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PERSONAL INCOME AND OUTLAYS, APRIL 2013
Personal income decreased $5.6 billion, or less than 0.1 percent, and disposable personal income (DPI) decreased $16.1 billion, or 0.1 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $20.5 billion, or 0.2 percent. In March, personal income increased $36.2 billion, or 0.3 percent, DPI increased $25.4 billion, or 0.2 percent, and PCE increased $14.2 billion, or 0.1 percent, based on revised estimates. Real disposable income increased 0.1 percent in April, compared with an increase of 0.3 percent in March. Real PCE increased 0.1 percent, compared with an increase of 0.2 percent. 2012 2013 Dec. Jan. Feb. Mar. Apr. (Percent change from preceding month) Personal income, current dollars 3.0 -4.4 1.2 0.3 0.0 Disposable personal income: Current dollars 3.1 -5.1 1.2 0.2 -0.1 Chained (2005) dollars 3.1 -5.2 0.8 0.3 0.1 Personal consumption expenditures: Current dollars 0.2 0.3 0.8 0.1 -0.2 Chained (2005) dollars 0.2 0.2 0.4 0.2 0.1 BOX._____________ This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for October through December 2012 (fourth quarter). These estimates reflect the incorporation of newly available fourth-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. _________________ FOOTNOTE.________ Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. _________________ Wages and salaries Private wage and salary disbursements increased $1.6 billion in April, compared with an increase of $16.3 billion in March. Goods-producing industries' payrolls decreased $2.0 billion, in contrast to an increase of $0.7 billion; manufacturing payrolls decreased $2.1 billion, in contrast to an increase of $0.2 billion. Services-producing industries' payrolls increased $3.7 billion, compared with an increase of $15.6 billion. Government wage and salary disbursements increased $0.2 billion, in contrast to a decrease of $0.4 billion. Other personal income Supplements to wages and salaries increased $2.1 billion in April, compared with an increase of $3.1 billion in March. Proprietors' income decreased $8.3 billion in April, in contrast to an increase of $5.5 billion in March. Farm proprietors' income decreased $11.3 billion, in contrast to an increase of $7.8 billion. Nonfarm proprietors' income increased $3.0 billion, in contrast to a decrease of $2.3 billion. Rental income of persons increased $0.5 billion in April, compared with an increase of $12.6 billion in March. Personal income receipts on assets (personal interest income plus personal dividend income) increased $12.6 billion, in contrast to a decrease of $4.6 billion. Personal current transfer receipts decreased $13.7 billion in April, in contrast to an increase of $6.0 billion in March. Within current transfer receipts, government social benefits to persons for social security decreased $9.6 billion, in contrast to an increase of $6.4 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $0.6 billion in April, compared with an increase of $2.5 billion in March. Personal current taxes and disposable personal income Personal current taxes increased $10.4 billion in April, compared with an increase of $10.8 billion in March. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $16.1 billion, or 0.1 percent, in April, in contrast to an increase of $25.4 billion, or 0.2 percent in March. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $21.7 billion in April, in contrast to an increase of $16.4 billion in March. PCE decreased $20.5 billion, in contrast to an increase of $14.2 billion. Personal saving -- DPI less personal outlays -- was $306.9 billion in April, compared with $301.4 billion in March. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 2.5 percent in April, the same as in March. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in April, compared with an increase of 0.3 percent in March. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in April, compared with an increase of 0.2 percent in March. Purchases of durable goods increased 0.7 percent, in contrast to a decrease of less than 0.1 percent. Purchases of nondurable goods increased 0.1 percent, in contrast to a decrease of 0.2 percent. Purchases of services decreased 0.1 percent, in contrast to an increase of 0.4 percent. The price index for PCE decreased 0.3 percent in April, compared with a decrease of 0.1 percent in March. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared with an increase of 0.1 percent. Revisions Estimates for personal income and DPI have been revised for October through March; estimates for PCE have been revised for January through March. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for February and March -- revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from October through March. The revision to fourth-quarter wages and salaries reflected the incorporation of the most recently available BLS tabulations of the fourth-quarter wages and salaries from the quarterly census of employment and wages (QCEW). The QCEW data include irregular pay, such as bonuses and gains from the exercise of stock options. Accelerated bonuses in anticipation of changes to individual income tax rates were reflected in the fourth-quarter QCEW data. Change from preceding month February March Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 151.2 162.1 1.1 1.2 30.9 36.2 0.2 0.3 Disposable personal income: Current dollars 134.0 143.5 1.1 1.2 20.7 25.4 0.2 0.2 Chained (2005) dollars 74.5 81.8 0.7 0.8 31.3 33.7 0.3 0.3 Personal consumption expenditures: Current dollars 81.6 96.0 0.7 0.8 21.0 14.2 0.2 0.1 Chained (2005) dollars 31.6 43.2 0.3 0.4 30.8 23.4 0.3 0.2 BOX._____________ Comprehensive Revision of the National Income and Product Accounts As part of the 14th comprehensive (or benchmark) revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released in conjunction with preliminary estimates for June 2013 on August 2, 2013. More information on the revision is available on BEA’s Web site at www.bea.gov/gdp-revisions. An article in the March 2012 issue of the Survey of Current Business discusses the upcoming changes in definitions and presentations, and an article in the May Survey describes changes in statistical methods. An article in the September Survey will describe the estimates in detail. Revised NIPA table stubs and news release stubs will be available in June. _________________ BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release - June 27, 2013 at 8:30 A.M. EDT for Personal Income and Outlays for May