FOR WIRE TRANSMISSION: 8:30 A.M. EDT, MONDAY, AUGUST 3, 1998 James E. Rankin: (202) 606-5301 (Personal Income)BEA 98-25 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303 PERSONAL INCOME AND OUTLAYS JUNE 1998 REVISED ESTIMATES FOR ALL SERIES Personal income increased $16.2 billion, or 0.2 percent, and disposable personal income (DPI) increased $9.3 billion, or 0.2 percent, in June, according to the Commerce Department's Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $33.6 billion, or 0.6 percent. In May, personal income increased $30.6 billion, or 0.4 percent, DPI increased $18.4 billion, or 0.3 percent, and PCE increased $48.8 billion, or 0.9 percent, based on revised estimates. 1998 Feb. Mar. Apr. May June (Percent change from preceding month) Personal income, current dollars 0.5 0.4 0.3 0.4 0.2 Disposable personal income: Current dollars .4 .4 .3 .3 .2 Chained (1992) dollars .4 .4 .2 .1 .1 Personal consumption expenditures: Current dollars .6 .3 .5 .9 .6 Chained (1992) dollars .6 .3 .4 .7 .6 The change in June personal income reflects the effects of a strike in the motor vehicle industry that reduced wages and salaries in that industry by approximately $2.0 billion. Because the other effects of the strike are embedded in BEA's source data and cannot easily be separated, BEA does not attempt to quantify their impact. Wages and salaries Private wage and salary disbursements increased $4.4 billion in June, compared with an increase of $23.6 billion in May. Goods-producing industries' payrolls decreased $3.8 billion, in contrast to an increase of $1.7 billion; manufacturing payrolls decreased $3.8 billion, in contrast to an increase of $1.5 billion. Distributive industries' payrolls decreased $2.0 billion, in contrast to an increase of $9.1 billion. Service industries' payrolls increased $10.2 billion, compared with an increase of $12.9 billion. Government wage and salary disbursements increased $2.0 billion in June, the same increase as in May. Other personal income Proprietors' income increased $3.1 billion in June, compared with an increase of $0.3 billion in May. Farm proprietors' income was unchanged in June; it decreased of $0.1 billion in May. Nonfarm proprietors' income increased $3.1 billion, compared with an increase of $0.4 billion. Transfer payments increased $3.1 billion in June, compared with an increase of $2.9 billion in May. Personal interest income increased $1.2 billion, compared with an increase of $1.3 billion. Rental income of persons increased $2.2 billion, compared with an increase of $1.4 billion. Personal dividend income increased $0.2 billion in June, compared with an increase of $0.1 billion in May. Personal taxes and disposable personal income Personal tax and nontax payments increased $7.0 billion in June, compared with an increase of $12.2 billion in May. Disposable personal income (DPI) -- personal income less personal tax and nontax payments -- increased $9.3 billion, or 0.2 percent, in June, compared with an increase of $18.4 billion, or 0.3 percent, in May. Personal outlays Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of the world (net) -- increased $32.9 billion in June, compared with an increase of $49.3 billion in May. PCE increased $33.6 billion, compared with an increase of $48.8 billion. Personal saving Personal saving -- DPI less personal outlays -- was $9.3 billion in June, compared with $32.8 billion in May. Personal saving as a percentage of disposable personal income was 0.2 percent in June, compared with 0.5 percent in May. Personal saving and personal saving as a percentage of disposable personal income were reduced by the redefinition of personal dividend income, which is described in the following section on the annual revision. Chained (1992) dollar estimates Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in June, the same increase as in May. Real PCE -- PCE adjusted to remove price changes -- increased 0.6 percent in June, compared with an increase of 0.7 percent in May. Purchases of durable goods increased 2.0 percent, compared with an increase of 3.9 percent; motor vehicle purchases accounted for most the increase in each month. Purchases of nondurable goods increased 0.3 percent in June, compared with an increase of 0.4 percent in May. Purchases of services increased 0.4 percent, compared with an increase of 0.1 percent. Annual Revision of the National Income and Product Accounts Estimates Personal income and outlays are components of the national income and product accounts (NIPA's). The NIPA's usually are revised each July, to incorporate new source data that are more complete, more detailed, and otherwise more appropriate than data previously available. As part of the annual revision to the national income and product accounts, personal dividend income was redefined to exclude payments that reflect identifiable capital gains distributions; previously personal dividend income included capital gains distributions of regulated investment companies -- that is, mutual funds. Personal income in the national accounts is income received by persons from participation in current production, from both government and business transfer payments, and from government interest; all other identifiable forms of capital gains were already excluded from personal income. This redefinition was made to better separate "income from current production" from "income attributable to capital gains on existing assets." The redefinition results in a reduction in dividends and an offsetting increase in undistributed corporate profits. All series affected by the redefinition were revised back to 1982. Revisions to the estimates of personal income and outlays for 1995 forward are shown in table 6 through 8. Revised and previously published estimates of personal income, disposable personal income, and personal saving as a percentage of disposable personal income for 1982 through 1997 are shown in table 9; revisions for 1982 to 1994 reflect only the effect of the redefinition of personal dividend income to exclude capital gains distributions from mutual funds. Personal income was revised down $78.7 billion, or 1.3 percent, for 1995, $70.0 billion, or 1.1 percent, for 1996, and $89.9 billion, or 1.3 percent, for 1997. For 1995, downward revisions to personal dividend income accounted for about three-fourths of the revision. For 1996 and 1997, downward revisions to personal dividend income, to other labor income, and to personal interest income more than accounted for the revision. Personal tax and nontax payments was revised down $0.1 billion for 1995, up $3.6 billion for 1996, and up $0.3 billion for 1997. Disposable personal income was revised down $78.7 billion for 1995, $73.6 billion for 1996, and $90.1 billion for 1997. Personal outlays was revised down $3.9 billion for 1995, up $7.4 billion for 1996, and up $15.6 billion for 1997. The revisions for all 3 years were primarily due to revisions to PCE. Personal saving and personal saving as a percentage of disposable personal income was revised down beginning with 1982, reflecting the redefinition of personal dividend income. Revisions to personal saving as a percentage of disposable personal income ranged from 0.1 percent for 1982 to 1.8 percent for 1997. * * * BEA's major national, international, regional, and industry estimates; selected articles from the Survey of Current Business; and BEA news releases are available on BEA's web site: http://www.bea.gov STAT-USA maintains an electronic bulletin board (EBB) and an Internet site, which contain BEA estimates, BEA news releases, and the Survey of Current Business. The information available through STAT-USA is often more detailed and more timely than that available from other sources. 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. 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 606-5303 Personal income and outlays 606-5362 Summary of international transactions Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's monthly journal. The printed 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 $88.00 domestic. Second class mail: Annual subscription $39.00 domestic, $48.75 foreign; single issue $14.00 domestic, $17.50 foreign. * * * Next release -- Personal Income and Outlays for July will be released on August 28, at 8:30 A.M. EDT. Table 1. -- Personal Income [Billions of dollars] --------------------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------------------------------------------- 1994 1995 Jan. 95 Feb. 95 Mar. 95 Apr. 95 May 95 June 95 July 95 Aug. 95 Sep. 95 Oct. 95 Nov. 95 Dec. 95 --------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income..................... 5,757.9 6,072.1 5,963.5 5,979.9 5,995.1 6,015.1 6,025.3 6,050.5 6,067.0 6,091.0 6,122.5 6,155.8 6,184.9 6,214.4 Wage and salary disbursements..... 3,240.7 3,428.5 3,354.5 3,369.3 3,380.8 3,397.4 3,396.4 3,416.7 3,434.8 3,447.5 3,465.7 3,482.3 3,493.9 3,503.3 Private industries.............. 2,638.5 2,805.8 2,739.8 2,751.7 2,761.4 2,777.7 2,775.4 2,793.6 2,810.8 2,822.9 2,840.7 2,856.1 2,866.2 2,873.7 Goods-producing industries.... 824.4 863.9 851.4 854.8 855.3 858.1 855.9 860.3 864.7 867.6 872.2 875.0 876.8 875.3 Manufacturing............... 620.8 647.9 641.4 643.0 642.9 644.1 642.9 645.1 648.5 650.0 652.6 654.2 655.5 654.2 Distributive industries....... 741.4 782.9 768.2 770.0 772.1 778.5 775.5 780.7 784.5 788.1 791.9 792.9 795.7 797.2 Service industries............ 1,072.7 1,158.9 1,120.2 1,126.8 1,134.0 1,141.1 1,144.0 1,152.6 1,161.6 1,167.2 1,176.7 1,188.2 1,193.6 1,201.2 Government...................... 602.2 622.7 614.7 617.6 619.4 619.7 621.0 623.1 624.0 624.6 625.0 626.2 627.7 629.6 Other labor income................ 405.0 401.6 408.0 407.2 406.2 404.7 403.6 402.4 401.6 400.3 398.9 397.6 395.7 393.5 Proprietors' income with IVA and CCAdj.......................... 471.6 488.1 478.3 478.4 479.1 478.4 482.8 486.0 485.2 490.9 493.3 497.9 502.0 504.6 Farm........................... 36.9 22.4 24.3 22.7 21.5 21.0 20.3 19.8 18.1 18.8 20.5 24.8 27.4 30.0 Nonfarm........................ 434.7 465.6 454.0 455.7 457.6 457.4 462.5 466.3 467.1 472.1 472.8 473.1 474.6 474.6 Rental income of persons with CCAdj........................... 124.4 133.7 130.1 131.1 132.1 133.1 133.4 133.3 130.9 131.5 133.2 133.6 140.3 142.4 Personal dividend income.......... 171.0 192.8 184.8 184.8 185.3 185.5 186.3 188.3 188.4 190.7 196.3 200.0 206.6 217.0 Personal interest income.......... 668.1 704.9 705.6 702.4 698.9 701.5 701.5 701.6 700.9 702.3 704.8 711.2 713.5 714.8 Transfer payments to persons...... 954.7 1,015.9 990.0 995.7 1,002.7 1,005.9 1,012.8 1,015.0 1,019.6 1,022.9 1,026.6 1,030.6 1,031.1 1,037.6 Old-age, survivors, disability, and health insurance benefits. 473.0 507.8 493.9 497.8 501.2 502.9 506.2 507.5 509.2 510.8 514.4 514.4 515.1 520.8 Government unemployment insurance benefits............ 23.6 21.4 20.7 20.7 20.5 20.7 21.6 21.0 22.0 21.7 21.5 22.4 22.1 22.1 Other........................... 458.2 486.6 475.5 477.3 481.0 482.3 485.0 486.5 488.4 490.4 490.7 493.9 493.9 494.7 Less: Personal contributions for social insurance................ 277.5 293.6 287.7 288.9 289.9 291.4 291.5 292.9 294.3 295.2 296.4 297.4 298.2 298.8 --------------------------------------------------------------------------------------------------------------------------------------------------------------- P Preliminary. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 1. -- Personal Income - Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------- 1996 Jan. 96 Feb. 96 Mar. 96 Apr. 96 May 96 June 96 July 96 Aug. 96 Sep. 96 Oct. 96 Nov. 96 Dec. 96 ----------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income..................... 6,425.2 6,231.7 6,294.9 6,326.3 6,354.8 6,384.7 6,430.6 6,447.1 6,477.0 6,506.0 6,517.0 6,547.3 6,585.0 Wage and salary disbursements..... 3,631.1 3,498.1 3,543.4 3,556.6 3,576.8 3,601.3 3,639.4 3,639.0 3,664.8 3,688.9 3,694.6 3,719.6 3,750.6 Private industries.............. 2,990.2 2,864.7 2,909.0 2,921.1 2,939.4 2,961.9 2,998.8 2,997.2 3,022.3 3,045.0 3,049.3 3,072.3 3,101.5 Goods-producing industries.... 909.0 870.6 887.1 883.9 897.9 903.5 911.2 913.9 920.0 924.2 925.4 931.1 939.3 Manufacturing............... 674.6 647.7 660.3 655.8 668.3 671.8 676.7 678.4 682.6 685.3 684.8 688.5 694.7 Distributive industries....... 823.3 792.2 806.6 811.2 808.4 815.3 827.6 822.2 830.0 837.1 836.7 842.4 849.7 Service industries............ 1,257.9 1,202.0 1,215.3 1,225.9 1,233.1 1,243.2 1,260.0 1,261.2 1,272.3 1,283.7 1,287.2 1,298.9 1,312.4 Government...................... 640.9 633.3 634.4 635.6 637.5 639.4 640.6 641.7 642.5 643.9 645.3 647.3 649.1 Other labor income................ 387.0 389.4 387.6 386.7 387.8 387.6 387.3 386.6 386.3 386.1 385.8 385.9 386.4 Proprietors' income with IVA and CCAdj.......................... 527.7 509.8 516.7 521.9 525.6 528.8 529.7 535.2 532.7 532.7 533.5 532.2 533.5 Farm........................... 38.9 32.5 34.9 37.1 39.5 41.2 42.3 44.8 43.5 41.3 38.9 35.9 35.2 Nonfarm........................ 488.8 477.2 481.8 484.8 486.1 487.6 487.4 490.4 489.2 491.4 494.6 496.2 498.3 Rental income of persons with CCAdj........................... 150.2 143.6 145.0 146.3 147.3 148.4 149.6 151.0 152.2 153.3 154.4 155.4 156.2 Personal dividend income.......... 248.2 226.0 235.2 241.9 241.4 242.5 246.4 251.1 255.8 259.2 259.3 259.6 259.8 Personal interest income.......... 719.4 713.1 713.4 714.0 714.6 715.7 717.3 720.7 721.5 722.3 723.9 726.5 730.1 Transfer payments to persons...... 1,068.0 1,049.4 1,054.1 1,060.2 1,064.1 1,064.6 1,067.7 1,070.4 1,072.2 1,073.5 1,076.0 1,080.3 1,082.9 Old-age, survivors, disability, and health insurance benefits. 538.0 525.4 529.2 534.2 534.0 535.4 537.4 539.3 541.1 541.5 543.1 546.9 548.7 Government unemployment insurance benefits............ 21.9 23.2 22.7 22.3 23.0 21.5 21.8 21.9 20.8 21.6 21.2 21.0 22.1 Other........................... 508.0 500.8 502.1 503.7 507.0 507.7 508.5 509.3 510.3 510.5 511.7 512.3 512.0 Less: Personal contributions for social insurance................ 306.3 297.6 300.5 301.3 302.7 304.3 306.8 306.8 308.5 310.1 310.5 312.2 314.4 ----------------------------------------------------------------------------------------------------------------------------------------------------------------- P Preliminary. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 1. -- Personal Income - Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------- 1997 Jan. 97 Feb. 97 Mar. 97 Apr. 97 May 97 June 97 July 97 Aug. 97 Sep. 97 Oct. 97 Nov. 97 Dec. 97 ----------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income..................... 6,784.0 6,627.3 6,668.1 6,704.9 6,720.3 6,744.1 6,766.4 6,785.8 6,826.7 6,850.1 6,875.5 6,910.9 6,928.3 Wage and salary disbursements..... 3,889.8 3,767.0 3,802.2 3,826.2 3,837.1 3,856.9 3,872.3 3,886.9 3,922.7 3,937.1 3,964.0 3,998.0 4,007.7 Private industries.............. 3,225.7 3,111.9 3,144.7 3,167.7 3,177.0 3,195.4 3,209.2 3,222.0 3,255.9 3,268.8 3,294.0 3,326.3 3,335.0 Goods-producing industries.... 975.0 943.9 951.8 959.2 961.4 966.2 968.5 972.2 980.9 985.3 995.2 1,004.0 1,012.1 Manufacturing............... 719.5 697.7 701.5 707.9 709.6 712.1 714.2 716.7 723.7 726.6 735.1 741.8 746.8 Distributive industries....... 879.8 851.2 857.9 865.3 866.8 871.0 872.7 877.0 889.1 892.7 898.7 908.7 906.3 Service industries............ 1,370.8 1,316.8 1,335.0 1,343.2 1,348.8 1,358.1 1,367.9 1,372.8 1,386.0 1,390.7 1,400.2 1,413.7 1,416.7 Government...................... 664.2 655.0 657.5 658.5 660.1 661.6 663.1 664.9 666.8 668.3 670.0 671.6 672.7 Other labor income................ 392.9 389.0 389.7 390.3 390.7 391.5 392.5 392.0 393.5 395.3 394.4 396.9 399.7 Proprietors' income with IVA and CCAdj.......................... 551.2 537.3 541.0 543.3 546.8 549.7 553.3 554.3 555.6 559.7 558.9 557.7 557.5 Farm........................... 35.5 36.2 36.3 36.6 37.8 38.0 37.8 37.3 36.4 35.1 33.5 31.5 29.1 Nonfarm........................ 515.8 501.0 504.6 506.6 509.0 511.7 515.5 517.0 519.2 524.5 525.4 526.2 528.4 Rental income of persons with CCAdj........................... 158.2 157.0 157.5 157.9 157.8 158.0 158.2 158.4 158.6 158.7 158.7 158.8 158.9 Personal dividend income.......... 260.3 259.6 259.6 259.8 259.8 259.9 260.1 260.1 260.3 260.7 261.0 261.3 261.4 Personal interest income.......... 747.3 735.3 740.4 744.6 745.4 745.7 745.9 749.2 750.6 751.7 752.5 753.0 753.3 Transfer payments to persons...... 1,110.4 1,099.4 1,097.5 1,104.3 1,105.1 1,106.2 1,109.1 1,110.9 1,114.1 1,116.8 1,117.5 1,119.3 1,124.7 Old-age, survivors, disability, and health insurance benefits. 565.9 560.1 556.0 561.3 562.1 564.3 565.2 566.6 569.2 569.2 570.8 570.7 575.1 Government unemployment insurance benefits............ 19.9 20.9 20.8 20.9 20.3 19.3 20.0 19.5 19.3 19.9 18.3 19.8 19.9 Other........................... 524.6 518.4 520.7 522.1 522.7 522.6 523.9 524.8 525.6 527.7 528.4 528.9 529.7 Less: Personal contributions for social insurance................ 326.2 317.3 319.8 321.5 322.3 323.8 324.9 326.1 328.6 329.7 331.7 334.1 334.9 ----------------------------------------------------------------------------------------------------------------------------------------------------------------- P Preliminary. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 1. -- Personal Income - Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------------------------------------------------------------------- Jan. 98 Feb. 98 Mar. 98 Apr. 98 May 98 June 98p ----------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income..................... 6,970.5 7,007.3 7,033.9 7,055.6 7,086.2 7,102.4 Wage and salary disbursements..... 4,040.0 4,066.4 4,079.3 4,097.9 4,123.4 4,129.9 Private industries.............. 3,362.9 3,386.5 3,397.9 3,414.3 3,437.9 3,442.3 Goods-producing industries.... 1,016.7 1,020.2 1,020.1 1,022.8 1,024.5 1,020.7 Manufacturing............... 748.7 750.8 751.8 750.8 752.3 748.5 Distributive industries....... 915.3 920.8 920.5 926.4 935.5 933.5 Service industries............ 1,430.8 1,445.5 1,457.3 1,465.0 1,477.9 1,488.1 Government...................... 677.2 680.0 681.4 683.6 685.6 687.6 Other labor income................ 401.7 402.8 403.8 404.7 405.7 406.3 Proprietors' income with IVA and CCAdj.......................... 559.8 563.9 568.8 569.8 570.1 573.2 Farm........................... 28.2 27.3 26.6 26.5 26.4 26.4 Nonfarm........................ 531.6 536.6 542.2 543.3 543.7 546.8 Rental income of persons with CCAdj........................... 158.3 158.4 158.3 159.8 161.2 163.4 Personal dividend income.......... 261.5 261.6 261.8 262.0 262.1 262.3 Personal interest income.......... 754.7 757.0 759.3 761.1 762.4 763.6 Transfer payments to persons...... 1,133.8 1,138.4 1,144.7 1,143.8 1,146.7 1,149.8 Old-age, survivors, disability, and health insurance benefits. 579.3 581.2 584.4 583.7 585.5 586.6 Government unemployment insurance benefits............ 19.6 19.5 19.7 19.5 19.3 19.5 Other........................... 534.9 537.7 540.6 540.5 541.9 543.7 Less: Personal contributions for social insurance................ 339.3 341.2 342.2 343.5 345.5 346.1 ----------------------------------------------------------------------------------------------------------------------------------------------------------------- P Preliminary. 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 ----------------------------------------------------------------------------------------------- 1994 1995 Jan. 95 Feb. 95 Mar. 95 Apr. 95 May 95 June 95 July 95 Aug. 95 Sep. 95 Oct. 95 Nov. 95 Dec. 95 ------------------------------------------------------------------------------------------------------------------------------------------------------------ Personal income....................... 5,757.9 6,072.1 5,963.5 5,979.9 5,995.1 6,015.1 6,025.3 6,050.5 6,067.0 6,091.0 6,122.5 6,155.8 6,184.9 6,214.4 Less: Personal tax and nontax payments........................... 739.1 795.0 763.5 768.1 769.9 823.9 778.3 784.8 792.4 799.0 805.6 811.7 818.6 824.5 Equals: Disposable personal income... 5,018.9 5,277.0 5,200.0 5,211.7 5,225.2 5,191.2 5,247.1 5,265.7 5,274.7 5,291.9 5,316.9 5,344.2 5,366.3 5,389.8 Less: Personal outlays............... 4,842.1 5,097.2 4,997.9 4,982.5 5,011.9 5,019.2 5,075.8 5,116.9 5,102.3 5,148.7 5,145.3 5,150.3 5,189.8 5,226.2 Personal consumption expenditures... 4,717.0 4,953.9 4,863.7 4,847.9 4,875.8 4,882.2 4,936.7 4,975.5 4,959.0 5,003.5 4,996.7 4,998.7 5,036.0 5,071.1 Interest paid by persons............ 110.9 127.6 119.0 119.4 120.9 122.2 124.3 126.6 127.8 129.6 133.0 134.4 136.6 137.9 Personal transfer payments to the rest of the world (net)........... 14.2 15.7 15.2 15.2 15.2 14.8 14.8 14.8 15.6 15.6 15.6 17.2 17.2 17.2 Equals: Personal saving.............. 176.8 179.8 202.2 229.2 213.3 172.0 171.3 148.7 172.3 143.3 171.6 193.8 176.5 163.6 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 4,772.9 4,906.1 4,878.0 4,882.9 4,888.1 4,845.5 4,885.6 4,897.1 4,899.1 4,902.9 4,925.3 4,939.0 4,957.6 4,971.7 Per capita: Current dollars................... 19,251 20,050 19,843 19,875 19,911 19,766 19,963 20,017 20,034 20,081 20,157 20,244 20,314 20,389 Chained (1992) dollars............ 18,308 18,640 18,614 18,621 18,627 18,449 18,588 18,616 18,607 18,605 18,673 18,709 18,766 18,807 Population (thousands).............. 260,705 263,195 262,057 262,223 262,427 262,639 262,842 263,060 263,289 263,525 263,767 263,984 264,172 264,351 Personal saving as a percentage of disposable personal income 2/....... 3.5 3.4 3.9 4.4 4.1 3.3 3.3 2.8 3.3 2.7 3.2 3.6 3.3 3.0 ------------------------------------------------------------------------------------------------------------------------------------------------------------ P Preliminary. 1/ Disposable personal income in chained (1992) dollars equals the current-dollar figure divided by the implicit price deflator for personal consumption expenditures. 2/ Monthly estimates equal personal saving for the month as a percentage of disposable personal income for that month. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 2. -- The Disposition of Personal Income - Continued [Billions of dollars] --------------------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------- 1996 Jan. 96 Feb. 96 Mar. 96 Apr. 96 May 96 June 96 July 96 Aug. 96 Sep. 96 Oct. 96 Nov. 96 Dec. 96 --------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 6,425.2 6,231.7 6,294.9 6,326.3 6,354.8 6,384.7 6,430.6 6,447.1 6,477.0 6,506.0 6,517.0 6,547.3 6,585.0 Less: Personal tax and nontax payments........................... 890.5 837.5 852.2 859.2 916.7 876.2 887.0 891.6 899.1 907.6 912.0 918.8 928.1 Equals: Disposable personal income... 5,534.7 5,394.2 5,442.7 5,467.0 5,438.1 5,508.5 5,543.6 5,555.5 5,578.0 5,598.4 5,605.0 5,628.5 5,656.9 Less: Personal outlays............... 5,376.2 5,226.0 5,267.6 5,289.7 5,345.4 5,367.8 5,355.6 5,391.8 5,404.7 5,418.9 5,458.8 5,478.3 5,510.3 Personal consumption expenditures... 5,215.7 5,073.3 5,114.8 5,136.4 5,189.9 5,210.4 5,196.6 5,231.0 5,241.9 5,254.4 5,292.0 5,309.4 5,338.4 Interest paid by persons............ 143.6 136.9 137.0 137.5 138.8 140.8 142.4 144.2 146.2 147.9 148.3 150.4 153.3 Personal transfer payments to the rest of the world (net)........... 16.9 15.8 15.8 15.8 16.6 16.6 16.6 16.6 16.6 16.6 18.5 18.5 18.5 Equals: Personal saving.............. 158.5 168.2 175.0 177.3 92.7 140.7 188.0 163.7 173.2 179.5 146.1 150.2 146.6 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 5,043.0 4,964.4 5,001.6 5,009.9 4,969.8 5,028.0 5,057.4 5,057.9 5,075.4 5,085.2 5,076.3 5,088.2 5,102.4 Per capita: Current dollars................... 20,840 20,394 20,564 20,640 20,516 20,767 20,883 20,912 20,979 21,038 21,047 21,121 21,213 Chained (1992) dollars............ 18,989 18,769 18,898 18,914 18,749 18,955 19,052 19,038 19,089 19,110 19,062 19,093 19,134 Population (thousands).............. 265,579 264,505 264,667 264,870 265,066 265,253 265,456 265,669 265,886 266,106 266,308 266,492 266,672 Personal saving as a percentage of disposable personal income 2/....... 2.9 3.1 3.2 3.2 1.7 2.6 3.4 2.9 3.1 3.2 2.6 2.7 2.6 --------------------------------------------------------------------------------------------------------------------------------------------------------------- P Preliminary. 1/ Disposable personal income in chained (1992) dollars equals the current-dollar figure divided by the implicit price deflator for personal consumption expenditures. 2/ Monthly estimates equal personal saving for the month as a percentage of disposable personal income for that month. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 2. -- The Disposition of Personal Income - Continued [Billions of dollars] --------------------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------- 1997 Jan. 97 Feb. 97 Mar. 97 Apr. 97 May 97 June 97 July 97 Aug. 97 Sep. 97 Oct. 97 Nov. 97 Dec. 97 --------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 6,784.0 6,627.3 6,668.1 6,704.9 6,720.3 6,744.1 6,766.4 6,785.8 6,826.7 6,850.1 6,875.5 6,910.9 6,928.3 Less: Personal tax and nontax payments........................... 989.0 947.1 956.2 963.4 967.9 976.0 983.3 990.0 1,000.3 1,006.7 1,015.5 1,026.9 1,034.1 Equals: Disposable personal income... 5,795.1 5,680.2 5,711.8 5,741.5 5,752.4 5,768.1 5,783.1 5,795.7 5,826.4 5,843.4 5,860.0 5,884.0 5,894.2 Less: Personal outlays............... 5,674.1 5,560.3 5,576.9 5,590.1 5,597.7 5,604.1 5,646.2 5,709.8 5,720.5 5,739.6 5,752.7 5,783.4 5,807.4 Personal consumption expenditures... 5,493.7 5,388.1 5,403.6 5,415.7 5,421.9 5,427.0 5,467.5 5,529.1 5,537.7 5,554.0 5,565.8 5,596.4 5,617.4 Interest paid by persons............ 161.5 154.3 155.3 156.4 157.6 158.8 160.5 161.2 163.3 166.0 167.2 167.2 170.2 Personal transfer payments to the rest of the world (net)........... 18.9 18.0 18.0 18.0 18.2 18.2 18.2 19.5 19.5 19.5 19.8 19.8 19.8 Equals: Personal saving.............. 121.0 119.8 134.9 151.5 154.7 164.0 136.9 85.9 105.8 103.8 107.2 100.6 86.8 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 5,183.1 5,113.7 5,130.7 5,147.8 5,152.8 5,171.7 5,178.0 5,181.3 5,203.2 5,210.7 5,221.4 5,239.7 5,246.5 Per capita: Current dollars................... 21,633 21,288 21,395 21,491 21,516 21,560 21,600 21,630 21,726 21,772 21,814 21,888 21,912 Chained (1992) dollars............ 19,349 19,165 19,218 19,269 19,273 19,331 19,340 19,337 19,403 19,415 19,437 19,491 19,504 Population (thousands).............. 267,880 266,826 266,975 267,161 267,354 267,541 267,741 267,952 268,171 268,391 268,633 268,823 268,989 Personal saving as a percentage of disposable personal income 2/....... 2.1 2.1 2.4 2.6 2.7 2.8 2.4 1.5 1.8 1.8 1.8 1.7 1.5 --------------------------------------------------------------------------------------------------------------------------------------------------------------- P Preliminary. 1/ Disposable personal income in chained (1992) dollars equals the current-dollar figure divided by the implicit price deflator for personal consumption expenditures. 2/ Monthly estimates equal personal saving for the month as a percentage of disposable personal income for that month. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 2. -- The Disposition of Personal Income - Continued [Billions of dollars] --------------------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------------------------------------------------------------------- Jan. 98 Feb. 98 Mar. 98 Apr. 98 May 98 June 98p --------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 6,970.5 7,007.3 7,033.9 7,055.6 7,086.2 7,102.4 Less: Personal tax and nontax payments........................... 1,058.7 1,069.4 1,072.4 1,076.7 1,088.9 1,095.9 Equals: Disposable personal income... 5,911.8 5,937.9 5,961.5 5,978.8 5,997.2 6,006.5 Less: Personal outlays............... 5,837.3 5,870.0 5,884.7 5,915.1 5,964.4 5,997.3 Personal consumption expenditures... 5,649.3 5,682.7 5,697.5 5,727.3 5,776.1 5,809.7 Interest paid by persons............ 168.8 168.1 168.0 168.0 168.4 167.7 Personal transfer payments to the rest of the world (net)........... 19.2 19.2 19.2 19.9 19.9 19.9 Equals: Personal saving.............. 74.5 67.9 76.8 63.7 32.8 9.3 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 5,264.9 5,287.0 5,309.5 5,318.1 5,324.2 5,331.9 Per capita: Current dollars................... 21,965 22,049 22,122 22,171 22,223 22,241 Chained (1992) dollars............ 19,562 19,632 19,703 19,721 19,729 19,743 Population (thousands).............. 269,143 269,302 269,482 269,669 269,862 270,067 Personal saving as a percentage of disposable personal income 2/....... 1.3 1.1 1.3 1.1 0.5 0.2 --------------------------------------------------------------------------------------------------------------------------------------------------------------- P Preliminary. 1/ Disposable personal income in chained (1992) dollars equals the current-dollar figure divided by the implicit price deflator for personal consumption expenditures. 2/ Monthly estimates equal personal saving for the month as a percentage of disposable personal income for that month. 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 ----------------------------------------------------------------------------------------------- 1994 1995 Jan. 95 Feb. 95 Mar. 95 Apr. 95 May 95 June 95 July 95 Aug. 95 Sep. 95 Oct. 95 Nov. 95 Dec. 95 -------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 276.9 314.2 26.7 16.4 15.2 20.0 10.2 25.2 16.5 24.0 31.5 33.3 29.1 29.5 Wage and salary disbursements....... 151.1 187.8 16.0 14.8 11.5 16.6 -1.0 20.3 18.1 12.7 18.2 16.6 11.6 9.4 Private industries................ 133.2 167.3 11.1 11.9 9.7 16.3 -2.3 18.2 17.2 12.1 17.8 15.4 10.1 7.5 Goods-producing industries...... 43.2 39.5 0.1 3.4 0.5 2.8 -2.2 4.4 4.4 2.9 4.6 2.8 1.8 -1.5 Manufacturing................. 27.9 27.1 0.8 1.6 -0.1 1.2 -1.2 2.2 3.4 1.5 2.6 1.6 1.3 -1.3 Distributive industries......... 42.0 41.5 2.8 1.8 2.1 6.4 -3.0 5.2 3.8 3.6 3.8 1.0 2.8 1.5 Service industries.............. 48.0 86.2 8.2 6.6 7.2 7.1 2.9 8.6 9.0 5.6 9.5 11.5 5.4 7.6 Government........................ 17.9 20.5 4.9 2.9 1.8 0.3 1.3 2.1 0.9 0.6 0.4 1.2 1.5 1.9 Other labor income.................. 19.9 -3.4 -1.3 -0.8 -1.0 -1.5 -1.1 -1.2 -0.8 -1.3 -1.4 -1.3 -1.9 -2.2 Proprietors' income with IVA and CCAdj............................ 20.8 16.5 1.1 0.1 0.7 -0.7 4.4 3.2 -0.8 5.7 2.4 4.6 4.1 2.6 Farm............................. 4.5 -14.5 -2.7 -1.6 -1.2 -0.5 -0.7 -0.5 -1.7 0.7 1.7 4.3 2.6 2.6 Nonfarm.......................... 16.3 30.9 3.8 1.7 1.9 -0.2 5.1 3.8 0.8 5.0 0.7 0.3 1.5 0.0 Rental income of persons with CCAdj............................. 18.7 9.3 2.1 1.0 1.0 1.0 0.3 -0.1 -2.4 0.6 1.7 0.4 6.7 2.1 Personal dividend income............ 23.9 21.8 -1.4 0.0 0.5 0.2 0.8 2.0 0.1 2.3 5.6 3.7 6.6 10.4 Personal interest income............ 17.1 36.8 -1.2 -3.2 -3.5 2.6 0.0 0.1 -0.7 1.4 2.5 6.4 2.3 1.3 Transfer payments to persons........ 42.7 61.2 15.3 5.7 7.0 3.2 6.9 2.2 4.6 3.3 3.7 4.0 0.5 6.5 Old-age, survivors, disability, and health insurance benefits... 28.6 34.8 6.9 3.9 3.4 1.7 3.3 1.3 1.7 1.6 3.6 0.0 0.7 5.7 Government unemployment insurance benefits.............. -10.4 -2.2 0.3 0.0 -0.2 0.2 0.9 -0.6 1.0 -0.3 -0.2 0.9 -0.3 0.0 Other............................. 24.7 28.4 8.2 1.8 3.7 1.3 2.7 1.5 1.9 2.0 0.3 3.2 0.0 0.8 Less: Personal contributions for social insurance.................. 17.2 16.1 3.9 1.2 1.0 1.5 0.1 1.4 1.4 0.9 1.2 1.0 0.8 0.6 Less: Personal tax and nontax 49.1 55.9 7.8 4.6 1.8 54.0 -45.6 6.5 7.6 6.6 6.6 6.1 6.9 5.9 payments............................ Equals: Disposable personal income.... 227.8 258.2 18.9 11.7 13.5 -34.0 55.9 18.6 9.0 17.2 25.0 27.3 22.1 23.5 Less: Personal outlays................ 261.4 255.1 34.5 -15.4 29.4 7.3 56.6 41.1 -14.6 46.4 -3.4 5.0 39.5 36.4 Personal consumption expenditures... 257.8 236.9 32.8 -15.8 27.9 6.4 54.5 38.8 -16.5 44.5 -6.8 2.0 37.3 35.1 Interest paid by persons............ 2.7 16.7 0.9 0.4 1.5 1.3 2.1 2.3 1.2 1.8 3.4 1.4 2.2 1.3 Personal transfer payments to the rest of the world (net).......... 0.9 1.5 0.8 0.0 0.0 -0.4 0.0 0.0 0.8 0.0 0.0 1.6 0.0 0.0 Equals: Personal saving............... -33.5 3.0 -15.6 27.0 -15.9 -41.3 -0.7 -22.6 23.6 -29.0 28.3 22.2 -17.3 -12.9 Addendum: Disposable personal income in chained (1992) dollars.......... 106.2 133.2 11.0 4.9 5.2 -42.6 40.1 11.5 2.0 3.8 22.4 13.7 18.6 14.1 -------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------- P Preliminary. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 3. -- Personal Income and Its Disposition, Change From Preceding Period - Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------------------------------------------- 1996 Jan. 96 Feb. 96 Mar. 96 Apr. 96 May 96 June 96 July 96 Aug. 96 Sep. 96 Oct. 96 Nov. 96 Dec. 96 ----------------------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 353.1 17.3 63.2 31.4 28.5 29.9 45.9 16.5 29.9 29.0 11.0 30.3 37.7 Wage and salary disbursements....... 202.6 -5.2 45.3 13.2 20.2 24.5 38.1 -0.4 25.8 24.1 5.7 25.0 31.0 Private industries................ 184.4 -9.0 44.3 12.1 18.3 22.5 36.9 -1.6 25.1 22.7 4.3 23.0 29.2 Goods-producing industries...... 45.1 -4.7 16.5 -3.2 14.0 5.6 7.7 2.7 6.1 4.2 1.2 5.7 8.2 Manufacturing................. 26.7 -6.5 12.6 -4.5 12.5 3.5 4.9 1.7 4.2 2.7 -0.5 3.7 6.2 Distributive industries......... 40.4 -5.0 14.4 4.6 -2.8 6.9 12.3 -5.4 7.8 7.1 -0.4 5.7 7.3 Service industries.............. 99.0 0.8 13.3 10.6 7.2 10.1 16.8 1.2 11.1 11.4 3.5 11.7 13.5 Government........................ 18.2 3.7 1.1 1.2 1.9 1.9 1.2 1.1 0.8 1.4 1.4 2.0 1.8 Other labor income.................. -14.6 -4.1 -1.8 -0.9 1.1 -0.2 -0.3 -0.7 -0.3 -0.2 -0.3 0.1 0.5 Proprietors' income with IVA and CCAdj............................ 39.6 5.2 6.9 5.2 3.7 3.2 0.9 5.5 -2.5 0.0 0.8 -1.3 1.3 Farm............................. 16.5 2.5 2.4 2.2 2.4 1.7 1.1 2.5 -1.3 -2.2 -2.4 -3.0 -0.7 Nonfarm.......................... 23.2 2.6 4.6 3.0 1.3 1.5 -0.2 3.0 -1.2 2.2 3.2 1.6 2.1 Rental income of persons with CCAdj............................. 16.5 1.2 1.4 1.3 1.0 1.1 1.2 1.4 1.2 1.1 1.1 1.0 0.8 Personal dividend income............ 55.4 9.0 9.2 6.7 -0.5 1.1 3.9 4.7 4.7 3.4 0.1 0.3 0.2 Personal interest income............ 14.5 -1.7 0.3 0.6 0.6 1.1 1.6 3.4 0.8 0.8 1.6 2.6 3.6 Transfer payments to persons........ 52.1 11.8 4.7 6.1 3.9 0.5 3.1 2.7 1.8 1.3 2.5 4.3 2.6 Old-age, survivors, disability, and health insurance benefits... 30.2 4.6 3.8 5.0 -0.2 1.4 2.0 1.9 1.8 0.4 1.6 3.8 1.8 Government unemployment insurance benefits.............. 0.5 1.1 -0.5 -0.4 0.7 -1.5 0.3 0.1 -1.1 0.8 -0.4 -0.2 1.1 Other............................. 21.4 6.1 1.3 1.6 3.3 0.7 0.8 0.8 1.0 0.2 1.2 0.6 -0.3 Less: Personal contributions for social insurance.................. 12.7 -1.2 2.9 0.8 1.4 1.6 2.5 0.0 1.7 1.6 0.4 1.7 2.2 Less: Personal tax and nontax 95.5 13.0 14.7 7.0 57.5 -40.5 10.8 4.6 7.5 8.5 4.4 6.8 9.3 payments............................ Equals: Disposable personal income.... 257.6 4.4 48.5 24.3 -28.9 70.4 35.1 11.9 22.5 20.4 6.6 23.5 28.4 Less: Personal outlays................ 279.0 -0.2 41.6 22.1 55.7 22.4 -12.2 36.2 12.9 14.2 39.9 19.5 32.0 Personal consumption expenditures... 261.8 2.2 41.5 21.6 53.5 20.5 -13.8 34.4 10.9 12.5 37.6 17.4 29.0 Interest paid by persons............ 16.0 -1.0 0.1 0.5 1.3 2.0 1.6 1.8 2.0 1.7 0.4 2.1 2.9 Personal transfer payments to the rest of the world (net).......... 1.2 -1.4 0.0 0.0 0.8 0.0 0.0 0.0 0.0 0.0 1.9 0.0 0.0 Equals: Personal saving............... -21.3 4.6 6.8 2.3 -84.6 48.0 47.3 -24.3 9.5 6.3 -33.4 4.1 -3.6 Addendum: Disposable personal income in chained (1992) dollars.......... 136.9 -7.3 37.2 8.3 -40.1 58.2 29.4 0.5 17.5 9.8 -8.9 11.9 14.2 ----------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------- P Preliminary. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 3. -- Personal Income and Its Disposition, Change From Preceding Period - Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------------------------------------------- 1997 Jan. 97 Feb. 97 Mar. 97 Apr. 97 May 97 June 97 July 97 Aug. 97 Sep. 97 Oct. 97 Nov. 97 Dec. 97 ----------------------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 358.8 42.3 40.8 36.8 15.4 23.8 22.3 19.4 40.9 23.4 25.4 35.4 17.4 Wage and salary disbursements........ 258.7 16.4 35.2 24.0 10.9 19.8 15.4 14.6 35.8 14.4 26.9 34.0 9.7 Private industries................ 235.5 10.4 32.8 23.0 9.3 18.4 13.8 12.8 33.9 12.9 25.2 32.3 8.7 Goods-producing industries...... 66.0 4.6 7.9 7.4 2.2 4.8 2.3 3.7 8.7 4.4 9.9 8.8 8.1 Manufacturing................. 44.9 3.0 3.8 6.4 1.7 2.5 2.1 2.5 7.0 2.9 8.5 6.7 5.0 Distributive industries......... 56.5 1.5 6.7 7.4 1.5 4.2 1.7 4.3 12.1 3.6 6.0 10.0 -2.4 Service industries.............. 112.9 4.4 18.2 8.2 5.6 9.3 9.8 4.9 13.2 4.7 9.5 13.5 3.0 Government........................ 23.3 5.9 2.5 1.0 1.6 1.5 1.5 1.8 1.9 1.5 1.7 1.6 1.1 Other labor income.................. 5.9 2.6 0.7 0.6 0.4 0.8 1.0 -0.5 1.5 1.8 -0.9 2.5 2.8 Proprietors' income with IVA and CCAdj............................ 23.5 3.8 3.7 2.3 3.5 2.9 3.6 1.0 1.3 4.1 -0.8 -1.2 -0.2 Farm............................. -3.4 1.0 0.1 0.3 1.2 0.2 -0.2 -0.5 -0.9 -1.3 -1.6 -2.0 -2.4 Nonfarm.......................... 27.0 2.7 3.6 2.0 2.4 2.7 3.8 1.5 2.2 5.3 0.9 0.8 2.2 Rental income of persons with CCAdj............................. 8.0 0.8 0.5 0.4 -0.1 0.2 0.2 0.2 0.2 0.1 0.0 0.1 0.1 Personal dividend income............ 12.1 -0.2 0.0 0.2 0.0 0.1 0.2 0.0 0.2 0.4 0.3 0.3 0.1 Personal interest income............ 27.9 5.2 5.1 4.2 0.8 0.3 0.2 3.3 1.4 1.1 0.8 0.5 0.3 Transfer payments to persons........ 42.4 16.5 -1.9 6.8 0.8 1.1 2.9 1.8 3.2 2.7 0.7 1.8 5.4 Old-age, survivors, disability, and health insurance benefits... 27.9 11.4 -4.1 5.3 0.8 2.2 0.9 1.4 2.6 0.0 1.6 -0.1 4.4 Government unemployment insurance benefits.............. -2.0 -1.2 -0.1 0.1 -0.6 -1.0 0.7 -0.5 -0.2 0.6 -1.6 1.5 0.1 Other............................. 16.6 6.4 2.3 1.4 0.6 -0.1 1.3 0.9 0.8 2.1 0.7 0.5 0.8 Less: Personal contributions for social insurance.................. 19.9 2.9 2.5 1.7 0.8 1.5 1.1 1.2 2.5 1.1 2.0 2.4 0.8 Less: Personal tax and nontax 98.5 19.0 9.1 7.2 4.5 8.1 7.3 6.7 10.3 6.4 8.8 11.4 7.2 payments............................ Equals: Disposable personal income.... 260.4 23.3 31.6 29.7 10.9 15.7 15.0 12.6 30.7 17.0 16.6 24.0 10.2 Less: Personal outlays................ 297.9 50.0 16.6 13.2 7.6 6.4 42.1 63.6 10.7 19.1 13.1 30.7 24.0 Personal consumption expenditures... 278.0 49.7 15.5 12.1 6.2 5.1 40.5 61.6 8.6 16.3 11.8 30.6 21.0 Interest paid by persons............ 17.9 1.0 1.0 1.1 1.2 1.2 1.7 0.7 2.1 2.7 1.2 0.0 3.0 Personal transfer payments to the rest of the world (net).......... 2.0 -0.5 0.0 0.0 0.2 0.0 0.0 1.3 0.0 0.0 0.3 0.0 0.0 Equals: Personal saving............... -37.5 -26.8 15.1 16.6 3.2 9.3 -27.1 -51.0 19.9 -2.0 3.4 -6.6 -13.8 Addendum: Disposable personal income in chained (1992) dollars.......... 140.1 11.3 17.0 17.1 5.0 18.9 6.3 3.3 21.9 7.5 10.7 18.3 6.8 ----------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------- P Preliminary. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 3. -- Personal Income and Its Disposition, Change From Preceding Period - Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------------------------------- Jan. 98 Feb. 98 Mar. 98 Apr. 98 May 98 June 98p ----------------------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 42.2 36.8 26.6 21.7 30.6 16.2 Wage and salary disbursements....... 32.3 26.4 12.9 18.6 25.5 6.5 Private industries................ 27.9 23.6 11.4 16.4 23.6 4.4 Goods-producing industries...... 4.6 3.5 -0.1 2.7 1.7 -3.8 Manufacturing................. 1.9 2.1 1.0 -1.0 1.5 -3.8 Distributive industries......... 9.0 5.5 -0.3 5.9 9.1 -2.0 Service industries.............. 14.1 14.7 11.8 7.7 12.9 10. Government........................ 4.5 2.8 1.4 2.2 2.0 2.0 Other labor income.................. 2.0 1.1 1.0 0.9 1.0 0.6 Proprietors' income with IVA and CCAdj............................ 2.3 4.1 4.9 1.0 0.3 3.1 Farm............................. -0.9 -0.9 -0.7 -0.1 -0.1 0.0 Nonfarm.......................... 3.2 5.0 5.6 1.1 0.4 3.1 Rental income of persons with CCAdj............................. -0.6 0.1 -0.1 1.5 1.4 2.2 Personal dividend income............ 0.1 0.1 0.2 0.2 0.1 0.2 Personal interest income............ 1.4 2.3 2.3 1.8 1.3 1.2 Transfer payments to persons........ 9.1 4.6 6.3 -0.9 2.9 3.1 Old-age, survivors, disability, and health insurance benefits... 4.2 1.9 3.2 -0.7 1.8 1.1 Government unemployment insurance benefits.............. -0.3 -0.1 0.2 -0.2 -0.2 0.2 Other............................. 5.2 2.8 2.9 -0.1 1.4 1.8 Less: Personal contributions for social insurance.................. 4.4 1.9 1.0 1.3 2.0 0.6 Less: Personal tax and nontax 24.6 10.7 3.0 4.3 12.2 7.0 payments............................ Equals: Disposable personal income.... 17.6 26.1 23.6 17.3 18.4 9.3 Less: Personal outlays................ 29.9 32.7 14.7 30.4 49.3 32.9 Personal consumption expenditures... 31.9 33.4 14.8 29.8 48.8 33.6 Interest paid by persons............ -1.4 -0.7 -0.1 0.0 0.4 -0.7 Personal transfer payments to the rest of the world (net).......... -0.6 0.0 0.0 0.7 0.0 0.0 Equals: Personal saving............... -12.3 -6.6 8.9 -13.1 -30.9 -23.5 Addendum: Disposable personal income in chained (1992) dollars.......... 18.4 22.1 22.5 8.6 6.1 7.7 ----------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------- P Preliminary. 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 ----------------------------------------------------------------------------------------------- 1994 1995 Jan. 95 Feb. 95 Mar. 95 Apr. 95 May 95 June 95 July 95 Aug. 95 Sep. 95 Oct. 95 Nov. 95 Dec. 95 -------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures..... 4,717.0 4,953.9 4,863.7 4,847.9 4,875.8 4,882.2 4,936.7 4,975.5 4,959.0 5,003.5 4,996.7 4,998.7 5,036.0 5,071.1 Durable goods....................... 579.5 611.0 604.7 587.8 602.6 588.3 608.7 621.2 608.7 626.2 616.0 613.6 620.6 634.1 Nondurable goods.................... 1,428.4 1,473.6 1,471.5 1,451.3 1,455.9 1,463.5 1,473.3 1,475.5 1,471.2 1,475.8 1,483.3 1,476.9 1,487.5 1,498.1 Services............................ 2,709.1 2,869.2 2,787.4 2,808.8 2,817.3 2,830.5 2,854.7 2,878.8 2,879.1 2,901.5 2,897.5 2,908.2 2,927.9 2,938.9 ------------------------------------------------------------------------------------------------------------------------ Billions of chained (1992) dollars ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures..... 4,486.0 4,605.6 4,562.4 4,542.1 4,561.3 4,557.0 4,596.6 4,627.2 4,605.9 4,635.6 4,628.7 4,619.7 4,652.5 4,677.7 Durable goods....................... 561.2 589.1 581.8 565.1 578.6 564.6 586.3 599.6 587.5 603.9 594.6 592.9 601.1 613.1 Nondurable goods.................... 1,389.9 1,417.6 1,422.2 1,402.3 1,406.5 1,410.2 1,417.6 1,419.8 1,413.7 1,417.8 1,423.9 1,414.8 1,427.1 1,435.0 Services............................ 2,535.5 2,599.6 2,559.9 2,574.8 2,576.7 2,582.3 2,593.4 2,608.6 2,605.0 2,614.8 2,611.1 2,612.5 2,625.1 2,631.1 ------------------------------------------------------------------------------------------------------------------------ Implicit price deflators (Index numbers, 1992 = 100) ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures..... 105.15 107.56 106.60 106.73 106.90 107.14 107.40 107.53 107.67 107.94 107.95 108.20 108.24 108.41 Durable goods....................... 103.27 103.72 103.94 104.01 104.15 104.19 103.82 103.59 103.61 103.68 103.60 103.49 103.25 103.43 Nondurable goods.................... 102.77 103.95 103.47 103.49 103.51 103.78 103.93 103.93 104.07 104.09 104.17 104.39 104.23 104.39 Services............................ 106.85 110.37 108.89 109.09 109.34 109.61 110.08 110.36 110.52 110.96 110.97 111.32 111.53 111.70 -------------------------------------------------------------------------------------------------------------------------------------------------------------- Change from preceding period -------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures..... 257.8 236.9 32.8 -15.8 27.9 6.4 54.5 38.8 -16.5 44.5 -6.8 2.0 37.3 35.1 Durable goods....................... 49.3 31.5 5.3 -16.9 14.8 -14.3 20.4 12.5 -12.5 17.5 -10.2 -2.4 7.0 13.5 Nondurable goods.................... 57.7 45.2 15.8 -20.2 4.6 7.6 9.8 2.2 -4.3 4.6 7.5 -6.4 10.6 10.6 Services............................ 150.7 160.1 11.5 21.4 8.5 13.2 24.2 24.1 0.3 22.4 -4.0 10.7 19.7 11.0 ------------------------------------------------------------------------------------------------------------------------ Billions of chained (1992) dollars ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures..... 142.4 119.6 24.4 -20.3 19.2 -4.3 39.6 30.6 -21.3 29.7 -6.9 -9.0 32.8 25.2 Durable goods....................... 37.4 27.9 5.5 -16.7 13.5 -14.0 21.7 13.3 -12.1 16.4 -9.3 -1.7 8.2 12.0 Nondurable goods.................... 38.9 27.7 19.6 -19.9 4.2 3.7 7.4 2.2 -6.1 4.1 6.1 -9.1 12.3 7.9 Services............................ 66.6 64.1 0.0 14.9 1.9 5.6 11.1 15.2 -3.6 9.8 -3.7 1.4 12.6 6.0 -------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------- P Preliminary. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 4. -- Personal Consumption Expenditures by Major Type of Product - Continued ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------- 1996 Jan. 96 Feb. 96 Mar. 96 Apr. 96 May 96 June 96 July 96 Aug. 96 Sep. 96 Oct. 96 Nov. 96 Dec. 96 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Billions of current dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 5,215.7 5,073.3 5,114.8 5,136.4 5,189.9 5,210.4 5,196.6 5,231.0 5,241.9 5,254.4 5,292.0 5,309.4 5,338.4 Durable goods....................... 643.3 622.2 642.4 632.4 649.3 653.3 639.4 638.9 647.6 641.1 652.8 651.0 649.4 Nondurable goods.................... 1,539.2 1,497.6 1,508.3 1,514.6 1,538.3 1,540.3 1,535.2 1,540.4 1,540.2 1,550.2 1,563.8 1,567.4 1,573.6 Services............................ 3,033.2 2,953.5 2,964.1 2,989.4 3,002.3 3,016.8 3,021.9 3,051.8 3,054.1 3,063.1 3,075.4 3,090.9 3,115.4 ---------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 4,752.4 4,669.0 4,700.3 4,706.9 4,743.0 4,755.8 4,740.8 4,762.4 4,769.7 4,772.8 4,792.8 4,799.7 4,815.1 Durable goods....................... 626.1 601.0 620.8 611.1 629.4 635.8 623.3 622.7 631.6 625.2 637.4 637.2 637.9 Nondurable goods.................... 1,450.9 1,428.5 1,436.4 1,435.7 1,450.9 1,451.1 1,449.3 1,451.7 1,454.3 1,458.1 1,465.2 1,464.3 1,465.6 Services............................ 2,676.7 2,640.0 2,644.7 2,660.8 2,664.6 2,671.1 2,669.6 2,688.6 2,685.3 2,690.4 2,692.2 2,699.9 2,713.0 ---------------------------------------------------------------------------------------------------------------------------- Implicit price deflators (Index numbers, 1992 = 100) ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 109.75 108.66 108.82 109.13 109.42 109.56 109.61 109.84 109.90 110.09 110.41 110.62 110.87 Durable goods....................... 102.75 103.53 103.47 103.48 103.16 102.75 102.59 102.59 102.54 102.55 102.41 102.17 101.81 Nondurable goods.................... 106.08 104.84 105.01 105.50 106.02 106.15 105.92 106.11 105.91 106.32 106.72 107.04 107.37 Services............................ 113.32 111.87 112.08 112.35 112.67 112.94 113.20 113.51 113.74 113.85 114.23 114.48 114.83 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Change from preceding period ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Billions of current dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 261.8 2.2 41.5 21.6 53.5 20.5 -13.8 34.4 10.9 12.5 37.6 17.4 29.0 Durable goods....................... 32.3 -11.9 20.2 -10.0 16.9 4.0 -13.9 -0.5 8.7 -6.5 11.7 -1.8 -1.6 Nondurable goods.................... 65.6 -0.5 10.7 6.3 23.7 2.0 -5.1 5.2 -0.2 10.0 13.6 3.6 6.2 Services............................ 164.0 14.6 10.6 25.3 12.9 14.5 5.1 29.9 2.3 9.0 12.3 15.5 24.5 ---------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 146.8 -8.7 31.3 6.6 36.1 12.8 -15.0 21.6 7.3 3.1 20.0 6.9 15.4 Durable goods....................... 37.0 -12.1 19.8 -9.7 18.3 6.4 -12.5 -0.6 8.9 -6.4 12.2 -0.2 0.7 Nondurable goods.................... 33.3 -6.5 7.9 -0.7 15.2 0.2 -1.8 2.4 2.6 3.8 7.1 -0.9 1.3 Services............................ 77.1 8.9 4.7 16.1 3.8 6.5 -1.5 19.0 -3.3 5.1 1.8 7.7 13.1 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------- P Preliminary. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 4. -- Personal Consumption Expenditures by Major Type of Product - Continued ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------- 1997 Jan. 97 Feb. 97 Mar. 97 Apr. 97 May 97 June 97 July 97 Aug. 97 Sep. 97 Oct. 97 Nov. 97 Dec. 97 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Billions of current dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 5,493.7 5,388.1 5,403.6 5,415.7 5,421.9 5,427.0 5,467.5 5,529.1 5,537.7 5,554.0 5,565.8 5,596.4 5,617.4 Durable goods....................... 673.0 670.8 668.4 667.4 656.3 656.7 666.8 682.9 683.5 677.1 671.7 684.8 690.1 Nondurable goods.................... 1,600.6 1,585.8 1,589.5 1,593.8 1,585.4 1,586.9 1,592.3 1,608.6 1,610.8 1,614.4 1,614.6 1,614.8 1,610.2 Services............................ 3,220.1 3,131.5 3,145.7 3,154.5 3,180.2 3,183.5 3,208.4 3,237.7 3,243.5 3,262.5 3,279.5 3,296.7 3,317.1 ---------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 4,913.5 4,850.7 4,853.8 4,855.6 4,856.7 4,865.9 4,895.4 4,942.9 4,945.4 4,952.6 4,959.3 4,983.6 5,000.1 Durable goods....................... 668.6 659.3 654.9 654.6 648.3 650.8 662.2 679.4 682.6 676.9 673.0 687.9 693.3 Nondurable goods.................... 1,486.3 1,474.9 1,476.8 1,482.1 1,472.0 1,476.5 1,482.9 1,497.2 1,495.4 1,494.6 1,494.4 1,495.7 1,492.6 Services............................ 2,761.5 2,719.6 2,724.8 2,721.8 2,737.8 2,740.3 2,752.8 2,770.3 2,771.7 2,784.1 2,794.0 2,803.3 2,817.3 ---------------------------------------------------------------------------------------------------------------------------- Implicit price deflators (Index numbers, 1992 = 100) ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 111.81 111.08 111.33 111.53 111.64 111.53 111.69 111.86 111.98 112.14 112.23 112.30 112.35 Durable goods....................... 100.66 101.75 102.06 101.95 101.22 100.91 100.70 100.52 100.13 100.03 99.81 99.55 99.53 Nondurable goods.................... 107.69 107.51 107.63 107.54 107.70 107.47 107.38 107.44 107.72 108.02 108.04 107.96 107.88 Services............................ 116.61 115.14 115.45 115.90 116.16 116.17 116.55 116.87 117.02 117.18 117.38 117.60 117.74 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Change from preceding period ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Billions of current dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 278.0 49.7 15.5 12.1 6.2 5.1 40.5 61.6 8.6 16.3 11.8 30.6 21.0 Durable goods....................... 29.7 21.4 -2.4 -1.0 -11.1 0.4 10.1 16.1 0.6 -6.4 -5.4 13.1 5.3 Nondurable goods.................... 61.4 12.2 3.7 4.3 -8.4 1.5 5.4 16.3 2.2 3.6 0.2 0.2 -4.6 Services............................ 186.9 16.1 14.2 8.8 25.7 3.3 24.9 29.3 5.8 19.0 17.0 17.2 20.4 ---------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 161.1 35.6 3.1 1.8 1.1 9.2 29.5 47.5 2.5 7.2 6.7 24.3 16.5 Durable goods....................... 42.5 21.4 -4.4 -0.3 -6.3 2.5 11.4 17.2 3.2 -5.7 -3.9 14.9 5.4 Nondurable goods.................... 35.4 9.3 1.9 5.3 -10.1 4.5 6.4 14.3 -1.8 -0.8 -0.2 1.3 -3.1 Services............................ 84.8 6.6 5.2 -3.0 16.0 2.5 12.5 17.5 1.4 12.4 9.9 9.3 14.0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------- P Preliminary. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 4. -- Personal Consumption Expenditures by Major Type of Product - Continued ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Seasonally adjusted at annual rates --------------------------------------------------------------------------------------------------------------------- Jan. 98 Feb. 98 Mar. 98 Apr. 98 May 98 June 98p ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Billions of current dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 5,649.3 5,682.7 5,697.5 5,727.3 5,776.1 5,809.7 Durable goods....................... 709.6 708.2 697.6 698.5 722.1 733.9 Nondurable goods.................... 1,623.8 1,636.7 1,638.8 1,646.9 1,661.3 1,664.8 Services............................ 3,315.9 3,337.8 3,361.0 3,381.8 3,392.8 3,411.0 ---------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 5,031.1 5,059.7 5,074.3 5,094.4 5,127.9 5,157.1 Durable goods....................... 713.8 713.1 703.8 704.2 731.7 746.3 Nondurable goods.................... 1,508.6 1,523.7 1,531.4 1,536.9 1,543.8 1,548.7 Services............................ 2,814.9 2,829.0 2,843.8 2,857.4 2,860.0 2,871.3 ---------------------------------------------------------------------------------------------------------------------------- Implicit price deflators (Index numbers, 1992 = 100) ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 112.29 112.31 112.28 112.42 112.64 112.65 Durable goods....................... 99.41 99.31 99.12 99.20 98.68 98.33 Nondurable goods.................... 107.64 107.42 107.02 107.16 107.61 107.50 Services............................ 117.79 117.98 118.19 118.35 118.63 118.80 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Change from preceding period ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Billions of current dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 31.9 33.4 14.8 29.8 48.8 33.6 Durable goods....................... 19.5 -1.4 -10.6 0.9 23.6 11.8 Nondurable goods.................... 13.6 12.9 2.1 8.1 14.4 3.5 Services............................ -1.2 21.9 23.2 20.8 11.0 18.2 ---------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ---------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 31.0 28.6 14.6 20.1 33.5 29.2 Durable goods....................... 20.5 -0.7 -9.3 0.4 27.5 14.6 Nondurable goods.................... 16.0 15.1 7.7 5.5 6.9 4.9 Services............................ -2.4 14.1 14.8 13.6 2.6 11.3 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------- P Preliminary. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 5. -- Percent Change From Preceding Period in Selected Series -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1994 1995 Jan. 95 Feb. 95 Mar. 95 Apr. 95 May 95 June 95 July 95 Aug. 95 Sep. 95 Oct. 95 Nov. 95 Dec. 95 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Based on current dollars --------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 5.1 5.5 0.5 0.3 0.3 0.3 0.2 0.4 0.3 0.4 0.5 0.5 0.5 0.5 Disposable personal income............ 4.8 5.1 0.4 0.2 0.3 -0.6 1.1 0.4 0.2 0.3 0.5 0.5 0.4 0.4 Personal consumption expenditures..... 5.8 5.0 0.7 -0.3 0.6 0.1 1.1 0.8 -0.3 0.9 -0.1 0.0 0.7 0.7 Durable goods....................... 9.3 5.4 0.9 -2.8 2.5 -2.4 3.5 2.1 -2.0 2.9 -1.6 -0.4 1.1 2.2 Nondurable goods.................... 4.2 3.2 1.1 -1.4 0.3 0.5 0.7 0.2 -0.3 0.3 0.5 -0.4 0.7 0.7 Services............................ 5.9 5.9 0.4 0.8 0.3 0.5 0.9 0.8 0.0 0.8 -0.1 0.4 0.7 0.4 --------------------------------------------------------------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income............ 2.3 2.8 0.2 0.1 0.1 -0.9 0.8 0.2 0.0 0.1 0.5 0.3 0.4 0.3 Personal consumption expenditures..... 3.3 2.7 0.5 -0.4 0.4 -0.1 0.9 0.7 -0.5 0.6 -0.1 -0.2 0.7 0.5 Durable goods....................... 7.1 5.0 1.0 -2.9 2.4 -2.4 3.8 2.3 -2.0 2.8 -1.6 -0.3 1.4 2.0 Nondurable goods.................... 2.9 2.0 1.4 -1.4 0.3 0.3 0.5 0.2 -0.4 0.3 0.4 -0.6 0.9 0.6 Services............................ 2.7 2.5 -0.0 0.6 0.1 0.2 0.4 0.6 -0.1 0.4 -0.1 0.1 0.5 0.2 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 5. -- Percent Change From Preceding Period in Selected Series - Continued -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1996 Jan. 96 Feb. 96 Mar. 96 Apr. 96 May 96 June 96 July 96 Aug. 96 Sep. 96 Oct. 96 Nov. 96 Dec. 96 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Based on current dollars --------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 5.8 0.3 1.0 0.5 0.5 0.5 0.7 0.3 0.5 0.4 0.2 0.5 0.6 Disposable personal income............ 4.9 0.1 0.9 0.4 -0.5 1.3 0.6 0.2 0.4 0.4 0.1 0.4 0.5 Personal consumption expenditures..... 5.3 0.0 0.8 0.4 1.0 0.4 -0.3 0.7 0.2 0.2 0.7 0.3 0.5 Durable goods....................... 5.3 -1.9 3.2 -1.6 2.7 0.6 -2.1 -0.1 1.4 -1.0 1.8 -0.3 -0.3 Nondurable goods.................... 4.4 -0.0 0.7 0.4 1.6 0.1 -0.3 0.3 -0.0 0.6 0.9 0.2 0.4 Services............................ 5.7 0.5 0.4 0.9 0.4 0.5 0.2 1.0 0.1 0.3 0.4 0.5 0.8 --------------------------------------------------------------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income............ 2.8 -0.1 0.8 0.2 -0.8 1.2 0.6 0.0 0.3 0.2 -0.2 0.2 0.3 Personal consumption expenditures..... 3.2 -0.2 0.7 0.1 0.8 0.3 -0.3 0.5 0.2 0.1 0.4 0.1 0.3 Durable goods....................... 6.3 -2.0 3.3 -1.6 3.0 1.0 -2.0 -0.1 1.4 -1.0 2.0 -0.0 0.1 Nondurable goods.................... 2.4 -0.5 0.6 -0.0 1.1 0.0 -0.1 0.2 0.2 0.3 0.5 -0.1 0.1 Services............................ 3.0 0.3 0.2 0.6 0.1 0.2 -0.1 0.7 -0.1 0.2 0.1 0.3 0.5 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 5. -- Percent Change From Preceding Period in Selected Series - Continued -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1997 Jan. 97 Feb. 97 Mar. 97 Apr. 97 May 97 June 97 July 97 Aug. 97 Sep. 97 Oct. 97 Nov. 97 Dec. 97 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Based on current dollars --------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 5.6 0.6 0.6 0.6 0.2 0.4 0.3 0.3 0.6 0.3 0.4 0.5 0.3 Disposable personal income............ 4.7 0.4 0.6 0.5 0.2 0.3 0.3 0.2 0.5 0.3 0.3 0.4 0.2 Personal consumption expenditures..... 5.3 0.9 0.3 0.2 0.1 0.1 0.7 1.1 0.2 0.3 0.2 0.5 0.4 Durable goods....................... 4.6 3.3 -0.4 -0.1 -1.7 0.1 1.5 2.4 0.1 -0.9 -0.8 2.0 0.8 Nondurable goods.................... 4.0 0.8 0.2 0.3 -0.5 0.1 0.3 1.0 0.1 0.2 0.0 0.0 -0.3 Services............................ 6.2 0.5 0.5 0.3 0.8 0.1 0.8 0.9 0.2 0.6 0.5 0.5 0.6 --------------------------------------------------------------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income............ 2.8 0.2 0.3 0.3 0.1 0.4 0.1 0.1 0.4 0.1 0.2 0.4 0.1 Personal consumption expenditures..... 3.4 0.7 0.1 0.0 0.0 0.2 0.6 1.0 0.1 0.1 0.1 0.5 0.3 Durable goods....................... 6.8 3.4 -0.7 -0.0 -1.0 0.4 1.8 2.6 0.5 -0.8 -0.6 2.2 0.8 Nondurable goods.................... 2.4 0.6 0.1 0.4 -0.7 0.3 0.4 1.0 -0.1 -0.1 -0.0 0.1 -0.2 Services............................ 3.2 0.2 0.2 -0.1 0.6 0.1 0.5 0.6 0.1 0.4 0.4 0.3 0.5 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 5. -- Percent Change From Preceding Period in Selected Series - Continued -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Jan. 98 Feb. 98 Mar. 98 Apr. 98 May 98 June 98p -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Based on current dollars --------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 0.6 0.5 0.4 0.3 0.4 0.2 Disposable personal income............ 0.3 0.4 0.4 0.3 0.3 0.2 Personal consumption expenditures..... 0.6 0.6 0.3 0.5 0.9 0.6 Durable goods....................... 2.8 -0.2 -1.5 0.1 3.4 1.6 Nondurable goods.................... 0.8 0.8 0.1 0.5 0.9 0.2 Services............................ -0.0 0.7 0.7 0.6 0.3 0.5 --------------------------------------------------------------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income............ 0.4 0.4 0.4 0.2 0.1 0.1 Personal consumption expenditures..... 0.6 0.6 0.3 0.4 0.7 0.6 Durable goods....................... 3.0 -0.1 -1.3 0.0 3.9 2.0 Nondurable goods.................... 1.1 1.0 0.5 0.4 0.4 0.3 Services............................ -0.1 0.5 0.5 0.5 0.1 0.4 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 6.--Revisions to Personal Income and Its Disposition (Billions of dollars, saar, unless otherwise noted) Revised Revision Revision to percent change 1995 1996 1997 1995 1996 1997 1995 1996 1997 Personal income................... 1 6,072.1 6,425.2 6,784.0 -78.7 -70.0 -89.9 -0.7 0.2 -0.2 Wages and salary disbursements.......... 2 3,428.5 3,631.1 3,889.8 -1.0 -1.4 12.4 -0.0 -0.0 0.4 Private wages and salaries............. 3 2,805.8 2,990.2 3,225.7 -0.7 0.3 13.6 -0.0 0.0 0.4 Goods-producing industries............ 4 863.9 909.0 975.0 -0.5 -0.1 14.7 -0.1 0.0 1.6 Manufacturing.................... 5 647.9 674.6 719.5 -0.5 -0.1 13.5 -0.1 0.1 2.0 Distributive industries............... 6 782.9 823.3 879.8 -0.2 0.0 3.5 -0.0 0.0 0.4 Service industries.................. 7 1,158.9 1,257.9 1,370.8 -0.1 0.4 -4.7 -0.0 0.0 -0.4 Government........................... 8 622.7 640.9 664.2 -0.3 -1.7 -1.1 -0.0 -0.2 0.1 Other labor income...................... 9 401.6 387.0 392.9 -5.2 -20.6 -23.7 -1.3 -3.8 -0.7 Proprietors' income with IVA and CCAdj.. 10 488.1 527.7 551.2 -0.9 7.4 6.7 -0.2 1.7 -0.2 Farm.................................. 11 22.4 38.9 35.5 -1.0 1.7 -5.2 -2.7 14.8 -18.3 Nonfarm............................... 12 465.6 488.8 515.8 0.1 5.7 12.0 0.0 1.2 1.3 Rental income with CCAdj................ 13 133.7 150.2 158.2 0.9 3.9 10.3 0.7 2.2 4.3 Personal dividend income................ 14 192.8 248.2 260.3 -59.1 -43.0 -61.2 -10.2 13.1 -5.5 Personal interest income................ 15 704.9 719.4 747.3 -14.0 -16.3 -21.3 -2.1 -0.3 -0.6 Transfer payments to persons............ 16 1,015.9 1,068.0 1,110.4 0.9 0.0 -10.7 0.1 -0.1 -1.0 Old-age, survivors, disabliity, and health insurance benefits...... 17 507.8 538.0 565.9 0.0 0.4 -0.8 -0.0 0.1 -0.2 Unemployment insurance................ 18 21.4 21.9 19.9 0.0 -0.1 -1.9 -0.1 -0.1 -8.2 Other................................. 19 486.6 508.0 524.6 0.9 -0.4 -8.1 0.2 -0.3 -1.5 Less: Personal contributions for social insurance....................... 20 293.6 306.3 326.2 0.5 0.0 2.5 0.2 -0.2 0.8 Less: Personal tax and nontax payments.... 21 795.0 890.5 989.0 -0.1 3.6 0.3 -0.0 0.5 -0.4 Equals:Disposable personal income (DPI)... 22 5,277.0 5,534.7 5,795.1 -78.7 -73.6 -90.1 -0.9 0.2 -0.2 Less: Personal outlays................... 23 5,097.2 5,376.2 5,674.1 -3.9 7.4 15.6 -0.1 0.2 0.1 Personal consumption expenditures.. 24 4,953.9 5,215.7 5,493.7 -3.8 8.1 7.9 -0.1 0.2 -0.0 Durable goods.................... 25 611.0 643.3 673.0 2.5 8.8 13.7 0.4 1.0 0.7 Nondurable goods................. 26 1,473.6 1,539.2 1,600.6 -2.2 4.5 8.6 -0.2 0.5 0.3 Services......................... 27 2,869.2 3,033.2 3,220.1 -4.2 -5.2 -14.4 -0.2 -0.0 -0.3 Interest paid by persons......... 28 127.6 143.6 161.5 -0.9 -1.6 6.7 -0.8 -0.4 5.8 Personal transfer payments to the rest of the world (net)......... 29 15.7 16.9 18.9 0.9 1.0 1.0 6.2 0.0 -0.6 Equals: Personal saving.................. 30 179.8 158.5 121.0 -74.8 -81.1 -105.7 -19.2 -6.0 -18.3 Addenda: DPI in chained (1992) dollars........... 31 4,906.1 5,043.0 5,183.1 -58.1 -33.9 -38.8 -0.5 0.5 -0.1 Per capit DPI: Current dollars....................... 32 20,050 20,840 21,633 -299 -277 -336 -0.8 0.2 -0.2 Chained (1992) dollars................ 33 18,640 18,989 19,349 -221 -127 -144 -0.5 0.5 -0.1 Population (mid-period, 1,000s)......... 34 263,195 265,579 267,880 0 0 -10 0.0 -0.0 -0.0 Personal saving as a percentage of disposable personal income............ 35 3.4 2.9 2.1 -1.4 -1.4 -1.8 ----- ---- ----- IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 7. -- Revised and Previously Published Estimates of Personal Income, Disposable Personal Income, Personal Consumption Expenditures, and Personal Saving as a Percentage of Disposable Personal Income: Annually, 1995 to 1997, and Monthly, June 1997 to May 1998 Personal income Percent Billions of dollars Previously Previously published Revised published Revised 1995................. 6.2 5.5 359.0 314.1 1996................. 5.6 5.8 344.5 353.1 1997................. 5.8 5.6 378.7 358.8 1997: June................. 0.6 0.3 40.7 22.3 July................. 0.1 0.3 9.6 19.3 August.............. 0.6 0.6 39.1 40.9 September........... 0.3 0.3 23.2 23.5 October............. 0.5 0.4 34.9 25.4 November............ 0.7 0.5 49.4 35.4 December............ 0.4 0.3 30.7 17.4 1998: January............. 0.6 0.6 39.1 42.2 February............ 0.6 0.5 40.9 36.9 March............... 0.4 0.4 25.8 26.6 April............... 0.4 0.3 28.6 21.6 May................. 0.5 0.4 38.3 30.6 Source: U.S. Department of Commerce, Bureau of Economic Analysis. Disposable personal income Percent Billions of dollars Previously Previously published Revised published Revised 1995....................... 6.0 5.1 302.9 258.2 1996....................... 4.7 4.9 252.7 257.6 1997...................... 4.9 4.7 276.9 260.4 1997: June....................... 0.5 0.3 30.0 15.0 July....................... 0.1 0.2 7.3 12.6 August.............. 0.5 0.5 31.1 30.6 September........... 0.3 0.3 19.0 17.0 October.................... 0.4 0.3 26.3 16.6 November................... 0.6 0.4 37.1 24.1 December............... 0.4 0.2 25.4 10.1 1998: January................ 0.3 0.3 18.3 17.6 February.............. 0.5 0.4 28.6 26.1 March.................. 0.4 0.4 22.7 23.6 April.................. 0.4 0.3 22.3 17.3 May................... 0.5 0.3 27.9 18.4 Personal consumption expenditures Percent Billions of dollars Previously Previously published Revised published Revised 1995....................... 5.1 5.0 240.7 236.9 1996....................... 5.0 5.3 249.9 261.8 1997...................... 5.3 5.3 278.2 278.0 1997: June....................... 0.5 0.7 29.6 40.5 July....................... 1.2 1.1 66.8 61.6 August.............. 0.1 0.2 7.1 8.6 September........... 0.2 0.3 11.9 16.3 October................... 0.4 0.2 21.5 11.8 November................... 0.3 0.5 16.1 30.6 December............... 0.4 0.4 23.4 21.0 1998: January................ 0.7 0.6 39.3 31.9 February.............. 0.6 0.6 32.9 33.4 March.................. 0.4 0.3 22.0 14.8 April.................. 0.4 0.5 21.0 29.8 May................... 0.6 0.9 35.9 48.8 Personal saving as a percentage of disposable personal income Previously published Revised 1995....................... 4.8 3.4 1996....................... 4.3 2.9 1997...................... 3.9 2.1 1997: June....................... 4.3 2.4 July....................... 3.3 1.5 August.............. 3.6 1.8 September........... 3.7 1.7 October................... 3.7 1.9 November................... 4.1 1.8 December............... 4.0 1.4 1998: January................ 3.7 1.2 February.............. 3.6 1.1 March.................. 3.6 1.3 April.................. 3.6 1.1 May................... 3.5 0.5 Table 8. --- Revised and Previously Published Estimates of Real Disposable Personal Income and Real Personal Consumption Expenditures: Annually, 1995 to 1997, and Monthly, June 1997 to June 1998 Change from preceding period Disposable personal income Personal consumption expenditures Billions of chained Billions of chained Percent (1992) dollars Percent (1992) dollars Previously Previously Previously Previously published Revised published Revised published Revised published Revised 1995.......... 3.3 3.3 156.5 159.1 2.3 2.4 104.7 109.3 1996.......... 2.9 2.3 142.7 112.7 2.5 2.6 112.8 118.8 1997.......... 2.9 2.3 142.7 112.7 2.5 2.6 112.8 118.8 1997: June.......... 0.7 0.8 37.3 38.2 -0.6 -0.3 -27.2 -15.1 July.......... -0.2 -0.5 -8.2 -23.5 0.1 0.2 3.0 9.0 August........ 0.5 0.3 25.4 14.7 0.4 0.1 19.5 3.1 September..... 0.3 0.3 16.7 16.0 -0.1 0.0 -6.7 0.0 October....... -0.2 -0.5 -10.7 -23.2 0.5 0.6 25.7 26.0 November...... 0.4 0.3 22.9 14.0 0.2 0.1 11.1 5.8 December...... 0.5 0.4 27.6 21.9 0.2 0.5 11.6 22.2 1998: January....... 0.1 0.4 6.9 19.3 1.2 1.0 55.4 46.7 February...... 0.3 0.3 15.9 17.1 -0.1 0.0 -5.3 -1.5 March......... 0.4 0.4 22.5 22.0 0.1 0.0 6.2 -2.2 April......... 0.1 0.0 6.0 1.1 0.0 0.0 1.9 -1.4 May........... 0.3 0.3 17.1 15.0 0.4 0.3 17.3 16.2 June.......... 0.3 0.3 17.1 15.0 0.4 0.3 17.3 16.2 Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 9. Revised and Previously Published Estimates of Personal Income, Disposable Personal Income, and Personal Saving as a Percentage of Disposable Personal Income: Annually 1982 to 1997, and Monthly, June 1997 to May 1998 Personal saving as a Change from preceding period percentage of Personal income Disposable personal income disposable personal Percent Billions of dollars Percent Billions of dollars income Previously Previously Previously Previously Previously published Revised published Revised published Revised published Revised published Revised 1982 6.2 6.1 158.7 155.6 6.7 6.5 147.5 144.4 9.1 9.0 1983 6.4 6.3 173.6 170.3 7.5 7.3 175.7 172.4 7.0 6.7 1984 10.8 11.0 314.5 317.0 11.4 11.5 288.3 290.8 8.7 8.6 1985 7.3 7.1 234.5 229.5 6.8 6.7 192.3 187.3 7.2 6.9 1986 6.0 5.8 208.6 198.7 6.2 5.9 186.4 176.5 6.5 5.9 1987 6.3 6.5 230.3 238.2 5.5 5.8 176.0 184.0 5.3 5.0 1988 7.6 7.8 295.9 301.1 8.2 8.4 278.1 283.2 5.5 5.4 1989 7.6 7.6 316.3 317.5 6.9 7.0 253.5 254.7 5.1 5.0 1990 6.7 6.7 303.2 299.8 7.0 6.9 273.3 269.9 5.3 5.1 1991 3.7 3.5 177.4 169.4 4.2 4.1 177.4 169.5 6.0 5.6 1992 5.9 5.8 295.6 290.0 6.2 6.1 269.8 264.2 6.2 5.7 1993 4.6 4.3 242.0 225.4 4.4 4.0 202.6 185.9 5.1 4.4 1994 4.9 5.1 272.6 276.9 4.6 4.8 223.5 227.8 4.2 3.5 1995 6.2 5.5 359.0 314.1 6.0 5.1 302.9 258.2 4.8 3.4 1996 5.6 5.8 344.5 353.1 4.7 4.9 252.7 257.6 4.3 2.9 1997 5.8 5.6 378.7 358.8 4.9 4.7 276.9 260.4 3.9 2.1 1997 June 0.6 0.3 40.7 22.3 0.5 0.3 30.0 15.0 4.3 2.4 July 0.1 0.3 9.6 19.3 0.1 0.2 7.3 12.6 3.3 1.5 August 0.6 0.6 39.1 40.9 0.5 0.5 31.1 30.6 3.6 1.8 September 0.3 0.3 23.2 23.5 0.3 0.3 19.0 17.0 3.7 1.7 October 0.5 0.4 34.9 25.4 0.4 0.3 26.3 16.6 3.7 1.9 November 0.7 0.5 49.4 35.4 0.6 0.4 37.1 24.1 4.1 1.8 December 0.4 0.3 30.7 17.4 0.4 0.2 25.4 10.1 4.0 1.4 1998 January 0.6 0.6 39.1 42.2 0.3 0.3 18.3 17.6 3.7 1.2 February 0.6 0.5 40.9 36.9 0.5 0.4 28.6 26.1 3.6 1.1 March 0.4 0.4 25.8 26.6 0.4 0.4 22.7 23.6 3.6 1.3 April 0.4 0.3 28.6 21.6 0.4 0.3 22.3 17.3 3.6 1.1 May 0.5 0.4 38.3 30.6 0.5 0.3 27.9 18.4 3.5 0.5 Source: U.S. Department of Commerce, Bureau of Economic Analysis.