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James E. Rankin: (202) 606-5301 (Personal Income) BEA 00-39 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: NOVEMBER 2000
Personal income increased $30.0 billion, or 0.4 percent, and disposable personal income (DPI)
increased $20.6 billion, or 0.3 percent, in November, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $24.1 billion, or 0.3 percent. In October, personal
income decreased $10.3 billion, or 0.1 percent, DPI decreased $23.4 billion, or 0.3 percent, and PCE
increased $24.2 billion, or 0.4 percent, based on revised estimates.
2000
July Aug. Sept. Oct. Nov.
(Percent change from preceding month)
Personal income, current dollars 0.2 0.3 1.1 -0.1 0.4
Disposable personal income:
Current dollars .2 .2 1.2 - .3 .3
Chained (1996) dollars .0 .3 .8 - .5 .1
Personal consumption expenditures:
Current dollars .6 .4 .8 .4 .3
Chained (1996) dollars .4 .5 .5 .2 .1
Wages and salaries
Private wage and salary disbursements increased $17.0 billion in November, compared with an
increase of $32.1 billion in October. Goods-producing industries' payrolls increased $6.4 billion,
compared with an increase of $10.1 billion; manufacturing payrolls increased $3.4 billion, compared
with an increase of $7.2 billion. Distributive industries' payrolls increased $6.9 billion, compared
with an increase of $9.9 billion. Service industries' payrolls increased $3.7 billion, compared with
an increase of $12.1 billion. Government wage and salary disbursements decreased $0.2 billion, in
contrast to an increase of $1.6 billion.
Other personal income
Proprietors' income increased $0.9 billion in November, in contrast to a decrease of $42.2
billion in October. Farm proprietors' income decreased $0.7 billion, compared with a decrease of
$46.2 billion. The changes in farm proprietors' income reflect the pattern of specially authorized
federal farm subsidy payments, which were $0.2 billion (at an annual rate) in November, $3.1 billion
in October, and $50.1 billion in September. Nonfarm proprietors' income increased $1.7 billion in
November, compared with an increase of $3.9 billion in October.
Transfer payments increased $4.4 billion in November, compared with an increase of $1.4
billion in October. Personal interest income increased $3.8 billion, compared with an increase of
$3.6 billion. Personal dividend income increased $2.4 billion, compared with an increase of $2.5
billion. Rental income of persons increased $0.6 billion, in contrast to a decrease of $8.9 billion.
The changes in rental income of persons also reflect the pattern of federal farm subsidy payments to
owners of leased farm land (nonoperator landlords), which were $0.1 billion (at an annual rate) in
November, $0.7 billion in October, and $10.9 billion in September.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.1 billion in November, compared with an increase of $2.3 billion in October.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $9.4 billion in November, compared with an
increase of $13.1 billion in October. Disposable personal income (DPI) -- personal income less
personal tax and nontax payments -- increased $20.6 billion, or 0.3 percent, in November, in contrast
to a decrease of $23.4 billion, or 0.3 percent, in October.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $24.7 billion in November, compared with an increase of $26.0 billion
in October. PCE increased $24.1 billion, compared with an increase of $24.2 billion.
Personal saving -- DPI less personal outlays -- was a negative $56.2 billion in November,
compared with a negative $52.1 billion in October. Saving from current income may be near zero or
negative when outlays are financed by borrowing (including through credit cards or home equity
loans), by selling investments or other assets, or by using savings from previous periods. Personal
saving as a percentage of disposable personal income was a negative 0.8 percent in November,
compared with a negative 0.7 percent in October.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in November, in
contrast to a decrease of 0.5 percent in October.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in November,
compared with an increase of 0.2 percent in October. Purchases of durable goods decreased 1.3
percent, compared with an decrease of 1.1 percent. Purchases of motor vehicles and parts more than
accounted for the November decrease and accounted for most of the October decrease. Purchases of
nondurable goods decreased 0.1 percent in November, in contrast to an increase of 0.4 percent in
October. Purchases of services increased 0.6 percent, compared with an increase of 0.3 percent.
Revisions
Estimates have been revised for July through October. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for
September and October -- revised and as published in last month's release -- are shown below.
Revisions for August were small.
Change from preceding month
September October
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars... 91.2 94.1 1.1 1.1 -16.5 -10.3 -0.2 -0.1
Disposable personal income:
Current dollars... 78.5 80.8 1.1 1.2 -29.4 -23.4 -.4 -.3
Chained (1996) dollars... 48.6 54.0 .7 .8 -38.3 -32.3 -.6 -.5
Personal consumption expenditures:
Current dollars... 61.2 55.0 .9 .8 12.1 24.2 .2 .4
Chained (1996) dollars... 33.3 30.6 .5 .5 0.5 12.3 .0 .2
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 transactions
Most of BEA's estimates and analyses are published in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: SSOP, Washington, DC 20402-0001.
* * *
Next release -- Personal Income and Outlays for December will be released on
February 1, 2001, at 8:30 A.M. EST.
Release dates in 2001
December 2000..... February 1 April 2001...... May 29 August 2001......... October 1
January 2001......... March 1 May 2001....... July 2 September 2001... November 1
February 2001....... March 30 June 2001....... July 31 October 2001....... December 3
March 2001........... April 30 July 2001........ August 30 November 2001... December 21
Table 1.-Personal Income
[Billions of dollars; months seasonally adjusted at annual rates]
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1998 1999 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/r/ Oct 00/r/ Nov 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,391.0 7,789.6 8,279.5 8,300.0 8,326.5 8,420.6 8,410.3 8,440.3
Wage and salary disbursements..... 4,190.7 4,470.0 4,763.5 4,789.1 4,797.8 4,827.8 4,861.5 4,878.4
Private industries.............. 3,498.0 3,745.6 4,003.4 4,025.3 4,032.5 4,060.8 4,092.9 4,109.9
Goods-producing industries.... 1,038.6 1,089.2 1,150.8 1,162.2 1,158.8 1,163.2 1,173.3 1,179.7
Manufacturing............... 756.6 782.4 816.7 824.0 819.7 820.3 827.5 830.9
Distributive industries....... 949.1 1,020.3 1,105.5 1,112.1 1,113.2 1,129.0 1,138.9 1,145.8
Service industries............ 1,510.3 1,636.0 1,747.2 1,751.0 1,760.5 1,768.6 1,780.7 1,784.4
Government...................... 692.7 724.4 760.1 763.8 765.3 767.0 768.6 768.4
Other labor income................ 485.5 501.0 522.5 525.1 527.6 530.0 532.1 534.0
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 620.7 663.5 716.9 706.0 712.3 756.0 713.8 714.7
Farm............................ 25.4 25.3 23.7 17.5 14.7 62.9 16.7 16.0
Nonfarm......................... 595.2 638.2 693.2 688.5 697.7 693.1 697.0 698.7
Rental income of persons with
capital consumption adjustment... 135.4 143.4 138.1 136.0 134.5 144.0 135.1 135.7
Personal dividend income.......... 351.1 370.3 394.8 397.2 399.6 402.2 404.7 407.1
Personal interest income.......... 940.8 963.7 1,036.8 1,040.0 1,042.4 1,046.1 1,049.7 1,053.5
Transfer payments to persons...... 983.0 1,016.2 1,067.3 1,068.7 1,074.9 1,079.1 1,080.5 1,084.9
Old-age, survivors, disability,
and health insurance benefits.. 578.0 588.0 625.0 623.5 627.2 630.9 629.0 633.4
Government unemployment
insurance benefits............. 19.5 20.3 19.4 19.8 20.0 20.1 20.0 20.0
Other......................... 385.4 407.9 422.9 425.4 427.8 428.1 431.5 431.5
Less: Personal contributions for
social insurance................. 316.2 338.5 360.4 362.1 362.6 364.6 366.9 368.0
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p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
>
Table 2.-The Disposition of Personal Income
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/r/ Oct 00/r/ Nov 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,391.0 7,789.6 8,279.5 8,300.0 8,326.5 8,420.6 8,410.3 8,440.3
Less: Personal tax and nontax
payments........................... 1,070.9 1,152.0 1,287.9 1,293.6 1,308.7 1,322.0 1,335.1 1,344.5
Equals: Disposable personal income.. 6,320.0 6,637.7 6,991.5 7,006.4 7,017.8 7,098.6 7,075.2 7,095.8
Less: Personal outlays.............. 6,054.7 6,490.1 6,972.9 7,017.3 7,045.5 7,101.3 7,127.3 7,152.0
Personal consumption expenditures. 5,850.9 6,268.7 6,733.1 6,775.2 6,801.2 6,856.2 6,880.4 6,904.5
Interest paid by persons.......... 179.8 194.8 211.4 212.7 214.8 215.6 217.4 218.1
Personal transfer payments to the
rest of the world (net).......... 24.0 26.6 28.3 29.5 29.5 29.5 29.5 29.5
Equals: Personal saving............. 265.4 147.6 18.7 -10.9 -27.7 -2.7 -52.1 -56.2
Addenda:
Disposable personal income:
Chained (1996) dollars\1\....... 6,134.1 6,331.0 6,515.6 6,513.2 6,531.9 6,585.9 6,553.6 6,559.2
Per capita:
Current dollars............... 23,359 24,314 25,399 25,432 25,451 25,722 25,617 25,673
Chained (1996) dollars........ 22,672 23,191 23,670 23,642 23,689 23,864 23,729 23,732
Population (thousands).......... 270,560 272,996 275,264 275,496 275,738 275,970 276,191 276,389
Personal saving as a percentage
of disposable personal income.... 4.2 2.2 .3 -.2 -.4 .0 -.7 -.8
----------------------------------------------------------------------------------------------------------------------------
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 Period
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/r/ Oct 00/r/ Nov 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 454.0 398.6 41.9 20.5 26.5 94.1 -10.3 30.0
Wage and salary disbursements..... 301.8 279.3 33.5 25.6 8.7 30.0 33.7 16.9
Private industries.............. 273.3 247.6 36.8 21.9 7.2 28.3 32.1 17.0
Goods-producing industries.... 63.5 50.6 8.6 11.4 -3.4 4.4 10.1 6.4
Manufacturing............... 38.2 25.8 7.3 7.3 -4.3 .6 7.2 3.4
Distributive industries....... 69.5 71.2 15.3 6.6 1.1 15.8 9.9 6.9
Service industries............ 140.4 125.7 13.0 3.8 9.5 8.1 12.1 3.7
Government...................... 28.4 31.7 -3.3 3.7 1.5 1.7 1.6 -.2
Other labor income................ 10.1 15.5 2.0 2.6 2.5 2.4 2.1 1.9
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 39.5 42.8 12.2 -10.9 6.3 43.7 -42.2 .9
Farm............................ -4.3 -.1 6.2 -6.2 -2.8 48.2 -46.2 -.7
Nonfarm......................... 43.7 43.0 6.1 -4.7 9.2 -4.6 3.9 1.7
Rental income of persons with
capital consumption adjustment... 7.1 8.0 -1.9 -2.1 -1.5 9.5 -8.9 .6
Personal dividend income.......... 16.2 19.2 2.4 2.4 2.4 2.6 2.5 2.4
Personal interest income.......... 76.8 22.9 5.9 3.2 2.4 3.7 3.6 3.8
Transfer payments to persons...... 20.8 33.2 -10.0 1.4 6.2 4.2 1.4 4.4
Old-age, survivors, disability,
and health insurance benefits.. 12.2 10.0 -9.4 -1.5 3.7 3.7 -1.9 4.4
Government unemployment
insurance benefits............. -.4 .8 .1 .4 .2 .1 -.1 .0
Other.......................... 8.9 22.5 -.6 2.5 2.4 .3 3.4 .0
Less: Personal contributions for
social insurance................. 18.3 22.3 2.2 1.7 .5 2.0 2.3 1.1
Less: Personal tax and nontax
payments........................... 102.1 81.1 13.8 5.7 15.1 13.3 13.1 9.4
Equals: Disposable personal income.. 351.8 317.7 28.0 14.9 11.4 80.8 -23.4 20.6
Less: Personal outlays.............. 339.4 435.4 33.0 44.4 28.2 55.8 26.0 24.7
Personal consumption expenditures. 321.6 417.8 31.0 42.1 26.0 55.0 24.2 24.1
Interest paid by persons.......... 15.0 15.0 1.9 1.3 2.1 .8 1.8 .7
Personal transfer payments to the
rest of the world (net).......... 2.8 2.6 .0 1.2 .0 .0 .0 .0
Equals: Personal saving............. 12.5 -117.8 -4.9 -29.6 -16.8 25.0 -49.4 -4.1
Addendum:
Disposable personal income:
chained (1996) dollars........... 279.6 196.9 8.2 -2.4 18.7 54.0 -32.3 5.6
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p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
>
Table 4-Personal Consumption Expenditures by Major Type of Product
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/r/ Oct 00/r/ Nov 00/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
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Personal consumption expenditures... 5,850.9 6,268.7 6,733.1 6,775.2 6,801.2 6,856.2 6,880.4 6,904.5
Durable goods..................... 693.9 761.3 811.5 817.3 821.1 835.8 825.9 815.9
Nondurable goods.................. 1,707.6 1,845.5 2,009.1 2,023.9 2,025.7 2,044.8 2,052.3 2,053.0
Services.......................... 3,449.3 3,661.9 3,912.5 3,934.0 3,954.3 3,975.6 4,002.2 4,035.6
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,678.7 5,978.8 6,274.8 6,298.3 6,330.3 6,360.9 6,373.2 6,382.4
Durable goods..................... 727.3 817.8 885.5 892.8 900.2 916.5 906.6 894.7
Nondurable goods.................. 1,684.8 1,779.4 1,866.0 1,877.0 1,885.4 1,885.4 1,893.7 1,892.0
Services.......................... 3,269.4 3,390.8 3,536.7 3,542.7 3,559.4 3,575.8 3,587.6 3,607.8
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 103.03 104.85 107.31 107.58 107.45 107.80 107.97 108.19
Durable goods..................... 95.42 93.09 91.63 91.53 91.20 91.18 91.08 91.17
Nondurable goods.................. 101.35 103.71 107.69 107.84 107.46 108.48 108.39 108.53
Services.......................... 105.50 107.99 110.64 111.05 111.10 111.19 111.57 111.87
Addendum:
Personal consumption expenditures
less food and energy........... 103.45 105.11 106.64 106.88 106.87 107.03 107.22 107.47
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Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 321.6 417.8 31.0 42.1 26.0 55.0 24.2 24.1
Durable goods..................... 51.4 67.4 -.7 5.8 3.8 14.7 -9.9 -10.0
Nondurable goods.................. 66.0 137.9 14.5 14.8 1.8 19.1 7.5 .7
Services.......................... 204.1 212.6 17.2 21.5 20.3 21.3 26.6 33.4
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 254.8 300.1 11.7 23.5 32.0 30.6 12.3 9.2
Durable goods..................... 70.0 90.5 2.5 7.3 7.4 16.3 -9.9 -11.9
Nondurable goods.................. 64.9 94.6 2.2 11.0 8.4 .0 8.3 -1.7
Services.......................... 122.4 121.4 7.1 6.0 16.7 16.4 11.8 20.2
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p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
>
Table 5.-Percent Change From Preceding Period in Selected Series
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/r/ Oct 00/r/ Nov 00/p/
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----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 6.5 5.4 .5 .2 .3 1.1 -.1 .4
Disposable personal income.......... 5.9 5.0 .4 .2 .2 1.2 -.3 .3
Personal consumption expenditures... 5.8 7.1 .5 .6 .4 .8 .4 .3
Durable goods..................... 8.0 9.7 -.1 .7 .5 1.8 -1.2 -1.2
Nondurable goods.................. 4.0 8.1 .7 .7 .1 .9 .4 .0
Services.......................... 6.3 6.2 .4 .5 .5 .5 .7 .8
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 4.8 3.2 .1 .0 .3 .8 -.5 .1
Personal consumption expenditures... 4.7 5.3 .2 .4 .5 .5 .2 .1
Durable goods..................... 10.6 12.4 .3 .8 .8 1.8 -1.1 -1.3
Nondurable goods.................. 4.0 5.6 .1 .6 .5 .0 .4 -.1
Services.......................... 3.9 3.7 .2 .2 .5 .5 .3 .6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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