 |
The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
Many of the tables in our news releases are very wide. Printing tips are available.
 |
James E. Rankin: (202) 606-5301 (Personal Income) BEA 02-06
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: JANUARY 2002
Personal income increased $35.1 billion, or 0.4 percent, and disposable personal income (DPI)
increased $118.3 billion, or 1.6 percent, in January, according to the Commerce Department's Bureau of
Economic Analysis. Personal consumption expenditures (PCE) increased $27.7 billion, or 0.4 percent.
In December, personal income increased $26.8 billion, or 0.3 percent, DPI increased $16.3 billion, or 0.2
percent, and PCE increased $3.1 billion, or less than 0.1 percent, based on revised estimates.
2001 2002
Sept. Oct. Nov. Dec. Jan.
(Percent change from preceding month)
Personal income, current dollars -0.1 -0.1 0.0 0.3 0.4
Disposable personal income:
Current dollars -1.2 -1.8 0.0 0.2 1.6
Chained (1996) dollars -0.7 -2.4 0.1 0.4 1.5
Personal consumption expenditures:
Current dollars -1.7 2.9 -0.2 0.0 0.4
Chained (1996) dollars -1.2 2.3 -0.1 0.2 0.3
The January change in disposable personal income (DPI) -- personal income less personal tax
and nontax payments -- was boosted by several special factors. The largest of these factors was the
decrease in personal tax and nontax payments, which reflected a reduction in federal income taxes as
a result of a new 10-percent tax bracket, indexation provisions of current tax law, and a reduction in
net nonwithheld taxes. In addition, the January change in DPI was boosted by cost-of-living
adjustments to several federal transfer payment programs, by changes in the earned income credit
program, and by pay raises for federal civilian and military personnel; it was reduced by program
changes affecting personal contributions for social insurance. Excluding these special factors,
disposable personal income increased $12.2 billion, or 0.2 percent, in January, after increasing
$16.3 billion, or 0.2 percent, in December. These special factors are discussed more fully below.
Wages and salaries
Private wage and salary disbursements decreased $9.5 billion in January, in contrast to an
increase of $20.5 billion in December. Goods-producing industries' payrolls decreased $3.8 billion,
in contrast to an increase of $0.5 billion; manufacturing payrolls decreased $1.7 billion, compared
with a decrease of $0.7 billion. Distributive industries' payrolls decreased $3.3 billion, in contrast to
an increase of $6.2 billion. Service industries' payrolls decreased $2.4 billion, in contrast to an
increase of $13.8 billion.
Government wage and salary disbursements increased $7.5 billion in January, compared with
an increase of $3.1 billion in December. Pay raises for federal civilian and military personnel added
$7.2 billion to government payrolls in January.
Other personal income
Proprietors' income increased $7.8 billion in January, compared with an increase of $0.2 billion
in December. Farm proprietors' income increased $1.9 billion, in contrast to a decrease of $7.1
billion. Nonfarm proprietors' income increased $5.9 billion, compared with an increase of $7.2
billion.
Transfer payments increased $26.2 billion in January, compared with an increase of $7.7 billion
in December. The January increase in transfer payments reflected 2.6-percent cost-of-living
adjustments to social security benefits and several other federal transfer payment programs and
changes in the earned income credit program; together, these changes accounted for $20.4 billion of
the January increase.
Personal interest income decreased $3.3 billion, compared with a decrease of $9.0 billion.
Personal dividend income increased $2.6 billion, compared with an increase of $2.7 billion. Rental
income of persons increased $4.8 billion, compared with an increase of $1.7 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $5.3 billion in January, compared with an increase of $1.1 billion in December. The
January increase reflected the effect of an increase in the social security taxable wage base for
employees and the self-employed (from $80,400 to $84,900) and the effect of an increase in the
monthly premium paid by participants in the supplementary medical insurance program (Medicare
B), which together added $4.7 billion to January personal contributions.
Personal taxes and disposable personal income
Personal tax and nontax payments decreased $83.2 billion in January, in contrast to an increase
of $10.5 billion in December. A reduction in federal income taxes accounted for the January
decrease. Provisions of the Economic Growth and Tax Relief and Reconciliation Act of 2001
reduced withheld taxes by $39.4 billion as a result of the new 10-percent tax bracket. In addition,
indexation provisions of current tax law reduced withheld taxes by $4.0 billion. Net nonwithheld
taxes (payments of estimated taxes plus final settlements less refunds) were reduced by $39.8 billion
based on federal budget projections for 2002.
Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $118.3 billion, or 1.6 percent, in January, compared with an increase of $16.3 billion, or
0.2 percent, in December.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $27.3 billion in January, compared with an increase of $4.1 billion in
December. PCE increased $27.7 billion, compared with an increase of $3.1 billion.
Personal saving -- DPI less personal outlays -- was $134.0 billion in January, compared with
$43.0 billion in December. Personal saving as a percentage of disposable personal income was 1.8
percent in January, compared with 0.6 percent in December.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 1.5 percent in January,
compared with an increase of 0.4 percent in December.
Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in January,
compared with an increase of 0.2 percent in December. Purchases of durable goods decreased 1.7
percent, compared with a decrease of 3.6 percent. Purchases of motor vehicles and parts accounted
for most of the January decrease and more than accounted for the December decrease. Purchases of
nondurable goods increased 0.9 percent in January, compared with an increase of 1.6 percent in
December. Purchases of services increased 0.3 percent, compared with an increase of 0.4 percent.
Revisions
Estimates have been revised for October through December. Changes in personal income,
current-dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for
November and December -- revised and as published in last month's release -- are shown below.
The upward revision to December personal consumption expenditures primarily reflects large
upward revisions to the retail sales source data used to derive these estimates. Revisions for October
and November were small.
Change from preceding month
November December
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars........... -1.4 -2.4 0.0 0.0 34.6 26.8 0.4 0.3
Disposable personal income:
Current dollars........... 3.3 2.4 0.0 0.0 22.7 16.3 0.3 0.2
Chained (1996) dollars.... 7.8 8.8 0.1 0.1 30.9 25.3 0.5 0.4
Personal consumption expenditures:
Current dollars........... -20.4 -17.1 -0.3 -0.2 -17.8 3.1 -0.2 0.0
Chained (1996) dollars.... -14.0 -9.2 -0.2 -0.1 -6.5 12.9 -0.1 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.
* * *
Revised and New Tables.--The next personal income and outlays release (scheduled for
release on March 29, 2002) will present revised and new tables providing additional
information.
Information will be consolidated; revised table 1 will combine the monthly estimates shown in
tables 1 and 2 of this release into a single table, showing monthly personal income and its
disposition.
Longer time series will be shown; some tables will show estimates for 8 months (compared to
6 months in the current tables) and other tables will show estimates for 6 quarters (previously,
quarters had not been shown in this release) and for 2 years.
Additional information will be presented on the percent change from the preceding period of
personal income and its disposition, on the percent change from the preceding period of the
price indexes for personal consumption expenditures, and on the percent change from the
month one year ago in chained (1996) dollars and in price indexes for selected series.
Prototypes of the new tables are available on BEA's Web site at
<www.bea.gov/bea/newsrel/pitables.htm>.
Next release -- Personal Income and Outlays for February will be released on
March 29, 2002, at 8:30 A.M. EST.
Table 1.-Personal Income
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2000 2001/r/ Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,319.2 8,723.9 8,775.9 8,771.0 8,761.5 8,759.1 8,785.9 8,821.0
Wage and salary disbursements..... 4,837.2 5,098.2 5,123.8 5,122.0 5,110.7 5,113.2 5,136.7 5,134.7
Private industries.............. 4,068.8 4,292.1 4,311.9 4,304.8 4,289.9 4,290.0 4,310.5 4,301.0
Goods-producing industries.... 1,163.7 1,197.3 1,197.2 1,193.9 1,184.9 1,179.1 1,179.6 1,175.8
Manufacturing............... 830.1 842.2 841.0 836.7 829.1 821.9 821.2 819.5
Distributive industries....... 1,095.6 1,145.4 1,149.5 1,142.6 1,142.6 1,143.3 1,149.5 1,146.2
Service industries............ 1,809.5 1,949.4 1,965.2 1,968.4 1,962.4 1,967.6 1,981.4 1,979.0
Government...................... 768.4 806.1 811.9 817.2 820.9 823.1 826.2 833.7
Other labor income................ 534.2 553.9 555.3 556.5 557.4 558.6 559.6 564.1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 715.0 743.5 757.7 748.6 743.9 738.9 739.1 746.9
Farm............................ 30.6 27.6 32.4 34.7 27.0 19.6 12.5 14.4
Nonfarm......................... 684.4 715.9 725.4 713.9 717.0 719.4 726.6 732.5
Rental income of persons with
capital consumption adjustment... 141.6 142.7 144.4 145.2 146.7 148.3 150.0 154.8
Personal dividend income.......... 379.2 416.3 420.1 423.0 425.8 428.3 431.0 433.6
Personal interest income.......... 1,000.6 993.9 991.5 988.6 980.9 972.2 963.2 959.9
Transfer payments to persons...... 1,069.1 1,148.7 1,157.3 1,160.9 1,168.8 1,172.0 1,179.7 1,205.9
Old-age, survivors, disability,
and health insurance benefits.. 617.3 664.4 669.2 670.8 671.7 674.6 679.2 691.9
Government unemployment
insurance benefits............. 20.3 23.7 24.0 24.3 24.7 24.9 25.2 25.5
Other......................... 431.5 460.7 464.2 465.8 472.4 472.5 475.2 488.5
Less: Personal contributions for
social insurance................. 357.7 373.3 374.2 373.7 372.6 372.4 373.5 378.8
----------------------------------------------------------------------------------------------------------------------------
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/r/ Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,319.2 8,723.9 8,775.9 8,771.0 8,761.5 8,759.1 8,785.9 8,821.0
Less: Personal tax and nontax
payments........................... 1,288.2 1,306.2 1,120.5 1,207.0 1,332.5 1,327.7 1,338.2 1,255.0
Equals: Disposable personal income.. 7,031.0 7,417.6 7,655.4 7,564.0 7,429.0 7,431.4 7,447.7 7,566.0
Less: Personal outlays.............. 6,963.3 7,299.1 7,333.1 7,210.6 7,417.0 7,400.6 7,404.7 7,432.0
Personal consumption expenditures. 6,728.4 7,063.5 7,099.7 6,979.4 7,184.4 7,167.3 7,170.4 7,198.1
Interest paid by persons.......... 205.3 204.3 201.5 199.2 200.0 200.8 201.7 201.4
Personal transfer payments to the
rest of the world (net).......... 29.6 31.3 31.9 31.9 32.5 32.5 32.5 32.5
Equals: Personal saving............. 67.7 118.5 322.3 353.4 12.0 30.8 43.0 134.0
Addenda:
Disposable personal income:
Chained (1996) dollars\1\....... 6,539.2 6,773.2 6,978.6 6,928.9 6,763.0 6,771.8 6,797.1 6,896.1
Per capita:
Current dollars............... 24,889 25,944 26,733 26,384 25,885 25,868 25,902 26,289
Chained (1996) dollars........ 23,148 23,690 24,370 24,169 23,565 23,572 23,639 23,961
Population (thousands)\2\....... 282,489 285,908 286,362 286,687 286,999 287,277 287,539 287,798
Personal saving as a percentage
of disposable personal income.... 1.0 1.6 4.2 4.7 .2 .4 .6 1.8
----------------------------------------------------------------------------------------------------------------------------
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/r/ Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 541.9 404.7 7.4 -4.9 -9.5 -2.4 26.8 35.1
Wage and salary disbursements..... 365.0 261.0 -.7 -1.8 -11.3 2.5 23.5 -2.0
Private industries.............. 320.9 223.3 -4.3 -7.1 -14.9 .1 20.5 -9.5
Goods-producing industries.... 75.0 33.6 -4.2 -3.3 -9.0 -5.8 .5 -3.8
Manufacturing............... 48.1 12.1 -4.7 -4.3 -7.6 -7.2 -.7 -1.7
Distributive industries....... 74.6 49.8 -2.7 -6.9 .0 .7 6.2 -3.3
Service industries............ 171.3 139.9 2.6 3.2 -6.0 5.2 13.8 -2.4
Government...................... 44.1 37.7 3.6 5.3 3.7 2.2 3.1 7.5
Other labor income................ 24.5 19.7 .9 1.2 .9 1.2 1.0 4.5
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 43.0 28.5 5.8 -9.1 -4.7 -5.0 .2 7.8
Farm............................ 4.0 -3.0 2.7 2.3 -7.7 -7.4 -7.1 1.9
Nonfarm......................... 39.0 31.5 3.1 -11.5 3.1 2.4 7.2 5.9
Rental income of persons with
capital consumption adjustment... -6.1 1.1 2.1 .8 1.5 1.6 1.7 4.8
Personal dividend income.......... 36.1 37.1 3.2 2.9 2.8 2.5 2.7 2.6
Personal interest income.......... 50.6 -6.7 -2.8 -2.9 -7.7 -8.7 -9.0 -3.3
Transfer payments to persons...... 49.5 79.6 -1.5 3.6 7.9 3.2 7.7 26.2
Old-age, survivors, disability,
and health insurance benefits.. 29.3 47.1 -3.4 1.6 .9 2.9 4.6 12.7
Government unemployment
insurance benefits............. .0 3.4 .7 .3 .4 .2 .3 .3
Other........................... 20.3 29.2 1.3 1.6 6.6 .1 2.7 13.3
Less: Personal contributions for
social insurance................. 20.6 15.6 -.5 -.5 -1.1 -.2 1.1 5.3
Less: Personal tax and nontax
payments........................... 129.0 18.0 -138.4 86.5 125.5 -4.8 10.5 -83.2
Equals: Disposable personal income.. 413.0 386.6 145.8 -91.4 -135.0 2.4 16.3 118.3
Less: Personal outlays.............. 506.1 335.8 3.7 -122.5 206.4 -16.4 4.1 27.3
Personal consumption expenditures. 478.2 335.1 6.1 -120.3 205.0 -17.1 3.1 27.7
Interest paid by persons.......... 25.6 -1.0 -2.4 -2.3 .8 .8 .9 -.3
Personal transfer payments to the
rest of the world (net).......... 2.4 1.7 .0 .0 .6 .0 .0 .0
Equals: Personal saving............. -93.2 50.8 142.1 31.1 -341.4 18.8 12.2 91.0
Addendum:
Disposable personal income:
chained (1996) dollars\1\........ 219.2 234.0 133.2 -49.7 -165.9 8.8 25.3 99.0
----------------------------------------------------------------------------------------------------------------------------
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/r/ Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,728.4 7,063.5 7,099.7 6,979.4 7,184.4 7,167.3 7,170.4 7,198.1
Durable goods..................... 819.6 858.2 848.5 820.4 941.2 910.4 876.9 858.8
Nondurable goods.................. 1,989.6 2,055.0 2,063.8 2,045.5 2,051.0 2,045.8 2,062.5 2,087.6
Services.......................... 3,919.2 4,150.2 4,187.4 4,113.6 4,192.2 4,211.1 4,231.1 4,251.7
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,257.8 6,449.8 6,471.9 6,393.4 6,540.3 6,531.1 6,544.0 6,560.7
Durable goods..................... 895.5 955.5 949.3 921.5 1,056.8 1,021.9 985.1 968.6
Nondurable goods.................. 1,849.9 1,883.2 1,896.4 1,859.2 1,878.1 1,886.2 1,915.6 1,933.1
Services.......................... 3,527.7 3,633.1 3,646.5 3,628.6 3,645.6 3,656.2 3,669.3 3,681.5
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 107.52 109.52 109.71 109.17 109.85 109.75 109.58 109.72
Durable goods..................... 91.53 89.84 89.39 89.04 89.07 89.09 89.01 88.66
Nondurable goods.................. 107.55 109.13 108.83 110.02 109.21 108.46 107.67 107.99
Services.......................... 111.10 114.24 114.85 113.38 115.00 115.19 115.32 115.50
Addendum:
Personal consumption expenditures
less food and energy........... 107.02 108.71 108.95 108.08 109.22 109.40 109.38 109.44
----------------------------------------------------------------------------------------
Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 478.2 335.1 6.1 -120.3 205.0 -17.1 3.1 27.7
Durable goods..................... 58.7 38.6 -4.5 -28.1 120.8 -30.8 -33.5 -18.1
Nondurable goods.................. 158.3 65.4 .5 -18.3 5.5 -5.2 16.7 25.1
Services.......................... 261.2 231.0 10.1 -73.8 78.6 18.9 20.0 20.6
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 289.4 192.0 5.7 -78.5 146.9 -9.2 12.9 16.7
Durable goods..................... 77.7 60.0 -.5 -27.8 135.3 -34.9 -36.8 -16.5
Nondurable goods.................. 83.5 33.3 6.0 -37.2 18.9 8.1 29.4 17.5
Services.......................... 134.5 105.4 .3 -17.9 17.0 10.6 13.1 12.2
----------------------------------------------------------------------------------------------------------------------------
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/r/ Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 7.0 4.9 .1 -.1 -.1 .0 .3 .4
Disposable personal income.......... 6.2 5.5 1.9 -1.2 -1.8 .0 .2 1.6
Personal consumption expenditures... 7.7 5.0 .1 -1.7 2.9 -.2 .0 .4
Durable goods..................... 7.7 4.7 -.5 -3.3 14.7 -3.3 -3.7 -2.1
Nondurable goods.................. 8.6 3.3 .0 -.9 .3 -.3 .8 1.2
Services.......................... 7.1 5.9 .2 -1.8 1.9 .5 .5 .5
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 3.5 3.6 1.9 -.7 -2.4 .1 .4 1.5
Personal consumption expenditures... 4.8 3.1 .1 -1.2 2.3 -.1 .2 .3
Durable goods..................... 9.5 6.7 -.1 -2.9 14.7 -3.3 -3.6 -1.7
Nondurable goods.................. 4.7 1.8 .3 -2.0 1.0 .4 1.6 .9
Services.......................... 4.0 3.0 .0 -.5 .5 .3 .4 .3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
|
|
