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James E. Rankin: (202) 606-5301 (Personal Income) BEA 00-33 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2000
Personal income increased $90.3 billion, or 1.1 percent, and disposable personal income (DPI)
increased $77.7 billion, or 1.1 percent, in September, according to the Commerce Department's Bureau
of Economic Analysis. Personal consumption expenditures (PCE) increased $55.4 billion, or 0.8
percent. In August, personal income increased $32.4 billion, or 0.4 percent, DPI increased $16.7 billion,
or 0.2 percent, and PCE increased $33.6 billion, or 0.5 percent, based on revised estimates.
2000
May June July Aug. Sept.
(Percent change from preceding month)
Personal income, current dollars 0.3 0.5 0.3 0.4 1.1
Disposable personal income:
Current dollars .3 .4 .2 .2 1.1
Chained (1996) dollars .4 .1 .0 .2 .7
Personal consumption expenditures:
Current dollars .3 .5 .6 .5 .8
Chained (1996) dollars .3 .2 .4 .5 .4
Personal income for September was affected by increases in federal agricultural subsidy
payments to farm proprietors and to owners of leased farm land (nonoperator landlords). These
payments, which affected farm proprietors' income and rental income of persons, boosted personal
income $61.0 billion at an annual rate in September, compared with $0.4 billion in August.
Excluding these payments, personal income increased $29.7 billion, or 0.4 percent, in September.
Wages and salaries
Private wage and salary disbursements increased $25.8 billion in September, compared with an
increase of $9.5 billion in August. Goods-producing industries' payrolls increased $0.1 billion, in
contrast to a decrease of $3.2 billion; manufacturing payrolls decreased $2.4 billion, compared with
a decrease of $4.3 billion. Distributive industries' payrolls increased $16.3 billion, compared with
an increase of $2.1 billion. Service industries' payrolls increased $9.5 billion, compared with an
increase of $10.6 billion.
Government wage and salary disbursements increased $1.1 billion in September, compared
with an increase of $1.2 billion in August. A decline in the number of temporary workers for
Census 2000 subtracted $0.5 billion at an annual rate from federal civilian payrolls in September,
compared with a subtraction of $2.6 billion at an annual rate in August.
Other personal income
Proprietors' income increased $42.6 billion in September, compared with an increase of $8.6
billion in August. Farm proprietors' income increased $48.4 billion, in contrast to a decrease of $2.4
billion. The changes in farm proprietors' income reflected the pattern of specially authorized federal
farm subsidy payments, which boosted income $50.1 billion (at an annual rate) in September, $0.3
billion in August, and $1.2 billion in July. Nonfarm proprietors' income decreased $5.7 billion in
September, in contrast to an increase of $10.9 billion in August. Real estate brokers' commissions
more than accounted for the decrease in nonfarm proprietors' income in September and accounted
for most of the increase in August.
Transfer payments increased $4.2 billion in September, compared with an increase of $6.1
billion in August. Personal interest income increased $3.4 billion, compared with an increase of
$4.1 billion. Personal dividend income increased $2.6 billion, compared with an increase of $2.4
billion.
Rental income of persons increased $9.9 billion in September, in contrast to a decrease of $1.1
billion in August. 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
$10.9 billion (at an annual rate) in September, $0.1 billion in August, and $0.3 billion in July.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.8 billion in September, compared with an increase of $0.7 billion in August.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $12.6 billion in September, compared with an
increase of $15.7 billion in August. Disposable personal income (DPI) -- personal income less
personal tax and nontax payments -- increased $77.7 billion, or 1.1 percent, in September, compared
with an increase of $16.7 billion, or 0.2 percent, in August.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $57.0 billion in September, compared with an increase of $35.7 billion
in August. PCE increased $55.4 billion, compared with an increase of $33.6 billion.
Personal saving -- DPI less personal outlays -- was a negative $7.8 billion in September,
compared with a negative $28.4 billion in August. 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 0.1 percent in September,
compared with a negative 0.4 percent in August.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.7 percent in September,
compared with an increase of 0.2 percent in August.
Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in September,
compared with an increase of 0.5 percent in August. Purchases of durable goods increased 1.5
percent, compared with an increase of 0.9 percent. Purchases of motor vehicles and parts accounted
for about two-thirds of the September increase. Purchases of nondurable goods decreased 0.1
percent in September, in contrast to an increase of 0.5 percent in August. Purchases of services
increased 0.5 percent, compared with an increase of 0.4 percent.
Revisions
Estimates have been revised for July and August. Changes in personal income, current-dollar
and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for July and
August -- revised and as published in last month's release -- are shown below.
Change from preceding month
July August
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars 24.3 22.9 0.3 0.3 34.2 32.4 0.4 0.4
Disposable personal income:
Current dollars 23.4 17.4 .3 .2 20.0 16.7 .3 .2
Chained (1996) dollars 6.9 1.5 .1 .0 18.6 14.8 .3 .2
Personal consumption expenditures:
Current dollars 43.3 43.4 .6 .6 41.4 33.6 .6 .5
Chained (1996) dollars 25.9 26.3 .4 .4 38.5 30.4 .6 .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
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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 October will be released on
November 30, 2000, at 8:30 A.M. EST.
Table 1.-Personal Income
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Apr 00 May 00 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/p/
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Personal income..................... 7,391.0 7,789.6 8,209.3 8,237.6 8,279.5 8,302.4 8,334.8 8,425.1
Wage and salary disbursements..... 4,190.7 4,470.0 4,726.9 4,730.0 4,763.5 4,788.9 4,799.6 4,826.5
Private industries.............. 3,498.0 3,745.6 3,969.9 3,966.6 4,003.4 4,025.1 4,034.6 4,060.4
Goods-producing industries.... 1,038.6 1,089.2 1,148.3 1,142.2 1,150.8 1,162.2 1,159.0 1,159.1
Manufacturing............... 756.6 782.4 813.2 809.4 816.7 824.0 819.7 817.3
Distributive industries....... 949.1 1,020.3 1,091.5 1,090.2 1,105.5 1,112.1 1,114.2 1,130.5
Service industries............ 1,510.3 1,636.0 1,730.2 1,734.2 1,747.2 1,750.8 1,761.4 1,770.9
Government...................... 692.7 724.4 757.0 763.4 760.1 763.8 765.0 766.1
Other labor income................ 485.5 501.0 518.4 520.5 522.5 525.1 527.5 529.9
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 620.7 663.5 707.0 704.7 716.9 706.7 715.3 757.9
Farm............................ 25.4 25.3 23.1 17.5 23.7 17.9 15.5 63.9
Nonfarm......................... 595.2 638.2 683.9 687.1 693.2 688.8 699.7 694.0
Rental income of persons with
capital consumption adjustment... 135.4 143.4 144.3 140.0 138.1 136.4 135.3 145.2
Personal dividend income.......... 351.1 370.3 390.6 392.4 394.8 397.2 399.6 402.2
Personal interest income.......... 940.8 963.7 1,026.1 1,030.9 1,036.8 1,041.5 1,045.6 1,049.0
Transfer payments to persons...... 983.0 1,016.2 1,053.8 1,077.3 1,067.3 1,068.7 1,074.8 1,079.0
Old-age, survivors, disability,
and health insurance benefits.. 578.0 588.0 613.4 634.4 625.0 623.5 627.2 631.0
Government unemployment
insurance benefits............. 19.5 20.3 19.4 19.3 19.4 19.8 20.1 19.7
Other......................... 385.4 407.9 420.9 423.5 422.9 425.4 427.5 428.4
Less: Personal contributions for
social insurance................. 316.2 338.5 357.9 358.2 360.4 362.1 362.8 364.6
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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 Apr 00 May 00 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/p/
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Personal income..................... 7,391.0 7,789.6 8,209.3 8,237.6 8,279.5 8,302.4 8,334.8 8,425.1
Less: Personal tax and nontax
payments........................... 1,070.9 1,152.0 1,269.6 1,274.1 1,287.9 1,293.5 1,309.2 1,321.8
Equals: Disposable personal income.. 6,320.0 6,637.7 6,939.7 6,963.5 6,991.5 7,008.9 7,025.6 7,103.3
Less: Personal outlays.............. 6,054.7 6,490.1 6,920.2 6,939.9 6,972.9 7,018.4 7,054.1 7,111.1
Personal consumption expenditures. 5,850.9 6,268.7 6,683.7 6,702.1 6,733.1 6,776.5 6,810.1 6,865.5
Interest paid by persons.......... 179.8 194.8 208.1 209.5 211.4 213.0 215.1 216.7
Personal transfer payments to the
rest of the world (net).......... 24.0 26.6 28.3 28.3 28.3 28.9 28.9 28.9
Equals: Personal saving............. 265.4 147.6 19.5 23.6 18.7 -9.5 -28.4 -7.8
Addenda:
Disposable personal income:
Chained (1996) dollars/1/....... 6,134.1 6,331.0 6,483.2 6,507.4 6,515.6 6,517.1 6,531.9 6,578.7
Per capita:
Current dollars............... 23,359 24,314 25,248 25,317 25,399 25,441 25,479 25,739
Chained (1996) dollars........ 22,672 23,191 23,587 23,658 23,670 23,656 23,689 23,838
Population (thousands).......... 270,560 272,996 274,859 275,054 275,264 275,496 275,738 275,970
Personal saving as a percentage
of disposable personal income.... 4.2 2.2 .3 .3 .3 -.1 -.4 -.1
----------------------------------------------------------------------------------------------------------------------------
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 Apr 00 May 00 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 454.0 398.6 47.7 28.3 41.9 22.9 32.4 90.3
Wage and salary disbursements..... 301.8 279.3 41.0 3.1 33.5 25.4 10.7 26.9
Private industries.............. 273.3 247.6 37.6 -3.3 36.8 21.7 9.5 25.8
Goods-producing industries.... 63.5 50.6 10.3 -6.1 8.6 11.4 -3.2 .1
Manufacturing............... 38.2 25.8 8.4 -3.8 7.3 7.3 -4.3 -2.4
Distributive industries....... 69.5 71.2 15.3 -1.3 15.3 6.6 2.1 16.3
Service industries............ 140.4 125.7 12.2 4.0 13.0 3.6 10.6 9.5
Government...................... 28.4 31.7 3.4 6.4 -3.3 3.7 1.2 1.1
Other labor income................ 10.1 15.5 2.2 2.1 2.0 2.6 2.4 2.4
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 39.5 42.8 .4 -2.3 12.2 -10.2 8.6 42.6
Farm............................ -4.3 -.1 1.4 -5.6 6.2 -5.8 -2.4 48.4
Nonfarm......................... 43.7 43.0 -1.0 3.2 6.1 -4.4 10.9 -5.7
Rental income of persons with
capital consumption adjustment... 7.1 8.0 -2.7 -4.3 -1.9 -1.7 -1.1 9.9
Personal dividend income.......... 16.2 19.2 1.7 1.8 2.4 2.4 2.4 2.6
Personal interest income.......... 76.8 22.9 4.9 4.8 5.9 4.7 4.1 3.4
Transfer payments to persons...... 20.8 33.2 2.9 23.5 -10.0 1.4 6.1 4.2
Old-age, survivors, disability,
and health insurance benefits.. 12.2 10.0 2.3 21.0 -9.4 -1.5 3.7 3.8
Government unemployment
insurance benefits............. -.4 .8 -.3 -.1 .1 .4 .3 -.4
Other.......................... 8.9 22.5 .8 2.6 -.6 2.5 2.1 .9
Less: Personal contributions for
social insurance................. 18.3 22.3 2.7 .3 2.2 1.7 .7 1.8
Less: Personal tax and nontax
payments........................... 102.1 81.1 18.4 4.5 13.8 5.6 15.7 12.6
Equals: Disposable personal income.. 351.8 317.7 29.3 23.8 28.0 17.4 16.7 77.7
Less: Personal outlays.............. 339.4 435.4 14.0 19.7 33.0 45.5 35.7 57.0
Personal consumption expenditures. 321.6 417.8 12.4 18.4 31.0 43.4 33.6 55.4
Interest paid by persons.......... 15.0 15.0 1.7 1.4 1.9 1.6 2.1 1.6
Personal transfer payments to the
rest of the world (net).......... 2.8 2.6 -.2 .0 .0 .6 .0 .0
Equals: Personal saving............. 12.5 -117.8 15.3 4.1 -4.9 -28.2 -18.9 20.6
Addendum:
Disposable personal income:
chained (1996) dollars........... 279.6 196.9 27.3 24.2 8.2 1.5 14.8 46.8
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Apr 00 May 00 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,850.9 6,268.7 6,683.7 6,702.1 6,733.1 6,776.5 6,810.1 6,865.5
Durable goods..................... 693.9 761.3 819.2 812.2 811.5 817.3 822.0 834.1
Nondurable goods.................. 1,707.6 1,845.5 1,989.2 1,994.6 2,009.1 2,024.3 2,027.5 2,045.1
Services.......................... 3,449.3 3,661.9 3,875.3 3,895.3 3,912.5 3,934.9 3,960.5 3,986.4
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,678.7 5,978.8 6,244.0 6,263.1 6,274.8 6,301.1 6,331.5 6,358.5
Durable goods..................... 727.3 817.8 891.5 883.0 885.5 892.8 901.2 914.6
Nondurable goods.................. 1,684.8 1,779.4 1,853.6 1,863.8 1,866.0 1,877.4 1,887.1 1,885.6
Services.......................... 3,269.4 3,390.8 3,513.9 3,529.6 3,536.7 3,545.0 3,558.2 3,574.8
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 103.03 104.85 107.05 107.02 107.31 107.56 107.57 107.99
Durable goods..................... 95.42 93.09 91.88 91.97 91.63 91.53 91.20 91.18
Nondurable goods.................. 101.35 103.71 107.33 107.04 107.69 107.85 107.46 108.48
Services.......................... 105.50 107.99 110.30 110.37 110.64 111.01 111.32 111.52
Addendum:
Personal consumption expenditures
less food and energy........... 103.45 105.11 106.63 106.64 106.64 106.85 107.01 107.26
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Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 321.6 417.8 12.4 18.4 31.0 43.4 33.6 55.4
Durable goods..................... 51.4 67.4 -5.1 -7.0 -.7 5.8 4.7 12.1
Nondurable goods.................. 66.0 137.9 .0 5.4 14.5 15.2 3.2 17.6
Services.......................... 204.1 212.6 17.6 20.0 17.2 22.4 25.6 25.9
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 254.8 300.1 11.5 19.1 11.7 26.3 30.4 27.0
Durable goods..................... 70.0 90.5 -5.4 -8.5 2.5 7.3 8.4 13.4
Nondurable goods.................. 64.9 94.6 3.5 10.2 2.2 11.4 9.7 -1.5
Services.......................... 122.4 121.4 12.4 15.7 7.1 8.3 13.2 16.6
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Table 5.-Percent Change From Preceding Period in Selected Series
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Apr 00 May 00 Jun 00 Jul 00/r/ Aug 00/r/ Sep 00/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 6.5 5.4 .6 .3 .5 .3 .4 1.1
Disposable personal income.......... 5.9 5.0 .4 .3 .4 .2 .2 1.1
Personal consumption expenditures... 5.8 7.1 .2 .3 .5 .6 .5 .8
Durable goods..................... 8.0 9.7 -.6 -.9 -.1 .7 .6 1.5
Nondurable goods.................. 4.0 8.1 .0 .3 .7 .8 .2 .9
Services.......................... 6.3 6.2 .5 .5 .4 .6 .7 .7
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 4.8 3.2 .4 .4 .1 .0 .2 .7
Personal consumption expenditures... 4.7 5.3 .2 .3 .2 .4 .5 .4
Durable goods..................... 10.6 12.4 -.6 -1.0 .3 .8 .9 1.5
Nondurable goods.................. 4.0 5.6 .2 .5 .1 .6 .5 -.1
Services.......................... 3.9 3.7 .4 .4 .2 .2 .4 .5
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p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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