 |
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. |
 Sign up for e-mail notifications.
 |
James E. Rankin: (202) 606-5301 (Personal Income) BEA 05-13
Michael Armah: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: FEBRUARY 2005
Personal income increased $33.2 billion, or 0.3 percent, and disposable personal income (DPI)
increased $29.6 billion, or 0.3 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $46.6 billion, or 0.5 percent. In January, personal
income decreased $250.6 billion, or 2.5 percent, DPI decreased $255.6 billion, or 2.8 percent, and PCE
increased $4.7 billion, or 0.1 percent, based on revised estimates.
2004 2005
Oct. Nov. Dec. Jan. Feb.
(Percent change from preceding month)
Personal income, current dollars 0.8 0.4 3.7 -2.5 0.3
Disposable personal income:
Current dollars 0.8 0.4 4.1 -2.8 0.3
Chained (2000) dollars 0.3 0.2 4.2 -3.0 0.1
Personal consumption expenditures:
Current dollars 0.7 0.4 0.9 0.1 0.5
Chained (2000) dollars 0.2 0.2 0.9 -0.1 0.3
The 2.5-percent decrease in January personal income mainly reflected the effect of the payment of a
special dividend by the Microsoft Corporation, which had boosted personal income in December.
Excluding this special factor and others, which are discussed more fully below, personal income
increased $40.3 billion, or 0.4 percent, in January, after increasing $63.5 billion, or 0.6 percent in
December.
Compensation of employees
Private wage and salary disbursements increased $6.3 billion in February, compared with an
increase of $23.6 billion in January. Goods-producing industries' payrolls increased $3.6 billion,
compared with an increase of $1.8 billion; manufacturing payrolls increased $1.5 billion, compared
with an increase of $1.7 billion. Services-producing industries' payrolls increased $2.8 billion,
compared with an increase of $21.7 billion.
Government wage and salary disbursements increased $3.9 billion in February, compared with
an increase of $8.9 billion in January. Pay raises for federal civilian personnel added an additional
$1.1 billion to the change in government payrolls in February; pay raises for federal civilian and
military personnel added $5.9 billion to government payrolls in January.
Employer contributions for employee pension and insurance funds increased $6.1 billion in
February, compared with an increase of $6.5 billion in January.
Employer contributions for government social insurance increased $0.5 billion in February,
compared with an increase of $6.8 billion in January. The January increase reflected an increase in
the tax rate paid by employers to state unemployment insurance funds and an increase in the social
security taxable wage base (from $87,900 to $90,000); together, these changes added $4.1 billion to
January. (Changes in employer contributions for government social insurance do not affect personal
income, because employer contributions for government social insurance are also included in total
contributions for government social insurance, which is a subtraction in the calculation of personal
income.)
Other personal income
Proprietors' income increased $7.4 billion in February, compared with an increase of $1.4
billion in January. Farm proprietors' income decreased $0.8 billion, compared with a decrease of
$0.5 billion. Nonfarm proprietors' income increased $8.0 billion, compared with an increase of $2.1
billion.
Rental income of persons decreased $4.7 billion in February, the same decrease as in January.
Personal income receipts on assets (personal interest income plus personal dividend income)
increased $6.4 billion in February, in contrast to a decrease of $291.3 billion in January. Personal
interest income increased $4.5 billion, the same increase as in January. Personal dividend income
increased $2.0 billion in February, in contrast to a decrease of $295.8 billion in January. Personal
dividend income had been 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 $8.6 billion in February, compared with an increase
of $12.7 billion in January. The January change in current transfer receipts reflected 2.7-percent
cost-of-living adjustments to social security benefits and to several other federal transfer payment
programs; together, these changes added $15.3 billion to the January increase. The January change
in current transfer receipts was reduced by lump-sum social security benefits payments, which had
added $7.4 billion to December benefit payments; these benefit payments resulted 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 $1.4 billion in February, compared with an increase of $14.4 billion in January. The
January increase reflected increases in both employer and personal contributions for government
social insurance. As noted above, employer contributions were boosted $4.1 billion in January by
increases in unemployment-insurance rates and in the social security taxable wage base. The
January increase in personal contributions for government social insurance reflected an increase in
the monthly premium paid by participants in the supplementary medical insurance program
(Medicare B) and the increase in the social security taxable wage base; together, these changes
added $6.5 billion to January personal contributions.
Personal current taxes and disposable personal income
Personal current taxes increased $3.5 billion in February, compared with an increase of $5.1
billion in January. Indexation provisions of current tax law reduced federal withheld income taxes
by $3.2 billion in January. Federal net nonwithheld income taxes (payments of estimated taxes plus
final settlements less refunds) was reduced by $1.4 billion in January, based on federal budget
projections for 2005.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased
$29.6 billion, or 0.3 percent, in February, in contrast to a decrease of $255.6 billion, or 2.8 percent,
in January. The January decrease in DPI reflected the effects of the special dividend paid by the
Microsoft Corporation in December.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $48.7 billion in February, compared with an increase of $6.7 billion in January. PCE
increased $46.6 billion, compared with an increase of $4.7 billion.
Personal saving -- DPI less personal outlays -- was $52.7 billion in February, compared with
$71.6 billion in January. Personal saving as a percentage of disposable personal income was 0.6
percent in February, compared with 0.8 percent in January.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in February, in
contrast to a decrease of 3.0 percent in January.
Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in February, in
contrast to a decrease of 0.1 percent in January. Purchases of durable goods increased 1.0 percent,
in contrast to a decrease of 4.0 percent. Purchases of motor vehicles and parts accounted for about
one half of the increase in February and more than accounted for the decrease in January. Purchases
of nondurable goods increased 0.2 percent in February, compared with an increase of 1.2 percent in
January. Purchases of services increased 0.2 percent, compared with an increase of 0.1 percent.
Revisions
Estimates have been revised for October through January. Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
December and January -- revised and as published in last month's release -- are shown below.
Revisions for October and November were small.
Change from preceding month
December January
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 368.2 369.1 3.7 3.7 -238.6 -250.6 -2.3 -2.5
Disposable personal income:
Current dollars.......... 360.7 362.3 4.1 4.1 -241.4 -255.6 -2.6 -2.8
Chained (2000) dollars... 335.5 336.8 4.2 4.2 -237.1 -248.3 -2.8 -3.0
Personal consumption expenditures:
Current dollars.......... 70.2 74.7 0.8 0.9 -3.9 4.7 0.0 0.1
Chained (2000) dollars... 68.2 72.3 0.9 0.9 -18.1 -8.4 -0.2 -0.1
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
* * *
Next release -- Personal Income and Outlays for March will be released on
April 29, 2005 at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 04 Aug 04 Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,668.5 9,706.3 9,726.4 9,803.4 9,844.4 10,213.5 9,962.9 9,996.1
Compensation of employees, received...... 6,660.2 6,688.1 6,713.8 6,752.0 6,766.1 6,799.5 6,845.2 6,862.1
Wage and salary disbursements.......... 5,381.3 5,403.6 5,424.0 5,454.7 5,461.7 5,487.1 5,519.4 5,529.7
Private industries................... 4,455.5 4,474.9 4,493.8 4,523.1 4,528.2 4,552.3 4,575.9 4,582.2
Goods-producing industries......... 1,051.1 1,060.2 1,063.9 1,066.5 1,067.8 1,073.8 1,075.6 1,079.2
Manufacturing.................... 691.6 698.5 700.9 700.2 700.1 703.5 705.2 706.7
Services-producing industries...... 3,404.4 3,414.7 3,429.9 3,456.6 3,460.4 3,478.5 3,500.2 3,503.0
Trade, transportation, and
utilities....................... 897.3 898.3 903.3 905.2 905.9 909.6 918.1 916.7
Other services-producing
industries...................... 2,507.1 2,516.4 2,526.6 2,551.4 2,554.5 2,568.9 2,582.1 2,586.4
Government........................... 925.8 928.7 930.2 931.6 933.5 934.7 943.6 947.5
Supplements to wages and salaries...... 1,278.9 1,284.5 1,289.8 1,297.3 1,304.3 1,312.4 1,325.8 1,332.4
Employer contributions for employee
pension and insurance funds......... 877.5 881.6 885.7 891.3 897.9 904.5 911.0 917.1
Employer contributions for government
social insurance.................... 401.4 402.9 404.1 406.0 406.4 408.0 414.8 415.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 905.6 904.9 898.1 921.2 933.8 949.8 951.2 958.6
Farm................................... 15.0 13.6 12.3 18.6 22.8 25.7 25.2 24.4
Nonfarm................................ 890.6 891.3 885.8 902.5 911.0 924.0 926.1 934.1
Rental income of persons with capital
consumption adjustment.................. 170.5 156.8 134.2 163.2 160.8 159.9 155.2 150.5
Personal income receipts on assets....... 1,363.6 1,367.8 1,372.1 1,382.4 1,392.5 1,700.8 1,409.5 1,415.9
Personal interest income............... 945.8 946.5 947.2 953.9 960.5 967.2 971.7 976.2
Personal dividend income............... 417.8 421.3 424.9 428.5 431.9 733.6 437.8 439.8
Personal current transfer receipts....... 1,392.4 1,415.7 1,438.1 1,418.7 1,426.3 1,441.7 1,454.4 1,463.0
Government social benefits to persons.. 1,363.1 1,372.9 1,381.3 1,389.5 1,397.1 1,412.5 1,425.2 1,433.8
Old-age, survivors, disability, and
health insurance benefits........... 778.0 782.3 786.9 791.2 795.6 807.5 813.6 821.5
Government unemployment insurance
benefits............................ 32.0 32.6 32.5 31.3 31.0 31.0 29.9 29.7
Other................................ 553.2 558.0 561.9 567.0 570.5 574.0 581.7 582.6
Other current transfer receipts, from
business (net)........................ 29.2 42.8 56.8 29.2 29.2 29.2 29.2 29.2
Less: Contributions for government social
insurance............................... 823.8 827.0 829.9 834.1 835.0 838.2 852.6 854.0
Less: Personal current taxes............... 1,044.4 1,049.0 1,053.3 1,064.9 1,068.5 1,075.3 1,080.4 1,083.9
Equals: Disposable personal income......... 8,624.1 8,657.3 8,673.1 8,738.5 8,775.9 9,138.2 8,882.6 8,912.2
Less: Personal outlays..................... 8,561.9 8,573.2 8,629.2 8,687.7 8,725.9 8,804.2 8,810.9 8,859.6
Personal consumption expenditures........ 8,259.7 8,267.6 8,320.2 8,375.3 8,409.9 8,484.6 8,489.3 8,535.9
Durable goods.......................... 1,016.0 996.5 1,008.4 1,004.4 1,001.4 1,045.1 1,006.3 1,014.9
Nondurable goods....................... 2,375.6 2,384.0 2,402.1 2,442.4 2,451.8 2,454.8 2,482.0 2,495.8
Services............................... 4,868.1 4,887.0 4,909.7 4,928.5 4,956.6 4,984.7 5,000.9 5,025.1
Personal interest payments\1\............ 187.8 190.6 193.5 196.5 199.5 202.5 204.0 205.6
Personal current transfer payments....... 114.5 115.0 115.6 115.9 116.5 117.1 117.6 118.1
To government.......................... 71.2 71.8 72.4 72.9 73.5 74.1 74.6 75.0
To the rest of the world (net)......... 43.2 43.2 43.2 43.0 43.0 43.0 43.0 43.0
Equals: Personal saving.................... 62.2 84.1 43.9 50.8 50.0 334.1 71.6 52.7
Personal saving as a percentage of
disposable personal income.............. .7 1.0 .5 .6 .6 3.7 .8 .6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,989.8 8,016.1 8,022.4 8,047.2 8,064.4 8,401.2 8,152.9 8,158.4
Per capita:
Current dollars...................... 29,329 29,415 29,442 29,638 29,740 30,945 30,058 30,137
Chained (2000) dollars............... 27,172 27,236 27,233 27,293 27,329 28,449 27,589 27,588
Population (midperiod, thousands)\3\..... 294,042 294,315 294,587 294,846 295,083 295,303 295,517 295,722
-----------------------------------------------------------------------------------------------------------------------------------
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\r\ III 03 IV 03 I 04 II 04 III 04 IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,161.8 9,673.0 9,209.3 9,330.0 9,445.0 9,592.7 9,700.4 9,953.8
Compensation of employees, received...... 6,289.0 6,632.0 6,324.7 6,406.7 6,487.9 6,580.0 6,687.4 6,772.5
Wage and salary disbursements.......... 5,103.6 5,355.7 5,128.6 5,188.9 5,239.2 5,312.8 5,403.0 5,467.8
Private industries................... 4,205.6 4,430.1 4,227.5 4,283.9 4,321.8 4,389.3 4,474.7 4,534.6
Goods-producing industries......... 1,007.7 1,045.4 1,005.8 1,025.6 1,019.0 1,034.9 1,058.4 1,069.4
Manufacturing.................... 668.8 687.2 665.9 680.1 669.9 680.5 697.0 701.2
Services-producing industries...... 3,198.0 3,384.7 3,221.6 3,258.3 3,302.9 3,354.4 3,416.3 3,465.2
Trade, transportation, and
utilities....................... 858.6 891.3 860.7 872.0 872.4 886.2 899.6 906.9
Other services-producing
industries...................... 2,339.4 2,493.4 2,360.9 2,386.4 2,430.5 2,468.3 2,516.7 2,558.3
Government........................... 897.9 925.6 901.1 905.0 917.3 923.5 928.2 933.3
Supplements to wages and salaries...... 1,185.5 1,276.3 1,196.1 1,217.8 1,248.8 1,267.2 1,284.4 1,304.7
Employer contributions for employee
pension and insurance funds......... 808.9 876.6 817.9 835.9 856.5 870.4 881.6 897.9
Employer contributions for government
social insurance.................... 376.6 399.7 378.2 381.9 392.3 396.8 402.8 406.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 834.1 902.8 852.0 864.7 872.1 901.4 902.9 934.9
Farm................................... 21.8 18.2 24.8 24.7 17.9 18.9 13.6 22.4
Nonfarm................................ 812.3 884.6 827.2 840.0 854.2 882.5 889.3 912.5
Rental income of persons with capital
consumption adjustment.................. 153.8 165.1 148.8 167.1 172.8 172.6 153.8 161.3
Personal income receipts on assets....... 1,322.7 1,387.3 1,314.4 1,325.8 1,337.1 1,352.3 1,367.8 1,491.9
Personal interest income............... 929.9 946.2 922.8 932.0 936.2 941.7 946.5 960.5
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 1,405.9 1,346.2 1,350.7 1,379.0 1,400.4 1,415.4 1,428.9
Government social benefits to persons.. 1,306.4 1,373.2 1,317.4 1,322.0 1,349.6 1,371.1 1,372.5 1,399.7
Old-age, survivors, disability, and
health insurance benefits........... 733.8 779.2 736.6 744.9 762.1 774.0 782.4 798.1
Government unemployment insurance
benefits............................ 52.8 34.6 54.3 51.6 41.4 33.5 32.4 31.1
Other................................ 519.8 559.5 526.5 525.5 546.1 563.6 557.7 570.5
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............................... 773.2 820.2 776.7 785.0 803.9 814.0 826.9 835.7
Less: Personal current taxes............... 1,001.9 1,038.9 941.7 1,009.4 1,006.6 1,030.6 1,048.9 1,069.5
Equals: Disposable personal income......... 8,159.9 8,634.0 8,267.6 8,320.5 8,438.4 8,562.1 8,651.5 8,884.2
Less: Personal outlays..................... 8,049.3 8,531.9 8,107.8 8,209.4 8,351.6 8,448.7 8,588.1 8,739.3
Personal consumption expenditures........ 7,760.9 8,229.9 7,822.5 7,914.9 8,060.2 8,153.8 8,282.5 8,423.3
Durable goods.......................... 950.7 993.9 972.7 971.1 976.3 975.5 1,007.0 1,017.0
Nondurable goods....................... 2,200.1 2,377.0 2,219.2 2,250.1 2,316.6 2,354.6 2,387.2 2,449.7
Services............................... 4,610.1 4,859.0 4,630.6 4,693.6 4,767.3 4,823.8 4,888.2 4,956.6
Personal interest payments\1\............ 185.3 188.5 183.3 185.9 181.1 182.6 190.6 199.5
Personal current transfer payments....... 103.1 113.5 102.1 108.6 110.3 112.2 115.0 116.5
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 43.0
Equals: Personal saving.................... 110.6 102.1 159.8 111.1 86.8 113.4 63.4 145.0
Personal saving as a percentage of
disposable personal income.............. 1.4 1.2 1.9 1.3 1.0 1.3 .7 1.6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,733.8 8,007.3 7,822.9 7,849.6 7,897.0 7,951.5 8,009.5 8,170.9
Per capita:
Current dollars...................... 28,034 29,372 28,368 28,474 28,813 29,168 29,395 30,108
Chained (2000) dollars............... 26,570 27,240 26,842 26,862 26,964 27,088 27,214 27,691
Population (midperiod, thousands)\3\..... 291,073 293,951 291,442 292,217 292,872 293,540 294,315 295,077
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 04 Aug 04 Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 44.3 37.8 20.1 77.0 41.0 369.1 -250.6 33.2
Compensation of employees, received...... 66.1 27.9 25.7 38.2 14.1 33.4 45.7 16.9
Wage and salary disbursements.......... 58.6 22.3 20.4 30.7 7.0 25.4 32.3 10.3
Private industries................... 56.0 19.4 18.9 29.3 5.1 24.1 23.6 6.3
Goods-producing industries......... 13.2 9.1 3.7 2.6 1.3 6.0 1.8 3.6
Manufacturing.................... 9.0 6.9 2.4 -.7 -.1 3.4 1.7 1.5
Services-producing industries...... 42.8 10.3 15.2 26.7 3.8 18.1 21.7 2.8
Trade, transportation, and
utilities....................... 10.2 1.0 5.0 1.9 .7 3.7 8.5 -1.4
Other services-producing
industries...................... 32.6 9.3 10.2 24.8 3.1 14.4 13.2 4.3
Government........................... 2.6 2.9 1.5 1.4 1.9 1.2 8.9 3.9
Supplements to wages and salaries...... 7.5 5.6 5.3 7.5 7.0 8.1 13.4 6.6
Employer contributions for employee
pension and insurance funds......... 3.6 4.1 4.1 5.6 6.6 6.6 6.5 6.1
Employer contributions for government
social insurance.................... 4.0 1.5 1.2 1.9 .4 1.6 6.8 .5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -3.8 -.7 -6.8 23.1 12.6 16.0 1.4 7.4
Farm................................... -4.5 -1.4 -1.3 6.3 4.2 2.9 -.5 -.8
Nonfarm................................ .7 .7 -5.5 16.7 8.5 13.0 2.1 8.0
Rental income of persons with capital
consumption adjustment.................. -2.4 -13.7 -22.6 29.0 -2.4 -.9 -4.7 -4.7
Personal income receipts on assets....... 4.2 4.2 4.3 10.3 10.1 308.3 -291.3 6.4
Personal interest income............... .7 .7 .7 6.7 6.6 6.7 4.5 4.5
Personal dividend income............... 3.5 3.5 3.6 3.6 3.4 301.7 -295.8 2.0
Personal current transfer receipts....... -11.7 23.3 22.4 -19.4 7.6 15.4 12.7 8.6
Government social benefits to persons.. -11.7 9.8 8.4 8.2 7.6 15.4 12.7 8.6
Old-age, survivors, disability, and
health insurance benefits........... 3.4 4.3 4.6 4.3 4.4 11.9 6.1 7.9
Government unemployment insurance
benefits............................ -.6 .6 -.1 -1.2 -.3 .0 -1.1 -.2
Other................................ -14.3 4.8 3.9 5.1 3.5 3.5 7.7 .9
Other current transfer receipts, from
business (net)........................ -.1 13.6 14.0 -27.6 .0 .0 .0 .0
Less: Contributions for government social
insurance............................... 8.1 3.2 2.9 4.2 .9 3.2 14.4 1.4
Less: Personal current taxes............... 9.8 4.6 4.3 11.6 3.6 6.8 5.1 3.5
Equals: Disposable personal income......... 34.5 33.2 15.8 65.4 37.4 362.3 -255.6 29.6
Less: Personal outlays..................... 100.9 11.3 56.0 58.5 38.2 78.3 6.7 48.7
Personal consumption expenditures........ 96.4 7.9 52.6 55.1 34.6 74.7 4.7 46.6
Durable goods.......................... 57.3 -19.5 11.9 -4.0 -3.0 43.7 -38.8 8.6
Nondurable goods....................... 9.8 8.4 18.1 40.3 9.4 3.0 27.2 13.8
Services............................... 29.3 18.9 22.7 18.8 28.1 28.1 16.2 24.2
Personal interest payments\1\............ 2.9 2.8 2.9 3.0 3.0 3.0 1.5 1.6
Personal current transfer payments....... 1.7 .5 .6 .3 .6 .6 .5 .5
To government.......................... .5 .6 .6 .5 .6 .6 .5 .4
To the rest of the world (net)......... 1.1 .0 .0 -.2 .0 .0 .0 .0
Equals: Personal saving.................... -66.4 21.9 -40.2 6.9 -.8 284.1 -262.5 -18.9
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 35.3 26.3 6.3 24.8 17.2 336.8 -248.3 5.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004\r\ III 03 IV 03 I 04 II 04 III 04 IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 282.9 511.2 103.6 120.7 115.0 147.7 107.7 253.4
Compensation of employees, received...... 219.5 343.0 77.7 82.0 81.2 92.1 107.4 85.1
Wage and salary disbursements.......... 127.3 252.1 55.3 60.3 50.3 73.6 90.2 64.8
Private industries................... 91.9 224.5 51.9 56.4 37.9 67.5 85.4 59.9
Goods-producing industries......... -2.5 37.7 6.1 19.8 -6.6 15.9 23.5 11.0
Manufacturing.................... -6.4 18.4 2.5 14.2 -10.2 10.6 16.5 4.2
Services-producing industries...... 94.5 186.7 45.7 36.7 44.6 51.5 61.9 48.9
Trade, transportation, and
utilities....................... 15.0 32.7 7.8 11.3 .4 13.8 13.4 7.3
Other services-producing
industries...................... 79.5 154.0 38.0 25.5 44.1 37.8 48.4 41.6
Government........................... 35.3 27.7 3.3 3.9 12.3 6.2 4.7 5.1
Supplements to wages and salaries...... 92.3 90.8 22.4 21.7 31.0 18.4 17.2 20.3
Employer contributions for employee
pension and insurance funds......... 79.3 67.7 18.9 18.0 20.6 13.9 11.2 16.3
Employer contributions for government
social insurance.................... 13.0 23.1 3.6 3.7 10.4 4.5 6.0 4.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 64.5 68.7 26.3 12.7 7.4 29.3 1.5 32.0
Farm................................... 12.1 -3.6 .7 -.1 -6.8 1.0 -5.3 8.8
Nonfarm................................ 52.4 72.3 25.6 12.8 14.2 28.3 6.8 23.2
Rental income of persons with capital
consumption adjustment.................. -17.1 11.3 4.7 18.3 5.7 -.2 -18.8 7.5
Personal income receipts on assets....... -11.9 64.6 -10.3 11.4 11.3 15.2 15.5 124.1
Personal interest income............... -16.8 16.3 -9.6 9.2 4.2 5.5 4.8 14.0
Personal dividend income............... 4.9 48.3 -.7 2.2 7.1 9.7 10.7 110.1
Personal current transfer receipts....... 52.7 70.5 13.1 4.5 28.3 21.4 15.0 13.5
Government social benefits to persons.. 57.5 66.8 13.3 4.6 27.6 21.5 1.4 27.2
Old-age, survivors, disability, and
health insurance benefits........... 25.5 45.4 5.5 8.3 17.2 11.9 8.4 15.7
Government unemployment insurance
benefits............................ -.4 -18.2 -.5 -2.7 -10.2 -7.9 -1.1 -1.3
Other................................ 32.3 39.7 8.2 -1.0 20.6 17.5 -5.9 12.8
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 47.0 7.8 8.3 18.9 10.1 12.9 8.8
Less: Personal current taxes............... -49.3 37.0 -89.0 67.7 -2.8 24.0 18.3 20.6
Equals: Disposable personal income......... 332.2 474.1 192.6 52.9 117.9 123.7 89.4 232.7
Less: Personal outlays..................... 380.8 482.6 124.9 101.6 142.2 97.1 139.4 151.2
Personal consumption expenditures........ 384.8 469.0 126.2 92.4 145.3 93.6 128.7 140.8
Durable goods.......................... 34.5 43.2 25.9 -1.6 5.2 -.8 31.5 10.0
Nondurable goods....................... 120.0 176.9 55.6 30.9 66.5 38.0 32.6 62.5
Services............................... 230.3 248.9 44.7 63.0 73.7 56.5 64.4 68.4
Personal interest payments\1\............ -11.9 3.2 -1.5 2.6 -4.8 1.5 8.0 8.9
Personal current transfer payments....... 7.8 10.4 .3 6.5 1.7 1.9 2.8 1.5
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 -.2
Equals: Personal saving.................... -48.6 -8.5 67.7 -48.7 -24.3 26.6 -50.0 81.6
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 174.3 273.5 151.8 26.7 47.4 54.5 58.0 161.4
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 04 Aug 04 Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .5 .4 .2 .8 .4 3.7 -2.5 .3
Compensation of employees, received...... 1.0 .4 .4 .6 .2 .5 .7 .2
Wage and salary disbursements.......... 1.1 .4 .4 .6 .1 .5 .6 .2
Supplements to wages and salaries...... .6 .4 .4 .6 .5 .6 1.0 .5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.4 -.1 -.8 2.6 1.4 1.7 .2 .8
Rental income of persons with capital
consumption adjustment.................. -1.4 -8.0 -14.4 21.6 -1.4 -.6 -3.0 -3.0
Personal income receipts on assets....... .3 .3 .3 .7 .7 22.1 -17.1 .5
Personal interest income............... .1 .1 .1 .7 .7 .7 .5 .5
Personal dividend income............... .9 .8 .9 .9 .8 69.8 -40.3 .4
Personal current transfer receipts....... -.8 1.7 1.6 -1.3 .5 1.1 .9 .6
Less: Contributions for government social
insurance............................... 1.0 .4 .3 .5 .1 .4 1.7 .2
Less: Personal current taxes............... .9 .4 .4 1.1 .3 .6 .5 .3
Equals: Disposable personal income......... .4 .4 .2 .8 .4 4.1 -2.8 .3
Addenda:
Personal consumption expenditures........ 1.2 .1 .6 .7 .4 .9 .1 .5
Durable goods.......................... 6.0 -1.9 1.2 -.4 -.3 4.4 -3.7 .9
Nondurable goods....................... .4 .4 .8 1.7 .4 .1 1.1 .6
Services............................... .6 .4 .5 .4 .6 .6 .3 .5
Real disposable personal income.......... .4 .3 .1 .3 .2 4.2 -3.0 .1
-----------------------------------------------------------------------------------------------------------------------------------
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\r\ III 03 IV 03 I 04 II 04 III 04 IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.2 5.6 4.6 5.3 5.0 6.4 4.6 10.9
Compensation of employees, received...... 3.6 5.5 5.1 5.3 5.2 5.8 6.7 5.2
Wage and salary disbursements.......... 2.6 4.9 4.4 4.8 3.9 5.7 7.0 4.9
Supplements to wages and salaries...... 8.4 7.7 7.9 7.5 10.6 6.0 5.5 6.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 8.4 8.2 13.4 6.1 3.5 14.1 .7 15.0
Rental income of persons with capital
consumption adjustment.................. -10.0 7.3 13.6 59.0 14.6 -.6 -36.8 20.8
Personal income receipts on assets....... -.9 4.9 -3.1 3.5 3.5 4.6 4.7 41.5
Personal interest income............... -1.8 1.8 -4.1 4.1 1.8 2.4 2.1 6.1
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 3.9
Less: Contributions for government social
insurance............................... 3.3 6.1 4.1 4.3 10.0 5.1 6.5 4.4
Less: Personal current taxes............... -4.7 3.7 -30.3 32.0 -1.1 9.9 7.3 8.1
Equals: Disposable personal income......... 4.2 5.8 9.9 2.6 5.8 6.0 4.2 11.2
Addenda:
Personal consumption expenditures........ 5.2 6.0 6.7 4.8 7.5 4.7 6.5 7.0
Durable goods.......................... 3.8 4.5 11.4 -.6 2.2 -.4 13.6 4.0
Nondurable goods....................... 5.8 8.0 10.7 5.7 12.3 6.7 5.7 10.9
Services............................... 5.3 5.4 4.0 5.6 6.4 4.8 5.5 5.7
Real disposable personal income.......... 2.3 3.5 8.2 1.4 2.4 2.8 2.9 8.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 04 Aug 04 Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,652.2 7,655.2 7,696.0 7,712.7 7,728.0 7,800.3 7,791.9 7,813.9
Durable goods............................ 1,124.8 1,108.9 1,121.1 1,114.9 1,111.5 1,160.5 1,113.6 1,124.3
Nondurable goods......................... 2,202.8 2,211.3 2,225.5 2,237.3 2,243.7 2,255.1 2,281.1 2,285.1
Services................................. 4,342.2 4,349.7 4,365.5 4,375.1 4,386.4 4,406.0 4,410.2 4,419.0
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 92.5 3.0 40.8 16.7 15.3 72.3 -8.4 22.0
Durable goods............................ 67.7 -15.9 12.2 -6.2 -3.4 49.0 -46.9 10.7
Nondurable goods......................... 17.9 8.5 14.2 11.8 6.4 11.4 26.0 4.0
Services................................. 17.3 7.5 15.8 9.6 11.3 19.6 4.2 8.8
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.2 .0 .5 .2 .2 .9 -.1 .3
Durable goods............................ 6.4 -1.4 1.1 -.6 -.3 4.4 -4.0 1.0
Nondurable goods......................... .8 .4 .6 .5 .3 .5 1.2 .2
Services................................. .4 .2 .4 .2 .3 .4 .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\r\ III 03 IV 03 I 04 II 04 III 04 IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,355.6 7,632.5 7,401.7 7,466.8 7,543.0 7,572.4 7,667.8 7,747.0
Durable goods............................ 1,030.6 1,099.3 1,059.6 1,069.7 1,075.5 1,074.7 1,118.3 1,129.0
Nondurable goods......................... 2,112.4 2,208.5 2,125.3 2,152.0 2,187.3 2,188.0 2,213.2 2,245.3
Services................................. 4,220.3 4,338.3 4,227.9 4,256.7 4,291.7 4,320.0 4,352.4 4,389.2
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 232.2 276.9 90.3 65.1 76.2 29.4 95.4 79.2
Durable goods............................ 71.0 68.7 39.6 10.1 5.8 -.8 43.6 10.7
Nondurable goods......................... 75.0 96.1 35.2 26.7 35.3 .7 25.2 32.1
Services................................. 91.7 118.0 20.2 28.8 35.0 28.3 32.4 36.8
----------------------------------------------------------------------------------------
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 4.2
Durable goods............................ 7.4 6.7 16.5 3.9 2.2 -.3 17.2 3.9
Nondurable goods......................... 3.7 4.5 6.9 5.1 6.7 .1 4.7 5.9
Services................................. 2.2 2.8 1.9 2.8 3.3 2.7 3.0 3.4
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jul 04 Aug 04 Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 107.943 108.004 108.116 108.596 108.827 108.777 108.954 109.245
Durable goods............................ 90.291 89.827 89.904 90.049 90.050 90.018 90.324 90.232
Nondurable goods......................... 107.848 107.815 107.944 109.176 109.281 108.862 108.809 109.228
Services................................. 112.115 112.358 112.470 112.652 113.004 113.139 113.401 113.721
Addenda:
PCE excluding food and energy............ 106.661 106.726 106.872 107.086 107.269 107.296 107.590 107.794
Market-based PCE\1\...................... 107.623 107.666 107.732 108.263 108.502 108.455 108.605 108.879
Market-based PCE excluding food
and energy\1\........................... 105.999 106.043 106.139 106.361 106.546 106.592 106.876 107.041
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .0 .1 .1 .4 .2 .0 .2 .3
Durable goods............................ -.4 -.5 .1 .2 .0 .0 .3 -.1
Nondurable goods......................... -.4 .0 .1 1.1 .1 -.4 .0 .4
Services................................. .2 .2 .1 .2 .3 .1 .2 .3
Addenda:
PCE excluding food and energy............ .0 .1 .1 .2 .2 .0 .3 .2
Market-based PCE\1\...................... .0 .0 .1 .5 .2 .0 .1 .3
Market-based PCE excluding food
and energy\1\........................... .0 .0 .1 .2 .2 .0 .3 .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
-----------------------------------------------------------------------------------------------------------------------------------
Jul 04 Aug 04 Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 2.3 1.8 3.1 3.1 2.6 6.6 3.4 3.3
Personal consumption expenditures.......... 3.8 3.0 4.0 4.0 3.3 3.9 3.6 3.5
Durable goods............................ 7.9 3.1 5.7 7.0 4.0 5.7 4.8 4.2
Nondurable goods......................... 4.1 3.4 4.9 4.7 3.8 4.5 4.5 4.6
Services................................. 2.8 2.9 3.2 3.1 3.0 3.2 2.9 2.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jul 04 Aug 04 Sep 04 Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\r\ Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 2.4 2.2 2.1 2.5 2.7 2.5 2.2 2.3
Durable goods............................ -2.0 -2.2 -1.6 -1.0 -.8 -.5 -.4 -.5
Nondurable goods......................... 4.0 3.2 2.7 4.2 4.7 4.1 3.3 3.2
Services................................. 2.5 2.6 2.6 2.4 2.5 2.3 2.3 2.3
Addenda:
PCE excluding food and energy............ 1.4 1.5 1.6 1.6 1.7 1.5 1.6 1.6
Market-based PCE\1\...................... 2.5 2.2 2.0 2.6 3.0 2.7 2.4 2.4
Market-based PCE excluding food
and energy\1\........................... 1.4 1.4 1.4 1.5 1.7 1.7 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.
|
|
