 |
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.
 |
James E. Rankin: (202) 606-5301 (Personal Income) BEA 04-32
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: MAY 2004
Personal income increased $55.9 billion, or 0.6 percent, and disposable personal income (DPI)
increased $47.8 billion, or 0.6 percent, in May, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $77.6 billion, or 1.0 percent. In April, personal
income increased $61.1 billion, or 0.6 percent, DPI increased $52.3 billion, or 0.6 percent, and PCE
increased $14.4 billion, or 0.2 percent, based on revised estimates.
2004
(Percent change from preceding month)
Jan. Feb. Mar. Apr. May
Personal income, current dollars 0.5 0.5 0.5 0.6 0.6
Disposable personal income:
Current dollars 1.0 0.5 0.5 0.6 0.6
Chained (2000) dollars 0.6 0.3 0.2 0.4 0.0
Personal consumption expenditures:
Current dollars 0.5 0.4 0.6 0.2 1.0
Chained (2000) dollars 0.1 0.2 0.3 0.0 0.4
As part of the annual revision of the national income and product accounts, revised estimates of
personal income and outlays covering January 2001 through May 2004 will be released along with
preliminary estimates for June 2004 on August 3. An article describing the revision will appear in the
August 2004 issue of the Survey of Current Business.
Wages and salaries
Private wage and salary disbursements increased $39.6 billion in May, compared with an
increase of $25.9 billion in April. Goods-producing industries' payrolls increased $7.7 billion,
compared with an increase of $4.1 billion; manufacturing payrolls increased $5.0 billion, compared
with an increase of $2.4 billion. Services-producing industries' payrolls increased $31.8 billion,
compared with an increase of $21.8 billion.
Government wage and salary disbursements decreased $4.1 billion in May, in contrast to an
increase of $6.2 billion in April. Payments for a retroactive pay raise added $4.4 billion to federal
civilian government payrolls in April.
Other personal income
Supplements to wages and salaries increased $8.2 billion in May, compared with an increase of
$7.2 billion in April. Proprietors' income increased $10.8 billion, compared with an increase of
$13.9 billion. Farm proprietors' income increased $2.6 billion, compared with an increase of $4.8
billion. Nonfarm proprietors' income increased $8.1 billion, compared with an increase of $9.2
billion.
Rental income of persons increased $2.3 billion in May, compared with an increase of $2.5
billion in April. Personal income receipts on assets (personal interest income plus personal dividend
income) increased $3.5 billion, compared with an increase of $3.4 billion. Personal current transfer
receipts increased $1.3 billion, compared with an increase of $5.6 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $5.5 billion in May, compared with an increase of $3.7 billion in April.
Personal current taxes and disposable personal income
Personal current taxes increased $8.2 billion in May, compared with an increase of $8.7 billion
in April. Disposable personal income (DPI) -- personal income less personal current taxes --
increased $47.8 billion, or 0.6 percent, in May, compared with an increase of $52.3 billion, or 0.6
percent, in April.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $79.6 billion in May, compared with an increase of $16.3 billion in April. PCE increased
$77.6 billion, compared with an increase of $14.4 billion.
Personal saving -- DPI less personal outlays -- was $191.2 billion in May, compared with
$223.0 billion in April. Personal saving as a percentage of disposable personal income was 2.2
percent in May, compared with 2.6 percent in April.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in May,
compared with an increase of 0.4 percent in April. The small increase in real DPI in May reflected
an increase in the PCE implicit price deflator, which is used to deflate DPI. The PCE price deflator
increased 0.5 percent in May; most of the increase was accounted for by increases in food and
energy prices.
Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in May, in contrast
to a decrease of less than 0.1 percent in April. Purchases of durable goods increased 1.7 percent, in
contrast to a decrease of 0.6 percent. Purchases of motor vehicles and parts accounted for most of
the May increase and accounted for most of the April decrease. Purchases of nondurable goods
increased 0.1 percent in May, in contrast to a decrease of 0.2 percent in April. Purchases of services
increased 0.4 percent, compared with an increase of 0.2 percent.
Revisions
Estimates have been revised for January through April. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for March
and April -- revised and as published in last month's release -- are shown below. Revisions for
January and February were small.
Change from preceding month
March April
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars............. 41.2 44.9 0.4 0.5 54.6 61.1 0.6 0.6
Disposable personal income:
Current dollars............ 37.1 40.5 0.4 0.5 46.9 52.3 0.5 0.6
Chained (2000) dollars...... 12.4 14.5 0.2 0.2 33.5 33.1 0.4 0.4
Personal consumption expenditures:
Current dollars............. 43.6 50.6 0.5 0.6 28.1 14.4 0.3 0.2
Chained (2000) dollars...... 19.8 25.3 0.3 0.3 16.4 -1.5 0.2 0.0
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 June will be released on
August 3, 2004, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/r/ May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,332.9 9,386.9 9,423.3 9,474.5 9,524.0 9,568.9 9,630.0 9,685.9
Compensation of employees, received...... 6,277.6 6,315.2 6,313.2 6,372.3 6,411.8 6,442.5 6,481.7 6,525.4
Wage and salary disbursements.......... 5,156.4 5,189.2 5,184.3 5,223.1 5,250.4 5,269.5 5,301.7 5,337.0
Private industries................... 4,255.9 4,288.7 4,281.7 4,314.8 4,339.4 4,355.8 4,381.7 4,421.3
Goods-producing industries......... 1,019.3 1,030.1 1,030.6 1,038.7 1,043.5 1,048.7 1,052.8 1,060.5
Manufacturing.................... 674.9 683.6 684.1 688.3 691.8 693.4 695.8 700.8
Services-producing industries...... 3,236.6 3,258.6 3,251.2 3,276.1 3,295.9 3,307.1 3,328.9 3,360.7
Trade, transportation, and
utilities....................... 874.9 878.3 873.5 882.0 887.3 890.4 895.1 900.4
Other services-producing
industries...................... 2,361.7 2,380.3 2,377.7 2,394.2 2,408.6 2,416.7 2,433.8 2,460.3
Government........................... 900.4 900.5 902.6 908.3 911.0 913.7 919.9 915.8
Supplements to wages and salaries...... 1,121.3 1,126.0 1,128.9 1,149.2 1,161.4 1,172.9 1,180.1 1,188.3
Employer contributions for employee
pension and insurance funds......... 738.7 741.3 744.4 754.8 765.0 775.3 780.7 786.1
Employer contributions for government
social insurance.................... 382.6 384.7 384.5 394.4 396.4 397.6 399.4 402.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 867.4 873.9 881.6 885.0 891.7 908.3 922.2 933.0
Farm................................... 22.5 23.9 23.7 18.9 18.7 19.0 23.8 26.4
Nonfarm................................ 844.9 850.1 857.9 866.0 873.0 889.3 898.5 906.6
Rental income of persons with capital
consumption adjustment.................. 172.9 182.9 193.1 190.8 188.6 186.1 188.6 190.9
Personal income receipts on assets....... 1,396.4 1,405.1 1,414.0 1,415.2 1,416.5 1,417.9 1,421.3 1,424.8
Personal interest income............... 959.5 965.7 971.9 970.4 969.0 967.5 968.1 968.7
Personal dividend income............... 436.9 439.4 442.1 444.8 447.6 450.4 453.2 456.1
Personal current transfer receipts....... 1,403.0 1,398.6 1,409.8 1,416.2 1,424.5 1,425.8 1,431.4 1,432.7
Government social benefits to persons.. 1,355.2 1,350.9 1,362.2 1,368.7 1,376.8 1,377.9 1,383.0 1,384.1
Old-age, survivors, disability, and
health insurance benefits........... 751.1 752.9 760.7 763.5 774.7 776.3 781.1 781.8
Government unemployment insurance
benefits............................ 58.4 53.0 55.3 50.4 44.9 41.7 38.6 37.8
Other................................ 545.7 544.9 546.2 554.8 557.2 559.9 563.3 564.5
Other current transfer receipts, from
business (net)........................ 47.8 47.7 47.6 47.5 47.7 47.9 48.4 48.6
Less: Contributions for government social
insurance............................... 784.4 788.9 788.4 805.0 809.2 811.6 815.3 820.8
Less: Personal current taxes............... 1,011.6 1,019.3 1,022.2 986.0 991.7 996.2 1,004.9 1,013.1
Equals: Disposable personal income......... 8,321.3 8,367.6 8,401.1 8,488.5 8,532.3 8,572.8 8,625.1 8,672.9
Less: Personal outlays..................... 8,153.0 8,206.2 8,266.4 8,307.8 8,336.5 8,385.8 8,402.1 8,481.7
Personal consumption expenditures........ 7,864.7 7,916.8 7,975.9 8,018.6 8,048.5 8,099.1 8,113.5 8,191.1
Durable goods.......................... 956.0 961.2 983.7 949.1 955.1 967.1 961.8 978.0
Nondurable goods....................... 2,246.3 2,266.9 2,273.4 2,314.2 2,324.4 2,350.9 2,348.8 2,377.6
Services............................... 4,662.3 4,688.7 4,718.8 4,755.2 4,769.1 4,781.1 4,802.9 4,835.5
Personal interest payments\1\............ 187.0 187.6 188.3 186.5 184.8 183.0 184.5 186.0
Personal current transfer payments....... 101.4 101.8 102.3 102.8 103.2 103.7 104.1 104.6
To government.......................... 64.4 64.9 65.3 65.7 66.1 66.6 67.0 67.5
To the rest of the world (net)......... 37.0 37.0 37.0 37.1 37.1 37.1 37.1 37.1
Equals: Personal saving.................... 168.3 161.3 134.6 180.7 195.8 187.0 223.0 191.2
Personal saving as a percentage of
disposable personal income.............. 2.0 1.9 1.6 2.1 2.3 2.2 2.6 2.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,870.5 7,916.3 7,931.6 7,980.4 8,005.6 8,020.1 8,053.2 8,055.7
Per capita:
Current dollars...................... 28,502 28,637 28,730 29,008 29,136 29,253 29,409 29,548
Chained (2000) dollars............... 26,958 27,092 27,124 27,271 27,338 27,367 27,459 27,446
Population (midperiod, thousands)\3\..... 291,958 292,197 292,427 292,630 292,838 293,055 293,281 293,514
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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 IV 02 I 03 II 03 III 03 IV 03 I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,910.3 9,208.0 8,981.3 9,048.7 9,145.9 9,256.3 9,381.0 9,522.5
Compensation of employees, received...... 6,019.1 6,203.0 6,058.0 6,114.4 6,166.2 6,229.4 6,302.0 6,408.8
Wage and salary disbursements.......... 4,974.6 5,100.2 4,999.1 5,033.2 5,072.2 5,118.8 5,176.6 5,247.7
Private industries................... 4,114.7 4,202.6 4,125.4 4,143.3 4,172.7 4,218.8 4,275.5 4,336.7
Goods-producing industries......... 1,010.9 1,010.8 1,007.1 1,005.8 1,003.4 1,007.3 1,026.7 1,043.6
Manufacturing.................... 675.7 671.4 672.6 670.5 666.5 667.6 680.9 691.2
Services-producing industries...... 3,103.7 3,191.8 3,118.3 3,137.5 3,169.3 3,211.5 3,248.8 3,293.0
Trade, transportation, and
utilities....................... 844.7 863.9 847.6 855.0 859.5 865.4 875.6 886.5
Other services-producing
industries...................... 2,259.0 2,327.9 2,270.7 2,282.6 2,309.8 2,346.1 2,373.2 2,406.5
Government........................... 859.9 897.7 873.8 890.0 899.5 900.0 901.2 911.0
Supplements to wages and salaries...... 1,044.5 1,102.8 1,058.8 1,081.2 1,093.9 1,110.6 1,125.4 1,161.2
Employer contributions for employee
pension and insurance funds......... 680.4 724.0 692.1 706.3 717.3 730.7 741.5 765.0
Employer contributions for government
social insurance.................... 364.1 378.8 366.7 374.9 376.6 379.9 383.9 396.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 797.7 846.9 812.2 813.5 838.8 860.9 874.3 895.0
Farm................................... 14.3 19.5 16.3 13.0 20.0 21.5 23.3 18.9
Nonfarm................................ 783.4 827.4 795.9 800.5 818.8 839.4 850.9 876.1
Rental income of persons with capital
consumption adjustment.................. 173.0 164.2 159.0 163.2 153.4 157.0 183.0 188.5
Personal income receipts on assets....... 1,378.5 1,393.3 1,392.0 1,388.6 1,390.2 1,389.2 1,405.2 1,416.5
Personal interest income............... 982.4 964.6 981.2 970.6 964.9 957.0 965.7 969.0
Personal dividend income............... 396.2 428.7 410.8 418.0 425.3 432.2 439.5 447.6
Personal current transfer receipts....... 1,292.2 1,377.5 1,315.6 1,337.6 1,369.7 1,398.7 1,403.8 1,422.2
Government social benefits to persons.. 1,249.5 1,331.6 1,274.6 1,292.4 1,325.3 1,352.6 1,356.1 1,374.5
Old-age, survivors, disability, and
health insurance benefits........... 710.3 743.7 721.1 732.3 741.8 745.6 754.9 771.5
Government unemployment insurance
benefits............................ 53.4 55.6 53.8 51.9 56.3 58.6 55.6 45.6
Other................................ 485.8 532.3 499.8 508.2 527.1 548.4 545.6 557.3
Other current transfer receipts, from
business (net)........................ 42.6 45.9 41.0 45.3 44.5 46.1 47.7 47.7
Less: Contributions for government social
insurance............................... 750.3 776.8 755.5 768.7 772.3 779.0 787.2 808.6
Less: Personal current taxes............... 1,053.1 991.4 1,045.6 1,009.4 1,000.2 938.5 1,017.7 991.3
Equals: Disposable personal income......... 7,857.2 8,216.5 7,935.6 8,039.2 8,145.8 8,317.8 8,363.3 8,531.2
Less: Personal outlays..................... 7,674.0 8,043.0 7,789.2 7,888.3 7,956.7 8,118.5 8,208.6 8,343.4
Personal consumption expenditures........ 7,385.3 7,757.4 7,501.2 7,600.7 7,673.6 7,836.3 7,919.1 8,055.4
Durable goods.......................... 911.3 941.6 907.3 898.2 926.2 975.1 967.0 957.1
Nondurable goods....................... 2,086.0 2,209.7 2,119.2 2,175.7 2,170.8 2,230.0 2,262.2 2,329.9
Services............................... 4,388.0 4,606.2 4,474.7 4,526.8 4,576.6 4,631.2 4,689.9 4,768.5
Personal interest payments\1\............ 194.7 185.4 187.7 186.2 183.2 184.6 187.6 184.8
Personal current transfer payments....... 94.0 100.2 100.3 101.3 100.0 97.6 101.9 103.2
To government.......................... 58.6 63.1 60.1 61.3 62.5 63.7 64.9 66.1
To the rest of the world (net)......... 35.4 37.1 40.2 40.1 37.5 33.9 37.0 37.1
Equals: Personal saving.................... 183.2 173.5 146.4 151.0 189.0 199.3 154.7 187.8
Personal saving as a percentage of
disposable personal income.............. 2.3 2.1 1.8 1.9 2.3 2.4 1.9 2.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,596.7 7,801.1 7,615.8 7,662.0 7,753.5 7,882.9 7,906.1 8,002.1
Per capita:
Current dollars...................... 27,259 28,227 27,425 27,720 28,022 28,540 28,623 29,133
Chained (2000) dollars............... 26,355 26,800 26,320 26,419 26,673 27,048 27,058 27,326
Population (midperiod, thousands)\3\..... 288,240 291,085 289,360 290,016 290,689 291,445 292,190 292,841
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
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]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/r/ May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 45.3 54.0 36.4 51.2 49.5 44.9 61.1 55.9
Compensation of employees, received...... 29.8 37.6 -2.0 59.1 39.5 30.7 39.2 43.7
Wage and salary disbursements.......... 25.0 32.8 -4.9 38.8 27.3 19.1 32.2 35.3
Private industries................... 24.3 32.8 -7.0 33.1 24.6 16.4 25.9 39.6
Goods-producing industries......... 8.2 10.8 .5 8.1 4.8 5.2 4.1 7.7
Manufacturing.................... 5.2 8.7 .5 4.2 3.5 1.6 2.4 5.0
Services-producing industries...... 16.1 22.0 -7.4 24.9 19.8 11.2 21.8 31.8
Trade, transportation, and
utilities....................... 7.5 3.4 -4.8 8.5 5.3 3.1 4.7 5.3
Other services-producing
industries...................... 8.6 18.6 -2.6 16.5 14.4 8.1 17.1 26.5
Government........................... .6 .1 2.1 5.7 2.7 2.7 6.2 -4.1
Supplements to wages and salaries...... 4.8 4.7 2.9 20.3 12.2 11.5 7.2 8.2
Employer contributions for employee
pension and insurance funds......... 3.1 2.6 3.1 10.4 10.2 10.3 5.4 5.4
Employer contributions for government
social insurance.................... 1.8 2.1 -.2 9.9 2.0 1.2 1.8 2.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 2.6 6.5 7.7 3.4 6.7 16.6 13.9 10.8
Farm................................... 2.0 1.4 -.2 -4.8 -.2 .3 4.8 2.6
Nonfarm................................ .6 5.2 7.8 8.1 7.0 16.3 9.2 8.1
Rental income of persons with capital
consumption adjustment.................. 10.3 10.0 10.2 -2.3 -2.2 -2.5 2.5 2.3
Personal income receipts on assets....... 8.4 8.7 8.9 1.2 1.3 1.4 3.4 3.5
Personal interest income............... 6.1 6.2 6.2 -1.5 -1.4 -1.5 .6 .6
Personal dividend income............... 2.3 2.5 2.7 2.7 2.8 2.8 2.8 2.9
Personal current transfer receipts....... -2.2 -4.4 11.2 6.4 8.3 1.3 5.6 1.3
Government social benefits to persons.. -2.9 -4.3 11.3 6.5 8.1 1.1 5.1 1.1
Old-age, survivors, disability, and
health insurance benefits........... 4.4 1.8 7.8 2.8 11.2 1.6 4.8 .7
Government unemployment insurance
benefits............................ -.8 -5.4 2.3 -4.9 -5.5 -3.2 -3.1 -.8
Other................................ -6.5 -.8 1.3 8.6 2.4 2.7 3.4 1.2
Other current transfer receipts, from
business (net)........................ .7 -.1 -.1 -.1 .2 .2 .5 .2
Less: Contributions for government social
insurance............................... 3.5 4.5 -.5 16.6 4.2 2.4 3.7 5.5
Less: Personal current taxes............... 7.1 7.7 2.9 -36.2 5.7 4.5 8.7 8.2
Equals: Disposable personal income......... 38.3 46.3 33.5 87.4 43.8 40.5 52.3 47.8
Less: Personal outlays..................... 12.2 53.2 60.2 41.4 28.7 49.3 16.3 79.6
Personal consumption expenditures........ 8.1 52.1 59.1 42.7 29.9 50.6 14.4 77.6
Durable goods.......................... -17.9 5.2 22.5 -34.6 6.0 12.0 -5.3 16.2
Nondurable goods....................... 5.6 20.6 6.5 40.8 10.2 26.5 -2.1 28.8
Services............................... 20.3 26.4 30.1 36.4 13.9 12.0 21.8 32.6
Personal interest payments\1\............ .7 .6 .7 -1.8 -1.7 -1.8 1.5 1.5
Personal current transfer payments....... 3.4 .4 .5 .5 .4 .5 .4 .5
To government.......................... .3 .5 .4 .4 .4 .5 .4 .5
To the rest of the world (net)......... 3.1 .0 .0 .1 .0 .0 .0 .0
Equals: Personal saving.................... 26.1 -7.0 -26.7 46.1 15.1 -8.8 36.0 -31.8
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 34.0 45.8 15.3 48.8 25.2 14.5 33.1 2.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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 IV 02 I 03 II 03 III 03 IV 03 I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 197.2 297.7 37.3 67.4 97.2 110.4 124.7 141.5
Compensation of employees, received...... 78.7 183.9 26.9 56.4 51.8 63.2 72.6 106.8
Wage and salary disbursements.......... 31.7 125.6 18.2 34.1 39.0 46.6 57.8 71.1
Private industries................... -12.4 87.9 7.7 17.9 29.4 46.1 56.7 61.2
Goods-producing industries......... -33.7 -.1 -3.6 -1.3 -2.4 3.9 19.4 16.9
Manufacturing.................... -33.4 -4.3 -3.7 -2.1 -4.0 1.1 13.3 10.3
Services-producing industries...... 21.2 88.1 11.3 19.2 31.8 42.2 37.3 44.2
Trade, transportation, and
utilities....................... -.2 19.2 .0 7.4 4.5 5.9 10.2 10.9
Other services-producing
industries...................... 21.4 68.9 11.3 11.9 27.2 36.3 27.1 33.3
Government........................... 44.1 37.8 10.6 16.2 9.5 .5 1.2 9.8
Supplements to wages and salaries...... 46.9 58.3 8.6 22.4 12.7 16.7 14.8 35.8
Employer contributions for employee
pension and insurance funds......... 37.8 43.6 6.9 14.2 11.0 13.4 10.8 23.5
Employer contributions for government
social insurance.................... 9.2 14.7 1.6 8.2 1.7 3.3 4.0 12.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 27.1 49.2 9.0 1.3 25.3 22.1 13.4 20.7
Farm................................... -10.7 5.2 2.8 -3.3 7.0 1.5 1.8 -4.4
Nonfarm................................ 37.8 44.0 6.2 4.6 18.3 20.6 11.5 25.2
Rental income of persons with capital
consumption adjustment.................. 9.9 -8.8 -13.7 4.2 -9.8 3.6 26.0 5.5
Personal income receipts on assets....... 3.6 14.8 4.5 -3.4 1.6 -1.0 16.0 11.3
Personal interest income............... -21.3 -17.8 -4.1 -10.6 -5.7 -7.9 8.7 3.3
Personal dividend income............... 25.0 32.5 8.6 7.2 7.3 6.9 7.3 8.1
Personal current transfer receipts....... 99.6 85.3 14.0 22.0 32.1 29.0 5.1 18.4
Government social benefits to persons.. 106.9 82.1 15.2 17.8 32.9 27.3 3.5 18.4
Old-age, survivors, disability, and
health insurance benefits........... 41.9 33.4 7.3 11.2 9.5 3.8 9.3 16.6
Government unemployment insurance
benefits............................ 21.7 2.2 -3.5 -1.9 4.4 2.3 -3.0 -10.0
Other................................ 43.3 46.5 11.4 8.4 18.9 21.3 -2.8 11.7
Other current transfer receipts, from
business (net)........................ -7.3 3.3 -1.1 4.3 -.8 1.6 1.6 .0
Less: Contributions for government social
insurance............................... 21.8 26.5 3.4 13.2 3.6 6.7 8.2 21.4
Less: Personal current taxes............... -190.6 -61.7 -7.4 -36.2 -9.2 -61.7 79.2 -26.4
Equals: Disposable personal income......... 387.8 359.3 44.6 103.6 106.6 172.0 45.5 167.9
Less: Personal outlays..................... 331.8 369.0 67.2 99.1 68.4 161.8 90.1 134.8
Personal consumption expenditures........ 339.9 372.1 73.0 99.5 72.9 162.7 82.8 136.3
Durable goods.......................... 29.4 30.3 -6.3 -9.1 28.0 48.9 -8.1 -9.9
Nondurable goods....................... 72.4 123.7 28.7 56.5 -4.9 59.2 32.2 67.7
Services............................... 238.2 218.2 50.6 52.1 49.8 54.6 58.7 78.6
Personal interest payments\1\............ -14.4 -9.3 -8.5 -1.5 -3.0 1.4 3.0 -2.8
Personal current transfer payments....... 6.3 6.2 2.7 1.0 -1.3 -2.4 4.3 1.3
To government.......................... 4.0 4.5 1.0 1.2 1.2 1.2 1.2 1.2
To the rest of the world (net)......... 2.3 1.7 1.6 -.1 -2.6 -3.6 3.1 .1
Equals: Personal saving.................... 56.0 -9.7 -22.6 4.6 38.0 10.3 -44.6 33.1
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 276.5 204.4 10.6 46.2 91.5 129.4 23.2 96.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
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]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/r/ May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .5 .6 .4 .5 .5 .5 .6 .6
Compensation of employees, received...... .5 .6 .0 .9 .6 .5 .6 .7
Wage and salary disbursements.......... .5 .6 -.1 .7 .5 .4 .6 .7
Supplements to wages and salaries...... .4 .4 .3 1.8 1.1 1.0 .6 .7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .3 .8 .9 .4 .8 1.9 1.5 1.2
Rental income of persons with capital
consumption adjustment.................. 6.3 5.8 5.6 -1.2 -1.2 -1.3 1.4 1.2
Personal income receipts on assets....... .6 .6 .6 .1 .1 .1 .2 .2
Personal interest income............... .6 .6 .6 -.2 -.2 -.2 .1 .1
Personal dividend income............... .5 .6 .6 .6 .6 .6 .6 .6
Personal current transfer receipts....... -.2 -.3 .8 .5 .6 .1 .4 .1
Less: Contributions for government social
insurance............................... .4 .6 -.1 2.1 .5 .3 .5 .7
Less: Personal current taxes............... .7 .8 .3 -3.5 .6 .5 .9 .8
Equals: Disposable personal income......... .5 .6 .4 1.0 .5 .5 .6 .6
Addenda:
Personal consumption expenditures........ .1 .7 .7 .5 .4 .6 .2 1.0
Durable goods.......................... -1.8 .5 2.3 -3.5 .6 1.3 -.6 1.7
Nondurable goods....................... .3 .9 .3 1.8 .4 1.1 -.1 1.2
Services............................... .4 .6 .6 .8 .3 .3 .5 .7
Real disposable personal income.......... .4 .6 .2 .6 .3 .2 .4 .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 IV 02 I 03 II 03 III 03 IV 03 I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 2.3 3.3 1.7 3.0 4.4 4.9 5.5 6.2
Compensation of employees, received...... 1.3 3.1 1.8 3.8 3.4 4.2 4.7 7.0
Wage and salary disbursements.......... .6 2.5 1.5 2.8 3.1 3.7 4.6 5.6
Supplements to wages and salaries...... 4.7 5.6 3.3 8.7 4.8 6.2 5.4 13.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 3.5 6.2 4.6 .6 13.0 11.0 6.4 9.8
Rental income of persons with capital
consumption adjustment.................. 6.1 -5.1 -28.2 11.1 -22.0 9.7 84.6 12.6
Personal income receipts on assets....... .3 1.1 1.3 -1.0 .5 -.3 4.7 3.3
Personal interest income............... -2.1 -1.8 -1.6 -4.2 -2.3 -3.2 3.7 1.4
Personal dividend income............... 6.7 8.2 8.8 7.2 7.2 6.7 6.9 7.6
Personal current transfer receipts....... 8.4 6.6 4.4 6.9 9.9 8.7 1.5 5.3
Less: Contributions for government social
insurance............................... 3.0 3.5 1.8 7.2 1.9 3.5 4.3 11.3
Less: Personal current taxes............... -15.3 -5.9 -2.8 -13.1 -3.6 -22.5 38.3 -10.0
Equals: Disposable personal income......... 5.2 4.6 2.3 5.3 5.4 8.7 2.2 8.3
Addenda:
Personal consumption expenditures........ 4.8 5.0 4.0 5.4 3.9 8.8 4.3 7.1
Durable goods.......................... 3.3 3.3 -2.7 -4.0 13.1 22.9 -3.3 -4.0
Nondurable goods....................... 3.6 5.9 5.6 11.1 -.9 11.4 5.9 12.5
Services............................... 5.7 5.0 4.6 4.7 4.5 4.9 5.2 6.9
Real disposable personal income.......... 3.8 2.7 .6 2.4 4.9 6.8 1.2 4.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/r/ May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,438.6 7,489.8 7,530.2 7,538.5 7,551.7 7,577.0 7,575.5 7,608.2
Durable goods............................ 1,054.9 1,064.7 1,093.0 1,052.1 1,058.6 1,071.4 1,065.5 1,083.3
Nondurable goods......................... 2,143.8 2,170.9 2,172.6 2,196.1 2,195.9 2,203.7 2,199.9 2,201.9
Services................................. 4,251.4 4,266.9 4,280.9 4,300.0 4,307.5 4,314.0 4,321.0 4,336.2
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 5.5 51.2 40.4 8.3 13.2 25.3 -1.5 32.7
Durable goods............................ -16.7 9.8 28.3 -40.9 6.5 12.8 -5.9 17.8
Nondurable goods......................... 13.1 27.1 1.7 23.5 -.2 7.8 -3.8 2.0
Services................................. 6.6 15.5 14.0 19.1 7.5 6.5 7.0 15.2
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .1 .7 .5 .1 .2 .3 .0 .4
Durable goods............................ -1.6 .9 2.7 -3.7 .6 1.2 -.6 1.7
Nondurable goods......................... .6 1.3 .1 1.1 .0 .4 -.2 .1
Services................................. .2 .4 .3 .4 .2 .2 .2 .4
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 02 I 03 II 03 III 03 IV 03 I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,140.4 7,365.2 7,198.9 7,244.1 7,304.0 7,426.6 7,486.2 7,555.8
Durable goods............................ 957.2 1,027.5 963.8 965.0 1,005.1 1,069.1 1,070.8 1,060.7
Nondurable goods......................... 2,043.6 2,121.0 2,061.8 2,090.5 2,096.9 2,134.3 2,162.4 2,198.6
Services................................. 4,141.8 4,225.7 4,175.4 4,190.7 4,208.4 4,237.2 4,266.4 4,307.2
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 235.8 224.8 39.7 45.2 59.9 122.6 59.6 69.6
Durable goods............................ 58.1 70.3 .7 1.2 40.1 64.0 1.7 -10.1
Nondurable goods......................... 60.3 77.4 23.0 28.7 6.4 37.4 28.1 36.2
Services................................. 119.4 83.9 16.0 15.3 17.7 28.8 29.2 40.8
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.4 3.1 2.2 2.5 3.3 6.9 3.2 3.8
Durable goods............................ 6.5 7.4 .3 .5 17.7 28.0 .7 -3.7
Nondurable goods......................... 3.0 3.8 4.6 5.7 1.2 7.3 5.4 6.9
Services................................. 3.0 2.0 1.5 1.5 1.7 2.8 2.8 3.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/r/ May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 105.733 105.705 105.924 106.373 106.583 106.896 107.107 107.667
Durable goods............................ 90.626 90.273 89.995 90.215 90.216 90.264 90.266 90.277
Nondurable goods......................... 104.786 104.424 104.645 105.386 105.855 106.687 106.774 107.986
Services................................. 109.672 109.895 110.238 110.594 110.723 110.835 111.160 111.523
Addendum:
Personal consumption expenditures
excluding food and energy............... 105.136 105.228 105.406 105.644 105.751 105.947 106.161 106.412
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .0 .0 .2 .4 .2 .3 .2 .5
Durable goods............................ -.3 -.4 -.3 .2 .0 .1 .0 .0
Nondurable goods......................... -.4 -.3 .2 .7 .4 .8 .1 1.1
Services................................. .3 .2 .3 .3 .1 .1 .3 .3
Addendum:
Personal consumption expenditures
excluding food and energy............... .2 .1 .2 .2 .1 .2 .2 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/r/ May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 3.4 3.9 4.1 4.3 4.6 4.4 4.4 3.8
Personal consumption expenditures.......... 3.9 4.1 4.0 4.0 4.5 4.4 4.3 4.1
Durable goods............................ 12.3 11.6 9.6 9.1 10.7 10.0 7.6 7.6
Nondurable goods......................... 4.6 5.1 5.0 4.8 5.4 5.3 5.7 5.0
Services................................. 2.0 2.1 2.4 2.7 2.8 2.9 3.0 3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/r/ May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.7 1.5 1.4 1.7 1.5 1.6 2.0 2.5
Durable goods............................ -4.1 -4.2 -3.9 -3.3 -3.0 -2.8 -2.5 -1.9
Nondurable goods......................... 1.9 1.6 1.9 2.2 1.5 1.8 2.8 4.7
Services................................. 2.8 2.6 2.3 2.5 2.5 2.4 2.6 2.5
Addendum:
Personal consumption expenditures
less food and energy.................... 1.1 1.0 .8 1.1 1.2 1.4 1.6 1.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
|
|
