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James E. Rankin: (202) 606-5301 (Personal Income) BEA 01-26 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: JULY 2001
Personal income increased $43.9 billion, or 0.5 percent, and disposable personal income (DPI)
increased $127.9 billion, or 1.7 percent, in July, according to the Commerce Department's Bureau of
Economic Analysis. Personal consumption expenditures (PCE) increased $7.1 billion, or 0.1 percent. In
June, personal income increased $30.5 billion, or 0.4 percent, DPI increased $23.3 billion, or 0.3
percent, and PCE increased $33.6 billion, or 0.5 percent, based on revised estimates.
2001
Mar. Apr. May June July
(Percent change from preceding month)
Personal income, current dollars 0.4 0.3 0.1 0.4 0.5
Disposable personal income:
Current dollars .4 .3 .2 .3 1.7
Chained (1996) dollars .5 .2 .0 .1 1.8
Personal consumption expenditures:
Current dollars .2 .4 .3 .5 .1
Chained (1996) dollars .3 .2 .2 .3 .2
The July change in disposable personal income -- personal income less personal tax and nontax
payments -- was boosted by several special factors. The largest of these factors was advance refund
checks sent to taxpayers beginning in July as part of the Economic Growth and Tax Relief
Reconciliation Act of 2001, which lowered net income tax payments. In addition, the Act lowered
various income tax rates (and estimates of withheld income taxes) beginning in July. The July
change in disposable personal income was also boosted by an increase in transfer payments, which
reflected one-time payments to correct for underpayments of benefits associated with an error in the
indexing for social security and supplemental security income benefits. Excluding these special
factors, disposable income increased $20.1 billion, or 0.3 percent, in July, after increasing $23.3
billion, or 0.3 percent, in June.
Wages and salaries
Private wage and salary disbursements increased $17.6 billion in July, compared with an
increase of $18.7 billion in June. Goods-producing industries' payrolls increased $3.9 billion, in
contrast to a decrease of $1.4 billion; manufacturing payrolls increased $3.8 billion, in contrast to a
decrease of $2.6 billion. Distributive industries' payrolls increased $2.6 billion, compared with an
increase of $6.5 billion. Service industries' payrolls increased $11.1 billion, compared with an
increase of $13.6 billion. Government wage and salary disbursements increased $3.4 billion,
compared with an increase of $3.7 billion.
Other personal income
Proprietors' income increased $1.2 billion in July, compared with an increase of $3.1 billion in
June. Farm proprietors' income decreased $0.5 billion, the same decrease as in June. Nonfarm
proprietors' income increased $1.6 billion in July, compared with an increase of $3.6 billion in June.
Transfer payments increased $16.4 billion in July, compared with an increase of $4.4 billion in
June. The July change in transfer payments included one-time payments of $11.2 billion (at an
annual rate) to social security recipients and of $1.5 billion to supplemental security income
recipients, which reflected one-time payments to correct for underpayment of benefits. Personal
interest income decreased $2.6 billion in July, compared with a decrease of $2.7 billion in June.
Personal dividend income increased $2.6 billion, compared with an increase of $2.4 billion. Rental
income of persons increased $5.3 billion, compared with an increase of $0.9 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.9 billion in July, compared with an increase of $1.0 billion in June.
Personal taxes and disposable personal income
Personal tax and nontax payments decreased $84.0 billion in July, in contrast to an increase of
$7.2 billion in June. The July change in personal tax and nontax payments reflected advance refund
checks sent to taxpayers beginning in July, which subtracted $81.4 billion (at an annual rate), and a
reduction in income tax rates, which subtracted $13.7 billion. Disposable personal income (DPI) --
personal income less personal tax and nontax payments -- increased $127.9 billion, or 1.7 percent, in
July, compared with an increase of $23.3 billion, or 0.3 percent, in June.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $6.9 billion in July, compared with an increase of $33.4 billion in June.
PCE increased $7.1 billion, compared with an increase of $33.6 billion.
Personal saving -- DPI less personal outlays -- was $191.4 billion in July, compared with $70.4
billion in June. Personal saving as a percentage of disposable personal income was 2.5 percent in
July, compared with 1.0 percent in June.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 1.8 percent in July, compared
with an increase of 0.1 percent in June. The increase in real DPI in July reflected a slight decrease
in the PCE implicit price deflator.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in July, compared
with an increase of 0.3 percent in June. Purchases of durable goods decreased 1.0 percent, in
contrast to an increase of 2.4 percent. Purchases of motor vehicles and parts more than accounted
for the July decrease. Purchases of nondurable goods increased 0.6 percent in July, in contrast to a
decrease of 0.1 percent in June. Purchases of services increased 0.2 percent, compared with an
increase of 0.1 percent.
Revisions
Estimates have been revised for April through June. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for May and
June -- revised and as published in last month's release -- are shown below. Revisions for April
were small.
Change from preceding month
May June
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars... 16.7 11.6 0.2 0.1 27.6 30.5 0.3 0.4
Disposable personal income:
Current dollars... 16.6 11.6 .2 .2 21.0 23.3 .3 .3
Chained (1996) dollars... 5.8 1.1 .1 .0 6.7 9.4 .1 .1
Personal consumption expenditures:
Current dollars... 20.4 23.7 .3 .3 25.7 33.6 .4 .5
Chained (1996) dollars... 9.9 12.6 .2 .2 11.5 19.3 .2 .3
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 August will be released on
October 1, 2001, at 8:30 A.M. EDT.
Table 1.-Personal Income
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Feb 01 Mar 01 Apr 01/r/ May 01/r/ Jun 01/r/ Jul 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,777.3 8,319.2 8,640.2 8,676.2 8,700.2 8,711.8 8,742.3 8,786.2
Wage and salary disbursements..... 4,472.2 4,837.2 5,051.8 5,073.8 5,092.6 5,091.5 5,113.9 5,134.8
Private industries.............. 3,747.9 4,068.8 4,262.3 4,281.1 4,296.5 4,292.5 4,311.2 4,328.8
Goods-producing industries.... 1,088.7 1,163.7 1,206.2 1,210.6 1,208.1 1,203.5 1,202.1 1,206.0
Manufacturing............... 782.0 830.1 853.5 853.7 856.8 848.2 845.6 849.4
Distributive industries....... 1,021.0 1,095.6 1,141.0 1,142.2 1,146.9 1,145.2 1,151.7 1,154.3
Service industries............ 1,638.2 1,809.5 1,915.0 1,928.3 1,941.5 1,943.8 1,957.4 1,968.5
Government...................... 724.3 768.4 789.6 792.7 796.1 799.0 802.7 806.1
Other labor income................ 509.7 534.2 549.3 550.3 551.3 552.0 553.1 553.9
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 672.0 715.0 733.7 740.2 741.2 746.4 749.5 750.7
Farm............................ 26.6 30.6 30.2 28.4 29.0 28.9 28.4 27.9
Nonfarm......................... 645.4 684.4 703.5 711.8 712.2 717.6 721.2 722.8
Rental income of persons with
capital consumption adjustment... 147.7 141.6 139.6 137.9 138.9 141.3 142.2 147.5
Personal dividend income.......... 343.1 379.2 404.8 407.2 409.6 411.9 414.3 416.9
Personal interest income.......... 950.0 1,000.6 1,010.8 1,009.1 1,006.4 1,003.7 1,001.0 998.4
Transfer payments to persons...... 1,019.6 1,069.1 1,122.4 1,131.0 1,134.1 1,138.4 1,142.8 1,159.2
Old-age, survivors, disability,
and health insurance benefits.. 588.0 617.3 651.7 656.0 658.7 660.7 661.1 674.7
Government unemployment
insurance benefits............. 20.3 20.3 22.7 22.8 23.2 21.3 22.0 22.7
Other......................... 411.2 431.5 448.0 452.2 452.3 456.4 459.6 461.9
Less: Personal contributions for
social insurance................. 337.1 357.7 372.2 373.2 374.0 373.5 374.5 375.4
----------------------------------------------------------------------------------------------------------------------------
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 Feb 01 Mar 01 Apr 01/r/ May 01/r/ Jun 01/r/ Jul 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,777.3 8,319.2 8,640.2 8,676.2 8,700.2 8,711.8 8,742.3 8,786.2
Less: Personal tax and nontax
payments........................... 1,159.2 1,288.2 1,345.0 1,349.4 1,348.6 1,348.6 1,355.8 1,271.8
Equals: Disposable personal income.. 6,618.0 7,031.0 7,295.2 7,326.9 7,351.6 7,363.2 7,386.5 7,514.4
Less: Personal outlays.............. 6,457.2 6,963.3 7,217.0 7,230.8 7,258.0 7,282.7 7,316.1 7,323.0
Personal consumption expenditures. 6,250.2 6,728.4 6,978.5 6,994.0 7,020.4 7,044.1 7,077.7 7,084.8
Interest paid by persons.......... 179.7 205.3 208.4 206.7 207.5 208.5 208.2 208.1
Personal transfer payments to the
rest of the world (net).......... 27.2 29.6 30.1 30.1 30.1 30.1 30.1 30.1
Equals: Personal saving............. 160.9 67.7 78.2 96.0 93.6 80.4 70.4 191.4
Addenda:
Disposable personal income:
Chained (1996) dollars\1\....... 6,320.0 6,539.2 6,673.4 6,704.9 6,715.2 6,716.3 6,725.7 6,846.5
Per capita:
Current dollars............... 24,242 25,528 26,335 26,429 26,498 26,520 26,583 27,023
Chained (1996) dollars........ 23,150 23,742 24,091 24,186 24,204 24,190 24,205 24,621
Population (thousands).......... 272,996 275,423 277,011 277,223 277,436 277,649 277,864 278,078
Personal saving as a percentage
of disposable personal income.... 2.4 1.0 1.1 1.3 1.3 1.1 1.0 2.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated 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 Feb 01 Mar 01 Apr 01/r/ May 01/r/ Jun 01/r/ Jul 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 351.3 541.9 36.2 36.0 24.0 11.6 30.5 43.9
Wage and salary disbursements..... 279.4 365.0 29.1 22.0 18.8 -1.1 22.4 20.9
Private industries.............. 247.8 320.9 23.9 18.8 15.4 -4.0 18.7 17.6
Goods-producing industries.... 50.2 75.0 4.1 4.4 -2.5 -4.6 -1.4 3.9
Manufacturing............... 25.4 48.1 .9 .2 3.1 -8.6 -2.6 3.8
Distributive industries....... 72.1 74.6 3.3 1.2 4.7 -1.7 6.5 2.6
Service industries............ 125.5 171.3 16.4 13.3 13.2 2.3 13.6 11.1
Government...................... 31.6 44.1 5.3 3.1 3.4 2.9 3.7 3.4
Other labor income................ 19.1 24.5 1.1 1.0 1.0 .7 1.1 .8
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 48.2 43.0 2.0 6.5 1.0 5.2 3.1 1.2
Farm............................ 1.0 4.0 -.7 -1.8 .6 -.1 -.5 -.5
Nonfarm......................... 47.2 39.0 2.7 8.3 .4 5.4 3.6 1.6
Rental income of persons with
capital consumption adjustment... 9.1 -6.1 -1.9 -1.7 1.0 2.4 .9 5.3
Personal dividend income.......... -5.2 36.1 2.5 2.4 2.4 2.3 2.4 2.6
Personal interest income.......... -14.4 50.6 -1.9 -1.7 -2.7 -2.7 -2.7 -2.6
Transfer payments to persons...... 35.9 49.5 6.6 8.6 3.1 4.3 4.4 16.4
Old-age, survivors, disability,
and health insurance benefits.. 9.9 29.3 5.3 4.3 2.7 2.0 .4 13.6
Government unemployment
insurance benefits............. .8 .0 .0 .1 .4 -1.9 .7 .7
Other.......................... 25.1 20.3 1.3 4.2 .1 4.1 3.2 2.3
Less: Personal contributions for
social insurance................. 20.8 20.6 1.5 1.0 .8 -.5 1.0 .9
Less: Personal tax and nontax
payments........................... 88.8 129.0 3.8 4.4 -.8 .0 7.2 -84.0
Equals: Disposable personal income.. 262.4 413.0 32.3 31.7 24.7 11.6 23.3 127.9
Less: Personal outlays.............. 403.1 506.1 16.2 13.8 27.2 24.7 33.4 6.9
Personal consumption expenditures. 394.2 478.2 18.1 15.5 26.4 23.7 33.6 7.1
Interest paid by persons.......... 6.0 25.6 -1.9 -1.7 .8 1.0 -.3 -.1
Personal transfer payments to the
rest of the world (net).......... 2.9 2.4 .0 .0 .0 .0 .0 .0
Equals: Personal saving............. -140.6 -93.2 16.2 17.8 -2.4 -13.2 -10.0 121.0
Addendum:
Disposable personal income:
chained (1996) dollars\1\........ 151.4 219.2 14.6 31.5 10.3 1.1 9.4 120.8
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
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 Feb 01 Mar 01 Apr 01/r/ May 01/r/ Jun 01/r/ Jul 01/p/
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----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,250.2 6,728.4 6,978.5 6,994.0 7,020.4 7,044.1 7,077.7 7,084.8
Durable goods..................... 760.9 819.6 844.4 837.7 840.2 837.7 857.0 847.5
Nondurable goods.................. 1,831.3 1,989.6 2,048.6 2,036.5 2,055.4 2,067.8 2,065.4 2,064.0
Services.......................... 3,658.0 3,919.2 4,085.4 4,119.8 4,124.8 4,138.6 4,155.4 4,173.3
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,968.4 6,257.8 6,383.6 6,400.3 6,412.6 6,425.2 6,444.5 6,455.1
Durable goods..................... 817.8 895.5 929.4 925.3 930.2 931.4 953.5 943.6
Nondurable goods.................. 1,766.4 1,849.9 1,874.8 1,868.1 1,877.2 1,882.3 1,880.1 1,891.1
Services.......................... 3,393.2 3,527.7 3,598.0 3,623.7 3,622.9 3,629.1 3,632.4 3,639.8
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 104.72 107.52 109.32 109.28 109.48 109.64 109.83 109.76
Durable goods..................... 93.04 91.53 90.86 90.54 90.33 89.93 89.88 89.81
Nondurable goods.................. 103.67 107.55 109.28 109.02 109.50 109.86 109.86 109.15
Services.......................... 107.80 111.10 113.56 113.70 113.86 114.05 114.41 114.67
Addendum:
Personal consumption expenditures
less food and energy........... 104.99 107.02 108.40 108.45 108.55 108.49 108.71 108.95
----------------------------------------------------------------------------------------
Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 394.2 478.2 18.1 15.5 26.4 23.7 33.6 7.1
Durable goods..................... 67.7 58.7 12.3 -6.7 2.5 -2.5 19.3 -9.5
Nondurable goods.................. 122.8 158.3 -7.6 -12.1 18.9 12.4 -2.4 -1.4
Services.......................... 203.7 261.2 13.3 34.4 5.0 13.8 16.8 17.9
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 284.7 289.4 2.1 16.7 12.3 12.6 19.3 10.6
Durable goods..................... 91.1 77.7 16.7 -4.1 4.9 1.2 22.1 -9.9
Nondurable goods.................. 80.0 83.5 -16.4 -6.7 9.1 5.1 -2.2 11.0
Services.......................... 119.8 134.5 4.4 25.7 -.8 6.2 3.3 7.4
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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 Feb 01 Mar 01 Apr 01/r/ May 01/r/ Jun 01/r/ Jul 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 4.7 7.0 .4 .4 .3 .1 .4 .5
Disposable personal income.......... 4.1 6.2 .4 .4 .3 .2 .3 1.7
Personal consumption expenditures... 6.7 7.7 .3 .2 .4 .3 .5 .1
Durable goods..................... 9.8 7.7 1.5 -.8 .3 -.3 2.3 -1.1
Nondurable goods.................. 7.2 8.6 -.4 -.6 .9 .6 -.1 -.1
Services.......................... 5.9 7.1 .3 .8 .1 .3 .4 .4
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 2.5 3.5 .2 .5 .2 .0 .1 1.8
Personal consumption expenditures... 5.0 4.8 .0 .3 .2 .2 .3 .2
Durable goods..................... 12.5 9.5 1.8 -.4 .5 .1 2.4 -1.0
Nondurable goods.................. 4.7 4.7 -.9 -.4 .5 .3 -.1 .6
Services.......................... 3.7 4.0 .1 .7 .0 .2 .1 .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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