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James E. Rankin: (202) 606-5301 (Personal Income) BEA 00-03
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: DECEMBER 1999
Personal income increased $25.4 billion, or 0.3 percent, and disposable personal income (DPI)
increased $14.0 billion, or 0.2 percent, in December, according to the Commerce Department's
Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $51.3 billion, or
0.8 percent. In November, personal income increased $31.2 billion, or 0.4 percent, DPI increased
$25.7 billion, or 0.4 percent, and PCE increased $41.5 billion, or 0.7 percent, based on revised
estimates.
1999
Aug. Sept. Oct. Nov. Dec.
(Percent change from preceding month)
Personal income, current dollars 0.4 0.1 1.2 0.4 0.3
Disposable personal income:
Current dollars .6 -.2 1.3 .4 .2
Chained (1996) dollars .4 -.5 1.1 .3 .0
Personal consumption expenditures:
Current dollars .8 .5 .6 .7 .8
Chained (1996) dollars .6 .2 .4 .5 .6
Personal income for November and December was affected by a number of special factors,
which included Federal agricultural subsidy payments, lump-sum social security benefit payments, and
union contract signing bonuses in the manufacturing sector. Excluding these special factors, personal
income increased $53.1 billion, or 0.7 percent, in December and increased $35.5 billion in
November, or 0.4 percent. These special factors are discussed more fully below.
Wages and salaries
Private wage and salary disbursements increased $30.1 billion in December, compared with
an increase of $11.6 billion in November. Goods-producing industries' payrolls increased $3.2
billion, in contrast to a decrease of $0.4 billion; manufacturing payrolls increased $0.8 billion, in
contrast to a decrease of $3.9 billion. These changes reflected the pattern of signing bonuses for
union employees in the automotive and aircraft industries, which were $1.6 billion at an annual
rate in November and $5.9 billion at an annual rate in October. Distributive industries' payrolls
increased $13.7 billion in December, compared with an increase of $2.2 billion in November.
Service industries' payrolls increased $13.2 billion, compared with an increase of $9.9 billion.
Government wage and salary disbursements increased $3.8 billion, compared with an increase of
$2.2 billion.
Other personal income
Proprietors' income decreased $19.4 billion in December, in contrast to an increase of $7.9
billion in November. Farm proprietors' income decreased $24.9 billion, in contrast to an increase of
$1.1 billion. The changes in farm proprietors' income reflected the pattern of subsidy payments,
which were $0.7 billion at an annual rate in December and $25.2 billion at an annual rate in
November and in October. These payments were authorized under the Agriculture, Rural
Development, Food and Drug Administration, and Related Agencies Appropriation Act. Nonfarm
proprietors' income increased $5.5 billion in December, compared with an increase of $6.8 billion in
November.
Rental income of persons decreased $4.2 billion in December, in contrast to an increase of $1.6
billion in November. The changes in rental income of persons reflected the pattern of Federal
agricultural subsidy payments to owners of leased farm land, which were $0.2 billion in December
and $5.5 billion in November and in October.
Transfer payments increased $8.3 billion in December, in contrast to a decrease of $0.6 billion
in November. The December increase in transfer payments reflected in part retroactive social security
benefit payments of $3.7 billion at an annual rate, resulting from a recalculation of the earnings base
underlying the benefits for recent retirees.
Personal interest income increased $4.5 billion in December, compared with an increase of
$5.0 billion in November. Personal dividend income increased $2.1 billion, compared with an
increase of $2.0 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.8 billion in December, compared with an increase of $0.5 billion in November.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $11.4 billion in December, compared with an
increase of $5.5 billion in November. Disposable personal income (DPI) -- personal income less
personal tax and nontax payments -- increased $14.0 billion, or 0.2 percent, in December, compared
with an increase of $25.7 billion, or 0.4 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 $51.8 billion in December, compared with an increase of $43.7 billion
in November. PCE increased $51.3 billion, compared with an increase of $41.5 billion.
Personal saving -- DPI less personal outlays -- was $99.6 billion in December, compared with
$137.3 billion in November. Personal saving as a percentage of disposable personal income was 1.5
percent in December, compared with 2.0 percent in November.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in
December, compared with an increase of 0.3 percent in November.
Real PCE -- PCE adjusted to remove price changes -- increased 0.6 percent in December,
compared with an increase of 0.5 percent in November. Purchases of durable goods increased 1.0
percent, compared with an increase of 2.3 percent. Purchases of nondurable goods increased 0.9
percent in December, compared with an increase of 0.6 percent in November. Purchases of services
increased 0.4 percent, compared with an increase of 0.2 percent.
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 . . 100.4 93.2 1.3 1.2 35.4 31.2 0.4 0.4
Disposable personal income:
Current dollars . . 95.3 88.2 1.4 1.3 28.5 25.7 .4 .4
Chained (1996) dollars . 74.5 70.3 1.2 1.1 24.6 17.7 .4 .3
Personal consumption expenditures:
Current dollars . . 44.8 37.6 .7 .6 29.7 41.5 .5 .7
Chained (1996) dollars . 27.3 22.8 .5 .4 25.9 33.2 .4 .5
Personal income and outlays in 1999
Personal income increased 5.9 percent, or $432.3 billion, in 1999 (that is, from the 1998 annual
level to the 1999 annual level), compared with an increase of 5.9 percent, or $407.8 billion, in 1998
(see the table below and table 3). Disposable personal income (DPI) increased 5.6 percent, compared
with an increase of 5.1 percent. Personal outlays increased 7.0 percent, compared with an increase of
6.0 percent. Real DPI increased 4.0 percent, compared with an increase of 4.1 percent. Personal
saving as a percentage of disposable personal income was 2.4 percent in 1999, compared with 3.7
percent in 1998.
1997 1998 1999
(Percent change from preceding year)
Current dollars
Personal income 6.2 5.9 5.9
Wage and salary disbursements 7.2 7.6 6.8
Other labor income 2.2 3.0 3.9
Proprietors' income with inventory valuation
and capital consumption adjustments 6.2 4.8 8.6
Farm -14.0 -15.0 24.8
Nonfarm 7.6 5.8 7.9
Rental income of persons with capital
consumption adjustment 0.3 5.6 6.3
Personal dividend income 12.1 4.5 4.6
Personal interest income 5.5 5.0 3.7
Transfer payments to persons 3.6 2.2 3.5
Old-age, survivors, disability, and
health insurance benefits 5.2 2.2 3.2
Government unemployment insurance benefits -9.5 -0.8 1.7
Other 2.0 2.4 4.1
Less: Personal contributions for social insurance 6.3 6.0 5.9
Personal tax and nontax payments 11.3 10.8 7.4
Disposable personal income 5.4 5.1 5.6
Personal outlays 5.7 6.0 7.0
Addenda:
Disposable personal income in
chained (1996) dollars 3.6 4.1 4.0
Personal saving as a percentage of
disposable personal income 4.5 3.7 2.4
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
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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 $50.00 for 3 months or $150.00 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. The printed Survey of Current Business is available from the Superintendent of
Documents, U.S. Government Printing Office, Washington, DC 20402. First class mail: Annual
subscription $120.00 domestic. Second class mail: Annual subscription $48.00 domestic, $60.00
foreign; single issue $17.25 domestic, $21.56 foreign.
* * *
Next release -- Personal Income and Outlays for January will be released on
February 28, 2000 at 8:30 A.M. EST.
Table 1. -- Personal Income
[Billions of dollars]
Seasonally adjusted at annual rates
1998 1999 1999
July Aug. Sep. Oct. /r/ Nov. /r/ Dec. /p/
Personal income 7,358.9 7,791.2 7,806.0 7,840.0 7,848.1 7,941.3 7,972.5 7,997.9
Wage and salary disbursements 4,186.0 4,472.7 4,491.4 4,508.2 4,528.5 4,556.7 4,570.5 4,604.4
Private industries 3,493.2 3,746.3 3,764.2 3,777.6 3,795.6 3,821.2 3,832.8 3,862.9
Goods-producing industries 1,038.7 1,082.6 1,089.8 1,087.3 1,093.6 1,101.4 1,101.0 1,104.2
Manufacturing 757.5 779.9 786.0 785.2 788.0 793.7 789.8 790.6
Distributive industries 944.6 1,005.5 1,009.8 1,013.1 1,017.3 1,018.8 1,021.0 1,034.7
Service industries 1,509.9 1,658.1 1,664.6 1,677.2 1,684.6 1,700.9 1,710.8 1,724.0
Government 692.8 726.4 727.2 730.7 732.9 735.5 737.7 741.5
Other labor income 515.7 535.8 536.7 538.6 540.3 542.0 543.8 545.7
Proprietors' income with IVA and CCAdj 606.1 658.0 653.7 657.8 650.6 683.9 691.8 672.4
Farm 25.1 31.3 23.5 21.4 18.0 45.1 46.2 21.3
Nonfarm 581.0 626.7 630.2 636.4 632.5 638.8 645.6 651.1
Rental income of persons with CCAdj 137.4 146.1 144.9 143.6 128.5 148.5 150.1 145.9
Personal dividend income 348.3 364.3 364.9 367.0 369.0 371.1 373.1 375.2
Personal interest income 897.8 930.6 932.4 938.8 945.3 950.8 955.8 960.3
Transfer payments to persons 983.6 1,018.2 1,017.8 1,022.6 1,023.6 1,027.8 1,027.2 1,035.5
Old-age, survivors, disability, and health
insurance benefits 578.1 596.6 596.8 599.4 600.8 604.2 602.6 609.4
Government unemployment insurance benefits 19.8 20.2 20.2 20.4 20.1 19.8 19.7 19.5
Other 385.7 401.5 400.8 402.8 402.8 403.8 405.0 406.6
Less: Personal contributions for social insurance 315.9 334.5 335.7 336.6 337.8 339.3 339.8 341.6
p Preliminary.
r Revised.
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 2. -- The Disposition of Personal Income
[Billions of dollars]
Seasonally adjusted at annual rates
1998 1999 1999
July Aug. Sep. Oct. /r/ Nov. /r/ Dec. /p/
Personal income 7,358.9 7,791.2 7,806.0 7,840.0 7,848.1 7,941.3 7,972.5 7,997.9
Less: Personal tax and nontax payments 1,072.6 1,152.0 1,159.5 1,151.0 1,170.7 1,175.7 1,181.2 1,192.6
Equals: Disposable personal income 6,286.2 6,639.2 6,646.5 6,689.0 6,677.4 6,765.6 6,791.3 6,805.3
Less: Personal outlays 6,056.6 6,480.9 6,485.7 6,537.7 6,571.0 6,610.2 6,653.9 6,705.7
Personal consumption expenditures 5,848.6 6,254.9 6,259.1 6,309.9 6,342.2 6,379.8 6,421.3 6,472.6
Interest paid by persons 185.7 201.6 202.1 203.3 204.4 205.3 207.6 208.0
Personal transfer payments to the
rest of the world (net) 22.3 24.4 24.5 24.5 24.5 25.1 25.1 25.1
Equals: Personal saving 229.7 158.3 160.8 151.4 106.4 155.4 137.3 99.6
Addenda:
Disposable personal income:
Chained (1996) dollars /1/ 6,125.1 6,367.4 6,377.8 6,403.5 6,373.3 6,443.6 6,461.3 6,464.0
Per capita:
Current dollars 23,231 24,305 24,323 24,455 24,390 24,692 24,767 24,802
Chained (1996) dollars 22,636 23,310 23,340 23,411 23,280 23,516 23,563 23,558
Population (thousands) 270,595 273,160 273,260 273,520 273,773 274,005 274,209 274,388
Personal saving as a percentage of
disposable personal income 3.7 2.4 2.4 2.3 1.6 2.3 2.0 1.5
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]
Seasonally adjusted at annual rates
1998 1999 1999
July Aug. Sep. Oct. /r/ Nov. /r/ Dec. /p/
Personal income 407.8 432.3 22.7 34.0 8.1 93.2 31.2 25.4
Wage and salary disbursements 297.1 286.7 36.0 16.8 20.3 28.2 13.8 33.9
Private industries 268.8 253.1 32.3 13.4 18.0 25.6 11.6 30.1
Goods-producing industries 63.2 43.9 9.4 -2.5 6.3 7.8 -0.4 3.2
Manufacturing 38.7 22.4 7.0 -0.8 2.8 5.7 -3.9 0.8
Distributive industries 65.5 60.9 6.7 3.3 4.2 1.5 2.2 13.7
Service industries 140.1 148.2 16.2 12.6 7.4 16.3 9.9 13.2
Government 28.4 33.6 3.7 3.5 2.2 2.6 2.2 3.8
Other labor income 14.8 20.1 1.9 1.9 1.7 1.7 1.8 1.9
Proprietors' income with IVA and CCAdj 27.5 51.9 -17.1 4.1 -7.2 33.3 7.9 -19.4
Farm -4.4 6.2 -21.5 -2.1 -3.4 27.1 1.1 -24.9
Nonfarm 31.9 45.7 4.4 6.2 -3.9 6.3 6.8 5.5
Rental income of persons with CCAdj 7.2 8.7 -5.6 -1.3 -15.1 20.0 1.6 -4.2
Personal dividend income 14.9 16.0 1.9 2.1 2.0 2.1 2.0 2.1
Personal interest income 42.9 32.8 6.2 6.4 6.5 5.5 5.0 4.5
Transfer payments to persons 21.2 34.6 1.4 4.8 1.0 4.2 -0.6 8.3
Old-age, survivors, disability, and health
insurance benefits 12.3 18.5 2.3 2.6 1.4 3.4 -1.6 6.8
Government unemployment insurance benefits -0.2 0.4 -0.2 0.2 -0.3 -0.3 -0.1 -0.2
Other 9.1 15.8 -0.7 2.0 0.0 1.0 1.2 1.6
Less: Personal contributions for social
insurance 17.8 18.6 2.0 0.9 1.2 1.5 0.5 1.8
Less: Personal tax and nontax payments 104.3 79.4 10.0 -8.5 19.7 5.0 5.5 11.4
Equals: Disposable personal income 303.4 353.0 12.7 42.5 -11.6 88.2 25.7 14.0
Less: Personal outlays 344.9 424.3 26.1 52.0 33.3 39.2 43.7 51.8
Personal consumption expenditures 324.2 406.3 27.3 50.8 32.3 37.6 41.5 51.3
Interest paid by persons 19.0 15.9 -1.2 1.2 1.1 0.9 2.3 0.4
Personal transfer payments to the rest of the
world (net) 1.7 2.1 -0.1 0.0 0.0 0.6 0.0 0.0
Equals: Personal saving -41.4 -71.4 -13.4 -9.4 -45.0 49.0 -18.1 -37.7
Addendum:
Disposable personal income,
chained (1996) dollars 240.4 242.3 -3.1 25.7 -30.2 70.3 17.7 2.7
p Preliminary.
r Revised.
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 4. -- Personal Consumption Expenditures by Major Type of Product
Seasonally adjusted at annual rates
1998 1999 1999
July Aug. Sep. Oct. /r/ Nov. /r/ Dec. /p/
Billions of current dollars
Personal consumption expenditures 5,848.6 6,254.9 6,259.1 6,309.9 6,342.2 6,379.8 6,421.3 6,472.6
Durable goods 698.2 758.1 753.1 765.7 766.6 767.0 783.7 789.7
Nondurable goods 1,708.9 1,841.1 1,836.4 1,854.9 1,870.4 1,883.5 1,892.4 1,917.4
Services 3,441.5 3,655.7 3,669.5 3,689.2 3,705.1 3,729.3 3,745.2 3,765.5
Billions of chained (1996) dollars
Personal consumption expenditures 5,698.6 5,998.7 6,006.0 6,040.5 6,053.3 6,076.1 6,109.3 6,148.0
Durable goods 731.5 815.1 810.8 826.0 826.9 828.8 847.9 856.7
Nondurable goods 1,685.3 1,774.6 1,771.9 1,782.6 1,783.3 1,793.1 1,804.0 1,820.4
Services 3,284.5 3,416.8 3,430.3 3,440.3 3,451.3 3,462.4 3,467.7 3,481.8
Implicit price deflators (Index numbers, 1996 = 100)
Personal consumption expenditures 102.63 104.27 104.21 104.46 104.77 105.00 105.11 105.28
Durable goods 95.45 93.01 92.89 92.71 92.71 92.55 92.44 92.17
Nondurable goods 101.40 103.75 103.64 104.06 104.88 105.04 104.90 105.33
Services 104.78 106.99 106.97 107.24 107.35 107.71 108.00 108.15
Change From Preceding Period
Billions of current dollars
Personal consumption expenditures 324.2 406.3 27.3 50.8 32.3 37.6 41.5 51.3
Durable goods 55.3 59.9 -4.7 12.6 0.9 0.4 16.7 6.0
Nondurable goods 67.2 132.3 6.6 18.5 15.5 13.1 8.9 25.0
Services 201.7 214.2 25.4 19.7 15.9 24.2 15.9 20.3
Billions of chained (1996) dollars
Personal consumption expenditures 264.9 300.1 11.8 34.5 12.8 22.8 33.2 38.7
Durable goods 74.1 83.6 -4.5 15.2 0.9 1.9 19.1 8.8
Nondurable goods 65.4 89.3 1.4 10.7 0.7 9.8 10.9 16.4
Services 127.8 132.3 14.1 10.0 11.0 11.1 5.3 14.1
Table 5.-- Percent Change From Preceding Period in Selected Series
Based on current dollars
Personal income 5.9 5.9 0.3 0.4 0.1 1.2 0.4 0.3
Disposable personal income 5.1 5.6 0.2 0.6 -0.2 1.3 0.4 0.2
Personal consumption expenditures 5.9 6.9 0.4 0.8 0.5 0.6 0.7 0.8
Durable goods 8.6 8.6 -0.6 1.7 0.1 0.1 2.2 0.8
Nondurable goods 4.1 7.7 0.4 1.0 0.8 0.7 0.5 1.3
Services 6.2 6.2 0.7 0.5 0.4 0.7 0.4 0.5
Based on chained (1996) dollars
Disposable personal income 4.1 4.0 0.0 0.4 -0.5 1.1 0.3 0.0
Personal consumption expenditures 4.9 5.3 0.2 0.6 0.2 0.4 0.5 0.6
Durable goods 11.3 11.4 -0.6 1.9 0.1 0.2 2.3 1.0
Nondurable goods 4.0 5.3 0.1 0.6 0.0 0.5 0.6 0.9
Services 4.0 4.0 0.4 0.3 0.3 0.3 0.2 0.4
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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