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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.
| Note: The Microsoft Corporation paid a special dividend to shareholders of record in the fourth quarter of 2004. The dividend payments affected the fourth-quarter estimates of personal income, corporate profits, national income, and government current receipts. More information is available. |
2005 Annual Revision of the National Income and Product Accounts
Table Headers and Stubs for the 2005 Annual Revision to the Personal Income and Outlays Accounts
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James E. Rankin: (202) 606-5301 (Personal Income)BEA 05-22
Michael Armah: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: APRIL 2005
Personal income increased $69.1 billion, or 0.7 percent, and disposable personal income (DPI)
increased $45.7 billion, or 0.5 percent, in April, according to the Bureau of Economic Analysis. Personal
consumption expenditures (PCE) increased $53.6 billion, or 0.6 percent. In March, personal income
increased $47.3 billion, or 0.5 percent, DPI increased $39.6 billion, or 0.4 percent, and PCE increased
$73.5 billion, or 0.9 percent, based on revised estimates.
2004 2005
Dec. Jan. Feb. Mar. Apr.
(Percent change from preceding month)
Personal income, current dollars 4.0 -2.5 0.5 0.5 0.7
Disposable personal income:
Current dollars 4.3 -3.3 0.4 0.4 0.5
Chained (2000) dollars 4.4 -3.4 0.2 0.0 0.1
Personal consumption expenditures:
Current dollars 0.9 -0.1 0.7 0.9 0.6
Chained (2000) dollars 0.9 -0.2 0.4 0.4 0.2
This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for October through December 2004 (fourth quarter).
These estimates reflect newly available fourth-quarter wage and salary tabulations from the census of
employment and wages from the Bureau of Labor Statistics.
Wages and salaries
Private wage and salary disbursements increased $39.3 billion in April, compared with an
increase of $16.5 billion in March. Goods-producing industries' payrolls increased $6.9 billion,
compared with an increase of $1.8 billion; manufacturing payrolls increased $3.6 billion, in contrast
to a decrease of $1.1 billion. Services-producing industries' payrolls increased $32.4 billion,
compared with an increase of $14.7 billion. Government wage and salary disbursements increased
$2.2 billion, compared with an increase of $1.7 billion.
Other personal income
Supplements to wages and salaries increased $6.4 billion in April, compared with an increase
of $4.8 billion in March.
Proprietors' income increased $8.6 billion in April, compared with an increase of $13.0 billion
in March. Farm proprietors' income increased $0.8 billion, compared with an increase of $1.2
billion. Nonfarm proprietors' income increased $7.9 billion, compared with an increase of $11.8
billion.
Rental income of persons decreased $3.4 billion in April, compared with a decrease of $2.7
billion in March. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $6.3 billion, compared with an increase of $7.5 billion. Personal current
transfer receipts increased $15.3 billion, compared with an increase of $8.9 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $5.6 billion in April, compared with an increase of $2.5 billion in March.
Personal current taxes and disposable personal income
Personal current taxes increased $23.5 billion in April, compared with an increase of $7.6
billion in March. Disposable personal income (DPI) -- personal income less personal current taxes
-- increased $45.7 billion, or 0.5 percent, in April, compared with an increase of $39.6 billion, or 0.4
percent, in March.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $56.2 billion in April, compared with an increase of $76.5 billion in March. PCE
increased $53.6 billion, compared with an increase of $73.5 billion.
Personal saving -- DPI less personal outlays -- was $37.5 billion in April, compared with $48.1
billion in March. Personal saving as a percentage of disposable personal income was 0.4 percent in
April, compared with 0.5 percent in March.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in April, in contrast
to a decrease of less than 0.1 percent in March.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in April, compared
with an increase of 0.4 percent in March. Purchases of durable goods increased 0.8 percent,
compared with an increase of 3.5 percent. Purchases of motor vehicles and parts accounted for most
of the April increase and accounted for the March increase. Purchases of nondurable goods
increased 0.2 percent in April, in contrast to a decrease of 0.8 percent in March. Purchases of
services increased 0.1 percent, compared with an increase of 0.4 percent.
Revisions
Estimates for personal income and DPI have been revised for October through March;
estimates for PCE have been revised for January through March. Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
February and March -- revised and as published in last month's release -- are shown below.
For October through March, the revisions to wages and salaries reflected the incorporation of
the most recently available BLS tabulations of fourth-quarter private wages and salaries from the
census of employment and wages. Wages and salaries were revised up for all six months. Revisions
to personal current taxes and to contributions for government social insurance reflected the revisions
to wages and salaries.
Change from preceding month
February March
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars............ 41.4 46.8 0.4 0.5 48.0 47.3 0.5 0.5
Disposable personal income:
Current dollars............ 35.5 37.8 0.4 0.4 41.9 39.6 0.5 0.4
Chained (2000) dollars..... 10.4 12.6 0.1 0.2 0.7 -1.7 0.0 0.0
Personal consumption expenditures:
Current dollars............ 57.3 57.4 0.7 0.7 51.1 73.5 0.6 0.9
Chained (2000) dollars..... 31.3 31.7 0.4 0.4 10.7 30.9 0.1 0.4
BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By
visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and
announcements.
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
Annual Revision of the National Income and Product Accounts
As part of the annual revision of the national income and product accounts, revised estimates of
personal income and outlays covering January 2002 through May 2005 will be released along with
preliminary estimates for June 2005 on August 2. An article describing the revision will appear in the
August 2005 issue of the Survey of Current Business.
Next release -- Personal Income and Outlays for May will be released on
June 30, 2005, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\r\ Mar 05\r\ Apr 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,726.4 9,828.6 9,917.0 10,314.8 10,053.2 10,100.0 10,147.3 10,216.4
Compensation of employees, received...... 6,713.8 6,780.9 6,849.2 6,915.6 6,940.3 6,968.9 6,991.9 7,039.7
Wage and salary disbursements.......... 5,424.0 5,481.7 5,539.3 5,595.4 5,609.7 5,633.4 5,651.6 5,693.0
Private industries................... 4,493.8 4,550.1 4,605.8 4,660.7 4,666.5 4,686.7 4,703.2 4,742.5
Goods-producing industries......... 1,063.9 1,071.1 1,074.2 1,082.6 1,084.9 1,089.8 1,091.6 1,098.5
Manufacturing.................... 700.9 704.4 705.8 711.4 713.7 716.1 715.0 718.6
Services-producing industries...... 3,429.9 3,479.0 3,531.7 3,578.1 3,581.6 3,596.9 3,611.6 3,644.0
Trade, transportation, and
utilities....................... 903.3 915.3 923.3 931.6 939.1 941.6 944.0 950.9
Other services-producing
industries...................... 2,526.6 2,563.7 2,608.3 2,646.4 2,642.5 2,655.3 2,667.6 2,693.1
Government........................... 930.2 931.6 933.5 934.7 943.2 946.7 948.4 950.6
Supplements to wages and salaries...... 1,289.8 1,299.3 1,309.9 1,320.2 1,330.6 1,335.5 1,340.3 1,346.7
Employer contributions for employee
pension and insurance funds......... 885.7 891.3 897.9 904.5 909.3 912.7 916.4 920.0
Employer contributions for government
social insurance.................... 404.1 408.0 412.0 415.8 421.3 422.8 423.9 426.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 898.1 921.2 933.8 949.8 952.4 960.3 973.3 981.9
Farm................................... 12.3 18.6 22.8 25.7 25.8 25.3 26.5 27.3
Nonfarm................................ 885.8 902.5 911.0 924.0 926.7 935.0 946.8 954.7
Rental income of persons with capital
consumption adjustment.................. 134.2 163.2 160.8 159.9 156.3 153.8 151.1 147.7
Personal income receipts on assets....... 1,372.1 1,382.4 1,392.5 1,700.8 1,409.5 1,416.0 1,423.5 1,429.8
Personal interest income............... 947.2 953.9 960.5 967.2 971.7 976.2 980.7 983.2
Personal dividend income............... 424.9 428.5 431.9 733.6 437.8 439.8 442.8 446.6
Personal current transfer receipts....... 1,438.1 1,418.7 1,426.3 1,441.7 1,459.6 1,469.3 1,478.2 1,493.5
Government social benefits to persons.. 1,381.3 1,389.5 1,397.1 1,412.5 1,430.8 1,440.4 1,449.3 1,464.7
Old-age, survivors, disability, and
health insurance benefits........... 786.9 791.2 795.6 807.5 813.6 821.3 828.8 834.5
Government unemployment insurance
benefits............................ 32.5 31.3 31.0 31.0 29.9 29.7 29.5 28.5
Other................................ 561.9 567.0 570.5 574.0 587.3 589.4 591.1 601.6
Other current transfer receipts, from
business (net)........................ 56.8 29.2 29.2 29.2 28.9 28.9 28.9 28.9
Less: Contributions for government social
insurance............................... 829.9 837.7 845.6 853.0 865.0 868.2 870.7 876.3
Less: Personal current taxes............... 1,053.3 1,070.4 1,084.3 1,098.4 1,137.3 1,146.4 1,154.0 1,177.5
Equals: Disposable personal income......... 8,673.1 8,758.2 8,832.7 9,216.5 8,915.9 8,953.7 8,993.3 9,039.0
Less: Personal outlays..................... 8,629.2 8,687.7 8,725.9 8,804.2 8,808.4 8,868.8 8,945.3 9,001.5
Personal consumption expenditures........ 8,320.2 8,375.3 8,409.9 8,484.6 8,480.0 8,537.4 8,610.9 8,664.5
Durable goods.......................... 1,008.4 1,004.4 1,001.4 1,045.1 1,004.8 1,015.4 1,050.6 1,058.4
Nondurable goods....................... 2,402.1 2,442.4 2,451.8 2,454.8 2,475.9 2,495.1 2,499.0 2,527.4
Services............................... 4,909.7 4,928.5 4,956.6 4,984.7 4,999.3 5,026.9 5,061.4 5,078.7
Personal interest payments\1\............ 193.5 196.5 199.5 202.5 205.0 207.5 210.1 212.0
Personal current transfer payments....... 115.6 115.9 116.5 117.1 123.4 123.9 124.4 125.0
To government.......................... 72.4 72.9 73.5 74.1 74.6 75.0 75.5 76.1
To the rest of the world (net)......... 43.2 43.0 43.0 43.0 48.8 48.8 48.8 48.8
Equals: Personal saving.................... 43.9 70.5 106.8 412.3 107.5 84.9 48.1 37.5
Personal saving as a percentage of
disposable personal income.............. .5 .8 1.2 4.5 1.2 .9 .5 .4
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,022.4 8,065.3 8,116.6 8,473.1 8,185.3 8,197.9 8,196.2 8,203.2
Per capita:
Current dollars...................... 29,442 29,704 29,933 31,210 30,171 30,277 30,391 30,534
Chained (2000) dollars............... 27,233 27,354 27,506 28,693 27,698 27,722 27,697 27,711
Population (midperiod, thousands)\3\..... 294,587 294,846 295,083 295,303 295,517 295,720 295,924 296,029
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004\r\ IV 03 I 04 II 04 III 04 IV 04\r\ I 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,161.8 9,689.6 9,330.0 9,445.0 9,592.7 9,700.4 10,020.1 10,100.2
Compensation of employees, received...... 6,289.0 6,651.0 6,406.7 6,487.9 6,580.0 6,687.4 6,848.6 6,967.0
Wage and salary disbursements.......... 5,103.6 5,373.5 5,188.9 5,239.2 5,312.8 5,403.0 5,538.8 5,631.5
Private industries................... 4,205.6 4,447.9 4,283.9 4,321.8 4,389.3 4,474.7 4,605.5 4,685.5
Goods-producing industries......... 1,007.7 1,047.1 1,025.6 1,019.0 1,034.9 1,058.4 1,076.0 1,088.7
Manufacturing.................... 668.8 688.6 680.1 669.9 680.5 697.0 707.2 714.9
Services-producing industries...... 3,198.0 3,400.8 3,258.3 3,302.9 3,354.4 3,416.3 3,529.6 3,596.7
Trade, transportation, and
utilities....................... 858.6 895.4 872.0 872.4 886.2 899.6 923.4 941.6
Other services-producing
industries...................... 2,339.4 2,505.4 2,386.4 2,430.5 2,468.3 2,516.7 2,606.1 2,655.1
Government........................... 897.9 925.6 905.0 917.3 923.5 928.2 933.3 946.1
Supplements to wages and salaries...... 1,185.5 1,277.5 1,217.8 1,248.8 1,267.2 1,284.4 1,309.8 1,335.5
Employer contributions for employee
pension and insurance funds......... 808.9 876.6 835.9 856.5 870.4 881.6 897.9 912.8
Employer contributions for government
social insurance.................... 376.6 400.9 381.9 392.3 396.8 402.8 411.9 422.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 834.1 902.8 864.7 872.1 901.4 902.9 934.9 962.0
Farm................................... 21.8 18.2 24.7 17.9 18.9 13.6 22.4 25.8
Nonfarm................................ 812.3 884.6 840.0 854.2 882.5 889.3 912.5 936.2
Rental income of persons with capital
consumption adjustment.................. 153.8 165.1 167.1 172.8 172.6 153.8 161.3 153.7
Personal income receipts on assets....... 1,322.7 1,387.3 1,325.8 1,337.1 1,352.3 1,367.8 1,491.9 1,416.3
Personal interest income............... 929.9 946.2 932.0 936.2 941.7 946.5 960.5 976.2
Personal dividend income............... 392.8 441.1 393.8 400.9 410.6 421.3 531.4 440.1
Personal current transfer receipts....... 1,335.4 1,405.9 1,350.7 1,379.0 1,400.4 1,415.4 1,428.9 1,469.0
Government social benefits to persons.. 1,306.4 1,373.2 1,322.0 1,349.6 1,371.1 1,372.5 1,399.7 1,440.2
Old-age, survivors, disability, and
health insurance benefits........... 733.8 779.2 744.9 762.1 774.0 782.4 798.1 821.2
Government unemployment insurance
benefits............................ 52.8 34.6 51.6 41.4 33.5 32.4 31.1 29.7
Other................................ 519.8 559.5 525.5 546.1 563.6 557.7 570.5 589.3
Other current transfer receipts, from
business (net)........................ 28.9 32.7 28.8 29.3 29.3 42.9 29.2 28.9
Less: Contributions for government social
insurance............................... 773.2 822.6 785.0 803.9 814.0 826.9 845.4 868.0
Less: Personal current taxes............... 1,001.9 1,042.6 1,009.4 1,006.6 1,030.6 1,048.9 1,084.4 1,145.9
Equals: Disposable personal income......... 8,159.9 8,646.9 8,320.5 8,438.4 8,562.1 8,651.5 8,935.8 8,954.3
Less: Personal outlays..................... 8,049.3 8,531.9 8,209.4 8,351.6 8,448.7 8,588.1 8,739.3 8,874.2
Personal consumption expenditures........ 7,760.9 8,229.9 7,914.9 8,060.2 8,153.8 8,282.5 8,423.3 8,542.8
Durable goods.......................... 950.7 993.9 971.1 976.3 975.5 1,007.0 1,017.0 1,023.6
Nondurable goods....................... 2,200.1 2,377.0 2,250.1 2,316.6 2,354.6 2,387.2 2,449.7 2,490.0
Services............................... 4,610.1 4,859.0 4,693.6 4,767.3 4,823.8 4,888.2 4,956.6 5,029.2
Personal interest payments\1\............ 185.3 188.5 185.9 181.1 182.6 190.6 199.5 207.5
Personal current transfer payments....... 103.1 113.5 108.6 110.3 112.2 115.0 116.5 123.9
To government.......................... 64.9 71.0 67.0 68.6 70.2 71.8 73.5 75.0
To the rest of the world (net)......... 38.2 42.5 41.6 41.7 42.1 43.2 43.0 48.8
Equals: Personal saving.................... 110.6 115.0 111.1 86.8 113.4 63.4 196.5 80.1
Personal saving as a percentage of
disposable personal income.............. 1.4 1.3 1.3 1.0 1.3 .7 2.2 .9
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,733.8 8,019.3 7,849.6 7,897.0 7,951.5 8,009.5 8,218.3 8,193.1
Per capita:
Current dollars...................... 28,034 29,416 28,474 28,813 29,168 29,395 30,283 30,280
Chained (2000) dollars............... 26,570 27,281 26,862 26,964 27,088 27,214 27,851 27,706
Population (midperiod, thousands)\3\..... 291,073 293,951 292,217 292,872 293,540 294,315 295,077 295,720
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\r\ Mar 05\r\ Apr 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 20.1 102.2 88.4 397.8 -261.6 46.8 47.3 69.1
Compensation of employees, received...... 25.7 67.1 68.3 66.4 24.7 28.6 23.0 47.8
Wage and salary disbursements.......... 20.4 57.7 57.6 56.1 14.3 23.7 18.2 41.4
Private industries................... 18.9 56.3 55.7 54.9 5.8 20.2 16.5 39.3
Goods-producing industries......... 3.7 7.2 3.1 8.4 2.3 4.9 1.8 6.9
Manufacturing.................... 2.4 3.5 1.4 5.6 2.3 2.4 -1.1 3.6
Services-producing industries...... 15.2 49.1 52.7 46.4 3.5 15.3 14.7 32.4
Trade, transportation, and
utilities....................... 5.0 12.0 8.0 8.3 7.5 2.5 2.4 6.9
Other services-producing
industries...................... 10.2 37.1 44.6 38.1 -3.9 12.8 12.3 25.5
Government........................... 1.5 1.4 1.9 1.2 8.5 3.5 1.7 2.2
Supplements to wages and salaries...... 5.3 9.5 10.6 10.3 10.4 4.9 4.8 6.4
Employer contributions for employee
pension and insurance funds......... 4.1 5.6 6.6 6.6 4.8 3.4 3.7 3.6
Employer contributions for government
social insurance.................... 1.2 3.9 4.0 3.8 5.5 1.5 1.1 2.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -6.8 23.1 12.6 16.0 2.6 7.9 13.0 8.6
Farm................................... -1.3 6.3 4.2 2.9 .1 -.5 1.2 .8
Nonfarm................................ -5.5 16.7 8.5 13.0 2.7 8.3 11.8 7.9
Rental income of persons with capital
consumption adjustment.................. -22.6 29.0 -2.4 -.9 -3.6 -2.5 -2.7 -3.4
Personal income receipts on assets....... 4.3 10.3 10.1 308.3 -291.3 6.5 7.5 6.3
Personal interest income............... .7 6.7 6.6 6.7 4.5 4.5 4.5 2.5
Personal dividend income............... 3.6 3.6 3.4 301.7 -295.8 2.0 3.0 3.8
Personal current transfer receipts....... 22.4 -19.4 7.6 15.4 17.9 9.7 8.9 15.3
Government social benefits to persons.. 8.4 8.2 7.6 15.4 18.3 9.6 8.9 15.4
Old-age, survivors, disability, and
health insurance benefits........... 4.6 4.3 4.4 11.9 6.1 7.7 7.5 5.7
Government unemployment insurance
benefits............................ -.1 -1.2 -.3 .0 -1.1 -.2 -.2 -1.0
Other................................ 3.9 5.1 3.5 3.5 13.3 2.1 1.7 10.5
Other current transfer receipts, from
business (net)........................ 14.0 -27.6 .0 .0 -.3 .0 .0 .0
Less: Contributions for government social
insurance............................... 2.9 7.8 7.9 7.4 12.0 3.2 2.5 5.6
Less: Personal current taxes............... 4.3 17.1 13.9 14.1 38.9 9.1 7.6 23.5
Equals: Disposable personal income......... 15.8 85.1 74.5 383.8 -300.6 37.8 39.6 45.7
Less: Personal outlays..................... 56.0 58.5 38.2 78.3 4.2 60.4 76.5 56.2
Personal consumption expenditures........ 52.6 55.1 34.6 74.7 -4.6 57.4 73.5 53.6
Durable goods.......................... 11.9 -4.0 -3.0 43.7 -40.3 10.6 35.2 7.8
Nondurable goods....................... 18.1 40.3 9.4 3.0 21.1 19.2 3.9 28.4
Services............................... 22.7 18.8 28.1 28.1 14.6 27.6 34.5 17.3
Personal interest payments\1\............ 2.9 3.0 3.0 3.0 2.5 2.5 2.6 1.9
Personal current transfer payments....... .6 .3 .6 .6 6.3 .5 .5 .6
To government.......................... .6 .5 .6 .6 .5 .4 .5 .6
To the rest of the world (net)......... .0 -.2 .0 .0 5.8 .0 .0 .0
Equals: Personal saving.................... -40.2 26.6 36.3 305.5 -304.8 -22.6 -36.8 -10.6
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 6.3 42.9 51.3 356.5 -287.8 12.6 -1.7 7.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004\r\ IV 03 I 04 II 04 III 04 IV 04\r\ I 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 282.9 527.8 120.7 115.0 147.7 107.7 319.7 80.1
Compensation of employees, received...... 219.5 362.0 82.0 81.2 92.1 107.4 161.2 118.4
Wage and salary disbursements.......... 127.3 269.9 60.3 50.3 73.6 90.2 135.8 92.7
Private industries................... 91.9 242.3 56.4 37.9 67.5 85.4 130.8 80.0
Goods-producing industries......... -2.5 39.4 19.8 -6.6 15.9 23.5 17.6 12.7
Manufacturing.................... -6.4 19.8 14.2 -10.2 10.6 16.5 10.2 7.7
Services-producing industries...... 94.5 202.8 36.7 44.6 51.5 61.9 113.3 67.1
Trade, transportation, and
utilities....................... 15.0 36.8 11.3 .4 13.8 13.4 23.8 18.2
Other services-producing
industries...................... 79.5 166.0 25.5 44.1 37.8 48.4 89.4 49.0
Government........................... 35.3 27.7 3.9 12.3 6.2 4.7 5.1 12.8
Supplements to wages and salaries...... 92.3 92.0 21.7 31.0 18.4 17.2 25.4 25.7
Employer contributions for employee
pension and insurance funds......... 79.3 67.7 18.0 20.6 13.9 11.2 16.3 14.9
Employer contributions for government
social insurance.................... 13.0 24.3 3.7 10.4 4.5 6.0 9.1 10.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 64.5 68.7 12.7 7.4 29.3 1.5 32.0 27.1
Farm................................... 12.1 -3.6 -.1 -6.8 1.0 -5.3 8.8 3.4
Nonfarm................................ 52.4 72.3 12.8 14.2 28.3 6.8 23.2 23.7
Rental income of persons with capital
consumption adjustment.................. -17.1 11.3 18.3 5.7 -.2 -18.8 7.5 -7.6
Personal income receipts on assets....... -11.9 64.6 11.4 11.3 15.2 15.5 124.1 -75.6
Personal interest income............... -16.8 16.3 9.2 4.2 5.5 4.8 14.0 15.7
Personal dividend income............... 4.9 48.3 2.2 7.1 9.7 10.7 110.1 -91.3
Personal current transfer receipts....... 52.7 70.5 4.5 28.3 21.4 15.0 13.5 40.1
Government social benefits to persons.. 57.5 66.8 4.6 27.6 21.5 1.4 27.2 40.5
Old-age, survivors, disability, and
health insurance benefits........... 25.5 45.4 8.3 17.2 11.9 8.4 15.7 23.1
Government unemployment insurance
benefits............................ -.4 -18.2 -2.7 -10.2 -7.9 -1.1 -1.3 -1.4
Other................................ 32.3 39.7 -1.0 20.6 17.5 -5.9 12.8 18.8
Other current transfer receipts, from
business (net)........................ -4.8 3.8 -.1 .5 .0 13.6 -13.7 -.3
Less: Contributions for government social
insurance............................... 24.9 49.4 8.3 18.9 10.1 12.9 18.5 22.6
Less: Personal current taxes............... -49.3 40.7 67.7 -2.8 24.0 18.3 35.5 61.5
Equals: Disposable personal income......... 332.2 487.0 52.9 117.9 123.7 89.4 284.3 18.5
Less: Personal outlays..................... 380.8 482.6 101.6 142.2 97.1 139.4 151.2 134.9
Personal consumption expenditures........ 384.8 469.0 92.4 145.3 93.6 128.7 140.8 119.5
Durable goods.......................... 34.5 43.2 -1.6 5.2 -.8 31.5 10.0 6.6
Nondurable goods....................... 120.0 176.9 30.9 66.5 38.0 32.6 62.5 40.3
Services............................... 230.3 248.9 63.0 73.7 56.5 64.4 68.4 72.6
Personal interest payments\1\............ -11.9 3.2 2.6 -4.8 1.5 8.0 8.9 8.0
Personal current transfer payments....... 7.8 10.4 6.5 1.7 1.9 2.8 1.5 7.4
To government.......................... 5.4 6.1 1.4 1.6 1.6 1.6 1.7 1.5
To the rest of the world (net)......... 2.5 4.3 5.1 .1 .4 1.1 -.2 5.8
Equals: Personal saving.................... -48.6 4.4 -48.7 -24.3 26.6 -50.0 133.1 -116.4
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 174.3 285.5 26.7 47.4 54.5 58.0 208.8 -25.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\r\ Mar 05\r\ Apr 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .2 1.1 .9 4.0 -2.5 .5 .5 .7
Compensation of employees, received...... .4 1.0 1.0 1.0 .4 .4 .3 .7
Wage and salary disbursements.......... .4 1.1 1.1 1.0 .3 .4 .3 .7
Supplements to wages and salaries...... .4 .7 .8 .8 .8 .4 .4 .5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.8 2.6 1.4 1.7 .3 .8 1.3 .9
Rental income of persons with capital
consumption adjustment.................. -14.4 21.6 -1.4 -.6 -2.2 -1.6 -1.7 -2.3
Personal income receipts on assets....... .3 .7 .7 22.1 -17.1 .5 .5 .4
Personal interest income............... .1 .7 .7 .7 .5 .5 .5 .3
Personal dividend income............... .9 .9 .8 69.8 -40.3 .4 .7 .9
Personal current transfer receipts....... 1.6 -1.3 .5 1.1 1.2 .7 .6 1.0
Less: Contributions for government social
insurance............................... .3 .9 .9 .9 1.4 .4 .3 .6
Less: Personal current taxes............... .4 1.6 1.3 1.3 3.5 .8 .7 2.0
Equals: Disposable personal income......... .2 1.0 .8 4.3 -3.3 .4 .4 .5
Addenda:
Personal consumption expenditures........ .6 .7 .4 .9 -.1 .7 .9 .6
Durable goods.......................... 1.2 -.4 -.3 4.4 -3.9 1.1 3.5 .7
Nondurable goods....................... .8 1.7 .4 .1 .9 .8 .2 1.1
Services............................... .5 .4 .6 .6 .3 .6 .7 .3
Real disposable personal income.......... .1 .5 .6 4.4 -3.4 .2 .0 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2004.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004\r\ IV 03 I 04 II 04 III 04 IV 04\r\ I 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.2 5.8 5.3 5.0 6.4 4.6 13.9 3.2
Compensation of employees, received...... 3.6 5.8 5.3 5.2 5.8 6.7 10.0 7.1
Wage and salary disbursements.......... 2.6 5.3 4.8 3.9 5.7 7.0 10.4 6.9
Supplements to wages and salaries...... 8.4 7.8 7.5 10.6 6.0 5.5 8.1 8.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 8.4 8.2 6.1 3.5 14.1 .7 15.0 12.1
Rental income of persons with capital
consumption adjustment.................. -10.0 7.3 59.0 14.6 -.6 -36.8 20.8 -17.5
Personal income receipts on assets....... -.9 4.9 3.5 3.5 4.6 4.7 41.5 -18.8
Personal interest income............... -1.8 1.8 4.1 1.8 2.4 2.1 6.1 6.7
Personal dividend income............... 1.3 12.3 2.2 7.4 10.1 10.8 153.0 -52.9
Personal current transfer receipts....... 4.1 5.3 1.3 8.6 6.4 4.3 3.9 11.7
Less: Contributions for government social
insurance............................... 3.3 6.4 4.3 10.0 5.1 6.5 9.3 11.1
Less: Personal current taxes............... -4.7 4.1 32.0 -1.1 9.9 7.3 14.2 24.7
Equals: Disposable personal income......... 4.2 6.0 2.6 5.8 6.0 4.2 13.8 .8
Addenda:
Personal consumption expenditures........ 5.2 6.0 4.8 7.5 4.7 6.5 7.0 5.8
Durable goods.......................... 3.8 4.5 -.6 2.2 -.4 13.6 4.0 2.6
Nondurable goods....................... 5.8 8.0 5.7 12.3 6.7 5.7 10.9 6.7
Services............................... 5.3 5.4 5.6 6.4 4.8 5.5 5.7 6.0
Real disposable personal income.......... 2.3 3.7 1.4 2.4 2.8 2.9 10.8 -1.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2004.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\r\ Mar 05\r\ Apr 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,696.0 7,712.7 7,728.0 7,800.3 7,785.1 7,816.8 7,847.7 7,863.4
Durable goods............................ 1,121.1 1,114.9 1,111.5 1,160.5 1,112.2 1,125.2 1,164.1 1,173.4
Nondurable goods......................... 2,225.5 2,237.3 2,243.7 2,255.1 2,275.5 2,284.4 2,265.6 2,270.4
Services................................. 4,365.5 4,375.1 4,386.4 4,406.0 4,410.0 4,421.6 4,438.6 4,441.7
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 40.8 16.7 15.3 72.3 -15.2 31.7 30.9 15.7
Durable goods............................ 12.2 -6.2 -3.4 49.0 -48.3 13.0 38.9 9.3
Nondurable goods......................... 14.2 11.8 6.4 11.4 20.4 8.9 -18.8 4.8
Services................................. 15.8 9.6 11.3 19.6 4.0 11.6 17.0 3.1
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .5 .2 .2 .9 -.2 .4 .4 .2
Durable goods............................ 1.1 -.6 -.3 4.4 -4.2 1.2 3.5 .8
Nondurable goods......................... .6 .5 .3 .5 .9 .4 -.8 .2
Services................................. .4 .2 .3 .4 .1 .3 .4 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004\r\ IV 03 I 04 II 04 III 04 IV 04\r\ I 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,355.6 7,632.5 7,466.8 7,543.0 7,572.4 7,667.8 7,747.0 7,816.5
Durable goods............................ 1,030.6 1,099.3 1,069.7 1,075.5 1,074.7 1,118.3 1,129.0 1,133.8
Nondurable goods......................... 2,112.4 2,208.5 2,152.0 2,187.3 2,188.0 2,213.2 2,245.3 2,275.2
Services................................. 4,220.3 4,338.3 4,256.7 4,291.7 4,320.0 4,352.4 4,389.2 4,423.4
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 232.2 276.9 65.1 76.2 29.4 95.4 79.2 69.5
Durable goods............................ 71.0 68.7 10.1 5.8 -.8 43.6 10.7 4.8
Nondurable goods......................... 75.0 96.1 26.7 35.3 .7 25.2 32.1 29.9
Services................................. 91.7 118.0 28.8 35.0 28.3 32.4 36.8 34.2
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.3 3.8 3.6 4.1 1.6 5.1 4.2 3.6
Durable goods............................ 7.4 6.7 3.9 2.2 -.3 17.2 3.9 1.7
Nondurable goods......................... 3.7 4.5 5.1 6.7 .1 4.7 5.9 5.4
Services................................. 2.2 2.8 2.8 3.3 2.7 3.0 3.4 3.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\r\ Mar 05\r\ Apr 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 108.116 108.596 108.827 108.777 108.931 109.224 109.731 110.193
Durable goods............................ 89.904 90.049 90.050 90.018 90.305 90.202 90.206 90.154
Nondurable goods......................... 107.944 109.176 109.281 108.862 108.808 109.229 110.303 111.323
Services................................. 112.470 112.652 113.004 113.139 113.366 113.692 114.036 114.347
Addenda:
PCE excluding food and energy............ 106.872 107.086 107.269 107.296 107.564 107.772 108.055 108.160
Market-based PCE\1\...................... 107.732 108.263 108.502 108.455 108.589 108.878 109.397 109.889
Market-based PCE excluding food
and energy\1\........................... 106.139 106.361 106.546 106.592 106.859 107.045 107.297 107.365
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .1 .4 .2 .0 .1 .3 .5 .4
Durable goods............................ .1 .2 .0 .0 .3 -.1 .0 -.1
Nondurable goods......................... .1 1.1 .1 -.4 .0 .4 1.0 .9
Services................................. .1 .2 .3 .1 .2 .3 .3 .3
Addenda:
PCE excluding food and energy............ .1 .2 .2 .0 .2 .2 .3 .1
Market-based PCE\1\...................... .1 .5 .2 .0 .1 .3 .5 .4
Market-based PCE excluding food
and energy\1\........................... .1 .2 .2 .0 .3 .2 .2 .1
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\r\ Mar 05\r\ Apr 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 3.1 3.3 3.3 7.5 3.8 3.8 3.6 3.3
Personal consumption expenditures.......... 4.0 4.0 3.3 3.9 3.5 3.5 3.9 4.1
Durable goods............................ 5.7 7.0 4.0 5.7 4.6 4.3 7.3 10.1
Nondurable goods......................... 4.9 4.7 3.8 4.5 4.2 4.5 3.3 3.8
Services................................. 3.2 3.1 3.0 3.2 2.9 2.9 3.4 3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2004.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\r\ Mar 05\r\ Apr 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 2.1 2.5 2.7 2.5 2.2 2.2 2.4 2.7
Durable goods............................ -1.6 -1.0 -.8 -.5 -.5 -.6 -.6 -.7
Nondurable goods......................... 2.7 4.2 4.7 4.1 3.3 3.2 3.5 4.3
Services................................. 2.6 2.4 2.5 2.3 2.2 2.3 2.5 2.6
Addenda:
PCE excluding food and energy............ 1.6 1.6 1.7 1.5 1.6 1.6 1.7 1.6
Market-based PCE\1\...................... 2.0 2.6 3.0 2.7 2.4 2.4 2.6 2.8
Market-based PCE excluding food
and energy\1\........................... 1.4 1.5 1.7 1.7 1.7 1.7 1.7 1.6
-----------------------------------------------------------------------------------------------------------------------------------
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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