FOR WIRE TRANSMISSION: 8:30 A.M. EST, MONDAY, DECEMBER 23, 1996 Tracey D. Schlitzer: (202) 606-5301 (Personal Income) BEA 96-41 Clinton P. McCully: 606-5302 (Personal Outlays) Recorded message: 606-5303 PERSONAL INCOME AND OUTLAYS: NOVEMBER 1996 Personal income increased $32.5 billion, or 0.5 percent, and disposable personal income (DPI) increased $28.5 billion, or 0.5 percent, in November, according to the Commerce Department's Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $28.5 billion, or 0.5 percent. In October, personal income increased $2.9 billion, or less than 0.1 percent, DPI increased $3.8 billion, or 0.1 percent, and PCE increased $37.2 billion, or 0.7 percent, based on revised estimates. 1996 July Aug. Sept. Oct. Nov. (Percent change from preceding month) Personal income, current dollars . . . . . . .0 0.6 0.6 .0 0.5 Disposable personal income: Current dollars. . . . . . . . . . . . . . .0 .5 .5 .1 .5 Chained (1992) dollars . . . . . . . . . . -.2 .5 .3 -.2 .3 Personal consumption expenditures: Current dollars. . . . . . . . . . . . . . .3 .5 .1 .7 .5 Chained (1992) dollars . . . . . . . . . . .1 .4 -.1 .4 .3 Wages and salaries Private wage and salary disbursements increased $22.5 billion in November, in contrast to a decrease of $4.9 billion in October. In November, employment, average weekly hours, and average hourly earnings all increased. Commodity-producing industries' payrolls increased $3.6 billion, compared with an increase of $0.6 billion; manufacturing payrolls increased $3.5 billion, compared with an increase of $0.3 billion. Distributive industries' payrolls increased $6.3 billion, in contrast to a decrease of $4.3 billion. Service industries' payrolls increased $12.7 billion, in contrast to a decrease of $1.3 billion. Government wage and salary disbursements decreased $0.3 billion, compared with a decrease of $0.1 billion. Other personal income Proprietors' income increased $0.6 billion in November, in contrast to a decrease of $1.0 billion in October. Farm proprietors' income decreased $1.9 billion, compared with a decrease of $2.4 billion. Nonfarm proprietors' income increased $2.5 billion, compared with an increase of $1.5 billion. Transfer payments increased $5.5 billion in November, compared with an increase of $3.4 billion in October. Personal interest income increased $2.5 billion, compared with an increase of $2.3 billion. Personal dividend income increased $1.4 billion, compared with an increase of $1.0 billion. Rental income of persons increased $0.4 billion in November, the same increase as in October. Personal taxes and disposable personal income Personal tax and nontax payments increased $4.0 billion in November, in contrast to a decrease of $0.9 billion in October. Disposable personal income (DPI) -- personal income less personal tax and nontax payments -- increased $28.5 billion, or 0.5 percent, in November, compared with an increase of $3.8 billion, or 0.1 percent, in October. 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 $28.7 billion in November, compared with an increase of $37.3 billion in October. PCE increased $28.5 billion, compared with an increase of $37.2 billion. Personal saving -- disposable personal income less personal outlays -- was $284.8 billion in November, compared with $285.0 billion in October. Personal saving as a percentage of disposable personal income was 5.0 percent in November, the same as in October. Chained (1992) dollar estimates Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in November, in contrast to a decrease of 0.2 percent in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in November, compared with an increase of 0.4 percent in October. Purchases of durable goods increased 1.0 percent, compared with an increase of 1.5 percent. Purchases of nondurable goods decreased 0.2 percent in November; in October, they were unchanged. Purchases of services increased 0.4 percent in November, the same increase as in October. Revisions Estimates have been revised for July through October. Changes in personal income, current-dollar and chained (1992) dollar DPI, and current-dollar and chained (1992) dollar PCE for September and October -- revised and as published in last month's release -- are shown below. Revisions for July and August were small. Change from preceding month September October Previous Revised Previous Revised Previous Revised Previous Revised (Dollars) (Percent) (Dollars) (Percent) Personal income: Current dollars. . . . . 40.8 36.2 0.6 0.6 2.6 2.9 .0 .0 Disposable personal income: Current dollars. . . . . 32.7 29.1 .6 .5 2.2 3.8 .0 .1 Chained (1992) dollars . 20.9 16.5 .4 .3 -13.0 -11.8 -.3 -.2 Personal consumption expenditures: Current dollars. . . . . 2.7 2.7 .1 .1 27.5 37.2 .5 .7 Chained (1992) dollars . -5.6 -6.7 -.1 -.1 11.1 19.7 .2 .4 * * * 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 $90.00 domestic. Second class mail: annual subscription $49.00 domestic, $61.25 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 December will be released on February 3, 1997, at 8:30 A.M. EST. As announced in the November release, the following are the release dates for 1997 Release covering Release date December 1996 February 3 January 1997 March 3 February 1997 March 31 March 1997 May 1 April 1997 June 2 May 1997 June 30 June 1997 August 1 July 1997 August 29 August 1997 September 29 September 1997 November 3 October 1997 November 28 November 1997 December 24 Table 1. -- Personal Income [Billions of dollars] -------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------- 1994 1995 June 96 July 96r Aug. 96r Sep. 96r Oct. 96r Nov. 96p -------------------------------------------------------------------------------------------------------------------------- Personal income..................... 5,753.1 6,115.1 6,460.3 6,463.1 6,502.5 6,538.7 6,541.6 6,574.1 Wage and salary disbursements..... 3,241.8 3,430.6 3,643.1 3,630.8 3,660.9 3,687.2 3,682.2 3,704.4 Private industries.............. 2,639.3 2,808.8 3,002.8 2,988.3 3,016.5 3,040.4 3,035.5 3,058.0 Commodity-producing industries 824.9 863.6 906.3 906.8 913.3 913.1 913.7 917.3 Manufacturing............... 621.1 648.4 675.1 675.4 680.7 679.5 679.8 683.3 Distributive industries....... 739.2 783.7 833.6 823.8 832.5 841.0 836.7 843.0 Service industries............ 1,075.2 1,161.6 1,262.9 1,257.8 1,270.7 1,286.3 1,285.0 1,297.7 Government...................... 602.5 621.7 640.3 642.5 644.4 646.8 646.7 646.4 Other labor income................ 402.2 424.0 435.6 437.1 438.6 440.1 441.5 442.9 Proprietors' income with IVA and CCAdj........................... 450.9 478.3 519.0 522.7 526.0 530.4 529.4 530.0 Farm............................ 35.0 29.0 48.0 50.0 52.2 53.1 50.7 48.8 Nonfarm......................... 415.9 449.3 471.0 472.7 473.7 477.3 478.8 481.3 Rental income of persons with CCAdj........................... 116.6 122.2 124.6 126.3 126.6 128.0 128.4 128.8 Personal dividend income.......... 199.6 214.8 229.9 230.8 231.5 232.3 233.3 234.7 Personal interest income.......... 663.7 717.1 737.5 740.6 743.0 745.1 747.4 749.9 Transfer payments to persons...... 956.3 1,022.6 1,078.9 1,082.5 1,085.6 1,087.3 1,090.7 1,096.2 Old-age, survivors, disability, and health insurance benefits. 472.9 507.4 538.3 540.2 542.3 542.8 544.5 547.5 Government unemployment insurance benefits............ 23.7 21.6 21.9 22.1 21.9 22.0 22.1 22.1 Other........................... 459.7 493.6 518.7 520.2 521.4 522.5 524.1 526.6 Less: Personal contributions for social insurance................ 278.1 294.5 308.4 307.7 309.8 311.7 311.4 313.0 -------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------ 1994 1995 June 96 July 96r Aug. 96r Sep. 96r Oct. 96r Nov. 96p -------------------------------------------------------------------------------------------------------------------------- Personal income....................... 5,753.1 6,115.1 6,460.3 6,463.1 6,502.5 6,538.7 6,541.6 6,574.1 Less: Personal tax and nontax payments........................... 731.4 794.3 863.0 863.9 873.3 880.4 879.5 883.5 Equals: Disposable personal income... 5,021.7 5,320.8 5,597.3 5,599.2 5,629.2 5,658.3 5,662.1 5,690.6 Less: Personal outlays............... 4,832.3 5,071.5 5,297.9 5,313.0 5,336.7 5,339.8 5,377.1 5,405.8 Personal consumption expenditures... 4,700.9 4,924.9 5,135.6 5,148.9 5,172.4 5,175.1 5,212.3 5,240.8 Interest paid by persons............ 117.2 131.7 146.2 147.9 148.2 148.6 148.7 148.8 Personal transfer payments to the rest of the world (net)........... 14.2 14.9 16.2 16.2 16.2 16.2 16.2 16.2 Equals: Personal saving.............. 189.4 249.3 299.4 286.2 292.5 318.5 285.0 284.8 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 4,778.2 4,945.8 5,100.5 5,092.2 5,117.5 5,134.0 5,122.2 5,136.0 Per capita: Current dollars................... 19,264 20,224 21,093 21,082 21,178 21,270 21,268 21,360 Chained (1992) dollars............ 18,330 18,799 19,220 19,173 19,253 19,299 19,240 19,278 Population (thousands).............. 260,681 263,090 265,367 265,590 265,807 266,022 266,226 266,412 Personal saving as a percentage of disposable personal income ......... 3.8 4.7 5.3 5.1 5.2 5.6 5.0 5.0 -------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------ 1994 1995 June 96 July 96r Aug. 96r Sep. 96r Oct. 96r Nov. 96p -------------------------------------------------------------------------------------------------------------------- Personal income....................... 273.0 362.0 55.1 2.8 39.4 36.2 2.9 32.5 Wage and salary disbursements........ 151.1 188.8 45.9 -12.3 30.1 26.3 -5.0 22.2 Private industries................ 132.9 169.5 44.8 -14.5 28.2 23.9 -4.9 22.5 Commodity-producing industries.. 43.6 38.7 6.3 0.5 6.5 -0.2 0.6 3.6 Manufacturing................. 28.0 27.3 3.2 0.3 5.3 -1.2 0.3 3.5 Distributive industries......... 40.8 44.5 14.6 -9.8 8.7 8.5 -4.3 6.3 Service industries.............. 48.5 86.4 23.9 -5.1 12.9 15.6 -1.3 12.7 Government........................ 18.3 19.2 1.1 2.2 1.9 2.4 -0.1 -0.3 Other labor income.................. 21.3 21.8 1.6 1.5 1.5 1.5 1.4 1.4 Proprietors' income with IVA and CCAdj............................. 30.9 27.4 2.9 3.7 3.3 4.4 -1.0 0.6 Farm.............................. 3.0 -6.0 1.8 2.0 2.2 0.9 -2.4 -1.9 Nonfarm........................... 27.8 33.4 1.1 1.7 1.0 3.6 1.5 2.5 Rental income of persons with CCAdj............................. 14.1 5.6 -0.2 1.7 0.3 1.4 0.4 0.4 Personal dividend income............ 12.8 15.2 0.5 0.9 0.7 0.8 1.0 1.4 Personal interest income............ 15.6 53.4 3.9 3.1 2.4 2.1 2.3 2.5 Transfer payments to persons........ 45.6 66.3 3.5 3.6 3.1 1.7 3.4 5.5 Old-age, survivors, disability, and health insurance benefits... 28.5 34.5 2.2 1.9 2.1 0.5 1.7 3.0 Government unemployment insurance benefits.............. -10.3 -2.1 0.0 0.2 -0.2 0.1 0.1 0.0 Other............................. 27.4 33.9 1.3 1.5 1.2 1.1 1.6 2.5 Less: Personal contributions for social insurance.................. 18.5 16.4 3.2 -0.7 2.1 1.9 -0.3 1.6 Less: Personal tax and nontax payments............................ 41.5 62.9 10.3 0.9 9.4 7.1 -0.9 4.0 Equals: Disposable personal income.... 231.5 299.1 44.7 1.9 30.0 29.1 3.8 28.5 Less: Personal outlays................ 256.5 239.2 -25.4 15.1 23.7 3.1 37.3 28.7 Personal consumption expenditures... 246.8 224.0 -26.4 13.3 23.5 2.7 37.2 28.5 Interest paid by persons............ 8.3 14.5 1.0 1.7 0.3 0.4 0.1 0.1 Personal transfer payments to the rest of the world (net)........... 1.4 0.7 0.0 0.0 0.0 0.0 0.0 0.0 Equals: Personal saving............... -25.0 59.9 70.1 -13.2 6.3 26.0 -33.5 -0.2 Addenda: Disposable personal income, chained (1992) dollars.......... 111.3 167.6 37.4 -8.3 25.3 16.5 -11.8 13.8 -------------------------------------------------------------------------------------------------------------------- ----------------------------------------- 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 --------------------------------------------------------- 1994 1995 June 96 July 96r Aug. 96r Sep. 96r Oct. 96r Nov. 96p ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 4,700.9 4,924.9 5,135.6 5,148.9 5,172.4 5,175.1 5,212.3 5,240.8 Durable goods....................... 580.9 606.4 632.0 624.7 642.8 624.0 633.4 637.0 Nondurable goods.................... 1,429.7 1,485.9 1,540.5 1,544.2 1,542.7 1,552.6 1,559.0 1,562.3 Services............................ 2,690.3 2,832.6 2,963.0 2,980.0 2,986.9 2,998.5 3,019.9 3,041.5 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 4,473.1 4,577.8 4,679.7 4,682.7 4,702.2 4,695.5 4,715.2 4,730.0 Durable goods....................... 562.0 579.8 611.9 605.3 623.3 606.3 615.6 621.5 Nondurable goods.................... 1,390.5 1,421.9 1,436.6 1,438.5 1,441.9 1,446.3 1,445.7 1,443.3 Services............................ 2,521.4 2,577.0 2,632.2 2,639.6 2,638.3 2,643.9 2,654.8 2,665.9 -------------------------------------------------------------------------------- Implicit price deflators (Index numbers, 1992 = 100) -------------------------------------------------------------------------------- Personal consumption expenditures..... 105.1 107.6 109.7 110.0 110.0 110.2 110.5 110.8 Durable goods....................... 103.4 104.6 103.3 103.2 103.1 102.9 102.9 102.5 Nondurable goods.................... 102.8 104.5 107.2 107.3 107.0 107.4 107.8 108.2 Services............................ 106.7 109.9 112.6 112.9 113.2 113.4 113.8 114.1 ------------------------------------------------------------------------------------------------------------------------- Change from preceding period ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 246.8 224.0 -26.4 13.3 23.5 2.7 37.2 28.5 Durable goods....................... 50.2 25.5 -16.4 -7.3 18.1 -18.8 9.4 3.6 Nondurable goods.................... 60.8 56.2 -8.2 3.7 -1.5 9.9 6.4 3.3 Services............................ 135.7 142.3 -1.9 17.0 6.9 11.6 21.4 21.6 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 133.6 104.7 -27.2 3.0 19.5 -6.7 19.7 14.8 Durable goods....................... 37.9 17.8 -14.7 -6.6 18.0 -17.0 9.3 5.9 Nondurable goods.................... 41.7 31.4 -6.7 1.9 3.4 4.4 -0.6 -2.4 Services............................ 54.7 55.6 -6.3 7.4 -1.3 5.6 10.9 11.1 __________________________________________________________________________________________________________________________ Table 5. -- Percent Change From Preceding Period in Selected Series -------------------------------------------------------------------------------------------------------------------------- 1994 1995 June 96 July 96r Aug. 96r Sep. 96r Oct. 96r Nov. 96p -------------------------------------------------------------------------------------------------------------------------- Based on current dollars --------------------------------------------------------------------------------- Personal income....................... 5.0 6.3 0.9 0.0 0.6 0.6 0.0 0.5 Disposable personal income............ 4.8 6.0 0.8 0.0 0.5 0.5 0.1 0.5 Personal consumption expenditures..... 5.5 4.8 -0.5 0.3 0.5 0.1 0.7 0.5 Durable goods....................... 9.5 4.4 -2.5 -1.2 2.9 -2.9 1.5 0.6 Nondurable goods.................... 4.4 3.9 -0.5 0.2 -0.1 0.6 0.4 0.2 Services............................ 5.3 5.3 -0.1 0.6 0.2 0.4 0.7 0.7 --------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------- Disposable personal income............ 2.4 3.5 0.7 -0.2 0.5 0.3 -0.2 0.3 Personal consumption expenditures..... 3.1 2.3 -0.6 0.1 0.4 -0.1 0.4 0.3 Durable goods....................... 7.2 3.2 -2.3 -1.1 3.0 -2.7 1.5 1.0 Nondurable goods.................... 3.1 2.3 -0.5 0.1 0.2 0.3 0.0 -0.2 Services............................ 2.2 2.2 -0.2 0.3 0.0 0.2 0.4 0.4 -------------------------------------------------------------------------------------------------------------------------- ---------------------------------------- p Preliminary. r Revised. Source: U.S. Department of Commerce, Bureau of Economic Analysis.