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James E. Rankin: (202) 606-5301 (Personal Income) BEA 01-42
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: NOVEMBER 2001
Personal income decreased $5.6 billion, or 0.1 percent, and disposable personal income (DPI)
decreased $0.4 billion, or less than 0.1 percent, in November, according to the Bureau of Economic
Analysis. Personal consumption expenditures (PCE) decreased $52.8 billion, or 0.7 percent. In
October, personal income decreased $9.4 billion, or 0.1 percent, DPI decreased $134.7 billion, or 1.8
percent, and PCE increased $205.6 billion, or 2.9 percent, based on revised estimates.
2001
July Aug. Sept. Oct. Nov.
(Percent change from preceding month)
Personal income, current dollars 0.4 0.1 -0.1 -0.1 -0.1
Disposable personal income:
Current dollars 1.7 1.9 -1.2 -1.8 0.0
Chained (1996) dollars 1.8 1.9 -0.7 -2.4 0.1
Personal consumption expenditures:
Current dollars 0.3 0.1 -1.7 2.9 -0.7
Chained (1996) dollars 0.3 0.1 -1.2 2.3 -0.6
Wages and salaries
Private wage and salary disbursements decreased $1.6 billion in November, compared with a
decrease of $16.3 billion in October. Goods-producing industries' payrolls decreased $5.2 billion,
compared with a decrease of $9.5 billion; manufacturing payrolls decreased $7.2 billion, compared
with a decrease of $8.0 billion. Distributive industries' payrolls decreased $0.8 billion, compared
with a decrease of $0.6 billion. Service industries' payrolls increased $4.5 billion, in contrast to a
decrease of $6.4 billion. Government wage and salary disbursements increased $2.3 billion,
compared with an increase of $3.9 billion.
Other personal income
Proprietors' income decreased $4.7 billion in November, compared with a decrease of $4.4
billion in October. Farm proprietors' income decreased $6.7 billion, compared with a decrease of
$6.4 billion. Nonfarm proprietors' income increased $2.1 billion, compared with an increase of $1.9
billion.
Transfer payments increased $2.2 billion in November, compared with an increase of $8.9
billion in October. Personal interest income decreased $8.6 billion, compared with a decrease of
$7.2 billion. Personal dividend income increased $2.5 billion, compared with an increase of $2.8
billion. Rental income of persons increased $0.8 billion in November, the same increase as in
October.
Personal contributions for social insurance -- a subtraction in calculating personal income --
decreased $0.3 billion in November, compared with a decrease of $1.2 billion in October.
Personal taxes and disposable personal income
Personal tax and nontax payments decreased $5.2 billion in November, in contrast to an
increase of $125.3 billion in October. The monthly changes in personal tax and nontax payments
reflected the pattern of advance refund checks sent to taxpayers. These refunds reduced personal
taxes $5.0 billion in November (at an annual rate), $2.5 billion in October, and $131.2 billion in
September.
Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
decreased $0.4 billion, or less than 0.1 percent, in November, compared with a decrease of $134.7
billion, or 1.8 percent, in October. The large decrease in October DPI mainly reflected the drop-off
in advance refund checks in October.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- decreased $52.1 billion in November, in contrast to an increase of $206.1 billion in
October. PCE decreased $52.8 billion, in contrast to an increase of $205.6 billion.
Personal saving -- DPI less personal outlays -- was $64.4 billion in November, compared with
$12.5 billion in October. Personal saving as a percentage of disposable personal income was 0.9
percent in November, compared with 0.2 percent in October.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in November, in
contrast to a decrease of 2.4 percent in October. The increase in real DPI in November, in contrast
to the decrease in current-dollar DPI, reflected a slight decrease in the PCE implicit price deflator.
Real PCE -- PCE adjusted to remove price changes -- decreased 0.6 percent in November, in
contrast to an increase of 2.3 percent in October. Motor vehicles more than accounted for the
November decrease and accounted for most of the October increase. Purchases of durable goods
decreased 5.7 percent in November, in contrast to an increase of 14.8 percent in October. Purchases
of nondurable goods decreased less than 0.1 percent, in contrast to an increase of 1.0 percent.
Purchases of services increased 0.2 percent, compared with an increase of 0.5 percent.
Revisions
Estimates have been revised for July through October. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for
September and October -- revised and as published in last month's release -- are shown below.
Revisions for July and August were small.
Change from preceding month
September October
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars............ -2.0 -4.9 0.0 -0.1 -3.2 -9.4 0.0 -0.1
Disposable personal income:
Current dollars............ -89.5 -91.4 -1.2 -1.2 -128.4 -134.7 -1.7 -1.8
Chained (1996) dollars..... -42.8 -49.7 -0.6 -0.7 -164.9 -166.9 -2.4 -2.4
Personal consumption expenditures:
Current dollars............ -118.2 -120.3 -1.7 -1.7 203.6 205.6 2.9 2.9
Chained (1996) dollars..... -72.0 -78.5 -1.1 -1.2 140.9 146.3 2.2 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 December will be released on
January 31, at 8:30 A.M. EST.
Release dates in 2002
December 2001..... January 31 April 2002..... May 28 August 2002...... September 30
January 2002...... March 1 May 2002....... June 28 September 2002... November 1
February 2002..... March 29 June 2002...... August 2 October 2002..... November 27
March 2002........ April 29 July 2002...... August 30 November 2002.... December 23
Table 1.-Personal Income
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Jun 01 Jul 01/r/ Aug 01/r/ Sep 01/r/ Oct 01/r/ Nov 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,777.3 8,319.2 8,737.6 8,768.5 8,775.9 8,771.0 8,761.6 8,756.0
Wage and salary disbursements..... 4,472.2 4,837.2 5,115.0 5,124.5 5,123.8 5,122.0 5,109.6 5,110.3
Private industries.............. 3,747.9 4,068.8 4,311.3 4,316.2 4,311.9 4,304.8 4,288.5 4,286.9
Goods-producing industries.... 1,088.7 1,163.7 1,201.7 1,201.4 1,197.2 1,193.9 1,184.4 1,179.2
Manufacturing............... 782.0 830.1 845.5 845.7 841.0 836.7 828.7 821.5
Distributive industries....... 1,021.0 1,095.6 1,152.4 1,152.2 1,149.5 1,142.6 1,142.0 1,141.2
Service industries............ 1,638.2 1,809.5 1,957.2 1,962.6 1,965.2 1,968.4 1,962.0 1,966.5
Government...................... 724.3 768.4 803.7 808.3 811.9 817.2 821.1 823.4
Other labor income................ 509.7 534.2 553.3 554.4 555.3 556.5 557.4 558.4
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 672.0 715.0 750.1 751.9 757.7 748.6 744.2 739.5
Farm............................ 26.6 30.6 28.3 29.7 32.4 34.7 28.3 21.6
Nonfarm......................... 645.4 684.4 721.8 722.3 725.4 713.9 715.8 717.9
Rental income of persons with
capital consumption adjustment... 147.7 141.6 138.6 142.3 144.4 145.2 146.0 146.8
Personal dividend income.......... 343.1 379.2 414.3 416.9 420.1 423.0 425.8 428.3
Personal interest income.......... 950.0 1,000.6 997.2 994.3 991.5 988.6 981.4 972.8
Transfer payments to persons...... 1,019.6 1,069.1 1,143.6 1,158.8 1,157.3 1,160.9 1,169.8 1,172.0
Old-age, survivors, disability,
and health insurance benefits.. 588.0 617.3 660.8 672.6 669.2 670.8 673.3 676.1
Government unemployment
insurance benefits............. 20.3 20.3 23.0 23.3 24.0 24.3 24.7 25.0
Other......................... 411.2 431.5 459.9 462.9 464.2 465.8 471.8 471.0
Less: Personal contributions for
social insurance................. 337.1 357.7 374.5 374.7 374.2 373.7 372.5 372.2
----------------------------------------------------------------------------------------------------------------------------
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 Jun 01 Jul 01/r/ Aug 01/r/ Sep 01/r/ Oct 01/r/ Nov 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,777.3 8,319.2 8,737.6 8,768.5 8,775.9 8,771.0 8,761.6 8,756.0
Less: Personal tax and nontax
payments........................... 1,159.2 1,288.2 1,356.4 1,258.9 1,120.5 1,207.0 1,332.3 1,327.1
Equals: Disposable personal income.. 6,618.0 7,031.0 7,381.2 7,509.6 7,655.4 7,564.0 7,429.3 7,428.9
Less: Personal outlays.............. 6,457.2 6,963.3 7,309.7 7,329.4 7,333.1 7,210.6 7,416.7 7,364.6
Personal consumption expenditures. 6,250.2 6,728.4 7,072.8 7,093.6 7,099.7 6,979.4 7,185.0 7,132.2
Interest paid by persons.......... 179.7 205.3 206.2 203.9 201.5 199.2 199.8 200.4
Personal transfer payments to the
rest of the world (net).......... 27.2 29.6 30.8 31.9 31.9 31.9 31.9 31.9
Equals: Personal saving............. 160.9 67.7 71.4 180.2 322.3 353.4 12.5 64.4
Addenda:
Disposable personal income:
Chained (1996) dollars\1\....... 6,320.0 6,539.2 6,727.4 6,845.4 6,978.6 6,928.9 6,762.0 6,768.5
Per capita:
Current dollars............... 23,708 24,889 25,835 26,255 26,733 26,384 25,886 25,860
Chained (1996) dollars........ 22,641 23,148 23,546 23,932 24,370 24,169 23,561 23,561
Population (thousands)\2\....... 279,144 282,489 285,710 286,032 286,362 286,687 286,999 287,277
Personal saving as a percentage
of disposable personal income.... 2.4 1.0 1.0 2.4 4.2 4.7 .2 .9
----------------------------------------------------------------------------------------------------------------------------
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.
Beginning with January 1991, first-of-the-month estimates are derived by BEA
and are consistent with the 2000 Census of Population. BEA will substitute
Bureau of Census population estimates for 1991 forward when they are released
in early 2002.
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 Jun 01 Jul 01/r/ Aug 01/r/ Sep 01/r/ Oct 01/r/ Nov 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 351.3 541.9 28.3 30.9 7.4 -4.9 -9.4 -5.6
Wage and salary disbursements..... 279.4 365.0 23.3 9.5 -.7 -1.8 -12.4 .7
Private industries.............. 247.8 320.9 18.6 4.9 -4.3 -7.1 -16.3 -1.6
Goods-producing industries.... 50.2 75.0 -1.8 -.3 -4.2 -3.3 -9.5 -5.2
Manufacturing............... 25.4 48.1 -2.7 .2 -4.7 -4.3 -8.0 -7.2
Distributive industries....... 72.1 74.6 7.2 -.2 -2.7 -6.9 -.6 -.8
Service industries............ 125.5 171.3 13.2 5.4 2.6 3.2 -6.4 4.5
Government...................... 31.6 44.1 4.7 4.6 3.6 5.3 3.9 2.3
Other labor income................ 19.1 24.5 1.3 1.1 .9 1.2 .9 1.0
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 48.2 43.0 4.1 1.8 5.8 -9.1 -4.4 -4.7
Farm............................ 1.0 4.0 -.5 1.4 2.7 2.3 -6.4 -6.7
Nonfarm......................... 47.2 39.0 4.7 .5 3.1 -11.5 1.9 2.1
Rental income of persons with
capital consumption adjustment... 9.1 -6.1 -1.7 3.7 2.1 .8 .8 .8
Personal dividend income.......... -5.2 36.1 2.4 2.6 3.2 2.9 2.8 2.5
Personal interest income.......... -14.4 50.6 -3.5 -2.9 -2.8 -2.9 -7.2 -8.6
Transfer payments to persons...... 35.9 49.5 3.3 15.2 -1.5 3.6 8.9 2.2
Old-age, survivors, disability,
and health insurance benefits.. 9.9 29.3 .1 11.8 -3.4 1.6 2.5 2.8
Government unemployment
insurance benefits............. .8 .0 -.1 .3 .7 .3 .4 .3
Other.......................... 25.1 20.3 3.5 3.0 1.3 1.6 6.0 -.8
Less: Personal contributions for
social insurance................. 20.8 20.6 1.0 .2 -.5 -.5 -1.2 -.3
Less: Personal tax and nontax
payments........................... 88.8 129.0 7.4 -97.5 -138.4 86.5 125.3 -5.2
Equals: Disposable personal income.. 262.4 413.0 20.9 128.4 145.8 -91.4 -134.7 -.4
Less: Personal outlays.............. 403.1 506.1 28.9 19.7 3.7 -122.5 206.1 -52.1
Personal consumption expenditures. 394.2 478.2 29.1 20.8 6.1 -120.3 205.6 -52.8
Interest paid by persons.......... 6.0 25.6 -.1 -2.3 -2.4 -2.3 .6 .6
Personal transfer payments to the
rest of the world (net).......... 2.9 2.4 .0 1.1 .0 .0 .0 .0
Equals: Personal saving............. -140.6 -93.2 -8.1 108.8 142.1 31.1 -340.9 51.9
Addendum:
Disposable personal income:
chained (1996) dollars\1\........ 151.4 219.2 9.7 118.0 133.2 -49.7 -166.9 6.5
----------------------------------------------------------------------------------------------------------------------------
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 Jun 01 Jul 01/r/ Aug 01/r/ Sep 01/r/ Oct 01/r/ Nov 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,250.2 6,728.4 7,072.8 7,093.6 7,099.7 6,979.4 7,185.0 7,132.2
Durable goods..................... 760.9 819.6 856.4 853.0 848.5 820.4 942.7 889.3
Nondurable goods.................. 1,831.3 1,989.6 2,064.0 2,063.3 2,063.8 2,045.5 2,049.6 2,034.4
Services.......................... 3,658.0 3,919.2 4,152.3 4,177.3 4,187.4 4,113.6 4,192.7 4,208.6
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,968.4 6,257.8 6,446.3 6,466.2 6,471.9 6,393.4 6,539.7 6,498.1
Durable goods..................... 817.8 895.5 952.9 949.8 949.3 921.5 1,058.1 997.9
Nondurable goods.................. 1,766.4 1,849.9 1,878.8 1,890.4 1,896.4 1,859.2 1,877.0 1,876.4
Services.......................... 3,393.2 3,527.7 3,635.8 3,646.2 3,646.5 3,628.6 3,645.1 3,652.7
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 104.72 107.52 109.73 109.71 109.71 109.17 109.88 109.77
Durable goods..................... 93.04 91.53 89.88 89.82 89.39 89.04 89.10 89.12
Nondurable goods.................. 103.67 107.55 109.86 109.15 108.83 110.02 109.20 108.42
Services.......................... 107.80 111.10 114.22 114.58 114.85 113.38 115.03 115.23
Addendum:
Personal consumption expenditures
less food and energy........... 104.99 107.02 108.58 108.90 108.95 108.08 109.26 109.42
----------------------------------------------------------------------------------------
Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 394.2 478.2 29.1 20.8 6.1 -120.3 205.6 -52.8
Durable goods..................... 67.7 58.7 18.8 -3.4 -4.5 -28.1 122.3 -53.4
Nondurable goods.................. 122.8 158.3 -3.6 -.7 .5 -18.3 4.1 -15.2
Services.......................... 203.7 261.2 13.8 25.0 10.1 -73.8 79.1 15.9
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 284.7 289.4 17.5 19.9 5.7 -78.5 146.3 -41.6
Durable goods..................... 91.1 77.7 21.6 -3.1 -.5 -27.8 136.6 -60.2
Nondurable goods.................. 80.0 83.5 -3.3 11.6 6.0 -37.2 17.8 -.6
Services.......................... 119.8 134.5 3.1 10.4 .3 -17.9 16.5 7.6
----------------------------------------------------------------------------------------------------------------------------
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 Jun 01 Jul 01/r/ Aug 01/r/ Sep 01/r/ Oct 01/r/ Nov 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 4.7 7.0 .3 .4 .1 -.1 -.1 -.1
Disposable personal income.......... 4.1 6.2 .3 1.7 1.9 -1.2 -1.8 .0
Personal consumption expenditures... 6.7 7.7 .4 .3 .1 -1.7 2.9 -.7
Durable goods..................... 9.8 7.7 2.2 -.4 -.5 -3.3 14.9 -5.7
Nondurable goods.................. 7.2 8.6 -.2 .0 .0 -.9 .2 -.7
Services.......................... 5.9 7.1 .3 .6 .2 -1.8 1.9 .4
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 2.5 3.5 .1 1.8 1.9 -.7 -2.4 .1
Personal consumption expenditures... 5.0 4.8 .3 .3 .1 -1.2 2.3 -.6
Durable goods..................... 12.5 9.5 2.3 -.3 -.1 -2.9 14.8 -5.7
Nondurable goods.................. 4.7 4.7 -.2 .6 .3 -2.0 1.0 .0
Services.......................... 3.7 4.0 .1 .3 .0 -.5 .5 .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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