A decline in the number of temporary workers for Census 2000 subtracted $2.5 billion at an annual rate from federal civilian payrolls in August, compared with a subtraction of $1.9 billion at an annual rate in July.
Other personal income
Proprietors' income decreased $0.2 billion in August, compared with a decrease of $11.4 billion in July. Farm proprietors' income decreased $4.9 billion, compared with a decrease of $7.1 billion. The changes in farm proprietors' income reflect the pattern of specially authorized federal farm subsidy payments, which were $0.3 billion at an annual rate in August, $1.2 billion at an annual rate in July, and $4.6 billion at an annual rate in June. Nonfarm proprietors' income increased $4.7 billion in August, in contrast to a decrease of $4.3 billion in July.
Transfer payments increased $5.5 billion in August, compared with an increase of $1.5 billion in July. The August increase in transfer payments reflected, in part, retroactive social security benefit payments of $1.9 billion at an annual rate, resulting from a recalculation of the earnings base underlying the benefits for recent retirees.
Personal interest income increased $9.2 billion in August, compared with an increase of $7.7 billion in July. Personal dividend income increased $5.0 billion, compared with an increase of $2.4 billion. Rental income of persons decreased $0.9 billion, compared with a decrease of $1.4 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income -- increased $1.0 billion in August, compared with an increase of $1.6 billion in July.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $14.2 billion in August, compared with an increase of $1.0 billion in July. The changes in July and August reflect a $7.6 billion (at an annual rate) tax rebate in Minnesota in July; the rebate is classified as a personal tax refund in the national income and product accounts.
Disposable personal income (DPI) -- personal income less personal tax and nontax payments -- increased $20.0 billion, or 0.3 percent, in August, compared with an increase of $23.4 billion, or 0.3 percent, in July.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of the world (net) -- increased $42.6 billion in August, compared with an increase of $44.8 billion in July. PCE increased $41.4 billion, compared with an increase of $43.3 billion.
Personal saving -- DPI less personal outlays -- was a negative $25.4 billion in August, compared with a negative $2.8 billion in July. 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 a negative 0.4 percent in August, compared with zero percent in July.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in August, compared with an increase of 0.1 percent in July.
Real PCE -- PCE adjusted to remove price changes -- increased 0.6 percent in August, compared with an increase of 0.4 percent in July. Purchases of durable goods increased 2.0 percent, compared with an increase of 0.8 percent. Purchases of nondurable goods increased 0.6 percent, compared with an increase of 0.6 percent. Purchases of services increased 0.4 percent, compared with an increase of 0.2 percent.
Revisions
Estimates have been revised for April through July. Changes in personal income, current-dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for June and July - - revised and as published in last month's release -- are shown below. Revisions for April and May were small.
Change from preceding month
June July
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)Personal Income: Current dollars...... 33.9 41.9 0.4 0.5 21.1 24.3 0.3 0.3
Disposable personal income: Current dollars..... 21.0 28.0 .3 .4 19.9 23.4 .3 .3 Chained (1996) dollars.. 2.2 8.2 .0 .1 5.5 6.9 .1 .1
Personal consumption expenditures: Current dollars..... 29.3 31.0 .4 .5 38.7 43.3 .6 .6 Chained (1996) dollars... 10.6 11.7 .2 .2 23.4 25.9 .4 .4
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:
<www.bea.doc.gov>
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 <www.stat-usa.gov>, 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 transactionsMost 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 September will be released on October 30, 2000, at 8:30 A.M. EST.
Table 1.-Personal Income
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Mar 00 Apr 00/r/ May 00/r/ Jun 00/r/ Jul 00/r/ Aug 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,391.0 7,789.6 8,161.6 8,209.3 8,237.6 8,279.5 8,303.8 8,338.0 Wage and salary disbursements..... 4,190.7 4,470.0 4,685.9 4,726.9 4,730.0 4,763.5 4,788.2 4,802.3
Private industries.............. 3,498.0 3,745.6 3,932.3 3,969.9 3,966.6 4,003.4 4,025.0 4,038.4
Goods-producing industries.... 1,038.6 1,089.2 1,138.0 1,148.3 1,142.2 1,150.8 1,161.2 1,159.3
Manufacturing............... 756.6 782.4 804.8 813.2 809.4 816.7 822.8 819.8
Distributive industries....... 949.1 1,020.3 1,076.2 1,091.5 1,090.2 1,105.5 1,112.4 1,115.1
Service industries............ 1,510.3 1,636.0 1,718.0 1,730.2 1,734.2 1,747.2 1,751.4 1,763.9
Government...................... 692.7 724.4 753.6 757.0 763.4 760.1 763.2 763.9Other labor income................ 485.5 501.0 516.2 518.4 520.5 522.5 525.0 527.5
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 620.7 663.5 706.6 707.0 704.7 716.9 705.5 705.3
Farm............................ 25.4 25.3 21.7 23.1 17.5 23.7 16.6 11.7
Nonfarm......................... 595.2 638.2 684.9 683.9 687.1 693.2 688.9 693.6Rental income of persons with capital consumption adjustment... 135.4 143.4 147.0 144.3 140.0 138.1 136.7 135.8
Personal dividend income.......... 351.1 370.3 388.9 390.6 392.4 394.8 397.2 402.2
Personal interest income.......... 940.8 963.7 1,021.2 1,026.1 1,030.9 1,036.8 1,044.5 1,053.7
Transfer payments to persons...... 983.0 1,016.2 1,050.9 1,053.8 1,077.3 1,067.3 1,068.8 1,074.3
Old-age, survivors, disability,
and health insurance benefits.. 578.0 588.0 611.1 613.4 634.4 625.0 623.6 627.1
Government unemployment
insurance benefits............. 19.5 20.3 19.7 19.4 19.3 19.4 19.7 19.6
Other......................... 385.4 407.9 420.1 420.9 423.5 422.9 425.5 427.7Less: Personal contributions for social insurance................. 316.2 338.5 355.2 357.9 358.2 360.4 362.0 363.0 ---------------------------------------------------------------------------------------------------------------------------- p Preliminary. r Revised. 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. Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 2.-The Disposition of Personal Income
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Mar 00 Apr 00/r/ May 00/r/ Jun 00/r/ Jul 00/r/ Aug 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,391.0 7,789.6 8,161.6 8,209.3 8,237.6 8,279.5 8,303.8 8,338.0Less: Personal tax and nontax payments........................... 1,070.9 1,152.0 1,251.2 1,269.6 1,274.1 1,287.9 1,288.9 1,303.1
Equals: Disposable personal income.. 6,320.0 6,637.7 6,910.4 6,939.7 6,963.5 6,991.5 7,014.9 7,034.9
Less: Personal outlays.............. 6,054.7 6,490.1 6,906.2 6,920.2 6,939.9 6,972.9 7,017.7 7,060.3
Personal consumption expenditures. 5,850.9 6,268.7 6,671.3 6,683.7 6,702.1 6,733.1 6,776.4 6,817.8 Interest paid by persons.......... 179.8 194.8 206.4 208.1 209.5 211.4 213.0 214.1 Personal transfer payments to the rest of the world (net).......... 24.0 26.6 28.5 28.3 28.3 28.3 28.3 28.3
Equals: Personal saving............. 265.4 147.6 4.2 19.5 23.6 18.7 -2.8 -25.4
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\2\.............. 6,134.1 6,331.0 6,455.9 6,483.2 6,507.4 6,515.6 6,522.5 6,541.1
Per capita:
Current dollars............... 23,359 24,314 25,159 25,248 25,317 25,399 25,463 25,513
Chained (1996) dollars........ 22,672 23,191 23,504 23,587 23,658 23,670 23,675 23,722
Population (mid-period,
millions)...................... 270,560 272,996 274,674 274,859 275,054 275,264 275,496 275,738Personal saving as a percentage of disposable personal income.... 4.2 2.2 .1 .3 .3 .3 .0 -.4 ---------------------------------------------------------------------------------------------------------------------------- p Preliminary. r Revised. 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 Peri
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Mar 00 Apr 00/r/ May 00/r/ Jun 00/r/ Jul 00/r/ Aug 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 454.0 398.6 62.0 47.7 28.3 41.9 24.3 34.2 Wage and salary disbursements..... 301.8 279.3 28.1 41.0 3.1 33.5 24.7 14.1
Private industries.............. 273.3 247.6 23.8 37.6 -3.3 36.8 21.6 13.4
Goods-producing industries.... 63.5 50.6 9.2 10.3 -6.1 8.6 10.4 -1.9
Manufacturing............... 38.2 25.8 1.9 8.4 -3.8 7.3 6.1 -3.0
Distributive industries....... 69.5 71.2 5.5 15.3 -1.3 15.3 6.9 2.7
Service industries............ 140.4 125.7 9.1 12.2 4.0 13.0 4.2 12.5
Government...................... 28.4 31.7 4.4 3.4 6.4 -3.3 3.1 .7Other labor income................ 10.1 15.5 2.1 2.2 2.1 2.0 2.5 2.5
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 39.5 42.8 16.6 .4 -2.3 12.2 -11.4 -.2
Farm............................ -4.3 -.1 3.3 1.4 -5.6 6.2 -7.1 -4.9
Nonfarm......................... 43.7 43.0 13.2 -1.0 3.2 6.1 -4.3 4.7Rental income of persons with capital consumption adjustment... 7.1 8.0 1.7 -2.7 -4.3 -1.9 -1.4 -.9
Personal dividend income.......... 16.2 19.2 1.9 1.7 1.8 2.4 2.4 5.0
Personal interest income.......... 76.8 22.9 9.8 4.9 4.8 5.9 7.7 9.2
Transfer payments to persons...... 20.8 33.2 3.6 2.9 23.5 -10.0 1.5 5.5
Old-age, survivors, disability,
and health insurance benefits.. 12.2 10.0 3.4 2.3 21.0 -9.4 -1.4 3.5
Government unemployment
insurance benefits............. -.4 .8 -.8 -.3 -.1 .1 .3 -.1
Other.......................... 8.9 22.5 1.0 .8 2.6 -.6 2.6 2.2Less: Personal contributions for social insurance................. 18.3 22.3 2.0 2.7 .3 2.2 1.6 1.0
Less: Personal tax and nontax payments........................... 102.1 81.1 10.1 18.4 4.5 13.8 1.0 14.2
Equals: Disposable personal income.. 351.8 317.7 51.9 29.3 23.8 28.0 23.4 20.0
Less: Personal outlays.............. 339.4 435.4 37.5 14.0 19.7 33.0 44.8 42.6
Personal consumption expenditures. 321.6 417.8 36.3 12.4 18.4 31.0 43.3 41.4 Interest paid by persons.......... 15.0 15.0 1.2 1.7 1.4 1.9 1.6 1.1 Personal transfer payments to the rest of the world (net).......... 2.8 2.6 .0 -.2 .0 .0 .0 .0
Equals: Personal saving............. 12.5 -117.8 14.5 15.3 4.1 -4.9 -21.5 -22.6
Addenda: Disposable personal income: chained (1996) dollars\2\........ 279.6 196.9 21.0 27.3 24.2 8.2 6.9 18.6 ---------------------------------------------------------------------------------------------------------------------------- p Preliminary. r Revised. IVA Inventory valuation adjustment. CCAdj Capital consumption adjustment.
Table 4-Personal Consumption Expenditures by Major Type of Product
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Mar 00 Apr 00/r/ May 00/r/ Jun 00/r/ Jul 00/r/ Aug 00/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------Personal consumption expenditures... 5,850.9 6,268.7 6,671.3 6,683.7 6,702.1 6,733.1 6,776.4 6,817.8
Durable goods..................... 693.9 761.3 824.3 819.2 812.2 811.5 817.5 830.5
Nondurable goods.................. 1,707.6 1,845.5 1,989.2 1,989.2 1,994.6 2,009.1 2,024.0 2,028.4
Services.......................... 3,449.3 3,661.9 3,857.7 3,875.3 3,895.3 3,912.5 3,934.9 3,958.9
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------Personal consumption expenditures... 5,678.7 5,978.8 6,232.5 6,244.0 6,263.1 6,274.8 6,300.7 6,339.2
Durable goods..................... 727.3 817.8 896.9 891.5 883.0 885.5 893.0 910.5
Nondurable goods.................. 1,684.8 1,779.4 1,850.1 1,853.6 1,863.8 1,866.0 1,877.1 1,887.8
Services.......................... 3,269.4 3,390.8 3,501.5 3,513.9 3,529.6 3,536.7 3,544.8 3,557.2
----------------------------------------------------------------------------------------
Chain-type price indexes (Index numbers, 1996=100)
----------------------------------------------------------------------------------------Personal consumption expenditures... 103.03 104.85 107.05 107.05 107.02 107.31 107.56 107.56
Durable goods..................... 95.42 93.09 91.89 91.88 91.97 91.63 91.53 91.20
Nondurable goods.................. 101.35 103.71 107.54 107.33 107.04 107.69 107.84 107.46
Services.......................... 105.50 107.99 110.18 110.30 110.37 110.64 111.01 111.30
Addendum:
Personal consumption expenditures
less food and energy........... 103.45 105.11 106.50 106.63 106.64 106.64 106.86 107.01
----------------------------------------------------------------------------------------
Change from Preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------Personal consumption expenditures... 321.6 417.8 36.3 12.4 18.4 31.0 43.3 41.4
Durable goods..................... 51.4 67.4 -9.9 -5.1 -7.0 -.7 6.0 13.0
Nondurable goods.................. 66.0 137.9 23.8 .0 5.4 14.5 14.9 4.4
Services.......................... 204.1 212.6 22.3 17.6 20.0 17.2 22.4 24.0
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------Personal consumption expenditures... 254.8 300.1 7.3 11.5 19.1 11.7 25.9 38.5 Durable goods..................... 70.0 90.5 -10.4 -5.4 -8.5 2.5 7.5 17.5 Nondurable goods.................. 64.9 94.6 2.5 3.5 10.2 2.2 11.1 10.7 Services.......................... 122.4 121.4 13.2 12.4 15.7 7.1 8.1 12.4 ----------------------------------------------------------------------------------------------------------------------------
Table 5.-Percent Change From Preceding Period in Selected Series
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Mar 00 Apr 00 May 00 Jun 00 Jul 00 Aug 00
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------Personal income..................... 6.5 5.4 .8 .6 .3 .5 .3 .4
Disposable personal income.......... 5.9 5.0 .8 .4 .3 .4 .3 .3
Personal consumption expenditures... 5.8 7.1 .5 .2 .3 .5 .6 .6
Durable goods..................... 8.0 9.7 -1.2 -.6 -.9 -.1 .7 1.6
Nondurable goods.................. 4.0 8.1 1.2 .0 .3 .7 .7 .2
Services.......................... 6.3 6.2 .6 .5 .5 .4 .6 .6
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------Disposable personal income.......... 4.8 3.2 .3 .4 .4 .1 .1 .3 Personal consumption expenditures... 4.7 5.3 .1 .2 .3 .2 .4 .6 Durable goods..................... 10.6 12.4 -1.1 -.6 -1.0 .3 .8 2.0 Nondurable goods.................. 4.0 5.6 .1 .2 .5 .1 .6 .6 Services.......................... 3.9 3.7 .4 .4 .4 .2 .2 .4 ----------------------------------------------------------------------------------------------------------------------------