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James E. Rankin: (202) 606-5301 (Personal Income) BEA 01-08 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: FEBRUARY 2001
Personal income increased $34.4 billion, or 0.4 percent, and disposable personal income (DPI)
increased $27.8 billion, or 0.4 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $21.2 billion, or 0.3 percent. In January, personal
income increased $42.5 billion, or 0.5 percent, DPI increased $29.0 billion, or 0.4 percent, and PCE
increased $71.4 billion, or 1.0 percent, based on revised estimates.
2000 2001
Oct. Nov. Dec. Jan. Feb.
(Percent change from preceding month)
Personal income, current dollars -0.2 0.2 0.5 0.5 0.4
Disposable personal income:
Current dollars -.4 .1 .4 .4 .4
Chained (1996) dollars -.5 .0 .3 -.1 .1
Personal consumption expenditures:
Current dollars .2 .3 .3 1.0 .3
Chained (1996) dollars .0 .1 .2 .6 .1
Wages and salaries
Private wage and salary disbursements increased $19.6 billion in February, compared with an
increase of $23.0 billion in January. Goods-producing industries' payrolls decreased $0.4 billion, in
contrast to an increase of $11.2 billion. Manufacturing payrolls decreased $1.6 billion in February;
they were unchanged in January. Distributive industries' payrolls increased $7.4 billion in February,
compared with an increase of $2.8 billion in January. Service industries' payrolls increased $12.7
billion, compared with an increase of $8.9 billion.
Government wage and salary disbursements increased $4.4 billion in February, compared with
an increase of $8.7 billion in January. Pay raises for federal civilian and military personnel added an
additional $1.4 billion to the change in government payrolls in February, compared with an
additional $4.6 billion to the change in January.
Other personal income
Proprietors' income increased $1.9 billion in February, in contrast to a decrease of $3.3 billion
in January. Farm proprietors' income increased $2.4 billion, in contrast to a decrease of $5.5 billion.
The changes in farm proprietors' income reflected the pattern of specially authorized federal farm
subsidy payments, which were $4.6 billion (at an annual rate) in February, $0.8 billion in January,
and $5.5 billion in December. Nonfarm proprietors' income decreased $0.4 billion in February, in
contrast to an increase of $2.2 billion in January.
Transfer payments increased $5.5 billion in February, compared with an increase of $17.7
billion in January. The January change in transfer payments reflected 3.5-percent cost-of-living
adjustments to social security benefits and several other federal transfer payment programs, which
had 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 decreased $1.7 billion in February, compared with a decrease of $2.2
billion in January. Personal dividend income increased $2.3 billion, compared with an increase of
$2.2 billion. Rental income of persons increased $2.9 billion, compared with an increase of $0.9
billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.7 billion in February, compared with an increase of $6.3 billion in January. 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 had 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 had added $2.0 billion to January personal contributions.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $6.6 billion in February, compared with an
increase of $13.5 billion in January. In January, federal income tax payments had been reduced by
$4.4 billion, reflecting indexation provisions of current tax law.
Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $27.8 billion, or 0.4 percent, in February, compared with an increase of $29.0 billion, or
0.4 percent, in January.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $23.1 billion in February, compared with an increase of $73.7 billion in
January. PCE increased $21.2 billion, compared with an increase of $71.4 billion.
Personal saving -- DPI less personal outlays -- was a negative $90.9 billion in February,
compared with a negative $95.6 billion in January. 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 1.3
percent in February, the same as in January.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in February, in
contrast to a decrease of 0.1 percent in January.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in February,
compared with an increase of 0.6 percent in January. Purchases of durable goods increased 2.0
percent, compared with an increase of 3.1 percent. Purchases of motor vehicles and parts more than
accounted for the February increase and accounted for about half of the January increase. Purchases
of nondurable goods decreased 1.0 percent in February, in contrast to an increase of 1.0 percent in
January. Purchases of services increased 0.2 percent, in contrast to a decrease of 0.1 percent.
Revisions
Estimates have been revised for October through January. Changes in personal income,
current-dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for
December and January -- revised and as published in last month's release -- are shown below. The
upward revision to January personal consumption expenditures primarily reflects large upward
revisions to the retail sales source data used to derive these estimates. Revisions for October and
November were small.
Change from preceding month
December January
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars.... 35.4 38.9 0.4 0.5 48.8 42.5 0.6 0.5
Disposable personal income:
Current dollars.... 28.1 30.6 .4 .4 34.2 29.0 .5 .4
Chained (1996) dollars... 14.2 19.4 .2 .3 0.2 -3.7 .0 -.1
Personal consumption expenditures:
Current dollars... 26.4 21.8 .4 .3 46.9 71.4 .7 1.0
Chained (1996) dollars... 12.9 11.4 .2 .2 12.7 36.2 .2 .6
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 March will be released on
April 30, at 8:30 A.M. EDT.
>
Table 1.-Personal Income
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1999 2000/r/ Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/r/ Jan 01/r/ Feb 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,789.6 8,281.7 8,420.6 8,406.0 8,422.1 8,461.0 8,503.5 8,537.9
Wage and salary disbursements..... 4,470.0 4,769.4 4,827.8 4,858.7 4,872.7 4,884.7 4,916.3 4,940.4
Private industries.............. 3,745.6 4,008.5 4,060.8 4,091.0 4,105.3 4,115.3 4,138.3 4,157.9
Goods-producing industries.... 1,089.2 1,153.2 1,163.2 1,173.4 1,177.0 1,169.4 1,180.6 1,180.2
Manufacturing............... 782.4 815.9 820.3 827.8 829.3 822.3 822.3 820.7
Distributive industries....... 1,020.3 1,107.3 1,129.0 1,136.5 1,144.5 1,152.3 1,155.1 1,162.5
Service industries............ 1,636.0 1,748.0 1,768.6 1,781.2 1,783.8 1,793.6 1,802.5 1,815.2
Government...................... 724.4 760.9 767.0 767.7 767.4 769.4 778.1 782.5
Other labor income................ 501.0 524.0 530.0 532.0 533.9 536.1 538.0 539.0
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 663.5 710.4 756.0 711.7 710.5 717.3 714.0 715.9
Farm............................ 25.3 22.6 62.9 17.0 15.4 21.6 16.1 18.5
Nonfarm......................... 638.2 687.8 693.1 694.7 695.1 695.7 697.9 697.5
Rental income of persons with
capital consumption adjustment... 143.4 140.0 144.0 134.3 134.8 137.1 138.0 140.9
Personal dividend income.......... 370.3 396.6 402.2 404.7 407.1 409.8 412.0 414.3
Personal interest income.......... 963.7 1,034.3 1,046.1 1,049.2 1,051.8 1,053.6 1,051.4 1,049.7
Transfer payments to persons...... 1,016.2 1,067.8 1,079.1 1,082.2 1,078.9 1,090.9 1,108.6 1,114.1
Old-age, survivors, disability,
and health insurance benefits.. 588.0 622.4 630.9 629.1 626.7 635.2 649.3 653.2
Government unemployment
insurance benefits............. 20.3 20.1 20.1 20.5 20.8 21.2 21.6 21.8
Other......................... 407.9 425.3 428.1 432.5 431.3 434.5 437.7 439.0
Less: Personal contributions for
social insurance................. 338.5 360.7 364.6 366.7 367.6 368.4 374.7 376.4
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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/r/ Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/r/ Jan 01/r/ Feb 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,789.6 8,281.7 8,420.6 8,406.0 8,422.1 8,461.0 8,503.5 8,537.9
Less: Personal tax and nontax
payments........................... 1,152.0 1,291.9 1,322.0 1,334.2 1,342.9 1,351.2 1,364.7 1,371.3
Equals: Disposable personal income.. 6,637.7 6,989.8 7,098.6 7,071.8 7,079.2 7,109.8 7,138.8 7,166.6
Less: Personal outlays.............. 6,490.1 6,998.3 7,101.3 7,117.0 7,138.0 7,160.7 7,234.4 7,257.5
Personal consumption expenditures. 6,268.7 6,757.3 6,856.2 6,870.7 6,889.1 6,910.9 6,982.3 7,003.5
Interest paid by persons.......... 194.8 212.2 215.6 217.3 219.8 220.8 223.2 224.9
Personal transfer payments to the
rest of the world (net).......... 26.6 28.8 29.5 29.0 29.0 29.0 29.0 29.0
Equals: Personal saving............. 147.6 -8.5 -2.7 -45.2 -58.8 -50.9 -95.6 -90.9
Addenda:
Disposable personal income:
Chained (1996) dollars\1\....... 6,331.0 6,511.0 6,585.9 6,550.1 6,548.2 6,567.6 6,563.9 6,573.4
Per capita:
Current dollars............... 24,314 25,379 25,722 25,605 25,613 25,706 25,791 25,871
Chained (1996) dollars........ 23,191 23,640 23,864 23,716 23,692 23,745 23,714 23,730
Population (thousands)\2\....... 272,996 275,423 275,970 276,191 276,389 276,585 276,798 277,011
Personal saving as a percentage
of disposable personal income.... 2.2 -.1 .0 -.6 -.8 -.7 -1.3 -1.3
----------------------------------------------------------------------------------------------------------------------------
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.
First-of-the-month estimates prior to January 2001 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 Peri
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1999 2000/r/ Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/r/ Jan 01/r/ Feb 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 398.6 492.1 94.1 -14.6 16.1 38.9 42.5 34.4
Wage and salary disbursements..... 279.3 299.4 30.0 30.9 14.0 12.0 31.6 24.1
Private industries.............. 247.6 262.9 28.3 30.2 14.3 10.0 23.0 19.6
Goods-producing industries.... 50.6 64.0 4.4 10.2 3.6 -7.6 11.2 -.4
Manufacturing............... 25.8 33.5 .6 7.5 1.5 -7.0 .0 -1.6
Distributive industries....... 71.2 87.0 15.8 7.5 8.0 7.8 2.8 7.4
Service industries............ 125.7 112.0 8.1 12.6 2.6 9.8 8.9 12.7
Government...................... 31.7 36.5 1.7 .7 -.3 2.0 8.7 4.4
Other labor income................ 15.5 23.0 2.4 2.0 1.9 2.2 1.9 1.0
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 42.8 46.9 43.7 -44.3 -1.2 6.8 -3.3 1.9
Farm............................ -.1 -2.7 48.2 -45.9 -1.6 6.2 -5.5 2.4
Nonfarm......................... 43.0 49.6 -4.6 1.6 .4 .6 2.2 -.4
Rental income of persons with
capital consumption adjustment... 8.0 -3.4 9.5 -9.7 .5 2.3 .9 2.9
Personal dividend income.......... 19.2 26.3 2.6 2.5 2.4 2.7 2.2 2.3
Personal interest income.......... 22.9 70.6 3.7 3.1 2.6 1.8 -2.2 -1.7
Transfer payments to persons...... 33.2 51.6 4.2 3.1 -3.3 12.0 17.7 5.5
Old-age, survivors, disability,
and health insurance benefits.. 10.0 34.4 3.7 -1.8 -2.4 8.5 14.1 3.9
Government unemployment
insurance benefits............. .8 -.2 .1 .4 .3 .4 .4 .2
Other.......................... 22.5 17.4 .3 4.4 -1.2 3.2 3.2 1.3
Less: Personal contributions for
social insurance................. 22.3 22.2 2.0 2.1 .9 .8 6.3 1.7
Less: Personal tax and nontax
payments........................... 81.1 139.9 13.3 12.2 8.7 8.3 13.5 6.6
Equals: Disposable personal income.. 317.7 352.1 80.8 -26.8 7.4 30.6 29.0 27.8
Less: Personal outlays.............. 435.4 508.2 55.8 15.7 21.0 22.7 73.7 23.1
Personal consumption expenditures. 417.8 488.6 55.0 14.5 18.4 21.8 71.4 21.2
Interest paid by persons.......... 15.0 17.4 .8 1.7 2.5 1.0 2.4 1.7
Personal transfer payments to the
rest of the world (net).......... 2.6 2.2 .0 -.5 .0 .0 .0 .0
Equals: Personal saving............. -117.8 -156.1 25.0 -42.5 -13.6 7.9 -44.7 4.7
Addendum:
Disposable personal income:
chained (1996) dollars........... 196.9 180.0 54.0 -35.8 -1.9 19.4 -3.7 9.5
----------------------------------------------------------------------------------------------------------------------------
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\ Sep 00 Oct 00\r\ Nov 00\r\ Dec 00\r\ Jan 01\r\ Feb 01\p\
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,268.7 6,757.3 6,856.2 6,870.7 6,889.1 6,910.9 6,982.3 7,003.5
Durable goods..................... 761.3 820.3 835.8 825.8 816.0 805.8 832.0 845.6
Nondurable goods.................. 1,845.5 2,010.0 2,044.8 2,047.4 2,044.4 2,048.9 2,074.7 2,064.3
Services.......................... 3,661.9 3,927.0 3,975.6 3,997.5 4,028.7 4,056.2 4,075.6 4,093.6
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,978.8 6,294.3 6,360.9 6,363.8 6,372.4 6,383.8 6,420.0 6,423.9
Durable goods..................... 817.8 896.0 916.5 907.1 896.1 884.8 912.0 930.2
Nondurable goods.................. 1,779.4 1,869.0 1,885.4 1,888.3 1,883.7 1,890.4 1,909.1 1,890.1
Services.......................... 3,390.8 3,543.9 3,575.8 3,583.4 3,605.2 3,619.0 3,613.7 3,621.2
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 104.85 107.36 107.80 107.98 108.12 108.27 108.77 109.03
Durable goods..................... 93.09 91.54 91.18 91.02 91.05 91.06 91.21 90.90
Nondurable goods.................. 103.71 107.56 108.48 108.44 108.55 108.40 108.69 109.24
Services.......................... 107.99 110.81 111.19 111.57 111.76 112.09 112.79 113.05
Addendum:
Personal consumption expenditures
less food and energy........... 105.11 106.79 107.03 107.20 107.36 107.47 107.78 108.04
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Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 417.8 488.6 55.0 14.5 18.4 21.8 71.4 21.2
Durable goods..................... 67.4 59.0 14.7 -10.0 -9.8 -10.2 26.2 13.6
Nondurable goods.................. 137.9 164.5 19.1 2.6 -3.0 4.5 25.8 -10.4
Services.......................... 212.6 265.1 21.3 21.9 31.2 27.5 19.4 18.0
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 300.1 315.5 30.6 2.9 8.6 11.4 36.2 3.9
Durable goods..................... 90.5 78.2 16.3 -9.4 -11.0 -11.3 27.2 18.2
Nondurable goods.................. 94.6 89.6 .0 2.9 -4.6 6.7 18.7 -19.0
Services.......................... 121.4 153.1 16.4 7.6 21.8 13.8 -5.3 7.5
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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/r/ Sep 00 Oct 00/r/ Nov 00/r/ Dec 00/r/ Jan 01/r/ Feb 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 5.4 6.3 1.1 -.2 .2 .5 .5 .4
Disposable personal income.......... 5.0 5.3 1.2 -.4 .1 .4 .4 .4
Personal consumption expenditures... 7.1 7.8 .8 .2 .3 .3 1.0 .3
Durable goods..................... 9.7 7.8 1.8 -1.2 -1.2 -1.3 3.2 1.6
Nondurable goods.................. 8.1 8.9 .9 .1 -.1 .2 1.3 -.5
Services.......................... 6.2 7.2 .5 .6 .8 .7 .5 .4
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 3.2 2.8 .8 -.5 .0 .3 -.1 .1
Personal consumption expenditures... 5.3 5.3 .5 .0 .1 .2 .6 .1
Durable goods..................... 12.4 9.6 1.8 -1.0 -1.2 -1.3 3.1 2.0
Nondurable goods.................. 5.6 5.0 .0 .2 -.2 .4 1.0 -1.0
Services.......................... 3.7 4.5 .5 .2 .6 .4 -.1 .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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