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Tables from this release are available below. The entire release is available in PDF format. The tables in this release are available in an XLS spreadsheet.
Also available: a brief summary of highlights.
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James E. Rankin: (202) 606-5301 (Personal Income) BEA 04-40
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: JULY 2004
Personal income increased $11.0 billion, or 0.1 percent, and disposable personal income (DPI)
increased $7.9 billion, or 0.1 percent, in July, according to the Bureau of Economic Analysis. Personal
consumption expenditures (PCE) increased $65.6 billion, or 0.8 percent. In June, personal income
increased $22.1 billion, or 0.2 percent, DPI increased $19.9 billion, or 0.2 percent, and PCE decreased
$15.3 billion, or 0.2 percent, based on revised estimates.
2004
(Percent change from preceding month)
Mar. Apr. May June July
Personal income, current dollars 0.4 0.6 0.5 0.2 0.1
Disposable personal income:
Current dollars 0.4 0.5 0.5 0.2 0.1
Chained (2000) dollars 0.1 0.4 0.1 0.0 0.1
Personal consumption expenditures:
Current dollars 0.4 0.1 1.0 -0.2 0.8
Chained (2000) dollars 0.1 0.0 0.6 -0.4 0.8
This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for January through March 2004 (first quarter). These
estimates reflect newly available first-quarter wage and salary tabulations of employees covered by
state unemployment insurance from the Bureau of Labor Statistics.
Wages and salaries
Private wage and salary disbursements increased $19.8 billion in July, in contrast to a decrease
of $2.4 billion in June. Goods-producing industries' payrolls increased $4.9 billion, in contrast to a
decrease of $0.1 billion; manufacturing payrolls increased $4.2 billion, in contrast to a decrease of
$0.4 billion. Services-producing industries' payrolls increased $14.8 billion, in contrast to a
decrease of $2.4 billion. Government wage and salary disbursements increased $1.6 billion,
compared with an increase of $1.2 billion.
Other personal income
Supplements to wages and salaries increased $4.7 billion in July, compared with an increase of
$5.5 billion in June.
Proprietors' income decreased $5.0 billion in July, in contrast to an increase of $7.7 billion in
June. Farm proprietors' income decreased $5.4 billion, in contrast to an increase of $0.5 billion.
Nonfarm proprietors' income increased $0.5 billion, compared with an increase of $7.1 billion.
Rental income of persons decreased $1.0 billion in July, in contrast to an increase of $0.1
billion in June. Personal income receipts on assets (personal interest income plus personal dividend
income) increased $4.8 billion, compared with an increase of $6.9 billion. Personal current transfer
receipts decreased $10.9 billion, in contrast to an increase of $3.1 billion. The July decrease in
transfer receipts largely reflected a reduction in the federal matching rate for Medicaid
reimbursements, which had been boosted temporarily by the Jobs and Growth Tax Relief
Reconciliation Act of 2003.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $2.9 billion in July, in contrast to a decrease of $0.1 billion in June.
Personal current taxes and disposable personal income
Personal current taxes increased $3.1 billion in July, compared with an increase of $2.3 billion
in June. Disposable personal income (DPI) -- personal income less personal current taxes --
increased $7.9 billion, or 0.1 percent, in July, compared with an increase of $19.9 billion, or 0.2
percent, in June.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $66.6 billion in July, in contrast to a decrease of $11.5 billion in June. PCE increased
$65.6 billion, in contrast to a decrease of $15.3 billion.
Personal saving -- DPI less personal outlays -- was $51.6 billion in July, compared with $110.3
billion in June. Personal saving as a percentage of disposable personal income was 0.6 percent in
July, compared with 1.3 percent in June.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in July, in contrast to
a decrease of less than 0.1 percent in June.
Real PCE -- PCE adjusted to remove price changes -- increased 0.8 percent in July, in contrast
to a decrease of 0.4 percent in June. Purchases of durable goods increased 4.5 percent, in contrast to
a decrease of 3.1 percent. Purchases of motor vehicles and parts accounted for most of the July
increase and accounted for the June decrease. Purchases of nondurable goods increased 0.6 percent
in July, in contrast to a decrease of 0.2 percent in June. Purchases of services increased 0.2 percent
in July; purchases of services was unchanged in June.
Revisions
Estimates for personal income and DPI have been revised for January through June; estimates
for PCE have been revised for April through June. Changes in personal income, current-dollar and
chained (2000) dollar DPI, and current-dollar and chained (2000) 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
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars............. 54.0 50.7 0.6 0.5 23.0 22.1 0.2 0.2
Disposable personal income:
Current dollars............ 46.9 43.1 0.5 0.5 21.4 19.9 0.2 0.2
Chained (2000) dollars...... 10.8 7.2 0.1 0.1 0.7 -1.3 0.0 0.0
Personal consumption expenditures:
Current dollars............. 84.5 83.4 1.0 1.0 -53.3 -15.3 -0.7 -0.2
Chained (2000) dollars...... 47.3 46.2 0.6 0.6 -67.6 -33.0 -0.9 -0.4
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.gov>
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
(202) 606-5303 Personal income and outlays
(202) 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
September 30, 2004, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,375.3 9,404.1 9,445.9 9,484.9 9,544.1 9,594.8 9,616.9 9,627.9
Compensation of employees, received...... 6,421.2 6,461.1 6,490.3 6,512.4 6,546.2 6,582.9 6,587.1 6,613.1
Wage and salary disbursements.......... 5,197.3 5,221.4 5,241.3 5,254.8 5,283.1 5,313.0 5,311.7 5,333.0
Private industries................... 4,288.7 4,306.7 4,324.0 4,334.8 4,357.9 4,390.9 4,388.5 4,408.3
Goods-producing industries......... 1,028.7 1,019.8 1,018.2 1,018.9 1,022.8 1,030.7 1,030.6 1,035.5
Manufacturing.................... 682.7 671.9 669.9 668.0 670.4 676.0 675.6 679.8
Services-producing industries...... 3,260.0 3,286.9 3,305.8 3,316.0 3,335.1 3,360.3 3,357.9 3,372.7
Trade, transportation, and
utilities....................... 870.0 871.2 872.5 873.4 876.8 881.0 881.4 886.5
Other services-producing
industries...................... 2,389.9 2,415.6 2,433.2 2,442.6 2,458.4 2,479.3 2,476.5 2,486.3
Government........................... 908.6 914.7 917.3 920.0 925.2 922.0 923.2 924.8
Supplements to wages and salaries...... 1,223.9 1,239.8 1,249.0 1,257.6 1,263.1 1,269.9 1,275.4 1,280.1
Employer contributions for employee
pension and insurance funds......... 841.6 848.7 856.5 864.4 868.5 873.0 878.8 882.2
Employer contributions for government
social insurance.................... 382.3 391.0 392.5 393.3 394.6 396.9 396.6 397.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 870.1 862.9 870.0 883.5 893.8 901.4 909.1 904.1
Farm................................... 24.5 18.5 17.8 17.5 18.3 19.0 19.5 14.1
Nonfarm................................ 845.7 844.3 852.2 866.0 875.5 882.4 889.5 890.0
Rental income of persons with capital
consumption adjustment.................. 175.7 174.1 172.6 171.8 171.9 172.6 172.7 171.7
Personal income receipts on assets....... 1,334.4 1,335.5 1,337.0 1,338.8 1,345.1 1,351.8 1,358.7 1,363.5
Personal interest income............... 939.0 937.6 936.2 934.8 938.0 941.2 944.4 945.7
Personal dividend income............... 395.3 397.9 400.8 404.0 407.1 410.6 414.3 417.8
Personal current transfer receipts....... 1,360.2 1,371.7 1,380.5 1,384.7 1,396.6 1,400.4 1,403.5 1,392.6
Government social benefits to persons.. 1,331.5 1,342.4 1,351.2 1,355.3 1,367.3 1,371.1 1,374.3 1,363.4
Old-age, survivors, disability, and
health insurance benefits........... 751.2 754.2 764.6 767.3 772.7 774.7 774.6 773.3
Government unemployment insurance
benefits............................ 50.9 46.1 40.7 37.5 34.5 33.3 32.6 32.0
Other................................ 529.4 542.0 545.9 550.5 560.1 563.0 567.0 558.1
Other current transfer receipts, from
business (net)........................ 28.8 29.3 29.3 29.4 29.3 29.3 29.3 29.2
Less: Contributions for government social
insurance............................... 786.3 801.1 804.4 806.3 809.5 814.3 814.2 817.1
Less: Personal current taxes............... 1,010.8 1,003.3 1,006.9 1,009.6 1,023.6 1,031.1 1,033.4 1,036.5
Equals: Disposable personal income......... 8,364.5 8,400.8 8,439.0 8,475.3 8,520.5 8,563.6 8,583.5 8,591.4
Less: Personal outlays..................... 8,266.1 8,309.4 8,358.9 8,386.6 8,397.6 8,484.7 8,473.2 8,539.8
Personal consumption expenditures........ 7,969.7 8,015.5 8,067.5 8,097.7 8,104.4 8,187.8 8,172.5 8,238.1
Durable goods.......................... 994.4 964.7 979.0 985.3 966.0 997.4 965.0 1,004.7
Nondurable goods....................... 2,256.6 2,299.9 2,312.1 2,337.7 2,333.7 2,365.4 2,370.2 2,375.2
Services............................... 4,718.7 4,750.8 4,776.4 4,774.7 4,804.7 4,825.0 4,837.2 4,858.2
Personal interest payments\1\............ 187.3 184.2 181.1 178.1 181.3 184.5 187.7 188.2
Personal current transfer payments....... 109.1 109.7 110.3 110.8 111.9 112.4 112.9 113.5
To government.......................... 67.5 68.1 68.6 69.1 69.6 70.2 70.7 71.2
To the rest of the world (net)......... 41.6 41.7 41.7 41.7 42.2 42.2 42.2 42.2
Equals: Personal saving.................... 98.4 91.4 80.1 88.7 122.9 79.0 110.3 51.6
Personal saving as a percentage of
disposable personal income.............. 1.2 1.1 .9 1.0 1.4 .9 1.3 .6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,880.1 7,883.6 7,899.0 7,908.4 7,940.7 7,947.9 7,946.6 7,957.5
Per capita:
Current dollars...................... 28,605 28,708 28,818 28,921 29,053 29,177 29,220 29,222
Chained (2000) dollars............... 26,948 26,940 26,974 26,986 27,076 27,079 27,052 27,066
Population (midperiod, thousands)\3\..... 292,418 292,630 292,836 293,049 293,272 293,509 293,754 294,003
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. 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 and quarterly estimates are averages of the
monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 I 03 II 03 III 03 IV 03 I 04/r/ II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,878.9 9,161.8 9,002.2 9,105.7 9,209.3 9,330.0 9,445.0 9,585.3
Compensation of employees, received...... 6,069.5 6,289.0 6,177.7 6,247.0 6,324.7 6,406.7 6,487.9 6,572.1
Wage and salary disbursements.......... 4,976.3 5,103.6 5,023.3 5,073.3 5,128.6 5,188.9 5,239.2 5,302.6
Private industries................... 4,113.7 4,205.6 4,135.6 4,175.6 4,227.5 4,283.9 4,321.8 4,379.1
Goods-producing industries......... 1,010.2 1,007.7 999.5 999.7 1,005.8 1,025.6 1,019.0 1,028.0
Manufacturing.................... 675.2 668.8 665.7 663.4 665.9 680.1 669.9 674.0
Services-producing industries...... 3,103.5 3,198.0 3,136.0 3,175.9 3,221.6 3,258.3 3,302.9 3,351.1
Trade, transportation, and
utilities....................... 843.6 858.6 848.6 852.9 860.7 872.0 872.4 879.7
Other services-producing
industries...................... 2,259.9 2,339.4 2,287.4 2,322.9 2,360.9 2,386.4 2,430.5 2,471.4
Government........................... 862.6 897.9 887.8 897.8 901.1 905.0 917.3 923.5
Supplements to wages and salaries...... 1,093.2 1,185.5 1,154.3 1,173.7 1,196.1 1,217.8 1,248.8 1,269.5
Employer contributions for employee
pension and insurance funds......... 729.6 808.9 782.7 799.0 817.9 835.9 856.5 873.4
Employer contributions for government
social insurance.................... 363.6 376.6 371.6 374.6 378.2 381.9 392.3 396.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.6 834.1 794.0 825.7 852.0 864.7 872.1 901.4
Farm................................... 9.7 21.8 13.8 24.1 24.8 24.7 17.9 18.9
Nonfarm................................ 759.9 812.3 780.2 801.6 827.2 840.0 854.2 882.5
Rental income of persons with capital
consumption adjustment.................. 170.9 153.8 155.5 144.1 148.8 167.1 172.8 172.4
Personal income receipts on assets....... 1,334.6 1,322.7 1,325.9 1,324.7 1,314.4 1,325.8 1,337.1 1,351.9
Personal interest income............... 946.7 929.9 932.4 932.4 922.8 932.0 936.2 941.2
Personal dividend income............... 387.9 392.8 393.5 392.3 391.6 393.8 400.9 410.6
Personal current transfer receipts....... 1,282.7 1,335.4 1,311.4 1,333.1 1,346.2 1,350.7 1,379.0 1,400.2
Government social benefits to persons.. 1,248.9 1,306.4 1,282.2 1,304.1 1,317.4 1,322.0 1,349.6 1,370.9
Old-age, survivors, disability, and
health insurance benefits........... 708.3 733.8 722.8 731.1 736.6 744.9 762.1 774.0
Government unemployment insurance
benefits............................ 53.2 52.8 50.4 54.8 54.3 51.6 41.4 33.5
Other................................ 487.5 519.8 509.0 518.3 526.5 525.5 546.1 563.3
Other current transfer receipts, from
business (net)........................ 33.7 28.9 29.2 29.0 28.9 28.8 29.3 29.3
Less: Contributions for government social
insurance............................... 748.3 773.2 762.4 768.9 776.7 785.0 803.9 812.6
Less: Personal current taxes............... 1,051.2 1,001.9 1,025.7 1,030.7 941.7 1,009.4 1,006.6 1,029.4
Equals: Disposable personal income......... 7,827.7 8,159.9 7,976.5 8,075.0 8,267.6 8,320.5 8,438.4 8,555.9
Less: Personal outlays..................... 7,668.5 8,049.3 7,897.0 7,982.9 8,107.8 8,209.4 8,351.6 8,451.8
Personal consumption expenditures........ 7,376.1 7,760.9 7,609.8 7,696.3 7,822.5 7,914.9 8,060.2 8,154.9
Durable goods.......................... 916.2 950.7 912.1 946.8 972.7 971.1 976.3 976.2
Nondurable goods....................... 2,080.1 2,200.1 2,167.5 2,163.6 2,219.2 2,250.1 2,316.6 2,356.4
Services............................... 4,379.8 4,610.1 4,530.2 4,585.9 4,630.6 4,693.6 4,767.3 4,822.3
Personal interest payments\1\............ 197.2 185.3 187.1 184.8 183.3 185.9 181.1 184.5
Personal current transfer payments....... 95.3 103.1 100.0 101.8 102.1 108.6 110.3 112.4
To government.......................... 59.5 64.9 62.8 64.2 65.6 67.0 68.6 70.2
To the rest of the world (net)......... 35.7 38.2 37.2 37.6 36.5 41.6 41.7 42.2
Equals: Personal saving.................... 159.2 110.6 79.5 92.1 159.8 111.1 86.8 104.1
Personal saving as a percentage of
disposable personal income.............. 2.0 1.4 1.0 1.1 1.9 1.3 1.0 1.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,559.5 7,733.8 7,591.2 7,671.1 7,822.9 7,849.6 7,897.0 7,945.1
Per capita:
Current dollars...................... 27,157 28,033 27,504 27,779 28,368 28,476 28,816 29,150
Chained (2000) dollars............... 26,227 26,569 26,175 26,389 26,842 26,865 26,967 27,069
Population (midperiod, thousands)\3\..... 288,240 291,085 290,016 290,689 291,445 292,190 292,838 293,512
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. 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 and quarterly estimates are averages of the
monthly estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 37.4 28.8 41.8 39.0 59.2 50.7 22.1 11.0
Compensation of employees, received...... .2 39.9 29.2 22.1 33.8 36.7 4.2 26.0
Wage and salary disbursements.......... -5.1 24.1 19.9 13.5 28.3 29.9 -1.3 21.3
Private industries................... -9.4 18.0 17.3 10.8 23.1 33.0 -2.4 19.8
Goods-producing industries......... -1.2 -8.9 -1.6 .7 3.9 7.9 -.1 4.9
Manufacturing.................... -1.1 -10.8 -2.0 -1.9 2.4 5.6 -.4 4.2
Services-producing industries...... -8.3 26.9 18.9 10.2 19.1 25.2 -2.4 14.8
Trade, transportation, and
utilities....................... -4.7 1.2 1.3 .9 3.4 4.2 .4 5.1
Other services-producing
industries...................... -3.7 25.7 17.6 9.4 15.8 20.9 -2.8 9.8
Government........................... 4.3 6.1 2.6 2.7 5.2 -3.2 1.2 1.6
Supplements to wages and salaries...... 5.3 15.9 9.2 8.6 5.5 6.8 5.5 4.7
Employer contributions for employee
pension and insurance funds......... 5.9 7.1 7.8 7.9 4.1 4.5 5.8 3.4
Employer contributions for government
social insurance.................... -.6 8.7 1.5 .8 1.3 2.3 -.3 1.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.6 -7.2 7.1 13.5 10.3 7.6 7.7 -5.0
Farm................................... -.2 -6.0 -.7 -.3 .8 .7 .5 -5.4
Nonfarm................................ 6.9 -1.4 7.9 13.8 9.5 6.9 7.1 .5
Rental income of persons with capital
consumption adjustment.................. 9.2 -1.6 -1.5 -.8 .1 .7 .1 -1.0
Personal income receipts on assets....... 8.7 1.1 1.5 1.8 6.3 6.7 6.9 4.8
Personal interest income............... 6.9 -1.4 -1.4 -1.4 3.2 3.2 3.2 1.3
Personal dividend income............... 1.8 2.6 2.9 3.2 3.1 3.5 3.7 3.5
Personal current transfer receipts....... 12.1 11.5 8.8 4.2 11.9 3.8 3.1 -10.9
Government social benefits to persons.. 12.2 10.9 8.8 4.1 12.0 3.8 3.2 -10.9
Old-age, survivors, disability, and
health insurance benefits........... 8.3 3.0 10.4 2.7 5.4 2.0 -.1 -1.3
Government unemployment insurance
benefits............................ -1.3 -4.8 -5.4 -3.2 -3.0 -1.2 -.7 -.6
Other................................ 5.1 12.6 3.9 4.6 9.6 2.9 4.0 -8.9
Other current transfer receipts, from
business (net)........................ .0 .5 .0 .1 -.1 .0 .0 -.1
Less: Contributions for government social
insurance............................... -.6 14.8 3.3 1.9 3.2 4.8 -.1 2.9
Less: Personal current taxes............... -.7 -7.5 3.6 2.7 14.0 7.5 2.3 3.1
Equals: Disposable personal income......... 38.1 36.3 38.2 36.3 45.2 43.1 19.9 7.9
Less: Personal outlays..................... 51.2 43.3 49.5 27.7 11.0 87.1 -11.5 66.6
Personal consumption expenditures........ 49.2 45.8 52.0 30.2 6.7 83.4 -15.3 65.6
Durable goods.......................... 24.5 -29.7 14.3 6.3 -19.3 31.4 -32.4 39.7
Nondurable goods....................... .1 43.3 12.2 25.6 -4.0 31.7 4.8 5.0
Services............................... 24.6 32.1 25.6 -1.7 30.0 20.3 12.2 21.0
Personal interest payments\1\............ 1.5 -3.1 -3.1 -3.0 3.2 3.2 3.2 .5
Personal current transfer payments....... .5 .6 .6 .5 1.1 .5 .5 .6
To government.......................... .5 .6 .5 .5 .5 .6 .5 .5
To the rest of the world (net)......... .0 .1 .0 .0 .5 .0 .0 .0
Equals: Personal saving.................... -13.1 -7.0 -11.3 8.6 34.2 -43.9 31.3 -58.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 19.2 3.5 15.4 9.4 32.3 7.2 -1.3 10.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 I 03 II 03 III 03 IV 03 I 04/r/ II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 154.8 282.9 83.0 103.5 103.6 120.7 115.0 140.3
Compensation of employees, received...... 127.4 219.5 64.3 69.3 77.7 82.0 81.2 84.2
Wage and salary disbursements.......... 33.5 127.3 36.0 50.0 55.3 60.3 50.3 63.4
Private industries................... -13.2 91.9 21.5 40.0 51.9 56.4 37.9 57.3
Goods-producing industries......... -34.1 -2.5 -1.1 .2 6.1 19.8 -6.6 9.0
Manufacturing.................... -33.6 -6.4 -2.1 -2.3 2.5 14.2 -10.2 4.1
Services-producing industries...... 20.9 94.5 22.5 39.9 45.7 36.7 44.6 48.2
Trade, transportation, and
utilities....................... -1.0 15.0 4.7 4.3 7.8 11.3 .4 7.3
Other services-producing
industries...................... 21.9 79.5 17.9 35.5 38.0 25.5 44.1 40.9
Government........................... 46.7 35.3 14.6 10.0 3.3 3.9 12.3 6.2
Supplements to wages and salaries...... 93.9 92.3 28.3 19.4 22.4 21.7 31.0 20.7
Employer contributions for employee
pension and insurance funds......... 86.9 79.3 20.7 16.3 18.9 18.0 20.6 16.9
Employer contributions for government
social insurance.................... 7.0 13.0 7.6 3.0 3.6 3.7 10.4 3.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -2.3 64.5 17.3 31.7 26.3 12.7 7.4 29.3
Farm................................... -10.0 12.1 5.0 10.3 .7 -.1 -6.8 1.0
Nonfarm................................ 7.7 52.4 12.3 21.4 25.6 12.8 14.2 28.3
Rental income of persons with capital
consumption adjustment.................. 3.5 -17.1 1.7 -11.4 4.7 18.3 5.7 -.4
Personal income receipts on assets....... -45.4 -11.9 -.8 -1.2 -10.3 11.4 11.3 14.8
Personal interest income............... -64.3 -16.8 .3 .0 -9.6 9.2 4.2 5.0
Personal dividend income............... 18.9 4.9 -1.1 -1.2 -.7 2.2 7.1 9.7
Personal current transfer receipts....... 88.8 52.7 13.3 21.7 13.1 4.5 28.3 21.2
Government social benefits to persons.. 105.0 57.5 12.9 21.9 13.3 4.6 27.6 21.3
Old-age, survivors, disability, and
health insurance benefits........... 39.8 25.5 6.4 8.3 5.5 8.3 17.2 11.9
Government unemployment insurance
benefits............................ 21.5 -.4 -3.0 4.4 -.5 -2.7 -10.2 -7.9
Other................................ 43.8 32.3 9.6 9.3 8.2 -1.0 20.6 17.2
Other current transfer receipts, from
business (net)........................ -16.3 -4.8 .3 -.2 -.1 -.1 .5 .0
Less: Contributions for government social
insurance............................... 17.2 24.9 12.8 6.5 7.8 8.3 18.9 8.7
Less: Personal current taxes............... -186.1 -49.3 -14.6 5.0 -89.0 67.7 -2.8 22.8
Equals: Disposable personal income......... 340.9 332.2 97.7 98.5 192.6 52.9 117.9 117.5
Less: Personal outlays..................... 314.0 380.8 109.4 85.9 124.9 101.6 142.2 100.2
Personal consumption expenditures........ 321.1 384.8 109.8 86.5 126.2 92.4 145.3 94.7
Durable goods.......................... 32.5 34.5 -8.7 34.7 25.9 -1.6 5.2 -.1
Nondurable goods....................... 63.0 120.0 52.9 -3.9 55.6 30.9 66.5 39.8
Services............................... 225.5 230.3 65.5 55.7 44.7 63.0 73.7 55.0
Personal interest payments\1\............ -15.0 -11.9 -1.7 -2.3 -1.5 2.6 -4.8 3.4
Personal current transfer payments....... 8.1 7.8 1.3 1.8 .3 6.5 1.7 2.1
To government.......................... 5.3 5.4 1.3 1.4 1.4 1.4 1.6 1.6
To the rest of the world (net)......... 2.7 2.5 .0 .4 -1.1 5.1 .1 .5
Equals: Personal saving.................... 26.9 -48.6 -11.7 12.6 67.7 -48.7 -24.3 17.3
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 226.2 174.3 33.2 79.9 151.8 26.7 47.4 48.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .4 .3 .4 .4 .6 .5 .2 .1
Compensation of employees, received...... .0 .6 .5 .3 .5 .6 .1 .4
Wage and salary disbursements.......... -.1 .5 .4 .3 .5 .6 .0 .4
Supplements to wages and salaries...... .4 1.3 .7 .7 .4 .5 .4 .4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .8 -.8 .8 1.6 1.2 .8 .9 -.5
Rental income of persons with capital
consumption adjustment.................. 5.5 -.9 -.9 -.4 .0 .4 .1 -.6
Personal income receipts on assets....... .7 .1 .1 .1 .5 .5 .5 .4
Personal interest income............... .7 -.1 -.2 -.2 .3 .3 .3 .1
Personal dividend income............... .5 .6 .7 .8 .8 .8 .9 .9
Personal current transfer receipts....... .9 .8 .6 .3 .9 .3 .2 -.8
Less: Contributions for government social
insurance............................... -.1 1.9 .4 .2 .4 .6 .0 .4
Less: Personal current taxes............... -.1 -.7 .4 .3 1.4 .7 .2 .3
Equals: Disposable personal income......... .5 .4 .5 .4 .5 .5 .2 .1
Addenda:
Personal consumption expenditures........ .6 .6 .6 .4 .1 1.0 -.2 .8
Durable goods.......................... 2.5 -3.0 1.5 .6 -2.0 3.3 -3.2 4.1
Nondurable goods....................... .0 1.9 .5 1.1 -.2 1.4 .2 .2
Services............................... .5 .7 .5 .0 .6 .4 .3 .4
Real disposable personal income.......... .2 .0 .2 .1 .4 .1 .0 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2004.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 I 03 II 03 III 03 IV 03 I 04/r/ II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 1.8 3.2 3.8 4.7 4.6 5.3 5.0 6.1
Compensation of employees, received...... 2.1 3.6 4.3 4.6 5.1 5.3 5.2 5.3
Wage and salary disbursements.......... .7 2.6 2.9 4.0 4.4 4.8 3.9 4.9
Supplements to wages and salaries...... 9.4 8.4 10.4 6.9 7.9 7.5 10.6 6.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.3 8.4 9.2 16.9 13.4 6.1 3.5 14.1
Rental income of persons with capital
consumption adjustment.................. 2.1 -10.0 4.5 -26.3 13.6 59.0 14.6 -1.0
Personal income receipts on assets....... -3.3 -.9 -.2 -.4 -3.1 3.5 3.5 4.5
Personal interest income............... -6.4 -1.8 .2 .0 -4.1 4.1 1.8 2.2
Personal dividend income............... 5.1 1.3 -1.1 -1.3 -.7 2.2 7.4 10.1
Personal current transfer receipts....... 7.4 4.1 4.2 6.8 4.0 1.3 8.6 6.3
Less: Contributions for government social
insurance............................... 2.3 3.3 7.0 3.4 4.1 4.3 10.0 4.4
Less: Personal current taxes............... -15.0 -4.7 -5.5 2.0 -30.3 32.0 -1.1 9.4
Equals: Disposable personal income......... 4.6 4.2 5.1 5.0 9.9 2.6 5.8 5.7
Addenda:
Personal consumption expenditures........ 4.6 5.2 6.0 4.6 6.7 4.8 7.5 4.8
Durable goods.......................... 3.7 3.8 -3.7 16.1 11.4 -.6 2.2 -.1
Nondurable goods....................... 3.1 5.8 10.4 -.7 10.7 5.7 12.3 7.1
Services............................... 5.4 5.3 6.0 5.0 4.0 5.6 6.4 4.7
Real disposable personal income.......... 3.1 2.3 1.8 4.3 8.2 1.4 2.4 2.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2004.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 03 Jan 04 Feb 04 Mar 04 Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,508.1 7,522.0 7,551.2 7,556.0 7,552.9 7,599.1 7,566.1 7,630.3
Durable goods............................ 1,098.3 1,063.0 1,078.7 1,084.8 1,063.7 1,098.5 1,064.1 1,112.0
Nondurable goods......................... 2,157.5 2,183.7 2,185.5 2,192.7 2,187.4 2,193.0 2,189.0 2,202.5
Services................................. 4,267.8 4,285.1 4,298.7 4,291.4 4,310.8 4,321.5 4,321.5 4,331.7
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 30.4 13.9 29.2 4.8 -3.1 46.2 -33.0 64.2
Durable goods............................ 30.0 -35.3 15.7 6.1 -21.1 34.8 -34.4 47.9
Nondurable goods......................... -4.6 26.2 1.8 7.2 -5.3 5.6 -4.0 13.5
Services................................. 9.1 17.3 13.6 -7.3 19.4 10.7 .0 10.2
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .4 .2 .4 .1 .0 .6 -.4 .8
Durable goods............................ 2.8 -3.2 1.5 .6 -1.9 3.3 -3.1 4.5
Nondurable goods......................... -.2 1.2 .1 .3 -.2 .3 -.2 .6
Services................................. .2 .4 .3 -.2 .5 .2 .0 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 I 03 II 03 III 03 IV 03 I 04 II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,123.4 7,355.6 7,242.2 7,311.4 7,401.7 7,466.8 7,543.0 7,572.7
Durable goods............................ 959.6 1,030.6 973.2 1,020.0 1,059.6 1,069.7 1,075.5 1,075.4
Nondurable goods......................... 2,037.4 2,112.4 2,082.0 2,090.1 2,125.3 2,152.0 2,187.3 2,189.8
Services................................. 4,128.6 4,220.3 4,188.7 4,207.7 4,227.9 4,256.7 4,291.7 4,317.9
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 213.0 232.2 47.6 69.2 90.3 65.1 76.2 29.7
Durable goods............................ 58.9 71.0 -.2 46.8 39.6 10.1 5.8 -.1
Nondurable goods......................... 50.7 75.0 25.2 8.1 35.2 26.7 35.3 2.5
Services................................. 105.4 91.7 21.8 19.0 20.2 28.8 35.0 26.2
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.1 3.3 2.7 3.9 5.0 3.6 4.1 1.6
Durable goods............................ 6.5 7.4 -.1 20.6 16.5 3.9 2.2 .0
Nondurable goods......................... 2.6 3.7 5.0 1.6 6.9 5.1 6.7 .4
Services................................. 2.6 2.2 2.1 1.8 1.9 2.8 3.3 2.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Dec 03 Jan 04 Feb 04 Mar 04 Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 106.152 106.566 106.841 107.174 107.307 107.752 108.019 107.971
Durable goods............................ 90.495 90.717 90.717 90.788 90.778 90.754 90.646 90.316
Nondurable goods......................... 104.596 105.328 105.797 106.618 106.693 107.868 108.285 107.848
Services................................. 110.572 110.872 111.117 111.266 111.463 111.654 111.938 112.159
Addendum:
Personal consumption expenditures
excluding food and energy............... 105.687 105.885 106.068 106.291 106.411 106.533 106.662 106.695
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .2 .4 .3 .3 .1 .4 .2 .0
Durable goods............................ -.3 .2 .0 .1 .0 .0 -.1 -.4
Nondurable goods......................... .2 .7 .4 .8 .1 1.1 .4 -.4
Services................................. .3 .3 .2 .1 .2 .2 .3 .2
Addendum:
Personal consumption expenditures
excluding food and energy............... .2 .2 .2 .2 .1 .1 .1 .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 4.3 4.0 4.1 4.0 4.0 3.5 3.2 1.8
Personal consumption expenditures.......... 3.6 4.0 4.4 4.0 3.6 4.0 3.1 3.5
Durable goods............................ 8.3 9.6 12.5 9.4 4.8 7.7 3.8 6.7
Nondurable goods......................... 4.4 5.3 5.0 4.9 5.0 5.4 4.0 4.1
Services................................. 2.3 2.3 2.5 2.5 2.7 2.6 2.5 2.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2004.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Dec 03 Jan 04 Feb 04 Mar 04 Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.6 1.8 1.7 1.7 2.0 2.4 2.5 2.4
Durable goods............................ -3.9 -3.4 -3.1 -2.9 -2.7 -2.1 -1.9 -1.9
Nondurable goods......................... 1.8 2.0 1.5 1.7 2.7 4.5 4.7 4.0
Services................................. 2.7 2.7 2.8 2.6 2.6 2.4 2.4 2.5
Addendum:
Personal consumption expenditures
less food and energy.................... 1.1 1.2 1.4 1.5 1.5 1.5 1.5 1.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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