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James E. Rankin: (202) 606-5301 (Personal Income) BEA 01-14 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: APRIL 2001
Personal income increased $24.2 billion, or 0.3 percent, and disposable personal income (DPI)
increased $22.9 billion, or 0.3 percent, in April, according to the Commerce Department's Bureau of
Economic Analysis. Personal consumption expenditures (PCE) increased $28.9 billion, or 0.4 percent.
In March, personal income increased $42.7 billion, or 0.5 percent, DPI increased $35.0 billion, or 0.5
percent, and PCE increased $15.9 billion, or 0.2 percent, based on revised estimates.
2000 2001
Dec. Jan. Feb. Mar. Apr.
(Percent change from preceding month)
Personal income, current dollars 0.5 0.6 0.5 0.5 0.3
Disposable personal income:
Current dollars .4 .5 .5 .5 .3
Chained (1996) dollars .3 .0 .3 .5 .1
Personal consumption expenditures:
Current dollars .3 1.1 .1 .2 .4
Chained (1996) dollars .2 .6 -.2 .2 .2
Wages and salaries
Private wage and salary disbursements increased $21.7 billion in April, compared with an
increase of $23.8 billion in March. Goods-producing industries' payrolls decreased $1.6 billion, in
contrast to an increase of $4.4 billion; manufacturing payrolls increased $0.4 billion, compared with
an increase of $0.6 billion. Distributive industries' payrolls increased $8.0 billion, compared with an
increase of $5.2 billion. Service industries' payrolls increased $15.3 billion, compared with an
increase of $14.2 billion. Government wage and salary disbursements increased $3.2 billion,
compared with an increase of $2.4 billion.
Other personal income
Proprietors' income decreased $1.0 billion in April, in contrast to an increase of $8.6 billion in
March. Farm proprietors' income decreased $3.7 billion, in contrast to an increase of $3.7 billion.
The changes in farm proprietors' income reflected the pattern of specially authorized federal farm
subsidy payments, which were $4.7 billion (at an annual rate) in April, $8.6 billion in March, and
$4.6 billion in February. Nonfarm proprietors' income increased $2.7 billion in April, compared
with an increase of $4.9 billion in March.
Transfer payments increased $2.7 billion in April, compared with an increase of $7.8 billion in
March. Personal interest income decreased $3.8 billion, compared with a decrease of $3.9 billion.
Personal dividend income increased $2.1 billion in April, the same increase as in March. Rental
income of persons decreased $1.1 billion in April, in contrast to an increase of $1.7 billion in March.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.7 billion in April, the same increase as in March.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $1.3 billion in April, compared with an increase of
$7.7 billion in March. Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $22.9 billion, or 0.3 percent, in April, compared with an increase of
$35.0 billion, or 0.5 percent, in March.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $30.0 billion in April, compared with an increase of $16.7 billion in
March. PCE increased $28.9 billion, compared with an increase of $15.9 billion.
Personal saving -- DPI less personal outlays -- was a negative $49.7 billion in April, compared
with a negative $42.6 billion in March. 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 0.7 percent in April,
compared with a negative 0.6 percent in March.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in April, compared
with an increase of 0.5 percent in March.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in April, the same
increase as in March. Purchases of durable goods decreased 0.4 percent in April, the same decrease
as in March. Purchases of motor vehicles and parts more than accounted for the April and March
decreases. Purchases of nondurable goods increased 0.3 percent in April, in contrast to a decrease of
0.1 percent in March. Purchases of services increased 0.2 percent, compared with an increase of 0.5
percent.
Revisions
Estimates have been revised for January through March. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for February
and March -- revised and as published in last month's release -- are shown below. Revisions for
January were small.
Change from preceding month
February March
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars 41.5 45.0 0.5 0.5 40.8 42.7 0.5 0.5
Disposable personal income:
Current dollars 34.5 37.7 .5 .5 34.0 35.0 .5 .5
Chained (1996) dollars 14.4 17.8 .2 .3 27.7 30.5 .4 .5
Personal consumption expenditures:
Current dollars 13.0 7.0 .2 .1 18.6 15.9 .3 .2
Chained (1996) dollars -4.9 -9.9 -.1 -.2 13.6 13.0 .2 .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. 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 May will be released on
July 2, 2001, at 8:30 A.M. EDT.
Table 1.-Personal Income
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Nov 00 Dec 00 Jan 01/r/ Feb 01/r/ Mar 01/r/ Apr 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,789.6 8,281.7 8,422.1 8,461.0 8,510.7 8,555.7 8,598.4 8,622.6
Wage and salary disbursements..... 4,470.0 4,769.4 4,872.7 4,884.7 4,921.2 4,952.9 4,979.2 5,004.1
Private industries.............. 3,745.6 4,008.5 4,105.3 4,115.3 4,142.7 4,168.4 4,192.2 4,213.9
Goods-producing industries.... 1,089.2 1,153.2 1,177.0 1,169.4 1,182.1 1,183.1 1,187.5 1,185.9
Manufacturing............... 782.4 815.9 829.3 822.3 823.7 822.8 823.4 823.8
Distributive industries....... 1,020.3 1,107.3 1,144.5 1,152.3 1,158.2 1,168.3 1,173.5 1,181.5
Service industries............ 1,636.0 1,748.0 1,783.8 1,793.6 1,802.4 1,817.1 1,831.3 1,846.6
Government...................... 724.4 760.9 767.4 769.4 778.5 784.6 787.0 790.2
Other labor income................ 501.0 524.0 533.9 536.1 539.1 541.3 543.2 545.3
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 663.5 710.4 710.5 717.3 716.9 724.4 733.0 732.0
Farm............................ 25.3 22.6 15.4 21.6 17.2 21.0 24.7 21.0
Nonfarm......................... 638.2 687.8 695.1 695.7 699.7 703.4 708.3 711.0
Rental income of persons with
capital consumption adjustment... 143.4 140.0 134.8 137.1 136.8 138.5 140.2 139.1
Personal dividend income.......... 370.3 396.6 407.1 409.8 412.0 414.3 416.4 418.5
Personal interest income.......... 963.7 1,034.3 1,051.8 1,053.6 1,050.6 1,047.2 1,043.3 1,039.5
Transfer payments to persons...... 1,016.2 1,067.8 1,078.9 1,090.9 1,109.2 1,114.3 1,122.1 1,124.8
Old-age, survivors, disability,
and health insurance benefits.. 588.0 622.4 626.7 635.2 649.3 653.1 657.5 660.4
Government unemployment
insurance benefits............. 20.3 20.1 20.8 21.2 21.5 21.6 21.4 21.5
Other......................... 407.9 425.3 431.3 434.5 438.4 439.6 443.2 442.8
Less: Personal contributions for
social insurance................. 338.5 360.7 367.6 368.4 375.1 377.2 378.9 380.6
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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 Nov 00 Dec 00 Jan 01/r/ Feb 01/r/ Mar 01/r/ Apr 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,789.6 8,281.7 8,422.1 8,461.0 8,510.7 8,555.7 8,598.4 8,622.6
Less: Personal tax and nontax
payments........................... 1,152.0 1,291.9 1,342.9 1,351.2 1,364.3 1,371.7 1,379.4 1,380.7
Equals: Disposable personal income.. 6,637.7 6,989.8 7,079.2 7,109.8 7,146.3 7,184.0 7,219.0 7,241.9
Less: Personal outlays.............. 6,490.1 6,998.3 7,138.0 7,160.7 7,236.0 7,244.9 7,261.6 7,291.6
Personal consumption expenditures. 6,268.7 6,757.3 6,889.1 6,910.9 6,984.1 6,991.1 7,007.0 7,035.9
Interest paid by persons.......... 194.8 212.2 219.8 220.8 223.1 225.0 225.8 226.8
Personal transfer payments to the
rest of the world (net).......... 26.6 28.8 29.0 29.0 28.8 28.8 28.8 28.8
Equals: Personal saving............. 147.6 -8.5 -58.8 -50.9 -89.7 -60.9 -42.6 -49.7
Addenda:
Disposable personal income:
Chained (1996) dollars\1\....... 6,331.0 6,511.0 6,548.2 6,567.6 6,570.3 6,588.1 6,618.6 6,622.7
Per capita:
Current dollars............... 24,314 25,379 25,613 25,706 25,818 25,934 26,040 26,103
Chained (1996) dollars........ 23,191 23,640 23,692 23,745 23,737 23,783 23,875 23,871
Population (thousands).......... 272,996 275,423 276,389 276,585 276,798 277,011 277,223 277,436
Personal saving as a percentage
of disposable personal income.... 2.2 -.1 -.8 -.7 -1.3 -.8 -.6 -.7
----------------------------------------------------------------------------------------------------------------------------
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.
2. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate is the
average of estimates for the first of the month and the first of the following
month; the annual estimate is the average of the monthly estimates.
Prior to January 2001, first-of-the-month estimates are from Census Bureau
surveys and are consistent with the 1990 Census of Population. Beginning with
January 2001, first-of-the-month estimates are derived by BEA based on
extrapolations of the Census Bureau estimates.
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 Nov 00 Dec 00 Jan 01/r/ Feb 01/r/ Mar 01/r/ Apr 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 398.6 492.1 16.1 38.9 49.7 45.0 42.7 24.2
Wage and salary disbursements..... 279.3 299.4 14.0 12.0 36.5 31.7 26.3 24.9
Private industries.............. 247.6 262.9 14.3 10.0 27.4 25.7 23.8 21.7
Goods-producing industries.... 50.6 64.0 3.6 -7.6 12.7 1.0 4.4 -1.6
Manufacturing............... 25.8 33.5 1.5 -7.0 1.4 -.9 .6 .4
Distributive industries....... 71.2 87.0 8.0 7.8 5.9 10.1 5.2 8.0
Service industries............ 125.7 112.0 2.6 9.8 8.8 14.7 14.2 15.3
Government...................... 31.7 36.5 -.3 2.0 9.1 6.1 2.4 3.2
Other labor income................ 15.5 23.0 1.9 2.2 3.0 2.2 1.9 2.1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 42.8 46.9 -1.2 6.8 -.4 7.5 8.6 -1.0
Farm............................ -.1 -2.7 -1.6 6.2 -4.4 3.8 3.7 -3.7
Nonfarm......................... 43.0 49.6 .4 .6 4.0 3.7 4.9 2.7
Rental income of persons with
capital consumption adjustment... 8.0 -3.4 .5 2.3 -.3 1.7 1.7 -1.1
Personal dividend income.......... 19.2 26.3 2.4 2.7 2.2 2.3 2.1 2.1
Personal interest income.......... 22.9 70.6 2.6 1.8 -3.0 -3.4 -3.9 -3.8
Transfer payments to persons...... 33.2 51.6 -3.3 12.0 18.3 5.1 7.8 2.7
Old-age, survivors, disability,
and health insurance benefits.. 10.0 34.4 -2.4 8.5 14.1 3.8 4.4 2.9
Government unemployment
insurance benefits............. .8 -.2 .3 .4 .3 .1 -.2 .1
Other.......................... 22.5 17.4 -1.2 3.2 3.9 1.2 3.6 -.4
Less: Personal contributions for
social insurance................. 22.3 22.2 .9 .8 6.7 2.1 1.7 1.7
Less: Personal tax and nontax
payments........................... 81.1 139.9 8.7 8.3 13.1 7.4 7.7 1.3
Equals: Disposable personal income.. 317.7 352.1 7.4 30.6 36.5 37.7 35.0 22.9
Less: Personal outlays.............. 435.4 508.2 21.0 22.7 75.3 8.9 16.7 30.0
Personal consumption expenditures. 417.8 488.6 18.4 21.8 73.2 7.0 15.9 28.9
Interest paid by persons.......... 15.0 17.4 2.5 1.0 2.3 1.9 .8 1.0
Personal transfer payments to the
rest of the world (net).......... 2.6 2.2 .0 .0 -.2 .0 .0 .0
Equals: Personal saving............. -117.8 -156.1 -13.6 7.9 -38.8 28.8 18.3 -7.1
Addendum:
Disposable personal income:
chained (1996) dollars\1\........ 196.9 180.0 -1.9 19.4 2.7 17.8 30.5 4.1
----------------------------------------------------------------------------------------------------------------------------
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 Nov 00 Dec 00 Jan 01/r/ Feb 01/r/ Mar 01/r/ Apr 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,268.7 6,757.3 6,889.1 6,910.9 6,984.1 6,991.1 7,007.0 7,035.9
Durable goods..................... 761.3 820.3 816.0 805.8 831.8 844.7 838.6 833.4
Nondurable goods.................. 1,845.5 2,010.0 2,044.4 2,048.9 2,076.4 2,061.0 2,054.6 2,068.9
Services.......................... 3,661.9 3,927.0 4,028.7 4,056.2 4,075.9 4,085.4 4,113.8 4,133.6
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,978.8 6,294.3 6,372.4 6,383.8 6,421.1 6,411.2 6,424.2 6,434.4
Durable goods..................... 817.8 896.0 896.1 884.8 911.9 929.2 925.7 922.2
Nondurable goods.................. 1,779.4 1,869.0 1,883.7 1,890.4 1,910.7 1,887.0 1,885.4 1,890.4
Services.......................... 3,390.8 3,543.9 3,605.2 3,619.0 3,613.3 3,612.7 3,629.5 3,637.3
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 104.85 107.36 108.12 108.27 108.78 109.06 109.08 109.36
Durable goods..................... 93.09 91.54 91.05 91.06 91.21 90.89 90.57 90.35
Nondurable goods.................. 103.71 107.56 108.55 108.40 108.69 109.24 108.99 109.46
Services.......................... 107.99 110.81 111.76 112.09 112.81 113.09 113.35 113.66
Addendum:
Personal consumption expenditures
less food and energy........... 105.11 106.79 107.36 107.47 107.81 108.08 108.21 108.41
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Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 417.8 488.6 18.4 21.8 73.2 7.0 15.9 28.9
Durable goods..................... 67.4 59.0 -9.8 -10.2 26.0 12.9 -6.1 -5.2
Nondurable goods.................. 137.9 164.5 -3.0 4.5 27.5 -15.4 -6.4 14.3
Services.......................... 212.6 265.1 31.2 27.5 19.7 9.5 28.4 19.8
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 300.1 315.5 8.6 11.4 37.3 -9.9 13.0 10.2
Durable goods..................... 90.5 78.2 -11.0 -11.3 27.1 17.3 -3.5 -3.5
Nondurable goods.................. 94.6 89.6 -4.6 6.7 20.3 -23.7 -1.6 5.0
Services.......................... 121.4 153.1 21.8 13.8 -5.7 -.6 16.8 7.8
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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
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Nov 00 Dec 00 Jan 01/r/ Feb 01/r/ Mar 01/r/ Apr 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 5.4 6.3 .2 .5 .6 .5 .5 .3
Disposable personal income.......... 5.0 5.3 .1 .4 .5 .5 .5 .3
Personal consumption expenditures... 7.1 7.8 .3 .3 1.1 .1 .2 .4
Durable goods..................... 9.7 7.8 -1.2 -1.3 3.2 1.5 -.7 -.6
Nondurable goods.................. 8.1 8.9 -.1 .2 1.3 -.7 -.3 .7
Services.......................... 6.2 7.2 .8 .7 .5 .2 .7 .5
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 3.2 2.8 .0 .3 .0 .3 .5 .1
Personal consumption expenditures... 5.3 5.3 .1 .2 .6 -.2 .2 .2
Durable goods..................... 12.4 9.6 -1.2 -1.3 3.1 1.9 -.4 -.4
Nondurable goods.................. 5.6 5.0 -.2 .4 1.1 -1.2 -.1 .3
Services.......................... 3.7 4.5 .6 .4 -.2 .0 .5 .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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