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The entire release is available in PDF format. The tables in this release are available in an XLS spreadsheet.
Also available: a brief summary of highlights.
2005 Annual Revision of the National Income and Product Accounts
Table Headers and Stubs for the 2005 Annual Revision to the Personal Income and Outlays Accounts
James E. Rankin: (202) 606-5301 (Personal Income) BEA 05-38
Michael Armah: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: JULY 2005
Personal income increased $29.3 billion, or 0.3 percent, and disposable personal income (DPI)
increased $27.2 billion, or 0.3 percent, in July, according to the Bureau of Economic Analysis. Personal
consumption expenditures (PCE) increased $85.7 billion, or 1.0 percent. In June, personal income
increased $54.7 billion, or 0.5 percent, DPI increased $45.9 billion, or 0.5 percent, and PCE increased
$88.0 billion, or 1.0 percent, based on revised estimates.
2005
Mar. Apr. May June July
(Percent change from preceding month)
Personal income, current dollars 0.5 0.7 0.3 0.5 0.3
Disposable personal income:
Current dollars 0.5 0.5 0.2 0.5 0.3
Chained (2000) dollars 0.0 0.1 0.2 0.5 0.0
Personal consumption expenditures:
Current dollars 0.5 0.7 -0.1 1.0 1.0
Chained (2000) dollars 0.1 0.3 -0.1 1.0 0.7
This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for January through March 2005 (first quarter). These
estimates reflect newly available first-quarter wage and salary tabulations from the quarterly census
of employment and wages from the Bureau of Labor Statistics.
Wages and salaries
Private wage and salary disbursements increased $29.4 billion in July, compared with an
increase of $17.9 billion in June. Goods-producing industries' payrolls increased $6.0 billion,
compared with an increase of $1.9 billion; manufacturing payrolls increased $3.7 billion, in contrast
to a decrease of $0.1 billion. Services-producing industries' payrolls increased $23.5 billion,
compared with an increase of $15.9 billion. Government wage and salary disbursements increased
$1.9 billion, compared with an increase of $0.8 billion.
Other personal income
Supplements to wages and salaries increased $4.7 billion in July, compared with an increase of
$4.1 billion in June.
Proprietors' income decreased $3.5 billion in July, in contrast to an increase of $14.7 billion in
June. Farm proprietors' income decreased $0.5 billion, compared with a decrease of $0.8 billion.
Nonfarm proprietors' income decreased $3.0 billion, in contrast to an increase of $15.5 billion.
Rental income of persons decreased $3.3 billion in July, compared with a decrease of $4.3
billion in June. Personal income receipts on assets (personal interest income plus personal dividend
income) increased $7.8 billion, compared with an increase of $18.0 billion. Personal current transfer
receipts decreased $4.2 billion, in contrast to an increase of $5.6 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $3.6 billion in July, compared with an increase of $2.1 billion in June.
Personal current taxes and disposable personal income
Personal current taxes increased $2.1 billion in July, compared with an increase of $8.8 billion
in June. Disposable personal income (DPI) -- personal income less personal current taxes --
increased $27.2 billion, or 0.3 percent, in July, compared with an increase of $45.9 billion, or 0.5
percent, in June.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $86.8 billion in July, compared with an increase of $92.8 billion in June. PCE increased
$85.7 billion, compared with an increase of $88.0 billion.
Personal saving -- DPI less personal outlays -- was a negative $58.8 billion in July, in contrast
to a positive $0.9 billion in June. The negative personal saving reflects personal outlays that exceed
disposable personal income. Saving from current income may be near zero or negative when outlays
are financed by borrowing (including borrowing financed through credit cards or home equity
loans), by selling investments or other assets, or by using savings from previous periods. Personal
saving as a percentage of disposable personal income was a negative 0.6 percent in July, compared
with 0 percent in June.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in July,
compared with an increase of 0.5 percent in June.
Real PCE -- PCE adjusted to remove price changes -- increased 0.7 percent in July, compared
with an increase of 1.0 percent in June. Purchases of durable goods increased 5.2 percent, compared
with an increase of 4.6 percent. Purchases of motor vehicles and parts accounted for most of the
increases in July and in June. Purchases of nondurable goods decreased 0.1 percent in July, in
contrast to an increase of 1.0 percent in June. 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 January through June; estimates
for PCE have been revised for April through June. Changes in personal income, current-dollar and
chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for May and June --
revised and as published in last month's release -- are shown below.
For January through June, the revisions to wages and salaries reflected the incorporation of the
most recently available BLS tabulations of first-quarter private wages and salaries from the quarterly
census of employment and wages. Wages and salaries were revised down for all six months.
Revisions to personal current taxes and to contributions for government social insurance reflected
the revisions to wages and salaries.
Change from preceding month
May June
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 23.2 26.5 0.2 0.3 52.9 54.7 0.5 0.5
Disposable personal income:
Current dollars.......... 15.9 19.3 0.2 0.2 44.9 45.9 0.5 0.5
Chained (2000) dollars... 11.0 13.9 0.1 0.2 40.5 42.1 0.5 0.5
Personal consumption expenditures:
Current dollars.......... -2.7 -8.3 0.0 -0.1 72.2 88.0 0.8 1.0
Chained (2000) dollars... -5.8 -10.7 -0.1 -0.1 65.3 79.9 0.8 1.0
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 August will be released on
September 30, 2005, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 04 Jan 05\r\ Feb 05\r\ Mar 05\r\ Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,291.0 10,025.2 10,072.9 10,122.0 10,192.6 10,219.1 10,273.8 10,303.1
Compensation of employees, received...... 6,954.3 6,963.3 7,001.6 7,040.3 7,090.1 7,101.4 7,124.1 7,160.1
Wage and salary disbursements.......... 5,612.2 5,604.6 5,629.8 5,655.3 5,698.7 5,706.9 5,725.5 5,756.8
Private industries................... 4,660.7 4,645.6 4,667.5 4,691.1 4,732.8 4,739.3 4,757.2 4,786.6
Goods-producing industries......... 1,089.0 1,092.7 1,099.1 1,105.9 1,113.5 1,117.3 1,119.2 1,125.2
Manufacturing.................... 711.4 711.6 715.2 719.2 722.4 725.4 725.3 729.0
Services-producing industries...... 3,571.7 3,552.9 3,568.4 3,585.2 3,619.3 3,622.1 3,638.0 3,661.5
Trade, transportation, and
utilities....................... 937.6 933.8 937.6 942.0 949.8 947.9 949.2 956.2
Other services-producing
industries...................... 2,634.1 2,619.1 2,630.8 2,643.2 2,669.5 2,674.2 2,688.8 2,705.3
Government........................... 951.5 959.0 962.4 964.1 965.9 967.5 968.3 970.2
Supplements to wages and salaries...... 1,342.1 1,358.7 1,371.7 1,385.0 1,391.4 1,394.5 1,398.6 1,403.3
Employer contributions for employee
pension and insurance funds......... 925.7 938.2 949.9 961.8 965.6 968.6 971.7 974.7
Employer contributions for government
social insurance.................... 416.4 420.5 421.8 423.2 425.8 426.0 426.9 428.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 903.0 912.9 916.8 924.1 933.5 938.4 953.1 949.6
Farm................................... 23.0 23.7 24.6 25.9 25.6 24.6 23.8 23.3
Nonfarm................................ 880.0 889.2 892.2 898.2 907.9 913.8 929.3 926.3
Rental income of persons with capital
consumption adjustment.................. 125.4 121.1 118.5 114.4 109.5 104.4 100.1 96.8
Personal income receipts on assets....... 1,698.5 1,403.3 1,407.4 1,413.1 1,423.7 1,435.5 1,453.5 1,461.3
Personal interest income............... 910.0 912.7 915.4 918.1 923.9 931.8 945.6 948.6
Personal dividend income............... 788.5 490.6 492.0 495.0 499.8 503.8 507.9 512.8
Personal current transfer receipts....... 1,459.4 1,482.8 1,489.6 1,494.0 1,504.8 1,509.1 1,514.7 1,510.5
Government social benefits to persons.. 1,429.3 1,453.7 1,460.4 1,464.8 1,475.6 1,479.8 1,485.5 1,481.2
Old-age, survivors, disability, and
health insurance benefits........... 810.3 823.3 828.6 832.1 838.8 842.2 845.6 849.3
Government unemployment insurance
benefits............................ 30.7 29.6 29.4 29.2 28.1 27.7 28.1 27.9
Other................................ 588.3 600.8 602.4 603.6 608.7 610.0 611.8 604.0
Other current transfer receipts, from
business (net)........................ 30.0 29.1 29.1 29.1 29.2 29.2 29.3 29.3
Less: Contributions for government social
insurance............................... 849.6 858.2 860.9 863.8 869.1 869.6 871.7 875.3
Less: Personal current taxes............... 1,108.9 1,162.9 1,171.5 1,179.8 1,203.0 1,210.2 1,219.0 1,221.1
Equals: Disposable personal income......... 9,182.1 8,862.3 8,901.4 8,942.2 8,989.6 9,008.9 9,054.8 9,082.0
Less: Personal outlays..................... 8,778.3 8,801.2 8,860.5 8,902.2 8,964.6 8,961.2 9,054.0 9,140.8
Personal consumption expenditures........ 8,467.6 8,483.1 8,541.6 8,582.6 8,643.9 8,635.6 8,723.6 8,809.3
Durable goods.......................... 1,030.1 1,003.8 1,017.5 1,030.7 1,046.7 1,008.2 1,050.1 1,099.6
Nondurable goods....................... 2,435.9 2,461.2 2,483.3 2,485.4 2,529.3 2,525.2 2,543.8 2,558.4
Services............................... 5,001.6 5,018.1 5,040.8 5,066.5 5,067.9 5,102.2 5,129.7 5,151.3
Personal interest payments\1\............ 197.5 197.8 198.1 198.4 202.7 207.0 211.3 211.9
Personal current transfer payments....... 113.2 120.3 120.8 121.3 118.1 118.6 119.1 119.6
To government.......................... 71.5 72.0 72.5 72.9 73.4 74.0 74.4 75.0
To the rest of the world (net)......... 41.7 48.3 48.3 48.3 44.7 44.7 44.7 44.7
Equals: Personal saving.................... 403.8 61.1 40.9 40.0 25.0 47.6 .9 -58.8
Personal saving as a percentage of
disposable personal income.............. 4.4 .7 .5 .4 .3 .5 .0 -.6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,392.9 8,086.7 8,101.8 8,105.6 8,115.9 8,129.8 8,171.9 8,172.1
Per capita:
Current dollars...................... 31,094 29,989 30,101 30,218 30,356 30,396 30,526 30,592
Chained (2000) dollars............... 28,421 27,365 27,397 27,391 27,405 27,430 27,550 27,527
Population (midperiod, thousands)\3\..... 295,303 295,517 295,720 295,924 296,144 296,381 296,626 296,873
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2005.
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 I 04 II 04 III 04 IV 04 I 05\r\ II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,169.1 9,713.3 9,484.8 9,614.3 9,729.2 10,024.8 10,073.4 10,228.5
Compensation of employees, received...... 6,321.1 6,687.6 6,526.7 6,603.6 6,724.2 6,895.8 7,001.7 7,105.2
Wage and salary disbursements.......... 5,111.1 5,389.4 5,254.8 5,318.1 5,422.0 5,562.9 5,629.9 5,710.4
Private industries................... 4,207.8 4,450.0 4,327.5 4,380.3 4,479.2 4,612.9 4,668.1 4,743.1
Goods-producing industries......... 1,007.2 1,049.9 1,018.7 1,035.6 1,062.3 1,083.0 1,099.2 1,116.6
Manufacturing.................... 668.7 687.7 669.3 677.6 696.1 707.8 715.3 724.4
Services-producing industries...... 3,200.6 3,400.1 3,308.7 3,344.8 3,416.8 3,529.9 3,568.8 3,626.5
Trade, transportation, and
utilities....................... 858.6 899.7 871.8 889.5 906.3 931.1 937.8 949.0
Other services-producing
industries...................... 2,342.0 2,500.4 2,437.0 2,455.3 2,510.5 2,598.8 2,631.0 2,677.5
Government........................... 903.3 939.5 927.3 937.7 942.8 950.0 961.8 967.3
Supplements to wages and salaries...... 1,210.0 1,298.1 1,271.9 1,285.5 1,302.3 1,332.9 1,371.8 1,394.8
Employer contributions for employee
pension and insurance funds......... 830.0 895.5 877.0 887.5 897.9 919.6 950.0 968.6
Employer contributions for government
social insurance.................... 380.0 402.7 394.9 398.0 404.4 413.4 421.9 426.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 810.2 889.6 870.2 898.4 889.1 900.9 917.9 941.7
Farm................................... 27.7 35.8 44.8 44.1 29.7 24.6 24.7 24.7
Nonfarm................................ 782.4 853.8 825.4 854.2 859.4 876.3 893.2 917.0
Rental income of persons with capital
consumption adjustment.................. 131.7 134.2 144.2 141.8 122.1 128.7 118.0 104.6
Personal income receipts on assets....... 1,338.7 1,396.5 1,350.4 1,363.9 1,378.2 1,493.6 1,407.9 1,437.6
Personal interest income............... 917.6 905.9 906.6 905.1 904.7 907.4 915.4 933.8
Personal dividend income............... 421.1 490.6 443.9 458.8 473.5 586.2 492.5 503.8
Personal current transfer receipts....... 1,344.0 1,427.5 1,399.6 1,419.8 1,441.5 1,449.2 1,488.8 1,509.5
Government social benefits to persons.. 1,313.5 1,394.5 1,370.6 1,390.8 1,397.1 1,419.5 1,459.7 1,480.3
Old-age, survivors, disability, and
health insurance benefits........... 739.3 789.3 772.9 784.9 793.7 805.5 828.0 842.2
Government unemployment insurance
benefits............................ 52.8 36.0 43.1 35.3 33.3 32.4 29.4 27.9
Other................................ 521.4 569.2 554.6 570.7 570.1 581.5 602.2 610.2
Other current transfer receipts, from
business (net)........................ 30.5 33.0 29.0 28.9 44.4 29.8 29.1 29.2
Less: Contributions for government social
insurance............................... 776.6 822.2 806.3 813.0 825.9 843.5 861.0 870.1
Less: Personal current taxes............... 999.9 1,049.1 1,009.6 1,034.0 1,058.4 1,094.3 1,171.4 1,210.7
Equals: Disposable personal income......... 8,169.2 8,664.2 8,475.3 8,580.3 8,670.9 8,930.4 8,902.0 9,017.8
Less: Personal outlays..................... 7,996.3 8,512.5 8,319.4 8,439.1 8,566.3 8,725.0 8,854.6 8,993.3
Personal consumption expenditures........ 7,709.9 8,214.3 8,032.3 8,145.6 8,263.2 8,416.1 8,535.8 8,667.7
Durable goods.......................... 950.1 987.8 974.2 974.6 993.8 1,008.6 1,017.3 1,035.0
Nondurable goods....................... 2,189.0 2,368.3 2,302.7 2,355.2 2,378.4 2,437.1 2,476.6 2,532.8
Services............................... 4,570.8 4,858.2 4,755.4 4,815.9 4,891.0 4,970.4 5,041.8 5,099.9
Personal interest payments\1\............ 183.2 186.7 178.0 182.2 190.3 196.2 198.1 207.0
Personal current transfer payments....... 103.3 111.5 109.2 111.3 112.8 112.7 120.8 118.6
To government.......................... 62.1 68.6 66.1 67.8 69.4 71.0 72.5 73.9
To the rest of the world (net)......... 41.2 42.9 43.0 43.5 43.4 41.7 48.3 44.7
Equals: Personal saving.................... 172.8 151.8 155.8 141.2 104.6 205.4 47.4 24.5
Personal saving as a percentage of
disposable personal income.............. 2.1 1.8 1.8 1.6 1.2 2.3 .5 .3
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,741.8 8,004.3 7,915.1 7,938.8 7,993.3 8,169.2 8,098.1 8,139.1
Per capita:
Current dollars...................... 28,065 29,475 28,939 29,231 29,461 30,265 30,103 30,426
Chained (2000) dollars............... 26,596 27,230 27,026 27,045 27,159 27,685 27,384 27,462
Population (midperiod, thousands)\3\..... 291,085 293,951 292,872 293,540 294,315 295,077 295,720 296,383
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2005.
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]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 04 Jan 05\r\ Feb 05\r\ Mar 05\r\ Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 366.1 -265.8 47.7 49.1 70.6 26.5 54.7 29.3
Compensation of employees, received...... 57.7 9.0 38.3 38.7 49.8 11.3 22.7 36.0
Wage and salary disbursements.......... 49.0 -7.6 25.2 25.5 43.4 8.2 18.6 31.3
Private industries................... 47.5 -15.1 21.9 23.6 41.7 6.5 17.9 29.4
Goods-producing industries......... 8.5 3.7 6.4 6.8 7.6 3.8 1.9 6.0
Manufacturing.................... 5.8 .2 3.6 4.0 3.2 3.0 -.1 3.7
Services-producing industries...... 39.1 -18.8 15.5 16.8 34.1 2.8 15.9 23.5
Trade, transportation, and
utilities....................... 6.4 -3.8 3.8 4.4 7.8 -1.9 1.3 7.0
Other services-producing
industries...................... 32.7 -15.0 11.7 12.4 26.3 4.7 14.6 16.5
Government........................... 1.4 7.5 3.4 1.7 1.8 1.6 .8 1.9
Supplements to wages and salaries...... 8.7 16.6 13.0 13.3 6.4 3.1 4.1 4.7
Employer contributions for employee
pension and insurance funds......... 5.8 12.5 11.7 11.9 3.8 3.0 3.1 3.0
Employer contributions for government
social insurance.................... 2.9 4.1 1.3 1.4 2.6 .2 .9 1.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 2.9 9.9 3.9 7.3 9.4 4.9 14.7 -3.5
Farm................................... -1.5 .7 .9 1.3 -.3 -1.0 -.8 -.5
Nonfarm................................ 4.4 9.2 3.0 6.0 9.7 5.9 15.5 -3.0
Rental income of persons with capital
consumption adjustment.................. -2.9 -4.3 -2.6 -4.1 -4.9 -5.1 -4.3 -3.3
Personal income receipts on assets....... 304.3 -295.2 4.1 5.7 10.6 11.8 18.0 7.8
Personal interest income............... 2.8 2.7 2.7 2.7 5.8 7.9 13.8 3.0
Personal dividend income............... 301.5 -297.9 1.4 3.0 4.8 4.0 4.1 4.9
Personal current transfer receipts....... 10.0 23.4 6.8 4.4 10.8 4.3 5.6 -4.2
Government social benefits to persons.. 9.7 24.4 6.7 4.4 10.8 4.2 5.7 -4.3
Old-age, survivors, disability, and
health insurance benefits........... 5.0 13.0 5.3 3.5 6.7 3.4 3.4 3.7
Government unemployment insurance
benefits............................ -2.7 -1.1 -.2 -.2 -1.1 -.4 .4 -.2
Other................................ 7.5 12.5 1.6 1.2 5.1 1.3 1.8 -7.8
Other current transfer receipts, from
business (net)........................ .2 -.9 .0 .0 .1 .0 .1 .0
Less: Contributions for government social
insurance............................... 5.9 8.6 2.7 2.9 5.3 .5 2.1 3.6
Less: Personal current taxes............... 14.9 54.0 8.6 8.3 23.2 7.2 8.8 2.1
Equals: Disposable personal income......... 351.2 -319.8 39.1 40.8 47.4 19.3 45.9 27.2
Less: Personal outlays..................... 59.4 22.9 59.3 41.7 62.4 -3.4 92.8 86.8
Personal consumption expenditures........ 57.8 15.5 58.5 41.0 61.3 -8.3 88.0 85.7
Durable goods.......................... 29.2 -26.3 13.7 13.2 16.0 -38.5 41.9 49.5
Nondurable goods....................... -.3 25.3 22.1 2.1 43.9 -4.1 18.6 14.6
Services............................... 29.0 16.5 22.7 25.7 1.4 34.3 27.5 21.6
Personal interest payments\1\............ 1.2 .3 .3 .3 4.3 4.3 4.3 .6
Personal current transfer payments....... .5 7.1 .5 .5 -3.2 .5 .5 .5
To government.......................... .5 .5 .5 .4 .5 .6 .4 .6
To the rest of the world (net)......... .0 6.6 .0 .0 -3.6 .0 .0 .0
Equals: Personal saving.................... 291.8 -342.7 -20.2 -.9 -15.0 22.6 -46.7 -59.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 321.7 -306.2 15.1 3.8 10.3 13.9 42.1 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2005.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 I 04 II 04 III 04 IV 04 I 05\r\ II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 287.2 544.2 156.1 129.5 114.9 295.6 48.6 155.1
Compensation of employees, received...... 229.9 366.5 99.3 76.9 120.6 171.6 105.9 103.5
Wage and salary disbursements.......... 130.2 278.3 67.5 63.3 103.9 140.9 67.0 80.5
Private industries................... 92.8 242.2 50.1 52.8 98.9 133.7 55.2 75.0
Goods-producing industries......... -3.5 42.7 -3.9 16.9 26.7 20.7 16.2 17.4
Manufacturing.................... -6.8 19.0 -7.8 8.3 18.5 11.7 7.5 9.1
Services-producing industries...... 96.4 199.5 53.9 36.1 72.0 113.1 38.9 57.7
Trade, transportation, and
utilities....................... 15.5 41.1 3.0 17.7 16.8 24.8 6.7 11.2
Other services-producing
industries...................... 80.9 158.4 51.0 18.3 55.2 88.3 32.2 46.5
Government........................... 37.4 36.2 17.4 10.4 5.1 7.2 11.8 5.5
Supplements to wages and salaries...... 99.7 88.1 31.8 13.6 16.8 30.6 38.9 23.0
Employer contributions for employee
pension and insurance funds......... 84.9 65.5 21.6 10.5 10.4 21.7 30.4 18.6
Employer contributions for government
social insurance.................... 14.8 22.7 10.2 3.1 6.4 9.0 8.5 4.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 41.8 79.4 30.2 28.2 -9.3 11.8 17.0 23.8
Farm................................... 17.1 8.1 9.7 -.7 -14.4 -5.1 .1 .0
Nonfarm................................ 24.6 71.4 20.6 28.8 5.2 16.9 16.9 23.8
Rental income of persons with capital
consumption adjustment.................. -21.2 2.5 1.0 -2.4 -19.7 6.6 -10.7 -13.4
Personal income receipts on assets....... 5.5 57.8 8.3 13.5 14.3 115.4 -85.7 29.7
Personal interest income............... -18.5 -11.7 -5.6 -1.5 -.4 2.7 8.0 18.4
Personal dividend income............... 23.9 69.5 14.0 14.9 14.7 112.7 -93.7 11.3
Personal current transfer receipts....... 57.8 83.5 37.3 20.2 21.7 7.7 39.6 20.7
Government social benefits to persons.. 64.6 81.0 37.6 20.2 6.3 22.4 40.2 20.6
Old-age, survivors, disability, and
health insurance benefits........... 31.8 50.0 21.0 12.0 8.8 11.8 22.5 14.2
Government unemployment insurance
benefits............................ -.4 -16.8 -8.2 -7.8 -2.0 -.9 -3.0 -1.5
Other................................ 33.2 47.8 24.9 16.1 -.6 11.4 20.7 8.0
Other current transfer receipts, from
business (net)........................ -6.8 2.5 -.3 -.1 15.5 -14.6 -.7 .1
Less: Contributions for government social
insurance............................... 26.6 45.6 20.0 6.7 12.9 17.6 17.5 9.1
Less: Personal current taxes............... -51.9 49.2 2.0 24.4 24.4 35.9 77.1 39.3
Equals: Disposable personal income......... 339.1 495.0 154.3 105.0 90.6 259.5 -28.4 115.8
Less: Personal outlays..................... 351.0 516.2 161.0 119.7 127.2 158.7 129.6 138.7
Personal consumption expenditures........ 359.2 504.4 165.7 113.3 117.6 152.9 119.7 131.9
Durable goods.......................... 26.2 37.7 10.6 .4 19.2 14.8 8.7 17.7
Nondurable goods....................... 109.4 179.3 69.1 52.5 23.2 58.7 39.5 56.2
Services............................... 223.6 287.4 85.9 60.5 75.1 79.4 71.4 58.1
Personal interest payments\1\............ -13.2 3.5 -5.4 4.2 8.1 5.9 1.9 8.9
Personal current transfer payments....... 5.1 8.2 .8 2.1 1.5 -.1 8.1 -2.2
To government.......................... 3.9 6.5 1.9 1.7 1.6 1.6 1.5 1.4
To the rest of the world (net)......... 1.2 1.7 -1.2 .5 -.1 -1.7 6.6 -3.6
Equals: Personal saving.................... -11.9 -21.0 -6.8 -14.6 -36.6 100.8 -158.0 -22.9
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 179.6 262.5 70.3 23.7 54.5 175.9 -71.1 41.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2005.
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]
-----------------------------------------------------------------------------------------------------------------------------------
Dec 04 Jan 05\r\ Feb 05\r\ Mar 05\r\ Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.7 -2.6 .5 .5 .7 .3 .5 .3
Compensation of employees, received...... .8 .1 .5 .6 .7 .2 .3 .5
Wage and salary disbursements.......... .9 -.1 .5 .5 .8 .1 .3 .5
Supplements to wages and salaries...... .7 1.2 1.0 1.0 .5 .2 .3 .3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .3 1.1 .4 .8 1.0 .5 1.6 -.4
Rental income of persons with capital
consumption adjustment.................. -2.3 -3.5 -2.1 -3.5 -4.2 -4.7 -4.1 -3.2
Personal income receipts on assets....... 21.8 -17.4 .3 .4 .7 .8 1.3 .5
Personal interest income............... .3 .3 .3 .3 .6 .8 1.5 .3
Personal dividend income............... 61.9 -37.8 .3 .6 1.0 .8 .8 1.0
Personal current transfer receipts....... .7 1.6 .5 .3 .7 .3 .4 -.3
Less: Contributions for government social
insurance............................... .7 1.0 .3 .3 .6 .1 .2 .4
Less: Personal current taxes............... 1.4 4.9 .7 .7 2.0 .6 .7 .2
Equals: Disposable personal income......... 4.0 -3.5 .4 .5 .5 .2 .5 .3
Addenda:
Personal consumption expenditures........ .7 .2 .7 .5 .7 -.1 1.0 1.0
Durable goods.......................... 2.9 -2.6 1.4 1.3 1.6 -3.7 4.2 4.7
Nondurable goods....................... .0 1.0 .9 .1 1.8 -.2 .7 .6
Services............................... .6 .3 .5 .5 .0 .7 .5 .4
Real disposable personal income.......... 4.0 -3.6 .2 .0 .1 .2 .5 .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2005.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 I 04 II 04 III 04 IV 04 I 05\r\ II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.2 5.9 6.9 5.6 4.9 12.7 2.0 6.3
Compensation of employees, received...... 3.8 5.8 6.3 4.8 7.5 10.6 6.3 6.0
Wage and salary disbursements.......... 2.6 5.4 5.3 4.9 8.0 10.8 4.9 5.8
Supplements to wages and salaries...... 9.0 7.3 10.7 4.3 5.3 9.8 12.2 6.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 5.4 9.8 15.2 13.6 -4.0 5.4 7.8 10.7
Rental income of persons with capital
consumption adjustment.................. -13.9 1.9 2.9 -6.7 -44.9 23.6 -29.5 -38.1
Personal income receipts on assets....... .4 4.3 2.5 4.0 4.3 37.9 -21.0 8.7
Personal interest income............... -2.0 -1.3 -2.5 -.6 -.2 1.2 3.6 8.3
Personal dividend income............... 6.0 16.5 13.6 14.1 13.5 134.9 -50.2 9.5
Personal current transfer receipts....... 4.5 6.2 11.4 5.9 6.3 2.2 11.4 5.7
Less: Contributions for government social
insurance............................... 3.5 5.9 10.6 3.4 6.5 8.8 8.5 4.3
Less: Personal current taxes............... -4.9 4.9 .8 10.0 9.8 14.3 31.3 14.1
Equals: Disposable personal income......... 4.3 6.1 7.6 5.1 4.3 12.5 -1.3 5.3
Addenda:
Personal consumption expenditures........ 4.9 6.5 8.7 5.8 5.9 7.6 5.8 6.3
Durable goods.......................... 2.8 4.0 4.5 .2 8.1 6.1 3.5 7.1
Nondurable goods....................... 5.3 8.2 13.0 9.4 4.0 10.3 6.6 9.4
Services............................... 5.1 6.3 7.6 5.2 6.4 6.7 5.9 4.7
Real disposable personal income.......... 2.4 3.4 3.6 1.2 2.8 9.1 -3.4 2.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2005.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Dec 04 Jan 05 Feb 05 Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,739.8 7,740.7 7,774.3 7,779.7 7,803.7 7,793.0 7,872.9 7,926.7
Durable goods............................ 1,138.3 1,106.2 1,122.9 1,137.8 1,156.4 1,111.4 1,162.2 1,222.8
Nondurable goods......................... 2,240.7 2,265.1 2,276.3 2,255.4 2,273.6 2,280.0 2,301.7 2,298.3
Services................................. 4,379.0 4,381.9 4,390.4 4,403.7 4,394.8 4,413.7 4,429.7 4,437.3
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2000) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 53.4 .9 33.6 5.4 24.0 -10.7 79.9 53.8
Durable goods............................ 31.4 -32.1 16.7 14.9 18.6 -45.0 50.8 60.6
Nondurable goods......................... 8.6 24.4 11.2 -20.9 18.2 6.4 21.7 -3.4
Services................................. 18.1 2.9 8.5 13.3 -8.9 18.9 16.0 7.6
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2000) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .7 .0 .4 .1 .3 -.1 1.0 .7
Durable goods............................ 2.8 -2.8 1.5 1.3 1.6 -3.9 4.6 5.2
Nondurable goods......................... .4 1.1 .5 -.9 .8 .3 1.0 -.1
Services................................. .4 .1 .2 .3 -.2 .4 .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 I 04 II 04 III 04 IV 04 I 05 II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,306.6 7,588.6 7,501.4 7,536.6 7,617.5 7,698.8 7,764.9 7,823.2
Durable goods............................ 1,028.5 1,089.9 1,071.6 1,072.5 1,100.4 1,115.1 1,122.3 1,143.3
Nondurable goods......................... 2,101.8 2,200.4 2,171.9 2,186.1 2,206.9 2,236.5 2,265.6 2,285.1
Services................................. 4,183.9 4,310.9 4,269.0 4,288.6 4,324.0 4,362.1 4,392.0 4,412.7
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 207.3 282.0 85.0 35.2 80.9 81.3 66.1 58.3
Durable goods............................ 63.7 61.4 11.6 .9 27.9 14.7 7.2 21.0
Nondurable goods......................... 64.7 98.6 34.6 14.2 20.8 29.6 29.1 19.5
Services................................. 83.5 127.0 39.6 19.6 35.4 38.1 29.9 20.7
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 2.9 3.9 4.7 1.9 4.4 4.3 3.5 3.0
Durable goods............................ 6.6 6.0 4.4 .4 10.8 5.5 2.6 7.7
Nondurable goods......................... 3.2 4.7 6.6 2.6 3.9 5.5 5.3 3.5
Services................................. 2.0 3.0 3.8 1.8 3.4 3.6 2.8 1.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Dec 04 Jan 05 Feb 05 Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 109.411 109.599 109.878 110.329 110.774 110.820 110.813 111.143
Durable goods............................ 90.496 90.741 90.620 90.584 90.512 90.715 90.353 89.924
Nondurable goods......................... 108.723 108.667 109.102 110.211 111.257 110.767 110.531 111.327
Services................................. 114.225 114.526 114.824 115.060 115.325 115.608 115.811 116.101
Addenda:
PCE excluding food and energy............ 108.112 108.427 108.611 108.812 108.878 109.115 109.148 109.213
Market-based PCE\1\...................... 108.424 108.602 108.884 109.358 109.843 109.871 109.868 110.226
Market-based PCE excluding food
and energy\1\........................... 106.607 106.934 107.103 107.282 107.323 107.575 107.622 107.668
----------------------------------------------------------------------------------------
Percent change from preceding period in price indexes,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .0 .2 .3 .4 .4 .0 .0 .3
Durable goods............................ .1 .3 -.1 .0 -.1 .2 -.4 -.5
Nondurable goods......................... -.4 -.1 .4 1.0 .9 -.4 -.2 .7
Services................................. .2 .3 .3 .2 .2 .2 .2 .3
Addenda:
PCE excluding food and energy............ .1 .3 .2 .2 .1 .2 .0 .1
Market-based PCE\1\...................... .0 .2 .3 .4 .4 .0 .0 .3
Market-based PCE excluding food
and energy\1\........................... .0 .3 .2 .2 .0 .2 .0 .0
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
Dec 04 Jan 05\r\ Feb 05\r\ Mar 05\r\ Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 6.6 2.3 2.3 2.3 2.3 2.3 3.0 2.5
Personal consumption expenditures.......... 3.8 3.3 3.8 3.4 4.0 3.0 4.4 4.2
Durable goods............................ 5.4 4.2 5.0 5.0 9.3 1.7 9.0 10.1
Nondurable goods......................... 4.8 4.2 5.7 3.1 4.5 3.8 5.3 4.6
Services................................. 3.1 2.7 2.7 3.3 2.8 2.8 3.1 2.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the first quarter of 2005.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Dec 04 Jan 05 Feb 05 Mar 05 Apr 05\r\ May 05\r\ Jun 05\r\ Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 3.0 2.7 2.6 2.7 2.9 2.5 2.2 2.5
Durable goods............................ -.1 -.1 -.3 -.3 -.4 -.2 -.5 -.6
Nondurable goods......................... 3.9 3.1 3.0 3.2 4.1 2.5 2.0 3.3
Services................................. 3.2 3.1 3.0 3.0 3.0 3.0 2.8 2.8
Addenda:
PCE excluding food and energy............ 2.2 2.2 2.2 2.1 2.0 2.0 1.9 1.8
Market-based PCE\1\...................... 2.7 2.4 2.4 2.5 2.7 2.3 2.1 2.5
Market-based PCE excluding food
and energy\1\........................... 1.7 1.8 1.8 1.7 1.6 1.7 1.6 1.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
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