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James Rankin: (202) 606-5301 (Personal Income) BEA 00-25 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: JULY 2000
Personal income increased $21.1 billion, or 0.3 percent, and disposable personal income (DPI)
increased $19.9 billion, or 0.3 percent, in July, according to the Commerce Department's Bureau of
Economic Analysis. Personal consumption expenditures (PCE) increased $38.7 billion, or 0.6 percent.
In June, personal income increased $33.9 billion, or 0.4 percent, DPI increased $21.0 billion, or 0.3
percent, and PCE increased $29.3 billion, or 0.4 percent, based on revised estimates.
2000
Mar. Apr. May June July
(Percent change from preceding month)
Personal income, current dollars 0.8 0.6 0.3 0.4 0.3
Disposable personal income:
Current dollars .8 .5 .3 .3 .3
Chained (1996) dollars .3 .4 .3 .0 .1
Personal consumption expenditures:
Current dollars .5 .2 .3 .4 .6
Chained (1996) dollars .1 .2 .2 .2 .4
Wages and salaries
Private wage and salary disbursements increased $22.4 billion in July, compared with an
increase of $33.4 billion in June. Goods-producing industries' payrolls increased $9.2 billion,
compared with an increase of $6.4 billion; manufacturing payrolls increased $4.5 billion, compared
with an increase of $5.7 billion. Distributive industries' payrolls increased $6.7 billion, compared
with an increase of $12.9 billion. Service industries' payrolls increased $6.5 billion, compared with
an increase of $14.0 billion.
Government wage and salary disbursements increased $2.1 billion in July, in contrast to a
decrease of $3.5 billion in June. The decline in the number of temporary workers for Census 2000
subtracted $1.9 billion at an annual rate from federal civilian payrolls in July and subtracted $2.7
billion at an annual rate in June.
Other personal income
Proprietors' income decreased $8.7 billion in July, in contrast to an increase of $11.0 billion in
June. Farm proprietors' income decreased $8.4 billion, in contrast to an increase of $6.9 billion.
The changes in farm proprietors' income reflected the pattern of specially authorized federal farm
subsidy payments, which were $0.5 billion at an annual rate in July, $5.3 billion at an annual rate in
June, and $0.5 billion at an annual rate in May. Nonfarm proprietors' income decreased $0.3 billion
in July, in contrast to an increase of $4.0 billion in June.
Transfer payments increased $1.6 billion in July, in contrast to a decrease of $10.0 billion in
June. The changes in June and July reflect benefit payments of $19.2 billion at an annual rate in
May and $8.5 billion at an annual rate in June resulting from new legislation under the Senior
Citizens' Freedom to Work Act of 2000. This act eliminated the "retirement earnings test" and
allowed social security beneficiaries aged 65 and older to receive full benefits regardless of their
earnings. Prior to enactment, these beneficiaries had their benefits reduced by $1 for every $3
earned over the annual earning limit, which is $17,000 for calendar year 2000.
Personal interest income increased $2.2 billion in July, compared with an increase of $2.0
billion in June. Personal dividend income increased $2.4 billion in July, the same increase as in
June. Rental income of persons decreased $1.7 billion in July, compared with a decrease of $1.2
billion in June.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.6 billion in July, compared with an increase of $2.1 billion in June.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $1.2 billion in July, compared with an increase of
$12.9 billion in June. The change in July reflected a $7.6 billion (at an annual rate) tax rebate in
Minnesota in July; the rebate is classified as a personal tax refund in the national income and product
accounts.
Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $19.9 billion, or 0.3 percent, in July, compared with an increase of $21.0 billion, or 0.3
percent, in June.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $40.7 billion in July, compared with an increase of $30.9 billion in June.
PCE increased $38.7 billion, compared with an increase of $29.3 billion.
Personal saving -- DPI less personal outlays -- was a negative $10.9 billion in July, in contrast
to a positive $9.8 billion in June. Saving from current income may be near zero or negative when
outlays are financed by borrowing -- including through credit cards or home equity loans -- selling
investments or other assets, or by using savings from previous periods. Personal saving as a
percentage of disposable personal income was a negative 0.2 percent in July, in contrast to a positive
0.1 percent in June.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in July, compared
with an increase of less than 0.1 percent in June.
Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in July, compared
with an increase of 0.2 percent in June. Purchases of durable goods increased 0.9 percent, compared
with an increase of 0.3 percent. Purchases of nondurable goods increased 0.3 percent, compared
with an increase of 0.1 percent. Purchases of services increased 0.3 percent, compared with an
increase of 0.2 percent.
Revisions
Estimates have been revised for April through June. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for May and
June -- revised and as published in last month's release -- are shown below. Revisions for April
were small.
Change from preceding month
May June
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars 27.1 23.4 0.3 0.3 32.8 33.9 0.4 0.4
Disposable personal income:
Current dollars 22.2 19.6 .3 .3 20.8 21.0 .3 .3
Chained (1996) dollars 19.9 17.3 .3 .3 2.0 2.2 .0 .0
Personal consumption expenditures:
Current dollars 18.7 17.4 .3 .3 32.5 29.3 .5 .4
Chained (1996) dollars 16.6 15.4 .3 .2 13.6 10.6 .2 .2
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 August will be released on
September 29, 2000, at 8:30 A.M. EDT.
Table 1.-Personal Income
[Billions of dollars; seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Feb 00 Mar 00 Apr 00/r/ May 00/r/ Jun 00/r/ Jul 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,391.0 7,789.6 8,099.6 8,161.6 8,206.7 8,230.1 8,264.0 8,285.1
Wage and salary disbursements..... 4,190.7 4,470.0 4,657.8 4,685.9 4,724.4 4,725.0 4,754.8 4,779.4
Private industries.............. 3,498.0 3,745.6 3,908.5 3,932.3 3,967.4 3,961.6 3,995.0 4,017.4
Goods-producing industries.... 1,038.6 1,089.2 1,128.8 1,138.0 1,147.3 1,140.4 1,146.8 1,156.0
Manufacturing............... 756.6 782.4 802.9 804.8 812.6 808.1 813.8 818.3
Distributive industries....... 949.1 1,020.3 1,070.7 1,076.2 1,089.9 1,087.1 1,100.0 1,106.7
Service industries............ 1,510.3 1,636.0 1,708.9 1,718.0 1,730.2 1,734.2 1,748.2 1,754.7
Government...................... 692.7 724.4 749.2 753.6 757.0 763.4 759.9 762.0
Other labor income................ 485.5 501.0 514.1 516.2 518.4 520.5 522.4 525.0
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 620.7 663.5 690.0 706.6 707.0 703.7 714.7 706.0
Farm............................ 25.4 25.3 18.4 21.7 23.1 17.6 24.5 16.1
Nonfarm......................... 595.2 638.2 671.7 684.9 683.9 686.2 690.2 689.9
Rental income of persons with
capital consumption adjustment... 135.4 143.4 145.3 147.0 144.8 141.0 139.8 138.1
Personal dividend income.......... 351.1 370.3 387.0 388.9 390.6 392.4 394.8 397.2
Personal interest income.......... 940.8 963.7 1,011.4 1,021.2 1,025.3 1,027.9 1,029.9 1,032.1
Transfer payments to persons...... 983.0 1,016.2 1,047.3 1,050.9 1,053.8 1,077.3 1,067.3 1,068.9
Old-age, survivors, disability,
and health insurance benefits.. 578.0 588.0 607.7 611.1 613.4 634.4 625.0 623.6
Government unemployment
insurance benefits............. 19.5 20.3 20.5 19.7 19.4 19.3 19.5 19.9
Other......................... 385.4 407.9 419.1 420.1 421.0 423.5 422.8 425.4
Less: Personal contributions for
social insurance................. 316.2 338.5 353.2 355.2 357.7 357.8 359.9 361.5
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p Preliminary.
r Revised.
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
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 2.-The Disposition of Personal Income
[Billions of dollars; seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Feb 00 Mar 00 Apr 00/r/ May 00/r/ Jun 00/r/ Jul 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,391.0 7,789.6 8,099.6 8,161.6 8,206.7 8,230.1 8,264.0 8,285.1
Less: Personal tax and nontax
payments........................... 1,070.9 1,152.0 1,241.1 1,251.2 1,264.7 1,268.5 1,281.4 1,282.6
Equals: Disposable personal income.. 6,320.0 6,637.7 6,858.5 6,910.4 6,942.0 6,961.6 6,982.6 7,002.5
Less: Personal outlays.............. 6,054.7 6,490.1 6,868.7 6,906.2 6,922.5 6,941.8 6,972.7 7,013.4
Personal consumption expenditures. 5,850.9 6,268.7 6,635.0 6,671.3 6,685.8 6,703.2 6,732.5 6,771.2
Interest paid by persons.......... 179.8 194.8 205.2 206.4 208.1 210.0 211.6 213.5
Personal transfer payments to the
rest of the world (net).......... 24.0 26.6 28.5 28.5 28.7 28.7 28.7 28.7
Equals: Personal saving............. 265.4 147.6 -10.3 4.2 19.5 19.8 9.8 -10.9
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\2\.............. 6,134.1 6,331.0 6,434.9 6,455.9 6,483.8 6,501.1 6,503.3 6,508.8
Per capita:
Current dollars............... 23,359 24,314 24,985 25,159 25,257 25,310 25,367 25,418
Chained (1996) dollars........ 22,672 23,191 23,442 23,504 23,589 23,636 23,626 23,626
Population (mid-period,
millions)...................... 270,560 272,996 274,503 274,674 274,859 275,054 275,264 275,496
Personal saving as a percentage
of disposable personal income.... 4.2 2.2 -.1 .1 .3 .3 .1 -.2
----------------------------------------------------------------------------------------------------------------------------
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; seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Feb 00 Mar 00 Apr 00/r/ May 00/r/ Jun 00/r/ Jul 00/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 454.0 398.6 43.2 62.0 45.1 23.4 33.9 21.1
Wage and salary disbursements..... 301.8 279.3 20.4 28.1 38.5 .6 29.8 24.6
Private industries.............. 273.3 247.6 17.9 23.8 35.1 -5.8 33.4 22.4
Goods-producing industries.... 63.5 50.6 2.9 9.2 9.3 -6.9 6.4 9.2
Manufacturing............... 38.2 25.8 2.2 1.9 7.8 -4.5 5.7 4.5
Distributive industries....... 69.5 71.2 4.8 5.5 13.7 -2.8 12.9 6.7
Service industries............ 140.4 125.7 10.1 9.1 12.2 4.0 14.0 6.5
Government...................... 28.4 31.7 2.3 4.4 3.4 6.4 -3.5 2.1
Other labor income................ 10.1 15.5 2.3 2.1 2.2 2.1 1.9 2.6
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 39.5 42.8 4.9 16.6 .4 -3.3 11.0 -8.7
Farm............................ -4.3 -.1 1.1 3.3 1.4 -5.5 6.9 -8.4
Nonfarm......................... 43.7 43.0 3.8 13.2 -1.0 2.3 4.0 -.3
Rental income of persons with
capital consumption adjustment... 7.1 8.0 .9 1.7 -2.2 -3.8 -1.2 -1.7
Personal dividend income.......... 16.2 19.2 2.3 1.9 1.7 1.8 2.4 2.4
Personal interest income.......... 76.8 22.9 9.3 9.8 4.1 2.6 2.0 2.2
Transfer payments to persons...... 20.8 33.2 4.8 3.6 2.9 23.5 -10.0 1.6
Old-age, survivors, disability,
and health insurance benefits.. 12.2 10.0 2.7 3.4 2.3 21.0 -9.4 -1.4
Government unemployment
insurance benefits............. -.4 .8 .3 -.8 -.3 -.1 .2 .4
Other.......................... 8.9 22.5 1.8 1.0 .9 2.5 -.7 2.6
Less: Personal contributions for
social insurance................. 18.3 22.3 1.4 2.0 2.5 .1 2.1 1.6
Less: Personal tax and nontax
payments........................... 102.1 81.1 15.4 10.1 13.5 3.8 12.9 1.2
Equals: Disposable personal income.. 351.8 317.7 27.9 51.9 31.6 19.6 21.0 19.9
Less: Personal outlays.............. 339.4 435.4 77.0 37.5 16.3 19.3 30.9 40.7
Personal consumption expenditures. 321.6 417.8 76.1 36.3 14.5 17.4 29.3 38.7
Interest paid by persons.......... 15.0 15.0 .9 1.2 1.7 1.9 1.6 1.9
Personal transfer payments to the
rest of the world (net).......... 2.8 2.6 .0 .0 .2 .0 .0 .0
Equals: Personal saving............. 12.5 -117.8 -49.2 14.5 15.3 .3 -10.0 -20.7
Addenda:
Disposable personal income:
chained (1996) dollars........... 279.6 196.9 -3.8 21.0 27.9 17.3 2.2 5.5
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p Preliminary.
r Revised.
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
Table 4-Personal Consumption Expenditures by Major Type of Product
[Billions of dollars; seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Feb 00 Mar 00 Apr 00/r/ May 00/r/ Jun 00/r/ Jul 00/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,850.9 6,268.7 6,635.0 6,671.3 6,685.8 6,703.2 6,732.5 6,771.2
Durable goods..................... 693.9 761.3 834.2 824.3 819.3 812.3 811.6 817.8
Nondurable goods.................. 1,707.6 1,845.5 1,965.4 1,989.2 1,989.2 1,994.6 2,007.7 2,017.3
Services.......................... 3,449.3 3,661.9 3,835.4 3,857.7 3,877.3 3,896.3 3,913.2 3,936.0
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,678.7 5,978.8 6,225.2 6,232.5 6,244.4 6,259.8 6,270.4 6,293.8
Durable goods..................... 727.3 817.8 907.3 896.9 891.6 883.0 885.6 893.4
Nondurable goods.................. 1,684.8 1,779.4 1,847.6 1,850.1 1,853.7 1,863.4 1,864.4 1,870.5
Services.......................... 3,269.4 3,390.8 3,488.3 3,501.5 3,514.2 3,526.7 3,533.9 3,544.2
----------------------------------------------------------------------------------------
Chain-type price indexes (Index numbers, 1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 103.03 104.85 106.59 107.05 107.08 107.09 107.38 107.60
Durable goods..................... 95.42 93.09 91.93 91.89 91.88 91.97 91.63 91.53
Nondurable goods.................. 101.35 103.71 106.40 107.54 107.33 107.06 107.71 107.87
Services.......................... 105.50 107.99 109.96 110.18 110.34 110.49 110.74 111.06
Addendum:
Personal consumption expenditures
less food and energy........... 103.45 105.11 106.27 106.50 106.67 106.72 106.71 106.89
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Change from Preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 321.6 417.8 76.1 36.3 14.5 17.4 29.3 38.7
Durable goods..................... 51.4 67.4 14.0 -9.9 -5.0 -7.0 -.7 6.2
Nondurable goods.................. 66.0 137.9 28.3 23.8 .0 5.4 13.1 9.6
Services.......................... 204.1 212.6 33.8 22.3 19.6 19.0 16.9 22.8
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 254.8 300.1 42.6 7.3 11.9 15.4 10.6 23.4
Durable goods..................... 70.0 90.5 16.9 -10.4 -5.3 -8.6 2.6 7.8
Nondurable goods.................. 64.9 94.6 11.0 2.5 3.6 9.7 1.0 6.1
Services.......................... 122.4 121.4 16.6 13.2 12.7 12.5 7.2 10.3
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Table 5.-Percent Change From Preceding Period in Selected Series
----------------------------------------------------------------------------------------------------------------------------
1998 1999 Feb 00 Mar 00 Apr 00/r/ May 00/r/ Jun 00/r/ Jul 00/p/
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----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 6.5 5.4 .5 .8 .6 .3 .4 .3
Disposable personal income.......... 5.9 5.0 .4 .8 .5 .3 .3 .3
Personal consumption expenditures... 5.8 7.1 1.2 .5 .2 .3 .4 .6
Durable goods..................... 8.0 9.7 1.7 -1.2 -.6 -.9 -.1 .8
Nondurable goods.................. 4.0 8.1 1.5 1.2 .0 .3 .7 .5
Services.......................... 6.3 6.2 .9 .6 .5 .5 .4 .6
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 4.8 3.2 -.1 .3 .4 .3 .0 .1
Personal consumption expenditures... 4.7 5.3 .7 .1 .2 .2 .2 .4
Durable goods..................... 10.6 12.4 1.9 -1.1 -.6 -1.0 .3 .9
Nondurable goods.................. 4.0 5.6 .6 .1 .2 .5 .1 .3
Services.......................... 3.9 3.7 .5 .4 .4 .4 .2 .3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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