EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Friday, August 28, 2015
BEA 15—39


* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.


Technical: James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov
  Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
Media: Jeannine Aversa (202) 606-2649  
PERSONAL INCOME AND OUTLAYS, JULY 2015
Personal income increased $67.1 billion, or 0.4 percent, and disposable personal income (DPI)
increased $61.5 billion, or 0.5 percent, in July, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $37.4 billion, or 0.3 percent.  In June,
personal income increased $59.4 billion, or 0.4 percent, DPI increased $52.4 billion, or 0.4 percent,
and PCE increased $31.8 billion, or 0.3 percent, based on revised estimates.

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

                                        2015
                                        Mar.            Apr.            May             June            July
                                                       (Percent change from preceding month)
Personal income, current dollars        0.0             0.4             0.4             0.4             0.4
Disposable personal income:
 Current dollars                        0.0             0.4             0.4             0.4             0.5
 Chained (2009) dollars                -0.2             0.3             0.1             0.2             0.4
Personal consumption expenditures:
 Current dollars                        0.5             0.3             0.8             0.3             0.3
 Chained (2009) dollars                 0.3             0.2             0.5             0.0             0.2

BOX.______________
This news release presents revised estimates of wages and salaries, personal taxes, and contributions
for government social insurance for January through March 2015 (first quarter).  These estimates
reflect the incorporation of the most recently available first-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.
__________________

                                Compensation

Wages and salaries increased $35.8 billion in July, compared with an increase of $14.3 billion in June.
Private wages and salaries increased $32.7 billion, compared with an increase of $11.0 billion.  Government
wages and salaries increased $3.1 billion, compared with an increase of $3.3 billion.

Supplements to wages and salaries increased $6.0 billion in July, compared with an increase of $4.6 billion in June.

                                Other personal income

Proprietors' income increased $11.3 billion in July, compared with an increase of $7.8 billion in June.
Farm proprietors' income increased $0.4 billion, compared with an increase of $2.7 billion.  Nonfarm
proprietors' income increased $10.9 billion, compared with an increase of $5.1 billion.

Rental income of persons increased $4.4 billion in July, compared with an increase of $7.4 billion in June.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $0.9 billion,
compared with an increase of $20.6 billion.  Personal current transfer receipts increased $13.0 billion,
compared with an increase of $6.2 billion.

Contributions for government social insurance -- a subtraction in calculating personal income --  increased $4.3
billion in July, compared with an increase of $1.5 billion in June.

                                Personal current taxes and disposable personal income

Personal current taxes increased $5.6 billion in July, compared with an increase of $7.0 billion in June.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $61.5 billion,
or 0.5 percent, in July, compared with an increase of $52.4 billion, or 0.4 percent, in June.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased
$37.7 billion in July, compared with an increase of $36.5 billion in June.  PCE increased $37.4 billion,
compared with an increase of $31.8 billion.

Personal saving -- DPI less personal outlays -- was $651.1 billion in July, compared with $627.3 billion in June.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.9 percent in July,
compared with 4.7 percent in June.  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 0.4 percent in July, compared with an increase of
0.2 percent in June.

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

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

The July price index for PCE increased 0.3 percent from July a year ago.  The July PCE price index, excluding
food and energy, increased 1.2 percent from July a year ago.

                                Revisions

Estimates for personal income have been revised for January through June; estimates for PCE have been revised
for April through June.  Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in
current-dollar and chained (2009) dollar PCE for May and June -- revised and as published in last month's
release -- are shown below.

Estimates of wages and salaries were revised from January through June.  The revision to first-quarter wages
and salaries reflects the incorporation of the most recently available BLS tabulations of first-quarter wages
and salaries from the quarterly census of employment and wages.  Revised estimates for April, May, and June
reflect extrapolation from the revised first-quarter level of wages.  In addition, revisions to May and June
reflect revised BLS employment, hours, and earnings data for those months.

                                                                Change from preceding month
                                        May                                       June
                                        Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                                       (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal income:
 Current dollars                            66.3      65.1        0.4       0.4       68.1      59.4        0.4       0.4
Disposable personal income:
 Current dollars                            53.8      51.9        0.4       0.4       60.6      52.4        0.5       0.4
 Chained (2009) dollars                     11.2      10.0        0.1       0.1       27.2      19.9        0.2       0.2
Personal consumption expenditures:
 Current dollars                            90.8      98.8        0.7       0.8       25.9      31.8        0.2       0.3
 Chained (2009) dollars                     48.2      55.9        0.4       0.5       -2.2       3.3        0.0       0.0

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/.
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BEA's news release schedule is available at www.bea.gov/newsreleases/2015rd.htm.

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