 |
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 will affect the fourth-quarter estimates of personal income, corporate profits, national income, and government current receipts. More information is available. |
 |
James E. Rankin: (202) 606-5301 (Personal Income) BEA 05-04
Michael Armah: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: DECEMBER 2004
Personal income increased $360.9 billion, or 3.7 percent, and disposable personal income (DPI)
increased $354.4 billion, or 4.0 percent, in December, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $66.4 billion, or 0.8 percent. In November, personal
income increased $41.4 billion, or 0.4 percent, DPI increased $36.9 billion, or 0.4 percent, and PCE
increased
$31.5 billion, or 0.4 percent, based on revised estimates.
2004
Aug. Sept. Oct. Nov. Dec.
(Percent change from preceding month)
Personal income, current dollars 0.4 0.2 0.8 0.4 3.7
Disposable personal income:
Current dollars 0.4 0.2 0.7 0.4 4.0
Chained (2000) dollars 0.3 0.1 0.3 0.2 4.2
Personal consumption expenditures:
Current dollars 0.1 0.6 0.8 0.4 0.8
Chained (2000) dollars 0.0 0.5 0.3 0.2 0.9
The 3.7 percent increase in December personal income mainly reflected the payment of a special
dividend by the Microsoft Corporation. Excluding this special factor, which is discussed more fully below,
personal income increased $62.7 billion, or 0.6 percent, in December, after increasing $41.4 billion, or 0.4
percent, in November.
This release includes revised estimates of population, per capita disposable personal income
(DPI), and per capita real DPI. The revised population estimates reflect newly available estimates from the
Census Bureau for April 2000 through January 2005. The revised per capita estimates reflect the
revisions to the population estimates. Estimates for the complete revision period are available on
BEA's Web site at <www.bea.gov/bea/dn/nipaweb/SelectTable.asp?Selected=Y#S2>.
Wages and salaries
Private wage and salary disbursements increased $20.0 billion in December, compared with
an increase of $9.2 billion in November. Goods-producing industries' payrolls increased $4.1
billion, compared with an increase of $2.0 billion; manufacturing payrolls increased $2.6 billion,
compared with an increase of $0.8 billion. Services-producing industries' payrolls increased
$15.9 billion, compared with an increase of $7.2 billion. Government wage and salary
disbursements increased $3.2 billion, compared with an increase of $2.3 billion.
Other personal income
Supplements to wages and salaries increased $4.9 billion in December, compared with an
increase of $4.5 billion in November.
Proprietors' income increased $13.9 billion in December, compared with an increase of
$11.5 billion in November. Farm proprietors' income increased $2.2 billion, compared with an
increase of $3.8 billion. Nonfarm proprietors' income increased $11.6 billion, compared with an
increase of $7.8 billion.
Rental income of persons increased less than $0.1 billion in December, in contrast to a
decrease of $1.4 billion in November.
Personal income receipts on assets (personal interest income plus personal dividend income)
increased $307.0 billion in December, compared with an increase of $8.8 billion in November.
Personal interest income increased $5.4 billion, compared with an increase of $5.3 billion.
Personal dividend income increased $301.7 billion, compared with an increase of $3.4 billion.
Personal dividend income was boosted $298.2 billion at an annual rate ($24.8 billion at a monthly
rate) in December by the payment of a special dividend by the Microsoft Corporation.
Personal current transfer receipts increased $14.8 billion in December, compared with an
increase of $8.1 billion in November. The December increase in personal current transfer
receipts reflected retroactive social security benefit payments of $7.4 billion at an annual rate,
resulting from a recalculation of the earnings base underlying the benefits for recent retirees.
Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $2.7 billion in December, compared with an increase of $1.6 billion in November.
Personal current taxes and disposable personal income
Personal current taxes increased $6.5 billion in December, compared with an increase of
$4.5 billion in November. Disposable personal income (DPI) -- personal income less personal
current taxes -- increased $354.4 billion, or 4.0 percent, in December, compared with an increase
of $36.9 billion, or 0.4 percent, in November. The increase in DPI reflected the effects of the
special dividend paid by the Microsoft Corporation.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $69.4 billion in December, compared with an increase of $34.5 billion in November.
PCE increased $66.4 billion, compared with an increase of $31.5 billion.
Personal saving -- DPI less personal outlays -- was $308.0 billion in December, compared
with $23.1 billion in November. Personal saving as a percentage of disposable personal income
was 3.4 percent in December, compared with 0.3 percent in November.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 4.2 percent in December,
compared with an increase of 0.2 percent in November. In December, the larger increase in real
DPI than in current-dollar DPI reflected a decrease in the PCE implicit price deflator, which is
used to deflate DPI. The decrease in the PCE implicit price deflator was largely accounted for by
large decreases in energy prices.
Real PCE -- PCE adjusted to remove price changes -- increased 0.9 percent in December,
compared with an increase of 0.2 percent in November. Purchases of durable goods increased 4.3
percent, in contrast to a decrease of 0.5 percent. Purchases of motor vehicles and parts accounted
for most of the December increase and more than accounted for the November decrease.
Purchases of nondurable goods increased 0.6 percent in December, compared with an increase of
0.3 percent in November. Purchases of services increased 0.4 percent, compared with an increase
of 0.3 percent.
Revisions
Estimates have been revised for October and November. Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE
for October and November -- revised and as published in last month's release -- are shown below.
Change from preceding month
October November
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars...... 62.6 76.0 0.6 0.8 30.4 41.4 0.3 0.4
Disposable personal income:
Current dollars...... 54.4 64.7 0.6 0.7 26.5 36.9 0.3 0.4
Chained (2000) dollars.... 18.9 24.7 0.2 0.3 13.5 19.8 0.2 0.2
Personal consumption expenditures:
Current dollars...... 66.5 64.7 0.8 0.8 13.5 31.5 0.2 0.4
Chained (2000) dollars.... 31.2 26.1 0.4 0.3 2.0 15.3 0.0 0.2
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>
You can also subscribe to e-mail notifications of BEA's various news releases and announcements
at <www.bea.gov/newsreleases/rels.htm>.
Summary BEA estimates are available on recorded messages at the time of public release at
the following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
(202) 606-5362 U.S. international transactions
Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- Personal Income and Outlays for January will be released on
February 28, 2005, at 8:30 A.M. EST.
Release dates in 2005
December 2004.... January 31 April 2005.... May 27 August 2005......... September 30
January 2005....... February 28 May 2005..... June 30 September 2005... October 31
February 2005..... March 31 June 2005..... August 2 October 2005....... December 1
March 2005......... April 29 July 2005...... September 1 November 2005... December 22
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04/r/ Nov 04/r/ Dec 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,603.8 9,624.2 9,642.6 9,679.7 9,700.7 9,776.7 9,818.1 10,179.0
Compensation of employees, received...... 6,593.0 6,594.1 6,630.4 6,657.5 6,684.2 6,721.1 6,737.2 6,765.1
Wage and salary disbursements.......... 5,325.0 5,322.7 5,353.6 5,375.1 5,396.5 5,427.8 5,439.4 5,462.5
Private industries................... 4,403.0 4,399.5 4,427.8 4,446.4 4,466.3 4,496.1 4,505.3 4,525.3
Goods-producing industries......... 1,038.7 1,037.9 1,040.0 1,047.6 1,051.4 1,054.9 1,056.9 1,061.0
Manufacturing.................... 683.5 682.6 683.7 689.1 690.8 690.4 691.2 693.8
Services-producing industries...... 3,364.3 3,361.6 3,387.8 3,398.8 3,414.8 3,441.2 3,448.4 3,464.3
Trade, transportation, and
utilities....................... 888.3 887.1 895.7 897.3 903.8 906.4 907.4 911.0
Other services-producing
industries...................... 2,475.9 2,474.5 2,492.1 2,501.5 2,511.1 2,534.7 2,541.0 2,553.3
Government........................... 922.0 923.2 925.8 928.7 930.2 931.7 934.0 937.2
Supplements to wages and salaries...... 1,268.0 1,271.4 1,276.9 1,282.4 1,287.8 1,293.3 1,297.8 1,302.7
Employer contributions for employee
pension and insurance funds......... 870.2 873.9 877.5 881.6 885.7 889.2 893.0 896.6
Employer contributions for government
social insurance.................... 397.8 397.4 399.3 400.8 402.1 404.1 404.8 406.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 901.2 909.4 905.6 904.9 898.1 920.8 932.3 946.2
Farm................................... 19.0 19.5 15.0 13.6 12.3 18.3 22.1 24.3
Nonfarm................................ 882.2 889.9 890.6 891.3 885.8 902.5 910.3 921.9
Rental income of persons with capital
consumption adjustment.................. 172.8 172.9 170.5 156.8 134.2 164.0 162.6 162.6
Personal income receipts on assets....... 1,352.2 1,359.4 1,363.6 1,367.8 1,372.1 1,381.1 1,389.9 1,696.9
Personal interest income............... 941.7 945.1 945.8 946.5 947.2 952.6 957.9 963.3
Personal dividend income............... 410.6 414.3 417.8 421.3 424.9 428.5 431.9 733.6
Personal current transfer receipts....... 1,400.6 1,404.1 1,392.4 1,415.7 1,438.1 1,419.9 1,428.0 1,442.8
Government social benefits to persons.. 1,371.3 1,374.8 1,363.1 1,372.9 1,381.3 1,390.7 1,398.8 1,413.6
Old-age, survivors, disability, and
health insurance benefits........... 774.7 774.6 778.0 782.3 786.9 790.3 794.2 805.6
Government unemployment insurance
benefits............................ 33.3 32.6 32.0 32.6 32.5 31.3 31.0 31.0
Other................................ 563.2 567.5 553.2 558.0 561.9 569.1 573.7 577.1
Other current transfer receipts, from
business (net)........................ 29.3 29.3 29.2 42.8 56.8 29.2 29.2 29.2
Less: Contributions for government social
insurance............................... 815.9 815.7 819.9 823.1 826.0 830.3 831.9 834.6
Less: Personal current taxes............... 1,032.6 1,034.6 1,039.3 1,043.6 1,048.1 1,059.4 1,063.9 1,070.4
Equals: Disposable personal income......... 8,571.2 8,589.6 8,603.3 8,636.0 8,652.6 8,717.3 8,754.2 9,108.6
Less: Personal outlays..................... 8,484.6 8,461.0 8,561.9 8,573.2 8,629.2 8,696.7 8,731.2 8,800.6
Personal consumption expenditures........ 8,189.8 8,163.3 8,259.7 8,267.6 8,320.2 8,384.9 8,416.4 8,482.8
Durable goods.......................... 999.8 958.7 1,016.0 996.5 1,008.4 1,013.2 1,007.9 1,050.8
Nondurable goods....................... 2,364.6 2,365.8 2,375.6 2,384.0 2,402.1 2,442.6 2,450.0 2,450.3
Services............................... 4,825.4 4,838.8 4,868.1 4,887.0 4,909.7 4,929.2 4,958.5 4,981.7
Personal interest payments\1\............ 182.6 184.9 187.8 190.6 193.5 195.9 198.4 200.8
Personal current transfer payments....... 112.2 112.8 114.5 115.0 115.6 115.8 116.4 117.0
To government.......................... 70.2 70.7 71.2 71.8 72.4 72.9 73.5 74.1
To the rest of the world (net)......... 42.1 42.1 43.2 43.2 43.2 42.9 42.9 42.9
Equals: Personal saving.................... 86.6 128.6 41.4 62.9 23.4 20.6 23.1 308.0
Personal saving as a percentage of
disposable personal income.............. 1.0 1.5 .5 .7 .3 .2 .3 3.4
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,956.4 7,954.5 7,970.5 7,996.4 8,003.5 8,028.2 8,048.0 8,382.8
Per capita:
Current dollars...................... 29,200 29,238 29,259 29,343 29,372 29,566 29,667 30,845
Chained (2000) dollars............... 27,105 27,076 27,107 27,169 27,168 27,228 27,274 28,387
Population (midperiod, thousands)\3\..... 293,537 293,783 294,042 294,315 294,587 294,846 295,083 295,303
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 III 03 IV 03 I 04 II 04 III 04 IV 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,161.8 9,659.1 9,209.3 9,330.0 9,445.0 9,592.7 9,674.3 9,924.6
Compensation of employees, received...... 6,289.0 6,616.6 6,324.7 6,406.7 6,487.9 6,580.0 6,657.4 6,741.1
Wage and salary disbursements.......... 5,103.6 5,342.6 5,128.6 5,188.9 5,239.2 5,312.8 5,375.0 5,443.2
Private industries................... 4,205.6 4,416.7 4,227.5 4,283.9 4,321.8 4,389.3 4,446.8 4,508.9
Goods-producing industries......... 1,007.7 1,039.5 1,005.8 1,025.6 1,019.0 1,034.9 1,046.3 1,057.6
Manufacturing.................... 668.8 682.5 665.9 680.1 669.9 680.5 687.9 691.8
Services-producing industries...... 3,198.0 3,377.3 3,221.6 3,258.3 3,302.9 3,354.4 3,400.5 3,451.3
Trade, transportation, and
utilities....................... 858.6 891.4 860.7 872.0 872.4 886.2 898.9 908.3
Other services-producing
industries...................... 2,339.4 2,485.8 2,360.9 2,386.4 2,430.5 2,468.3 2,501.6 2,543.0
Government........................... 897.9 925.8 901.1 905.0 917.3 923.5 928.2 934.3
Supplements to wages and salaries...... 1,185.5 1,274.1 1,196.1 1,217.8 1,248.8 1,267.2 1,282.3 1,297.9
Employer contributions for employee
pension and insurance funds......... 808.9 875.4 817.9 835.9 856.5 870.4 881.6 892.9
Employer contributions for government
social insurance.................... 376.6 398.7 378.2 381.9 392.3 396.8 400.8 405.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 834.1 902.4 852.0 864.7 872.1 901.4 902.9 933.1
Farm................................... 21.8 18.0 24.8 24.7 17.9 18.9 13.6 21.6
Nonfarm................................ 812.3 884.4 827.2 840.0 854.2 882.5 889.3 911.6
Rental income of persons with capital
consumption adjustment.................. 153.8 165.6 148.8 167.1 172.8 172.6 153.8 163.1
Personal income receipts on assets....... 1,322.7 1,386.6 1,314.4 1,325.8 1,337.1 1,352.3 1,367.8 1,489.3
Personal interest income............... 929.9 945.6 922.8 932.0 936.2 941.7 946.5 957.9
Personal dividend income............... 392.8 441.1 391.6 393.8 400.9 410.6 421.3 531.4
Personal current transfer receipts....... 1,335.4 1,406.3 1,346.2 1,350.7 1,379.0 1,400.4 1,415.4 1,430.2
Government social benefits to persons.. 1,306.4 1,373.6 1,317.4 1,322.0 1,349.6 1,371.1 1,372.5 1,401.0
Old-age, survivors, disability, and
health insurance benefits........... 733.8 778.8 736.6 744.9 762.1 774.0 782.4 796.7
Government unemployment insurance
benefits............................ 52.8 34.6 54.3 51.6 41.4 33.5 32.4 31.1
Other................................ 519.8 560.2 526.5 525.5 546.1 563.6 557.7 573.3
Other current transfer receipts, from
business (net)........................ 28.9 32.7 28.9 28.8 29.3 29.3 42.9 29.2
Less: Contributions for government social
insurance............................... 773.2 818.3 776.7 785.0 803.9 814.0 823.0 832.3
Less: Personal current taxes............... 1,001.9 1,036.4 941.7 1,009.4 1,006.6 1,030.6 1,043.7 1,064.5
Equals: Disposable personal income......... 8,159.9 8,622.8 8,267.6 8,320.5 8,438.4 8,562.1 8,630.7 8,860.0
Less: Personal outlays..................... 8,049.3 8,532.8 8,107.8 8,209.4 8,351.6 8,448.7 8,588.1 8,742.8
Personal consumption expenditures........ 7,760.9 8,231.1 7,822.5 7,914.9 8,060.2 8,153.8 8,282.5 8,428.1
Durable goods.......................... 950.7 995.7 972.7 971.1 976.3 975.5 1,007.0 1,023.9
Nondurable goods....................... 2,200.1 2,376.5 2,219.2 2,250.1 2,316.6 2,354.6 2,387.2 2,447.6
Services............................... 4,610.1 4,859.0 4,630.6 4,693.6 4,767.3 4,823.8 4,888.2 4,956.5
Personal interest payments\1\............ 185.3 188.2 183.3 185.9 181.1 182.6 190.6 198.4
Personal current transfer payments....... 103.1 113.5 102.1 108.6 110.3 112.2 115.0 116.4
To government.......................... 64.9 71.0 65.6 67.0 68.6 70.2 71.8 73.5
To the rest of the world (net)......... 38.2 42.5 36.5 41.6 41.7 42.1 43.2 42.9
Equals: Personal saving.................... 110.6 90.0 159.8 111.1 86.8 113.4 42.6 117.2
Personal saving as a percentage of
disposable personal income.............. 1.4 1.0 1.9 1.3 1.0 1.3 .5 1.3
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,733.8 7,997.9 7,822.9 7,849.6 7,897.0 7,951.5 7,990.2 8,152.9
Per capita:
Current dollars...................... 28,034 29,334 28,368 28,474 28,813 29,168 29,325 30,026
Chained (2000) dollars............... 26,570 27,208 26,842 26,862 26,964 27,088 27,148 27,630
Population (midperiod, thousands)\3\..... 291,073 293,951 291,442 292,217 292,872 293,540 294,315 295,077
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04/r/ Nov 04/r/ Dec 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 53.8 20.4 18.4 37.1 21.0 76.0 41.4 360.9
Compensation of employees, received...... 40.0 1.1 36.3 27.1 26.7 36.9 16.1 27.9
Wage and salary disbursements.......... 34.2 -2.3 30.9 21.5 21.4 31.3 11.6 23.1
Private industries................... 37.4 -3.5 28.3 18.6 19.9 29.8 9.2 20.0
Goods-producing industries......... 10.5 -.8 2.1 7.6 3.8 3.5 2.0 4.1
Manufacturing.................... 8.2 -.9 1.1 5.4 1.7 -.4 .8 2.6
Services-producing industries...... 26.9 -2.7 26.2 11.0 16.0 26.4 7.2 15.9
Trade, transportation, and
utilities....................... 5.2 -1.2 8.6 1.6 6.5 2.6 1.0 3.6
Other services-producing
industries...................... 21.6 -1.4 17.6 9.4 9.6 23.6 6.3 12.3
Government........................... -3.2 1.2 2.6 2.9 1.5 1.5 2.3 3.2
Supplements to wages and salaries...... 5.8 3.4 5.5 5.5 5.4 5.5 4.5 4.9
Employer contributions for employee
pension and insurance funds......... 3.2 3.7 3.6 4.1 4.1 3.5 3.8 3.6
Employer contributions for government
social insurance.................... 2.6 -.4 1.9 1.5 1.3 2.0 .7 1.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 7.7 8.2 -3.8 -.7 -6.8 22.7 11.5 13.9
Farm................................... .7 .5 -4.5 -1.4 -1.3 6.0 3.8 2.2
Nonfarm................................ 6.9 7.7 .7 .7 -5.5 16.7 7.8 11.6
Rental income of persons with capital
consumption adjustment.................. .8 .1 -2.4 -13.7 -22.6 29.8 -1.4 .0
Personal income receipts on assets....... 6.8 7.2 4.2 4.2 4.3 9.0 8.8 307.0
Personal interest income............... 3.5 3.4 .7 .7 .7 5.4 5.3 5.4
Personal dividend income............... 3.5 3.7 3.5 3.5 3.6 3.6 3.4 301.7
Personal current transfer receipts....... 4.0 3.5 -11.7 23.3 22.4 -18.2 8.1 14.8
Government social benefits to persons.. 4.0 3.5 -11.7 9.8 8.4 9.4 8.1 14.8
Old-age, survivors, disability, and
health insurance benefits........... 2.0 -.1 3.4 4.3 4.6 3.4 3.9 11.4
Government unemployment insurance
benefits............................ -1.2 -.7 -.6 .6 -.1 -1.2 -.3 .0
Other................................ 3.1 4.3 -14.3 4.8 3.9 7.2 4.6 3.4
Other current transfer receipts, from
business (net)........................ .0 .0 -.1 13.6 14.0 -27.6 .0 .0
Less: Contributions for government social
insurance............................... 5.4 -.2 4.2 3.2 2.9 4.3 1.6 2.7
Less: Personal current taxes............... 8.1 2.0 4.7 4.3 4.5 11.3 4.5 6.5
Equals: Disposable personal income......... 45.8 18.4 13.7 32.7 16.6 64.7 36.9 354.4
Less: Personal outlays..................... 84.2 -23.6 100.9 11.3 56.0 67.5 34.5 69.4
Personal consumption expenditures........ 81.5 -26.5 96.4 7.9 52.6 64.7 31.5 66.4
Durable goods.......................... 31.9 -41.1 57.3 -19.5 11.9 4.8 -5.3 42.9
Nondurable goods....................... 31.4 1.2 9.8 8.4 18.1 40.5 7.4 .3
Services............................... 18.2 13.4 29.3 18.9 22.7 19.5 29.3 23.2
Personal interest payments\1\............ 2.3 2.3 2.9 2.8 2.9 2.4 2.5 2.4
Personal current transfer payments....... .5 .6 1.7 .5 .6 .2 .6 .6
To government.......................... .6 .5 .5 .6 .6 .5 .6 .6
To the rest of the world (net)......... .0 .0 1.1 .0 .0 -.3 .0 .0
Equals: Personal saving.................... -38.5 42.0 -87.2 21.5 -39.5 -2.8 2.5 284.9
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 12.6 -1.9 16.0 25.9 7.1 24.7 19.8 334.8
-----------------------------------------------------------------------------------------------------------------------------------
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 III 03 IV 03 I 04 II 04 III 04 IV 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 282.9 497.3 103.6 120.7 115.0 147.7 81.6 250.3
Compensation of employees, received...... 219.5 327.6 77.7 82.0 81.2 92.1 77.4 83.7
Wage and salary disbursements.......... 127.3 239.0 55.3 60.3 50.3 73.6 62.2 68.2
Private industries................... 91.9 211.1 51.9 56.4 37.9 67.5 57.5 62.1
Goods-producing industries......... -2.5 31.8 6.1 19.8 -6.6 15.9 11.4 11.3
Manufacturing.................... -6.4 13.7 2.5 14.2 -10.2 10.6 7.4 3.9
Services-producing industries...... 94.5 179.3 45.7 36.7 44.6 51.5 46.1 50.8
Trade, transportation, and
utilities....................... 15.0 32.8 7.8 11.3 .4 13.8 12.7 9.4
Other services-producing
industries...................... 79.5 146.4 38.0 25.5 44.1 37.8 33.3 41.4
Government........................... 35.3 27.9 3.3 3.9 12.3 6.2 4.7 6.1
Supplements to wages and salaries...... 92.3 88.6 22.4 21.7 31.0 18.4 15.1 15.6
Employer contributions for employee
pension and insurance funds......... 79.3 66.5 18.9 18.0 20.6 13.9 11.2 11.3
Employer contributions for government
social insurance.................... 13.0 22.1 3.6 3.7 10.4 4.5 4.0 4.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 64.5 68.3 26.3 12.7 7.4 29.3 1.5 30.2
Farm................................... 12.1 -3.8 .7 -.1 -6.8 1.0 -5.3 8.0
Nonfarm................................ 52.4 72.1 25.6 12.8 14.2 28.3 6.8 22.3
Rental income of persons with capital
consumption adjustment.................. -17.1 11.8 4.7 18.3 5.7 -.2 -18.8 9.3
Personal income receipts on assets....... -11.9 63.9 -10.3 11.4 11.3 15.2 15.5 121.5
Personal interest income............... -16.8 15.7 -9.6 9.2 4.2 5.5 4.8 11.4
Personal dividend income............... 4.9 48.3 -.7 2.2 7.1 9.7 10.7 110.1
Personal current transfer receipts....... 52.7 70.9 13.1 4.5 28.3 21.4 15.0 14.8
Government social benefits to persons.. 57.5 67.2 13.3 4.6 27.6 21.5 1.4 28.5
Old-age, survivors, disability, and
health insurance benefits........... 25.5 45.0 5.5 8.3 17.2 11.9 8.4 14.3
Government unemployment insurance
benefits............................ -.4 -18.2 -.5 -2.7 -10.2 -7.9 -1.1 -1.3
Other................................ 32.3 40.4 8.2 -1.0 20.6 17.5 -5.9 15.6
Other current transfer receipts, from
business (net)........................ -4.8 3.8 -.1 -.1 .5 .0 13.6 -13.7
Less: Contributions for government social
insurance............................... 24.9 45.1 7.8 8.3 18.9 10.1 9.0 9.3
Less: Personal current taxes............... -49.3 34.5 -89.0 67.7 -2.8 24.0 13.1 20.8
Equals: Disposable personal income......... 332.2 462.9 192.6 52.9 117.9 123.7 68.6 229.3
Less: Personal outlays..................... 380.8 483.5 124.9 101.6 142.2 97.1 139.4 154.7
Personal consumption expenditures........ 384.8 470.2 126.2 92.4 145.3 93.6 128.7 145.6
Durable goods.......................... 34.5 45.0 25.9 -1.6 5.2 -.8 31.5 16.9
Nondurable goods....................... 120.0 176.4 55.6 30.9 66.5 38.0 32.6 60.4
Services............................... 230.3 248.9 44.7 63.0 73.7 56.5 64.4 68.3
Personal interest payments\1\............ -11.9 2.9 -1.5 2.6 -4.8 1.5 8.0 7.8
Personal current transfer payments....... 7.8 10.4 .3 6.5 1.7 1.9 2.8 1.4
To government.......................... 5.4 6.1 1.4 1.4 1.6 1.6 1.6 1.7
To the rest of the world (net)......... 2.5 4.3 -1.1 5.1 .1 .4 1.1 -.3
Equals: Personal saving.................... -48.6 -20.6 67.7 -48.7 -24.3 26.6 -70.8 74.6
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 174.3 264.1 151.8 26.7 47.4 54.5 38.7 162.7
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04/r/ Nov 04/r/ Dec 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .6 .2 .2 .4 .2 .8 .4 3.7
Compensation of employees, received...... .6 .0 .6 .4 .4 .6 .2 .4
Wage and salary disbursements.......... .6 .0 .6 .4 .4 .6 .2 .4
Supplements to wages and salaries...... .5 .3 .4 .4 .4 .4 .3 .4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .9 .9 -.4 -.1 -.8 2.5 1.2 1.5
Rental income of persons with capital
consumption adjustment.................. .5 .1 -1.4 -8.0 -14.4 22.2 -.9 .0
Personal income receipts on assets....... .5 .5 .3 .3 .3 .7 .6 22.1
Personal interest income............... .4 .4 .1 .1 .1 .6 .6 .6
Personal dividend income............... .8 .9 .9 .8 .9 .9 .8 69.8
Personal current transfer receipts....... .3 .2 -.8 1.7 1.6 -1.3 .6 1.0
Less: Contributions for government social
insurance............................... .7 .0 .5 .4 .4 .5 .2 .3
Less: Personal current taxes............... .8 .2 .5 .4 .4 1.1 .4 .6
Equals: Disposable personal income......... .5 .2 .2 .4 .2 .7 .4 4.0
Addenda:
Personal consumption expenditures........ 1.0 -.3 1.2 .1 .6 .8 .4 .8
Durable goods.......................... 3.3 -4.1 6.0 -1.9 1.2 .5 -.5 4.3
Nondurable goods....................... 1.3 .1 .4 .4 .8 1.7 .3 .0
Services............................... .4 .3 .6 .4 .5 .4 .6 .5
Real disposable personal income.......... .2 .0 .2 .3 .1 .3 .2 4.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 III 03 IV 03 I 04 II 04 III 04 IV 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.2 5.4 4.6 5.3 5.0 6.4 3.4 10.8
Compensation of employees, received...... 3.6 5.2 5.1 5.3 5.2 5.8 4.8 5.1
Wage and salary disbursements.......... 2.6 4.7 4.4 4.8 3.9 5.7 4.8 5.2
Supplements to wages and salaries...... 8.4 7.5 7.9 7.5 10.6 6.0 4.9 4.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 8.4 8.2 13.4 6.1 3.5 14.1 .7 14.1
Rental income of persons with capital
consumption adjustment.................. -10.0 7.6 13.6 59.0 14.6 -.6 -36.8 26.3
Personal income receipts on assets....... -.9 4.8 -3.1 3.5 3.5 4.6 4.7 40.5
Personal interest income............... -1.8 1.7 -4.1 4.1 1.8 2.4 2.1 4.9
Personal dividend income............... 1.3 12.3 -.7 2.2 7.4 10.1 10.8 153.0
Personal current transfer receipts....... 4.1 5.3 4.0 1.3 8.6 6.4 4.3 4.3
Less: Contributions for government social
insurance............................... 3.3 5.8 4.1 4.3 10.0 5.1 4.5 4.6
Less: Personal current taxes............... -4.7 3.4 -30.3 32.0 -1.1 9.9 5.2 8.2
Equals: Disposable personal income......... 4.2 5.7 9.9 2.6 5.8 6.0 3.2 11.1
Addenda:
Personal consumption expenditures........ 5.2 6.1 6.7 4.8 7.5 4.7 6.5 7.2
Durable goods.......................... 3.8 4.7 11.4 -.6 2.2 -.4 13.6 6.9
Nondurable goods....................... 5.8 8.0 10.7 5.7 12.3 6.7 5.7 10.5
Services............................... 5.3 5.4 4.0 5.6 6.4 4.8 5.5 5.7
Real disposable personal income.......... 2.3 3.4 8.2 1.4 2.4 2.8 2.0 8.4
-----------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04/r/ Nov 04/r/ Dec 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,602.4 7,559.7 7,652.2 7,655.2 7,696.0 7,722.1 7,737.4 7,806.8
Durable goods............................ 1,101.2 1,057.1 1,124.8 1,108.9 1,121.1 1,124.8 1,118.7 1,166.3
Nondurable goods......................... 2,192.3 2,184.9 2,202.8 2,211.3 2,225.5 2,235.7 2,242.9 2,255.3
Services................................. 4,323.3 4,324.9 4,342.2 4,349.7 4,365.5 4,377.8 4,390.4 4,407.3
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 47.2 -42.7 92.5 3.0 40.8 26.1 15.3 69.4
Durable goods............................ 35.4 -44.1 67.7 -15.9 12.2 3.7 -6.1 47.6
Nondurable goods......................... 5.4 -7.4 17.9 8.5 14.2 10.2 7.2 12.4
Services................................. 11.6 1.6 17.3 7.5 15.8 12.3 12.6 16.9
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .6 -.6 1.2 .0 .5 .3 .2 .9
Durable goods............................ 3.3 -4.0 6.4 -1.4 1.1 .3 -.5 4.3
Nondurable goods......................... .2 -.3 .8 .4 .6 .5 .3 .6
Services................................. .3 .0 .4 .2 .4 .3 .3 .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]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 III 03 IV 03 I 04 II 04 III 04 IV 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,355.6 7,634.7 7,401.7 7,466.8 7,543.0 7,572.4 7,667.8 7,755.4
Durable goods............................ 1,030.6 1,101.3 1,059.6 1,069.7 1,075.5 1,074.7 1,118.3 1,136.6
Nondurable goods......................... 2,112.4 2,208.3 2,125.3 2,152.0 2,187.3 2,188.0 2,213.2 2,244.7
Services................................. 4,220.3 4,339.0 4,227.9 4,256.7 4,291.7 4,320.0 4,352.4 4,391.8
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 232.2 279.1 90.3 65.1 76.2 29.4 95.4 87.6
Durable goods............................ 71.0 70.7 39.6 10.1 5.8 -.8 43.6 18.3
Nondurable goods......................... 75.0 95.9 35.2 26.7 35.3 .7 25.2 31.5
Services................................. 91.7 118.7 20.2 28.8 35.0 28.3 32.4 39.4
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.3 3.8 5.0 3.6 4.1 1.6 5.1 4.6
Durable goods............................ 7.4 6.9 16.5 3.9 2.2 -.3 17.2 6.7
Nondurable goods......................... 3.7 4.5 6.9 5.1 6.7 .1 4.7 5.8
Services................................. 2.2 2.8 1.9 2.8 3.3 2.7 3.0 3.7
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04/r/ Nov 04/r/ Dec 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 107.732 107.989 107.943 108.004 108.116 108.588 108.780 108.664
Durable goods............................ 90.753 90.645 90.291 89.827 89.904 90.034 90.050 90.057
Nondurable goods......................... 107.868 108.286 107.848 107.815 107.944 109.258 109.237 108.648
Services................................. 111.619 111.885 112.115 112.358 112.470 112.600 112.945 113.039
Addenda:
PCE excluding food and energy............ 106.508 106.625 106.661 106.726 106.872 107.059 107.243 107.242
Market-based PCE\1\...................... 107.339 107.676 107.623 107.666 107.732 108.263 108.470 108.380
Market-based PCE excluding food
and energy\1\........................... 105.768 105.955 105.999 106.043 106.139 106.342 106.543 106.600
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .4 .2 .0 .1 .1 .4 .2 -.1
Durable goods............................ .0 -.1 -.4 -.5 .1 .1 .0 .0
Nondurable goods......................... 1.1 .4 -.4 .0 .1 1.2 .0 -.5
Services................................. .1 .2 .2 .2 .1 .1 .3 .1
Addenda:
PCE excluding food and energy............ .1 .1 .0 .1 .1 .2 .2 .0
Market-based PCE\1\...................... .4 .3 .0 .0 .1 .5 .2 -.1
Market-based PCE excluding food
and energy\1\........................... .1 .2 .0 .0 .1 .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
-----------------------------------------------------------------------------------------------------------------------------------
May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04/r/ Nov 04/r/ Dec 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 3.6 3.3 2.0 1.6 2.8 2.8 2.4 6.4
Personal consumption expenditures.......... 4.1 3.0 3.8 3.0 4.0 4.1 3.5 4.0
Durable goods............................ 8.0 3.2 7.9 3.1 5.7 7.9 4.7 6.2
Nondurable goods......................... 5.3 3.8 4.1 3.4 4.9 4.6 3.7 4.5
Services................................. 2.7 2.6 2.8 2.9 3.2 3.2 3.1 3.3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04/r/ Nov 04/r/ Dec 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 2.4 2.5 2.4 2.2 2.1 2.5 2.7 2.4
Durable goods............................ -2.1 -1.9 -2.0 -2.2 -1.6 -1.1 -.8 -.5
Nondurable goods......................... 4.5 4.7 4.0 3.2 2.7 4.3 4.7 3.9
Services................................. 2.3 2.4 2.5 2.6 2.6 2.4 2.5 2.2
Addenda:
PCE excluding food and energy............ 1.5 1.5 1.4 1.5 1.6 1.6 1.6 1.5
Market-based PCE\1\...................... 2.5 2.7 2.5 2.2 2.0 2.6 2.9 2.7
Market-based PCE excluding food
and energy\1\........................... 1.4 1.6 1.4 1.4 1.4 1.5 1.7 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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