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James E. Rankin: (202) 606-5301 (Personal Income) BEA 01-05 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: JANUARY 2001
Personal income increased $48.8 billion, or 0.6 percent, and disposable personal income (DPI)
increased $34.2 billion, or 0.5 percent, in January, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $46.9 billion, or 0.7 percent. In December,
personal income increased $35.4 billion, or 0.4 percent, DPI increased $28.1 billion, or 0.4 percent, and
PCE increased $26.4 billion, or 0.4 percent, based on revised estimates.
2000 2001
Sept. Oct. Nov. Dec. Jan.
(Percent change from preceding month)
Personal income, current dollars 1.1 -0.2 0.2 0.4 0.6
Disposable personal income:
Current dollars 1.2 - .4 .1 .4 .5
Chained (1996) dollars .8 - .5 - .1 .2 .0
Personal consumption expenditures:
Current dollars .8 .2 .3 .4 .7
Chained (1996) dollars .5 .1 .1 .2 .2
The January change in personal income was affected by several special factors. The
January change was boosted by cost-of-living adjustments to several federal transfer payment
programs and by pay raises for federal civilian and military personnel. The January change was
reduced by program changes affecting personal contributions for social insurance, by federal
agricultural subsidy payments, and by lump-sum social security benefit payments that had
boosted December personal income. Excluding these special factors, personal income increased
$40.6 billion, or 0.5 percent, in January, after increasing $25.8 billion, or 0.3 percent, in
December. These special factors are discussed more fully below.
Wages and salaries
Private wage and salary disbursements increased $25.9 billion in January, compared with an
increase of $6.9 billion in December. Goods-producing industries' payrolls increased $11.9 billion,
in contrast to a decrease of $8.6 billion; manufacturing payrolls increased $2.5 billion, in contrast to
a decrease of $7.6 billion. Distributive industries' payrolls increased $4.4 billion, compared with an
increase of $5.5 billion. Service industries' payrolls increased $9.5 billion, compared with an
increase of $10.0 billion.
Government wage and salary disbursements increased $9.4 billion in January, compared with
an increase of $1.2 billion in December. Pay raises for federal civilian and military personnel added
$5.5 billion to government payrolls in January.
Other personal income
Proprietors' income decreased $2.4 billion in January, in contrast to an increase of $7.4 billion
in December. Farm proprietors' income decreased $6.1 billion, in contrast to an increase of $6.1
billion. The changes in farm proprietors' income reflected the pattern of specially authorized federal
farm subsidy payments, which were $0.8 billion (at an annual rate) in January, $5.5 billion in
December, and $0.3 billion in November. Nonfarm proprietors' income increased $3.7 billion in
January, compared with an increase of $1.3 billion in December.
Transfer payments increased $18.0 billion in January, compared with an increase of $11.7
billion in December. The changes in transfer payments reflected 3.5-percent cost-of-living
adjustments to social security benefits and several other federal transfer payment programs, which
added $16.3 billion to the January change in transfer payments. The January change in transfer
payments was reduced by lump-sum social security benefits payments, which had added $3.3 billion
to December transfer payments; these benefit payments resulted from a recalculation of the earnings
base underlying the benefits for recent retirees.
Personal interest income increased $1.4 billion in January, compared with an increase of $1.5
billion in December. Personal dividend income increased $2.2 billion, compared with an increase of
$2.7 billion. Rental income of persons decreased $0.9 billion, in contrast to an increase of $2.5
billion. The changes in rental income of persons reflected, in part, the pattern of specially
authorized federal agricultural subsidy payments to owners of leased farm land, which were $0.2
billion in January, $1.2 billion in December, and $0.1 billion in November.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $6.5 billion in January, compared with an increase of $0.6 billion in December. The
January increase reflected the effect of an increase in the social security taxable wage base for
employees and the self-employed (from $76,200 to $80,400), which added $2.6 billion to January
personal contributions for social insurance. The January increase also reflected the effect of an
increase in the monthly premium paid by participants in the supplementary medical insurance
program (Medicare B), which added $2.0 billion to January personal contributions.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $14.6 billion in January, compared with an
increase of $7.3 billion in December. Indexation provisions of current tax law reduced federal
income tax payments by $4.4 billion in January.
Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $34.2 billion, or 0.5 percent, in January, compared with an increase of $28.1 billion, or 0.4
percent, in December.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $47.9 billion in January, compared with an increase of $26.7 billion in
December. PCE increased $46.9 billion, compared with an increase of $26.4 billion.
Personal saving -- DPI less personal outlays -- was a negative $72.3 billion in January,
compared with a negative $58.7 billion in December. Saving from current income may be near zero
or negative when outlays are financed by borrowing (including borrowing financed 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 1.0
percent in January, compared with a negative 0.8 percent in December.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in January,
compared with an increase of 0.2 percent in December.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in January, the
same increase as in December. Purchases of durable goods increased 1.8 percent in January, in
contrast to a decrease of 1.0 percent in December. Purchases of motor vehicles and parts accounted
for most of the January increase and most of the December decrease. Purchases of nondurable
goods increased 0.3 percent in January, compared with an increase of 0.2 percent in December.
Purchases of services decreased 0.2 percent, in contrast to an increase of 0.4 percent.
Revisions
Estimates have been revised for October through December. Changes in personal income,
current-dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for
November and December -- revised and as published in last month's release -- are shown below.
Revisions for October were small.
Change from preceding month
November December
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars.. 17.8 14.4 0.2 0.2 36.6 35.4 0.4 0.4
Disposable personal income:
Current dollars.. 8.4 5.7 .1 .1 28.8 28.1 .4 .4
Chained (1996) dollars.. -6.0 -7.9 -.1 -.1 14.9 14.2 .2 .2
Personal consumption expenditures:
Current dollars.. 21.9 19.5 .3 .3 19.4 26.4 .3 .4
Chained (1996) dollars.. 6.7 5.2 .1 .1 6.6 12.9 .1 .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 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: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- Personal Income and Outlays for February will be released on
March 30, at 8:30 A.M. EST.
Table 1.-Personal Income
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1999 2000/r/ Aug 00 Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/r/ Jan 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,789.6 8,281.0 8,326.5 8,420.6 8,405.7 8,420.1 8,455.5 8,504.3
Wage and salary disbursements..... 4,470.0 4,769.1 4,797.8 4,827.8 4,858.9 4,872.9 4,881.0 4,916.3
Private industries.............. 3,745.6 4,008.3 4,032.5 4,060.8 4,091.3 4,105.5 4,112.4 4,138.3
Goods-producing industries.... 1,089.2 1,153.1 1,158.8 1,163.2 1,173.4 1,177.0 1,168.4 1,180.3
Manufacturing............... 782.4 815.9 819.7 820.3 827.8 829.3 821.7 824.2
Distributive industries....... 1,020.3 1,107.1 1,113.2 1,129.0 1,136.5 1,144.5 1,150.0 1,154.4
Service industries............ 1,636.0 1,748.1 1,760.5 1,768.6 1,781.4 1,784.0 1,794.0 1,803.5
Government...................... 724.4 760.8 765.3 767.0 767.7 767.4 768.6 778.0
Other labor income................ 501.0 524.0 527.6 530.0 532.0 533.9 535.9 537.8
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 663.5 710.5 712.3 756.0 712.3 710.8 718.2 715.8
Farm............................ 25.3 22.6 14.7 62.9 16.9 15.4 21.5 15.4
Nonfarm......................... 638.2 688.0 697.7 693.1 695.4 695.4 696.7 700.4
Rental income of persons with
capital consumption adjustment... 143.4 140.1 134.5 144.0 134.8 135.3 137.8 136.9
Personal dividend income.......... 370.3 396.6 399.6 402.2 404.7 407.1 409.8 412.0
Personal interest income.......... 963.7 1,033.7 1,042.4 1,046.1 1,047.9 1,049.1 1,050.6 1,052.0
Transfer payments to persons...... 1,016.2 1,067.7 1,074.9 1,079.1 1,082.0 1,078.6 1,090.3 1,108.3
Old-age, survivors, disability,
and health insurance benefits.. 588.0 622.4 627.2 630.9 629.1 626.7 635.2 649.3
Government unemployment
insurance benefits............. 20.3 20.0 20.0 20.1 20.5 20.7 20.8 21.1
Other......................... 407.9 425.2 427.8 428.1 432.3 431.2 434.2 437.8
Less: Personal contributions for
social insurance................. 338.5 360.7 362.6 364.6 366.7 367.6 368.2 374.7
----------------------------------------------------------------------------------------------------------------------------
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/r/ Aug 00 Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/r/ Jan 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,789.6 8,281.0 8,326.5 8,420.6 8,405.7 8,420.1 8,455.5 8,504.3
Less: Personal tax and nontax
payments........................... 1,152.0 1,291.8 1,308.7 1,322.0 1,334.2 1,342.9 1,350.2 1,364.8
Equals: Disposable personal income.. 6,637.7 6,989.3 7,017.8 7,098.6 7,071.5 7,077.2 7,105.3 7,139.5
Less: Personal outlays.............. 6,490.1 6,998.4 7,045.5 7,101.3 7,115.7 7,137.2 7,163.9 7,211.8
Personal consumption expenditures. 6,268.7 6,757.3 6,801.2 6,856.2 6,868.6 6,888.1 6,914.5 6,961.4
Interest paid by persons.......... 194.8 212.0 214.8 215.6 217.3 219.3 219.8 220.7
Personal transfer payments to the
rest of the world (net).......... 26.6 29.0 29.5 29.5 29.7 29.7 29.7 29.7
Equals: Personal saving............. 147.6 -9.1 -27.7 -2.7 -44.2 -60.0 -58.7 -72.3
Addenda:
Disposable personal income:
Chained (1996) dollars\1\....... 6,331.0 6,510.6 6,531.9 6,585.9 6,553.9 6,546.0 6,560.2 6,560.4
Per capita:
Current dollars............... 24,314 25,376 25,451 25,722 25,604 25,606 25,689 25,793
Chained (1996) dollars........ 23,191 23,638 23,689 23,864 23,730 23,684 23,719 23,701
Population (thousands).......... 272,996 275,423 275,738 275,970 276,191 276,389 276,585 276,798
Personal saving as a percentage
of disposable personal income.... 2.2 -.1 -.4 .0 -.6 -.8 -.8 -1.0
----------------------------------------------------------------------------------------------------------------------------
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/r/ Aug 00 Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/r/ Jan 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 398.6 491.4 26.5 94.1 -14.9 14.4 35.4 48.8
Wage and salary disbursements..... 279.3 299.1 8.7 30.0 31.1 14.0 8.1 35.3
Private industries.............. 247.6 262.7 7.2 28.3 30.5 14.2 6.9 25.9
Goods-producing industries.... 50.6 63.9 -3.4 4.4 10.2 3.6 -8.6 11.9
Manufacturing............... 25.8 33.5 -4.3 .6 7.5 1.5 -7.6 2.5
Distributive industries....... 71.2 86.8 1.1 15.8 7.5 8.0 5.5 4.4
Service industries............ 125.7 112.1 9.5 8.1 12.8 2.6 10.0 9.5
Government...................... 31.7 36.4 1.5 1.7 .7 -.3 1.2 9.4
Other labor income................ 15.5 23.0 2.5 2.4 2.0 1.9 2.0 1.9
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 42.8 47.0 6.3 43.7 -43.7 -1.5 7.4 -2.4
Farm............................ -.1 -2.7 -2.8 48.2 -46.0 -1.5 6.1 -6.1
Nonfarm......................... 43.0 49.8 9.2 -4.6 2.3 .0 1.3 3.7
Rental income of persons with
capital consumption adjustment... 8.0 -3.3 -1.5 9.5 -9.2 .5 2.5 -.9
Personal dividend income.......... 19.2 26.3 2.4 2.6 2.5 2.4 2.7 2.2
Personal interest income.......... 22.9 70.0 2.4 3.7 1.8 1.2 1.5 1.4
Transfer payments to persons...... 33.2 51.5 6.2 4.2 2.9 -3.4 11.7 18.0
Old-age, survivors, disability,
and health insurance benefits.. 10.0 34.4 3.7 3.7 -1.8 -2.4 8.5 14.1
Government unemployment
insurance benefits............. .8 -.3 .2 .1 .4 .2 .1 .3
Other.......................... 22.5 17.3 2.4 .3 4.2 -1.1 3.0 3.6
Less: Personal contributions for
social insurance................. 22.3 22.2 .5 2.0 2.1 .9 .6 6.5
Less: Personal tax and nontax
payments........................... 81.1 139.8 15.1 13.3 12.2 8.7 7.3 14.6
Equals: Disposable personal income.. 317.7 351.6 11.4 80.8 -27.1 5.7 28.1 34.2
Less: Personal outlays.............. 435.4 508.3 28.2 55.8 14.4 21.5 26.7 47.9
Personal consumption expenditures. 417.8 488.6 26.0 55.0 12.4 19.5 26.4 46.9
Interest paid by persons.......... 15.0 17.2 2.1 .8 1.7 2.0 .5 .9
Personal transfer payments to the
rest of the world (net).......... 2.6 2.4 .0 .0 .2 .0 .0 .0
Equals: Personal saving............. -117.8 -156.7 -16.8 25.0 -41.5 -15.8 1.3 -13.6
Addendum:
Disposable personal income:
chained (1996) dollars\1\........ 196.9 179.6 18.7 54.0 -32.0 -7.9 14.2 .2
----------------------------------------------------------------------------------------------------------------------------
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/r/ Aug 00 Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/r/ Jan 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,268.7 6,757.3 6,801.2 6,856.2 6,868.6 6,888.1 6,914.5 6,961.4
Durable goods..................... 761.3 820.5 821.1 835.8 825.8 816.0 807.7 823.5
Nondurable goods.................. 1,845.5 2,009.7 2,025.7 2,044.8 2,047.3 2,044.4 2,045.7 2,057.7
Services.......................... 3,661.9 3,927.2 3,954.3 3,975.6 3,995.5 4,027.8 4,061.0 4,080.1
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,978.8 6,294.4 6,330.3 6,360.9 6,365.9 6,371.1 6,384.0 6,396.7
Durable goods..................... 817.8 896.2 900.2 916.5 907.1 896.1 886.9 902.8
Nondurable goods.................. 1,779.4 1,868.7 1,885.4 1,885.4 1,888.2 1,883.6 1,887.4 1,893.6
Services.......................... 3,390.8 3,544.1 3,559.4 3,575.8 3,585.5 3,604.0 3,620.3 3,613.7
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 104.85 107.38 107.45 107.80 107.91 108.13 108.32 108.84
Durable goods..................... 93.09 91.56 91.20 91.18 91.02 91.05 91.05 91.20
Nondurable goods.................. 103.71 107.55 107.46 108.48 108.44 108.55 108.40 108.69
Services.......................... 107.99 110.84 111.10 111.19 111.44 111.77 112.19 112.92
Addendum:
Personal consumption expenditures
less food and energy........... 105.11 106.82 106.87 107.03 107.12 107.36 107.53 107.87
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Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 417.8 488.6 26.0 55.0 12.4 19.5 26.4 46.9
Durable goods..................... 67.4 59.2 3.8 14.7 -10.0 -9.8 -8.3 15.8
Nondurable goods.................. 137.9 164.2 1.8 19.1 2.5 -2.9 1.3 12.0
Services.......................... 212.6 265.3 20.3 21.3 19.9 32.3 33.2 19.1
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 300.1 315.6 32.0 30.6 5.0 5.2 12.9 12.7
Durable goods..................... 90.5 78.4 7.4 16.3 -9.4 -11.0 -9.2 15.9
Nondurable goods.................. 94.6 89.3 8.4 .0 2.8 -4.6 3.8 6.2
Services.......................... 121.4 153.3 16.7 16.4 9.7 18.5 16.3 -6.6
----------------------------------------------------------------------------------------------------------------------------
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/r/ Aug 00 Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/r/ Jan 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 5.4 6.3 .3 1.1 -.2 .2 .4 .6
Disposable personal income.......... 5.0 5.3 .2 1.2 -.4 .1 .4 .5
Personal consumption expenditures... 7.1 7.8 .4 .8 .2 .3 .4 .7
Durable goods..................... 9.7 7.8 .5 1.8 -1.2 -1.2 -1.0 1.9
Nondurable goods.................. 8.1 8.9 .1 .9 .1 -.1 .1 .6
Services.......................... 6.2 7.2 .5 .5 .5 .8 .8 .5
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 3.2 2.8 .3 .8 -.5 -.1 .2 .0
Personal consumption expenditures... 5.3 5.3 .5 .5 .1 .1 .2 .2
Durable goods..................... 12.4 9.6 .8 1.8 -1.0 -1.2 -1.0 1.8
Nondurable goods.................. 5.6 5.0 .5 .0 .2 -.2 .2 .3
Services.......................... 3.7 4.5 .5 .5 .3 .5 .4 -.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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