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James E. Rankin: (202) 606-5301 (Personal Income) BEA 02-03
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: DECEMBER 2001
Personal income increased $34.6 billion, or 0.4 percent, and disposable personal income (DPI)
increased $22.7 billion, or 0.3 percent, in December, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $17.8 billion, or 0.2 percent. In November,
personal income decreased $1.4 billion, or less than 0.1 percent, DPI increased $3.3 billion, or less than
0.1 percent, and PCE decreased $20.4 billion, or 0.3 percent, based on revised estimates.
2001
Aug. Sept. Oct. Nov. Dec.
(Percent change from preceding month)
Personal income, current dollars 0.1 -0.1 -0.1 0.0 0.4
Disposable personal income:
Current dollars 1.9 -1.2 -1.8 0.0 0.3
Chained (1996) dollars 1.9 -0.7 -2.4 0.1 0.5
Personal consumption expenditures:
Current dollars 0.1 -1.7 2.9 -0.3 -0.2
Chained (1996) dollars 0.1 -1.2 2.3 -0.2 -0.1
Wages and salaries
Private wage and salary disbursements increased $25.4 billion in December, in contrast to a
decrease of $0.2 billion in November. Goods-producing industries' payrolls increased $1.7 billion,
in contrast to a decrease of $5.9 billion; manufacturing payrolls decreased $0.2 billion, compared
with a decrease of $7.2 billion. Distributive industries' payrolls increased $6.2 billion, compared
with an increase of $0.4 billion. Service industries' payrolls increased $17.5 billion, compared with
an increase of $5.3 billion. Government wage and salary disbursements increased $4.1 billion,
compared with an increase of $2.8 billion.
Other personal income
Proprietors' income decreased $0.6 billion in December, compared with a decrease of $5.1
billion in November. Farm proprietors' income decreased $7.9 billion, the same decrease as in
November. Nonfarm proprietors' income increased $7.3 billion in December, compared with an
increase of $2.8 billion in November.
Transfer payments increased $9.9 billion in December, compared with an increase of $3.8
billion in November. Personal interest income decreased $9.0 billion in December, compared with a
decrease of $8.7 billion in November. Personal dividend income increased $2.7 billion, compared
with an increase of $2.5 billion. Rental income of persons increased $2.2 billion, compared with an
increase of $2.1 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.4 billion in December, in contrast to a decrease of $0.2 billion in November.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $11.9 billion in December, in contrast to a
decrease of $4.7 billion in November. Disposable personal income (DPI) -- personal income less
personal tax and nontax payments -- increased $22.7 billion, or 0.3 percent, in December, compared
with an increase of $3.3 billion, or less than 0.1 percent, in November.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- decreased $15.6 billion in December, compared with a decrease of $18.6 billion in
November. PCE decreased $17.8 billion, compared with a decrease of $20.4 billion.
Personal saving -- DPI less personal outlays -- was $71.9 billion in December, compared with
$33.6 billion in November. Personal saving as a percentage of disposable personal income was 1.0
percent in December, compared with 0.5 percent in November.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in December,
compared with an increase of 0.1 percent in November. The increase in real DPI in December
reflected a slight decrease in the PCE implicit price deflator.
Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in December,
compared with a decrease of 0.2 percent in November. Purchases of durable goods decreased 4.4
percent, compared with a decrease of 3.2 percent. Purchases of motor vehicles and parts accounted
for most of the December decrease and more than accounted for the November decrease. Purchases
of nondurable goods increased 0.7 percent in December, compared with an increase of 0.3 percent in
November. Purchases of services increased 0.4 percent, compared with an increase of 0.2 percent.
Revisions
Estimates have been revised for October and November. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for October
and November -- revised and as published in last month's release -- are shown below.
Change from preceding month
October November
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars.......... -9.4 -9.6 -0.1 -0.1 -5.6 -1.4 -0.1 0.0
Disposable personal income:
Current dollars.......... -134.7 -135.0 -1.8 -1.8 -0.4 3.3 0.0 0.0
Chained (1996) dollars... -166.9 -166.5 -2.4 -2.4 6.5 7.8 0.1 0.1
Personal consumption expenditures:
Current dollars.......... 205.6 205.1 2.9 2.9 -52.8 -20.4 -0.7 -0.3
Chained (1996) dollars... 146.3 146.5 2.3 2.3 -41.6 -14.0 -0.6 -0.2
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. 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.
* * *
Next release -- Personal Income and Outlays for January will be released on
March 1, 2002, at 8:30 A.M. EST.
Release dates in 2002
December 2001..... January 31 April 2002..... May 28 August 2002......... September 30
January 2002...... March 1 May 2002....... June 28 September 2002...... November 1
February 2002..... March 29 June 2002...... August 2 October 2002........ November 27
March 2002........ April 29 July 2002...... August 30 November 2002....... December 23
Table 1.-Personal Income
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2000 2001 Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,319.2 8,724.7 8,768.5 8,775.9 8,771.0 8,761.4 8,760.0 8,794.6
Wage and salary disbursements..... 4,837.2 5,098.8 5,124.5 5,123.8 5,122.0 5,111.0 5,113.7 5,143.3
Private industries.............. 4,068.8 4,292.5 4,316.2 4,311.9 4,304.8 4,289.9 4,289.7 4,315.1
Goods-producing industries.... 1,163.7 1,197.4 1,201.4 1,197.2 1,193.9 1,184.9 1,179.0 1,180.7
Manufacturing............... 830.1 842.2 845.7 841.0 836.7 829.1 821.9 821.7
Distributive industries....... 1,095.6 1,145.4 1,152.2 1,149.5 1,142.6 1,142.6 1,143.0 1,149.2
Service industries............ 1,809.5 1,949.7 1,962.6 1,965.2 1,968.4 1,962.4 1,967.7 1,985.2
Government...................... 768.4 806.3 808.3 811.9 817.2 821.2 824.0 828.1
Other labor income................ 534.2 553.9 554.4 555.3 556.5 557.3 558.6 559.7
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 715.0 743.2 751.9 757.7 748.6 743.2 738.1 737.5
Farm............................ 30.6 27.4 29.7 32.4 34.7 26.6 18.7 10.8
Nonfarm......................... 684.4 715.9 722.3 725.4 713.9 716.6 719.4 726.7
Rental income of persons with
capital consumption adjustment... 141.6 142.9 142.3 144.4 145.2 146.9 149.0 151.2
Personal dividend income.......... 379.2 416.3 416.9 420.1 423.0 425.8 428.3 431.0
Personal interest income.......... 1,000.6 993.9 994.3 991.5 988.6 980.9 972.2 963.2
Transfer payments to persons...... 1,069.1 1,149.0 1,158.8 1,157.3 1,160.9 1,168.9 1,172.7 1,182.6
Old-age, survivors, disability,
and health insurance benefits.. 617.3 664.6 672.6 669.2 670.8 672.0 675.5 681.1
Government unemployment
insurance benefits............. 20.3 23.7 23.3 24.0 24.3 24.7 25.1 25.8
Other......................... 431.5 460.7 462.9 464.2 465.8 472.3 472.0 475.8
Less: Personal contributions for
social insurance................. 357.7 373.3 374.7 374.2 373.7 372.6 372.4 373.8
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 2.-The Disposition of Personal Income
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
2000 2001 Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,319.2 8,724.7 8,768.5 8,775.9 8,771.0 8,761.4 8,760.0 8,794.6
Less: Personal tax and nontax
payments........................... 1,288.2 1,306.3 1,258.9 1,120.5 1,207.0 1,332.4 1,327.7 1,339.6
Equals: Disposable personal income.. 7,031.0 7,418.3 7,509.6 7,655.4 7,564.0 7,429.0 7,432.3 7,455.0
Less: Personal outlays.............. 6,963.3 7,297.2 7,329.4 7,333.1 7,210.6 7,417.4 7,398.8 7,383.2
Personal consumption expenditures. 6,728.4 7,061.2 7,093.6 7,099.7 6,979.4 7,184.5 7,164.1 7,146.3
Interest paid by persons.......... 205.3 204.7 203.9 201.5 199.2 200.5 202.2 204.4
Personal transfer payments to the
rest of the world (net).......... 29.6 31.3 31.9 31.9 31.9 32.4 32.4 32.4
Equals: Personal saving............. 67.7 121.1 180.2 322.3 353.4 11.5 33.6 71.9
Addenda:
Disposable personal income:
Chained (1996) dollars\1\....... 6,539.2 6,773.4 6,845.4 6,978.6 6,928.9 6,762.4 6,770.2 6,801.1
Per capita:
Current dollars............... 24,889 25,947 26,255 26,733 26,384 25,885 25,872 25,927
Chained (1996) dollars........ 23,148 23,691 23,932 24,370 24,169 23,562 23,567 23,653
Population (thousands)\2\....... 282,489 285,908 286,032 286,362 286,687 286,999 287,277 287,539
Personal saving as a percentage
of disposable personal income.... 1.0 1.6 2.4 4.2 4.7 .2 .5 1.0
----------------------------------------------------------------------------------------------------------------------------
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.
Beginning with January 1991, first-of-the-month estimates are derived by BEA
and are consistent with the 2000 Census of Population. BEA will substitute
Bureau of Census population estimates for 1991 forward when they are released
in early 2002.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 3.-Personal Income and Its Disposition, Change from Preceding Period
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
2000 2001 Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 541.9 405.5 30.9 7.4 -4.9 -9.6 -1.4 34.6
Wage and salary disbursements..... 365.0 261.6 9.5 -.7 -1.8 -11.0 2.7 29.6
Private industries.............. 320.9 223.7 4.9 -4.3 -7.1 -14.9 -.2 25.4
Goods-producing industries.... 75.0 33.7 -.3 -4.2 -3.3 -9.0 -5.9 1.7
Manufacturing............... 48.1 12.1 .2 -4.7 -4.3 -7.6 -7.2 -.2
Distributive industries....... 74.6 49.8 -.2 -2.7 -6.9 .0 .4 6.2
Service industries............ 171.3 140.2 5.4 2.6 3.2 -6.0 5.3 17.5
Government...................... 44.1 37.9 4.6 3.6 5.3 4.0 2.8 4.1
Other labor income................ 24.5 19.7 1.1 .9 1.2 .8 1.3 1.1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 43.0 28.2 1.8 5.8 -9.1 -5.4 -5.1 -.6
Farm............................ 4.0 -3.2 1.4 2.7 2.3 -8.1 -7.9 -7.9
Nonfarm......................... 39.0 31.5 .5 3.1 -11.5 2.7 2.8 7.3
Rental income of persons with
capital consumption adjustment... -6.1 1.3 3.7 2.1 .8 1.7 2.1 2.2
Personal dividend income.......... 36.1 37.1 2.6 3.2 2.9 2.8 2.5 2.7
Personal interest income.......... 50.6 -6.7 -2.9 -2.8 -2.9 -7.7 -8.7 -9.0
Transfer payments to persons...... 49.5 79.9 15.2 -1.5 3.6 8.0 3.8 9.9
Old-age, survivors, disability,
and health insurance benefits.. 29.3 47.3 11.8 -3.4 1.6 1.2 3.5 5.6
Government unemployment
insurance benefits............. .0 3.4 .3 .7 .3 .4 .4 .7
Other........................... 20.3 29.2 3.0 1.3 1.6 6.5 -.3 3.8
Less: Personal contributions for
social insurance................. 20.6 15.6 .2 -.5 -.5 -1.1 -.2 1.4
Less: Personal tax and nontax
payments........................... 129.0 18.1 -97.5 -138.4 86.5 125.4 -4.7 11.9
Equals: Disposable personal income.. 413.0 387.3 128.4 145.8 -91.4 -135.0 3.3 22.7
Less: Personal outlays.............. 506.1 333.9 19.7 3.7 -122.5 206.8 -18.6 -15.6
Personal consumption expenditures. 478.2 332.8 20.8 6.1 -120.3 205.1 -20.4 -17.8
Interest paid by persons.......... 25.6 -.6 -2.3 -2.4 -2.3 1.3 1.7 2.2
Personal transfer payments to the
rest of the world (net).......... 2.4 1.7 1.1 .0 .0 .5 .0 .0
Equals: Personal saving............. -93.2 53.4 108.8 142.1 31.1 -341.9 22.1 38.3
Addendum:
Disposable personal income:
chained (1996) dollars\1\........ 219.2 234.2 118.0 133.2 -49.7 -166.5 7.8 30.9
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
2000 2001 Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,728.4 7,061.2 7,093.6 7,099.7 6,979.4 7,184.5 7,164.1 7,146.3
Durable goods..................... 819.6 858.0 853.0 848.5 820.4 941.4 912.0 872.4
Nondurable goods.................. 1,989.6 2,052.9 2,063.3 2,063.8 2,045.5 2,050.9 2,042.0 2,041.1
Services.......................... 3,919.2 4,150.3 4,177.3 4,187.4 4,113.6 4,192.3 4,210.1 4,232.8
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,257.8 6,447.3 6,466.2 6,471.9 6,393.4 6,539.9 6,525.9 6,519.4
Durable goods..................... 895.5 955.1 949.8 949.3 921.5 1,056.9 1,023.6 978.9
Nondurable goods.................. 1,849.9 1,881.4 1,890.4 1,896.4 1,859.2 1,878.1 1,883.3 1,897.4
Services.......................... 3,527.7 3,632.6 3,646.2 3,646.5 3,628.6 3,645.1 3,652.7 3,667.9
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 107.52 109.53 109.71 109.71 109.17 109.86 109.79 109.62
Durable goods..................... 91.53 89.85 89.82 89.39 89.04 89.07 89.09 89.12
Nondurable goods.................. 107.55 109.12 109.15 108.83 110.02 109.20 108.43 107.58
Services.......................... 111.10 114.26 114.58 114.85 113.38 115.02 115.27 115.41
Addendum:
Personal consumption expenditures
less food and energy........... 107.02 108.72 108.90 108.95 108.08 109.26 109.45 109.45
----------------------------------------------------------------------------------------
Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 478.2 332.8 20.8 6.1 -120.3 205.1 -20.4 -17.8
Durable goods..................... 58.7 38.4 -3.4 -4.5 -28.1 121.0 -29.4 -39.6
Nondurable goods.................. 158.3 63.3 -.7 .5 -18.3 5.4 -8.9 -.9
Services.......................... 261.2 231.1 25.0 10.1 -73.8 78.7 17.8 22.7
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 289.4 189.5 19.9 5.7 -78.5 146.5 -14.0 -6.5
Durable goods..................... 77.7 59.6 -3.1 -.5 -27.8 135.4 -33.3 -44.7
Nondurable goods.................. 83.5 31.5 11.6 6.0 -37.2 18.9 5.2 14.1
Services.......................... 134.5 104.9 10.4 .3 -17.9 16.5 7.6 15.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 5.-Percent Change From Preceding Period in Selected Series
----------------------------------------------------------------------------------------------------------------------------
2000 2001 Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 7.0 4.9 .4 .1 -.1 -.1 .0 .4
Disposable personal income.......... 6.2 5.5 1.7 1.9 -1.2 -1.8 .0 .3
Personal consumption expenditures... 7.7 4.9 .3 .1 -1.7 2.9 -.3 -.2
Durable goods..................... 7.7 4.7 -.4 -.5 -3.3 14.7 -3.1 -4.3
Nondurable goods.................. 8.6 3.2 .0 .0 -.9 .3 -.4 .0
Services.......................... 7.1 5.9 .6 .2 -1.8 1.9 .4 .5
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 3.5 3.6 1.8 1.9 -.7 -2.4 .1 .5
Personal consumption expenditures... 4.8 3.0 .3 .1 -1.2 2.3 -.2 -.1
Durable goods..................... 9.5 6.7 -.3 -.1 -2.9 14.7 -3.2 -4.4
Nondurable goods.................. 4.7 1.7 .6 .3 -2.0 1.0 .3 .7
Services.......................... 4.0 3.0 .3 .0 -.5 .5 .2 .4
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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