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James E. Rankin: (202) 606-5301 (Personal Income) BEA 04-62
Michael Armah: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: NOVEMBER 2004
Personal income increased $30.4 billion, or 0.3 percent, and disposable personal income
(DPI) increased $26.5 billion, or 0.3 percent, in November, according to the Bureau of Economic
Analysis. Personal consumption expenditures (PCE) increased $13.5 billion, or 0.2 percent. In
October, personal income increased $62.6 billion, or 0.6 percent, DPI increased $54.4 billion, or
0.6 percent, and PCE increased $66.5 billion, or 0.8 percent, based on revised estimates.
2004
July Aug. Sept. Oct. Nov.
(Percent change from preceding month)
Personal income, current dollars 0.2 0.4 0.2 0.6 0.3
Disposable personal income:
Current dollars 0.2 0.4 0.2 0.6 0.3
Chained (2000) dollars 0.2 0.3 0.1 0.2 0.2
Personal consumption expenditures:
Current dollars 1.2 0.1 0.6 0.8 0.2
Chained (2000) dollars 1.2 0.0 0.5 0.4 0.0
Wages and salaries
Private wage and salary disbursements increased $10.3 billion in November, compared with
an increase of $29.7 billion in October. Goods-producing industries' payrolls increased $2.3
billion, compared with an increase of $3.6 billion; manufacturing payrolls increased $0.7 billion,
in contrast to a decrease of $0.5 billion. Services-producing industries' payrolls increased $7.9
billion, compared with an increase of $26.3 billion. Government wage and salary disbursements
increased $1.9 billion, compared with an increase of $1.5 billion.
Other personal income
Supplements to wages and salaries increased $4.1 billion in November, compared with an
increase of $5.2 billion in October.
Proprietors' income increased $3.8 billion in November, compared with an increase of $16.2
billion in October. Farm proprietors' income increased $0.5 billion, compared with an increase of
$2.7 billion. Nonfarm proprietors' income increased $3.3 billion, compared with an increase of
$13.5 billion. Changes in nonfarm proprietors' income reflected the impact of Hurricanes
Frances, Ivan, and Jeanne, which had subtracted $8.9 billion (at an annual rate) in September.
Rental income of persons decreased $3.2 billion in November, in contrast to an increase of
$27.7 billion. Changes in rental income reflected the impact of Hurricanes Frances, Ivan,
and Jeanne, which had subtracted $30.3 billion (at an annual rate) in September.
Personal income receipts on assets (personal interest income plus personal dividend income)
increased $7.1 billion in November, compared with an increase of $7.4 billion in October.
Personal current transfer receipts increased $7.8 billion in November, in contrast to a
decrease of $20.9 billion in October. Changes in personal current transfer receipts reflected the
impact of Hurricanes Frances, Ivan, and Jeanne, which had added $27.5 billion (at an
annual rate) in September.
Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $1.4 billion in November, compared with an increase of $4.4 billion in October.
Personal current taxes and disposable personal income
Personal current taxes increased $3.9 billion in November, compared with an increase of
$8.2 billion in October. Disposable personal income (DPI) -- personal income less personal
current taxes -- increased $26.5 billion, or 0.3 percent, in November, compared with an increase
of $54.4 billion, or 0.6 percent, in October.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $14.5 billion in November, compared with an increase of $67.6 billion in October. PCE
increased $13.5 billion, compared with an increase of $66.5 billion.
Personal saving -- DPI less personal outlays -- was $22.2 billion in November, compared
with $10.2 billion in October. Personal saving as a percentage of disposable personal income was
0.3 percent in November, compared with 0.1 percent in October.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in November, the
same increase as in October.
Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in
November, compared with an increase of 0.4 percent in October. Purchases of durable goods
decreased 2.4 percent, in contrast to an increase of 0.7 percent. Purchases of motor vehicles and
parts more than accounted for the November decrease and accounted for most of the October
increase. Purchases of nondurable goods increased 0.4 percent in November, the same increase as
in October. Purchases of services increased 0.3 percent in November, compared with an increase
of 0.4 percent in October.
Revisions
Estimates have been revised for July through October. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) 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
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 19.1 21.0 0.2 0.2 61.7 62.6 0.6 0.6
Disposable personal income:
Current dollars.......... 14.0 16.6 0.2 0.2 53.6 54.4 0.6 0.6
Chained (2000) dollars... 6.7 7.1 0.1 0.1 17.4 18.9 0.2 0.2
Personal consumption expenditures:
Current dollars.......... 51.4 52.6 0.6 0.6 61.2 66.5 0.7 0.8
Chained (2000) dollars... 41.5 40.8 0.5 0.5 25.7 31.2 0.3 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 December will be released on
January 31, 2005, at 8:30 A.M. EST.
Release dates in 2005
December 2004.... January 31 April 2005.... May 27 August 2005......... September 30
January 2005....... February 28 May 2005..... June 30 September 2005... October 31
February 2005..... March 31 June 2005..... August 2 October 2005....... December 1
March 2005......... April 29 July 2005...... September 1 November 2005... December 22
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/r/ Oct 04/r/ Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,550.0 9,603.8 9,624.2 9,642.6 9,679.7 9,700.7 9,763.3 9,793.7
Compensation of employees, received...... 6,553.0 6,593.0 6,594.1 6,630.4 6,657.5 6,684.2 6,720.8 6,737.0
Wage and salary disbursements.......... 5,290.8 5,325.0 5,322.7 5,353.6 5,375.1 5,396.5 5,427.7 5,439.9
Private industries................... 4,365.6 4,403.0 4,399.5 4,427.8 4,446.4 4,466.3 4,496.0 4,506.3
Goods-producing industries......... 1,028.2 1,038.7 1,037.9 1,040.0 1,047.6 1,051.4 1,055.0 1,057.3
Manufacturing.................... 675.3 683.5 682.6 683.7 689.1 690.8 690.3 691.0
Services-producing industries...... 3,337.4 3,364.3 3,361.6 3,387.8 3,398.8 3,414.8 3,441.1 3,449.0
Trade, transportation, and
utilities....................... 883.1 888.3 887.1 895.7 897.3 903.8 907.1 907.5
Other services-producing
industries...................... 2,454.3 2,475.9 2,474.5 2,492.1 2,501.5 2,511.1 2,534.0 2,541.5
Government........................... 925.2 922.0 923.2 925.8 928.7 930.2 931.7 933.6
Supplements to wages and salaries...... 1,262.2 1,268.0 1,271.4 1,276.9 1,282.4 1,287.8 1,293.0 1,297.1
Employer contributions for employee
pension and insurance funds......... 867.0 870.2 873.9 877.5 881.6 885.7 888.9 892.3
Employer contributions for government
social insurance.................... 395.2 397.8 397.4 399.3 400.8 402.1 404.1 404.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 893.5 901.2 909.4 905.6 904.9 898.1 914.3 918.1
Farm................................... 18.3 19.0 19.5 15.0 13.6 12.3 15.0 15.5
Nonfarm................................ 875.3 882.2 889.9 890.6 891.3 885.8 899.3 902.6
Rental income of persons with capital
consumption adjustment.................. 172.0 172.8 172.9 170.5 156.8 134.2 161.9 158.7
Personal income receipts on assets....... 1,345.4 1,352.2 1,359.4 1,363.6 1,367.8 1,372.1 1,379.5 1,386.6
Personal interest income............... 938.2 941.7 945.1 945.8 946.5 947.2 950.9 954.7
Personal dividend income............... 407.1 410.6 414.3 417.8 421.3 424.9 428.5 431.9
Personal current transfer receipts....... 1,396.6 1,400.6 1,404.1 1,392.4 1,415.7 1,438.1 1,417.2 1,425.0
Government social benefits to persons.. 1,367.3 1,371.3 1,374.8 1,363.1 1,372.9 1,381.3 1,388.0 1,395.8
Old-age, survivors, disability, and
health insurance benefits........... 772.7 774.7 774.6 778.0 782.3 786.9 790.8 794.5
Government unemployment insurance
benefits............................ 34.5 33.3 32.6 32.0 32.6 32.5 31.3 30.9
Other................................ 560.1 563.2 567.5 553.2 558.0 561.9 565.9 570.4
Other current transfer receipts, from
business (net)........................ 29.3 29.3 29.3 29.2 42.8 56.8 29.2 29.2
Less: Contributions for government social
insurance............................... 810.5 815.9 815.7 819.9 823.1 826.0 830.4 831.8
Less: Personal current taxes............... 1,024.5 1,032.6 1,034.6 1,039.3 1,043.6 1,048.1 1,056.3 1,060.2
Equals: Disposable personal income......... 8,525.4 8,571.2 8,589.6 8,603.3 8,636.0 8,652.6 8,707.0 8,733.5
Less: Personal outlays..................... 8,400.4 8,484.6 8,461.0 8,561.9 8,573.2 8,629.2 8,696.8 8,711.3
Personal consumption expenditures........ 8,108.3 8,189.8 8,163.3 8,259.7 8,267.6 8,320.2 8,386.7 8,400.2
Durable goods.......................... 967.9 999.8 958.7 1,016.0 996.5 1,008.4 1,017.0 992.7
Nondurable goods....................... 2,333.2 2,364.6 2,365.8 2,375.6 2,384.0 2,402.1 2,440.5 2,450.6
Services............................... 4,807.2 4,825.4 4,838.8 4,868.1 4,887.0 4,909.7 4,929.2 4,956.9
Personal interest payments\1\............ 180.3 182.6 184.9 187.8 190.6 193.5 194.0 194.5
Personal current transfer payments....... 111.7 112.2 112.8 114.5 115.0 115.6 116.1 116.7
To government.......................... 69.6 70.2 70.7 71.2 71.8 72.4 72.9 73.5
To the rest of the world (net)......... 42.1 42.1 42.1 43.2 43.2 43.2 43.2 43.2
Equals: Personal saving.................... 125.1 86.6 128.6 41.4 62.9 23.4 10.2 22.2
Personal saving as a percentage of
disposable personal income.............. 1.5 1.0 1.5 .5 .7 .3 .1 .3
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,943.8 7,956.4 7,954.5 7,970.5 7,996.4 8,003.5 8,022.4 8,035.9
Per capita:
Current dollars...................... 29,070 29,203 29,242 29,264 29,349 29,379 29,538 29,604
Chained (2000) dollars............... 27,087 27,108 27,080 27,111 27,175 27,174 27,215 27,239
Population (midperiod, thousands)\3\..... 293,270 293,501 293,742 293,992 294,258 294,523 294,774 295,013
-----------------------------------------------------------------------------------------------------------------------------------
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 II 03 III 03 IV 03 I 04 II 04 III 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,878.9 9,161.8 9,105.7 9,209.3 9,330.0 9,445.0 9,592.7 9,674.3
Compensation of employees, received...... 6,069.5 6,289.0 6,247.0 6,324.7 6,406.7 6,487.9 6,580.0 6,657.4
Wage and salary disbursements.......... 4,976.3 5,103.6 5,073.3 5,128.6 5,188.9 5,239.2 5,312.8 5,375.0
Private industries................... 4,113.7 4,205.6 4,175.6 4,227.5 4,283.9 4,321.8 4,389.3 4,446.8
Goods-producing industries......... 1,010.2 1,007.7 999.7 1,005.8 1,025.6 1,019.0 1,034.9 1,046.3
Manufacturing.................... 675.2 668.8 663.4 665.9 680.1 669.9 680.5 687.9
Services-producing industries...... 3,103.5 3,198.0 3,175.9 3,221.6 3,258.3 3,302.9 3,354.4 3,400.5
Trade, transportation, and
utilities....................... 843.6 858.6 852.9 860.7 872.0 872.4 886.2 898.9
Other services-producing
industries...................... 2,259.9 2,339.4 2,322.9 2,360.9 2,386.4 2,430.5 2,468.3 2,501.6
Government........................... 862.6 897.9 897.8 901.1 905.0 917.3 923.5 928.2
Supplements to wages and salaries...... 1,093.2 1,185.5 1,173.7 1,196.1 1,217.8 1,248.8 1,267.2 1,282.3
Employer contributions for employee
pension and insurance funds......... 729.6 808.9 799.0 817.9 835.9 856.5 870.4 881.6
Employer contributions for government
social insurance.................... 363.6 376.6 374.6 378.2 381.9 392.3 396.8 400.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.6 834.1 825.7 852.0 864.7 872.1 901.4 902.9
Farm................................... 9.7 21.8 24.1 24.8 24.7 17.9 18.9 13.6
Nonfarm................................ 759.9 812.3 801.6 827.2 840.0 854.2 882.5 889.3
Rental income of persons with capital
consumption adjustment.................. 170.9 153.8 144.1 148.8 167.1 172.8 172.6 153.8
Personal income receipts on assets....... 1,334.6 1,322.7 1,324.7 1,314.4 1,325.8 1,337.1 1,352.3 1,367.8
Personal interest income............... 946.7 929.9 932.4 922.8 932.0 936.2 941.7 946.5
Personal dividend income............... 387.9 392.8 392.3 391.6 393.8 400.9 410.6 421.3
Personal current transfer receipts....... 1,282.7 1,335.4 1,333.1 1,346.2 1,350.7 1,379.0 1,400.4 1,415.4
Government social benefits to persons.. 1,248.9 1,306.4 1,304.1 1,317.4 1,322.0 1,349.6 1,371.1 1,372.5
Old-age, survivors, disability, and
health insurance benefits........... 708.3 733.8 731.1 736.6 744.9 762.1 774.0 782.4
Government unemployment insurance
benefits............................ 53.2 52.8 54.8 54.3 51.6 41.4 33.5 32.4
Other................................ 487.5 519.8 518.3 526.5 525.5 546.1 563.6 557.7
Other current transfer receipts, from
business (net)........................ 33.7 28.9 29.0 28.9 28.8 29.3 29.3 42.9
Less: Contributions for government social
insurance............................... 748.3 773.2 768.9 776.7 785.0 803.9 814.0 823.0
Less: Personal current taxes............... 1,051.2 1,001.9 1,030.7 941.7 1,009.4 1,006.6 1,030.6 1,043.7
Equals: Disposable personal income......... 7,827.7 8,159.9 8,075.0 8,267.6 8,320.5 8,438.4 8,562.1 8,630.7
Less: Personal outlays..................... 7,668.5 8,049.3 7,982.9 8,107.8 8,209.4 8,351.6 8,448.7 8,588.1
Personal consumption expenditures........ 7,376.1 7,760.9 7,696.3 7,822.5 7,914.9 8,060.2 8,153.8 8,282.5
Durable goods.......................... 916.2 950.7 946.8 972.7 971.1 976.3 975.5 1,007.0
Nondurable goods....................... 2,080.1 2,200.1 2,163.6 2,219.2 2,250.1 2,316.6 2,354.6 2,387.2
Services............................... 4,379.8 4,610.1 4,585.9 4,630.6 4,693.6 4,767.3 4,823.8 4,888.2
Personal interest payments\1\............ 197.2 185.3 184.8 183.3 185.9 181.1 182.6 190.6
Personal current transfer payments....... 95.3 103.1 101.8 102.1 108.6 110.3 112.2 115.0
To government.......................... 59.5 64.9 64.2 65.6 67.0 68.6 70.2 71.8
To the rest of the world (net)......... 35.7 38.2 37.6 36.5 41.6 41.7 42.1 43.2
Equals: Personal saving.................... 159.2 110.6 92.1 159.8 111.1 86.8 113.4 42.6
Personal saving as a percentage of
disposable personal income.............. 2.0 1.4 1.1 1.9 1.3 1.0 1.3 .5
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,559.5 7,733.8 7,671.1 7,822.9 7,849.6 7,897.0 7,951.5 7,990.2
Per capita:
Current dollars...................... 27,157 28,033 27,779 28,368 28,476 28,816 29,172 29,330
Chained (2000) dollars............... 26,227 26,569 26,389 26,842 26,865 26,967 27,092 27,154
Population (midperiod, thousands)\3\..... 288,240 291,085 290,689 291,445 292,190 292,838 293,504 294,258
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/r/ Oct 04/r/ Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 65.1 53.8 20.4 18.4 37.1 21.0 62.6 30.4
Compensation of employees, received...... 40.6 40.0 1.1 36.3 27.1 26.7 36.6 16.2
Wage and salary disbursements.......... 36.0 34.2 -2.3 30.9 21.5 21.4 31.2 12.2
Private industries................... 30.8 37.4 -3.5 28.3 18.6 19.9 29.7 10.3
Goods-producing industries......... 9.3 10.5 -.8 2.1 7.6 3.8 3.6 2.3
Manufacturing.................... 7.3 8.2 -.9 1.1 5.4 1.7 -.5 .7
Services-producing industries...... 21.4 26.9 -2.7 26.2 11.0 16.0 26.3 7.9
Trade, transportation, and
utilities....................... 9.7 5.2 -1.2 8.6 1.6 6.5 3.3 .4
Other services-producing
industries...................... 11.7 21.6 -1.4 17.6 9.4 9.6 22.9 7.5
Government........................... 5.2 -3.2 1.2 2.6 2.9 1.5 1.5 1.9
Supplements to wages and salaries...... 4.6 5.8 3.4 5.5 5.5 5.4 5.2 4.1
Employer contributions for employee
pension and insurance funds......... 2.6 3.2 3.7 3.6 4.1 4.1 3.2 3.4
Employer contributions for government
social insurance.................... 1.9 2.6 -.4 1.9 1.5 1.3 2.0 .6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 10.0 7.7 8.2 -3.8 -.7 -6.8 16.2 3.8
Farm................................... .8 .7 .5 -4.5 -1.4 -1.3 2.7 .5
Nonfarm................................ 9.3 6.9 7.7 .7 .7 -5.5 13.5 3.3
Rental income of persons with capital
consumption adjustment.................. .2 .8 .1 -2.4 -13.7 -22.6 27.7 -3.2
Personal income receipts on assets....... 6.6 6.8 7.2 4.2 4.2 4.3 7.4 7.1
Personal interest income............... 3.4 3.5 3.4 .7 .7 .7 3.7 3.8
Personal dividend income............... 3.1 3.5 3.7 3.5 3.5 3.6 3.6 3.4
Personal current transfer receipts....... 11.9 4.0 3.5 -11.7 23.3 22.4 -20.9 7.8
Government social benefits to persons.. 12.0 4.0 3.5 -11.7 9.8 8.4 6.7 7.8
Old-age, survivors, disability, and
health insurance benefits........... 5.4 2.0 -.1 3.4 4.3 4.6 3.9 3.7
Government unemployment insurance
benefits............................ -3.0 -1.2 -.7 -.6 .6 -.1 -1.2 -.4
Other................................ 9.6 3.1 4.3 -14.3 4.8 3.9 4.0 4.5
Other current transfer receipts, from
business (net)........................ -.1 .0 .0 -.1 13.6 14.0 -27.6 .0
Less: Contributions for government social
insurance............................... 4.2 5.4 -.2 4.2 3.2 2.9 4.4 1.4
Less: Personal current taxes............... 14.9 8.1 2.0 4.7 4.3 4.5 8.2 3.9
Equals: Disposable personal income......... 50.1 45.8 18.4 13.7 32.7 16.6 54.4 26.5
Less: Personal outlays..................... 13.8 84.2 -23.6 100.9 11.3 56.0 67.6 14.5
Personal consumption expenditures........ 10.6 81.5 -26.5 96.4 7.9 52.6 66.5 13.5
Durable goods.......................... -17.4 31.9 -41.1 57.3 -19.5 11.9 8.6 -24.3
Nondurable goods....................... -4.5 31.4 1.2 9.8 8.4 18.1 38.4 10.1
Services............................... 32.5 18.2 13.4 29.3 18.9 22.7 19.5 27.7
Personal interest payments\1\............ 2.2 2.3 2.3 2.9 2.8 2.9 .5 .5
Personal current transfer payments....... .9 .5 .6 1.7 .5 .6 .5 .6
To government.......................... .5 .6 .5 .5 .6 .6 .5 .6
To the rest of the world (net)......... .4 .0 .0 1.1 .0 .0 .0 .0
Equals: Personal saving.................... 36.4 -38.5 42.0 -87.2 21.5 -39.5 -13.2 12.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 35.4 12.6 -1.9 16.0 25.9 7.1 18.9 13.5
-----------------------------------------------------------------------------------------------------------------------------------
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 II 03 III 03 IV 03 I 04 II 04 III 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 154.8 282.9 103.5 103.6 120.7 115.0 147.7 81.6
Compensation of employees, received...... 127.4 219.5 69.3 77.7 82.0 81.2 92.1 77.4
Wage and salary disbursements.......... 33.5 127.3 50.0 55.3 60.3 50.3 73.6 62.2
Private industries................... -13.2 91.9 40.0 51.9 56.4 37.9 67.5 57.5
Goods-producing industries......... -34.1 -2.5 .2 6.1 19.8 -6.6 15.9 11.4
Manufacturing.................... -33.6 -6.4 -2.3 2.5 14.2 -10.2 10.6 7.4
Services-producing industries...... 20.9 94.5 39.9 45.7 36.7 44.6 51.5 46.1
Trade, transportation, and
utilities....................... -1.0 15.0 4.3 7.8 11.3 .4 13.8 12.7
Other services-producing
industries...................... 21.9 79.5 35.5 38.0 25.5 44.1 37.8 33.3
Government........................... 46.7 35.3 10.0 3.3 3.9 12.3 6.2 4.7
Supplements to wages and salaries...... 93.9 92.3 19.4 22.4 21.7 31.0 18.4 15.1
Employer contributions for employee
pension and insurance funds......... 86.9 79.3 16.3 18.9 18.0 20.6 13.9 11.2
Employer contributions for government
social insurance.................... 7.0 13.0 3.0 3.6 3.7 10.4 4.5 4.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -2.3 64.5 31.7 26.3 12.7 7.4 29.3 1.5
Farm................................... -10.0 12.1 10.3 .7 -.1 -6.8 1.0 -5.3
Nonfarm................................ 7.7 52.4 21.4 25.6 12.8 14.2 28.3 6.8
Rental income of persons with capital
consumption adjustment.................. 3.5 -17.1 -11.4 4.7 18.3 5.7 -.2 -18.8
Personal income receipts on assets....... -45.4 -11.9 -1.2 -10.3 11.4 11.3 15.2 15.5
Personal interest income............... -64.3 -16.8 .0 -9.6 9.2 4.2 5.5 4.8
Personal dividend income............... 18.9 4.9 -1.2 -.7 2.2 7.1 9.7 10.7
Personal current transfer receipts....... 88.8 52.7 21.7 13.1 4.5 28.3 21.4 15.0
Government social benefits to persons.. 105.0 57.5 21.9 13.3 4.6 27.6 21.5 1.4
Old-age, survivors, disability, and
health insurance benefits........... 39.8 25.5 8.3 5.5 8.3 17.2 11.9 8.4
Government unemployment insurance
benefits............................ 21.5 -.4 4.4 -.5 -2.7 -10.2 -7.9 -1.1
Other................................ 43.8 32.3 9.3 8.2 -1.0 20.6 17.5 -5.9
Other current transfer receipts, from
business (net)........................ -16.3 -4.8 -.2 -.1 -.1 .5 .0 13.6
Less: Contributions for government social
insurance............................... 17.2 24.9 6.5 7.8 8.3 18.9 10.1 9.0
Less: Personal current taxes............... -186.1 -49.3 5.0 -89.0 67.7 -2.8 24.0 13.1
Equals: Disposable personal income......... 340.9 332.2 98.5 192.6 52.9 117.9 123.7 68.6
Less: Personal outlays..................... 314.0 380.8 85.9 124.9 101.6 142.2 97.1 139.4
Personal consumption expenditures........ 321.1 384.8 86.5 126.2 92.4 145.3 93.6 128.7
Durable goods.......................... 32.5 34.5 34.7 25.9 -1.6 5.2 -.8 31.5
Nondurable goods....................... 63.0 120.0 -3.9 55.6 30.9 66.5 38.0 32.6
Services............................... 225.5 230.3 55.7 44.7 63.0 73.7 56.5 64.4
Personal interest payments\1\............ -15.0 -11.9 -2.3 -1.5 2.6 -4.8 1.5 8.0
Personal current transfer payments....... 8.1 7.8 1.8 .3 6.5 1.7 1.9 2.8
To government.......................... 5.3 5.4 1.4 1.4 1.4 1.6 1.6 1.6
To the rest of the world (net)......... 2.7 2.5 .4 -1.1 5.1 .1 .4 1.1
Equals: Personal saving.................... 26.9 -48.6 12.6 67.7 -48.7 -24.3 26.6 -70.8
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 226.2 174.3 79.9 151.8 26.7 47.4 54.5 38.7
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/r/ Oct 04/r/ Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .7 .6 .2 .2 .4 .2 .6 .3
Compensation of employees, received...... .6 .6 .0 .6 .4 .4 .5 .2
Wage and salary disbursements.......... .7 .6 .0 .6 .4 .4 .6 .2
Supplements to wages and salaries...... .4 .5 .3 .4 .4 .4 .4 .3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1.1 .9 .9 -.4 -.1 -.8 1.8 .4
Rental income of persons with capital
consumption adjustment.................. .1 .5 .1 -1.4 -8.0 -14.4 20.6 -1.9
Personal income receipts on assets....... .5 .5 .5 .3 .3 .3 .5 .5
Personal interest income............... .4 .4 .4 .1 .1 .1 .4 .4
Personal dividend income............... .8 .8 .9 .9 .8 .9 .9 .8
Personal current transfer receipts....... .9 .3 .2 -.8 1.7 1.6 -1.5 .5
Less: Contributions for government social
insurance............................... .5 .7 .0 .5 .4 .4 .5 .2
Less: Personal current taxes............... 1.5 .8 .2 .5 .4 .4 .8 .4
Equals: Disposable personal income......... .6 .5 .2 .2 .4 .2 .6 .3
Addenda:
Personal consumption expenditures........ .1 1.0 -.3 1.2 .1 .6 .8 .2
Durable goods.......................... -1.8 3.3 -4.1 6.0 -1.9 1.2 .9 -2.4
Nondurable goods....................... -.2 1.3 .1 .4 .4 .8 1.6 .4
Services............................... .7 .4 .3 .6 .4 .5 .4 .6
Real disposable personal income.......... .4 .2 .0 .2 .3 .1 .2 .2
-----------------------------------------------------------------------------------------------------------------------------------
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 II 03 III 03 IV 03 I 04 II 04 III 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 1.8 3.2 4.7 4.6 5.3 5.0 6.4 3.4
Compensation of employees, received...... 2.1 3.6 4.6 5.1 5.3 5.2 5.8 4.8
Wage and salary disbursements.......... .7 2.6 4.0 4.4 4.8 3.9 5.7 4.8
Supplements to wages and salaries...... 9.4 8.4 6.9 7.9 7.5 10.6 6.0 4.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.3 8.4 16.9 13.4 6.1 3.5 14.1 .7
Rental income of persons with capital
consumption adjustment.................. 2.1 -10.0 -26.3 13.6 59.0 14.6 -.6 -36.8
Personal income receipts on assets....... -3.3 -.9 -.4 -3.1 3.5 3.5 4.6 4.7
Personal interest income............... -6.4 -1.8 .0 -4.1 4.1 1.8 2.4 2.1
Personal dividend income............... 5.1 1.3 -1.3 -.7 2.2 7.4 10.1 10.8
Personal current transfer receipts....... 7.4 4.1 6.8 4.0 1.3 8.6 6.4 4.3
Less: Contributions for government social
insurance............................... 2.3 3.3 3.4 4.1 4.3 10.0 5.1 4.5
Less: Personal current taxes............... -15.0 -4.7 2.0 -30.3 32.0 -1.1 9.9 5.2
Equals: Disposable personal income......... 4.6 4.2 5.0 9.9 2.6 5.8 6.0 3.2
Addenda:
Personal consumption expenditures........ 4.6 5.2 4.6 6.7 4.8 7.5 4.7 6.5
Durable goods.......................... 3.7 3.8 16.1 11.4 -.6 2.2 -.4 13.6
Nondurable goods....................... 3.1 5.8 -.7 10.7 5.7 12.3 6.7 5.7
Services............................... 5.4 5.3 5.0 4.0 5.6 6.4 4.8 5.5
Real disposable personal income.......... 3.1 2.3 4.3 8.2 1.4 2.4 2.8 2.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/r/ Oct 04/r/ Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,555.2 7,602.4 7,559.7 7,652.2 7,655.2 7,696.0 7,727.2 7,729.2
Durable goods............................ 1,065.8 1,101.2 1,057.1 1,124.8 1,108.9 1,121.1 1,129.3 1,102.0
Nondurable goods......................... 2,186.9 2,192.3 2,184.9 2,202.8 2,211.3 2,225.5 2,234.0 2,243.8
Services................................. 4,311.7 4,323.3 4,324.9 4,342.2 4,349.7 4,365.5 4,380.8 4,395.0
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -.8 47.2 -42.7 92.5 3.0 40.8 31.2 2.0
Durable goods............................ -19.0 35.4 -44.1 67.7 -15.9 12.2 8.2 -27.3
Nondurable goods......................... -5.8 5.4 -7.4 17.9 8.5 14.2 8.5 9.8
Services................................. 20.3 11.6 1.6 17.3 7.5 15.8 15.3 14.2
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .0 .6 -.6 1.2 .0 .5 .4 .0
Durable goods............................ -1.8 3.3 -4.0 6.4 -1.4 1.1 .7 -2.4
Nondurable goods......................... -.3 .2 -.3 .8 .4 .6 .4 .4
Services................................. .5 .3 .0 .4 .2 .4 .4 .3
-----------------------------------------------------------------------------------------------------------------------------------
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 II 03 III 03 IV 03 I 04 II 04 III 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,123.4 7,355.6 7,311.4 7,401.7 7,466.8 7,543.0 7,572.4 7,667.8
Durable goods............................ 959.6 1,030.6 1,020.0 1,059.6 1,069.7 1,075.5 1,074.7 1,118.3
Nondurable goods......................... 2,037.4 2,112.4 2,090.1 2,125.3 2,152.0 2,187.3 2,188.0 2,213.2
Services................................. 4,128.6 4,220.3 4,207.7 4,227.9 4,256.7 4,291.7 4,320.0 4,352.4
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 213.0 232.2 69.2 90.3 65.1 76.2 29.4 95.4
Durable goods............................ 58.9 71.0 46.8 39.6 10.1 5.8 -.8 43.6
Nondurable goods......................... 50.7 75.0 8.1 35.2 26.7 35.3 .7 25.2
Services................................. 105.4 91.7 19.0 20.2 28.8 35.0 28.3 32.4
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.1 3.3 3.9 5.0 3.6 4.1 1.6 5.1
Durable goods............................ 6.5 7.4 20.6 16.5 3.9 2.2 -.3 17.2
Nondurable goods......................... 2.6 3.7 1.6 6.9 5.1 6.7 .1 4.7
Services................................. 2.6 2.2 1.8 1.9 2.8 3.3 2.7 3.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/r/ Oct 04/r/ Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 107.326 107.732 107.989 107.943 108.004 108.116 108.539 108.685
Durable goods............................ 90.778 90.753 90.645 90.291 89.827 89.904 90.017 90.038
Nondurable goods......................... 106.693 107.868 108.286 107.848 107.815 107.944 109.248 109.219
Services................................. 111.496 111.619 111.885 112.115 112.358 112.470 112.522 112.789
Addenda:
PCE excluding food and energy............ 106.435 106.508 106.625 106.661 106.726 106.872 107.002 107.130
Market-based PCE\1\...................... 106.862 107.339 107.676 107.623 107.666 107.732 108.248 108.424
Market-based PCE excluding food
and energy\1\........................... 105.671 105.768 105.955 105.999 106.043 106.139 106.327 106.489
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .1 .4 .2 .0 .1 .1 .4 .1
Durable goods............................ .0 .0 -.1 -.4 -.5 .1 .1 .0
Nondurable goods......................... .1 1.1 .4 -.4 .0 .1 1.2 .0
Services................................. .2 .1 .2 .2 .2 .1 .0 .2
Addenda:
PCE excluding food and energy............ .1 .1 .1 .0 .1 .1 .1 .1
Market-based PCE\1\...................... .2 .4 .3 .0 .0 .1 .5 .2
Market-based PCE excluding food
and energy\1\........................... .2 .1 .2 .0 .0 .1 .2 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/r/ Oct 04/r/ Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 4.1 3.6 3.3 2.0 1.6 2.8 2.8 2.2
Personal consumption expenditures.......... 3.6 4.1 3.0 3.8 3.0 4.0 4.2 3.4
Durable goods............................ 5.0 8.0 3.2 7.9 3.1 5.7 8.3 3.2
Nondurable goods......................... 5.0 5.3 3.8 4.1 3.4 4.9 4.6 3.8
Services................................. 2.7 2.7 2.6 2.8 2.9 3.2 3.2 3.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/r/ Oct 04/r/ Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 2.0 2.4 2.5 2.4 2.2 2.1 2.5 2.6
Durable goods............................ -2.7 -2.1 -1.9 -2.0 -2.2 -1.6 -1.1 -.8
Nondurable goods......................... 2.7 4.5 4.7 4.0 3.2 2.7 4.3 4.6
Services................................. 2.6 2.3 2.4 2.5 2.6 2.6 2.3 2.3
Addenda:
PCE excluding food and energy............ 1.6 1.5 1.5 1.4 1.5 1.6 1.5 1.5
Market-based PCE\1\...................... 2.0 2.5 2.7 2.5 2.2 2.0 2.6 2.9
Market-based PCE excluding food
and energy\1\........................... 1.5 1.4 1.6 1.4 1.4 1.4 1.5 1.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
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