Personal income increased $30.0 billion, or 0.2 percent, and disposable personal income (DPI)
increased $17.6 billion, or 0.2 percent, inJuly, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $44.1 billion, or 0.4 percent. In June, personal
income decreased $2.7 billion, or less than 0.1 percent, DPI decreased $0.2 billion, or less than
0.1 percent, and PCE decreased $4.0 billion, or less than 0.1 percent, based on revised estimates.
Real disposable income decreased 0.1 percent in July, in contrast to an increase of 0.1 percent
in June. Real PCE increased 0.2 percent, compared with an increase of 0.1 percent.
2010
Mar. Apr. May June July
(Percent change from preceding month)
Personal income, current dollars 0.4 0.5 0.3 0.0 0.2
Disposable personal income:
Current dollars 0.4 0.5 0.3 0.0 0.2
Chained (2005) dollars 0.3 0.6 0.4 0.1 -0.1
Personal consumption expenditures:
Current dollars 0.5 -0.1 0.1 0.0 0.4
Chained (2005) dollars 0.3 -0.1 0.2 0.1 0.2
This news release also presents revised estimates of wages and salaries, personal taxes, and contributions
for government social insurance for January through March 2010 (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 $23.3 billion in July, in contrast to a decrease of $5.0 billion
in June. Goods-producing industries' payrolls increased $6.3 billion, in contrast to a decrease of $8.5 billion;
manufacturing payrolls increased $5.3 billion, in contrast to a decrease of $5.3 billion.
Services-producing industries' payrolls increased $17.0 billion, compared with an increase of $3.5 billion.
Government wage and salary disbursements decreased $1.1 billion, compared with a decrease of $3.3 billion.
The decline in the number of temporary workers for Census 2010 subtracted $1.4 billion at an annual rate
from federal civilian payrolls in July and subtracted $3.4 billion in June.
Other personal income
Supplements to wages and salaries increased $3.6 billion in July, compared with an increase of $1.9 billion in June.
Proprietors' income increased $1.6 billion in July, in contrast to a decrease of $5.3 billion in June. Farm
proprietors' income increased $5.5 billion, in contrast to a decrease of $0.2 billion. Nonfarm proprietors'
income decreased $4.0 billion, compared with a decrease of $5.1 billion.
Rental income of persons increased $2.8 billion in July, compared with an increase of $1.7 billion in June.
Personal income receipts on assets (personal interest income plus personal dividend income) decreased
$3.4 billion, compared with a decrease of $1.4 billion. Personal current transfer receipts increased
$6.2 billion, compared with an increase of $7.9 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased
$2.9 billion in July, in contrast to a decrease of $0.7 billion in June.
Personal current taxes and disposable personal income
Personal current taxes increased $12.4 billion in July, in contrast to a decrease of $2.5 billion in June.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $17.6 billion,
or 0.2 percent, in July, in contrast to a decrease of $0.2 billion, or less than 0.1 percent in June.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased
$44.0 billion inJuly, in contrast to a decrease of $7.3 billion in June. PCE increased $44.1
billion, in contrast to a decrease of $4.0 billion.
Personal saving -- DPI less personal outlays -- was $673.4 billion in July, compared with $699.7 billion in
June. Personal saving as a percentage of disposable personal income was 5.9 percent in July,
compared with 6.2 percent in June. For a comparison of personal saving in BEAs national income and product
accounts with personal saving in the Federal Reserve Boards flow of funds accounts and data on changes
in net worth, go to /national/nipaweb/Nipa-Frb.asp
Real DPI, real PCE and price index
Real DPI -- DPI adjusted to remove price changes -- decreased 0.1 percent in July, in contrast to an increase
of 0.1 percent in June.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in July, compared with an increase
of 0.1 percent in June. Purchases of durable goods increased 1.2 percent, in contrast to a
decrease of 0.1 percent. Purchases of motor vehicles and parts accounted for about one-half of the increase
in July and more than accounted for the decrease in June. Purchases of nondurable goods decreased 0.3 percent
in July, in contrast to an increase of 0.2 percent in June. Purchases of services increased 0.2 percent,
compared with an increase of 0.1 percent.
PCE price index -- The price index for PCE increased 0.2 percent in July, in contrast to a decrease of
0.1 percent in June. The PCE price index, excluding food and energy, increased 0.1 percent, compared with
an increase of less than 0.1 percent.
Revisions
Estimates of personal income 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 (2005) dollar DPI, and
current-dollar and chained (2005) dollar PCE for May and June -- revised and as published in last
month's release -- are shown below.
Estimates of wages and salaries were revised from January through June. The revisions to first-quarter
wages and salaries reflect the incorporation of the most recently available BLS tabulations of
first-quarter wages and salaries from the quarterly census of employment and wages. Revised
estimates for April, May, and June reflect extrapolations from the revised first-quarter level of wages.
In addition, revisions to May and June reflect revised BLS employment, hours, and earnings data for May and June.
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 40.5 38.3 0.3 0.3 3.0 -2.7 0.0 0.0
Disposable personal income:
Current dollars 36.9 34.5 0.3 0.3 5.1 -0.2 0.0 0.0
Chained (2005) dollars 40.7 40.1 0.4 0.4 19.3 14.3 0.2 0.1
Personal consumption expenditures:
Current dollars 8.6 13.4 0.1 0.1 -2.9 -4.0 0.0 0.0
Chained (2005) dollars 14.5 20.1 0.2 0.2 10.7 9.6 0.1 0.1
BEAs national, international, regional, and industry estimates; the Survey of Current Business; and BEA news
releases are available without charge on BEAs 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.
* * *
Next release October 1, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for August.
________________________
NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified.
Month-to-month dollar changes are differences between these published estimates. Month-to-month percent
changes are calculated from unrounded data and are not annualized. Real estimates are in chained (2005) dollars.
This news release is available on BEAs Web site at www.bea.gov/newsreleases/rels.htm.
