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James E. Rankin: (202) 606-5301 (Personal Income) BEA 00-35 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: OCTOBER 2000
Personal income decreased $16.5 billion, or 0.2 percent, and disposable personal income (DPI)
decreased $29.4 billion, or 0.4 percent, in October, according to the Commerce Department's Bureau of
Economic Analysis. Personal consumption expenditures (PCE) increased $12.1 billion, or 0.2 percent.
In September, personal income increased $91.2 billion, or 1.1 percent, DPI increased $78.5 billion, or
1.1 percent, and PCE increased $61.2 billion, or 0.9 percent, based on revised estimates.
2000
June July Aug. Sept. Oct.
(Percent change from preceding month)
Personal income, current dollars 0.5 0.3 0.3 1.1 -0.2
Disposable personal income:
Current dollars .4 .2 .2 1.1 -.4
Chained (1996) dollars .1 .0 .2 .7 -.6
Personal consumption expenditures:
Current dollars .5 .6 .5 .9 .2
Chained (1996) dollars .2 .4 .5 .5 .0
The changes in personal income for September and October were affected by federal
agricultural subsidy payments to farm proprietors and to owners of leased farm land (nonoperator
landlords). These payments, which affect farm proprietors' income and rental income of persons,
had boosted personal income $61.0 billion (at an annual rate) in September. Excluding these
payments, personal income increased $40.7 billion, or 0.5 percent, in October, compared with $30.6
billion, or 0.4 percent, in September.
Wages and salaries
Private wage and salary disbursements increased $30.6 billion in October, compared with an
increase of $26.1 billion in September. Goods-producing industries' payrolls increased $11.2
billion, compared with an increase of $0.3 billion; manufacturing payrolls increased $8.0 billion, in
contrast to a decrease of $2.7 billion. Distributive industries' payrolls increased $10.6 billion,
compared with an increase of $16.1 billion. Service industries' payrolls increased $8.8 billion,
compared with an increase of $9.6 billion. Government wage and salary disbursements increased
$2.3 billion, compared with an increase of $1.2 billion.
Other personal income
Proprietors' income decreased $46.4 billion in October, in contrast to an increase of $43.3
billion in September. Farm proprietors' income decreased $46.9 billion, in contrast to an increase of
$48.2 billion. The changes in farm proprietors' income reflected the pattern of specially authorized
federal farm subsidy payments, which boosted income $3.1 billion (at an annual rate) in October,
$50.1 billion in September, and $0.3 billion in August. Nonfarm proprietors' income increased $0.5
billion in October, in contrast to a decrease of $4.9 billion in September.
Transfer payments increased $1.1 billion in October, compared with an increase of $4.2 billion
in September. Personal interest income increased $3.3 billion, compared with an increase of $3.4
billion. Personal dividend income increased $2.5 billion, compared with an increase of $2.6 billion.
Rental income of persons decreased $9.8 billion in October, in contrast to an increase of $9.7
billion in September. The changes in rental income of persons also reflected the pattern of federal
farm subsidy payments to owners of leased farm land (nonoperator landlords), which boosted
income $0.7 billion (at an annual rate) in October, $10.9 billion in September, and $0.1 billion in
August.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $2.1 billion in October, compared with an increase of $1.9 billion in September.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $13.0 billion in October, compared with an
increase of $12.6 billion in September. Disposable personal income (DPI) -- personal income less
personal tax and nontax payments -- decreased $29.4 billion, or 0.4 percent, in October, in contrast
to an increase of $78.5 billion, or 1.1 percent, in September.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $13.1 billion in October, compared with an increase of $61.7 billion in
September. PCE increased $12.1 billion, compared with an increase of $61.2 billion.
Personal saving -- DPI less personal outlays -- was a negative $55.9 billion in October,
compared with a negative $13.3 billion in September. Saving from current income may be near zero
or negative when outlays are financed by borrowing (including through credit cards or home equity
loans), by selling investments or other assets, or by using savings from previous periods. Personal
saving as a percentage of disposable personal income was a negative 0.8 percent in October,
compared with a negative 0.2 percent in September.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- decreased 0.6 percent in October, in
contrast to an increase of 0.7 percent in September.
Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in
October; compared with an increase of 0.5 percent in September. Purchases of durable goods
decreased 2.2 percent, in contrast to an increase of 2.1 percent. Purchases of motor vehicles and
parts accounted for most of the October decrease. Purchases of nondurable goods increased 0.4
percent in October, compared with an increase of less than 0.1 percent in September. Purchases of
services increased 0.3 percent, compared with an increase of 0.5 percent.
Revisions
Estimates have been revised for July through September. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for August
and September -- revised and as published in last month's release -- are shown below. Revisions for
July were small.
Change from preceding month
August September
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars...... 32.4 28.6 0.4 0.3 90.3 91.2 1.1 1.1
Disposable personal income:
Current dollars...... 16.7 13.4 .2 .2 77.7 78.5 1.1 1.1
Chained (1996) dollars..... 14.8 12.5 .2 .2 46.8 48.6 .7 .7
Personal consumption expenditures:
Current dollars.... 33.6 33.3 .5 .5 55.4 61.2 .8 .9
Chained (1996) dollars.... 30.4 31.0 .5 .5 27.0 33.3 .4 .5
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.doc.gov>
STAT-USA maintains an Internet site that contains BEA estimates, the Survey of Current
Business, and BEA news releases. The information available through STAT-USA is often more
detailed and more timely than that available from other sources. For information about STAT-USA,
go to <www.stat-usa.gov>, or call (202) 482-1986. Subscriptions for single-user unlimited access to
STAT-USA's Internet information are $75.00 for 3 months or $175.00 for 1 year.
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 U.S. 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, DC 20402. First class mail: Annual
subscription $120.00 domestic. Second class mail: Annual subscription $48.00 domestic, $60.00
foreign; single issue $17.25 domestic, $21.56 foreign.
* * *
Next release -- Personal Income and Outlays for November will be released on
December 22, 2000, at 8:30 A.M. EST.
Release dates in 2001
December 2000.. February 1 April 2001... May 29 August 2001...... October 1
January 2001...... March 1 May 2001.... July 2 September 2001. November 1
February 2001.... March 30 June 2001.... July 31 October 2001..... December 3
March 2001........ April 30 July 2001..... August 30 November 2001. December 21
>
Table 1.-Personal Income
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 May 00 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/r/ Oct 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,391.0 7,789.6 8,237.6 8,279.5 8,301.6 8,330.2 8,421.4 8,404.9
Wage and salary disbursements..... 4,190.7 4,470.0 4,730.0 4,763.5 4,788.8 4,797.6 4,824.9 4,857.8
Private industries.............. 3,498.0 3,745.6 3,966.6 4,003.4 4,025.0 4,032.2 4,058.3 4,088.9
Goods-producing industries.... 1,038.6 1,089.2 1,142.2 1,150.8 1,162.2 1,158.8 1,159.1 1,170.3
Manufacturing............... 756.6 782.4 809.4 816.7 824.0 819.7 817.0 825.0
Distributive industries....... 949.1 1,020.3 1,090.2 1,105.5 1,112.1 1,113.2 1,129.3 1,139.9
Service industries............ 1,510.3 1,636.0 1,734.2 1,747.2 1,750.8 1,760.3 1,769.9 1,778.7
Government...................... 692.7 724.4 763.4 760.1 763.8 765.4 766.6 768.9
Other labor income................ 485.5 501.0 520.5 522.5 525.1 527.6 530.0 532.1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 620.7 663.5 704.7 716.9 706.1 712.8 756.1 709.7
Farm............................ 25.4 25.3 17.5 23.7 17.5 14.7 62.9 16.0
Nonfarm......................... 595.2 638.2 687.1 693.2 688.6 698.1 693.2 693.7
Rental income of persons with
capital consumption adjustment... 135.4 143.4 140.0 138.1 136.2 134.9 144.6 134.8
Personal dividend income.......... 351.1 370.3 392.4 394.8 397.2 399.6 402.2 404.7
Personal interest income.......... 940.8 963.7 1,030.9 1,036.8 1,041.5 1,045.6 1,049.0 1,052.3
Transfer payments to persons...... 983.0 1,016.2 1,077.3 1,067.3 1,068.7 1,074.8 1,079.0 1,080.1
Old-age, survivors, disability,
and health insurance benefits.. 578.0 588.0 634.4 625.0 623.5 627.2 630.9 629.0
Government unemployment
insurance benefits............. 19.5 20.3 19.3 19.4 19.8 19.9 20.1 20.1
Other......................... 385.4 407.9 423.5 422.9 425.4 427.7 428.0 430.9
Less: Personal contributions for
social insurance................. 316.2 338.5 358.2 360.4 362.1 362.6 364.5 366.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
>
Table 2.-The Disposition of Personal Income
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 May 00 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/r/ Oct 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,391.0 7,789.6 8,237.6 8,279.5 8,301.6 8,330.2 8,421.4 8,404.9
Less: Personal tax and nontax
payments........................... 1,070.9 1,152.0 1,274.1 1,287.9 1,293.7 1,309.0 1,321.6 1,334.6
Equals: Disposable personal income.. 6,320.0 6,637.7 6,963.5 6,991.5 7,007.8 7,021.2 7,099.7 7,070.3
Less: Personal outlays.............. 6,054.7 6,490.1 6,939.9 6,972.9 7,016.1 7,051.4 7,113.1 7,126.2
Personal consumption expenditures. 5,850.9 6,268.7 6,702.1 6,733.1 6,774.1 6,807.4 6,868.6 6,880.7
Interest paid by persons.......... 179.8 194.8 209.5 211.4 212.7 214.6 215.1 216.1
Personal transfer payments to the
rest of the world (net).......... 24.0 26.6 28.3 28.3 29.4 29.4 29.4 29.4
Equals: Personal saving............. 265.4 147.6 23.6 18.7 -8.3 -30.1 -13.3 -55.9
Addenda:
Disposable personal income:
Chained (1996) dollars/1/....... 6,134.1 6,331.0 6,507.4 6,515.6 6,516.0 6,528.5 6,577.1 6,538.8
Per capita:
Current dollars............... 23,359 24,314 25,317 25,399 25,437 25,463 25,726 25,599
Chained (1996) dollars........ 22,672 23,191 23,658 23,670 23,652 23,677 23,833 23,675
Population (thousands).......... 270,560 272,996 275,054 275,264 275,496 275,738 275,970 276,191
Personal saving as a percentage
of disposable personal income.... 4.2 2.2 .3 .3 -.1 -.4 -.2 -.8
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Disposable personal income in chained (1996) 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]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 May 00 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/r/ Oct 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 454.0 398.6 28.3 41.9 22.1 28.6 91.2 -16.5
Wage and salary disbursements..... 301.8 279.3 3.1 33.5 25.3 8.8 27.3 32.9
Private industries.............. 273.3 247.6 -3.3 36.8 21.6 7.2 26.1 30.6
Goods-producing industries.... 63.5 50.6 -6.1 8.6 11.4 -3.4 .3 11.2
Manufacturing............... 38.2 25.8 -3.8 7.3 7.3 -4.3 -2.7 8.0
Distributive industries....... 69.5 71.2 -1.3 15.3 6.6 1.1 16.1 10.6
Service industries............ 140.4 125.7 4.0 13.0 3.6 9.5 9.6 8.8
Government...................... 28.4 31.7 6.4 -3.3 3.7 1.6 1.2 2.3
Other labor income................ 10.1 15.5 2.1 2.0 2.6 2.5 2.4 2.1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 39.5 42.8 -2.3 12.2 -10.8 6.7 43.3 -46.4
Farm............................ -4.3 -.1 -5.6 6.2 -6.2 -2.8 48.2 -46.9
Nonfarm......................... 43.7 43.0 3.2 6.1 -4.6 9.5 -4.9 .5
Rental income of persons with
capital consumption adjustment... 7.1 8.0 -4.3 -1.9 -1.9 -1.3 9.7 -9.8
Personal dividend income.......... 16.2 19.2 1.8 2.4 2.4 2.4 2.6 2.5
Personal interest income.......... 76.8 22.9 4.8 5.9 4.7 4.1 3.4 3.3
Transfer payments to persons...... 20.8 33.2 23.5 -10.0 1.4 6.1 4.2 1.1
Old-age, survivors, disability,
and health insurance benefits.. 12.2 10.0 21.0 -9.4 -1.5 3.7 3.7 -1.9
Government unemployment
insurance benefits............. -.4 .8 -.1 .1 .4 .1 .2 .0
Other.......................... 8.9 22.5 2.6 -.6 2.5 2.3 .3 2.9
Less: Personal contributions for
social insurance................. 18.3 22.3 .3 2.2 1.7 .5 1.9 2.1
Less: Personal tax and nontax
payments........................... 102.1 81.1 4.5 13.8 5.8 15.3 12.6 13.0
Equals: Disposable personal income.. 351.8 317.7 23.8 28.0 16.3 13.4 78.5 -29.4
Less: Personal outlays.............. 339.4 435.4 19.7 33.0 43.2 35.3 61.7 13.1
Personal consumption expenditures. 321.6 417.8 18.4 31.0 41.0 33.3 61.2 12.1
Interest paid by persons.......... 15.0 15.0 1.4 1.9 1.3 1.9 .5 1.0
Personal transfer payments to the
rest of the world (net).......... 2.8 2.6 .0 .0 1.1 .0 .0 .0
Equals: Personal saving............. 12.5 -117.8 4.1 -4.9 -27.0 -21.8 16.8 -42.6
Addendum:
Disposable personal income:
chained (1996) dollars/1/........ 279.6 196.9 24.2 8.2 .4 12.5 48.6 -38.3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Disposable personal income in chained (1996) 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 4-Personal Consumption Expenditures by Major Type of Product
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 May 00 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/r/ Oct 00/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,850.9 6,268.7 6,702.1 6,733.1 6,774.1 6,807.4 6,868.6 6,880.7
Durable goods..................... 693.9 761.3 812.2 811.5 817.3 821.1 838.2 819.1
Nondurable goods.................. 1,707.6 1,845.5 1,994.6 2,009.1 2,024.3 2,026.2 2,045.5 2,051.2
Services.......................... 3,449.3 3,661.9 3,895.3 3,912.5 3,932.5 3,960.1 3,984.9 4,010.4
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,678.7 5,978.8 6,263.1 6,274.8 6,298.7 6,329.7 6,363.0 6,363.5
Durable goods..................... 727.3 817.8 883.0 885.5 892.8 900.2 919.2 899.2
Nondurable goods.................. 1,684.8 1,779.4 1,863.8 1,866.0 1,877.3 1,885.9 1,886.1 1,892.7
Services.......................... 3,269.4 3,390.8 3,529.6 3,536.7 3,542.7 3,558.4 3,575.0 3,585.2
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 103.03 104.85 107.02 107.31 107.56 107.56 107.96 108.14
Durable goods..................... 95.42 93.09 91.97 91.63 91.53 91.20 91.18 91.08
Nondurable goods.................. 101.35 103.71 107.04 107.69 107.84 107.46 108.47 108.39
Services.......................... 105.50 107.99 110.37 110.64 111.01 111.30 111.48 111.87
Addendum:
Personal consumption expenditures
less food and energy........... 103.45 105.11 106.64 106.64 106.85 107.00 107.23 107.43
----------------------------------------------------------------------------------------
Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 321.6 417.8 18.4 31.0 41.0 33.3 61.2 12.1
Durable goods..................... 51.4 67.4 -7.0 -.7 5.8 3.8 17.1 -19.1
Nondurable goods.................. 66.0 137.9 5.4 14.5 15.2 1.9 19.3 5.7
Services.......................... 204.1 212.6 20.0 17.2 20.0 27.6 24.8 25.5
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 254.8 300.1 19.1 11.7 23.9 31.0 33.3 .5
Durable goods..................... 70.0 90.5 -8.5 2.5 7.3 7.4 19.0 -20.0
Nondurable goods.................. 64.9 94.6 10.2 2.2 11.3 8.6 .2 6.6
Services.......................... 122.4 121.4 15.7 7.1 6.0 15.7 16.6 10.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
>
Table 5.-Percent Change From Preceding Period in Selected Series
----------------------------------------------------------------------------------------------------------------------------
1998 1999 May 00 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/r/ Oct 00/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 6.5 5.4 .3 .5 .3 .3 1.1 -.2
Disposable personal income.......... 5.9 5.0 .3 .4 .2 .2 1.1 -.4
Personal consumption expenditures... 5.8 7.1 .3 .5 .6 .5 .9 .2
Durable goods..................... 8.0 9.7 -.9 -.1 .7 .5 2.1 -2.3
Nondurable goods.................. 4.0 8.1 .3 .7 .8 .1 1.0 .3
Services.......................... 6.3 6.2 .5 .4 .5 .7 .6 .6
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 4.8 3.2 .4 .1 .0 .2 .7 -.6
Personal consumption expenditures... 4.7 5.3 .3 .2 .4 .5 .5 .0
Durable goods..................... 10.6 12.4 -1.0 .3 .8 .8 2.1 -2.2
Nondurable goods.................. 4.0 5.6 .5 .1 .6 .5 .0 .4
Services.......................... 3.9 3.7 .4 .2 .2 .4 .5 .3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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