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James E. Rankin: (202) 606-5301 (Personal Income)BEA 05-44
Michael Armah: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: AUGUST 2005
Personal income decreased $5.3 billion, or 0.1 percent, and disposable personal income (DPI)
decreased $7.4 billion, or 0.1 percent, in August, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $47.2 billion, or 0.5 percent. In July, personal
income increased $34.9 billion, or 0.3 percent, DPI increased $34.1 billion, or 0.4 percent, and PCE
increased $106.5 billion, or 1.2 percent, based on revised estimates.
2005
Apr. May June July Aug.
(Percent change from preceding month)
Personal income, current dollars 0.7 0.2 0.4 0.3 -0.1
Disposable personal income:
Current dollars 0.5 0.2 0.4 0.4 -0.1
Chained (2000) dollars 0.1 0.1 0.4 0.1 -0.5
Personal consumption expenditures:
Current dollars 0.7 0.0 1.0 1.2 -0.5
Chained (2000) dollars 0.3 0.0 1.0 0.9 -1.0
The August estimate of personal income reflects the effects of Hurricane Katrina, which hit
the Gulf Coast States of the United States at the end of August. Rental income of persons and
proprietors' income were reduced by about $100 billion (annual rate) primarily reflecting
uninsured losses of residential and business property. "Other current transfer receipts from
business (net)" was raised by about $70 billion (annual rate) to reflect insurance benefits paid
to persons. Because other effects of the hurricane 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 FAQs on
"Disasters" on BEA's Web site.
Wages and salaries
Private wage and salary disbursements increased $9.1 billion in August, compared with an
increase of $38.2 billion in July. Goods-producing industries' payrolls increased $3.2 billion,
compared with an increase of $6.4 billion; manufacturing payrolls increased $1.0 billion, compared
with an increase of $3.5 billion. Services-producing industries' payrolls increased $5.9 billion,
compared with an increase of $31.7 billion. Government wage and salary disbursements increased
$2.1 billion, compared with an increase of $2.3 billion.
Other personal income
Supplements to wages and salaries increased $3.0 billion in August, compared with an
increase of $5.4 billion in July.
Proprietors' income decreased $6.2 billion in August, compared with a decrease of $0.1 billion
in July. Farm proprietors' income decreased $2.1 billion, in contrast to an increase of $2.9 billion.
Nonfarm proprietors' income decreased $4.1 billion, compared with a decrease of $3.0 billion.
Nonfarm proprietors' income was reduced $12.2 billion (at an annual rate) to reflect uninsured
losses of business property from the impact of Hurricane Katrina. (Proprietors' income is reported
net of such losses.)
Rental income of persons decreased $92.0 billion in August, compared with a decrease of $3.3
billion in July. Rental income was reduced $88.5 billion (at an annual rate) to reflect uninsured
losses of residential property from the impacts of the hurricane.
Personal income receipts on assets (personal interest income plus personal dividend income)
increased $7.9 billion in August, compared with an increase of $8.0 billion in July.
Personal current transfer receipts increased $71.6 billion in August, in contrast to a decrease of
$10.8 billion in July. Personal current transfer receipts was boosted $70.2 billion (at an annual rate)
to reflect increases in insurance benefits paid to persons for damage to insured property from the
impact of Hurricane Katrina.
Contributions for government social insurance -- a subtraction in calculating personal income --
was increased $0.8 billion in August, compared with an increase of $4.9 billion in July.
Personal current taxes and disposable personal income
Personal current taxes increased $2.1 billion in August, compared with an increase of $0.8
billion in July. Disposable personal income (DPI) -- personal income less personal current taxes --
decreased $7.4 billion, or 0.1 percent, in August, in contrast to an increase of $34.1 billion, or 0.4
percent, in July.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
decreased $46.5 billion in August, in contrast to an increase of $107.3 billion in July. PCE
decreased $47.2 billion, in contrast to an increase of $106.5 billion.
Personal saving -- DPI less personal outlays -- was a negative $61.8 billion in August,
compared with a negative $100.9 billion in July. Personal saving as a percentage of disposable
personal income was a negative 0.7 percent in August, compared with a negative 1.1 percent in July.
Negative personal saving reflects personal outlays that exceed disposable personal income. Saving
from current income may be near zero or negative when outlays are financed by borrowing
(including borrowing financed through credit cards or home equity loans), by selling investments or
other assets, or by using savings from previous periods. For more information, see the FAQs on
"Personal Saving" on BEA's Web site.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- decreased 0.5 percent in August, in
contrast to an increase of 0.1 percent in July.
Real PCE - PCE adjusted to remove price changes -- decreased 1.0 percent in August, in
contrast to an increase of 0.9 percent in July. Purchases of durable goods decreased 8.9 percent, in
contrast to an increase of 6.9 percent. Purchases of motor vehicles and parts accounted for most of
the decrease in August and for most of the increase in July. Purchases of nondurable goods
increased 0.1 percent in August, compared with an increase of less than 0.1 percent in July.
Purchases of services increased 0.2 percent, compared with an increase of 0.1 percent.
Revisions
Estimates have been revised for April through July. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for June
and July -- revised and as published in last month's release -- are shown below.
Change from preceding month
June July
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 54.7 44.7 0.5 0.4 29.3 34.9 0.3 0.3
Disposable personal income:
Current dollars.......... 45.9 35.7 0.5 0.4 27.2 34.1 0.3 0.4
Chained (2000) dollars... 42.1 31.4 0.5 0.4 0.2 6.3 0.0 0.1
Personal consumption expenditures:
Current dollars.......... 88.0 90.1 1.0 1.0 85.7 106.5 1.0 1.2
Chained (2000) dollars... 79.9 80.4 1.0 1.0 53.8 72.3 0.7 0.9
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
Note that beginning with the September release of personal income and outlays on October 31, 2005,
the recorded message service for personal income will be discontinued.
* * *
Next release -- Personal Income and Outlays for September will be released on
October 31, 2005 at 8:30 A.M. EST.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
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Jan 05 Feb 05 Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\r\ Aug 05\p\
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Personal income............................ 10,025.2 10,072.9 10,122.0 10,190.6 10,214.1 10,258.8 10,293.7 10,288.4
Compensation of employees, received...... 6,963.3 7,001.6 7,040.3 7,087.8 7,097.3 7,117.5 7,163.4 7,177.5
Wage and salary disbursements.......... 5,604.6 5,629.8 5,655.3 5,698.8 5,706.9 5,725.0 5,765.5 5,776.6
Private industries................... 4,645.6 4,667.5 4,691.1 4,732.8 4,739.4 4,756.6 4,794.8 4,803.9
Goods-producing industries......... 1,092.7 1,099.1 1,105.9 1,113.5 1,117.3 1,119.4 1,125.8 1,129.0
Manufacturing.................... 711.6 715.2 719.2 722.4 725.4 725.2 728.7 729.7
Services-producing industries...... 3,552.9 3,568.4 3,585.2 3,619.3 3,622.1 3,637.3 3,669.0 3,674.9
Trade, transportation, and
utilities....................... 933.8 937.6 942.0 949.8 947.9 949.6 957.9 958.2
Other services-producing
industries...................... 2,619.1 2,630.8 2,643.2 2,669.6 2,674.3 2,687.7 2,711.1 2,716.6
Government........................... 959.0 962.4 964.1 965.9 967.5 968.4 970.7 972.8
Supplements to wages and salaries...... 1,358.7 1,371.7 1,385.0 1,389.0 1,390.4 1,392.5 1,397.9 1,400.9
Employer contributions for employee
pension and insurance funds......... 938.2 949.9 961.8 963.2 964.4 965.6 968.7 971.5
Employer contributions for government
social insurance.................... 420.5 421.8 423.2 425.8 426.0 426.9 429.3 429.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 912.9 916.8 924.1 930.8 933.5 945.7 945.6 939.4
Farm................................... 23.7 24.6 25.9 23.2 19.7 15.8 18.7 16.6
Nonfarm................................ 889.2 892.2 898.2 907.5 913.8 929.9 926.9 922.8
Rental income of persons with capital
consumption adjustment.................. 121.1 118.5 114.4 109.4 104.1 99.7 96.4 4.4
Personal income receipts on assets....... 1,403.3 1,407.4 1,413.1 1,426.8 1,439.7 1,452.8 1,460.8 1,468.7
Personal interest income............... 912.7 915.4 918.1 927.0 936.0 944.9 948.0 951.1
Personal dividend income............... 490.6 492.0 495.0 499.8 503.8 507.9 512.8 517.6
Personal current transfer receipts....... 1,482.8 1,489.6 1,494.0 1,504.9 1,509.1 1,514.8 1,504.0 1,575.6
Government social benefits to persons.. 1,453.7 1,460.4 1,464.8 1,475.7 1,479.8 1,485.5 1,474.7 1,476.1
Old-age, survivors, disability, and
health insurance benefits........... 823.3 828.6 832.1 838.8 842.2 845.6 847.3 851.2
Government unemployment insurance
benefits............................ 29.6 29.4 29.2 28.1 27.7 28.1 27.9 27.6
Other................................ 600.8 602.4 603.6 608.8 609.9 611.8 599.5 597.3
Other current transfer receipts, from
business (net)........................ 29.1 29.1 29.1 29.2 29.2 29.3 29.3 99.6
Less: Contributions for government social
insurance............................... 858.2 860.9 863.8 869.1 869.6 871.6 876.5 877.3
Less: Personal current taxes............... 1,162.9 1,171.5 1,179.8 1,204.5 1,212.2 1,221.1 1,221.9 1,224.0
Equals: Disposable personal income......... 8,862.3 8,901.4 8,942.2 8,986.1 9,002.0 9,037.7 9,071.8 9,064.4
Less: Personal outlays..................... 8,801.2 8,860.5 8,902.2 8,966.7 8,971.4 9,065.4 9,172.7 9,126.2
Personal consumption expenditures........ 8,483.1 8,541.6 8,582.6 8,646.6 8,647.2 8,737.3 8,843.8 8,796.6
Durable goods.......................... 1,003.8 1,017.5 1,030.7 1,046.4 1,008.9 1,051.2 1,118.5 1,019.4
Nondurable goods....................... 2,461.2 2,483.3 2,485.4 2,529.2 2,525.1 2,546.8 2,565.7 2,594.5
Services............................... 5,018.1 5,040.8 5,066.5 5,071.0 5,113.2 5,139.2 5,159.6 5,182.8
Personal interest payments\1\............ 197.8 198.1 198.4 201.8 205.3 208.8 209.1 209.3
Personal current transfer payments....... 120.3 120.8 121.3 118.3 118.8 119.3 119.8 120.3
To government.......................... 72.0 72.5 72.9 73.4 74.0 74.4 75.0 75.4
To the rest of the world (net)......... 48.3 48.3 48.3 44.9 44.9 44.9 44.9 44.9
Equals: Personal saving.................... 61.1 40.9 40.0 19.4 30.6 -27.7 -100.9 -61.8
Personal saving as a percentage of
disposable personal income.............. .7 .5 .4 .2 .3 -.3 -1.1 -.7
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,086.7 8,101.8 8,105.6 8,111.4 8,121.7 8,153.1 8,159.4 8,115.8
Per capita:
Current dollars...................... 29,989 30,101 30,218 30,344 30,373 30,468 30,557 30,504
Chained (2000) dollars............... 27,365 27,397 27,391 27,390 27,403 27,486 27,484 27,312
Population (midperiod, thousands)\3\..... 295,517 295,720 295,924 296,144 296,381 296,626 296,884 297,156
-----------------------------------------------------------------------------------------------------------------------------------
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]
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2003 2004 I 04 II 04 III 04 IV 04 I 05 II 05\r\
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Personal income............................ 9,169.1 9,713.3 9,484.8 9,614.3 9,729.2 10,024.8 10,073.4 10,221.2
Compensation of employees, received...... 6,321.1 6,687.6 6,526.7 6,603.6 6,724.2 6,895.8 7,001.7 7,100.9
Wage and salary disbursements.......... 5,111.1 5,389.4 5,254.8 5,318.1 5,422.0 5,562.9 5,629.9 5,710.2
Private industries................... 4,207.8 4,450.0 4,327.5 4,380.3 4,479.2 4,612.9 4,668.1 4,743.0
Goods-producing industries......... 1,007.2 1,049.9 1,018.7 1,035.6 1,062.3 1,083.0 1,099.2 1,116.7
Manufacturing.................... 668.7 687.7 669.3 677.6 696.1 707.8 715.3 724.4
Services-producing industries...... 3,200.6 3,400.1 3,308.7 3,344.8 3,416.8 3,529.9 3,568.8 3,626.3
Trade, transportation, and
utilities....................... 858.6 899.7 871.8 889.5 906.3 931.1 937.8 949.1
Other services-producing
industries...................... 2,342.0 2,500.4 2,437.0 2,455.3 2,510.5 2,598.8 2,631.0 2,677.2
Government........................... 903.3 939.5 927.3 937.7 942.8 950.0 961.8 967.3
Supplements to wages and salaries...... 1,210.0 1,298.1 1,271.9 1,285.5 1,302.3 1,332.9 1,371.8 1,390.6
Employer contributions for employee
pension and insurance funds......... 830.0 895.5 877.0 887.5 897.9 919.6 950.0 964.4
Employer contributions for government
social insurance.................... 380.0 402.7 394.9 398.0 404.4 413.4 421.9 426.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 810.2 889.6 870.2 898.4 889.1 900.9 917.9 936.6
Farm................................... 27.7 35.8 44.8 44.1 29.7 24.6 24.7 19.6
Nonfarm................................ 782.4 853.8 825.4 854.2 859.4 876.3 893.2 917.1
Rental income of persons with capital
consumption adjustment.................. 131.7 134.2 144.2 141.8 122.1 128.7 118.0 104.4
Personal income receipts on assets....... 1,338.7 1,396.5 1,350.4 1,363.9 1,378.2 1,493.6 1,407.9 1,439.8
Personal interest income............... 917.6 905.9 906.6 905.1 904.7 907.4 915.4 936.0
Personal dividend income............... 421.1 490.6 443.9 458.8 473.5 586.2 492.5 503.8
Personal current transfer receipts....... 1,344.0 1,427.5 1,399.6 1,419.8 1,441.5 1,449.2 1,488.8 1,509.6
Government social benefits to persons.. 1,313.5 1,394.5 1,370.6 1,390.8 1,397.1 1,419.5 1,459.7 1,480.4
Old-age, survivors, disability, and
health insurance benefits........... 739.3 789.3 772.9 784.9 793.7 805.5 828.0 842.2
Government unemployment insurance
benefits............................ 52.8 36.0 43.1 35.3 33.3 32.4 29.4 28.0
Other................................ 521.4 569.2 554.6 570.7 570.1 581.5 602.2 610.2
Other current transfer receipts, from
business (net)........................ 30.5 33.0 29.0 28.9 44.4 29.8 29.1 29.2
Less: Contributions for government social
insurance............................... 776.6 822.2 806.3 813.0 825.9 843.5 861.0 870.1
Less: Personal current taxes............... 999.9 1,049.1 1,009.6 1,034.0 1,058.4 1,094.3 1,171.4 1,212.6
Equals: Disposable personal income......... 8,169.2 8,664.2 8,475.3 8,580.3 8,670.9 8,930.4 8,902.0 9,008.6
Less: Personal outlays..................... 7,996.3 8,512.5 8,319.4 8,439.1 8,566.3 8,725.0 8,854.6 9,001.2
Personal consumption expenditures........ 7,709.9 8,214.3 8,032.3 8,145.6 8,263.2 8,416.1 8,535.8 8,677.0
Durable goods.......................... 950.1 987.8 974.2 974.6 993.8 1,008.6 1,017.3 1,035.5
Nondurable goods....................... 2,189.0 2,368.3 2,302.7 2,355.2 2,378.4 2,437.1 2,476.6 2,533.7
Services............................... 4,570.8 4,858.2 4,755.4 4,815.9 4,891.0 4,970.4 5,041.8 5,107.8
Personal interest payments\1\............ 183.2 186.7 178.0 182.2 190.3 196.2 198.1 205.3
Personal current transfer payments....... 103.3 111.5 109.2 111.3 112.8 112.7 120.8 118.8
To government.......................... 62.1 68.6 66.1 67.8 69.4 71.0 72.5 73.9
To the rest of the world (net)......... 41.2 42.9 43.0 43.5 43.4 41.7 48.3 44.9
Equals: Personal saving.................... 172.8 151.8 155.8 141.2 104.6 205.4 47.4 7.4
Personal saving as a percentage of
disposable personal income.............. 2.1 1.8 1.8 1.6 1.2 2.3 .5 .1
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,741.8 8,004.3 7,915.1 7,938.8 7,993.3 8,169.2 8,098.1 8,128.7
Per capita:
Current dollars...................... 28,065 29,475 28,939 29,231 29,461 30,265 30,103 30,395
Chained (2000) dollars............... 26,596 27,230 27,026 27,045 27,159 27,685 27,384 27,426
Population (midperiod, thousands)\3\..... 291,085 293,951 292,872 293,540 294,315 295,077 295,720 296,383
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Jan 05 Feb 05 Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\r\ Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ -265.8 47.7 49.1 68.6 23.5 44.7 34.9 -5.3
Compensation of employees, received...... 9.0 38.3 38.7 47.5 9.5 20.2 45.9 14.1
Wage and salary disbursements.......... -7.6 25.2 25.5 43.5 8.1 18.1 40.5 11.1
Private industries................... -15.1 21.9 23.6 41.7 6.6 17.2 38.2 9.1
Goods-producing industries......... 3.7 6.4 6.8 7.6 3.8 2.1 6.4 3.2
Manufacturing.................... .2 3.6 4.0 3.2 3.0 -.2 3.5 1.0
Services-producing industries...... -18.8 15.5 16.8 34.1 2.8 15.2 31.7 5.9
Trade, transportation, and
utilities....................... -3.8 3.8 4.4 7.8 -1.9 1.7 8.3 .3
Other services-producing
industries...................... -15.0 11.7 12.4 26.4 4.7 13.4 23.4 5.5
Government........................... 7.5 3.4 1.7 1.8 1.6 .9 2.3 2.1
Supplements to wages and salaries...... 16.6 13.0 13.3 4.0 1.4 2.1 5.4 3.0
Employer contributions for employee
pension and insurance funds......... 12.5 11.7 11.9 1.4 1.2 1.2 3.1 2.8
Employer contributions for government
social insurance.................... 4.1 1.3 1.4 2.6 .2 .9 2.4 .1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 9.9 3.9 7.3 6.7 2.7 12.2 -.1 -6.2
Farm................................... .7 .9 1.3 -2.7 -3.5 -3.9 2.9 -2.1
Nonfarm................................ 9.2 3.0 6.0 9.3 6.3 16.1 -3.0 -4.1
Rental income of persons with capital
consumption adjustment.................. -4.3 -2.6 -4.1 -5.0 -5.3 -4.4 -3.3 -92.0
Personal income receipts on assets....... -295.2 4.1 5.7 13.7 12.9 13.1 8.0 7.9
Personal interest income............... 2.7 2.7 2.7 8.9 9.0 8.9 3.1 3.1
Personal dividend income............... -297.9 1.4 3.0 4.8 4.0 4.1 4.9 4.8
Personal current transfer receipts....... 23.4 6.8 4.4 10.9 4.2 5.7 -10.8 71.6
Government social benefits to persons.. 24.4 6.7 4.4 10.9 4.1 5.7 -10.8 1.4
Old-age, survivors, disability, and
health insurance benefits........... 13.0 5.3 3.5 6.7 3.4 3.4 1.7 3.9
Government unemployment insurance
benefits............................ -1.1 -.2 -.2 -1.1 -.4 .4 -.2 -.3
Other................................ 12.5 1.6 1.2 5.2 1.1 1.9 -12.3 -2.2
Other current transfer receipts, from
business (net)........................ -.9 .0 .0 .1 .0 .1 .0 70.3
Less: Contributions for government social
insurance............................... 8.6 2.7 2.9 5.3 .5 2.0 4.9 .8
Less: Personal current taxes............... 54.0 8.6 8.3 24.7 7.7 8.9 .8 2.1
Equals: Disposable personal income......... -319.8 39.1 40.8 43.9 15.9 35.7 34.1 -7.4
Less: Personal outlays..................... 22.9 59.3 41.7 64.5 4.7 94.0 107.3 -46.5
Personal consumption expenditures........ 15.5 58.5 41.0 64.0 .6 90.1 106.5 -47.2
Durable goods.......................... -26.3 13.7 13.2 15.7 -37.5 42.3 67.3 -99.1
Nondurable goods....................... 25.3 22.1 2.1 43.8 -4.1 21.7 18.9 28.8
Services............................... 16.5 22.7 25.7 4.5 42.2 26.0 20.4 23.2
Personal interest payments\1\............ .3 .3 .3 3.4 3.5 3.5 .3 .2
Personal current transfer payments....... 7.1 .5 .5 -3.0 .5 .5 .5 .5
To government.......................... .5 .5 .4 .5 .6 .4 .6 .4
To the rest of the world (net)......... 6.6 .0 .0 -3.4 .0 .0 .0 .0
Equals: Personal saving.................... -342.7 -20.2 -.9 -20.6 11.2 -58.3 -73.2 39.1
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -306.2 15.1 3.8 5.8 10.3 31.4 6.3 -43.6
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 I 04 II 04 III 04 IV 04 I 05 II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 287.2 544.2 156.1 129.5 114.9 295.6 48.6 147.8
Compensation of employees, received...... 229.9 366.5 99.3 76.9 120.6 171.6 105.9 99.2
Wage and salary disbursements.......... 130.2 278.3 67.5 63.3 103.9 140.9 67.0 80.3
Private industries................... 92.8 242.2 50.1 52.8 98.9 133.7 55.2 74.9
Goods-producing industries......... -3.5 42.7 -3.9 16.9 26.7 20.7 16.2 17.5
Manufacturing.................... -6.8 19.0 -7.8 8.3 18.5 11.7 7.5 9.1
Services-producing industries...... 96.4 199.5 53.9 36.1 72.0 113.1 38.9 57.5
Trade, transportation, and
utilities....................... 15.5 41.1 3.0 17.7 16.8 24.8 6.7 11.3
Other services-producing
industries...................... 80.9 158.4 51.0 18.3 55.2 88.3 32.2 46.2
Government........................... 37.4 36.2 17.4 10.4 5.1 7.2 11.8 5.5
Supplements to wages and salaries...... 99.7 88.1 31.8 13.6 16.8 30.6 38.9 18.8
Employer contributions for employee
pension and insurance funds......... 84.9 65.5 21.6 10.5 10.4 21.7 30.4 14.4
Employer contributions for government
social insurance.................... 14.8 22.7 10.2 3.1 6.4 9.0 8.5 4.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 41.8 79.4 30.2 28.2 -9.3 11.8 17.0 18.7
Farm................................... 17.1 8.1 9.7 -.7 -14.4 -5.1 .1 -5.1
Nonfarm................................ 24.6 71.4 20.6 28.8 5.2 16.9 16.9 23.9
Rental income of persons with capital
consumption adjustment.................. -21.2 2.5 1.0 -2.4 -19.7 6.6 -10.7 -13.6
Personal income receipts on assets....... 5.5 57.8 8.3 13.5 14.3 115.4 -85.7 31.9
Personal interest income............... -18.5 -11.7 -5.6 -1.5 -.4 2.7 8.0 20.6
Personal dividend income............... 23.9 69.5 14.0 14.9 14.7 112.7 -93.7 11.3
Personal current transfer receipts....... 57.8 83.5 37.3 20.2 21.7 7.7 39.6 20.8
Government social benefits to persons.. 64.6 81.0 37.6 20.2 6.3 22.4 40.2 20.7
Old-age, survivors, disability, and
health insurance benefits........... 31.8 50.0 21.0 12.0 8.8 11.8 22.5 14.2
Government unemployment insurance
benefits............................ -.4 -16.8 -8.2 -7.8 -2.0 -.9 -3.0 -1.4
Other................................ 33.2 47.8 24.9 16.1 -.6 11.4 20.7 8.0
Other current transfer receipts, from
business (net)........................ -6.8 2.5 -.3 -.1 15.5 -14.6 -.7 .1
Less: Contributions for government social
insurance............................... 26.6 45.6 20.0 6.7 12.9 17.6 17.5 9.1
Less: Personal current taxes............... -51.9 49.2 2.0 24.4 24.4 35.9 77.1 41.2
Equals: Disposable personal income......... 339.1 495.0 154.3 105.0 90.6 259.5 -28.4 106.6
Less: Personal outlays..................... 351.0 516.2 161.0 119.7 127.2 158.7 129.6 146.6
Personal consumption expenditures........ 359.2 504.4 165.7 113.3 117.6 152.9 119.7 141.2
Durable goods.......................... 26.2 37.7 10.6 .4 19.2 14.8 8.7 18.2
Nondurable goods....................... 109.4 179.3 69.1 52.5 23.2 58.7 39.5 57.1
Services............................... 223.6 287.4 85.9 60.5 75.1 79.4 71.4 66.0
Personal interest payments\1\............ -13.2 3.5 -5.4 4.2 8.1 5.9 1.9 7.2
Personal current transfer payments....... 5.1 8.2 .8 2.1 1.5 -.1 8.1 -2.0
To government.......................... 3.9 6.5 1.9 1.7 1.6 1.6 1.5 1.4
To the rest of the world (net)......... 1.2 1.7 -1.2 .5 -.1 -1.7 6.6 -3.4
Equals: Personal saving.................... -11.9 -21.0 -6.8 -14.6 -36.6 100.8 -158.0 -40.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 179.6 262.5 70.3 23.7 54.5 175.9 -71.1 30.6
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Jan 05 Feb 05 Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\r\ Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ -2.6 .5 .5 .7 .2 .4 .3 -.1
Compensation of employees, received...... .1 .5 .6 .7 .1 .3 .6 .2
Wage and salary disbursements.......... -.1 .5 .5 .8 .1 .3 .7 .2
Supplements to wages and salaries...... 1.2 1.0 1.0 .3 .1 .2 .4 .2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1.1 .4 .8 .7 .3 1.3 .0 -.7
Rental income of persons with capital
consumption adjustment.................. -3.5 -2.1 -3.5 -4.3 -4.8 -4.3 -3.3 -95.4
Personal income receipts on assets....... -17.4 .3 .4 1.0 .9 .9 .5 .5
Personal interest income............... .3 .3 .3 1.0 1.0 1.0 .3 .3
Personal dividend income............... -37.8 .3 .6 1.0 .8 .8 1.0 .9
Personal current transfer receipts....... 1.6 .5 .3 .7 .3 .4 -.7 4.8
Less: Contributions for government social
insurance............................... 1.0 .3 .3 .6 .1 .2 .6 .1
Less: Personal current taxes............... 4.9 .7 .7 2.1 .6 .7 .1 .2
Equals: Disposable personal income......... -3.5 .4 .5 .5 .2 .4 .4 -.1
Addenda:
Personal consumption expenditures........ .2 .7 .5 .7 .0 1.0 1.2 -.5
Durable goods.......................... -2.6 1.4 1.3 1.5 -3.6 4.2 6.4 -8.9
Nondurable goods....................... 1.0 .9 .1 1.8 -.2 .9 .7 1.1
Services............................... .3 .5 .5 .1 .8 .5 .4 .4
Real disposable personal income.......... -3.6 .2 .0 .1 .1 .4 .1 -.5
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 I 04 II 04 III 04 IV 04 I 05 II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.2 5.9 6.9 5.6 4.9 12.7 2.0 6.0
Compensation of employees, received...... 3.8 5.8 6.3 4.8 7.5 10.6 6.3 5.8
Wage and salary disbursements.......... 2.6 5.4 5.3 4.9 8.0 10.8 4.9 5.8
Supplements to wages and salaries...... 9.0 7.3 10.7 4.3 5.3 9.8 12.2 5.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 5.4 9.8 15.2 13.6 -4.0 5.4 7.8 8.4
Rental income of persons with capital
consumption adjustment.................. -13.9 1.9 2.9 -6.7 -44.9 23.6 -29.5 -38.6
Personal income receipts on assets....... .4 4.3 2.5 4.0 4.3 37.9 -21.0 9.4
Personal interest income............... -2.0 -1.3 -2.5 -.6 -.2 1.2 3.6 9.3
Personal dividend income............... 6.0 16.5 13.6 14.1 13.5 134.9 -50.2 9.5
Personal current transfer receipts....... 4.5 6.2 11.4 5.9 6.3 2.2 11.4 5.7
Less: Contributions for government social
insurance............................... 3.5 5.9 10.6 3.4 6.5 8.8 8.5 4.3
Less: Personal current taxes............... -4.9 4.9 .8 10.0 9.8 14.3 31.3 14.8
Equals: Disposable personal income......... 4.3 6.1 7.6 5.1 4.3 12.5 -1.3 4.9
Addenda:
Personal consumption expenditures........ 4.9 6.5 8.7 5.8 5.9 7.6 5.8 6.8
Durable goods.......................... 2.8 4.0 4.5 .2 8.1 6.1 3.5 7.3
Nondurable goods....................... 5.3 8.2 13.0 9.4 4.0 10.3 6.6 9.5
Services............................... 5.1 6.3 7.6 5.2 6.4 6.7 5.9 5.3
Real disposable personal income.......... 2.4 3.4 3.6 1.2 2.8 9.1 -3.4 1.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jan 05 Feb 05 Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\r\ Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,740.7 7,774.3 7,779.7 7,804.9 7,801.7 7,882.1 7,954.4 7,876.0
Durable goods............................ 1,106.2 1,122.9 1,137.8 1,156.1 1,112.1 1,163.5 1,243.9 1,132.6
Nondurable goods......................... 2,265.1 2,276.3 2,255.4 2,273.5 2,279.8 2,304.3 2,304.9 2,306.3
Services................................. 4,381.9 4,390.4 4,403.7 4,396.2 4,421.5 4,435.0 4,441.1 4,450.8
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .9 33.6 5.4 25.2 -3.2 80.4 72.3 -78.4
Durable goods............................ -32.1 16.7 14.9 18.3 -44.0 51.4 80.4 -111.3
Nondurable goods......................... 24.4 11.2 -20.9 18.1 6.3 24.5 .6 1.4
Services................................. 2.9 8.5 13.3 -7.5 25.3 13.5 6.1 9.7
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .0 .4 .1 .3 .0 1.0 .9 -1.0
Durable goods............................ -2.8 1.5 1.3 1.6 -3.8 4.6 6.9 -8.9
Nondurable goods......................... 1.1 .5 -.9 .8 .3 1.1 .0 .1
Services................................. .1 .2 .3 -.2 .6 .3 .1 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 I 04 II 04 III 04 IV 04 I 05 II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,306.6 7,588.6 7,501.4 7,536.6 7,617.5 7,698.8 7,764.9 7,829.5
Durable goods............................ 1,028.5 1,089.9 1,071.6 1,072.5 1,100.4 1,115.1 1,122.3 1,143.9
Nondurable goods......................... 2,101.8 2,200.4 2,171.9 2,186.1 2,206.9 2,236.5 2,265.6 2,285.9
Services................................. 4,183.9 4,310.9 4,269.0 4,288.6 4,324.0 4,362.1 4,392.0 4,417.6
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 207.3 282.0 85.0 35.2 80.9 81.3 66.1 64.6
Durable goods............................ 63.7 61.4 11.6 .9 27.9 14.7 7.2 21.6
Nondurable goods......................... 64.7 98.6 34.6 14.2 20.8 29.6 29.1 20.3
Services................................. 83.5 127.0 39.6 19.6 35.4 38.1 29.9 25.6
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 2.9 3.9 4.7 1.9 4.4 4.3 3.5 3.4
Durable goods............................ 6.6 6.0 4.4 .4 10.8 5.5 2.6 7.9
Nondurable goods......................... 3.2 4.7 6.6 2.6 3.9 5.5 5.3 3.6
Services................................. 2.0 3.0 3.8 1.8 3.4 3.6 2.8 2.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jan 05 Feb 05 Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\r\ Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 109.599 109.878 110.329 110.792 110.847 110.858 111.190 111.696
Durable goods............................ 90.741 90.620 90.584 90.512 90.715 90.354 89.919 90.004
Nondurable goods......................... 108.667 109.102 110.211 111.257 110.769 110.536 111.326 112.505
Services................................. 114.526 114.824 115.060 115.358 115.653 115.888 116.188 116.455
Addenda:
PCE excluding food and energy............ 108.427 108.611 108.812 108.901 109.146 109.203 109.272 109.481
Market-based PCE\1\...................... 108.602 108.884 109.358 109.849 109.867 109.864 110.216 110.761
Market-based PCE excluding food
and energy\1\........................... 106.934 107.103 107.282 107.331 107.569 107.617 107.659 107.856
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .2 .3 .4 .4 .0 .0 .3 .5
Durable goods............................ .3 -.1 .0 -.1 .2 -.4 -.5 .1
Nondurable goods......................... -.1 .4 1.0 .9 -.4 -.2 .7 1.1
Services................................. .3 .3 .2 .3 .3 .2 .3 .2
Addenda:
PCE excluding food and energy............ .3 .2 .2 .1 .2 .1 .1 .2
Market-based PCE\1\...................... .2 .3 .4 .4 .0 .0 .3 .5
Market-based PCE excluding food
and energy\1\........................... .3 .2 .2 .0 .2 .0 .0 .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
-----------------------------------------------------------------------------------------------------------------------------------
Jan 05 Feb 05 Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\r\ Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 2.3 2.3 2.3 2.2 2.2 2.7 2.4 1.4
Personal consumption expenditures.......... 3.3 3.8 3.4 4.0 3.1 4.6 4.6 3.5
Durable goods............................ 4.2 5.0 5.0 9.2 1.8 9.1 12.0 3.4
Nondurable goods......................... 4.2 5.7 3.1 4.5 3.8 5.4 4.9 4.8
Services................................. 2.7 2.7 3.3 2.8 3.0 3.3 2.9 2.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jan 05 Feb 05 Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\r\ Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.7 2.6 2.7 2.9 2.5 2.2 2.6 3.0
Durable goods............................ -.1 -.3 -.3 -.4 -.2 -.5 -.7 -.2
Nondurable goods......................... 3.1 3.0 3.2 4.1 2.5 2.0 3.3 4.4
Services................................. 3.1 3.0 3.0 3.0 3.0 2.9 2.9 2.9
Addenda:
PCE excluding food and energy............ 2.2 2.2 2.1 2.0 2.0 1.9 1.9 2.0
Market-based PCE\1\...................... 2.4 2.4 2.5 2.7 2.3 2.1 2.5 2.9
Market-based PCE excluding food
and energy\1\........................... 1.8 1.8 1.7 1.6 1.7 1.6 1.6 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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