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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. |
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James E. Rankin: (202) 606-5301 (Personal Income)BEA 05-07
Michael Armah: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: JANUARY 2005
Personal income decreased $238.6 billion, or 2.3 percent, and disposable personal income (DPI)
decreased $241.4 billion, or 2.6 percent, in January, according to the Bureau of Economic Analysis. Personal
consumption expenditures (PCE) decreased $3.9 billion, or less than 0.1 percent. In December, personal
income increased $368.2 billion, or 3.7 percent, DPI increased $360.7 billion, or 4.1 percent, and PCE
increased $70.2 billion, or 0.8 percent, based on revised estimates.
2004 2005
Sept. Oct. Nov. Dec. Jan.
(Percent change from preceding month)
Personal income, current dollars 0.2 0.8 0.4 3.7 -2.3
Disposable personal income:
Current dollars 0.2 0.7 0.4 4.1 -2.6
Chained (2000) dollars 0.1 0.3 0.2 4.2 -2.8
Personal consumption expenditures:
Current dollars 0.6 0.7 0.4 0.8 0.0
Chained (2000) dollars 0.5 0.3 0.2 0.9 -0.2
The 2.3 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
$52.3 billion, or 0.5 percent, in January, after increasing $62.6 billion, or 0.6 percent in December.
This news release also presents revised estimates of wages and salaries, personal current taxes,
and contributions for government social insurance for July through September 2004 (third quarter).
Compensation of employees
Private wage and salary disbursements increased $22.3 billion in January, compared with an
increase of $28.4 billion in December. Goods-producing industries' payrolls increased $0.2
billion, compared with an increase of $4.4 billion; manufacturing payrolls increased $1.0 billion,
compared with an increase of $3.3 billion. Services-producing industries' payrolls increased
$22.1 billion, compared with an increase of $24.0 billion.
Government wage and salary disbursements increased $8.5 billion in January, compared with
an increase of $1.3 billion in December. Pay raises for civilian and military personnel added $5.9
billion to government payrolls in January.
Employer contributions for employee pension and insurance funds increased $7.1 billion in
January, compared with an increase of $3.7 billion in December.
Employer contributions for government social insurance increased $6.7 billion in January,
compared with an increase of $1.9 billion in December. 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 $15.6 billion in January, compared with an increase of $14.7
billion in December. Farm proprietors' income decreased $1.4 billion, in contrast to an increase
of $3.0 billion. Nonfarm proprietors' income increased $17.1 billion, compared with an increase
of $11.8 billion.
Rental income of persons decreased $4.1 billion in January; rental income of persons was
unchanged in December.
Personal income receipts on assets (personal interest income plus personal dividend income)
decreased $293.6 billion in January, compared with an increase of $306.5 billion in December.
Personal interest income increased $2.1 billion, compared with an increase of $4.9 billion.
Personal dividend income decreased $295.8 billion, in contrast to an increase of $301.7 billion.
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 $13.1 billion in January, compared with an
increase of $15.5 billion in December. 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 $14.2 billion in January, compared with an increase of $3.8 billion in December. 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 $2.7 billion in January, compared with an increase of $7.5
billion in December. 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 also reduced by $3.2 billion, based on federal budget
projections for 2005.
Disposable personal income (DPI) -- personal income less personal current taxes --
decreased $241.4 billion, or 2.6 percent, in January, in contrast to an increase of $360.7 billion,
or 4.1 percent, in December. 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
decreased $1.4 billion in January, in contrast to an increase of $74.9 billion in December. PCE
decreased $3.9 billion, in contrast to an increase of $70.2 billion.
Personal saving -- DPI less personal outlays -- was $89.0 billion in January, compared with
$329.0 billion in December. Personal saving as a percentage of disposable personal income was
1.0 percent in January, compared with 3.6 percent in December.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- decreased 2.8 percent in January, in
contrast to an increase of 4.2 percent in December.
Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in January, in
contrast to an increase of 0.9 percent in December. Purchases of durable goods decreased 4.7
percent, in contrast to an increase of 4.4 percent. Purchases of motor vehicles and parts
accounted for most of the decrease in January and accounted for most of the increase in
December. Purchases of nondurable goods increased 0.8 percent in January, compared with an
increase of 0.4 percent in December. Purchases of services increased 0.2 percent, compared with
an increase of 0.4 percent.
Revisions
Estimates for personal income and DPI have been revised for July through December;
estimates for PCE have been revised for October through December. Changes in personal
income, current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000)
dollar PCE for November and December -- revised and as published in last month's release -- are
shown below.
For July through September, the revisions to wages and salaries reflected the incorporation
of the most recently available BLS tabulations of private wages and salaries from the state
unemployment insurance program. Revisions to personal current taxes and to contributions for
government social insurance reflected the revisions to wages and salaries.
Change from preceding month
November December
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 41.4 36.7 0.4 0.4 360.9 368.2 3.7 3.7
Disposable personal income:
Current dollars.......... 36.9 33.0 0.4 0.4 354.4 360.7 4.0 4.1
Chained (2000) dollars... 19.8 12.6 0.2 0.2 334.8 335.5 4.2 4.2
Personal consumption expenditures:
Current dollars.......... 31.5 31.8 0.4 0.4 66.4 70.2 0.8 0.8
Chained (2000) dollars... 15.3 12.3 0.2 0.2 69.4 68.2 0.9 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
(202) 606-5362 U.S. international transactions
* * *
Next release -- Personal Income and Outlays for February will be released on
March 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]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 04 Jul 04\r\ Aug 04\r\ Sep 04\r\ Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,624.2 9,668.5 9,706.3 9,726.4 9,800.0 9,836.7 10,204.9 9,966.3
Compensation of employees, received...... 6,594.1 6,660.2 6,688.1 6,713.8 6,749.9 6,761.1 6,796.4 6,840.9
Wage and salary disbursements.......... 5,322.7 5,381.3 5,403.6 5,424.0 5,454.6 5,461.7 5,491.4 5,522.3
Private industries................... 4,399.5 4,455.5 4,474.9 4,493.8 4,523.1 4,528.2 4,556.6 4,578.9
Goods-producing industries......... 1,037.9 1,051.1 1,060.2 1,063.9 1,066.5 1,067.8 1,072.2 1,072.4
Manufacturing.................... 682.6 691.6 698.5 700.9 700.2 700.1 703.4 704.4
Services-producing industries...... 3,361.6 3,404.4 3,414.7 3,429.9 3,456.6 3,460.4 3,484.4 3,506.5
Trade, transportation, and
utilities....................... 887.1 897.3 898.3 903.3 905.2 905.9 911.3 918.8
Other services-producing
industries...................... 2,474.5 2,507.1 2,516.4 2,526.6 2,551.4 2,554.5 2,573.1 2,587.7
Government........................... 923.2 925.8 928.7 930.2 931.6 933.5 934.8 943.3
Supplements to wages and salaries...... 1,271.4 1,278.9 1,284.5 1,289.8 1,295.2 1,299.4 1,304.9 1,318.6
Employer contributions for employee
pension and insurance funds......... 873.9 877.5 881.6 885.7 889.2 892.9 896.6 903.7
Employer contributions for government
social insurance.................... 397.4 401.4 402.9 404.1 406.0 406.4 408.3 415.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 909.4 905.6 904.9 898.1 920.8 932.8 947.5 963.1
Farm................................... 19.5 15.0 13.6 12.3 18.6 22.8 25.8 24.4
Nonfarm................................ 889.9 890.6 891.3 885.8 902.2 909.9 921.7 938.8
Rental income of persons with capital
consumption adjustment.................. 172.9 170.5 156.8 134.2 164.1 162.7 162.7 158.6
Personal income receipts on assets....... 1,359.4 1,363.6 1,367.8 1,372.1 1,380.6 1,388.9 1,695.4 1,401.8
Personal interest income............... 945.1 945.8 946.5 947.2 952.1 956.9 961.8 963.9
Personal dividend income............... 414.3 417.8 421.3 424.9 428.5 431.9 733.6 437.8
Personal current transfer receipts....... 1,404.1 1,392.4 1,415.7 1,438.1 1,418.8 1,426.3 1,441.8 1,454.9
Government social benefits to persons.. 1,374.8 1,363.1 1,372.9 1,381.3 1,389.5 1,397.1 1,412.5 1,425.7
Old-age, survivors, disability, and
health insurance benefits........... 774.6 778.0 782.3 786.9 791.2 795.6 807.5 814.1
Government unemployment insurance
benefits............................ 32.6 32.0 32.6 32.5 31.3 31.0 31.0 29.9
Other................................ 567.5 553.2 558.0 561.9 567.0 570.5 574.1 581.7
Other current transfer receipts, from
business (net)........................ 29.3 29.2 42.8 56.8 29.2 29.2 29.2 29.2
Less: Contributions for government social
insurance............................... 815.7 823.8 827.0 829.9 834.1 835.0 838.8 853.0
Less: Personal current taxes............... 1,034.6 1,044.4 1,049.0 1,053.3 1,064.6 1,068.3 1,075.8 1,078.5
Equals: Disposable personal income......... 8,589.6 8,624.1 8,657.3 8,673.1 8,735.4 8,768.4 9,129.1 8,887.7
Less: Personal outlays..................... 8,461.0 8,561.9 8,573.2 8,629.2 8,688.7 8,725.2 8,800.1 8,798.7
Personal consumption expenditures........ 8,163.3 8,259.7 8,267.6 8,320.2 8,375.3 8,407.1 8,477.3 8,473.4
Durable goods.......................... 958.7 1,016.0 996.5 1,008.4 1,003.9 999.2 1,042.4 997.9
Nondurable goods....................... 2,365.8 2,375.6 2,384.0 2,402.1 2,442.9 2,453.9 2,454.8 2,473.9
Services............................... 4,838.8 4,868.1 4,887.0 4,909.7 4,928.5 4,953.9 4,980.2 5,001.6
Personal interest payments\1\............ 184.9 187.8 190.6 193.5 197.6 201.7 205.8 207.9
Personal current transfer payments....... 112.8 114.5 115.0 115.6 115.8 116.4 117.0 117.5
To government.......................... 70.7 71.2 71.8 72.4 72.9 73.5 74.1 74.6
To the rest of the world (net)......... 42.1 43.2 43.2 43.2 42.9 42.9 42.9 42.9
Equals: Personal saving.................... 128.6 62.2 84.1 43.9 46.7 43.2 329.0 89.0
Personal saving as a percentage of
disposable personal income.............. 1.5 .7 1.0 .5 .5 .5 3.6 1.0
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,954.5 7,989.8 8,016.1 8,022.4 8,047.0 8,059.6 8,395.1 8,158.0
Per capita:
Current dollars...................... 29,238 29,329 29,415 29,442 29,627 29,715 30,914 30,075
Chained (2000) dollars............... 27,076 27,172 27,236 27,233 27,292 27,313 28,429 27,606
Population (midperiod, thousands)\3\..... 293,783 294,042 294,315 294,587 294,846 295,083 295,303 295,519
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004\r\ III 03 IV 03 I 04 II 04 III 04\r\ IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,161.8 9,671.3 9,209.3 9,330.0 9,445.0 9,592.7 9,700.4 9,947.2
Compensation of employees, received...... 6,289.0 6,631.1 6,324.7 6,406.7 6,487.9 6,580.0 6,687.4 6,769.1
Wage and salary disbursements.......... 5,103.6 5,356.1 5,128.6 5,188.9 5,239.2 5,312.8 5,403.0 5,469.3
Private industries................... 4,205.6 4,430.5 4,227.5 4,283.9 4,321.8 4,389.3 4,474.7 4,536.0
Goods-producing industries......... 1,007.7 1,045.3 1,005.8 1,025.6 1,019.0 1,034.9 1,058.4 1,068.8
Manufacturing.................... 668.8 687.2 665.9 680.1 669.9 680.5 697.0 701.2
Services-producing industries...... 3,198.0 3,385.2 3,221.6 3,258.3 3,302.9 3,354.4 3,416.3 3,467.1
Trade, transportation, and
utilities....................... 858.6 891.4 860.7 872.0 872.4 886.2 899.6 907.5
Other services-producing
industries...................... 2,339.4 2,493.8 2,360.9 2,386.4 2,430.5 2,468.3 2,516.7 2,559.6
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 1,275.1 1,196.1 1,217.8 1,248.8 1,267.2 1,284.4 1,299.9
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.................... 376.6 399.7 378.2 381.9 392.3 396.8 402.8 406.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 834.1 902.5 852.0 864.7 872.1 901.4 902.9 933.7
Farm................................... 21.8 18.2 24.8 24.7 17.9 18.9 13.6 22.4
Nonfarm................................ 812.3 884.3 827.2 840.0 854.2 882.5 889.3 911.3
Rental income of persons with capital
consumption adjustment.................. 153.8 165.6 148.8 167.1 172.8 172.6 153.8 163.2
Personal income receipts on assets....... 1,322.7 1,386.4 1,314.4 1,325.8 1,337.1 1,352.3 1,367.8 1,488.3
Personal interest income............... 929.9 945.3 922.8 932.0 936.2 941.7 946.5 956.9
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 1,405.9 1,346.2 1,350.7 1,379.0 1,400.4 1,415.4 1,429.0
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............................... 773.2 820.2 776.7 785.0 803.9 814.0 826.9 836.0
Less: Personal current taxes............... 1,001.9 1,038.9 941.7 1,009.4 1,006.6 1,030.6 1,048.9 1,069.6
Equals: Disposable personal income......... 8,159.9 8,632.4 8,267.6 8,320.5 8,438.4 8,562.1 8,651.5 8,877.6
Less: Personal outlays..................... 8,049.3 8,531.6 8,107.8 8,209.4 8,351.6 8,448.7 8,588.1 8,738.0
Personal consumption expenditures........ 7,760.9 8,229.1 7,822.5 7,914.9 8,060.2 8,153.8 8,282.5 8,419.9
Durable goods.......................... 950.7 993.5 972.7 971.1 976.3 975.5 1,007.0 1,015.2
Nondurable goods....................... 2,200.1 2,377.2 2,219.2 2,250.1 2,316.6 2,354.6 2,387.2 2,450.5
Services............................... 4,610.1 4,858.4 4,630.6 4,693.6 4,767.3 4,823.8 4,888.2 4,954.2
Personal interest payments\1\............ 185.3 189.0 183.3 185.9 181.1 182.6 190.6 201.7
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.................... 110.6 100.8 159.8 111.1 86.8 113.4 63.4 139.6
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 8,006.4 7,822.9 7,849.6 7,897.0 7,951.5 8,009.5 8,167.2
Per capita:
Current dollars...................... 28,034 29,367 28,368 28,474 28,813 29,168 29,395 30,086
Chained (2000) dollars............... 26,570 27,237 26,842 26,862 26,964 27,088 27,214 27,678
Population (midperiod, thousands)\3\..... 291,073 293,951 291,442 292,217 292,872 293,540 294,315 295,077
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 04 Jul 04\r\ Aug 04\r\ Sep 04\r\ Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 20.4 44.3 37.8 20.1 73.6 36.7 368.2 -238.6
Compensation of employees, received...... 1.1 66.1 27.9 25.7 36.1 11.2 35.3 44.5
Wage and salary disbursements.......... -2.3 58.6 22.3 20.4 30.6 7.1 29.7 30.9
Private industries................... -3.5 56.0 19.4 18.9 29.3 5.1 28.4 22.3
Goods-producing industries......... -.8 13.2 9.1 3.7 2.6 1.3 4.4 .2
Manufacturing.................... -.9 9.0 6.9 2.4 -.7 -.1 3.3 1.0
Services-producing industries...... -2.7 42.8 10.3 15.2 26.7 3.8 24.0 22.1
Trade, transportation, and
utilities....................... -1.2 10.2 1.0 5.0 1.9 .7 5.4 7.5
Other services-producing
industries...................... -1.4 32.6 9.3 10.2 24.8 3.1 18.6 14.6
Government........................... 1.2 2.6 2.9 1.5 1.4 1.9 1.3 8.5
Supplements to wages and salaries...... 3.4 7.5 5.6 5.3 5.4 4.2 5.5 13.7
Employer contributions for employee
pension and insurance funds......... 3.7 3.6 4.1 4.1 3.5 3.7 3.7 7.1
Employer contributions for government
social insurance.................... -.4 4.0 1.5 1.2 1.9 .4 1.9 6.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 8.2 -3.8 -.7 -6.8 22.7 12.0 14.7 15.6
Farm................................... .5 -4.5 -1.4 -1.3 6.3 4.2 3.0 -1.4
Nonfarm................................ 7.7 .7 .7 -5.5 16.4 7.7 11.8 17.1
Rental income of persons with capital
consumption adjustment.................. .1 -2.4 -13.7 -22.6 29.9 -1.4 .0 -4.1
Personal income receipts on assets....... 7.2 4.2 4.2 4.3 8.5 8.3 306.5 -293.6
Personal interest income............... 3.4 .7 .7 .7 4.9 4.8 4.9 2.1
Personal dividend income............... 3.7 3.5 3.5 3.6 3.6 3.4 301.7 -295.8
Personal current transfer receipts....... 3.5 -11.7 23.3 22.4 -19.3 7.5 15.5 13.1
Government social benefits to persons.. 3.5 -11.7 9.8 8.4 8.2 7.6 15.4 13.2
Old-age, survivors, disability, and
health insurance benefits........... -.1 3.4 4.3 4.6 4.3 4.4 11.9 6.6
Government unemployment insurance
benefits............................ -.7 -.6 .6 -.1 -1.2 -.3 .0 -1.1
Other................................ 4.3 -14.3 4.8 3.9 5.1 3.5 3.6 7.6
Other current transfer receipts, from
business (net)........................ .0 -.1 13.6 14.0 -27.6 .0 .0 .0
Less: Contributions for government social
insurance............................... -.2 8.1 3.2 2.9 4.2 .9 3.8 14.2
Less: Personal current taxes............... 2.0 9.8 4.6 4.3 11.3 3.7 7.5 2.7
Equals: Disposable personal income......... 18.4 34.5 33.2 15.8 62.3 33.0 360.7 -241.4
Less: Personal outlays..................... -23.6 100.9 11.3 56.0 59.5 36.5 74.9 -1.4
Personal consumption expenditures........ -26.5 96.4 7.9 52.6 55.1 31.8 70.2 -3.9
Durable goods.......................... -41.1 57.3 -19.5 11.9 -4.5 -4.7 43.2 -44.5
Nondurable goods....................... 1.2 9.8 8.4 18.1 40.8 11.0 .9 19.1
Services............................... 13.4 29.3 18.9 22.7 18.8 25.4 26.3 21.4
Personal interest payments\1\............ 2.3 2.9 2.8 2.9 4.1 4.1 4.1 2.1
Personal current transfer payments....... .6 1.7 .5 .6 .2 .6 .6 .5
To government.......................... .5 .5 .6 .6 .5 .6 .6 .5
To the rest of the world (net)......... .0 1.1 .0 .0 -.3 .0 .0 .0
Equals: Personal saving.................... 42.0 -66.4 21.9 -40.2 2.8 -3.5 285.8 -240.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -1.9 35.3 26.3 6.3 24.6 12.6 335.5 -237.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004\r\ III 03 IV 03 I 04 II 04 III 04\r\ IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 282.9 509.5 103.6 120.7 115.0 147.7 107.7 246.8
Compensation of employees, received...... 219.5 342.1 77.7 82.0 81.2 92.1 107.4 81.7
Wage and salary disbursements.......... 127.3 252.5 55.3 60.3 50.3 73.6 90.2 66.3
Private industries................... 91.9 224.9 51.9 56.4 37.9 67.5 85.4 61.3
Goods-producing industries......... -2.5 37.6 6.1 19.8 -6.6 15.9 23.5 10.4
Manufacturing.................... -6.4 18.4 2.5 14.2 -10.2 10.6 16.5 4.2
Services-producing industries...... 94.5 187.2 45.7 36.7 44.6 51.5 61.9 50.8
Trade, transportation, and
utilities....................... 15.0 32.8 7.8 11.3 .4 13.8 13.4 7.9
Other services-producing
industries...................... 79.5 154.4 38.0 25.5 44.1 37.8 48.4 42.9
Government........................... 35.3 27.7 3.3 3.9 12.3 6.2 4.7 5.1
Supplements to wages and salaries...... 92.3 89.6 22.4 21.7 31.0 18.4 17.2 15.5
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 23.1 3.6 3.7 10.4 4.5 6.0 4.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 64.5 68.4 26.3 12.7 7.4 29.3 1.5 30.8
Farm................................... 12.1 -3.6 .7 -.1 -6.8 1.0 -5.3 8.8
Nonfarm................................ 52.4 72.0 25.6 12.8 14.2 28.3 6.8 22.0
Rental income of persons with capital
consumption adjustment.................. -17.1 11.8 4.7 18.3 5.7 -.2 -18.8 9.4
Personal income receipts on assets....... -11.9 63.7 -10.3 11.4 11.3 15.2 15.5 120.5
Personal interest income............... -16.8 15.4 -9.6 9.2 4.2 5.5 4.8 10.4
Personal dividend income............... 4.9 48.3 -.7 2.2 7.1 9.7 10.7 110.1
Personal current transfer receipts....... 52.7 70.5 13.1 4.5 28.3 21.4 15.0 13.6
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 9.1
Less: Personal current taxes............... -49.3 37.0 -89.0 67.7 -2.8 24.0 18.3 20.7
Equals: Disposable personal income......... 332.2 472.5 192.6 52.9 117.9 123.7 89.4 226.1
Less: Personal outlays..................... 380.8 482.3 124.9 101.6 142.2 97.1 139.4 149.9
Personal consumption expenditures........ 384.8 468.2 126.2 92.4 145.3 93.6 128.7 137.4
Durable goods.......................... 34.5 42.8 25.9 -1.6 5.2 -.8 31.5 8.2
Nondurable goods....................... 120.0 177.1 55.6 30.9 66.5 38.0 32.6 63.3
Services............................... 230.3 248.3 44.7 63.0 73.7 56.5 64.4 66.0
Personal interest payments\1\............ -11.9 3.7 -1.5 2.6 -4.8 1.5 8.0 11.1
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 -9.8 67.7 -48.7 -24.3 26.6 -50.0 76.2
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 174.3 272.6 151.8 26.7 47.4 54.5 58.0 157.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2004.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 04 Jul 04\r\ Aug 04\r\ Sep 04\r\ Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .2 .5 .4 .2 .8 .4 3.7 -2.3
Compensation of employees, received...... .0 1.0 .4 .4 .5 .2 .5 .7
Wage and salary disbursements.......... .0 1.1 .4 .4 .6 .1 .5 .6
Supplements to wages and salaries...... .3 .6 .4 .4 .4 .3 .4 1.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .9 -.4 -.1 -.8 2.5 1.3 1.6 1.7
Rental income of persons with capital
consumption adjustment.................. .1 -1.4 -8.0 -14.4 22.2 -.9 .1 -2.6
Personal income receipts on assets....... .5 .3 .3 .3 .6 .6 22.1 -17.3
Personal interest income............... .4 .1 .1 .1 .5 .5 .5 .2
Personal dividend income............... .9 .9 .8 .9 .9 .8 69.8 -40.3
Personal current transfer receipts....... .2 -.8 1.7 1.6 -1.3 .5 1.1 .9
Less: Contributions for government social
insurance............................... .0 1.0 .4 .3 .5 .1 .5 1.7
Less: Personal current taxes............... .2 .9 .4 .4 1.1 .3 .7 .3
Equals: Disposable personal income......... .2 .4 .4 .2 .7 .4 4.1 -2.6
Addenda:
Personal consumption expenditures........ -.3 1.2 .1 .6 .7 .4 .8 .0
Durable goods.......................... -4.1 6.0 -1.9 1.2 -.4 -.5 4.3 -4.3
Nondurable goods....................... .1 .4 .4 .8 1.7 .5 .0 .8
Services............................... .3 .6 .4 .5 .4 .5 .5 .4
Real disposable personal income.......... .0 .4 .3 .1 .3 .2 4.2 -2.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2004.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004\r\ III 03 IV 03 I 04 II 04 III 04\r\ IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.2 5.6 4.6 5.3 5.0 6.4 4.6 10.6
Compensation of employees, received...... 3.6 5.4 5.1 5.3 5.2 5.8 6.7 5.0
Wage and salary disbursements.......... 2.6 4.9 4.4 4.8 3.9 5.7 7.0 5.0
Supplements to wages and salaries...... 8.4 7.6 7.9 7.5 10.6 6.0 5.5 4.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 8.4 8.2 13.4 6.1 3.5 14.1 .7 14.4
Rental income of persons with capital
consumption adjustment.................. -10.0 7.6 13.6 59.0 14.6 -.6 -36.8 26.5
Personal income receipts on assets....... -.9 4.8 -3.1 3.5 3.5 4.6 4.7 40.2
Personal interest income............... -1.8 1.7 -4.1 4.1 1.8 2.4 2.1 4.5
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 4.5
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 10.9
Addenda:
Personal consumption expenditures........ 5.2 6.0 6.7 4.8 7.5 4.7 6.5 6.8
Durable goods.......................... 3.8 4.5 11.4 -.6 2.2 -.4 13.6 3.3
Nondurable goods....................... 5.8 8.1 10.7 5.7 12.3 6.7 5.7 11.0
Services............................... 5.3 5.4 4.0 5.6 6.4 4.8 5.5 5.5
Real disposable personal income.......... 2.3 3.5 8.2 1.4 2.4 2.8 2.9 8.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2004.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 04 Jul 04\r\ Aug 04\r\ Sep 04\r\ Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,559.7 7,652.2 7,655.2 7,696.0 7,715.2 7,727.5 7,795.7 7,777.6
Durable goods............................ 1,057.1 1,124.8 1,108.9 1,121.1 1,114.3 1,109.1 1,157.5 1,102.5
Nondurable goods......................... 2,184.9 2,202.8 2,211.3 2,225.5 2,237.4 2,245.4 2,255.1 2,273.9
Services................................. 4,324.9 4,342.2 4,349.7 4,365.5 4,377.9 4,386.1 4,403.9 4,412.3
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -42.7 92.5 3.0 40.8 19.2 12.3 68.2 -18.1
Durable goods............................ -44.1 67.7 -15.9 12.2 -6.8 -5.2 48.4 -55.0
Nondurable goods......................... -7.4 17.9 8.5 14.2 11.9 8.0 9.7 18.8
Services................................. 1.6 17.3 7.5 15.8 12.4 8.2 17.8 8.4
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -.6 1.2 .0 .5 .3 .2 .9 -.2
Durable goods............................ -4.0 6.4 -1.4 1.1 -.6 -.5 4.4 -4.7
Nondurable goods......................... -.3 .8 .4 .6 .5 .4 .4 .8
Services................................. .0 .4 .2 .4 .3 .2 .4 .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\r\ IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,355.6 7,632.3 7,401.7 7,466.8 7,543.0 7,572.4 7,667.8 7,746.2
Durable goods............................ 1,030.6 1,098.8 1,059.6 1,069.7 1,075.5 1,074.7 1,118.3 1,127.0
Nondurable goods......................... 2,112.4 2,208.6 2,125.3 2,152.0 2,187.3 2,188.0 2,213.2 2,246.0
Services................................. 4,220.3 4,338.4 4,227.9 4,256.7 4,291.7 4,320.0 4,352.4 4,389.3
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 232.2 276.7 90.3 65.1 76.2 29.4 95.4 78.4
Durable goods............................ 71.0 68.2 39.6 10.1 5.8 -.8 43.6 8.7
Nondurable goods......................... 75.0 96.2 35.2 26.7 35.3 .7 25.2 32.8
Services................................. 91.7 118.1 20.2 28.8 35.0 28.3 32.4 36.9
----------------------------------------------------------------------------------------
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 6.6 16.5 3.9 2.2 -.3 17.2 3.1
Nondurable goods......................... 3.7 4.6 6.9 5.1 6.7 .1 4.7 6.1
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)
-----------------------------------------------------------------------------------------------------------------------------------
Jun 04 Jul 04\r\ Aug 04\r\ Sep 04\r\ Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 107.989 107.943 108.004 108.116 108.560 108.799 108.748 108.949
Durable goods............................ 90.645 90.291 89.827 89.904 90.049 90.052 90.018 90.468
Nondurable goods......................... 108.286 107.848 107.815 107.944 109.188 109.290 108.860 108.799
Services................................. 111.885 112.115 112.358 112.470 112.581 112.950 113.089 113.360
Addenda:
PCE excluding food and energy............ 106.625 106.661 106.726 106.872 107.037 107.231 107.262 107.588
Market-based PCE\1\...................... 107.676 107.623 107.666 107.732 108.239 108.493 108.446 108.603
Market-based PCE excluding food
and energy\1\........................... 105.955 105.999 106.043 106.139 106.326 106.530 106.583 106.878
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .2 .0 .1 .1 .4 .2 .0 .2
Durable goods............................ -.1 -.4 -.5 .1 .2 .0 .0 .5
Nondurable goods......................... .4 -.4 .0 .1 1.2 .1 -.4 -.1
Services................................. .2 .2 .2 .1 .1 .3 .1 .2
Addenda:
PCE excluding food and energy............ .1 .0 .1 .1 .2 .2 .0 .3
Market-based PCE\1\...................... .3 .0 .0 .1 .5 .2 .0 .1
Market-based PCE excluding food
and energy\1\........................... .2 .0 .0 .1 .2 .2 .0 .3
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
Jun 04 Jul 04\r\ Aug 04\r\ Sep 04\r\ Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 3.3 2.3 1.8 3.1 3.1 2.5 6.5 3.5
Personal consumption expenditures.......... 3.0 3.8 3.0 4.0 4.1 3.3 3.8 3.4
Durable goods............................ 3.2 7.9 3.1 5.7 6.9 3.8 5.4 3.7
Nondurable goods......................... 3.8 4.1 3.4 4.9 4.7 3.9 4.5 4.1
Services................................. 2.6 2.8 2.9 3.2 3.2 3.0 3.2 3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2004.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jun 04 Jul 04\r\ Aug 04\r\ Sep 04\r\ Oct 04\r\ Nov 04\r\ Dec 04\r\ Jan 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 2.5 2.4 2.2 2.1 2.5 2.7 2.4 2.2
Durable goods............................ -1.9 -2.0 -2.2 -1.6 -1.0 -.8 -.5 -.3
Nondurable goods......................... 4.7 4.0 3.2 2.7 4.3 4.7 4.1 3.3
Services................................. 2.4 2.5 2.6 2.6 2.3 2.5 2.3 2.2
Addenda:
PCE excluding food and energy............ 1.5 1.4 1.5 1.6 1.6 1.6 1.5 1.6
Market-based PCE\1\...................... 2.7 2.5 2.2 2.0 2.6 2.9 2.7 2.4
Market-based PCE excluding food
and energy\1\........................... 1.6 1.4 1.4 1.4 1.5 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.
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