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James E. Rankin: (202) 606-5301 (Personal Income) BEA 00-19
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: MAY 2000
Personal income increased $31.3 billion, or 0.4 percent, and disposable personal income (DPI)
increased $26.5 billion, or 0.4 percent, in May, according to the Commerce Department's Bureau of
Economic Analysis. Personal consumption expenditures (PCE) increased $16.3 billion, or 0.2
percent. In April, personal income increased $47.7 billion, or 0.6 percent, DPI increased $33.3
billion, or 0.5 percent, and PCE increased $14.2 billion, or 0.2 percent, based on revised estimates.
2000
Jan. Feb. Mar. Apr. May
(Percent change from preceding month)
Personal income, current dollars 0.7 0.5 0.7 0.6 0.4
Disposable personal income:
Current dollars .4 .4 .7 .5 .4
Chained (1996) dollars .2 .0 .3 .4 .4
Personal consumption expenditures:
Current dollars .7 1.2 .7 .2 .2
Chained (1996) dollars .5 .8 .2 .2 .2
Wages and salaries
Private wage and salary disbursements decreased $4.5 billion in May, in contrast to an increase
of $33.6 billion in April. Goods-producing industries' payrolls decreased $6.2 billion, in contrast to
an increase of $8.6 billion; manufacturing payrolls decreased $3.8 billion, in contrast to an increase
of $7.9 billion. Distributive industries' payrolls decreased $2.5 billion, in contrast to an increase of
$8.6 billion. Service industries' payrolls increased $4.2 billion, compared with an increase of $16.4
billion.
Government wage and salary disbursements increased $6.5 billion in May, compared with an
increase of $3.4 billion in April. The hiring of additional temporary workers for Census 2000 added
$5.2 billion at an annual rate to federal civilian payrolls in May and $0.4 billion at an annual rate in
April.
Other personal income
Proprietors' income increased $0.6 billion in May, compared with an increase of $3.1 billion in
April. Farm proprietors' income decreased $3.3 billion, in contrast to an increase of $2.6 billion.
The changes in farm proprietors' income reflected the pattern of specially authorized federal farm
subsidy payments, which were $0.5 billion at an annual rate in May, $7.5 billion at an annual rate in
April, and $7.2 billion at an annual rate in March. Nonfarm proprietors' income increased $4.0
billion in May, compared with an increase of $0.4 billion in April.
Transfer payments increased $22.5 billion in May, compared with an increase of $2.0 billion in
April. The May increase included benefit payments of $19.2 billion at an annual rate, resulting from
new legislation the Senior Citizens' Freedom to Work Act of 2000 that eliminated the "retirement
earnings test" and allowed social security beneficiaries aged 65 and older to receive full benefits
regardless of their earnings. Prior to enactment, these beneficiaries had their benefits reduced by $1
for every $3 earned over the annual earning limit, which is $17,000 for calendar year 2000.
Personal interest income increased $5.0 billion in May, compared with an increase of $6.2
billion in April. Personal dividend income increased $1.8 billion, compared with an increase of $1.7
billion. Rental income of persons decreased $3.9 billion, compared with a decrease of $2.4 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
decreased $0.2 billion in May, in contrast to an increase of $2.1 billion in April.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $4.8 billion in May, compared with an increase of
$14.3 billion in April. Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $26.5 billion, or 0.4 percent, in May, compared with an increase of
$33.3 billion, or 0.5 percent, in April.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $17.7 billion in May, compared with an increase of $15.9 billion in
April. PCE increased $16.3 billion, compared with an increase of $14.2 billion.
Personal saving -- DPI less personal outlays -- was $38.4 billion in May, compared with $29.6
billion in April. Personal saving as a percentage of disposable personal income was 0.6 percent in
May, compared with 0.4 percent in April.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in May, the same
increase as in April.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in May, compared
with an increase of 0.2 percent in April. Purchases of durable goods decreased 1.1 percent,
compared with a decrease of 0.7 percent. Purchases of motor vehicles and parts more than
accounted for the May decrease. Purchases of nondurable goods increased 0.4 percent in May,
compared with an increase of less than 0.1 percent in April. Purchases of services increased 0.4
percent, the same increase as in April.
Revisions
Estimates have been revised for January through April. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for March
and April -- revised and as published in last month's release -- are shown below. A downward
revision for January to DPI was primarily accounted for by an upward revision to personal tax and
nontax payments.
Change from preceding month
March April
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars.. 54.2 59.9 0.7 0.7 57.1 47.7 0.7 0.6
Disposable personal income:
Current dollars.. 46.8 51.1 .7 .7 45.0 33.3 .7 .5
Chained (1996) dollars.. 14.1 17.9 .2 .3 39.8 28.0 .6 .4
Personal consumption expenditures:
Current dollars.. 38.9 43.7 .6 .7 24.1 14.2 .4 .2
Chained (1996) dollars.. 7.9 12.1 .1 .2 20.2 10.2 .3 .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
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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.
Annual Revision of the National Income and Product Accounts
As part of the annual revision of the national income and product accounts, revised
estimates of personal income and outlays for January 1997 through May 2000 will be released
along with preliminary estimates for June 2000 on August 1. Information about the revision will
be available in the August 1 news release and in an article describing the revision, which will
appear in the August 2000 issue of the Survey of Current Business.
Next release -- August 1, 2000 at 8:30 A.M. EDT for:
Annual revision (1997 through May 2000) and
June estimates of personal income and outlays.
Table 1. -- Personal Income
[Billions of dollars]
Seasonally adjusted at annual rates
1998 1999 1999 2000
Dec. Jan./r/ Feb./r/ Mar./r/ Apr./r/ May/p/
Personal income 7,358.9 7,791.8 7,998.6 8,051.7 8,094.9 8,154.8 8,202.5 8,233.8
Wage and salary disbursements 4,186.0 4,472.3 4,600.5 4,634.5 4,655.8 4,683.3 4,720.4 4,722.3
Private industries 3,493.2 3,745.8 3,859.0 3,883.2 3,902.2 3,925.2 3,958.8 3,954.3
Goods-producing industries 1,038.7 1,082.4 1,102.5 1,114.3 1,116.8 1,125.8 1,134.4 1,128.2
Manufacturing 757.5 779.7 789.0 795.0 797.2 799.5 807.4 803.6
Distributive industries 944.6 1,005.8 1,037.4 1,039.6 1,043.3 1,045.4 1,054.0 1,051.5
Service industries 1,509.9 1,657.6 1,719.1 1,729.3 1,742.1 1,754.0 1,770.4 1,774.6
Government 692.8 726.5 741.5 751.2 753.6 758.1 761.5 768.0
Other labor income 515.7 535.8 545.4 548.2 550.2 552.5 554.7 557.8
Proprietors' income with IVA and CCAdj 606.1 658.5 675.9 677.9 683.0 700.5 703.6 704.2
Farm 25.1 31.3 21.8 22.1 22.6 27.1 29.7 26.4
Nonfarm 581.0 627.3 654.1 655.8 660.4 673.4 673.8 677.8
Rental income of persons with CCAdj 137.4 145.9 144.4 144.8 145.8 147.6 145.2 141.3
Personal dividend income 348.3 364.3 375.2 377.5 379.7 381.6 383.3 385.1
Personal interest income 897.8 931.3 964.6 972.1 979.3 986.9 993.1 998.1
Transfer payments to persons 983.6 1,018.2 1,034.4 1,042.8 1,048.3 1,051.2 1,053.2 1,075.7
Old-age, survivors, disability, and health
insurance benefits 578.1 596.4 607.4 615.1 618.5 620.9 623.2 643.8
Government unemployment insurance benefits 19.8 20.3 20.4 20.1 20.5 19.9 19.6 19.4
Other 385.7 401.5 406.6 407.7 409.3 410.4 410.4 412.5
Less: Personal contributions for social insurance 315.9 334.6 341.8 346.1 347.3 348.9 351.0 350.8
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 2000
Dec. Jan./r/ Feb./r/ Mar./r/ Apr./r/ May/p/
Personal income 7,358.9 7,791.8 7,998.6 8,051.7 8,094.9 8,154.8 8,202.5 8,233.8
Less: Personal tax and nontax payments 1,072.6 1,152.1 1,192.9 1,215.7 1,229.1 1,238.0 1,252.3 1,257.1
Equals: Disposable personal income 6,286.2 6,639.7 6,805.7 6,836.0 6,865.8 6,916.9 6,950.2 6,976.7
Less: Personal outlays 6,056.6 6,483.3 6,732.7 6,783.4 6,860.1 6,904.7 6,920.6 6,938.3
Personal consumption expenditures 5,848.6 6,257.3 6,498.3 6,546.8 6,622.7 6,666.4 6,680.6 6,696.9
Interest paid by persons 185.7 201.7 209.7 210.8 211.6 212.5 214.2 215.6
Personal transfer payments to the
rest of the world (net) 22.3 24.3 24.7 25.8 25.8 25.8 25.8 25.8
Equals: Personal saving 229.7 156.3 73.0 52.6 5.7 12.1 29.6 38.4
Addenda:
Disposable personal income:
Chained (1996) dollars /1/ 6,107.1 6,349.4 6,444.8 6,455.6 6,458.1 6,476.0 6,504.0 6,527.8
Per capita:
Current dollars 23,231 24,307 24,802 24,898 24,994 25,164 25,268 25,346
Chained (1996) dollars 22,569 23,244 23,487 23,512 23,509 23,560 23,646 23,716
Population (thousands) 270,595 273,161 274,399 274,562 274,704 274,875 275,060 275,255
Personal saving as a percentage of
disposable personal income 3.7 2.4 1.1 0.8 0.1 0.2 0.4 0.6
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 2000
Dec. Jan./r/ Feb./r/ Mar./r/ Apr./r/ May/p/
Personal income 407.8 432.9 21.8 53.1 43.2 59.9 47.7 31.3
Wage and salary disbursements 297.1 286.3 31.0 34.0 21.3 27.5 37.1 1.9
Private industries 268.8 252.6 27.7 24.2 19.0 23.0 33.6 -4.5
Goods-producing industries 63.2 43.7 2.2 11.8 2.5 9.0 8.6 -6.2
Manufacturing 38.7 22.2 -0.3 6.0 2.2 2.3 7.9 -3.8
Distributive industries 65.5 61.2 16.3 2.2 3.7 2.1 8.6 -2.5
Service industries 140.1 147.7 9.2 10.2 12.8 11.9 16.4 4.2
Government 28.4 33.7 3.2 9.7 2.4 4.5 3.4 6.5
Other labor income 14.8 20.1 1.7 2.8 2.0 2.3 2.2 3.1
Proprietors' income with IVA and CCAdj 27.5 52.4 -18.9 2.0 5.1 17.5 3.1 0.6
Farm -4.4 6.2 -24.3 0.3 0.5 4.5 2.6 -3.3
Nonfarm 31.9 46.3 5.4 1.7 4.6 13.0 0.4 4.0
Rental income of persons with CCAdj 7.2 8.5 -4.8 0.4 1.0 1.8 -2.4 -3.9
Personal dividend income 14.9 16.0 2.1 2.3 2.2 1.9 1.7 1.8
Personal interest income 42.9 33.5 6.0 7.5 7.2 7.6 6.2 5.0
Transfer payments to persons 21.2 34.6 6.6 8.4 5.5 2.9 2.0 22.5
Old-age, survivors, disability, and health
insurance benefits 12.3 18.3 5.0 7.7 3.4 2.4 2.3 20.6
Government unemployment insurance benefits -0.2 0.5 0.1 -0.3 0.4 -0.6 -0.3 -0.2
Other 9.1 15.8 1.5 1.1 1.6 1.1 0.0 2.1
Less: Personal contributions for social
insurance 17.8 18.7 1.9 4.3 1.2 1.6 2.1 -0.2
Less: Personal tax and nontax payments 104.3 79.5 10.9 22.8 13.4 8.9 14.3 4.8
Equals: Disposable personal income 303.4 353.5 10.9 30.3 29.8 51.1 33.3 26.5
Less: Personal outlays 344.9 426.7 73.4 50.7 76.7 44.6 15.9 17.7
Personal consumption expenditures 324.2 408.7 71.0 48.5 75.9 43.7 14.2 16.3
Interest paid by persons 19.0 16.0 2.4 1.1 0.8 0.9 1.7 1.4
Personal transfer payments to the rest of the
world (net) 1.7 2.0 0.0 1.1 0.0 0.0 0.0 0.0
Equals: Personal saving -41.4 -73.4 -62.5 -20.4 -46.9 6.4 17.5 8.8
Addendum:
Disposable personal income,
chained (1996) dollars 240.4 242.3 -2.4 10.8 2.5 17.9 28.0 23.8
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 2000
Dec. Jan./r/ Feb./r/ Mar./r/ Apr./r/ May/p/
Billions of current dollars
Personal consumption expenditures 5,848.6 6,257.3 6,498.3 6,546.8 6,622.7 6,666.4 6,680.6 6,696.9
Durable goods 698.2 758.6 794.4 811.8 832.2 821.4 815.8 808.0
Nondurable goods 1,708.9 1,843.1 1,938.0 1,933.2 1,960.0 1,982.0 1,978.9 1,982.1
Services 3,441.5 3,655.6 3,765.9 3,801.8 3,830.5 3,863.1 3,886.0 3,906.8
Billions of chained (1996) dollars
Personal consumption expenditures 5,681.8 5,983.6 6,153.7 6,182.5 6,229.4 6,241.5 6,251.7 6,266.0
Durable goods 731.5 815.7 862.0 881.9 905.8 894.5 888.6 879.1
Nondurable goods 1,685.3 1,776.1 1,837.8 1,831.2 1,840.6 1,842.0 1,842.5 1,850.2
Services 3,268.0 3,400.1 3,466.0 3,483.7 3,500.0 3,519.9 3,534.2 3,548.5
Implicit price deflators (Index numbers, 1996 = 100)
Personal consumption expenditures 102.93 104.58 105.60 105.89 106.31 106.81 106.86 106.88
Durable goods 95.45 93.00 92.15 92.04 91.87 91.83 91.81 91.90
Nondurable goods 101.40 103.77 105.45 105.57 106.49 107.60 107.40 107.13
Services 105.31 107.52 108.65 109.13 109.44 109.75 109.95 110.10
Change From Preceding Period
Billions of current dollars
Personal consumption expenditures 324.2 408.7 71.0 48.5 75.9 43.7 14.2 16.3
Durable goods 55.3 60.4 9.5 17.4 20.4 -10.8 -5.6 -7.8
Nondurable goods 67.2 134.3 42.1 -4.8 26.8 22.0 -3.1 3.2
Services 201.7 214.1 19.4 35.9 28.7 32.6 22.9 20.8
Billions of chained (1996) dollars
Personal consumption expenditures 264.6 301.8 55.2 28.8 46.9 12.1 10.2 14.3
Durable goods 74.1 84.2 12.7 19.9 23.9 -11.3 -5.9 -9.5
Nondurable goods 65.4 90.8 32.0 -6.6 9.4 1.4 0.5 7.7
Services 127.7 132.1 11.7 17.7 16.3 19.9 14.3 14.3
Table 5.-- Percent Change From Preceding Period in Selected Series
Based on current dollars
Personal income 5.9 5.9 0.3 0.7 0.5 0.7 0.6 0.4
Disposable personal income 5.1 5.6 0.2 0.4 0.4 0.7 0.5 0.4
Personal consumption expenditures 5.9 7.0 1.1 0.7 1.2 0.7 0.2 0.2
Durable goods 8.6 8.7 1.2 2.2 2.5 -1.3 -0.7 -1.0
Nondurable goods 4.1 7.9 2.2 -0.2 1.4 1.1 -0.2 0.2
Services 6.2 6.2 0.5 1.0 0.8 0.8 0.6 0.5
Based on chained (1996) dollars
Disposable personal income 4.1 4.0 0.0 0.2 0.0 0.3 0.4 0.4
Personal consumption expenditures 4.9 5.3 0.9 0.5 0.8 0.2 0.2 0.2
Durable goods 11.3 11.5 1.5 2.3 2.7 -1.3 -0.7 -1.1
Nondurable goods 4.0 5.4 1.8 -0.4 0.5 0.1 0.0 0.4
Services 4.1 4.0 0.3 0.5 0.5 0.6 0.4 0.4
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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