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Also available: a brief summary of highlights.
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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
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James E. Rankin: (202) 606-5301 (Personal Income)BEA 05-32
Michael Armah: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: MAY 2005
Personal income increased $23.5 billion, or 0.2 percent, and disposable personal income
(DPI) increased $16.0 billion, or 0.2 percent, in May, according to the Bureau of Economic
Analysis. Personal consumption expenditures (PCE) increased $0.5 billion, or less than 0.1
percent. In April, personal income increased $65.4 billion, or 0.6 percent, DPI increased $41.9
billion, or 0.5 percent, and PCE increased $55.4 billion, or 0.6 percent, based on revised
estimates.
2005
Jan. Feb. Mar. Apr. May
(Percent change from preceding month)
Personal income, current dollars -2.5 0.5 0.5 0.6 0.2
Disposable personal income:
Current dollars -3.4 0.4 0.5 0.5 0.2
Chained (2000) dollars -3.5 0.3 0.0 0.1 0.1
Personal consumption expenditures:
Current dollars 0.0 0.6 0.8 0.6 0.0
Chained (2000) dollars -0.2 0.4 0.4 0.2 0.0
As part of the annual revision of the national income and product accounts, revised estimates of
personal income and outlays covering January 2002 through May 2005 will be released along with
preliminary estimates for June 2005 on August 2, 2005. An article describing the revision will appear in the
August 2005 issue of the Survey of Current Business.
Wages and salaries
Private wage and salary disbursements increased $6.2 billion in May, compared with an
increase of $39.7 billion in April. Goods-producing industries' payrolls increased $3.6 billion,
compared with an increase of $7.1 billion; manufacturing payrolls increased $2.2 billion,
compared with an increase of $2.9 billion. Services-producing industries' payrolls increased $2.6
billion, compared with an increase of $32.6 billion. Government wage and salary disbursements
increased $1.8 billion, compared with an increase of $1.9 billion.
Other personal income
Supplements to wages and salaries increased $3.3 billion in May, compared with an increase
of $5.4 billion in April.
Proprietors' income increased $3.9 billion in May, compared with an increase of $6.8 billion
in April. Farm proprietors' income decreased $1.1 billion, in contrast to an increase of $0.5
billion. Nonfarm proprietors' income increased $5.0 billion, compared with an increase of $6.4
billion.
Rental income of persons decreased $5.4 billion in May, compared with a decrease of $5.3
billion in April. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $7.1 billion, compared with an increase of $7.5 billion. Personal
current transfer receipts increased $7.2 billion, compared with an increase of $15.1 billion.
Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $0.8 billion in May, compared with an increase of $5.6 billion in April.
Personal current taxes and disposable personal income
Personal current taxes increased $7.4 billion in May, compared with an increase of $23.6
billion in April. Disposable personal income (DPI) -- personal income less personal current taxes
-- increased $16.0 billion, or 0.2 percent, in May, compared with an increase of $41.9 billion, or
0.5 percent, in April.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $2.1 billion in May, compared with an increase of $57.1 billion in April. PCE increased
$0.5 billion, compared with an increase of $55.4 billion.
Personal saving -- DPI less personal outlays -- was $55.4 billion in May, compared with
$41.5 billion in April. Personal saving as a percentage of disposable personal income was 0.6
percent in May, compared with 0.5 percent in April.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in May, the same
increase as in April.
Real PCE -- PCE adjusted to remove price changes -- decreased less than 0.1 percent in May,
in contrast to an increase of 0.2 percent in April. Purchases of durable goods decreased 2.0
percent, in contrast to an increase of 0.6 percent. Purchases of motor vehicles and parts
accounted for most of the May decrease. Purchases of nondurable goods decreased less than 0.1
percent in May, in contrast to an increase of 0.6 percent in April. Purchases of services increased
0.4 percent, in contrast to a decrease of less than 0.1 percent.
Revisions
Estimates have been revised for January through April. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for March
and April -- revised and as published in last month's release -- are shown below. Revisions for
January and February were small.
Change from preceding month
March April
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars........... 47.3 47.8 0.5 0.5 69.1 65.4 0.7 0.6
Disposable personal income:
Current dollars........... 39.6 40.6 0.4 0.5 45.7 41.9 0.5 0.5
Chained (2000) dollars.... -1.7 1.1 0.0 0.0 7.0 4.4 0.1 0.1
Personal consumption expenditures:
Current dollars........... 73.5 68.9 0.9 0.8 53.6 55.4 0.6 0.6
Chained (2000) dollars.... 30.9 28.6 0.4 0.4 15.7 18.1 0.2 0.2
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 June will be released on
August 2, 2005, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 04 Nov 04 Dec 04 Jan 05/r/ Feb 05/r/ Mar 05/r/ Apr 05/r/ May 05/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,828.6 9,917.0 10,314.8 10,058.0 10,106.8 10,154.6 10,220.0 10,243.5
Compensation of employees, received...... 6,780.9 6,849.2 6,915.6 6,946.1 6,980.1 7,006.1 7,053.1 7,064.4
Wage and salary disbursements.......... 5,481.7 5,539.3 5,595.4 5,609.9 5,633.7 5,649.4 5,691.0 5,699.0
Private industries................... 4,550.1 4,605.8 4,660.7 4,666.7 4,687.0 4,701.0 4,740.7 4,746.9
Goods-producing industries......... 1,071.1 1,074.2 1,082.6 1,084.9 1,089.8 1,091.6 1,098.7 1,102.3
Manufacturing.................... 704.4 705.8 711.4 713.7 716.1 715.4 718.3 720.5
Services-producing industries...... 3,479.0 3,531.7 3,578.1 3,581.8 3,597.2 3,609.4 3,642.0 3,644.6
Trade, transportation, and
utilities....................... 915.3 923.3 931.6 939.1 941.6 943.7 951.6 949.4
Other services-producing
industries...................... 2,563.7 2,608.3 2,646.4 2,642.7 2,655.6 2,665.7 2,690.4 2,695.2
Government........................... 931.6 933.5 934.7 943.2 946.7 948.4 950.3 952.1
Supplements to wages and salaries...... 1,299.3 1,309.9 1,320.2 1,336.1 1,346.4 1,356.7 1,362.1 1,365.4
Employer contributions for employee
pension and insurance funds......... 891.3 897.9 904.5 914.8 923.6 932.9 935.6 938.7
Employer contributions for government
social insurance.................... 408.0 412.0 415.8 421.3 422.8 423.8 426.5 426.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 921.2 933.8 949.8 953.3 959.4 971.3 978.1 982.0
Farm................................... 18.6 22.8 25.7 25.8 25.4 26.5 27.0 25.9
Nonfarm................................ 902.5 911.0 924.0 927.5 934.0 944.7 951.1 956.1
Rental income of persons with capital
consumption adjustment.................. 163.2 160.8 159.9 156.9 155.0 153.2 147.9 142.5
Personal income receipts on assets....... 1,382.4 1,392.5 1,700.8 1,407.1 1,411.2 1,416.3 1,423.8 1,430.9
Personal interest income............... 953.9 960.5 967.2 969.3 971.4 973.5 977.1 980.7
Personal dividend income............... 428.5 431.9 733.6 437.8 439.8 442.8 446.6 450.2
Personal current transfer receipts....... 1,418.7 1,426.3 1,441.7 1,459.6 1,469.3 1,478.1 1,493.2 1,500.4
Government social benefits to persons.. 1,389.5 1,397.1 1,412.5 1,430.8 1,440.5 1,449.3 1,464.3 1,471.5
Old-age, survivors, disability, and
health insurance benefits........... 791.2 795.6 807.5 813.6 821.3 828.8 834.4 839.8
Government unemployment insurance
benefits............................ 31.3 31.0 31.0 29.9 29.7 29.5 28.3 28.0
Other................................ 567.0 570.5 574.0 587.3 589.4 591.1 601.6 603.7
Other current transfer receipts, from
business (net)........................ 29.2 29.2 29.2 28.9 28.9 28.9 28.9 28.9
Less: Contributions for government social
insurance............................... 837.7 845.6 853.0 865.1 868.2 870.4 876.0 876.8
Less: Personal current taxes............... 1,070.4 1,084.3 1,098.4 1,152.4 1,161.5 1,168.7 1,192.3 1,199.7
Equals: Disposable personal income......... 8,758.2 8,832.7 9,216.5 8,905.6 8,945.3 8,985.9 9,027.8 9,043.8
Less: Personal outlays..................... 8,687.7 8,725.9 8,804.2 8,808.5 8,859.7 8,929.2 8,986.3 8,988.4
Personal consumption expenditures........ 8,375.3 8,409.9 8,484.6 8,481.7 8,532.4 8,601.3 8,656.7 8,657.2
Durable goods.......................... 1,004.4 1,001.4 1,045.1 1,004.9 1,015.6 1,050.8 1,056.1 1,036.9
Nondurable goods....................... 2,442.4 2,451.8 2,454.8 2,476.1 2,495.4 2,499.0 2,537.8 2,526.8
Services............................... 4,928.5 4,956.6 4,984.7 5,000.8 5,021.4 5,051.5 5,062.8 5,093.5
Personal interest payments\1\............ 196.5 199.5 202.5 202.6 202.7 202.7 203.8 205.0
Personal current transfer payments....... 115.9 116.5 117.1 124.2 124.6 125.1 125.7 126.2
To government.......................... 72.9 73.5 74.1 74.6 75.0 75.5 76.1 76.6
To the rest of the world (net)......... 43.0 43.0 43.0 49.6 49.6 49.6 49.6 49.6
Equals: Personal saving.................... 70.5 106.8 412.3 97.1 85.5 56.7 41.5 55.4
Personal saving as a percentage of
disposable personal income.............. .8 1.2 4.5 1.1 1.0 .6 .5 .6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 8,065.3 8,116.6 8,473.1 8,173.9 8,195.2 8,196.3 8,200.7 8,211.6
Per capita:
Current dollars...................... 29,704 29,933 31,210 30,136 30,249 30,366 30,484 30,515
Chained (2000) dollars............... 27,354 27,506 28,693 27,660 27,712 27,697 27,691 27,707
Population (midperiod, thousands)\3\..... 294,846 295,083 295,303 295,517 295,720 295,924 296,144 296,375
-----------------------------------------------------------------------------------------------------------------------------------
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/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,161.8 9,689.6 9,330.0 9,445.0 9,592.7 9,700.4 10,020.1 10,106.4
Compensation of employees, received...... 6,289.0 6,651.0 6,406.7 6,487.9 6,580.0 6,687.4 6,848.6 6,977.4
Wage and salary disbursements.......... 5,103.6 5,373.5 5,188.9 5,239.2 5,312.8 5,403.0 5,538.8 5,631.0
Private industries................... 4,205.6 4,447.9 4,283.9 4,321.8 4,389.3 4,474.7 4,605.5 4,684.9
Goods-producing industries......... 1,007.7 1,047.1 1,025.6 1,019.0 1,034.9 1,058.4 1,076.0 1,088.8
Manufacturing.................... 668.8 688.6 680.1 669.9 680.5 697.0 707.2 715.1
Services-producing industries...... 3,198.0 3,400.8 3,258.3 3,302.9 3,354.4 3,416.3 3,529.6 3,596.1
Trade, transportation, and
utilities....................... 858.6 895.4 872.0 872.4 886.2 899.6 923.4 941.5
Other services-producing
industries...................... 2,339.4 2,505.4 2,386.4 2,430.5 2,468.3 2,516.7 2,606.1 2,654.7
Government........................... 897.9 925.6 905.0 917.3 923.5 928.2 933.3 946.1
Supplements to wages and salaries...... 1,185.5 1,277.5 1,217.8 1,248.8 1,267.2 1,284.4 1,309.8 1,346.4
Employer contributions for employee
pension and insurance funds......... 808.9 876.6 835.9 856.5 870.4 881.6 897.9 923.7
Employer contributions for government
social insurance.................... 376.6 400.9 381.9 392.3 396.8 402.8 411.9 422.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 834.1 902.8 864.7 872.1 901.4 902.9 934.9 961.3
Farm................................... 21.8 18.2 24.7 17.9 18.9 13.6 22.4 25.9
Nonfarm................................ 812.3 884.6 840.0 854.2 882.5 889.3 912.5 935.4
Rental income of persons with capital
consumption adjustment.................. 153.8 165.1 167.1 172.8 172.6 153.8 161.3 155.0
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 1,411.6
Personal interest income............... 929.9 946.2 932.0 936.2 941.7 946.5 960.5 971.4
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 1,469.0
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 1,440.2
Old-age, survivors, disability, and
health insurance benefits........... 733.8 779.2 744.9 762.1 774.0 782.4 798.1 821.2
Government unemployment insurance
benefits............................ 52.8 34.6 51.6 41.4 33.5 32.4 31.1 29.7
Other................................ 519.8 559.5 525.5 546.1 563.6 557.7 570.5 589.3
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............................... 773.2 822.6 785.0 803.9 814.0 826.9 845.4 867.9
Less: Personal current taxes............... 1,001.9 1,042.6 1,009.4 1,006.6 1,030.6 1,048.9 1,084.4 1,160.9
Equals: Disposable personal income......... 8,159.9 8,646.9 8,320.5 8,438.4 8,562.1 8,651.5 8,935.8 8,945.6
Less: Personal outlays..................... 8,049.3 8,531.9 8,209.4 8,351.6 8,448.7 8,588.1 8,739.3 8,865.8
Personal consumption expenditures........ 7,760.9 8,229.9 7,914.9 8,060.2 8,153.8 8,282.5 8,423.3 8,538.5
Durable goods.......................... 950.7 993.9 971.1 976.3 975.5 1,007.0 1,017.0 1,023.8
Nondurable goods....................... 2,200.1 2,377.0 2,250.1 2,316.6 2,354.6 2,387.2 2,449.7 2,490.2
Services............................... 4,610.1 4,859.0 4,693.6 4,767.3 4,823.8 4,888.2 4,956.6 5,024.6
Personal interest payments\1\............ 185.3 188.5 185.9 181.1 182.6 190.6 199.5 202.7
Personal current transfer payments....... 103.1 113.5 108.6 110.3 112.2 115.0 116.5 124.6
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 49.6
Equals: Personal saving.................... 110.6 115.0 111.1 86.8 113.4 63.4 196.5 79.8
Personal saving as a percentage of
disposable personal income.............. 1.4 1.3 1.3 1.0 1.3 .7 2.2 .9
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,733.8 8,019.3 7,849.6 7,897.0 7,951.5 8,009.5 8,218.3 8,188.4
Per capita:
Current dollars...................... 28,034 29,416 28,474 28,813 29,168 29,395 30,283 30,250
Chained (2000) dollars............... 26,570 27,281 26,862 26,964 27,088 27,214 27,851 27,690
Population (midperiod, thousands)\3\..... 291,073 293,951 292,217 292,872 293,540 294,315 295,077 295,720
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual and quarterly estimates are averages of the
monthly estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 04 Nov 04 Dec 04 Jan 05/r/ Feb 05/r/ Mar 05/r/ Apr 05/r/ May 05/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 102.2 88.4 397.8 -256.8 48.8 47.8 65.4 23.5
Compensation of employees, received...... 67.1 68.3 66.4 30.5 34.0 26.0 47.0 11.3
Wage and salary disbursements.......... 57.7 57.6 56.1 14.5 23.8 15.7 41.6 8.0
Private industries................... 56.3 55.7 54.9 6.0 20.3 14.0 39.7 6.2
Goods-producing industries......... 7.2 3.1 8.4 2.3 4.9 1.8 7.1 3.6
Manufacturing.................... 3.5 1.4 5.6 2.3 2.4 -.7 2.9 2.2
Services-producing industries...... 49.1 52.7 46.4 3.7 15.4 12.2 32.6 2.6
Trade, transportation, and
utilities....................... 12.0 8.0 8.3 7.5 2.5 2.1 7.9 -2.2
Other services-producing
industries...................... 37.1 44.6 38.1 -3.7 12.9 10.1 24.7 4.8
Government........................... 1.4 1.9 1.2 8.5 3.5 1.7 1.9 1.8
Supplements to wages and salaries...... 9.5 10.6 10.3 15.9 10.3 10.3 5.4 3.3
Employer contributions for employee
pension and insurance funds......... 5.6 6.6 6.6 10.3 8.8 9.3 2.7 3.1
Employer contributions for government
social insurance.................... 3.9 4.0 3.8 5.5 1.5 1.0 2.7 .2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 23.1 12.6 16.0 3.5 6.1 11.9 6.8 3.9
Farm................................... 6.3 4.2 2.9 .1 -.4 1.1 .5 -1.1
Nonfarm................................ 16.7 8.5 13.0 3.5 6.5 10.7 6.4 5.0
Rental income of persons with capital
consumption adjustment.................. 29.0 -2.4 -.9 -3.0 -1.9 -1.8 -5.3 -5.4
Personal income receipts on assets....... 10.3 10.1 308.3 -293.7 4.1 5.1 7.5 7.1
Personal interest income............... 6.7 6.6 6.7 2.1 2.1 2.1 3.6 3.6
Personal dividend income............... 3.6 3.4 301.7 -295.8 2.0 3.0 3.8 3.6
Personal current transfer receipts....... -19.4 7.6 15.4 17.9 9.7 8.8 15.1 7.2
Government social benefits to persons.. 8.2 7.6 15.4 18.3 9.7 8.8 15.0 7.2
Old-age, survivors, disability, and
health insurance benefits........... 4.3 4.4 11.9 6.1 7.7 7.5 5.6 5.4
Government unemployment insurance
benefits............................ -1.2 -.3 .0 -1.1 -.2 -.2 -1.2 -.3
Other................................ 5.1 3.5 3.5 13.3 2.1 1.7 10.5 2.1
Other current transfer receipts, from
business (net)........................ -27.6 .0 .0 -.3 .0 .0 .0 .0
Less: Contributions for government social
insurance............................... 7.8 7.9 7.4 12.1 3.1 2.2 5.6 .8
Less: Personal current taxes............... 17.1 13.9 14.1 54.0 9.1 7.2 23.6 7.4
Equals: Disposable personal income......... 85.1 74.5 383.8 -310.9 39.7 40.6 41.9 16.0
Less: Personal outlays..................... 58.5 38.2 78.3 4.3 51.2 69.5 57.1 2.1
Personal consumption expenditures........ 55.1 34.6 74.7 -2.9 50.7 68.9 55.4 .5
Durable goods.......................... -4.0 -3.0 43.7 -40.2 10.7 35.2 5.3 -19.2
Nondurable goods....................... 40.3 9.4 3.0 21.3 19.3 3.6 38.8 -11.0
Services............................... 18.8 28.1 28.1 16.1 20.6 30.1 11.3 30.7
Personal interest payments\1\............ 3.0 3.0 3.0 .1 .1 .0 1.1 1.2
Personal current transfer payments....... .3 .6 .6 7.1 .4 .5 .6 .5
To government.......................... .5 .6 .6 .5 .4 .5 .6 .5
To the rest of the world (net)......... -.2 .0 .0 6.6 .0 .0 .0 .0
Equals: Personal saving.................... 26.6 36.3 305.5 -315.2 -11.6 -28.8 -15.2 13.9
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 42.9 51.3 356.5 -299.2 21.3 1.1 4.4 10.9
-----------------------------------------------------------------------------------------------------------------------------------
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/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 282.9 527.8 120.7 115.0 147.7 107.7 319.7 86.3
Compensation of employees, received...... 219.5 362.0 82.0 81.2 92.1 107.4 161.2 128.8
Wage and salary disbursements.......... 127.3 269.9 60.3 50.3 73.6 90.2 135.8 92.2
Private industries................... 91.9 242.3 56.4 37.9 67.5 85.4 130.8 79.4
Goods-producing industries......... -2.5 39.4 19.8 -6.6 15.9 23.5 17.6 12.8
Manufacturing.................... -6.4 19.8 14.2 -10.2 10.6 16.5 10.2 7.9
Services-producing industries...... 94.5 202.8 36.7 44.6 51.5 61.9 113.3 66.5
Trade, transportation, and
utilities....................... 15.0 36.8 11.3 .4 13.8 13.4 23.8 18.1
Other services-producing
industries...................... 79.5 166.0 25.5 44.1 37.8 48.4 89.4 48.6
Government........................... 35.3 27.7 3.9 12.3 6.2 4.7 5.1 12.8
Supplements to wages and salaries...... 92.3 92.0 21.7 31.0 18.4 17.2 25.4 36.6
Employer contributions for employee
pension and insurance funds......... 79.3 67.7 18.0 20.6 13.9 11.2 16.3 25.8
Employer contributions for government
social insurance.................... 13.0 24.3 3.7 10.4 4.5 6.0 9.1 10.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 64.5 68.7 12.7 7.4 29.3 1.5 32.0 26.4
Farm................................... 12.1 -3.6 -.1 -6.8 1.0 -5.3 8.8 3.5
Nonfarm................................ 52.4 72.3 12.8 14.2 28.3 6.8 23.2 22.9
Rental income of persons with capital
consumption adjustment.................. -17.1 11.3 18.3 5.7 -.2 -18.8 7.5 -6.3
Personal income receipts on assets....... -11.9 64.6 11.4 11.3 15.2 15.5 124.1 -80.3
Personal interest income............... -16.8 16.3 9.2 4.2 5.5 4.8 14.0 10.9
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 40.1
Government social benefits to persons.. 57.5 66.8 4.6 27.6 21.5 1.4 27.2 40.5
Old-age, survivors, disability, and
health insurance benefits........... 25.5 45.4 8.3 17.2 11.9 8.4 15.7 23.1
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 18.8
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 49.4 8.3 18.9 10.1 12.9 18.5 22.5
Less: Personal current taxes............... -49.3 40.7 67.7 -2.8 24.0 18.3 35.5 76.5
Equals: Disposable personal income......... 332.2 487.0 52.9 117.9 123.7 89.4 284.3 9.8
Less: Personal outlays..................... 380.8 482.6 101.6 142.2 97.1 139.4 151.2 126.5
Personal consumption expenditures........ 384.8 469.0 92.4 145.3 93.6 128.7 140.8 115.2
Durable goods.......................... 34.5 43.2 -1.6 5.2 -.8 31.5 10.0 6.8
Nondurable goods....................... 120.0 176.9 30.9 66.5 38.0 32.6 62.5 40.5
Services............................... 230.3 248.9 63.0 73.7 56.5 64.4 68.4 68.0
Personal interest payments\1\............ -11.9 3.2 2.6 -4.8 1.5 8.0 8.9 3.2
Personal current transfer payments....... 7.8 10.4 6.5 1.7 1.9 2.8 1.5 8.1
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 6.6
Equals: Personal saving.................... -48.6 4.4 -48.7 -24.3 26.6 -50.0 133.1 -116.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 174.3 285.5 26.7 47.4 54.5 58.0 208.8 -29.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 04 Nov 04 Dec 04 Jan 05/r/ Feb 05/r/ Mar 05/r/ Apr 05/r/ May 05/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 1.1 .9 4.0 -2.5 .5 .5 .6 .2
Compensation of employees, received...... 1.0 1.0 1.0 .4 .5 .4 .7 .2
Wage and salary disbursements.......... 1.1 1.1 1.0 .3 .4 .3 .7 .1
Supplements to wages and salaries...... .7 .8 .8 1.2 .8 .8 .4 .2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 2.6 1.4 1.7 .4 .6 1.2 .7 .4
Rental income of persons with capital
consumption adjustment.................. 21.6 -1.4 -.6 -1.9 -1.2 -1.2 -3.5 -3.6
Personal income receipts on assets....... .7 .7 22.1 -17.3 .3 .4 .5 .5
Personal interest income............... .7 .7 .7 .2 .2 .2 .4 .4
Personal dividend income............... .9 .8 69.8 -40.3 .4 .7 .9 .8
Personal current transfer receipts....... -1.3 .5 1.1 1.2 .7 .6 1.0 .5
Less: Contributions for government social
insurance............................... .9 .9 .9 1.4 .4 .3 .6 .1
Less: Personal current taxes............... 1.6 1.3 1.3 4.9 .8 .6 2.0 .6
Equals: Disposable personal income......... 1.0 .8 4.3 -3.4 .4 .5 .5 .2
Addenda:
Personal consumption expenditures........ .7 .4 .9 .0 .6 .8 .6 .0
Durable goods.......................... -.4 -.3 4.4 -3.8 1.1 3.5 .5 -1.8
Nondurable goods....................... 1.7 .4 .1 .9 .8 .1 1.6 -.4
Services............................... .4 .6 .6 .3 .4 .6 .2 .6
Real disposable personal income.......... .5 .6 4.4 -3.5 .3 .0 .1 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 IV 03 I 04 II 04 III 04 IV 04 I 05/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 3.2 5.8 5.3 5.0 6.4 4.6 13.9 3.5
Compensation of employees, received...... 3.6 5.8 5.3 5.2 5.8 6.7 10.0 7.7
Wage and salary disbursements.......... 2.6 5.3 4.8 3.9 5.7 7.0 10.4 6.8
Supplements to wages and salaries...... 8.4 7.8 7.5 10.6 6.0 5.5 8.1 11.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 8.4 8.2 6.1 3.5 14.1 .7 15.0 11.8
Rental income of persons with capital
consumption adjustment.................. -10.0 7.3 59.0 14.6 -.6 -36.8 20.8 -14.7
Personal income receipts on assets....... -.9 4.9 3.5 3.5 4.6 4.7 41.5 -19.9
Personal interest income............... -1.8 1.8 4.1 1.8 2.4 2.1 6.1 4.6
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 11.7
Less: Contributions for government social
insurance............................... 3.3 6.4 4.3 10.0 5.1 6.5 9.3 11.1
Less: Personal current taxes............... -4.7 4.1 32.0 -1.1 9.9 7.3 14.2 31.3
Equals: Disposable personal income......... 4.2 6.0 2.6 5.8 6.0 4.2 13.8 .4
Addenda:
Personal consumption expenditures........ 5.2 6.0 4.8 7.5 4.7 6.5 7.0 5.6
Durable goods.......................... 3.8 4.5 -.6 2.2 -.4 13.6 4.0 2.7
Nondurable goods....................... 5.8 8.0 5.7 12.3 6.7 5.7 10.9 6.8
Services............................... 5.3 5.4 5.6 6.4 4.8 5.5 5.7 5.6
Real disposable personal income.......... 2.3 3.7 1.4 2.4 2.8 2.9 10.8 -1.4
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 04 Nov 04 Dec 04 Jan 05/r/ Feb 05/r/ Mar 05/r/ Apr 05/r/ May 05/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,712.7 7,728.0 7,800.3 7,784.9 7,816.9 7,845.5 7,863.6 7,860.6
Durable goods............................ 1,114.9 1,111.5 1,160.5 1,112.2 1,125.3 1,164.4 1,170.9 1,146.9
Nondurable goods......................... 2,237.3 2,243.7 2,255.1 2,275.7 2,284.7 2,265.7 2,279.8 2,279.2
Services................................. 4,375.1 4,386.4 4,406.0 4,409.6 4,421.4 4,436.2 4,434.7 4,451.3
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 16.7 15.3 72.3 -15.4 32.0 28.6 18.1 -3.0
Durable goods............................ -6.2 -3.4 49.0 -48.3 13.1 39.1 6.5 -24.0
Nondurable goods......................... 11.8 6.4 11.4 20.6 9.0 -19.0 14.1 -.6
Services................................. 9.6 11.3 19.6 3.6 11.8 14.8 -1.5 16.6
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .2 .2 .9 -.2 .4 .4 .2 .0
Durable goods............................ -.6 -.3 4.4 -4.2 1.2 3.5 .6 -2.0
Nondurable goods......................... .5 .3 .5 .9 .4 -.8 .6 .0
Services................................. .2 .3 .4 .1 .3 .3 .0 .4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2003 2004 IV 03 I 04 II 04 III 04 IV 04 I 05/r/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
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 7,815.8
Durable goods............................ 1,030.6 1,099.3 1,069.7 1,075.5 1,074.7 1,118.3 1,129.0 1,134.0
Nondurable goods......................... 2,112.4 2,208.5 2,152.0 2,187.3 2,188.0 2,213.2 2,245.3 2,275.3
Services................................. 4,220.3 4,338.3 4,256.7 4,291.7 4,320.0 4,352.4 4,389.2 4,422.4
----------------------------------------------------------------------------------------
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 68.8
Durable goods............................ 71.0 68.7 10.1 5.8 -.8 43.6 10.7 5.0
Nondurable goods......................... 75.0 96.1 26.7 35.3 .7 25.2 32.1 30.0
Services................................. 91.7 118.0 28.8 35.0 28.3 32.4 36.8 33.2
----------------------------------------------------------------------------------------
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 3.6
Durable goods............................ 7.4 6.7 3.9 2.2 -.3 17.2 3.9 1.8
Nondurable goods......................... 3.7 4.5 5.1 6.7 .1 4.7 5.9 5.5
Services................................. 2.2 2.8 2.8 3.3 2.7 3.0 3.4 3.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Oct 04 Nov 04 Dec 04 Jan 05/r/ Feb 05/r/ Mar 05/r/ Apr 05/r/ May 05/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 108.596 108.827 108.777 108.956 109.158 109.639 110.091 110.140
Durable goods............................ 90.049 90.050 90.018 90.305 90.202 90.206 90.149 90.365
Nondurable goods......................... 109.176 109.281 108.862 108.807 109.229 110.302 111.321 110.866
Services................................. 112.652 113.004 113.139 113.410 113.577 113.874 114.168 114.431
Addenda:
PCE excluding food and energy............ 107.086 107.269 107.296 107.594 107.692 107.942 108.035 108.265
Market-based PCE\1\...................... 108.263 108.502 108.455 108.639 108.858 109.373 109.855 109.897
Market-based PCE excluding food
and energy\1\........................... 106.361 106.546 106.592 106.923 107.020 107.267 107.324 107.581
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .4 .2 .0 .2 .2 .4 .4 .0
Durable goods............................ .2 .0 .0 .3 -.1 .0 -.1 .2
Nondurable goods......................... 1.1 .1 -.4 -.1 .4 1.0 .9 -.4
Services................................. .2 .3 .1 .2 .1 .3 .3 .2
Addenda:
PCE excluding food and energy............ .2 .2 .0 .3 .1 .2 .1 .2
Market-based PCE\1\...................... .5 .2 .0 .2 .2 .5 .4 .0
Market-based PCE excluding food
and energy\1\........................... .2 .2 .0 .3 .1 .2 .1 .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
-----------------------------------------------------------------------------------------------------------------------------------
Oct 04 Nov 04 Dec 04 Jan 05/r/ Feb 05/r/ Mar 05/r/ Apr 05/r/ May 05/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 3.3 3.3 7.5 3.7 3.7 3.6 3.2 3.2
Personal consumption expenditures.......... 4.0 3.3 3.9 3.5 3.5 3.8 4.1 3.4
Durable goods............................ 7.0 4.0 5.7 4.6 4.3 7.3 9.9 4.2
Nondurable goods......................... 4.7 3.8 4.5 4.2 4.5 3.3 4.2 4.0
Services................................. 3.1 3.0 3.2 2.9 2.9 3.4 2.9 3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Oct 04 Nov 04 Dec 04 Jan 05/r/ Feb 05/r/ Mar 05/r/ Apr 05/r/ May 05/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)..................................... 2.5 2.7 2.5 2.2 2.2 2.3 2.6 2.2
Durable goods............................ -1.0 -.8 -.5 -.5 -.6 -.6 -.7 -.4
Nondurable goods......................... 4.2 4.7 4.1 3.3 3.2 3.5 4.3 2.8
Services................................. 2.4 2.5 2.3 2.3 2.2 2.3 2.4 2.5
Addenda:
PCE excluding food and energy............ 1.6 1.7 1.5 1.6 1.5 1.6 1.5 1.6
Market-based PCE\1\...................... 2.6 3.0 2.7 2.5 2.4 2.5 2.8 2.4
Market-based PCE excluding food
and energy\1\........................... 1.5 1.7 1.7 1.8 1.7 1.7 1.6 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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