EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Monday, August 3, 2015
BEA 15—36


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Technical: James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov
  Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
  Kurt Kunze: (202) 606-9748 (Revisions)
Media: Jeannine Aversa (202) 606-2649  
PERSONAL INCOME AND OUTLAYS: JUNE 2015
REVISED ESTIMATES: 1976 THROUGH MAY 2015
Personal income increased $68.1 billion, or 0.4 percent, and disposable personal income (DPI)
increased $60.6 billion, or 0.5 percent, in June, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $25.9 billion, or 0.2 percent.  In May, personal
income increased $66.3 billion, or 0.4 percent, DPI increased $53.8 billion, or 0.4 percent, and
PCE increased $90.8 billion, or 0.7 percent, based on revised estimates.

Real DPI increased 0.2 percent in June, compared with an increase of 0.1 percent in May.
Real PCE decreased less than 0.1 percent, in contrast to an increase of 0.4 percent.

                                        2015
                                        Feb.            Mar.            Apr.            May             June
                                                       (Percent change from preceding month)
Personal income, current dollars        0.3             0.0             0.4             0.4             0.4
Disposable personal income:
 Current dollars                        0.3             0.0             0.4             0.4             0.5
 Chained (2009) dollars                 0.2            -0.2             0.3             0.1             0.2
Personal consumption expenditures:
 Current dollars                        0.2             0.5             0.3             0.7             0.2
 Chained (2009) dollars                 0.0             0.3             0.2             0.4             0.0

BOX.______________
                                Annual Revision of the National Income and Product Accounts

The estimates released today reflect the results of the annual revision of the national income and product
accounts (NIPAs) in conjunction with preliminary estimates for June 2015.  In addition to the regular
revision of the estimates for the most recent 3 years and for the first 5 months of 2015, some series are
revised back to 1976.  More information is available in "Preview of the 2015 Annual Revision of the NIPAs"
in the June Survey of Current Business and on BEA's Web site.  The August Survey will contain an article
that describes the results.
__________________
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.
__________________

                                Compensation

Wages and salaries increased $18.3 billion in June, compared with an increase of $32.0 billion in May.
Private wages and salaries increased $16.0 billion in June, compared with an increase of $29.6 billion in May.
Government wages and salaries increased $2.3 billion, compared with an increase of $2.4 billion.

Supplements to wages and salaries increased $4.4 billion in June, compared with an increase of $5.6 billion in May.

                                Other personal income

Proprietors' income increased $11.0 billion in June, compared with an increase of $7.4 billion in May.
Farm proprietors' income increased $4.3 billion in June, the same increase as in May.  Nonfarm proprietors'
income increased $6.7 billion in June, compared with an increase of $3.1 billion in May.

Rental income of persons increased $7.4 billion in June, compared with an increase of $7.7 billion in May.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $20.2 billion,
compared with an increase of $8.4 billion.  Personal current transfer receipts increased $8.6 billion, compared
with an increase of $8.9 billion.

Contributions for government social insurance -- a subtraction in calculating personal income -- increased $1.8 billion
in June, compared with an increase of $3.8 billion in May.

                                Personal current taxes and disposable personal income

Personal current taxes increased $7.5 billion in June, compared with an increase of $12.5 billion in May.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $60.6 billion,
or 0.5 percent, in June, compared with an increase of $53.8 billion, or 0.4 percent, in May.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $30.5 billion
in June, compared with an increase of $95.4 billion in May.  PCE increased $25.9 billion, compared with an increase
of $90.8 billion.

Personal saving -- DPI less personal outlays -- was $646.3 billion in June, compared with $616.2 billion in May.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.8 percent in June,
compared with 4.6 percent in May.  For a comparison of personal saving in BEA's national income and product accounts
with personal saving in the Federal Reserve Board's financial accounts of the United States 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 -- increased 0.2 percent in June, compared with an increase of 0.1
percent in May.

Real PCE -- PCE adjusted to remove price changes -- decreased less than 0.1 percent in June, in contrast to an increase
of 0.4 percent in May.  Purchases of durable goods decreased 1.1 percent, in contrast to an increase of 1.3 percent.
Purchases of motor vehicles and parts accounted for most of the decrease in June.  Purchases of nondurable goods decreased
less than 0.1 percent in June, in contrast to an increase of 0.9 percent in May.  Purchases of services increased
0.2 percent, compared with an increase of 0.1 percent.

The price index for PCE increased 0.2 percent in June, compared with an increase of 0.3 percent in May.
The PCE price index, excluding food and energy, increased 0.1 percent in June, the same increase as in May.

The June price index for PCE increased 0.3 percent from June a year ago.  The June PCE price index, excluding food
and energy, increased 1.3 percent from June a year ago.

BOX.______________
NOTE.  BEA acknowledges the special efforts by the Bureau of Labor Statistics with the assistance of 18 state employment
offices in providing preliminary data for the first quarter of 2015 from the quarterly census of employment and wages (QCEW).
Wage and salary data from the state employment offices of California, Colorado, Connecticut, Delaware, Florida, Georgia,
Illinois, Kansas, Maryland, Massachusetts, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas,
and Utah were provided.  These data have greatly improved the estimates of wages and salaries.
__________________

                                Revisions

Revisions to the personal income and outlays estimates reflect the results of the annual revision of the national income and
product accounts (NIPAs).  These revisions, usually made each July, incorporate newly available and more comprehensive source
data, as well as improved estimation methodologies.     This year’s revision incorporates a new classification of federal
refundable tax credits, which revised personal income, personal current taxes, government current receipts, and government
current expenditures.  The timespan of the revisions is January 1976 through May 2015.

Revisions to annual estimates of personal income and outlays for 2012 through 2014 are shown in table 12.  Revised and
previously published monthly estimates of personal income, DPI, PCE, personal saving as a percentage of DPI, real DPI,
and real PCE are shown in table 13; revised and previously published annual and quarterly estimates are shown in table 14.

Personal income was revised up $27.4 billion, or 0.2 percent, for 2012; was revised down $98.5 billion, or 0.7 percent,
for 2013; and was revised down $39.7 billion, or 0.3 percent, for 2014.

o For 2012, upward revisions to personal interest income and to government social benefits to persons were partly offset
  by downward revisions to farm proprietors’ income, to nonfarm proprietors’ income, and to rental income of persons.

o For 2013, downward revisions to nonfarm proprietors’ income, to personal dividend income, and to rental income of persons
  were partly offset by upward revisions to personal interest income and to government social benefits to persons.

o For 2014, downward revisions to nonfarm proprietors’ income, to personal dividend income, and to rental income of persons
  were partly offset by upward revisions to personal interest income, to wages and salaries, and to farm proprietors’ income.

Disposable personal income was revised up $19.7 billion, or 0.2 percent, for 2012; was revised down $109.5 billion,
or 0.9 percent, for 2013; and was revised down $76.1 billion, or 0.6 percent, for 2014.  The percent change from the preceding
year in real DPI was revised up from an increase of 3.0 percent to an increase of 3.2 percent in 2012; was revised down from
an decrease of 0.2 percent to a decrease of 1.4 percent in 2013; and was revised up from an increase of 2.5 percent to an
increase of 2.7 percent in 2014.

Personal outlays was revised down $30.8 billion, or 0.3 percent, for 2012; was revised down $91.4 billion, or 0.8 percent,
for 2013; and was revised down $63.7 billion, or 0.5 percent, for 2014.  Revisions to personal outlays primarily reflected
downward revisions to PCE.

The personal saving rate (personal saving as a percentage of disposable personal income) was revised up from 7.2 percent
to 7.6 percent for 2012, was revised down from 4.9 percent to 4.8 percent for 2013, and was revised down from 4.9 percent
to 4.8 percent for 2014.

BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of
Current Business are available for free on BEA's Web site at www.bea.gov.  The entire historical time series for these
estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/.  Stay informed about BEA developments
by signing up for our email subscription service or following us on Twitter @BEA_News.  You also can access BEA data by
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BEA's news release schedule is available at www.bea.gov/newsreleases/2015rd.htm.

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Next release – August 28, 2015 at 8:30 A.M. EDT for Personal Income and Outlays for July