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James E. Rankin: (202) 606-5301 (Personal Income) BEA 01-21
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: MAY 2001
Personal income increased $18.2 billion, or 0.2 percent, and disposable personal income (DPI)
increased $14.6 billion, or 0.2 percent, in May, according to the Bureau of Economic Analysis. Personal
consumption expenditures (PCE) increased $32.1 billion, or 0.5 percent. In April, personal income
increased $17.4 billion, or 0.2 percent, DPI increased $18.3 billion, or 0.3 percent, and PCE increased
$35.6 billion, or 0.5 percent, based on revised estimates.
2001
Jan. Feb. Mar. Apr. May
(Percent change from preceding month)
Personal income, current dollars 0.6 0.5 0.5 0.2 0.2
Disposable personal income:
Current dollars .5 .5 .5 .3 .2
Chained (1996) dollars .0 .4 .4 .0 .1
Personal consumption expenditures:
Current dollars 1.1 .2 .3 .5 .5
Chained (1996) dollars .5 .1 .2 .3 .3
Wages and salaries
Private wage and salary disbursements increased $6.1 billion in May, compared with an
increase of $12.7 billion in April. Goods-producing industries' payrolls increased $0.6 billion, in
contrast to a decrease of $7.6 billion; manufacturing payrolls decreased $4.8 billion, compared with
a decrease of $3.0 billion. Distributive industries' payrolls increased $3.4 billion, compared with an
increase of $8.8 billion. Service industries' payrolls increased $2.1 billion, compared with an
increase of $11.6 billion. Government wage and salary disbursements increased $2.2 billion,
compared with an increase of $3.1 billion.
Other personal income
Proprietors' income increased $3.3 billion in May, in contrast to a decrease of $0.2 billion in
April. Farm proprietors' income decreased $1.4 billion, compared with a decrease of $2.2 billion.
Nonfarm proprietors' income increased $4.6 billion, compared with an increase of $2.1 billion.
Transfer payments increased $7.1 billion in May, compared with an increase of $2.2 billion in
April. Personal interest income decreased $3.0 billion, compared with a decrease of $2.5 billion.
Personal dividend income increased $1.9 billion, compared with an increase of $2.1 billion. Rental
income of persons decreased $0.8 billion, compared with a decrease of $1.1 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.6 billion in May, compared with an increase of $1.1 billion in April.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $3.6 billion in May, in contrast to a decrease of
$0.9 billion in April. Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $14.6 billion, or 0.2 percent, in May, compared with an increase of
$18.3 billion, or 0.3 percent, in April.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $33.6 billion in May, compared with an increase of $37.8 billion in
April. PCE increased $32.1 billion, compared with an increase of $35.6 billion.
Personal saving -- DPI less personal outlays -- was a negative $95.0 billion in May, compared
with a negative $76.0 billion in April. Saving from current income may be near zero or negative
when outlays are financed by borrowing (including borrowing financed 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 1.3 percent in May,
compared with a negative 1.0 percent in April.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in May, compared
with an increase of less than 0.1 percent in April.
Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in May, the same
increase as in April. Purchases of durable goods increased 1.6 percent in May, compared with an
increase of 0.3 percent in April. Purchases of motor vehicles and parts accounted for about two-
thirds of the May increase. Purchases of nondurable goods increased 0.2 percent in May, compared
with an increase of 0.6 percent in April. Purchases of services increased 0.1 percent in May, the
same increase as in April.
Revisions
Estimates have been revised for January through April. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for March
and April -- revised and as published in last month's release -- are shown below.
Change from preceding month
March April
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars 42.7 40.2 0.5 0.5 24.2 17.4 0.3 0.2
Disposable personal income:
Current dollars 35.0 32.7 .5 .5 22.9 18.3 .3 .3
Chained (1996) dollars 30.5 29.1 .5 .4 4.1 0.7 .1 .0
Personal consumption expenditures:
Current dollars 15.9 17.9 .2 .3 28.9 35.6 .4 .5
Chained (1996) dollars 13.0 15.4 .2 .2 10.2 17.1 .2 .3
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. 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. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
Annual Revision of the National Income and Product Accounts
As part of the annual revision of the national income and product accounts, revised estimates
of personal income and outlays for January 1998 through May 2001 will be released along with
preliminary estimates for June 2001 on July 31. Information about the revision will be available in
the July 31 news release and in an article describing the revision, which will appear in the August
2001 issue of the Survey of Current Business.
Next release -- Personal Income and Outlays for June will be released on
July 31, 2001, at 8:30 A.M. EDT.
Table 1.-Personal Income
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Dec 00 Jan 01/r/ Feb 01/r/ Mar 01/r/ Apr 01/r/ May 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,789.6 8,281.7 8,461.0 8,510.6 8,555.8 8,596.0 8,613.4 8,631.6
Wage and salary disbursements..... 4,470.0 4,769.4 4,884.7 4,922.5 4,956.5 4,981.8 4,997.7 5,006.0
Private industries.............. 3,745.6 4,008.5 4,115.3 4,144.4 4,173.3 4,195.6 4,208.3 4,214.4
Goods-producing industries.... 1,089.2 1,153.2 1,169.4 1,178.5 1,184.4 1,190.2 1,182.6 1,183.2
Manufacturing............... 782.4 815.9 822.3 823.7 825.9 827.1 824.1 819.3
Distributive industries....... 1,020.3 1,107.3 1,152.3 1,160.5 1,168.3 1,172.7 1,181.5 1,184.9
Service industries............ 1,636.0 1,748.0 1,793.6 1,805.4 1,820.6 1,832.6 1,844.2 1,846.3
Government...................... 724.4 760.9 769.4 778.1 783.2 786.3 789.4 791.6
Other labor income................ 501.0 524.0 536.1 539.0 541.2 543.1 545.3 547.3
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 663.5 710.4 717.3 718.2 725.8 734.0 733.8 737.1
Farm............................ 25.3 22.6 21.6 17.3 21.0 24.7 22.5 21.1
Nonfarm......................... 638.2 687.8 695.7 700.9 704.9 709.3 711.4 716.0
Rental income of persons with
capital consumption adjustment... 143.4 140.0 137.1 136.5 137.9 139.3 138.2 137.4
Personal dividend income.......... 370.3 396.6 409.8 412.0 414.3 416.4 418.5 420.4
Personal interest income.......... 963.7 1,034.3 1,053.6 1,048.4 1,043.1 1,037.6 1,035.1 1,032.1
Transfer payments to persons...... 1,016.2 1,067.8 1,090.9 1,109.2 1,114.5 1,122.8 1,125.0 1,132.1
Old-age, survivors, disability,
and health insurance benefits.. 588.0 622.4 635.2 649.3 653.1 657.5 659.9 662.9
Government unemployment
insurance benefits............. 20.3 20.1 21.2 21.5 21.7 21.6 21.8 21.9
Other......................... 407.9 425.3 434.5 438.3 439.6 443.8 443.4 447.3
Less: Personal contributions for
social insurance................. 338.5 360.7 368.4 375.2 377.5 379.1 380.2 380.8
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 2.-The Disposition of Personal Income
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Dec 00 Jan 01/r/ Feb 01/r/ Mar 01/r/ Apr 01/r/ May 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,789.6 8,281.7 8,461.0 8,510.6 8,555.8 8,596.0 8,613.4 8,631.6
Less: Personal tax and nontax
payments........................... 1,152.0 1,291.9 1,351.2 1,364.4 1,372.3 1,379.8 1,378.9 1,382.5
Equals: Disposable personal income.. 6,637.7 6,989.8 7,109.8 7,146.2 7,183.5 7,216.2 7,234.5 7,249.1
Less: Personal outlays.............. 6,490.1 6,998.3 7,160.7 7,236.5 7,254.0 7,272.7 7,310.5 7,344.1
Personal consumption expenditures. 6,268.7 6,757.3 6,910.9 6,985.9 7,001.6 7,019.5 7,055.1 7,087.2
Interest paid by persons.......... 194.8 212.2 220.8 223.1 224.9 225.7 227.8 229.4
Personal transfer payments to the
rest of the world (net).......... 26.6 28.8 29.0 27.5 27.5 27.5 27.5 27.5
Equals: Personal saving............. 147.6 -8.5 -50.9 -90.3 -70.5 -56.5 -76.0 -95.0
Addenda:
Disposable personal income:
Chained (1996) dollars\1\....... 6,331.0 6,511.0 6,567.6 6,566.2 6,589.5 6,618.6 6,619.3 6,624.1
Per capita:
Current dollars............... 24,314 25,379 25,706 25,817 25,932 26,030 26,076 26,109
Chained (1996) dollars........ 23,191 23,640 23,745 23,722 23,788 23,874 23,859 23,858
Population (thousands)\2\....... 272,996 275,423 276,585 276,798 277,011 277,223 277,436 277,649
Personal saving as a percentage
of disposable personal income.... 2.2 -.1 -.7 -1.3 -1.0 -.8 -1.0 -1.3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate is the
average of estimates for the first of the month and the first of the following
month; the annual estimate is the average of the monthly estimates.
Prior to January 2001, first-of-the-month estimates are from Census Bureau
surveys and are consistent with the 1990 Census of Population. Beginning with
January 2001, first-of-the-month estimates are derived by BEA based on
extrapolations of the Census Bureau estimates.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 3.-Personal Income and Its Disposition, Change from Preceding Period
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Dec 00 Jan 01/r/ Feb 01/r/ Mar 01/r/ Apr 01/r/ May 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 398.6 492.1 38.9 49.6 45.2 40.2 17.4 18.2
Wage and salary disbursements..... 279.3 299.4 12.0 37.8 34.0 25.3 15.9 8.3
Private industries.............. 247.6 262.9 10.0 29.1 28.9 22.3 12.7 6.1
Goods-producing industries.... 50.6 64.0 -7.6 9.1 5.9 5.8 -7.6 .6
Manufacturing............... 25.8 33.5 -7.0 1.4 2.2 1.2 -3.0 -4.8
Distributive industries....... 71.2 87.0 7.8 8.2 7.8 4.4 8.8 3.4
Service industries............ 125.7 112.0 9.8 11.8 15.2 12.0 11.6 2.1
Government...................... 31.7 36.5 2.0 8.7 5.1 3.1 3.1 2.2
Other labor income................ 15.5 23.0 2.2 2.9 2.2 1.9 2.2 2.0
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 42.8 46.9 6.8 .9 7.6 8.2 -.2 3.3
Farm............................ -.1 -2.7 6.2 -4.3 3.7 3.7 -2.2 -1.4
Nonfarm......................... 43.0 49.6 .6 5.2 4.0 4.4 2.1 4.6
Rental income of persons with
capital consumption adjustment... 8.0 -3.4 2.3 -.6 1.4 1.4 -1.1 -.8
Personal dividend income.......... 19.2 26.3 2.7 2.2 2.3 2.1 2.1 1.9
Personal interest income.......... 22.9 70.6 1.8 -5.2 -5.3 -5.5 -2.5 -3.0
Transfer payments to persons...... 33.2 51.6 12.0 18.3 5.3 8.3 2.2 7.1
Old-age, survivors, disability,
and health insurance benefits.. 10.0 34.4 8.5 14.1 3.8 4.4 2.4 3.0
Government unemployment
insurance benefits............. .8 -.2 .4 .3 .2 -.1 .2 .1
Other.......................... 22.5 17.4 3.2 3.8 1.3 4.2 -.4 3.9
Less: Personal contributions for
social insurance................. 22.3 22.2 .8 6.8 2.3 1.6 1.1 .6
Less: Personal tax and nontax
payments........................... 81.1 139.9 8.3 13.2 7.9 7.5 -.9 3.6
Equals: Disposable personal income.. 317.7 352.1 30.6 36.4 37.3 32.7 18.3 14.6
Less: Personal outlays.............. 435.4 508.2 22.7 75.8 17.5 18.7 37.8 33.6
Personal consumption expenditures. 417.8 488.6 21.8 75.0 15.7 17.9 35.6 32.1
Interest paid by persons.......... 15.0 17.4 1.0 2.3 1.8 .8 2.1 1.6
Personal transfer payments to the
rest of the world (net).......... 2.6 2.2 .0 -1.5 .0 .0 .0 .0
Equals: Personal saving............. -117.8 -156.1 7.9 -39.4 19.8 14.0 -19.5 -19.0
Addendum:
Disposable personal income:
chained (1996) dollars\1\........ 196.9 180.0 19.4 -1.4 23.3 29.1 .7 4.8
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated 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; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Dec 00 Jan 01/r/ Feb 01/r/ Mar 01/r/ Apr 01/r/ May 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,268.7 6,757.3 6,910.9 6,985.9 7,001.6 7,019.5 7,055.1 7,087.2
Durable goods..................... 761.3 820.3 805.8 829.8 847.3 840.5 841.1 851.1
Nondurable goods.................. 1,845.5 2,010.0 2,048.9 2,080.7 2,073.5 2,061.2 2,082.6 2,092.4
Services.......................... 3,661.9 3,927.0 4,056.2 4,075.3 4,080.7 4,117.9 4,131.4 4,143.7
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,978.8 6,294.3 6,383.8 6,418.9 6,422.7 6,438.1 6,455.2 6,476.1
Durable goods..................... 817.8 896.0 884.8 909.7 932.1 927.9 930.8 945.9
Nondurable goods.................. 1,779.4 1,869.0 1,890.4 1,914.7 1,898.5 1,891.5 1,903.1 1,906.4
Services.......................... 3,390.8 3,543.9 3,619.0 3,609.1 3,610.3 3,635.3 3,638.2 3,643.2
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 104.85 107.36 108.27 108.84 109.02 109.04 109.31 109.45
Durable goods..................... 93.09 91.54 91.06 91.21 90.89 90.57 90.35 89.96
Nondurable goods.................. 103.71 107.56 108.40 108.69 109.24 108.98 109.45 109.77
Services.......................... 107.99 110.81 112.09 112.93 113.04 113.28 113.56 113.75
Addendum:
Personal consumption expenditures
less food and energy........... 105.11 106.79 107.47 107.89 108.04 108.17 108.35 108.28
----------------------------------------------------------------------------------------
Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 417.8 488.6 21.8 75.0 15.7 17.9 35.6 32.1
Durable goods..................... 67.4 59.0 -10.2 24.0 17.5 -6.8 .6 10.0
Nondurable goods.................. 137.9 164.5 4.5 31.8 -7.2 -12.3 21.4 9.8
Services.......................... 212.6 265.1 27.5 19.1 5.4 37.2 13.5 12.3
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 300.1 315.5 11.4 35.1 3.8 15.4 17.1 20.9
Durable goods..................... 90.5 78.2 -11.3 24.9 22.4 -4.2 2.9 15.1
Nondurable goods.................. 94.6 89.6 6.7 24.3 -16.2 -7.0 11.6 3.3
Services.......................... 121.4 153.1 13.8 -9.9 1.2 25.0 2.9 5.0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 5.-Percent Change From Preceding Period in Selected Series
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Dec 00 Jan 01/r/ Feb 01/r/ Mar 01/r/ Apr 01/r/ May 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 5.4 6.3 .5 .6 .5 .5 .2 .2
Disposable personal income.......... 5.0 5.3 .4 .5 .5 .5 .3 .2
Personal consumption expenditures... 7.1 7.8 .3 1.1 .2 .3 .5 .5
Durable goods..................... 9.7 7.8 -1.3 3.0 2.1 -.8 .1 1.2
Nondurable goods.................. 8.1 8.9 .2 1.6 -.3 -.6 1.0 .5
Services.......................... 6.2 7.2 .7 .5 .1 .9 .3 .3
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 3.2 2.8 .3 .0 .4 .4 .0 .1
Personal consumption expenditures... 5.3 5.3 .2 .5 .1 .2 .3 .3
Durable goods..................... 12.4 9.6 -1.3 2.8 2.5 -.5 .3 1.6
Nondurable goods.................. 5.6 5.0 .4 1.3 -.8 -.4 .6 .2
Services.......................... 3.7 4.5 .4 -.3 .0 .7 .1 .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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