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James E. Rankin: (202) 606-5301 (Personal Income)BEA 04-49
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2004
Personal income increased $15.1 billion, or 0.2 percent, and disposable personal income
(DPI) increased $9.0 billion, or 0.1 percent, in September, according to the Bureau of Economic
Analysis. Personal consumption expenditures (PCE) increased $49.8 billion, or 0.6 percent. In
August, personal income increased $25.3 billion, or 0.3 percent, DPI increased $20.0 billion, or
0.2 percent, and PCE decreased $6.4 billion, or 0.1 percent, based on revised estimates.
2004
May June July Aug. Sep.
(Percent change from preceding month)
Personal income, current dollars 0.5 0.2 0.2 0.3 0.2
Disposable personal income:
Current dollars 0.5 0.2 0.1 0.2 0.1
Chained (2000) dollars 0.1 0.0 0.1 0.2 0.0
Personal consumption expenditures:
Current dollars 1.0 -0.3 1.2 -0.1 0.6
Chained (2000) dollars 0.6 -0.6 1.2 -0.1 0.5
The September and August estimates of personal income reflect the effects of
Hurricanes Charley, Frances, Ivan, and Jeanne, which hit the southeastern part of the United
States during these months. BEA made largely offsetting adjustments to several components
of personal income. Rental income of persons and proprietors' income were reduced by
$40.5 billion (annual rate) in September and $13.6 billion (annual rate) in August to reflect
uninsured losses of residential and business property. "Other current transfer receipts from
business (net)" was boosted by $33.0 billion (annual rate) in September and $13.6 (annual
rate) billion in August to reflect net insurance settlements (actual losses less expected losses)
paid to persons. Because other effects of the hurricanes were embedded in BEA's source data
and could not be separately identified, BEA did not attempt to quantify their impact.
For more information on how disasters are treated in the national accounts, see the discussion
on BEA's Web site at </bea/faq/national/disasters.htm>.
Wages and salaries
Private wage and salary disbursements increased $18.3 billion in September, compared with
an increase of $14.8 billion in August. Goods-producing industries' payrolls increased $3.2
billion, compared with an increase of $6.5 billion; manufacturing payrolls increased $1.9 billion,
compared with an increase of $4.8 billion. Services-producing industries' payrolls increased
$15.0 billion, compared with an increase of $8.3 billion. Government wage and salary
disbursements increased $2.1 billion in September, the same increase as in August.
Other personal income
Supplements to wages and salaries increased $5.1 billion in September, the same increase as
in August.
Proprietors' income decreased $3.7 billion in September, compared with a decrease of $1.2
billion in August. Farm proprietors' income decreased $2.2 billion, compared with a decrease of
$3.0 billion. Nonfarm proprietors' income decreased $1.5 billion, in contrast to an increase of
$1.8 billion. Nonfarm proprietors' income was reduced $3.7 billion (at an annual rate) in
September and $1.4 billion (at an annual rate) in August to reflect uninsured losses of business
property from the impacts of Hurricanes Charley, Frances, Ivan, and Jeanne.
Rental income of persons decreased $27.7 billion in September, compared with a decrease of
$15.4 billion in August. Rental income was reduced $36.8 billion (at an annual rate) in September
and $12.2 billion (at an annual rate) in August to reflect uninsured losses of residential property
from the impacts of the hurricanes.
Personal income receipts on assets (personal interest income plus personal dividend income)
increased $3.6 billion in September, compared with an increase of $3.4 billion in August.
Personal current transfer receipts increased $20.5 billion in September, compared with an
increase of $19.1 billion in August. Personal current transfer receipts was boosted $33.0 billion
(at an annual rate) in September and $13.6 billion (at an annual rate) in August to reflect increases
in net insurance settlements (actual losses less expected losses) paid to persons for damage to
insured property from the impacts of the hurricanes.
Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $3.0 billion in September, compared with an increase of $2.7 billion in August.
Personal current taxes and disposable personal income
Personal current taxes increased $6.1 billion in September, compared with an increase of
$5.2 billion in August. Disposable personal income (DPI) -- personal income less personal
current taxes -- increased $9.0 billion, or 0.1 percent, in September, compared with an increase of
$20.0 billion, or 0.2 percent, in August.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer
payments -- increased $52.1 billion in September, in contrast to a decrease of $4.2 billion in
August. PCE increased $49.8 billion, in contrast to a decrease of $6.4 billion.
Personal saving -- DPI less personal outlays -- was $14.3 billion in September, compared
with $57.4 billion in August. Personal saving as a percentage of disposable personal income was
0.2 percent in September, compared with 0.7 percent in August.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in
September, compared with an increase of 0.2 percent in August.
Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in September, in
contrast to a decrease of 0.1 percent in August. Purchases of durable goods increased 1.5 percent,
in contrast to a decrease of 1.5 percent. Purchases of motor vehicles and parts accounted for
about one-half of the September increase and accounted for most of the August decrease.
Purchases of nondurable goods increased 0.4 percent in September, compared with an increase of
0.2 percent in August. Purchases of services increased 0.4 percent, compared with an increase of
0.1 percent.
Revisions
Estimates have been revised for July and August. Changes in personal income, current-dollar
and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for July and
August -- revised and as published in last month's release -- are shown below.
Change from preceding
July August
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars........... 19.9 17.2 0.2 0.2 35.1 25.3 0.4 0.3
Disposable personal income:
Current dollars........... 15.0 8.6 0.2 0.1 31.1 20.0 0.4 0.2
Chained (2000) dollars.... 17.2 11.1 0.2 0.1 28.9 18.0 0.4 0.2
Personal consumption expenditures:
Current dollars........... 90.2 94.1 1.1 1.2 0.0 -6.4 0.0 -0.1
Chained (2000) dollars.... 86.7 90.2 1.1 1.2 0.2 -6.5 0.0 -0.1
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.
Beginning with the personal income release on December 1, 2004, supplemental information on
personal consumption expenditures (PCE) prices will be added to two tables. In tables 9 and 11, "market-
based PCE" and "market-based PCE excluding food and energy" will be shown as addenda items. For
several months, BEA has made the market-based indexes available at the time of the personal income news
release. For more information on the market-based PCE measures, see the discussion under FAQs on
BEA's Web site: .
* * *
Next release -- Personal Income and Outlays for October will be released on
December 1, 2004, at 8:30 A.M. EST.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,445.9 9,484.9 9,542.3 9,592.1 9,615.7 9,632.9 9,658.2 9,673.3
Compensation of employees, received...... 6,490.3 6,512.4 6,544.3 6,579.6 6,584.4 6,618.7 6,640.8 6,666.1
Wage and salary disbursements.......... 5,241.3 5,254.8 5,282.6 5,312.5 5,313.6 5,342.7 5,359.6 5,379.9
Private industries................... 4,324.0 4,334.8 4,357.4 4,390.5 4,390.4 4,416.9 4,431.7 4,450.0
Goods-producing industries......... 1,018.2 1,018.9 1,022.8 1,030.7 1,030.4 1,032.6 1,039.1 1,042.3
Manufacturing.................... 669.9 668.0 670.4 676.0 675.7 676.8 681.6 683.5
Services-producing industries...... 3,305.8 3,316.0 3,334.7 3,359.8 3,360.0 3,384.3 3,392.6 3,407.6
Trade, transportation, and
utilities....................... 872.5 873.4 876.8 881.0 881.1 887.7 888.3 893.9
Other services-producing
industries...................... 2,433.2 2,442.6 2,457.9 2,478.8 2,478.9 2,496.6 2,504.3 2,513.8
Government........................... 917.3 920.0 925.2 922.0 923.2 925.8 927.9 930.0
Supplements to wages and salaries...... 1,249.0 1,257.6 1,261.7 1,267.1 1,270.7 1,276.0 1,281.1 1,286.2
Employer contributions for employee
pension and insurance funds......... 856.5 864.4 867.0 870.2 873.9 877.4 881.3 885.1
Employer contributions for government
social insurance.................... 392.5 393.3 394.6 396.9 396.8 398.6 399.8 401.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 870.0 883.5 893.5 901.2 909.4 905.2 904.0 900.3
Farm................................... 17.8 17.5 18.3 19.0 19.5 13.4 10.4 8.2
Nonfarm................................ 852.2 866.0 875.3 882.2 889.9 891.8 893.6 892.1
Rental income of persons with capital
consumption adjustment.................. 172.6 171.8 172.0 172.8 172.9 170.3 154.9 127.2
Personal income receipts on assets....... 1,337.0 1,338.8 1,345.4 1,352.2 1,359.4 1,362.9 1,366.3 1,369.9
Personal interest income............... 936.2 934.8 938.2 941.7 945.1 945.1 945.0 945.0
Personal dividend income............... 400.8 404.0 407.1 410.6 414.3 417.8 421.3 424.9
Personal current transfer receipts....... 1,380.5 1,384.7 1,396.6 1,400.6 1,404.1 1,394.3 1,413.4 1,433.9
Government social benefits to persons.. 1,351.2 1,355.3 1,367.3 1,371.3 1,374.8 1,365.0 1,370.6 1,371.6
Old-age, survivors, disability, and
health insurance benefits........... 764.6 767.3 772.7 774.7 774.6 777.4 781.7 785.7
Government unemployment insurance
benefits............................ 40.7 37.5 34.5 33.3 32.6 32.0 32.6 32.5
Other................................ 545.9 550.5 560.1 563.2 567.5 555.6 556.3 553.4
Other current transfer receipts, from
business (net)........................ 29.3 29.4 29.3 29.3 29.3 29.2 42.8 62.3
Less: Contributions for government social
insurance............................... 804.4 806.3 809.5 814.3 814.6 818.5 821.2 824.2
Less: Personal current taxes............... 1,006.9 1,009.6 1,023.2 1,030.6 1,033.1 1,041.9 1,047.1 1,053.2
Equals: Disposable personal income......... 8,439.0 8,475.3 8,519.1 8,561.5 8,582.5 8,591.1 8,611.1 8,620.1
Less: Personal outlays..................... 8,358.9 8,386.6 8,400.4 8,484.6 8,461.0 8,557.9 8,553.7 8,605.8
Personal consumption expenditures........ 8,067.5 8,097.7 8,108.3 8,189.8 8,163.3 8,257.4 8,251.0 8,300.8
Durable goods.......................... 979.0 985.3 967.9 999.8 958.7 1,014.1 994.0 1,010.1
Nondurable goods....................... 2,312.1 2,337.7 2,333.2 2,364.6 2,365.8 2,375.9 2,379.9 2,392.9
Services............................... 4,776.4 4,774.7 4,807.2 4,825.4 4,838.8 4,867.4 4,877.1 4,897.8
Personal interest payments\1\............ 181.1 178.1 180.3 182.6 184.9 186.6 188.4 190.1
Personal current transfer payments....... 110.3 110.8 111.7 112.2 112.8 113.8 114.4 114.9
To government.......................... 68.6 69.1 69.6 70.2 70.7 71.2 71.7 72.2
To the rest of the world (net)......... 41.7 41.7 42.1 42.1 42.1 42.7 42.7 42.7
Equals: Personal saving.................... 80.1 88.7 118.7 76.9 121.6 33.2 57.4 14.3
Personal saving as a percentage of
disposable personal income.............. .9 1.0 1.4 .9 1.4 .4 .7 .2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,899.0 7,908.4 7,937.9 7,947.4 7,947.9 7,959.0 7,977.0 7,978.9
Per capita:
Current dollars...................... 28,818 28,921 29,049 29,170 29,218 29,222 29,263 29,268
Chained (2000) dollars............... 26,974 26,986 27,067 27,078 27,057 27,072 27,108 27,090
Population (midperiod, thousands)\3\..... 292,836 293,049 293,270 293,501 293,743 293,994 294,263 294,528
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,878.9 9,161.8 9,105.7 9,209.3 9,330.0 9,445.0 9,583.4 9,654.8
Compensation of employees, received...... 6,069.5 6,289.0 6,247.0 6,324.7 6,406.7 6,487.9 6,569.4 6,641.9
Wage and salary disbursements.......... 4,976.3 5,103.6 5,073.3 5,128.6 5,188.9 5,239.2 5,302.9 5,360.7
Private industries................... 4,113.7 4,205.6 4,175.6 4,227.5 4,283.9 4,321.8 4,379.4 4,432.8
Goods-producing industries......... 1,010.2 1,007.7 999.7 1,005.8 1,025.6 1,019.0 1,028.0 1,038.0
Manufacturing.................... 675.2 668.8 663.4 665.9 680.1 669.9 674.0 680.7
Services-producing industries...... 3,103.5 3,198.0 3,175.9 3,221.6 3,258.3 3,302.9 3,351.5 3,394.8
Trade, transportation, and
utilities....................... 843.6 858.6 852.9 860.7 872.0 872.4 879.6 890.0
Other services-producing
industries...................... 2,259.9 2,339.4 2,322.9 2,360.9 2,386.4 2,430.5 2,471.9 2,504.9
Government........................... 862.6 897.9 897.8 901.1 905.0 917.3 923.5 927.9
Supplements to wages and salaries...... 1,093.2 1,185.5 1,173.7 1,196.1 1,217.8 1,248.8 1,266.5 1,281.1
Employer contributions for employee
pension and insurance funds......... 729.6 808.9 799.0 817.9 835.9 856.5 870.4 881.3
Employer contributions for government
social insurance.................... 363.6 376.6 374.6 378.2 381.9 392.3 396.1 399.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.6 834.1 825.7 852.0 864.7 872.1 901.4 903.2
Farm................................... 9.7 21.8 24.1 24.8 24.7 17.9 18.9 10.7
Nonfarm................................ 759.9 812.3 801.6 827.2 840.0 854.2 882.5 892.5
Rental income of persons with capital
consumption adjustment.................. 170.9 153.8 144.1 148.8 167.1 172.8 172.6 150.8
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 1,366.4
Personal interest income............... 946.7 929.9 932.4 922.8 932.0 936.2 941.7 945.0
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 1,413.9
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 1,369.1
Old-age, survivors, disability, and
health insurance benefits........... 708.3 733.8 731.1 736.6 744.9 762.1 774.0 781.6
Government unemployment insurance
benefits............................ 53.2 52.8 54.8 54.3 51.6 41.4 33.5 32.4
Other................................ 487.5 519.8 518.3 526.5 525.5 546.1 563.6 555.1
Other current transfer receipts, from
business (net)........................ 33.7 28.9 29.0 28.9 28.8 29.3 29.3 44.8
Less: Contributions for government social
insurance............................... 748.3 773.2 768.9 776.7 785.0 803.9 812.8 821.3
Less: Personal current taxes............... 1,051.2 1,001.9 1,030.7 941.7 1,009.4 1,006.6 1,029.0 1,047.4
Equals: Disposable personal income......... 7,827.7 8,159.9 8,075.0 8,267.6 8,320.5 8,438.4 8,554.4 8,607.4
Less: Personal outlays..................... 7,668.5 8,049.3 7,982.9 8,107.8 8,209.4 8,351.6 8,448.7 8,572.5
Personal consumption expenditures........ 7,376.1 7,760.9 7,696.3 7,822.5 7,914.9 8,060.2 8,153.8 8,269.7
Durable goods.......................... 916.2 950.7 946.8 972.7 971.1 976.3 975.5 1,006.1
Nondurable goods....................... 2,080.1 2,200.1 2,163.6 2,219.2 2,250.1 2,316.6 2,354.6 2,382.9
Services............................... 4,379.8 4,610.1 4,585.9 4,630.6 4,693.6 4,767.3 4,823.8 4,880.7
Personal interest payments\1\............ 197.2 185.3 184.8 183.3 185.9 181.1 182.6 188.4
Personal current transfer payments....... 95.3 103.1 101.8 102.1 108.6 110.3 112.2 114.4
To government.......................... 59.5 64.9 64.2 65.6 67.0 68.6 70.2 71.7
To the rest of the world (net)......... 35.7 38.2 37.6 36.5 41.6 41.7 42.1 42.7
Equals: Personal saving.................... 159.2 110.6 92.1 159.8 111.1 86.8 105.7 35.0
Personal saving as a percentage of
disposable personal income.............. 2.0 1.4 1.1 1.9 1.3 1.0 1.2 .4
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 7,944.3 7,971.6
Per capita:
Current dollars...................... 27,157 28,033 27,779 28,368 28,476 28,816 29,146 29,251
Chained (2000) dollars............... 26,227 26,569 26,389 26,842 26,865 26,967 27,067 27,090
Population (midperiod, thousands)\3\..... 288,240 291,085 290,689 291,445 292,190 292,838 293,505 294,262
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 41.8 39.0 57.4 49.8 23.6 17.2 25.3 15.1
Compensation of employees, received...... 29.2 22.1 31.9 35.3 4.8 34.3 22.1 25.3
Wage and salary disbursements.......... 19.9 13.5 27.8 29.9 1.1 29.1 16.9 20.3
Private industries................... 17.3 10.8 22.6 33.1 -.1 26.5 14.8 18.3
Goods-producing industries......... -1.6 .7 3.9 7.9 -.3 2.2 6.5 3.2
Manufacturing.................... -2.0 -1.9 2.4 5.6 -.3 1.1 4.8 1.9
Services-producing industries...... 18.9 10.2 18.7 25.1 .2 24.3 8.3 15.0
Trade, transportation, and
utilities....................... 1.3 .9 3.4 4.2 .1 6.6 .6 5.6
Other services-producing
industries...................... 17.6 9.4 15.3 20.9 .1 17.7 7.7 9.5
Government........................... 2.6 2.7 5.2 -3.2 1.2 2.6 2.1 2.1
Supplements to wages and salaries...... 9.2 8.6 4.1 5.4 3.6 5.3 5.1 5.1
Employer contributions for employee
pension and insurance funds......... 7.8 7.9 2.6 3.2 3.7 3.5 3.9 3.8
Employer contributions for government
social insurance.................... 1.5 .8 1.3 2.3 -.1 1.8 1.2 1.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 7.1 13.5 10.0 7.7 8.2 -4.2 -1.2 -3.7
Farm................................... -.7 -.3 .8 .7 .5 -6.1 -3.0 -2.2
Nonfarm................................ 7.9 13.8 9.3 6.9 7.7 1.9 1.8 -1.5
Rental income of persons with capital
consumption adjustment.................. -1.5 -.8 .2 .8 .1 -2.6 -15.4 -27.7
Personal income receipts on assets....... 1.5 1.8 6.6 6.8 7.2 3.5 3.4 3.6
Personal interest income............... -1.4 -1.4 3.4 3.5 3.4 .0 -.1 .0
Personal dividend income............... 2.9 3.2 3.1 3.5 3.7 3.5 3.5 3.6
Personal current transfer receipts....... 8.8 4.2 11.9 4.0 3.5 -9.8 19.1 20.5
Government social benefits to persons.. 8.8 4.1 12.0 4.0 3.5 -9.8 5.6 1.0
Old-age, survivors, disability, and
health insurance benefits........... 10.4 2.7 5.4 2.0 -.1 2.8 4.3 4.0
Government unemployment insurance
benefits............................ -5.4 -3.2 -3.0 -1.2 -.7 -.6 .6 -.1
Other................................ 3.9 4.6 9.6 3.1 4.3 -11.9 .7 -2.9
Other current transfer receipts, from
business (net)........................ .0 .1 -.1 .0 .0 -.1 13.6 19.5
Less: Contributions for government social
insurance............................... 3.3 1.9 3.2 4.8 .3 3.9 2.7 3.0
Less: Personal current taxes............... 3.6 2.7 13.6 7.4 2.5 8.8 5.2 6.1
Equals: Disposable personal income......... 38.2 36.3 43.8 42.4 21.0 8.6 20.0 9.0
Less: Personal outlays..................... 49.5 27.7 13.8 84.2 -23.6 96.9 -4.2 52.1
Personal consumption expenditures........ 52.0 30.2 10.6 81.5 -26.5 94.1 -6.4 49.8
Durable goods.......................... 14.3 6.3 -17.4 31.9 -41.1 55.4 -20.1 16.1
Nondurable goods....................... 12.2 25.6 -4.5 31.4 1.2 10.1 4.0 13.0
Services............................... 25.6 -1.7 32.5 18.2 13.4 28.6 9.7 20.7
Personal interest payments\1\............ -3.1 -3.0 2.2 2.3 2.3 1.7 1.8 1.7
Personal current transfer payments....... .6 .5 .9 .5 .6 1.0 .6 .5
To government.......................... .5 .5 .5 .6 .5 .5 .5 .5
To the rest of the world (net)......... .0 .0 .4 .0 .0 .6 .0 .0
Equals: Personal saving.................... -11.3 8.6 30.0 -41.8 44.7 -88.4 24.2 -43.1
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 15.4 9.4 29.5 9.5 .5 11.1 18.0 1.9
-----------------------------------------------------------------------------------------------------------------------------------
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/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 154.8 282.9 103.5 103.6 120.7 115.0 138.4 71.4
Compensation of employees, received...... 127.4 219.5 69.3 77.7 82.0 81.2 81.5 72.5
Wage and salary disbursements.......... 33.5 127.3 50.0 55.3 60.3 50.3 63.7 57.8
Private industries................... -13.2 91.9 40.0 51.9 56.4 37.9 57.6 53.4
Goods-producing industries......... -34.1 -2.5 .2 6.1 19.8 -6.6 9.0 10.0
Manufacturing.................... -33.6 -6.4 -2.3 2.5 14.2 -10.2 4.1 6.7
Services-producing industries...... 20.9 94.5 39.9 45.7 36.7 44.6 48.6 43.3
Trade, transportation, and
utilities....................... -1.0 15.0 4.3 7.8 11.3 .4 7.2 10.4
Other services-producing
industries...................... 21.9 79.5 35.5 38.0 25.5 44.1 41.4 33.0
Government........................... 46.7 35.3 10.0 3.3 3.9 12.3 6.2 4.4
Supplements to wages and salaries...... 93.9 92.3 19.4 22.4 21.7 31.0 17.7 14.6
Employer contributions for employee
pension and insurance funds......... 86.9 79.3 16.3 18.9 18.0 20.6 13.9 10.9
Employer contributions for government
social insurance.................... 7.0 13.0 3.0 3.6 3.7 10.4 3.8 3.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -2.3 64.5 31.7 26.3 12.7 7.4 29.3 1.8
Farm................................... -10.0 12.1 10.3 .7 -.1 -6.8 1.0 -8.2
Nonfarm................................ 7.7 52.4 21.4 25.6 12.8 14.2 28.3 10.0
Rental income of persons with capital
consumption adjustment.................. 3.5 -17.1 -11.4 4.7 18.3 5.7 -.2 -21.8
Personal income receipts on assets....... -45.4 -11.9 -1.2 -10.3 11.4 11.3 15.2 14.1
Personal interest income............... -64.3 -16.8 .0 -9.6 9.2 4.2 5.5 3.3
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 13.5
Government social benefits to persons.. 105.0 57.5 21.9 13.3 4.6 27.6 21.5 -2.0
Old-age, survivors, disability, and
health insurance benefits........... 39.8 25.5 8.3 5.5 8.3 17.2 11.9 7.6
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 -8.5
Other current transfer receipts, from
business (net)........................ -16.3 -4.8 -.2 -.1 -.1 .5 .0 15.5
Less: Contributions for government social
insurance............................... 17.2 24.9 6.5 7.8 8.3 18.9 8.9 8.5
Less: Personal current taxes............... -186.1 -49.3 5.0 -89.0 67.7 -2.8 22.4 18.4
Equals: Disposable personal income......... 340.9 332.2 98.5 192.6 52.9 117.9 116.0 53.0
Less: Personal outlays..................... 314.0 380.8 85.9 124.9 101.6 142.2 97.1 123.8
Personal consumption expenditures........ 321.1 384.8 86.5 126.2 92.4 145.3 93.6 115.9
Durable goods.......................... 32.5 34.5 34.7 25.9 -1.6 5.2 -.8 30.6
Nondurable goods....................... 63.0 120.0 -3.9 55.6 30.9 66.5 38.0 28.3
Services............................... 225.5 230.3 55.7 44.7 63.0 73.7 56.5 56.9
Personal interest payments\1\............ -15.0 -11.9 -2.3 -1.5 2.6 -4.8 1.5 5.8
Personal current transfer payments....... 8.1 7.8 1.8 .3 6.5 1.7 1.9 2.2
To government.......................... 5.3 5.4 1.4 1.4 1.4 1.6 1.6 1.5
To the rest of the world (net)......... 2.7 2.5 .4 -1.1 5.1 .1 .4 .6
Equals: Personal saving.................... 26.9 -48.6 12.6 67.7 -48.7 -24.3 18.9 -70.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 226.2 174.3 79.9 151.8 26.7 47.4 47.3 27.3
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .4 .4 .6 .5 .2 .2 .3 .2
Compensation of employees, received...... .5 .3 .5 .5 .1 .5 .3 .4
Wage and salary disbursements.......... .4 .3 .5 .6 .0 .5 .3 .4
Supplements to wages and salaries...... .7 .7 .3 .4 .3 .4 .4 .4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .8 1.6 1.1 .9 .9 -.5 -.1 -.4
Rental income of persons with capital
consumption adjustment.................. -.9 -.4 .1 .5 .1 -1.5 -9.1 -17.9
Personal income receipts on assets....... .1 .1 .5 .5 .5 .3 .3 .3
Personal interest income............... -.2 -.2 .4 .4 .4 .0 .0 .0
Personal dividend income............... .7 .8 .8 .8 .9 .9 .8 .9
Personal current transfer receipts....... .6 .3 .9 .3 .2 -.7 1.4 1.4
Less: Contributions for government social
insurance............................... .4 .2 .4 .6 .0 .5 .3 .4
Less: Personal current taxes............... .4 .3 1.3 .7 .2 .8 .5 .6
Equals: Disposable personal income......... .5 .4 .5 .5 .2 .1 .2 .1
Addenda:
Personal consumption expenditures........ .6 .4 .1 1.0 -.3 1.2 -.1 .6
Durable goods.......................... 1.5 .6 -1.8 3.3 -4.1 5.8 -2.0 1.6
Nondurable goods....................... .5 1.1 -.2 1.3 .1 .4 .2 .5
Services............................... .5 .0 .7 .4 .3 .6 .2 .4
Real disposable personal income.......... .2 .1 .4 .1 .0 .1 .2 .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 II 03 III 03 IV 03 I 04 II 04 III 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 1.8 3.2 4.7 4.6 5.3 5.0 6.0 3.0
Compensation of employees, received...... 2.1 3.6 4.6 5.1 5.3 5.2 5.1 4.5
Wage and salary disbursements.......... .7 2.6 4.0 4.4 4.8 3.9 5.0 4.4
Supplements to wages and salaries...... 9.4 8.4 6.9 7.9 7.5 10.6 5.8 4.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.3 8.4 16.9 13.4 6.1 3.5 14.1 .8
Rental income of persons with capital
consumption adjustment.................. 2.1 -10.0 -26.3 13.6 59.0 14.6 -.6 -41.6
Personal income receipts on assets....... -3.3 -.9 -.4 -3.1 3.5 3.5 4.6 4.2
Personal interest income............... -6.4 -1.8 .0 -4.1 4.1 1.8 2.4 1.4
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 3.9
Less: Contributions for government social
insurance............................... 2.3 3.3 3.4 4.1 4.3 10.0 4.5 4.3
Less: Personal current taxes............... -15.0 -4.7 2.0 -30.3 32.0 -1.1 9.2 7.4
Equals: Disposable personal income......... 4.6 4.2 5.0 9.9 2.6 5.8 5.6 2.5
Addenda:
Personal consumption expenditures........ 4.6 5.2 4.6 6.7 4.8 7.5 4.7 5.8
Durable goods.......................... 3.7 3.8 16.1 11.4 -.6 2.2 -.4 13.2
Nondurable goods....................... 3.1 5.8 -.7 10.7 5.7 12.3 6.7 4.9
Services............................... 5.4 5.3 5.0 4.0 5.6 6.4 4.8 4.8
Real disposable personal income.......... 3.1 2.3 4.3 8.2 1.4 2.4 2.4 1.4
-----------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,551.2 7,556.0 7,555.2 7,602.4 7,559.7 7,649.9 7,643.4 7,683.3
Durable goods............................ 1,078.7 1,084.8 1,065.8 1,101.2 1,057.1 1,122.7 1,106.1 1,123.0
Nondurable goods......................... 2,185.5 2,192.7 2,186.9 2,192.3 2,184.9 2,203.2 2,207.6 2,217.0
Services................................. 4,298.7 4,291.4 4,311.7 4,323.3 4,324.9 4,341.3 4,344.1 4,359.9
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 29.2 4.8 -.8 47.2 -42.7 90.2 -6.5 39.9
Durable goods............................ 15.7 6.1 -19.0 35.4 -44.1 65.6 -16.6 16.9
Nondurable goods......................... 1.8 7.2 -5.8 5.4 -7.4 18.3 4.4 9.4
Services................................. 13.6 -7.3 20.3 11.6 1.6 16.4 2.8 15.8
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .4 .1 .0 .6 -.6 1.2 -.1 .5
Durable goods............................ 1.5 .6 -1.8 3.3 -4.0 6.2 -1.5 1.5
Nondurable goods......................... .1 .3 -.3 .2 -.3 .8 .2 .4
Services................................. .3 -.2 .5 .3 .0 .4 .1 .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 II 03 III 03 IV 03 I 04 II 04 III 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
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 7,658.9
Durable goods............................ 959.6 1,030.6 1,020.0 1,059.6 1,069.7 1,075.5 1,074.7 1,117.3
Nondurable goods......................... 2,037.4 2,112.4 2,090.1 2,125.3 2,152.0 2,187.3 2,188.0 2,209.3
Services................................. 4,128.6 4,220.3 4,207.7 4,227.9 4,256.7 4,291.7 4,320.0 4,348.4
----------------------------------------------------------------------------------------
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 86.5
Durable goods............................ 58.9 71.0 46.8 39.6 10.1 5.8 -.8 42.6
Nondurable goods......................... 50.7 75.0 8.1 35.2 26.7 35.3 .7 21.3
Services................................. 105.4 91.7 19.0 20.2 28.8 35.0 28.3 28.4
----------------------------------------------------------------------------------------
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 4.6
Durable goods............................ 6.5 7.4 20.6 16.5 3.9 2.2 -.3 16.8
Nondurable goods......................... 2.6 3.7 1.6 6.9 5.1 6.7 .1 3.9
Services................................. 2.6 2.2 1.8 1.9 2.8 3.3 2.7 2.7
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 106.841 107.174 107.326 107.732 107.989 107.946 107.954 108.041
Durable goods............................ 90.717 90.788 90.778 90.753 90.645 90.290 89.821 89.904
Nondurable goods......................... 105.797 106.618 106.693 107.868 108.286 107.847 107.812 107.940
Services................................. 111.117 111.266 111.496 111.619 111.885 112.121 112.274 112.340
Addendum:
Personal consumption expenditures
excluding food and energy............... 106.068 106.291 106.435 106.508 106.625 106.665 106.668 106.782
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .3 .3 .1 .4 .2 .0 .0 .1
Durable goods............................ .0 .1 .0 .0 -.1 -.4 -.5 .1
Nondurable goods......................... .4 .8 .1 1.1 .4 -.4 .0 .1
Services................................. .2 .1 .2 .1 .2 .2 .1 .1
Addendum:
Personal consumption expenditures
excluding food and energy............... .2 .2 .1 .1 .1 .0 .0 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 4.1 4.0 4.0 3.5 3.2 1.9 1.3 2.5
Personal consumption expenditures.......... 4.4 4.0 3.6 4.1 3.0 3.7 2.9 3.8
Durable goods............................ 12.5 9.4 5.0 8.0 3.2 7.7 2.8 5.9
Nondurable goods......................... 5.0 4.9 5.0 5.3 3.8 4.1 3.2 4.5
Services................................. 2.5 2.5 2.7 2.7 2.6 2.8 2.7 3.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04/r/ Aug 04/r/ Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.7 1.7 2.0 2.4 2.5 2.4 2.1 2.0
Durable goods............................ -3.1 -2.9 -2.7 -2.1 -1.9 -2.0 -2.2 -1.6
Nondurable goods......................... 1.5 1.7 2.7 4.5 4.7 4.0 3.2 2.7
Services................................. 2.8 2.6 2.6 2.3 2.4 2.5 2.5 2.4
Addendum:
Personal consumption expenditures
less food and energy.................... 1.4 1.5 1.6 1.5 1.5 1.4 1.4 1.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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