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James E. Rankin: (202) 606-5301 (Personal Income) BEA 05-19
Michael Armah: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: MARCH 2005
Personal income increased $48.0 billion, or 0.5 percent, and disposable personal income (DPI)
increased $41.9 billion, or 0.5 percent, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $51.1 billion, or 0.6 percent. In February, personal
income increased $41.4 billion, or 0.4 percent, DPI increased $35.5 billion, or 0.4 percent, and PCE
increased $57.3 billion, or 0.7 percent, based on revised estimates.
2004 2005
Nov. Dec. Jan. Feb. Mar.
(Percent change from preceding month)
Personal income, current dollars 0.4 3.7 -2.4 0.4 0.5
Disposable personal income:
Current dollars 0.4 4.1 -2.7 0.4 0.5
Chained (2000) dollars 0.2 4.2 -2.9 0.1 0.0
Personal consumption expenditures:
Current dollars 0.4 0.9 0.0 0.7 0.6
Chained (2000) dollars 0.2 0.9 -0.1 0.4 0.1
Wages and salaries
Private wage and salary disbursements increased $16.9 billion in March, compared with an
increase of $15.6 billion in February. Goods-producing industries' payrolls increased $2.1 billion,
compared with an increase of $4.3 billion; manufacturing payrolls decreased $1.5 billion, in contrast
to an increase of $2.3 billion. Services-producing industries' payrolls increased $14.8 billion,
compared with an increase of $11.3 billion. Government wage and salary disbursements increased
$2.1 billion, compared with an increase of $3.6 billion.
Other personal income
Proprietors' income increased $12.7 billion in March, compared with an increase of $7.4 billion
in February. Farm proprietors' income increased $1.5 billion, in contrast to a decrease of $0.2
billion. Nonfarm proprietors' income increased $11.2 billion, compared with an increase of $7.5
billion.
Rental income of persons decreased $3.7 billion in March, the same decrease as in February.
Personal income receipts on assets (personal interest income plus personal dividend income)
increased $7.5 billion in March, compared with an increase of $6.5 billion in February. Personal
current transfer receipts increased $10.1 billion, compared with an increase of $10.0 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $2.5 billion in March, compared with an increase of $2.6 billion in February.
Personal current taxes and disposable personal income
Personal current taxes increased $6.1 billion in March, compared with an increase of $5.9
billion in February. Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $41.9 billion, or 0.5 percent, in March, compared with an increase of $35.5 billion,
or 0.4 percent, in February.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $54.6 billion in March, compared with an increase of $60.7 billion in February. PCE
increased $51.1 billion, compared with an increase of $57.3 billion.
Personal saving -- DPI less personal outlays -- was $35.1 billion in March, compared with
$47.8 billion in February. Personal saving as a percentage of disposable personal income was 0.4
percent in March, compared with 0.5 percent in February.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in March,
compared with an increase of 0.1 percent in February.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in March,
compared with an increase of 0.4 percent in February. Purchases of durable goods increased 2.2
percent, compared with an increase of 0.9 percent. Purchases of motor vehicles and parts more than
accounted for the increase in March. Purchases of nondurable goods decreased 1.0 percent in
March, in contrast to an increase of 0.3 percent in February. Purchases of services increased 0.3
percent, compared with an increase of 0.4 percent.
Revisions
Estimates have been revised for January and February. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for January
and February -- revised and as published in last month's release -- are shown below.
Change from preceding month
January February
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars........... -250.6 -244.6 -2.5 -2.4 33.2 41.4 0.3 0.4
Disposable personal income:
Current dollars........... -255.6 -250.4 -2.8 -2.7 29.6 35.5 0.3 0.4
Chained (2000) dollars.... -248.3 -242.7 -3.0 -2.9 5.5 10.4 0.1 0.1
Personal consumption expenditures:
Current dollars........... 4.7 1.5 0.1 0.0 46.6 57.3 0.5 0.7
Chained (2000) dollars.... -8.4 -10.5 -0.1 -0.1 22.0 31.3 0.3 0.4
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 April will be released on
May 27, 2005 at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 04 Sep 04 Oct 04 Nov 04 Dec 04 Jan 05\r\ Feb 05\r\ Mar 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,706.3 9,726.4 9,803.4 9,844.4 10,213.5 9,968.9 10,010.3 10,058.3
Compensation of employees, received...... 6,688.1 6,713.8 6,752.0 6,766.1 6,799.5 6,844.8 6,868.7 6,892.5
Wage and salary disbursements.......... 5,403.6 5,424.0 5,454.7 5,461.7 5,487.1 5,520.6 5,539.9 5,558.9
Private industries................... 4,474.9 4,493.8 4,523.1 4,528.2 4,552.3 4,577.5 4,593.1 4,610.0
Goods-producing industries......... 1,060.2 1,063.9 1,066.5 1,067.8 1,073.8 1,076.1 1,080.4 1,082.5
Manufacturing.................... 698.5 700.9 700.2 700.1 703.5 705.7 708.0 706.5
Services-producing industries...... 3,414.7 3,429.9 3,456.6 3,460.4 3,478.5 3,501.4 3,512.7 3,527.5
Trade, transportation, and
utilities....................... 898.3 903.3 905.2 905.9 909.6 918.4 920.4 922.4
Other services-producing
industries...................... 2,516.4 2,526.6 2,551.4 2,554.5 2,568.9 2,583.0 2,592.3 2,605.1
Government........................... 928.7 930.2 931.6 933.5 934.7 943.2 946.8 948.9
Supplements to wages and salaries...... 1,284.5 1,289.8 1,297.3 1,304.3 1,312.4 1,324.2 1,328.8 1,333.6
Employer contributions for employee
pension and insurance funds......... 881.6 885.7 891.3 897.9 904.5 909.3 912.7 916.4
Employer contributions for government
social insurance.................... 402.9 404.1 406.0 406.4 408.0 414.9 416.1 417.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 904.9 898.1 921.2 933.8 949.8 952.6 960.0 972.7
Farm................................... 13.6 12.3 18.6 22.8 25.7 26.1 25.9 27.4
Nonfarm................................ 891.3 885.8 902.5 911.0 924.0 926.5 934.0 945.2
Rental income of persons with capital
consumption adjustment.................. 156.8 134.2 163.2 160.8 159.9 155.2 151.5 147.8
Personal income receipts on assets....... 1,367.8 1,372.1 1,382.4 1,392.5 1,700.8 1,409.5 1,416.0 1,423.5
Personal interest income............... 946.5 947.2 953.9 960.5 967.2 971.7 976.2 980.7
Personal dividend income............... 421.3 424.9 428.5 431.9 733.6 437.8 439.8 442.8
Personal current transfer receipts....... 1,415.7 1,438.1 1,418.7 1,426.3 1,441.7 1,459.6 1,469.6 1,479.7
Government social benefits to persons.. 1,372.9 1,381.3 1,389.5 1,397.1 1,412.5 1,430.8 1,440.7 1,450.9
Old-age, survivors, disability, and
health insurance benefits........... 782.3 786.9 791.2 795.6 807.5 813.6 821.5 830.1
Government unemployment insurance
benefits............................ 32.6 32.5 31.3 31.0 31.0 29.9 29.7 29.4
Other................................ 558.0 561.9 567.0 570.5 574.0 587.3 589.5 591.3
Other current transfer receipts, from
business (net)........................ 42.8 56.8 29.2 29.2 29.2 28.9 28.9 28.9
Less: Contributions for government social
insurance............................... 827.0 829.9 834.1 835.0 838.2 852.8 855.4 857.9
Less: Personal current taxes............... 1,049.0 1,053.3 1,064.9 1,068.5 1,075.3 1,081.1 1,087.0 1,093.1
Equals: Disposable personal income......... 8,657.3 8,673.1 8,738.5 8,775.9 9,138.2 8,887.8 8,923.3 8,965.2
Less: Personal outlays..................... 8,573.2 8,629.2 8,687.7 8,725.9 8,804.2 8,814.8 8,875.5 8,930.1
Personal consumption expenditures........ 8,267.6 8,320.2 8,375.3 8,409.9 8,484.6 8,486.1 8,543.4 8,594.5
Durable goods.......................... 996.5 1,008.4 1,004.4 1,001.4 1,045.1 1,006.6 1,014.3 1,036.8
Nondurable goods....................... 2,384.0 2,402.1 2,442.4 2,451.8 2,454.8 2,475.6 2,492.5 2,491.6
Services............................... 4,887.0 4,909.7 4,928.5 4,956.6 4,984.7 5,003.9 5,036.6 5,066.1
Personal interest payments\1\............ 190.6 193.5 196.5 199.5 202.5 205.4 208.4 211.3
Personal current transfer payments....... 115.0 115.6 115.9 116.5 117.1 123.3 123.7 124.2
To government.......................... 71.8 72.4 72.9 73.5 74.1 74.6 75.0 75.5
To the rest of the world (net)......... 43.2 43.2 43.0 43.0 43.0 48.7 48.7 48.7
Equals: Personal saving.................... 84.1 43.9 50.8 50.0 334.1 73.0 47.8 35.1
Personal saving as a percentage of
disposable personal income.............. 1.0 .5 .6 .6 3.7 .8 .5 .4
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,016.1 8,022.4 8,047.2 8,064.4 8,401.2 8,158.5 8,168.9 8,169.6
Per capita:
Current dollars...................... 29,415 29,442 29,638 29,740 30,945 30,076 30,175 30,295
Chained (2000) dollars............... 27,236 27,233 27,293 27,329 28,449 27,608 27,624 27,607
Population (midperiod, thousands)\3\..... 294,315 294,587 294,846 295,083 295,303 295,517 295,720 295,926
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 03 I 04 II 04 III 04 IV 04 I 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,161.8 9,673.0 9,330.0 9,445.0 9,592.7 9,700.4 9,953.8 10,012.5
Compensation of employees, received...... 6,289.0 6,632.0 6,406.7 6,487.9 6,580.0 6,687.4 6,772.5 6,868.7
Wage and salary disbursements.......... 5,103.6 5,355.7 5,188.9 5,239.2 5,312.8 5,403.0 5,467.8 5,539.8
Private industries................... 4,205.6 4,430.1 4,283.9 4,321.8 4,389.3 4,474.7 4,534.6 4,593.5
Goods-producing industries......... 1,007.7 1,045.4 1,025.6 1,019.0 1,034.9 1,058.4 1,069.4 1,079.6
Manufacturing.................... 668.8 687.2 680.1 669.9 680.5 697.0 701.2 706.8
Services-producing industries...... 3,198.0 3,384.7 3,258.3 3,302.9 3,354.4 3,416.3 3,465.2 3,513.9
Trade, transportation, and
utilities....................... 858.6 891.3 872.0 872.4 886.2 899.6 906.9 920.4
Other services-producing
industries...................... 2,339.4 2,493.4 2,386.4 2,430.5 2,468.3 2,516.7 2,558.3 2,593.5
Government........................... 897.9 925.6 905.0 917.3 923.5 928.2 933.3 946.3
Supplements to wages and salaries...... 1,185.5 1,276.3 1,217.8 1,248.8 1,267.2 1,284.4 1,304.7 1,328.9
Employer contributions for employee
pension and insurance funds......... 808.9 876.6 835.9 856.5 870.4 881.6 897.9 912.8
Employer contributions for government
social insurance.................... 376.6 399.7 381.9 392.3 396.8 402.8 406.8 416.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 834.1 902.8 864.7 872.1 901.4 902.9 934.9 961.8
Farm................................... 21.8 18.2 24.7 17.9 18.9 13.6 22.4 26.5
Nonfarm................................ 812.3 884.6 840.0 854.2 882.5 889.3 912.5 935.3
Rental income of persons with capital
consumption adjustment.................. 153.8 165.1 167.1 172.8 172.6 153.8 161.3 151.5
Personal income receipts on assets....... 1,322.7 1,387.3 1,325.8 1,337.1 1,352.3 1,367.8 1,491.9 1,416.3
Personal interest income............... 929.9 946.2 932.0 936.2 941.7 946.5 960.5 976.2
Personal dividend income............... 392.8 441.1 393.8 400.9 410.6 421.3 531.4 440.1
Personal current transfer receipts....... 1,335.4 1,405.9 1,350.7 1,379.0 1,400.4 1,415.4 1,428.9 1,469.6
Government social benefits to persons.. 1,306.4 1,373.2 1,322.0 1,349.6 1,371.1 1,372.5 1,399.7 1,440.8
Old-age, survivors, disability, and
health insurance benefits........... 733.8 779.2 744.9 762.1 774.0 782.4 798.1 821.7
Government unemployment insurance
benefits............................ 52.8 34.6 51.6 41.4 33.5 32.4 31.1 29.7
Other................................ 519.8 559.5 525.5 546.1 563.6 557.7 570.5 589.4
Other current transfer receipts, from
business (net)........................ 28.9 32.7 28.8 29.3 29.3 42.9 29.2 28.9
Less: Contributions for government social
insurance............................... 773.2 820.2 785.0 803.9 814.0 826.9 835.7 855.4
Less: Personal current taxes............... 1,001.9 1,038.9 1,009.4 1,006.6 1,030.6 1,048.9 1,069.5 1,087.1
Equals: Disposable personal income......... 8,159.9 8,634.0 8,320.5 8,438.4 8,562.1 8,651.5 8,884.2 8,925.4
Less: Personal outlays..................... 8,049.3 8,531.9 8,209.4 8,351.6 8,448.7 8,588.1 8,739.3 8,873.5
Personal consumption expenditures........ 7,760.9 8,229.9 7,914.9 8,060.2 8,153.8 8,282.5 8,423.3 8,541.3
Durable goods.......................... 950.7 993.9 971.1 976.3 975.5 1,007.0 1,017.0 1,019.2
Nondurable goods....................... 2,200.1 2,377.0 2,250.1 2,316.6 2,354.6 2,387.2 2,449.7 2,486.5
Services............................... 4,610.1 4,859.0 4,693.6 4,767.3 4,823.8 4,888.2 4,956.6 5,035.6
Personal interest payments\1\............ 185.3 188.5 185.9 181.1 182.6 190.6 199.5 208.4
Personal current transfer payments....... 103.1 113.5 108.6 110.3 112.2 115.0 116.5 123.8
To government.......................... 64.9 71.0 67.0 68.6 70.2 71.8 73.5 75.0
To the rest of the world (net)......... 38.2 42.5 41.6 41.7 42.1 43.2 43.0 48.7
Equals: Personal saving.................... 110.6 102.1 111.1 86.8 113.4 63.4 145.0 52.0
Personal saving as a percentage of
disposable personal income.............. 1.4 1.2 1.3 1.0 1.3 .7 1.6 .6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,733.8 8,007.3 7,849.6 7,897.0 7,951.5 8,009.5 8,170.9 8,165.6
Per capita:
Current dollars...................... 28,034 29,372 28,474 28,813 29,168 29,395 30,108 30,182
Chained (2000) dollars............... 26,570 27,240 26,862 26,964 27,088 27,214 27,691 27,613
Population (midperiod, thousands)\3\..... 291,073 293,951 292,217 292,872 293,540 294,315 295,077 295,721
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 04 Sep 04 Oct 04 Nov 04 Dec 04 Jan 05\r\ Feb 05\r\ Mar 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 37.8 20.1 77.0 41.0 369.1 -244.6 41.4 48.0
Compensation of employees, received...... 27.9 25.7 38.2 14.1 33.4 45.3 23.9 23.8
Wage and salary disbursements.......... 22.3 20.4 30.7 7.0 25.4 33.5 19.3 19.0
Private industries................... 19.4 18.9 29.3 5.1 24.1 25.2 15.6 16.9
Goods-producing industries......... 9.1 3.7 2.6 1.3 6.0 2.3 4.3 2.1
Manufacturing.................... 6.9 2.4 -.7 -.1 3.4 2.2 2.3 -1.5
Services-producing industries...... 10.3 15.2 26.7 3.8 18.1 22.9 11.3 14.8
Trade, transportation, and
utilities....................... 1.0 5.0 1.9 .7 3.7 8.8 2.0 2.0
Other services-producing
industries...................... 9.3 10.2 24.8 3.1 14.4 14.1 9.3 12.8
Government........................... 2.9 1.5 1.4 1.9 1.2 8.5 3.6 2.1
Supplements to wages and salaries...... 5.6 5.3 7.5 7.0 8.1 11.8 4.6 4.8
Employer contributions for employee
pension and insurance funds......... 4.1 4.1 5.6 6.6 6.6 4.8 3.4 3.7
Employer contributions for government
social insurance.................... 1.5 1.2 1.9 .4 1.6 6.9 1.2 1.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.7 -6.8 23.1 12.6 16.0 2.8 7.4 12.7
Farm................................... -1.4 -1.3 6.3 4.2 2.9 .4 -.2 1.5
Nonfarm................................ .7 -5.5 16.7 8.5 13.0 2.5 7.5 11.2
Rental income of persons with capital
consumption adjustment.................. -13.7 -22.6 29.0 -2.4 -.9 -4.7 -3.7 -3.7
Personal income receipts on assets....... 4.2 4.3 10.3 10.1 308.3 -291.3 6.5 7.5
Personal interest income............... .7 .7 6.7 6.6 6.7 4.5 4.5 4.5
Personal dividend income............... 3.5 3.6 3.6 3.4 301.7 -295.8 2.0 3.0
Personal current transfer receipts....... 23.3 22.4 -19.4 7.6 15.4 17.9 10.0 10.1
Government social benefits to persons.. 9.8 8.4 8.2 7.6 15.4 18.3 9.9 10.2
Old-age, survivors, disability, and
health insurance benefits........... 4.3 4.6 4.3 4.4 11.9 6.1 7.9 8.6
Government unemployment insurance
benefits............................ .6 -.1 -1.2 -.3 .0 -1.1 -.2 -.3
Other................................ 4.8 3.9 5.1 3.5 3.5 13.3 2.2 1.8
Other current transfer receipts, from
business (net)........................ 13.6 14.0 -27.6 .0 .0 -.3 .0 .0
Less: Contributions for government social
insurance............................... 3.2 2.9 4.2 .9 3.2 14.6 2.6 2.5
Less: Personal current taxes............... 4.6 4.3 11.6 3.6 6.8 5.8 5.9 6.1
Equals: Disposable personal income......... 33.2 15.8 65.4 37.4 362.3 -250.4 35.5 41.9
Less: Personal outlays..................... 11.3 56.0 58.5 38.2 78.3 10.6 60.7 54.6
Personal consumption expenditures........ 7.9 52.6 55.1 34.6 74.7 1.5 57.3 51.1
Durable goods.......................... -19.5 11.9 -4.0 -3.0 43.7 -38.5 7.7 22.5
Nondurable goods....................... 8.4 18.1 40.3 9.4 3.0 20.8 16.9 -.9
Services............................... 18.9 22.7 18.8 28.1 28.1 19.2 32.7 29.5
Personal interest payments\1\............ 2.8 2.9 3.0 3.0 3.0 2.9 3.0 2.9
Personal current transfer payments....... .5 .6 .3 .6 .6 6.2 .4 .5
To government.......................... .6 .6 .5 .6 .6 .5 .4 .5
To the rest of the world (net)......... .0 .0 -.2 .0 .0 5.7 .0 .0
Equals: Personal saving.................... 21.9 -40.2 6.9 -.8 284.1 -261.1 -25.2 -12.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 26.3 6.3 24.8 17.2 336.8 -242.7 10.4 .7
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 03 I 04 II 04 III 04 IV 04 I 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 282.9 511.2 120.7 115.0 147.7 107.7 253.4 58.7
Compensation of employees, received...... 219.5 343.0 82.0 81.2 92.1 107.4 85.1 96.2
Wage and salary disbursements.......... 127.3 252.1 60.3 50.3 73.6 90.2 64.8 72.0
Private industries................... 91.9 224.5 56.4 37.9 67.5 85.4 59.9 58.9
Goods-producing industries......... -2.5 37.7 19.8 -6.6 15.9 23.5 11.0 10.2
Manufacturing.................... -6.4 18.4 14.2 -10.2 10.6 16.5 4.2 5.6
Services-producing industries...... 94.5 186.7 36.7 44.6 51.5 61.9 48.9 48.7
Trade, transportation, and
utilities....................... 15.0 32.7 11.3 .4 13.8 13.4 7.3 13.5
Other services-producing
industries...................... 79.5 154.0 25.5 44.1 37.8 48.4 41.6 35.2
Government........................... 35.3 27.7 3.9 12.3 6.2 4.7 5.1 13.0
Supplements to wages and salaries...... 92.3 90.8 21.7 31.0 18.4 17.2 20.3 24.2
Employer contributions for employee
pension and insurance funds......... 79.3 67.7 18.0 20.6 13.9 11.2 16.3 14.9
Employer contributions for government
social insurance.................... 13.0 23.1 3.7 10.4 4.5 6.0 4.0 9.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 64.5 68.7 12.7 7.4 29.3 1.5 32.0 26.9
Farm................................... 12.1 -3.6 -.1 -6.8 1.0 -5.3 8.8 4.1
Nonfarm................................ 52.4 72.3 12.8 14.2 28.3 6.8 23.2 22.8
Rental income of persons with capital
consumption adjustment.................. -17.1 11.3 18.3 5.7 -.2 -18.8 7.5 -9.8
Personal income receipts on assets....... -11.9 64.6 11.4 11.3 15.2 15.5 124.1 -75.6
Personal interest income............... -16.8 16.3 9.2 4.2 5.5 4.8 14.0 15.7
Personal dividend income............... 4.9 48.3 2.2 7.1 9.7 10.7 110.1 -91.3
Personal current transfer receipts....... 52.7 70.5 4.5 28.3 21.4 15.0 13.5 40.7
Government social benefits to persons.. 57.5 66.8 4.6 27.6 21.5 1.4 27.2 41.1
Old-age, survivors, disability, and
health insurance benefits........... 25.5 45.4 8.3 17.2 11.9 8.4 15.7 23.6
Government unemployment insurance
benefits............................ -.4 -18.2 -2.7 -10.2 -7.9 -1.1 -1.3 -1.4
Other................................ 32.3 39.7 -1.0 20.6 17.5 -5.9 12.8 18.9
Other current transfer receipts, from
business (net)........................ -4.8 3.8 -.1 .5 .0 13.6 -13.7 -.3
Less: Contributions for government social
insurance............................... 24.9 47.0 8.3 18.9 10.1 12.9 8.8 19.7
Less: Personal current taxes............... -49.3 37.0 67.7 -2.8 24.0 18.3 20.6 17.6
Equals: Disposable personal income......... 332.2 474.1 52.9 117.9 123.7 89.4 232.7 41.2
Less: Personal outlays..................... 380.8 482.6 101.6 142.2 97.1 139.4 151.2 134.2
Personal consumption expenditures........ 384.8 469.0 92.4 145.3 93.6 128.7 140.8 118.0
Durable goods.......................... 34.5 43.2 -1.6 5.2 -.8 31.5 10.0 2.2
Nondurable goods....................... 120.0 176.9 30.9 66.5 38.0 32.6 62.5 36.8
Services............................... 230.3 248.9 63.0 73.7 56.5 64.4 68.4 79.0
Personal interest payments\1\............ -11.9 3.2 2.6 -4.8 1.5 8.0 8.9 8.9
Personal current transfer payments....... 7.8 10.4 6.5 1.7 1.9 2.8 1.5 7.3
To government.......................... 5.4 6.1 1.4 1.6 1.6 1.6 1.7 1.5
To the rest of the world (net)......... 2.5 4.3 5.1 .1 .4 1.1 -.2 5.7
Equals: Personal saving.................... -48.6 -8.5 -48.7 -24.3 26.6 -50.0 81.6 -93.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 174.3 273.5 26.7 47.4 54.5 58.0 161.4 -5.3
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 04 Sep 04 Oct 04 Nov 04 Dec 04 Jan 05\r\ Feb 05\r\ Mar 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .4 .2 .8 .4 3.7 -2.4 .4 .5
Compensation of employees, received...... .4 .4 .6 .2 .5 .7 .3 .3
Wage and salary disbursements.......... .4 .4 .6 .1 .5 .6 .3 .3
Supplements to wages and salaries...... .4 .4 .6 .5 .6 .9 .3 .4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.1 -.8 2.6 1.4 1.7 .3 .8 1.3
Rental income of persons with capital
consumption adjustment.................. -8.0 -14.4 21.6 -1.4 -.6 -3.0 -2.4 -2.5
Personal income receipts on assets....... .3 .3 .7 .7 22.1 -17.1 .5 .5
Personal interest income............... .1 .1 .7 .7 .7 .5 .5 .5
Personal dividend income............... .8 .9 .9 .8 69.8 -40.3 .4 .7
Personal current transfer receipts....... 1.7 1.6 -1.3 .5 1.1 1.2 .7 .7
Less: Contributions for government social
insurance............................... .4 .3 .5 .1 .4 1.7 .3 .3
Less: Personal current taxes............... .4 .4 1.1 .3 .6 .5 .5 .6
Equals: Disposable personal income......... .4 .2 .8 .4 4.1 -2.7 .4 .5
Addenda:
Personal consumption expenditures........ .1 .6 .7 .4 .9 .0 .7 .6
Durable goods.......................... -1.9 1.2 -.4 -.3 4.4 -3.7 .8 2.2
Nondurable goods....................... .4 .8 1.7 .4 .1 .8 .7 .0
Services............................... .4 .5 .4 .6 .6 .4 .7 .6
Real disposable personal income.......... .3 .1 .3 .2 4.2 -2.9 .1 .0
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 03 I 04 II 04 III 04 IV 04 I 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.2 5.6 5.3 5.0 6.4 4.6 10.9 2.4
Compensation of employees, received...... 3.6 5.5 5.3 5.2 5.8 6.7 5.2 5.8
Wage and salary disbursements.......... 2.6 4.9 4.8 3.9 5.7 7.0 4.9 5.4
Supplements to wages and salaries...... 8.4 7.7 7.5 10.6 6.0 5.5 6.5 7.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 8.4 8.2 6.1 3.5 14.1 .7 15.0 12.0
Rental income of persons with capital
consumption adjustment.................. -10.0 7.3 59.0 14.6 -.6 -36.8 20.8 -22.2
Personal income receipts on assets....... -.9 4.9 3.5 3.5 4.6 4.7 41.5 -18.8
Personal interest income............... -1.8 1.8 4.1 1.8 2.4 2.1 6.1 6.7
Personal dividend income............... 1.3 12.3 2.2 7.4 10.1 10.8 153.0 -52.9
Personal current transfer receipts....... 4.1 5.3 1.3 8.6 6.4 4.3 3.9 11.9
Less: Contributions for government social
insurance............................... 3.3 6.1 4.3 10.0 5.1 6.5 4.4 9.7
Less: Personal current taxes............... -4.7 3.7 32.0 -1.1 9.9 7.3 8.1 6.7
Equals: Disposable personal income......... 4.2 5.8 2.6 5.8 6.0 4.2 11.2 1.9
Addenda:
Personal consumption expenditures........ 5.2 6.0 4.8 7.5 4.7 6.5 7.0 5.7
Durable goods.......................... 3.8 4.5 -.6 2.2 -.4 13.6 4.0 .9
Nondurable goods....................... 5.8 8.0 5.7 12.3 6.7 5.7 10.9 6.2
Services............................... 5.3 5.4 5.6 6.4 4.8 5.5 5.7 6.5
Real disposable personal income.......... 2.3 3.5 1.4 2.4 2.8 2.9 8.3 -.3
-----------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 04 Sep 04 Oct 04 Nov 04 Dec 04 Jan 05\r\ Feb 05\r\ Mar 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,655.2 7,696.0 7,712.7 7,728.0 7,800.3 7,789.8 7,821.1 7,831.8
Durable goods............................ 1,108.9 1,121.1 1,114.9 1,111.5 1,160.5 1,114.2 1,123.9 1,149.0
Nondurable goods......................... 2,211.3 2,225.5 2,237.3 2,243.7 2,255.1 2,275.4 2,282.1 2,259.2
Services................................. 4,349.7 4,365.5 4,375.1 4,386.4 4,406.0 4,413.0 4,429.0 4,441.5
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.0 40.8 16.7 15.3 72.3 -10.5 31.3 10.7
Durable goods............................ -15.9 12.2 -6.2 -3.4 49.0 -46.3 9.7 25.1
Nondurable goods......................... 8.5 14.2 11.8 6.4 11.4 20.3 6.7 -22.9
Services................................. 7.5 15.8 9.6 11.3 19.6 7.0 16.0 12.5
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .0 .5 .2 .2 .9 -.1 .4 .1
Durable goods............................ -1.4 1.1 -.6 -.3 4.4 -4.0 .9 2.2
Nondurable goods......................... .4 .6 .5 .3 .5 .9 .3 -1.0
Services................................. .2 .4 .2 .3 .4 .2 .4 .3
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 03 I 04 II 04 III 04 IV 04 I 05
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,355.6 7,632.5 7,466.8 7,543.0 7,572.4 7,667.8 7,747.0 7,814.2
Durable goods............................ 1,030.6 1,099.3 1,069.7 1,075.5 1,074.7 1,118.3 1,129.0 1,129.0
Nondurable goods......................... 2,112.4 2,208.5 2,152.0 2,187.3 2,188.0 2,213.2 2,245.3 2,272.2
Services................................. 4,220.3 4,338.3 4,256.7 4,291.7 4,320.0 4,352.4 4,389.2 4,427.8
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 232.2 276.9 65.1 76.2 29.4 95.4 79.2 67.2
Durable goods............................ 71.0 68.7 10.1 5.8 -.8 43.6 10.7 .0
Nondurable goods......................... 75.0 96.1 26.7 35.3 .7 25.2 32.1 26.9
Services................................. 91.7 118.0 28.8 35.0 28.3 32.4 36.8 38.6
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.3 3.8 3.6 4.1 1.6 5.1 4.2 3.5
Durable goods............................ 7.4 6.7 3.9 2.2 -.3 17.2 3.9 .0
Nondurable goods......................... 3.7 4.5 5.1 6.7 .1 4.7 5.9 4.9
Services................................. 2.2 2.8 2.8 3.3 2.7 3.0 3.4 3.6
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Aug 04 Sep 04 Oct 04 Nov 04 Dec 04 Jan 05\r\ Feb 05\r\ Mar 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 108.004 108.116 108.596 108.827 108.777 108.945 109.239 109.744
Durable goods............................ 89.827 89.904 90.049 90.050 90.018 90.303 90.208 90.195
Nondurable goods......................... 107.815 107.944 109.176 109.281 108.862 108.801 109.218 110.289
Services................................. 112.358 112.470 112.652 113.004 113.139 113.394 113.723 114.069
Addenda:
PCE excluding food and energy............ 106.726 106.872 107.086 107.269 107.296 107.581 107.791 108.070
Market-based PCE\1\...................... 107.666 107.732 108.263 108.502 108.455 108.600 108.890 109.410
Market-based PCE excluding food
and energy\1\........................... 106.043 106.139 106.361 106.546 106.592 106.873 107.059 107.312
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .1 .1 .4 .2 .0 .2 .3 .5
Durable goods............................ -.5 .1 .2 .0 .0 .3 -.1 .0
Nondurable goods......................... .0 .1 1.1 .1 -.4 -.1 .4 1.0
Services................................. .2 .1 .2 .3 .1 .2 .3 .3
Addenda:
PCE excluding food and energy............ .1 .1 .2 .2 .0 .3 .2 .3
Market-based PCE\1\...................... .0 .1 .5 .2 .0 .1 .3 .5
Market-based PCE excluding food
and energy\1\........................... .0 .1 .2 .2 .0 .3 .2 .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
-----------------------------------------------------------------------------------------------------------------------------------
Aug 04 Sep 04 Oct 04 Nov 04 Dec 04 Jan 05\r\ Feb 05\r\ Mar 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.8 3.1 3.1 2.6 6.6 3.5 3.4 3.3
Personal consumption expenditures.......... 3.0 4.0 4.0 3.3 3.9 3.6 3.6 3.6
Durable goods............................ 3.1 5.7 7.0 4.0 5.7 4.8 4.2 5.9
Nondurable goods......................... 3.4 4.9 4.7 3.8 4.5 4.2 4.4 3.0
Services................................. 2.9 3.2 3.1 3.0 3.2 3.0 3.0 3.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Aug 04 Sep 04 Oct 04 Nov 04 Dec 04 Jan 05\r\ Feb 05\r\ Mar 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 2.2 2.1 2.5 2.7 2.5 2.2 2.2 2.4
Durable goods............................ -2.2 -1.6 -1.0 -.8 -.5 -.5 -.6 -.7
Nondurable goods......................... 3.2 2.7 4.2 4.7 4.1 3.3 3.2 3.4
Services................................. 2.6 2.6 2.4 2.5 2.3 2.3 2.3 2.5
Addenda:
PCE excluding food and energy............ 1.5 1.6 1.6 1.7 1.5 1.6 1.6 1.7
Market-based PCE\1\...................... 2.2 2.0 2.6 3.0 2.7 2.4 2.4 2.6
Market-based PCE excluding food
and energy\1\........................... 1.4 1.4 1.5 1.7 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.
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