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PERSONAL INCOME AND OUTLAYS, OCTOBER 2013
Personal income decreased $10.8 billion, or 0.1 percent, and disposable personal income (DPI) decreased $23.6 billion, or 0.2 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $32.7 billion, or 0.3 percent. In September, personal income increased $64.3 billion, or 0.5 percent, DPI increased $62.1 billion, or 0.5 percent, and PCE increased $23.8 billion, or 0.2 percent, based on revised estimates. Real disposable personal income decreased 0.2 percent in October, in contrast to an increase of 0.4 percent in September. Real PCE increased 0.3 percent, compared with an increase of 0.1 percent. 2013 June July Aug. Sept. Oct. (Percent Change from preceding month) Personal income, current dollars 0.4 0.2 0.5 0.5 -0.1 Disposable personal income: Current dollars 0.3 0.3 0.6 0.5 -0.2 Chained (2009) dollars -0.1 0.2 0.5 0.4 -0.2 Personal consumption expenditures: Current dollars 0.6 0.1 0.3 0.2 0.3 Chained (2009) dollars 0.2 0.0 0.2 0.1 0.3 BOX._____________ This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for April through June 2013 (second quarter). These estimates reflect the incorporation of newly available second-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 (2009) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. _________________ Wages and salaries Private wages and salaries increased $8.9 billion in October, compared with an increase of $17.1 billion in September. Goods producing industries' payrolls increased $1.3 billion, compared with an increase of $4.5 billion; manufacturing payrolls increased $2.0 billion, compared with an increase of $1.5 billion. Service-producing industries' payrolls increased $7.6 billion, compared with an increase of $12.5 billion. Government wages and salaries increased $0.2 billion in October, compared with an increase of $8.5 billion in September. The September change in government wages and salaries reflected an end to government furloughs that had affected several federal government agencies in August and in July. Other personal income Supplements to wages and salaries increased $2.1 billion in October, compared with an increase of $3.8 billion in September. Proprietors' income decreased $19.7 billion in October, in contrast to an increase of $22.1 billion in September. Farm proprietors' income decreased $22.4 billion, in contrast to an increase of $19.5 billion. In September, farm proprietors’ income was boosted $10.1 billion, at an annual rate, reflecting a settlement agreement for a class-action lawsuit that alleged racial discrimination by the U.S. Department of Agriculture in its evaluation of farm loan applicants between 1981 and 1996. Nonfarm proprietors' income increased $2.7 billion in October, compared with an increase of $2.6 billion in September. Rental income of persons increased $2.4 billion in October, compared with an increase of $6.3 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $4.1 billion, in contrast to an increase of $3.3 billion. Personal current transfer receipts increased $0.6 billion, compared with an increase of $6.7 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $1.1 billion in October, compared with an increase of $3.4 billion in September. Personal current taxes and disposable personal income Personal current taxes increased $12.8 billion in October, compared with an increase of $2.3 billion in September. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $23.6 billion, or 0.2 percent, in October, in contrast to an increase of $62.1 billion, or 0.5 percent in September. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $32.1 billion in October, compared with an increase of $30.9 billion in September. PCE increased $32.7 billion, compared with an increase of $23.8 billion. Personal saving -- DPI less personal outlays -- was $604.9 billion in October, compared with $660.7 billion in September. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.8 percent in October, compared with 5.2 percent in September. For a comparison of personal savings in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States (formerly called flow of funds accounts) and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.2 percent in October, in contrast to an increase of 0.4 percent in September. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in October, compared with an increase of 0.1 percent in September. Purchases of durable goods increased 0.8 percent, in contrast to a decrease of 1.4 percent. Purchases of non-durable goods increased 0.7 percent, compared with an increase of 0.6 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.2 percent. The price index for PCE decreased less than 0.1 percent in October, in contrast to an increase of 0.1 percent in September. The PCE price index, excluding food and energy, increased 0.1 percent in October, the same increase as in September. BOX._____________ Note on October shutdown of the federal government Due to a lapse in appropriations, some federal government agencies were partially closed from October 1 through October 16, and some employees were furloughed. Because Congress legislated back pay for workers furloughed during the shutdown, there was no impact on government wages and salaries. Any impacts of the shutdown on private wages or on personal consumption expenditures (PCE) cannot be separately identified in the data sources that underlie these estimates. _________________ Revisions Estimates for personal income and DPI have been revised for April through September; estimates for PCE have been revised for July through September. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for August and September -- revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from April through September. The revision to second-quarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of the second-quarter wages and salaries from the quarterly census of employment and wages.Revised estimates for July, August, and September reflect extrapolations from the revised second-quarter level of wages. In addition, revisions to August and September reflect revised BLS employment, hours, and earnings data for those months. Change from preceding month August September Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (percent) (Billions of dollars) (percent) Personal income: Current dollars 65.6 74.3 0.5 0.5 67.4 64.3 0.5 0.5 Disposable personal income: Current dollars 66.3 74.3 0.5 0.6 64.8 62.1 0.5 0.5 Chained (2009) dollars 47.5 56.9 0.4 0.5 50.2 44.7 0.4 0.4 Personal consumption expenditures: Current dollars 39.8 34.7 0.3 0.3 24.7 23.8 0.2 0.2 Chained (2009) dollars 23.9 21.1 0.2 0.2 13.7 10.1 0.1 0.1 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 free e-mail summaries of BEA releases and announcements. * * * Next release -- December 23, 2013 at 8:30 A.M. EST for Personal Income and Outlays for November Release Dates for 2014 December 2013...January 31 April 2014...May 30 August 2014.....September 29 January 2014....March 3 May 2014.....June 26 September 2014..October 31 February 2014...March 28 June 2014....August 1 October 2014....November 26 March 2014......May 1 July 2014....August 29 November 2014...December 23