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James E. Rankin: (202) 606-5301 (Personal Income) BEA 01-03 Clint McCully: 606-5302 (Personal Outlays) Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: DECEMBER 2000
Personal income increased $36.6 billion, or 0.4 percent, and disposable personal income (DPI)
increased $28.8 billion, or 0.4 percent, in December, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $19.4 billion, or 0.3 percent. In November, personal
income increased $17.8 billion, or 0.2 percent, DPI increased $8.4 billion, or 0.1 percent, and PCE
increased $21.9 billion, or 0.3 percent, based on revised estimates.
2000
Aug. Sept. Oct. Nov. Dec.
(Percent change from preceding month)
Personal income, current dollars 0.3 1.1 -0.2 0.2 0.4
Disposable personal income:
Current dollars .2 1.2 -.4 .1 .4
Chained (1996) dollars .3 .8 -.5 -.1 .2
Personal consumption expenditures:
Current dollars .4 .8 .3 .3 .3
Chained (1996) dollars .5 .5 .1 .1 .1
Wages and salaries
Private wage and salary disbursements increased $7.1 billion in December, compared with an
increase of $16.7 billion in November. Goods-producing industries' payrolls decreased $8.2 billion,
in contrast to an increase of $3.9 billion; manufacturing payrolls decreased $6.5 billion, in contrast to
an increase of $1.6 billion. Distributive industries' payrolls increased $5.3 billion, compared with an
increase of $7.8 billion. Service industries' payrolls increased $9.9 billion, compared with an
increase of $5.0 billion. Government wage and salary disbursements increased $3.3 billion, in
contrast to a decrease of $0.1 billion.
Other personal income
Proprietors' income increased $6.1 billion in December, in contrast to a decrease of $0.6 billion
in November. Farm proprietors' income increased $6.2 billion, in contrast to a decrease of $1.4
billion. The changes in farm proprietors' income reflect the pattern of specially authorized federal
farm subsidy payments, which were $5.5 billion (at an annual rate) in December, $0.2 billion in
November, and $3.1 billion in October. Nonfarm proprietors' income decreased $0.1 billion in
December, in contrast to an increase of $0.8 billion in November.
Transfer payments increased $11.3 billion in December, in contrast to a decrease of $3.8 billion
in November. The December increase in transfer payments reflected, in part, retroactive social
security benefit payments of $3.3 billion at an annual rate, resulting from a recalculation of the
earnings base underlying the benefits for recent retirees.
Personal interest income increased $1.5 billion in December, compared with an increase of $1.2
billion in November. Personal dividend income increased $2.7 billion, compared with an increase of
$2.4 billion. Rental income of persons increased $2.8 billion, compared with an increase of $1.0
billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.7 billion in December, compared with an increase of $1.1 billion in November.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $7.9 billion in December, compared with an
increase of $9.2 billion in November. Disposable personal income (DPI) -- personal income less
personal tax and nontax payments -- increased $28.8 billion, or 0.4 percent, in December, compared
with an increase of $8.4 billion, or 0.1 percent, in November.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $20.5 billion in December, compared with an increase of $23.8 billion in
November. PCE increased $19.4 billion, compared with an increase of $21.9 billion.
Personal saving -- DPI less personal outlays -- was a negative $57.3 billion in December,
compared with a negative $65.5 billion in November. 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 December,
compared with a negative 0.9 percent in November.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in December, in
contrast to a decrease of 0.1 percent in November.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in December, the
same increase as in November. Purchases of durable goods decreased 1.9 percent in December,
compared with a decrease of 1.0 percent in November. Purchases of motor vehicles and parts
accounted for most of the December decrease and more than accounted for the November decrease.
Purchases of nondurable goods increased 0.1 percent in December, in contrast to a decrease of 0.3
percent in November. Purchases of services increased 0.5 percent in December, the same increase as
in November.
Revisions
Estimates have been revised for October and November. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for October
and November -- revised and as published in last month's release -- are shown below.
Change from preceding month
October November
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars... -10.3 -14.9 -0.1 -0.2 30.0 17.8 0.4 0.2
Disposable personal income:
Current dollars... -23.4 -27.1 -.3 -.4 20.6 8.4 .3 .1
Chained (1996) dollars... -32.3 -35.6 -.5 -.5 5.6 -6.0 .1 -.1
Personal consumption expenditures:
Current dollars... 24.2 18.3 .4 .3 24.1 21.9 .3 .3
Chained (1996) dollars... 12.3 7.0 .2 .1 9.2 6.7 .1 .1
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
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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 appear 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 January will be released on
March 1, 2001, at 8:30 A.M. EST.
Table 1.-Personal Income
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Jul 00 Aug 00 Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,789.6 8,281.7 8,300.0 8,326.5 8,420.6 8,405.7 8,423.5 8,460.1
Wage and salary disbursements..... 4,470.0 4,769.7 4,789.1 4,797.8 4,827.8 4,859.0 4,875.6 4,885.9
Private industries.............. 3,745.6 4,008.7 4,025.3 4,032.5 4,060.8 4,091.3 4,108.0 4,115.1
Goods-producing industries.... 1,089.2 1,153.2 1,162.2 1,158.8 1,163.2 1,173.4 1,177.3 1,169.1
Manufacturing............... 782.4 816.0 824.0 819.7 820.3 827.8 829.4 822.9
Distributive industries....... 1,020.3 1,107.1 1,112.1 1,113.2 1,129.0 1,136.5 1,144.3 1,149.6
Service industries............ 1,636.0 1,748.5 1,751.0 1,760.5 1,768.6 1,781.4 1,786.4 1,796.3
Government...................... 724.4 761.0 763.8 765.3 767.0 767.7 767.6 770.9
Other labor income................ 501.0 524.0 525.1 527.6 530.0 532.0 533.9 536.3
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 663.5 710.5 706.0 712.3 756.0 712.2 711.6 717.7
Farm............................ 25.3 22.6 17.5 14.7 62.9 16.9 15.5 21.7
Nonfarm......................... 638.2 687.9 688.5 697.7 693.1 695.3 696.1 696.0
Rental income of persons with
capital consumption adjustment... 143.4 140.4 136.0 134.5 144.0 135.3 136.3 139.1
Personal dividend income.......... 370.3 396.6 397.2 399.6 402.2 404.7 407.1 409.8
Personal interest income.......... 963.7 1,033.7 1,040.0 1,042.4 1,046.1 1,047.9 1,049.1 1,050.6
Transfer payments to persons...... 1,016.2 1,067.5 1,068.7 1,074.9 1,079.1 1,081.5 1,077.7 1,089.0
Old-age, survivors, disability,
and health insurance benefits.. 588.0 622.3 623.5 627.2 630.9 629.0 626.4 634.5
Government unemployment
insurance benefits............. 20.3 20.0 19.8 20.0 20.1 20.3 20.5 20.6
Other......................... 407.9 425.2 425.4 427.8 428.1 432.3 430.8 434.0
Less: Personal contributions for
social insurance................. 338.5 360.7 362.1 362.6 364.6 366.7 367.8 368.5
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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]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Jul 00 Aug 00 Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/p/
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Personal income..................... 7,789.6 8,281.7 8,300.0 8,326.5 8,420.6 8,405.7 8,423.5 8,460.1
Less: Personal tax and nontax
payments........................... 1,152.0 1,291.9 1,293.6 1,308.7 1,322.0 1,334.3 1,343.5 1,351.4
Equals: Disposable personal income.. 6,637.7 6,989.8 7,006.4 7,017.8 7,098.6 7,071.5 7,079.9 7,108.7
Less: Personal outlays.............. 6,490.1 6,999.8 7,017.3 7,045.5 7,101.3 7,121.7 7,145.5 7,166.0
Personal consumption expenditures. 6,268.7 6,758.6 6,775.2 6,801.2 6,856.2 6,874.5 6,896.4 6,915.8
Interest paid by persons.......... 194.8 212.1 212.7 214.8 215.6 217.5 219.4 220.5
Personal transfer payments to the
rest of the world (net).......... 26.6 29.0 29.5 29.5 29.5 29.7 29.7 29.7
Equals: Personal saving............. 147.6 -10.0 -10.9 -27.7 -2.7 -50.3 -65.5 -57.3
Addenda:
Disposable personal income:
Chained (1996) dollars\1\....... 6,331.0 6,510.0 6,513.2 6,531.9 6,585.9 6,550.3 6,544.3 6,559.2
Per capita:
Current dollars............... 24,314 25,378 25,432 25,451 25,722 25,604 25,616 25,702
Chained (1996) dollars........ 23,191 23,636 23,642 23,689 23,864 23,717 23,678 23,715
Population (thousands).......... 272,996 275,423 275,496 275,738 275,970 276,191 276,389 276,585
Personal saving as a percentage
of disposable personal income.... 2.2 -.1 -.2 -.4 .0 -.7 -.9 -.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]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Jul 00 Aug 00 Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 398.6 492.1 20.5 26.5 94.1 -14.9 17.8 36.6
Wage and salary disbursements..... 279.3 299.7 25.6 8.7 30.0 31.2 16.6 10.3
Private industries.............. 247.6 263.1 21.9 7.2 28.3 30.5 16.7 7.1
Goods-producing industries.... 50.6 64.0 11.4 -3.4 4.4 10.2 3.9 -8.2
Manufacturing............... 25.8 33.6 7.3 -4.3 .6 7.5 1.6 -6.5
Distributive industries....... 71.2 86.8 6.6 1.1 15.8 7.5 7.8 5.3
Service industries............ 125.7 112.5 3.8 9.5 8.1 12.8 5.0 9.9
Government...................... 31.7 36.6 3.7 1.5 1.7 .7 -.1 3.3
Other labor income................ 15.5 23.0 2.6 2.5 2.4 2.0 1.9 2.4
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 42.8 47.0 -10.9 6.3 43.7 -43.8 -.6 6.1
Farm............................ -.1 -2.7 -6.2 -2.8 48.2 -46.0 -1.4 6.2
Nonfarm......................... 43.0 49.7 -4.7 9.2 -4.6 2.2 .8 -.1
Rental income of persons with
capital consumption adjustment... 8.0 -3.0 -2.1 -1.5 9.5 -8.7 1.0 2.8
Personal dividend income.......... 19.2 26.3 2.4 2.4 2.6 2.5 2.4 2.7
Personal interest income.......... 22.9 70.0 3.2 2.4 3.7 1.8 1.2 1.5
Transfer payments to persons...... 33.2 51.3 1.4 6.2 4.2 2.4 -3.8 11.3
Old-age, survivors, disability,
and health insurance benefits.. 10.0 34.3 -1.5 3.7 3.7 -1.9 -2.6 8.1
Government unemployment
insurance benefits............. .8 -.3 .4 .2 .1 .2 .2 .1
Other.......................... 22.5 17.3 2.5 2.4 .3 4.2 -1.5 3.2
Less: Personal contributions for
social insurance................. 22.3 22.2 1.7 .5 2.0 2.1 1.1 .7
Less: Personal tax and nontax
payments........................... 81.1 139.9 5.7 15.1 13.3 12.3 9.2 7.9
Equals: Disposable personal income.. 317.7 352.1 14.9 11.4 80.8 -27.1 8.4 28.8
Less: Personal outlays.............. 435.4 509.7 44.4 28.2 55.8 20.4 23.8 20.5
Personal consumption expenditures. 417.8 489.9 42.1 26.0 55.0 18.3 21.9 19.4
Interest paid by persons.......... 15.0 17.3 1.3 2.1 .8 1.9 1.9 1.1
Personal transfer payments to the
rest of the world (net).......... 2.6 2.4 1.2 .0 .0 .2 .0 .0
Equals: Personal saving............. -117.8 -157.6 -29.6 -16.8 25.0 -47.6 -15.2 8.2
Addendum:
Disposable personal income:
chained (1996) dollars\1\........ 196.9 179.0 -2.4 18.7 54.0 -35.6 -6.0 14.9
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Jul 00 Aug 00 Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,268.7 6,758.6 6,775.2 6,801.2 6,856.2 6,874.5 6,896.4 6,915.8
Durable goods..................... 761.3 820.4 817.3 821.1 835.8 826.2 819.0 803.5
Nondurable goods.................. 1,845.5 2,009.5 2,023.9 2,025.7 2,044.8 2,047.2 2,044.4 2,043.7
Services.......................... 3,661.9 3,928.7 3,934.0 3,954.3 3,975.6 4,001.0 4,033.0 4,068.6
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,978.8 6,294.6 6,298.3 6,330.3 6,360.9 6,367.9 6,374.6 6,381.2
Durable goods..................... 817.8 895.9 892.8 900.2 916.5 906.9 898.1 881.4
Nondurable goods.................. 1,779.4 1,868.7 1,877.0 1,885.4 1,885.4 1,889.1 1,884.2 1,885.6
Services.......................... 3,390.8 3,544.6 3,542.7 3,559.4 3,575.8 3,586.7 3,605.2 3,623.9
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 104.85 107.38 107.58 107.45 107.80 107.97 108.20 108.39
Durable goods..................... 93.09 91.56 91.53 91.20 91.18 91.09 91.18 91.15
Nondurable goods.................. 103.71 107.55 107.84 107.46 108.48 108.39 108.52 108.40
Services.......................... 107.99 110.84 111.05 111.10 111.19 111.56 111.88 112.28
Addendum:
Personal consumption expenditures
less food and energy........... 105.11 106.82 106.88 106.87 107.03 107.22 107.48 107.64
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Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 417.8 489.9 42.1 26.0 55.0 18.3 21.9 19.4
Durable goods..................... 67.4 59.1 5.8 3.8 14.7 -9.6 -7.2 -15.5
Nondurable goods.................. 137.9 164.0 14.8 1.8 19.1 2.4 -2.8 -.7
Services.......................... 212.6 266.8 21.5 20.3 21.3 25.4 32.0 35.6
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 300.1 315.8 23.5 32.0 30.6 7.0 6.7 6.6
Durable goods..................... 90.5 78.1 7.3 7.4 16.3 -9.6 -8.8 -16.7
Nondurable goods.................. 94.6 89.3 11.0 8.4 .0 3.7 -4.9 1.4
Services.......................... 121.4 153.8 6.0 16.7 16.4 10.9 18.5 18.7
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 5.-Percent Change From Preceding Period in Selected Series
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Jul 00 Aug 00 Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 5.4 6.3 .2 .3 1.1 -.2 .2 .4
Disposable personal income.......... 5.0 5.3 .2 .2 1.2 -.4 .1 .4
Personal consumption expenditures... 7.1 7.8 .6 .4 .8 .3 .3 .3
Durable goods..................... 9.7 7.8 .7 .5 1.8 -1.1 -.9 -1.9
Nondurable goods.................. 8.1 8.9 .7 .1 .9 .1 -.1 .0
Services.......................... 6.2 7.3 .5 .5 .5 .6 .8 .9
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 3.2 2.8 .0 .3 .8 -.5 -.1 .2
Personal consumption expenditures... 5.3 5.3 .4 .5 .5 .1 .1 .1
Durable goods..................... 12.4 9.6 .8 .8 1.8 -1.0 -1.0 -1.9
Nondurable goods.................. 5.6 5.0 .6 .5 .0 .2 -.3 .1
Services.......................... 3.7 4.5 .2 .5 .5 .3 .5 .5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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