FOR WIRE TRANSMISSION: 8:30 A.M. EDT, THURSDAY, MAY 1, 1997 Tracey D. Schlitzer: (202) 606-5301 (Personal Income)BEA 97-11 Clinton P. McCully: 606-5302 (Personal Outlays) Recorded message: 606-5303 PERSONAL INCOME AND OUTLAYS: MARCH 1997 Personal income increased $38.6 billion, or 0.6 percent, and disposable personal income (DPI) increased $33.5 billion, or 0.6 percent, in March, according to the Commerce Department's Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $24.9 billion, or 0.5 percent. In February, personal income increased $53.8 billion, or 0.8 percent, DPI increased $43.6 billion, or 0.8 percent, and PCE increased $24.8 billion, or 0.5 percent, based on revised estimates. 1996 1997 Nov. Dec. Jan. Feb. Mar. (Percent change from preceding month) Personal income, current dollars . . . 0.6 0.7 0.3 0.8 0.6 Disposable personal income: Current dollars . . . . .6 .7 .7 .8 .6 Chained (1992) dollars. .4 .5 .6 .5 .5 Personal consumption expenditures: Current dollars . . . . .4 .4 1.2 .5 .5 Chained (1992) dollars. .2 .2 1.1 .2 .4 Wages and salaries Private wage and salary disbursements increased $25.3 billion in March, compared with an increase of $45.5 billion in February. In March, an increase in employment and average hourly earnings more than offset a decline in average weekly hours. Commodity-producing industries' payrolls increased $6.8 billion, compared with an increase of $9.7 billion; manufacturing payrolls increased $6.3 billion, compared with an increase of $3.8 billion. Distributive industries' payrolls increased $5.3 billion, compared with an increase of $12.1 billion. Service industries' payrolls increased $13.2 billion, compared with an increase of $23.6 billion. Government wage and salary disbursements increased $2.4 billion, compared with an increase of $3.2 billion. Other personal income Proprietors' income increased $2.0 billion in March, compared with an increase of $4.5 billion in February. Farm proprietors' income decreased $0.5 billion, the same decrease as in February. Nonfarm proprietors' income increased $2.5 billion in March, compared with an increase of $5.0 billion in February. Transfer payments increased $7.6 billion, in contrast to a decrease of $0.6 billion. Personal interest income increased $2.1 billion, compared with an increase of $2.4 billion. Personal taxes and disposable personal income Personal tax and nontax payments increased $5.1 billion in March, compared with an increase of $10.2 billion in February. Disposable personal income (DPI) -- personal income less personal tax and nontax payments -- increased $33.5 billion, or 0.6 percent, in March, compared with an increase of $43.6 billion, or 0.8 percent, in February. 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 $25.5 billion in March, the same increase as in February. PCE increased $24.9 billion, compared with an increase of $24.8 billion. Personal saving -- disposable personal income less personal outlays -- was $309.8 billion in March, compared with $301.8 billion in February. Personal saving as a percentage of disposable personal income was 5.3 percent in March, compared with 5.2 percent in February. Chained (1992) dollar estimates Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in March, the same increase as in February. Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in March, compared with an increase of 0.2 percent in February. Purchases of durable goods increased 0.7 percent, compared with an increase of 0.2 percent. Purchases of nondurable goods increased 0.5 percent, compared with an increase of 0.3 percent. Purchases of services increased 0.2 percent, compared with an increase of 0.1 percent. Revisions As announced in last month's release, BEA has incorporated revised national income and product account (NIPA) estimates of selected series into the tables in this release. These revisions primarily reflect work undertaken to complete the most recent comprehensive NIPA revision: the preparation of revised estimates of reproducible tangible wealth for 1929-95 and of revised NIPA estimates for 1929-58. BEA is revising the 1959-96 NIPA estimates primarily so that they will be consistent with the newly available wealth estimates, which directly affect several NIPA series shown in this release. The largest NIPA revisions resulting from the wealth revisions are to the estimates of the capital consumption adjustment (CCAdj) and of consumption of fixed capital (CFC) and to the series that depend on them, including farm and nonfarm proprietors' income and rental income of persons. Table 6 of this release shows revisions to personal income, disposable personal income, personal saving, and saving as a percentage of disposable personal income annually since 1981 and monthly since January 1995. Revisions to personal income reflect revisions to farm proprietors' income with IVA and CCAdj, nonfarm proprietors' income with IVA and CCAdj, and rental income of persons with CCAdj. The personal saving rate is revised up slightly in most years, while revisions to the growth rate of personal income and disposable personal income were small. The NIPA revisions will be discussed in more detail in the May 1997 Survey of Current Business, BEA's monthly journal. Changes in personal income, current-dollar and chained (1992) dollar DPI, and current-dollar and chained (1992) dollar PCE for January and February 1997 -- revised and as published in last month's release -- are shown below. The revisions to January and February 1997 primarily reflect the incorporation of newly available source data. Change from preceding month January February Previous Revised Previous Revised Previous Revised Previous Revised (Dollars) (Percent) (Dollars) (Percent) Personal income: Current dollars . . 23.5 23.2 0.4 0.3 57.8 53.8 0.9 0.8 Disposable personal income: Current dollars . . 40.3 39.4 0.7 0.7 48.0 43.6 0.8 0.8 Chained (1992) dollars 30.1 29.9 0.6 0.6 28.8 25.2 0.6 0.5 Personal consumption expenditures: Current dollars . . 55.0 61.1 1.0 1.2 18.4 24.8 0.3 0.5 Chained (1992) dollars 43.9 49.9 0.9 1.1 3.3 9.3 0.1 0.2 * * * 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 April will be released on June 2, 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..................... 5,762.0 6,112.4 5,987.4 5,999.9 6,021.4 6,063.8 6,058.1 6,094.8 6,127.1 6,136.0 6,169.1 6,202.8 6,225.2 6,262.8 Wage and salary disbursements..... 3,241.8 3,430.6 3,363.8 3,365.9 3,373.9 3,408.6 3,386.0 3,414.8 3,444.0 3,443.9 3,465.6 3,491.9 3,495.0 3,513.6 Private industries.............. 2,639.3 2,808.8 2,749.5 2,749.1 2,756.0 2,790.5 2,766.6 2,793.3 2,821.0 2,819.8 2,840.4 2,866.2 2,868.2 2,885.4 Commodity-producing industries 824.9 863.6 852.5 855.1 856.8 859.2 856.4 860.6 863.8 866.7 869.7 872.3 873.2 876.3 Manufacturing............... 621.1 648.4 643.1 643.3 644.4 645.9 644.1 645.8 648.1 650.4 651.7 653.3 654.3 656.5 Distributive industries....... 739.2 783.7 767.4 767.0 768.2 781.8 770.3 779.8 787.8 786.8 793.2 798.1 800.9 803.1 Service industries............ 1,075.2 1,161.6 1,129.5 1,127.0 1,131.0 1,149.5 1,139.9 1,152.9 1,169.5 1,166.2 1,177.5 1,195.8 1,194.1 1,206.0 Government...................... 602.5 621.7 614.4 616.7 617.9 618.1 619.3 621.4 622.9 624.1 625.2 625.7 626.8 628.1 Other labor income................ 402.2 424.0 416.2 417.7 419.2 420.6 422.0 423.4 424.6 425.8 427.2 428.7 430.2 431.7 Proprietors' income with IVA and CCAdj.......................... 464.4 486.1 479.4 478.9 479.9 480.7 481.2 484.7 484.0 488.1 491.4 491.6 495.0 498.0 Farm........................... 34.3 27.9 28.7 27.6 26.8 26.8 26.6 26.5 26.6 27.0 27.7 29.0 30.2 31.2 Nonfarm........................ 430.0 458.2 450.8 451.3 453.1 453.9 454.6 458.2 457.4 461.1 463.6 462.6 464.9 466.8 Rental income of persons with CCAdj........................... 112.1 111.7 113.2 111.4 110.0 110.9 112.4 112.5 111.3 109.5 108.8 107.3 115.0 118.2 Personal dividend income.......... 199.6 214.8 208.8 209.4 210.4 211.5 212.1 212.9 214.3 215.6 217.4 219.5 221.9 223.8 Personal interest income.......... 663.7 717.1 698.5 705.1 710.3 713.9 716.9 719.0 718.2 719.7 721.7 724.2 727.0 730.3 Transfer payments to persons...... 956.3 1,022.6 996.9 1,001.7 1,008.4 1,010.6 1,018.8 1,021.0 1,026.6 1,028.9 1,034.1 1,038.0 1,039.3 1,046.9 Old-age, survivors, disability, and health insurance benefits. 472.9 507.4 493.9 497.6 501.2 502.6 505.7 506.9 508.4 510.1 513.6 513.4 514.5 520.5 Government unemployment insurance benefits............ 23.7 21.6 21.6 21.1 20.9 20.0 21.8 21.2 22.7 21.3 21.9 22.3 22.2 22.1 Other........................... 459.7 493.6 481.4 483.0 486.3 488.0 491.3 492.9 495.5 497.5 498.6 502.2 502.5 504.4 Less: Personal contributions for social insurance................ 278.1 294.5 289.6 290.1 290.9 293.0 291.4 293.6 295.9 295.6 297.2 298.4 298.4 299.7 --------------------------------------------------------------------------------------------------------------------------------------------------------------- IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 1. -- Personal Income [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 | Jan. 97 Feb. 97 Mar. 97p ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Personal income..................... 6,449.5 6,265.8 6,311.7 6,336.1 6,368.6 6,402.6 6,457.6 6,460.4 6,499.9 6,536.4 6,541.8 6,583.5 6,629.4 | 6,652.6 6,706.4 6,745.0 | Wage and salary disbursements..... 3,630.1 3,508.1 3,546.0 3,560.6 3,579.1 3,597.2 3,643.1 3,630.8 3,660.9 3,687.2 3,682.3 3,713.5 3,752.5 | 3,750.8 3,799.5 3,827.2 Private industries.............. 2,988.9 2,875.6 2,912.0 2,925.1 2,941.8 2,958.0 3,002.8 2,988.3 3,016.5 3,040.4 3,035.5 3,066.3 3,105.0 | 3,097.1 3,142.6 3,167.9 Commodity-producing industries 902.7 870.9 884.3 880.9 894.6 900.0 906.3 906.8 913.3 913.1 913.8 918.7 930.2 | 927.6 937.3 944.1 Manufacturing............... 672.5 650.5 658.6 655.3 668.3 671.9 675.1 675.4 680.7 679.5 679.7 683.2 692.0 | 688.9 692.7 699.0 Distributive industries....... 827.9 801.2 812.0 818.1 814.4 819.0 833.6 823.8 832.5 841.0 836.6 848.5 854.4 | 852.7 864.8 870.1 Service industries............ 1,258.3 1,203.4 1,215.6 1,226.1 1,232.8 1,239.0 1,262.9 1,257.8 1,270.7 1,286.3 1,285.1 1,299.0 1,320.4 | 1,316.9 1,340.5 1,353.7 Government...................... 641.2 632.6 634.0 635.4 637.3 639.2 640.3 642.5 644.4 646.8 646.8 647.3 647.4 | 653.7 656.9 659.3 | | Other labor income................ 436.2 427.4 429.1 430.8 432.4 434.0 435.6 437.1 438.6 440.1 441.5 442.9 444.3 | 445.2 446.1 447.0 | Proprietors' income with IVA and | CCAdj.......................... 527.3 501.5 508.7 514.0 519.8 525.5 528.4 532.0 535.2 539.6 540.1 541.0 541.6 | 545.0 549.5 551.5 Farm........................... 44.7 34.3 37.0 38.5 41.5 44.5 46.3 48.3 50.6 51.5 49.5 47.9 46.3 | 45.6 45.1 44.6 Nonfarm........................ 482.6 467.3 471.7 475.5 478.3 481.0 482.1 483.7 484.6 488.1 490.7 493.1 495.4 | 499.4 504.4 506.9 | Rental income of persons with | CCAdj........................... 115.0 116.5 114.7 112.1 111.9 112.7 112.5 114.3 114.9 116.4 117.7 118.0 118.1 | 117.0 116.6 115.1 | Personal dividend income.......... 230.6 225.3 226.5 227.9 228.7 229.4 229.9 230.8 231.5 232.3 233.3 234.7 236.5 | 238.2 239.9 241.7 | Personal interest income.......... 738.2 728.4 725.6 724.3 728.1 733.6 737.5 740.6 743.0 745.1 747.7 750.5 753.4 | 756.0 758.4 760.5 | Transfer payments to persons...... 1,079.7 1,057.4 1,062.5 1,069.0 1,072.5 1,075.4 1,078.9 1,082.5 1,085.6 1,087.3 1,090.2 1,096.1 1,098.8 | 1,118.3 1,117.7 1,125.3 Old-age, survivors, disability, | and health insurance benefits. 539.1 525.4 529.4 534.9 534.6 536.1 538.3 540.2 542.3 542.8 544.5 549.0 551.2 | 562.5 558.9 565.0 Government unemployment | insurance benefits............ 22.1 22.5 22.2 21.9 22.1 21.9 21.9 22.1 21.9 22.0 22.0 22.0 22.2 | 22.4 22.3 22.2 Other........................... 518.6 509.5 510.9 512.2 515.7 517.4 518.7 520.2 521.4 522.5 523.6 525.1 525.4 | 533.4 536.5 538.0 | Less: Personal contributions for | social insurance................ 307.5 298.9 301.5 302.7 303.9 305.2 308.4 307.7 309.8 311.7 311.0 313.2 315.9 | 318.0 321.3 323.4 | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary; all other data are 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 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....................... 5,762.0 6,112.4 5,987.4 5,999.9 6,021.4 6,063.8 6,058.1 6,094.8 6,127.1 6,136.0 6,169.1 6,202.8 6,225.2 6,262.8 Less: Personal tax and nontax payments........................... 731.4 794.3 765.7 770.3 774.2 832.3 781.4 790.8 796.9 796.9 801.6 806.5 805.9 809.2 Equals: Disposable personal income... 5,030.6 5,318.1 5,221.7 5,229.6 5,247.2 5,231.5 5,276.7 5,304.0 5,330.2 5,339.2 5,367.4 5,396.3 5,419.3 5,453.6 Less: Personal outlays............... 4,832.3 5,071.5 4,960.8 4,972.9 5,007.1 5,016.9 5,056.3 5,090.0 5,086.3 5,117.8 5,115.6 5,103.3 5,142.2 5,188.6 Personal consumption expenditures... 4,700.9 4,924.9 4,822.5 4,834.1 4,865.2 4,875.0 4,912.4 4,944.2 4,938.7 4,968.9 4,966.1 4,950.4 4,988.0 5,032.9 Interest paid by persons............ 117.2 131.7 123.9 124.5 127.5 127.8 129.9 131.7 132.9 134.3 134.9 136.4 137.7 139.2 Personal transfer payments to rest of world..................... 14.2 14.9 14.4 14.4 14.4 14.1 14.1 14.1 14.7 14.7 14.7 16.5 16.5 16.5 Equals: Personal saving.............. 198.3 246.6 260.8 256.7 240.1 214.6 220.4 214.0 243.9 221.3 251.8 293.0 277.1 265.0 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 4,786.8 4,943.3 4,901.1 4,900.3 4,905.3 4,875.1 4,909.3 4,930.9 4,949.9 4,947.7 4,973.0 4,988.9 5,006.8 5,031.4 Per capita: Current dollars................... 19,298 20,214 19,929 19,947 20,000 19,926 20,083 20,171 20,254 20,270 20,360 20,453 20,525 20,640 Chained (1992) dollars............ 18,363 18,789 18,705 18,691 18,697 18,568 18,685 18,752 18,808 18,784 18,864 18,909 18,963 19,042 Population (thousands).............. 260,681 263,090 262,012 262,174 262,356 262,549 262,743 262,953 263,173 263,399 263,624 263,841 264,034 264,220 Personal saving as percentage of disposable personal income 2/....... 3.9 4.6 5.0 4.9 4.6 4.1 4.2 4.0 4.6 4.1 4.7 5.4 5.1 4.9 ------------------------------------------------------------------------------------------------------------------------------------------------------------ 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 [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 | Jan. 97 Feb. 97 Mar.97p ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Personal income....................... 6,449.5 6,265.8 6,311.7 6,336.1 6,368.6 6,402.6 6,457.6 6,460.4 6,499.9 6,536.4 6,541.8 6,583.5 6,629.4 | 6,652.6 6,706.4 6,745.0 | Less: Personal tax and nontax | payments........................... 863.8 814.1 826.1 834.7 896.1 852.7 863.0 863.9 873.3 880.4 880.2 886.7 894.7 | 878.5 888.7 893.8 | Equals: Disposable personal income... 5,585.7 5,451.7 5,485.7 5,501.4 5,472.5 5,549.9 5,594.5 5,596.5 5,626.7 5,656.0 5,661.6 5,696.7 5,734.7 | 5,774.1 5,817.7 5,851.2 | Less: Personal outlays............... 5,314.0 5,171.4 5,229.8 5,253.2 5,280.8 5,323.3 5,297.9 5,313.0 5,336.7 5,339.8 5,385.9 5,408.4 5,428.2 | 5,490.4 5,515.9 5,541.4 | Personal consumption expenditures... 5,151.4 5,015.0 5,071.9 5,094.7 5,120.8 5,162.0 5,135.6 5,148.9 5,172.4 5,175.1 5,219.5 5,240.8 5,260.5 | 5,321.6 5,346.4 5,371.3 Interest paid by persons............ 146.3 140.7 142.1 142.8 143.9 145.2 146.2 147.9 148.2 148.6 149.4 150.5 150.6 | 151.6 152.4 152.9 Personal transfer payments to the | rest of world (net)............... 16.3 15.7 15.7 15.7 16.2 16.2 16.2 16.2 16.2 16.2 17.1 17.1 17.1 | 17.2 17.2 17.2 | Equals: Personal saving.............. 271.6 280.3 255.9 248.2 191.7 226.6 296.6 283.5 290.0 316.2 275.7 288.4 306.5 | 283.7 301.8 309.8 | Addenda: | | Disposable personal income: | | Chained (1992) dollars 1/........... 5,086.0 5,019.1 5,042.1 5,041.0 4,997.4 5,060.6 5,097.9 5,089.8 5,115.2 5,131.9 5,121.1 5,144.0 5,171.6 | 5,201.5 5,226.7 5,251.6 | Per capita: | Current dollars................... 21,040 20,620 20,736 20,780 20,655 20,931 21,082 21,072 21,168 21,261 21,266 21,384 21,512 | 21,647 21,798 21,908 Chained (1992) dollars............ 19,158 18,984 19,059 19,041 18,862 19,086 19,211 19,164 19,244 19,291 19,236 19,309 19,399 | 19,500 19,584 19,663 Population (thousands).............. 265,482 264,391 264,554 264,743 264,946 265,151 265,367 265,590 265,807 266,022 266,222 266,406 266,586 | 266,739 266,889 267,074 | Personal saving as percentage of | disposable personal income ......... 4.9 5.1 4.7 4.5 3.5 4.1 5.3 5.1 5.2 5.6 4.9 5.1 5.3 | 4.9 5.2 5.3 | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary; all other data are 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 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....................... 266.4 350.4 60.9 12.5 21.5 42.4 -5.7 36.7 32.3 8.9 33.1 33.7 22.4 37.6 Wage and salary disbursements........ 151.1 188.8 24.9 2.1 8.0 34.7 -22.6 28.8 29.2 -0.1 21.7 26.3 3.1 18.6 Private industries................ 132.9 169.5 20.6 -0.4 6.9 34.5 -23.9 26.7 27.7 -1.2 20.6 25.8 2.0 17.2 Commodity-producing industries.. 43.6 38.7 1.7 2.6 1.7 2.4 -2.8 4.2 3.2 2.9 3.0 2.6 0.9 3.1 Manufacturing................. 28.0 27.3 2.6 0.2 1.1 1.5 -1.8 1.7 2.3 2.3 1.3 1.6 1.0 2.2 Distributive industries......... 40.8 44.5 4.9 -0.4 1.2 13.6 -11.5 9.5 8.0 -1.0 6.4 4.9 2.8 2.2 Service industries.............. 48.5 86.4 13.9 -2.5 4.0 18.5 -9.6 13.0 16.6 -3.3 11.3 18.3 -1.7 11.9 Government........................ 18.3 19.2 4.4 2.3 1.2 0.2 1.2 2.1 1.5 1.2 1.1 0.5 1.1 1.3 Other labor income.................. 21.3 21.8 7.8 1.5 1.5 1.4 1.4 1.4 1.2 1.2 1.4 1.5 1.5 1.5 Proprietors' income with IVA and CCAdj............................ 28.5 21.7 1.0 -0.5 1.0 0.8 0.5 3.5 -0.7 4.1 3.3 0.2 3.4 3.0 Farm............................. 3.2 -6.4 -2.4 -1.1 -0.8 0.0 -0.2 -0.1 0.1 0.4 0.7 1.3 1.2 1.0 Nonfarm.......................... 25.2 28.2 3.4 0.5 1.8 0.8 0.7 3.6 -0.8 3.7 2.5 -1.0 2.3 1.9 Rental income of persons with CCAdj............................. 9.9 -0.4 -0.1 -1.8 -1.4 0.9 1.5 0.1 -1.2 -1.8 -0.7 -1.5 7.7 3.2 Personal dividend income............ 12.8 15.2 0.4 0.6 1.0 1.1 0.6 0.8 1.4 1.3 1.8 2.1 2.4 1.9 Personal interest income............ 15.6 53.4 15.3 6.6 5.2 3.6 3.0 2.1 -0.8 1.5 2.0 2.5 2.8 3.3 Transfer payments to persons........ 45.6 66.3 16.6 4.8 6.7 2.2 8.2 2.2 5.6 2.3 5.2 3.9 1.3 7.6 Old-age, survivors, disability, and health insurance benefits... 28.5 34.5 7.3 3.7 3.6 1.4 3.1 1.2 1.5 1.7 3.5 -0.2 1.1 6.0 Government unemployment insurance benefits.............. -10.3 -2.1 0.9 -0.5 -0.2 -0.9 1.8 -0.6 1.5 -1.4 0.6 0.4 -0.1 -0.1 Other............................. 27.4 33.9 8.5 1.6 3.3 1.7 3.3 1.6 2.6 2.0 1.1 3.6 0.3 1.9 Less: Personal contributions for social insurance.................. 18.5 16.4 5.2 0.5 0.8 2.1 -1.6 2.2 2.3 -0.3 1.6 1.2 0.0 1.3 Less: Personal tax and nontax 41.5 62.9 11.8 4.6 3.9 58.1 -50.9 9.4 6.1 0.0 4.7 4.9 -0.6 3.3 payments............................ Equals: Disposable personal income.... 224.8 287.5 49.1 7.9 17.6 -15.7 45.2 27.3 26.2 9.0 28.2 28.9 23.0 34.3 Less: Personal outlays................ 256.5 239.2 16.7 12.1 34.2 9.8 39.4 33.7 -3.7 31.5 -2.2 -12.3 38.9 46.4 Personal consumption expenditures... 246.8 224.0 15.1 11.6 31.1 9.8 37.4 31.8 -5.5 30.2 -2.8 -15.7 37.6 44.9 Interest paid by persons............ 8.3 14.5 1.7 0.6 3.0 0.3 2.1 1.8 1.2 1.4 0.6 1.5 1.3 1.5 Personal transfer payments to rest of the world (net).......... 1.4 0.7 -0.1 0.0 0.0 -0.3 0.0 0.0 0.6 0.0 0.0 1.8 0.0 0.0 Equals: Personal saving............... -31.6 48.3 32.3 -4.1 -16.6 -25.5 5.8 -6.4 29.9 -22.6 30.5 41.2 -15.9 -12.1 Addenda: Disposable personal income in chained (1992) dollars.......... 104.8 156.5 27.2 -0.8 5.0 -30.2 34.2 21.6 19.0 -2.2 25.3 15.9 17.9 24.6 -------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------- 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 [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 | Jan. 97 Feb. 97 Mar.97p ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Personal income....................... 337.1 3.0 45.9 24.4 32.5 34.0 55.0 2.8 39.5 36.5 5.4 41.7 45.9 | 23.2 53.8 38.6 | Wage and salary disbursements........ 199.5 -5.5 37.9 14.6 18.5 18.1 45.9 -12.3 30.1 26.3 -4.9 31.2 39.0 | -1.7 48.7 27.7 Private industries................ 180.1 -9.8 36.4 13.1 16.7 16.2 44.8 -14.5 28.2 23.9 -4.9 30.8 38.7 | -7.9 45.5 25.3 Commodity-producing industries.. 39.1 -5.4 13.4 -3.4 13.7 5.4 6.3 0.5 6.5 -0.2 0.7 4.9 11.5 | -2.6 9.7 6.8 Manufacturing................. 24.1 -6.0 8.1 -3.3 13.0 3.6 3.2 0.3 5.3 -1.2 0.2 3.5 8.8 | -3.1 3.8 6.3 Distributive industries......... 44.2 -1.9 10.8 6.1 -3.7 4.6 14.6 -9.8 8.7 8.5 -4.4 11.9 5.9 | -1.7 12.1 5.3 Service industries.............. 96.7 -2.6 12.2 10.5 6.7 6.2 23.9 -5.1 12.9 15.6 -1.2 13.9 21.4 | -3.5 23.6 13.2 Government........................ 19.5 4.5 1.4 1.4 1.9 1.9 1.1 2.2 1.9 2.4 0.0 0.5 0.1 | 6.3 3.2 2.4 Other labor income.................. 12.2 -4.3 1.7 1.7 1.6 1.6 1.6 1.5 1.5 1.5 1.4 1.4 1.4 | 0.9 0.9 0.9 Proprietors' income with IVA and | CCAdj............................ 41.2 3.5 7.2 5.3 5.8 5.7 2.9 3.6 3.2 4.4 0.5 0.9 0.6 | 3.4 4.5 2.0 Farm............................. 16.8 3.1 2.7 1.5 3.0 3.0 1.8 2.0 2.3 0.9 -2.0 -1.6 -1.6 | -0.7 -0.5 -0.5 Nonfarm.......................... 24.4 0.5 4.4 3.8 2.8 2.7 1.1 1.6 0.9 3.5 2.6 2.4 2.3 | 4.0 5.0 2.5 Rental income of persons with | CCAdj............................. 3.3 -1.7 -1.8 -2.6 -0.2 0.8 -0.2 1.8 0.6 1.5 1.3 0.3 0.1 | -1.1 -0.4 -1.5 Personal dividend income............ 15.8 1.5 1.2 1.4 0.8 0.7 0.5 0.9 0.7 0.8 1.0 1.4 1.8 | 1.7 1.7 1.8 Personal interest income............ 21.1 -1.9 -2.8 -1.3 3.8 5.5 3.9 3.1 2.4 2.1 2.6 2.8 2.9 | 2.6 2.4 2.1 Transfer payments to persons........ 57.1 10.5 5.1 6.5 3.5 2.9 3.5 3.6 3.1 1.7 2.9 5.9 2.7 | 19.5 -0.6 7.6 Old-age, survivors, disability, | and health insurance benefits... 31.7 4.9 4.0 5.5 -0.3 1.5 2.2 1.9 2.1 0.5 1.7 4.5 2.2 | 11.3 -3.6 6.1 Government unemployment | insurance benefits.............. 0.5 0.4 -0.3 -0.3 0.2 -0.2 0.0 0.2 -0.2 0.1 0.0 0.0 0.2 | 0.2 -0.1 -0.1 Other............................. 25.0 5.1 1.4 1.3 3.5 1.7 1.3 1.5 1.2 1.1 1.1 1.5 0.3 | 8.0 3.1 1.5 | Less: Personal contributions for | social insurance.................. 13.0 -0.8 2.6 1.2 1.2 1.3 3.2 -0.7 2.1 1.9 -0.7 2.2 2.7 | 2.1 3.3 2.1 | Less: Personal tax and nontax | payments............................ 69.5 4.9 12.0 8.6 61.4 -43.4 10.3 0.9 9.4 7.1 -0.2 6.5 8.0 | -16.2 10.2 5.1 | Equals: Disposable personal income.... 267.6 -1.9 34.0 15.7 -28.9 77.4 44.6 2.0 30.2 29.3 5.6 35.1 38.0 | 39.4 43.6 33.5 | Less: Personal outlays................ 242.5 -17.2 58.4 23.4 27.6 42.5 -25.4 15.1 23.7 3.1 46.1 22.5 19.8 | 62.2 25.5 25.5 Personal consumption expenditures... 226.5 -17.9 56.9 22.8 26.1 41.2 -26.4 13.3 23.5 2.7 44.4 21.3 19.7 | 61.1 24.8 24.9 Interest paid by persons............ 14.6 1.5 1.4 0.7 1.1 1.3 1.0 1.7 0.3 0.4 0.8 1.1 0.1 | 1.0 0.8 0.5 Personal transfer payments to the | rest of the world (net).......... 1.4 -0.8 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.0 0.9 0.0 0.0 | 0.1 0.0 0.0 | Equals: Personal saving............... 25.0 15.3 -24.4 -7.7 -56.5 34.9 70.0 -13.1 6.5 26.2 -40.5 12.7 18.1 | -22.8 18.1 8.0 | Addenda: | Disposable personal income, | chained (1992) dollars.......... 142.7 -12.3 23.0 -1.1 -43.6 63.2 37.3 -8.1 25.4 16.7 -10.8 22.9 27.6 | 29.9 25.2 24.9 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary; all other data are 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 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..... 4,700.9 4,924.9 4,822.5 4,834.1 4,865.2 4,875.0 4,912.4 4,944.2 4,938.7 4,968.9 4,966.1 4,950.4 4,988.0 5,032.9 Durable goods....................... 580.9 606.4 588.3 586.0 604.8 591.1 602.4 618.6 608.3 624.2 614.9 601.1 607.6 629.7 Nondurable goods.................... 1,429.7 1,485.9 1,474.9 1,466.5 1,473.1 1,476.4 1,490.1 1,493.6 1,489.0 1,487.5 1,497.0 1,487.0 1,494.0 1,501.7 Services............................ 2,690.3 2,832.6 2,759.4 2,781.6 2,787.2 2,807.5 2,819.9 2,832.0 2,841.4 2,857.2 2,854.1 2,862.4 2,886.4 2,901.6 ------------------------------------------------------------------------------------------------------------------------ Billions of chained (1992) dollars ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures..... 4,473.1 4,577.8 4,526.4 4,529.7 4,548.2 4,542.9 4,570.3 4,596.4 4,586.3 4,604.6 4,601.1 4,576.7 4,608.4 4,643.3 Durable goods....................... 562.0 579.8 563.6 559.8 576.1 562.1 575.0 591.4 582.2 596.8 588.2 575.7 583.2 603.7 Nondurable goods.................... 1,390.5 1,421.9 1,420.6 1,412.0 1,417.3 1,415.6 1,425.2 1,428.0 1,422.6 1,421.6 1,429.8 1,416.4 1,424.3 1,428.9 Services............................ 2,521.4 2,577.0 2,543.3 2,558.3 2,555.9 2,565.6 2,571.0 2,578.2 2,582.3 2,587.2 2,584.3 2,585.0 2,601.4 2,611.6 ------------------------------------------------------------------------------------------------------------------------ Implicit price deflators (Index numbers, chained 1992 = 100) ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures..... 105.1 107.6 106.5 106.7 107.0 107.3 107.5 107.6 107.7 107.9 107.9 108.2 108.2 108.4 Durable goods....................... 103.4 104.6 104.4 104.7 105.0 105.1 104.8 104.6 104.5 104.6 104.5 104.4 104.2 104.3 Nondurable goods.................... 102.8 104.5 103.8 103.9 103.9 104.3 104.6 104.6 104.7 104.6 104.7 105.0 104.9 105.1 Services............................ 106.7 109.9 108.5 108.7 109.1 109.4 109.7 109.8 110.0 110.4 110.4 110.7 111.0 111.1 -------------------------------------------------------------------------------------------------------------------------------------------------------------- Change from preceding period -------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures..... 246.8 224.0 15.1 11.6 31.1 9.8 37.4 31.8 -5.5 30.2 -2.8 -15.7 37.6 44.9 Durable goods....................... 50.2 25.5 -15.3 -2.3 18.8 -13.7 11.3 16.2 -10.3 15.9 -9.3 -13.8 6.5 22.1 Nondurable goods.................... 60.8 56.2 12.8 -8.4 6.6 3.3 13.7 3.5 -4.6 -1.5 9.5 -10.0 7.0 7.7 Services............................ 135.7 142.3 17.6 22.2 5.6 20.3 12.4 12.1 9.4 15.8 -3.1 8.3 24.0 15.2 ------------------------------------------------------------------------------------------------------------------------ Billions of chained (1992) dollars ------------------------------------------------------------------------------------------------------------------------ Personal consumption expenditures..... 133.6 104.7 -3.4 3.3 18.5 -5.3 27.4 26.1 -10.1 18.3 -3.5 -24.4 31.7 34.9 Durable goods....................... 37.9 17.8 -17.4 -3.8 16.3 -14.0 12.9 16.4 -9.2 14.6 -8.6 -12.5 7.5 20.5 Nondurable goods.................... 41.7 31.4 10.9 -8.6 5.3 -1.7 9.6 2.8 -5.4 -1.0 8.2 -13.4 7.9 4.6 Services............................ 54.7 55.6 3.0 15.0 -2.4 9.7 5.4 7.2 4.1 4.9 -2.9 0.7 16.4 10.2 -------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------- | 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 | Jan.97r Feb.97r Mar.97p ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars | ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 5,151.4 5,015.0 5,071.9 5,094.7 5,120.8 5,162.0 5,135.6 5,148.9 5,172.4 5,175.1 5,219.5 5,240.8 5,260.5 | 5,321.6 5,346.4 5,371.3 Durable goods....................... 632.1 603.8 637.6 634.2 632.4 648.4 632.0 624.7 642.8 624.0 632.3 636.6 636.6 | 658.9 660.1 664.4 Nondurable goods.................... 1,545.1 1,508.3 1,526.6 1,531.6 1,544.9 1,548.7 1,540.5 1,544.2 1,542.7 1,552.6 1,563.0 1,566.4 1,571.1 | 1,592.9 1,600.8 1,606.8 Services............................ 2,974.3 2,902.9 2,907.7 2,928.9 2,943.5 2,964.9 2,963.0 2,980.0 2,986.9 2,998.5 3,024.2 3,037.8 3,052.9 | 3,069.8 3,085.4 3,100.0 ----------------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars | ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 4,690.7 4,617.1 4,661.8 4,668.3 4,676.2 4,706.9 4,679.7 4,682.7 4,702.2 4,695.5 4,721.2 4,732.3 4,744.0 | 4,793.9 4,803.2 4,820.9 Durable goods....................... 611.4 578.6 611.6 607.4 608.4 626.6 611.9 605.3 623.3 606.3 614.3 620.1 622.9 | 645.5 646.7 651.4 Nondurable goods.................... 1,441.9 1,426.3 1,442.8 1,439.3 1,442.8 1,443.3 1,436.6 1,438.5 1,441.9 1,446.3 1,449.9 1,448.1 1,447.7 | 1,465.3 1,470.1 1,477.2 Services............................ 2,638.3 2,612.4 2,609.0 2,622.8 2,626.2 2,638.5 2,632.2 2,639.6 2,638.3 2,643.9 2,657.9 2,664.9 2,674.0 | 2,684.6 2,688.1 2,694.1 ---------------------------------------------------------------------------------------------------------------------------------- Implicit price deflators (Index numbers, 1992 = 100) | ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 109.8 108.6 108.8 109.1 109.5 109.7 109.7 110.0 110.0 110.2 110.6 110.7 110.9 | 111.0 111.3 111.4 Durable goods....................... 103.4 104.4 104.3 104.4 103.9 103.5 103.3 103.2 103.1 102.9 102.9 102.7 102.2 | 102.1 102.1 102.0 Nondurable goods.................... 107.1 105.7 105.8 106.4 107.1 107.3 107.2 107.3 107.0 107.4 107.8 108.2 108.5 | 108.7 108.9 108.8 Services............................ 112.7 111.1 111.5 111.7 112.1 112.4 112.6 112.9 113.2 113.4 113.8 114.0 114.2 | 114.3 114.8 115.1 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Change from preceding period | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars | ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 226.5 -17.9 56.9 22.8 26.1 41.2 -26.4 13.3 23.5 2.7 44.4 21.3 19.7 | 61.1 24.8 24.9 Durable goods....................... 25.7 -25.9 33.8 -3.4 -1.8 16.0 -16.4 -7.3 18.1 -18.8 8.3 4.3 0.0 | 22.3 1.2 4.3 Nondurable goods.................... 59.2 6.6 18.3 5.0 13.3 3.8 -8.2 3.7 -1.5 9.9 10.4 3.4 4.7 | 21.8 7.9 6.0 Services............................ 141.7 1.3 4.8 21.2 14.6 21.4 -1.9 17.0 6.9 11.6 25.7 13.6 15.1 | 16.9 15.6 14.6 ----------------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars | ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 112.9 -26.2 44.7 6.5 7.9 30.7 -27.2 3.0 19.5 -6.7 25.7 11.1 11.7 | 49.9 9.3 17.7 Durable goods....................... 31.6 -25.1 33.0 -4.2 1.0 18.2 -14.7 -6.6 18.0 -17.0 8.0 5.8 2.8 | 22.6 1.2 4.7 Nondurable goods.................... 20.0 -2.6 16.5 -3.5 3.5 0.5 -6.7 1.9 3.4 4.4 3.6 -1.8 -0.4 | 17.6 4.8 7.1 Services............................ 61.3 0.8 -3.4 13.8 3.4 12.3 -6.3 7.4 -1.3 5.6 14.0 7.0 9.1 | 10.6 3.5 6.0 | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary. r Revised. 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.................... 4.8 6.1 1.0 0.2 0.4 0.7 -0.1 0.6 0.5 0.1 0.5 0.5 0.4 0.6 Disposable personal income......... 4.7 5.7 0.9 0.2 0.3 -0.3 0.9 0.5 0.5 0.2 0.5 0.5 0.4 0.6 Personal consumption expenditures.. 5.5 4.8 0.3 0.2 0.6 0.2 0.8 0.6 -0.1 0.6 -0.1 -0.3 0.8 0.9 Durable goods.................... 9.5 4.4 -2.5 -0.4 3.2 -2.3 1.9 2.7 -1.7 2.6 -1.5 -2.3 1.1 3.6 Nondurable goods................. 4.4 3.9 0.9 -0.6 0.5 0.2 0.9 0.2 -0.3 -0.1 0.6 -0.7 0.5 0.5 Services......................... 5.3 5.3 0.6 0.8 0.2 0.7 0.4 0.4 0.3 0.6 -0.1 0.3 0.8 0.5 --------------------------------------------------------------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income......... 2.2 3.3 0.6 -0.0 0.1 -0.6 0.7 0.4 0.4 -0.0 0.5 0.3 0.4 0.5 Personal consumption expenditures.. 3.1 2.3 -0.1 0.1 0.4 -0.1 0.6 0.6 -0.2 0.4 -0.1 -0.5 0.7 0.8 Durable goods.................... 7.2 3.2 -3.0 -0.7 2.9 -2.4 2.3 2.8 -1.5 2.5 -1.4 -2.1 1.3 3.5 Nondurable goods................. 3.1 2.3 0.8 -0.6 0.4 -0.1 0.7 0.2 -0.4 -0.1 0.6 -0.9 0.6 0.3 Services......................... 2.2 2.2 0.1 0.6 -0.1 0.4 0.2 0.3 0.2 0.2 -0.1 0.0 0.6 0.4 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 5. -- Percent Change From Preceding Period in Selected Series ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 Jan. 97 Feb. 97 Mar. 97p ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- Based on current dollars --------------------------------------------------------------------------------------------------------------------------------- Personal income.................... 5.5 0.0 0.7 0.4 0.5 0.5 0.9 0.0 0.6 0.6 0.1 0.6 0.7 0.3 0.8 0.6 Disposable personal income......... 5.0 -0.0 0.6 0.3 -0.5 1.4 0.8 0.0 0.5 0.5 0.1 0.6 0.7 0.7 0.8 0.6 Personal consumption expenditures.. 4.6 -0.4 1.1 0.4 0.5 0.8 -0.5 0.3 0.5 0.1 0.9 0.4 0.4 1.2 0.5 0.5 Durable goods.................... 4.2 -4.1 5.6 -0.5 -0.3 2.5 -2.5 -1.2 2.9 -2.9 1.3 0.7 -0.0 3.5 0.2 0.7 Nondurable goods................. 4.0 0.4 1.2 0.3 0.9 0.3 -0.5 0.2 -0.1 0.6 0.7 0.2 0.3 1.4 0.5 0.4 Services......................... 5.0 0.0 0.2 0.7 0.5 0.7 -0.1 0.6 0.2 0.4 0.9 0.4 0.5 0.6 0.5 0.5 --------------------------------------------------------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------------------------------------------------------- Disposable personal income......... 2.9 -0.2 0.5 -0.0 -0.9 1.3 0.7 -0.2 0.5 0.3 -0.2 0.4 0.5 0.6 0.5 0.5 Personal consumption expenditures.. 2.5 -0.6 1.0 0.1 0.2 0.7 -0.6 0.1 0.4 -0.1 0.5 0.2 0.2 1.1 0.2 0.4 Durable goods.................... 5.4 -4.2 5.7 -0.7 0.2 3.0 -2.3 -1.1 3.0 -2.7 1.3 1.0 0.4 3.6 0.2 0.7 Nondurable goods................. 1.4 -0.2 1.2 -0.2 0.2 0.0 -0.5 0.1 0.2 0.3 0.3 -0.1 -0.0 1.2 0.3 0.5 Services......................... 2.4 0.0 -0.1 0.5 0.1 0.5 -0.2 0.3 -0.0 0.2 0.5 0.3 0.3 0.4 0.1 0.2 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary; all other data are revised. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 6.--Revisions to Disposition of Personal Income: Revised Less Previously Published Billions of dollars, monthly data seasonally adjusted at annual rates Personal income Percent change Year Personal from preceding period and saving month Disposable Personal as a Personal Disposable Farm Nonfarm Rental personal saving percentage income personal Total proprietors' proprietors' income Other/1/ income of disposable income income income of persons personal with IVA with IVA with CCAdj income and CCAdj and CCAdj 1981 8.1 -1.8 11.1 -1.2 0.0 8.1 8.1 0.3 0.0 0.0 1982 8.5 -1.9 11.6 -1.1 0.0 8.5 8.5 0.3 0.0 0.0 1983 9.1 -1.9 12.0 -1.1 0.0 9.1 9.1 0.4 0.0 0.0 1984 9.8 -1.6 12.4 -0.9 0.0 9.8 9.8 0.3 -0.1 0.0 1985 10.2 -1.3 12.5 -1.0 0.0 10.1 10.2 0.3 0.0 0.0 1986 10.9 -1.0 12.7 -0.8 0.0 10.9 10.9 0.3 0.0 0.0 1987 11.4 -0.8 13.0 -0.7 0.0 11.5 11.5 0.3 0.0 0.0 1988 11.8 -0.7 13.1 -0.6 0.0 11.8 11.8 0.3 0.0 -0.1 1989 11.7 -0.5 12.9 -0.7 0.0 11.6 11.6 0.3 0.0 -0.1 1990 12.6 -0.9 14.0 -0.4 0.0 12.6 12.6 0.3 0.0 0.0 1991 13.1 -0.9 14.5 -0.5 0.0 13.1 13.1 0.3 0.0 0.0 1992 13.0 -0.9 15.2 -1.2 0.0 13.0 13.0 0.3 -0.1 0.0 1993 15.5 -0.9 16.7 -0.3 0.0 15.5 15.5 0.3 0.0 0.1 1994 8.9 -0.7 14.1 -4.5 0.0 8.9 8.9 0.1 -0.2 -0.1 1995 -2.7 -1.1 8.9 -10.5 0.0 -2.7 -2.7 -0.1 -0.2 -0.3 1996 -2.8 -1.7 10.7 -11.8 0.0 -2.8 -2.8 0.0 0.0 0.0 1995: Jan -1.7 -0.7 8.0 -9.0 0.0 -1.7 -1.7 0.0 0.0 0.0 Feb -1.6 -0.8 8.3 -9.1 0.0 -1.6 -1.6 0.0 0.0 0.0 Mar -1.6 -1.0 8.4 -9.1 0.0 -1.7 -1.7 0.0 0.0 0.0 Apr -2.1 -1.0 8.4 -9.5 0.0 -2.1 -2.1 0.0 0.0 0.0 May -2.2 -1.0 8.4 -9.7 0.0 -2.2 -2.2 0.0 0.0 0.0 June -2.2 -0.9 8.5 -9.8 0.0 -2.2 -2.2 0.0 0.0 0.0 July -2.7 -1.0 9.0 -10.7 0.0 -2.7 -2.7 0.0 0.0 0.0 Aug -2.9 -1.0 9.2 -11.1 0.0 -2.8 -2.9 0.0 0.0 0.0 Sept -3.0 -1.1 9.4 -11.4 0.0 -3.0 -3.0 0.0 0.0 0.0 Oct -3.8 -1.4 9.7 -12.2 0.0 -3.8 -3.8 0.0 0.0 0.0 Nov -4.2 -1.7 9.9 -12.4 0.0 -4.2 -4.3 0.0 0.0 0.0 Dec -4.6 -2.0 9.9 -12.5 0.0 -4.6 -4.6 0.0 0.0 0.0 1996: Jan -4.3 -1.9 10.3 -12.6 0.0 -4.3 -4.3 0.0 0.0 0.0 Feb -3.5 -1.8 10.4 -12.0 0.0 -3.4 -3.4 0.0 0.0 0.0 Mar -4.0 -1.6 10.4 -12.9 0.0 -4.1 -4.1 0.0 0.0 0.0 Apr -2.9 -1.7 11.0 -12.2 0.0 -2.9 -2.9 0.0 0.0 0.0 May -2.6 -1.7 11.1 -12.1 0.0 -2.7 -2.7 0.0 0.0 0.0 June -2.7 -1.7 11.1 -12.1 0.0 -2.8 -2.8 0.0 0.0 0.0 July -2.7 -1.7 11.0 -12.0 0.0 -2.7 -2.7 0.0 0.0 0.0 Aug -2.6 -1.6 10.9 -11.7 0.0 -2.5 -2.5 0.0 0.0 0.0 Sept -2.3 -1.6 10.8 -11.6 0.0 -2.3 -2.3 0.0 0.0 0.0 Oct -2.3 -1.8 10.8 -11.2 0.0 -2.3 -2.3 0.0 0.0 0.0 Nov -2.0 -1.8 10.7 -10.9 0.0 -2.1 -2.0 0.0 0.0 0.0 Dec -1.9 -1.8 10.7 -10.7 0.0 -1.8 -1.9 0.0 0.0 0.0 IVA Inventory valuation adjustment CCAdj Captial consumption adjustment /1/Consists of wage and salary disbursements, other labor income, personal dividend income, personal interest income, transfer payments to persons, less personal contributions for social insurance.