FOR WIRE TRANSMISSION: 8:30 A.M. EDT, MONDAY, JUNE 2, 1997 Tracey D. Schlitzer: (202) 606-5301 (Personal Income) BEA 97-14 Clinton P. McCully: 606-5302 (Personal Outlays) Recorded message: 606-5303 PERSONAL INCOME AND OUTLAYS: APRIL 1997 Personal income increased $6.7 billion, or 0.1 percent, and disposable personal income (DPI) increased $4.5 billion, or 0.1 percent, in April, according to the Commerce Department's Bureau of Economic Analysis (BEA). Personal consumption expenditures (PCE) increased $5.0 billion, or 0.1 percent. In March, personal income increased $39.0 billion, or 0.6 percent, DPI increased $29.5 billion, or 0.5 percent, and PCE increased $11.7 billion, or 0.2 percent, based on revised estimates. 1996 1997 Dec. Jan. Feb. Mar. Apr. (Percent change from preceding month) Personal income, current dollars . . . 0.7 0.4 0.8 0.6 0.1 Disposable personal income: Current dollars. . . . . . . . . . . .7 .2 .7 .5 .1 Chained (1992) dollars . . . . . . . .5 .1 .4 .5 .0 Personal consumption expenditures: Current dollars. . . . . . . . . . . .4 1.2 .3 .2 .1 Chained (1992) dollars . . . . . . . .2 1.1 .0 .2 .0 Wages and salaries Private wage and salary disbursements decreased $4.2 billion in April, in contrast to an increase of $26.0 billion in March. In April, average weekly hours and average hourly earnings declined, more than offsetting the effect of an increase in employment. Commodity-producing industries' payrolls increased $0.3 billion in April, compared with an increase of $5.9 billion in March; manufacturing payrolls increased $1.0 billion, compared with an increase of $6.5 billion. Distributive industries' payrolls decreased $3.9 billion, in contrast to an increase of $9.2 billion. Service industries' payrolls decreased $0.6 billion, in contrast to an increase of $10.8 billion. Government wage and salary disbursements increased $1.2 billion, compared with an increase of $1.7 billion. Other personal income Proprietors' income increased $1.0 billion in April, compared with an increase of $1.4 billion in March. Farm proprietors' income increased $0.1 billion, in contrast to a decrease of $0.3 billion. Nonfarm proprietors' income increased $1.0 billion, compared with an increase of $1.6 billion. Transfer payments increased $3.6 billion in April, compared with an increase of $7.8 billion in March. Personal interest income increased $2.1 billion, the same increase as in March. Personal taxes and disposable personal income Personal tax and nontax payments increased $2.2 billion in April, compared with an increase of $9.5 billion in March. Disposable personal income (DPI) -- personal income less personal tax and nontax payments -- increased $4.5 billion, or 0.1 percent, in April, compared with an increase of $29.5 billion, or 0.5 percent, in March. Personal outlays and personal saving Personal outlays -- personal consumption expenditures (PCE), interest paid by persons, and personal transfer payments to the rest of the world (net) -- increased $5.5 billion in April, compared with an increase of $11.4 billion in March. PCE increased $5.0 billion, compared with an increase of $11.7 billion. Personal saving -- disposable personal income less personal outlays -- was $295.3 billion in April, compared with $296.2 billion in March. Personal saving as a percentage of disposable personal income was 5.1 percent in April, the same as in March. Chained (1992) dollar estimates Real DPI -- DPI adjusted to remove price changes -- was essentially unchanged in April, compared with an increase of 0.5 percent in March. Real PCE -- PCE adjusted to remove price changes -- was essentially unchanged in April, compared with an increase of 0.2 percent in March. Purchases of durable goods decreased 0.9 percent, in contrast to an increase of 0.1 percent; motor vehicle purchases more than accounted for the April decrease. Purchases of nondurable goods decreased 0.4 percent in April, in contrast to an increase of 0.3 percent in March. Purchases of services increased 0.4 percent, compared with an increase of 0.1 percent. Revisions Estimates have been revised for January through March. Changes in personal income, current-dollar and chained (1992) dollar DPI, and current- dollar and chained (1992) dollar PCE for February and March -- revised and as published in last month's release -- are shown below. Change from preceding month February March Previous Revised Previous Revised Previous Revised Previous Revised (Dollars) (Percent) (Dollars) (Percent) Personal income: Current dollars. . . . . 53.8 53.6 0.8 0.8 38.6 39.0 0.6 0.6 Disposable personal income: Current dollars. . . . . 43.6 37.5 .8 .7 33.5 29.5 .6 .5 Chained (1992) dollars . 25.2 19.4 .5 .4 24.9 23.8 .5 .5 Personal consumption expenditures: Current dollars. . . . . 24.8 14.2 .5 .3 24.9 11.7 .5 .2 Chained (1992) dollars . 9.3 -0.4 .2 .0 17.7 8.0 .4 .2 The January increases in current-dollar and chained (1992) dollar disposable income were revised down by $26.0 billion and $22.9 billion, respectively. These revisions primarily reflect upward revisions to personal tax payments, based on newly available tax collections data from the Treasury Department. Other revisions for January were small. * * * BEA estimates are available in several forms in addition to printed news releases. News releases are available at the time of public release through three subscription services offered by the Commerce Department's STAT-USA. Information on how to receive releases by FAX may be obtained by calling (202) 482-1986 (voice). Information about the Economic Bulletin Board (EBB) and about Internet services may be obtained at the same voice number and on-line, as follows: EBB (202) 482-3870 Internet http://www.stat-usa.gov In addition, BEA's most frequently requested statistical series are available on the Internet, as follows:  The Federal Statistics Briefing Room (FSBR) on the White House web site provides summary statistics for GDP and other major aggregates on its output, income, and international statistics pages. http://www.whitehouse.gov/fsbr  The FSBR provides links to BEA's web site, which provides summary tables and charts on BEA's national, international, and regional data. http://www.bea.gov  BEA's web site provides links to detailed BEA databases on STAT-USA's Internet subscription service. http://www.stat-usa.gov Summary estimates are available on recorded messages at the time of public release at the following telephone numbers: (202) 606 - 5306 Gross domestic product 5303 Personal income and outlays 5362 Summary of international transactions Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's monthly journal. The Survey of Current Business is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. First class mail: annual subscription $69.00 domestic. Second class mail: annual subscription $35.00 domestic, $43.75 foreign; single issue $11.00 domestic, $13.75 foreign. In addition, the Survey of Current Business is now available on the Internet in a searchable, retrievable electronic format at least a week before the printed version. To subscribe to STAT-USA's World Wide Web system, go to http://www.stat-usa.gov. Subscriptions for single-user unlimited access to STAT-USA's Internet information are $50.00 for 3 months or $150.00 for 1 year. For further information, call (202) 482-1986. * * * Next release -- Personal Income and Outlays for May will be released on June 30, at 8:30 A.M. EDT. Table 1. -- Personal Income [Billions of dollars] -------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------- 1995 1996 Nov. 96 Dec. 96 Jan. 97r Feb. 97r Mar. 97r Apr. 97p -------------------------------------------------------------------------------------------------------------------------- Personal income..................... 6,112.4 6,449.5 6,583.5 6,629.4 6,653.3 6,706.9 6,745.9 6,752.6 Wage and salary disbursements..... 3,430.6 3,630.1 3,713.5 3,752.5 3,750.4 3,800.5 3,828.2 3,825.3 Private industries.............. 2,808.8 2,988.9 3,066.3 3,105.0 3,097.1 3,144.5 3,170.5 3,166.3 Commodity-producing industries 863.5 902.7 918.7 930.2 927.6 936.8 942.7 943.0 Manufacturing............... 648.4 672.5 683.2 692.0 688.9 692.3 698.8 699.8 Distributive industries....... 783.7 827.9 848.5 854.4 852.7 865.6 874.8 870.9 Service industries............ 1,161.6 1,258.3 1,299.0 1,320.4 1,316.9 1,342.2 1,353.0 1,352.4 Government...................... 621.7 641.2 647.3 647.4 653.3 656.0 657.7 658.9 Other labor income................ 424.0 436.2 442.9 444.3 445.2 446.1 447.0 447.9 Proprietors' income with IVA and CCAdj........................... 486.1 527.3 541.0 541.6 545.4 549.3 550.7 551.7 Farm............................ 27.9 44.7 47.9 46.3 45.9 45.6 45.3 45.4 Nonfarm......................... 458.2 482.6 493.1 495.4 499.5 503.7 505.3 506.3 Rental income of persons with CCAdj........................... 111.7 115.0 118.0 118.1 117.8 116.8 115.9 116.2 Personal dividend income.......... 214.8 230.6 234.7 236.5 238.2 239.9 241.7 243.6 Personal interest income.......... 717.1 738.2 750.5 753.4 756.0 758.4 760.5 762.6 Transfer payments to persons...... 1,022.6 1,079.7 1,096.1 1,098.8 1,118.3 1,117.4 1,125.2 1,128.8 Old-age, survivors, disability, and health insurance benefits. 507.4 539.1 549.0 551.2 562.6 558.9 565.5 566.4 Government unemployment insurance benefits............ 21.6 22.1 22.0 22.2 22.3 22.2 22.2 22.3 Other........................... 493.6 518.6 525.1 525.4 533.4 536.3 537.5 540.1 Less: Personal contributions for social insurance................ 294.5 307.5 313.2 315.9 317.9 321.4 323.4 323.3 -------------------------------------------------------------------------------------------------------------------------- p Preliminary. r Revised. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 2. -- The Disposition of Personal Income [Billions of dollars] -------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------ 1995 1996 Nov. 96 Dec. 96 Jan. 97r Feb. 97r Mar. 97r Apr. 97p -------------------------------------------------------------------------------------------------------------------------- Personal income....................... 6,112.4 6,449.5 6,583.5 6,629.4 6,653.3 6,706.9 6,745.9 6,752.6 Less: Personal tax and nontax payments........................... 794.3 863.8 886.7 894.7 905.2 921.3 930.8 933.0 Equals: Disposable personal income... 5,318.1 5,585.7 5,696.7 5,734.7 5,748.1 5,785.6 5,815.1 5,819.6 Less: Personal outlays............... 5,071.5 5,314.0 5,408.4 5,428.2 5,492.5 5,507.5 5,518.9 5,524.4 Personal consumption expenditures... 4,924.9 5,151.4 5,240.8 5,260.5 5,323.9 5,338.1 5,349.8 5,354.8 Interest paid by persons............ 131.7 146.3 150.5 150.6 151.5 152.2 152.0 152.4 Personal transfer payments to the rest of the world (net)........... 14.9 16.3 17.1 17.1 17.1 17.1 17.1 17.1 Equals: Personal saving.............. 246.6 271.6 288.4 306.5 255.6 278.1 296.2 295.3 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 4,943.3 5,086.0 5,144.0 5,171.6 5,178.6 5,198.0 5,221.8 5,220.3 Per capita: Current dollars................... 20,214 21,040 21,384 21,512 21,550 21,678 21,773 21,775 Chained (1992) dollars............ 18,789 19,158 19,309 19,399 19,414 19,476 19,552 19,532 Population (thousands).............. 263,090 265,482 266,406 266,586 266,739 266,889 267,075 267,268 Personal saving as a percentage of disposable personal income ......... 4.6 4.9 5.1 5.3 4.4 4.8 5.1 5.1 -------------------------------------------------------------------------------------------------------------------------- p Preliminary. r Revised. 1/ Disposable personal income in chained (1992) dollars equals the current-dollar figure divided by the implicit price deflator for personal consumption expenditures. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 3. -- Personal Income and Its Disposition, Change From Preceding Period [Billions of dollars] -------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------ 1995 1996 Nov. 96 Dec. 96 Jan. 97r Feb. 97r Mar. 97r Apr. 97p -------------------------------------------------------------------------------------------------------------------- Personal income....................... 350.4 337.1 41.7 45.9 23.9 53.6 39.0 6.7 Wage and salary disbursements........ 188.8 199.5 31.2 39.0 -2.1 50.1 27.7 -2.9 Private industries................ 169.5 180.1 30.8 38.7 -7.9 47.4 26.0 -4.2 Commodity-producing industries.. 38.7 39.1 4.9 11.5 -2.6 9.2 5.9 0.3 Manufacturing................. 27.3 24.1 3.5 8.8 -3.1 3.4 6.5 1.0 Distributive industries......... 44.5 44.2 11.9 5.9 -1.7 12.9 9.2 -3.9 Service industries.............. 86.4 96.7 13.9 21.4 -3.5 25.3 10.8 -0.6 Government........................ 19.2 19.5 0.5 0.1 5.9 2.7 1.7 1.2 Other labor income.................. 21.8 12.2 1.4 1.4 0.9 0.9 0.9 0.9 Proprietors' income with IVA and CCAdj............................. 21.7 41.2 0.9 0.6 3.8 3.9 1.4 1.0 Farm.............................. -6.4 16.8 -1.6 -1.6 -0.4 -0.3 -0.3 0.1 Nonfarm........................... 28.2 24.4 2.4 2.3 4.1 4.2 1.6 1.0 Rental income of persons with CCAdj............................. -0.4 3.3 0.3 0.1 -0.3 -1.0 -0.9 0.3 Personal dividend income............ 15.2 15.8 1.4 1.8 1.7 1.7 1.8 1.9 Personal interest income............ 53.4 21.1 2.8 2.9 2.6 2.4 2.1 2.1 Transfer payments to persons........ 66.3 57.1 5.9 2.7 19.5 -0.9 7.8 3.6 Old-age, survivors, disability, and health insurance benefits... 34.5 31.7 4.5 2.2 11.4 -3.7 6.6 0.9 Government unemployment insurance benefits.............. -2.1 0.5 0.0 0.2 0.1 -0.1 0.0 0.1 Other............................. 33.9 25.0 1.5 0.3 8.0 2.9 1.2 2.6 Less: Personal contributions for social insurance.................. 16.4 13.0 2.2 2.7 2.0 3.5 2.0 -0.1 Less: Personal tax and nontax payments............................ 62.9 69.5 6.5 8.0 10.5 16.1 9.5 2.2 Equals: Disposable personal income.... 287.5 267.6 35.1 38.0 13.4 37.5 29.5 4.5 Less: Personal outlays................ 239.2 242.5 22.5 19.8 64.3 15.0 11.4 5.5 Personal consumption expenditures... 224.0 226.5 21.3 19.7 63.4 14.2 11.7 5.0 Interest paid by persons............ 14.5 14.6 1.1 0.1 0.9 0.7 -0.2 0.4 Personal transfer payments to the rest of the world (net)........... 0.7 1.4 0.0 0.0 0.0 0.0 0.0 0.0 Equals: Personal saving............... 48.3 25.0 12.7 18.1 -50.9 22.5 18.1 -0.9 Addenda: Disposable personal income, chained (1992) dollars.......... 156.5 142.7 22.9 27.6 7.0 19.4 23.8 -1.5 -------------------------------------------------------------------------------------------------------------------- ----------------------------------------- p Preliminary. r Revised. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 4. -- Personal Consumption Expenditures by Major Type of Product ------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------------- 1995 1996 Nov. 96 Dec. 96 Jan. 97r Feb. 97r Mar. 97r Apr. 97p ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 4,924.9 5,151.4 5,240.8 5,260.5 5,323.9 5,338.1 5,349.8 5,354.8 Durable goods....................... 606.4 632.1 636.6 636.6 663.0 659.0 656.4 646.0 Nondurable goods.................... 1,485.9 1,545.1 1,566.4 1,571.1 1,590.8 1,595.2 1,598.7 1,594.7 Services............................ 2,832.6 2,974.3 3,037.8 3,052.9 3,070.0 3,083.9 3,094.7 3,114.1 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 4,577.8 4,690.7 4,732.3 4,744.0 4,796.3 4,795.9 4,803.9 4,803.4 Durable goods....................... 579.8 611.4 620.1 622.9 649.6 645.7 646.0 640.0 Nondurable goods.................... 1,421.9 1,441.9 1,448.1 1,447.7 1,463.4 1,465.0 1,469.6 1,463.9 Services............................ 2,577.0 2,638.3 2,664.9 2,674.0 2,685.0 2,686.8 2,689.8 2,700.5 -------------------------------------------------------------------------------- Implicit price deflators (Index numbers, 1992 = 100) -------------------------------------------------------------------------------- Personal consumption expenditures..... 107.6 109.8 110.7 110.9 111.0 111.3 111.4 111.5 Durable goods....................... 104.6 103.4 102.7 102.2 102.1 102.1 101.6 100.9 Nondurable goods.................... 104.5 107.2 108.2 108.5 108.7 108.9 108.8 108.9 Services............................ 109.9 112.7 114.0 114.2 114.3 114.8 115.1 115.3 ------------------------------------------------------------------------------------------------------------------------- Change from preceding period ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 224.0 226.5 21.3 19.7 63.4 14.2 11.7 5.0 Durable goods....................... 25.5 25.7 4.3 0.0 26.4 -4.0 -2.6 -10.4 Nondurable goods.................... 56.2 59.2 3.4 4.7 19.7 4.4 3.5 -4.0 Services............................ 142.3 141.7 13.6 15.1 17.1 13.9 10.8 19.4 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 104.7 112.9 11.1 11.7 52.3 -0.4 8.0 -0.5 Durable goods....................... 17.8 31.6 5.8 2.8 26.7 -3.9 0.3 -6.0 Nondurable goods.................... 31.4 20.0 -1.8 -0.4 15.7 1.6 4.6 -5.7 Services............................ 55.6 61.3 7.0 9.1 11.0 1.8 3.0 10.7 __________________________________________________________________________________________________________________________ Table 5. -- Percent Change From Preceding Period in Selected Series -------------------------------------------------------------------------------------------------------------------------- 1995 1996 Nov. 96 Dec. 96 Jan. 97r Feb. 97r Mar. 97r Apr. 97p -------------------------------------------------------------------------------------------------------------------------- Based on current dollars --------------------------------------------------------------------------------- Personal income....................... 6.1 5.5 0.6 0.7 0.4 0.8 0.6 0.1 Disposable personal income............ 5.7 5.0 0.6 0.7 0.2 0.7 0.5 0.1 Personal consumption expenditures..... 4.8 4.6 0.4 0.4 1.2 0.3 0.2 0.1 Durable goods....................... 4.4 4.2 0.7 0.0 4.2 -0.6 -0.4 -1.6 Nondurable goods.................... 3.9 4.0 0.2 0.3 1.3 0.3 0.2 -0.2 Services............................ 5.3 5.0 0.4 0.5 0.6 0.5 0.3 0.6 --------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------- Disposable personal income............ 3.3 2.9 0.4 0.5 0.1 0.4 0.5 0.0 Personal consumption expenditures..... 2.3 2.5 0.2 0.2 1.1 0.0 0.2 0.0 Durable goods....................... 3.2 5.4 1.0 0.4 4.3 -0.6 0.1 -0.9 Nondurable goods.................... 2.3 1.4 -0.1 0.0 1.1 0.1 0.3 -0.4 Services............................ 2.2 2.4 0.3 0.3 0.4 0.1 0.1 0.4 -------------------------------------------------------------------------------------------------------------------------- ---------------------------------------- p Preliminary. r Revised. Source: U.S. Department of Commerce, Bureau of Economic Analysis.