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James E. Rankin: (202) 606-5301 (Personal Income) BEA 04-46
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: AUGUST 2004
Personal income increased $35.1 billion, or 0.4 percent, and disposable personal income (DPI)
increased $31.1 billion, or 0.4 percent, in August, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased less than $0.1 billion, or less than 0.1 percent.
In July, personal income increased $19.9 billion, or 0.2 percent, DPI increased $15.0 billion, or 0.2
percent, and PCE increased $90.2 billion, or 1.1 percent, based on revised estimates.
2004
Apr. May June July Aug.
(Percent change from preceding month)
Personal income, current dollars 0.6 0.5 0.2 0.2 0.4
Disposable personal income:
Current dollars 0.5 0.5 0.2 0.2 0.4
Chained (2000) dollars 0.4 0.1 0.0 0.2 0.4
Personal consumption expenditures:
Current dollars 0.1 1.0 -0.3 1.1 0.0
Chained (2000) dollars 0.0 0.6 -0.6 1.1 0.0
The August estimate of personal income reflects the effects of Hurricane Charley, which
hit the southeastern part of the United States in the middle of the month. BEA made largely
offsetting adjustments to several components of personal income. Rental income of persons
and proprietors' income were reduced by about $11 billion (annual rate) to reflect uninsured
losses of residential and business property. "Other current transfer receipts from business
(net)" was boosted by about $12 billion (annual rate) to reflect net insurance settlements
(actual losses less expected losses) paid to persons. Because other effects of the hurricane
were embedded in BEA's source data and could not be separately identified, BEA did not
attempt to quantify their impact.
For more information on how disasters are treated in the national accounts, see the discussion
on BEA's Web site at </bea/faq/national/disasters.htm>.
Wages and salaries
Private wage and salary disbursements increased $18.8 billion in August, compared with an
increase of $28.0 billion in July. Goods-producing industries' payrolls increased $7.3 billion,
compared with an increase of $2.5 billion; manufacturing payrolls increased $5.7 billion, compared
with an increase of $1.5 billion. Services-producing industries' payrolls increased $11.4 billion,
compared with an increase of $25.6 billion. Government wage and salary disbursements increased
$2.9 billion, compared with an increase of $2.1 billion.
Other personal income
Supplements to wages and salaries increased $5.0 billion in August, compared with an increase
of $5.6 billion in July.
Proprietors' income decreased $2.2 billion in August, compared with a decrease of $6.6 billion
in July. Farm proprietors' income decreased $3.5 billion, compared with a decrease of $7.5 billion.
Nonfarm proprietors' income increased $1.3 billion, compared with an increase of $0.9 billion.
Rental income of persons decreased $11.7 billion in August, compared with a decrease of $1.3
billion in July. In August, rental income was reduced $10.4 billion at an annual rate to reflect
uninsured losses of residential property from Hurricane Charley.
Personal income receipts on assets (personal interest income plus personal dividend income)
increased $3.9 billion, compared with an increase of $4.0 billion.
Personal current transfer receipts increased $21.7 billion in August, in contrast to a decrease of
$7.7 billion in July. In August, personal current transfer receipts was boosted $12.6 billion at an
annual rate to reflect an increase in net insurance settlements (actual losses less expected losses) paid
to persons for damage to insured property from Hurricane Charley. The July decrease reflected a
reduction in the federal matching rate for Medicaid reimbursements, which had been boosted
temporarily by the Jobs and Growth Tax Relief Reconciliation of 2003.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $3.2 billion in August, compared with an increase of $4.1 billion in July.
Personal current taxes and disposable personal income
Personal current taxes increased $4.1 billion in August, compared with an increase of $5.0
billion in July. Disposable personal income (DPI) -- personal income less personal current taxes --
increased $31.1 billion, or 0.4 percent, in August, compared with an increase of $15.0 billion, or 0.2
percent, in July.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $0.1 billion in August, compared with an increase of $90.2 billion in July. PCE increased
less than $0.1 billion, compared with an increase of $90.2 billion.
Personal saving -- DPI less personal outlays -- was $77.3 billion in August, compared with
$46.3 billion in July. Personal saving as a percentage of disposable personal income was 0.9 percent
in August, compared with 0.5 percent in July.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in August, compared
with an increase of 0.2 percent in July.
Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in August,
compared with an increase of 1.1 percent in July. Purchases of durable goods decreased 1.1 percent,
in contrast to an increase of 6.6 percent. Purchases of motor vehicles and parts more than accounted
for the August decrease and accounted for most of the July increase. Purchases of nondurable goods
increased 0.2 percent in August, compared with an increase of 0.8 percent in July. Purchases of
services increased 0.1 percent, compared with an increase of 0.3 percent.
Revisions
Estimates have been revised for April through July. Changes in personal income, current-dollar
and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for June and July
-- revised and as published in last month's release -- are shown below. Revisions for April and May
were small.
Change from preceding month
June July
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.............. 22.1 23.6 0.2 0.2 11.0 19.9 0.1 0.2
Disposable personal income:
Current dollars.............. 19.9 21.0 0.2 0.2 7.9 15.0 0.1 0.2
Chained (2000) dollars....... -1.3 0.5 0.0 0.0 10.9 17.2 0.1 0.2
Personal consumption expenditures:
Current dollars.............. -15.3 -26.5 -0.2 -0.3 65.6 90.2 0.8 1.1
Chained (2000) dollars....... -33.0 -42.7 -0.4 -0.6 64.2 86.7 0.8 1.1
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.gov>
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
(202) 606-5303 Personal income and outlays
(202) 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 September will be released on
November 1, 2004, at 8:30 A.M. EST.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jan 04 Feb 04 Mar 04 Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/r/ Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,404.1 9,445.9 9,484.9 9,542.3 9,592.1 9,615.7 9,635.6 9,670.7
Compensation of employees, received...... 6,461.1 6,490.3 6,512.4 6,544.3 6,579.6 6,584.4 6,620.0 6,646.7
Wage and salary disbursements.......... 5,221.4 5,241.3 5,254.8 5,282.6 5,312.5 5,313.6 5,343.7 5,365.5
Private industries................... 4,306.7 4,324.0 4,334.8 4,357.4 4,390.5 4,390.4 4,418.4 4,437.2
Goods-producing industries......... 1,019.8 1,018.2 1,018.9 1,022.8 1,030.7 1,030.4 1,032.9 1,040.2
Manufacturing.................... 671.9 669.9 668.0 670.4 676.0 675.7 677.2 682.9
Services-producing industries...... 3,286.9 3,305.8 3,316.0 3,334.7 3,359.8 3,360.0 3,385.6 3,397.0
Trade, transportation, and
utilities....................... 871.2 872.5 873.4 876.8 881.0 881.1 887.0 888.2
Other services-producing
industries...................... 2,415.6 2,433.2 2,442.6 2,457.9 2,478.8 2,478.9 2,498.5 2,508.9
Government........................... 914.7 917.3 920.0 925.2 922.0 923.2 925.3 928.2
Supplements to wages and salaries...... 1,239.8 1,249.0 1,257.6 1,261.7 1,267.1 1,270.7 1,276.3 1,281.3
Employer contributions for employee
pension and insurance funds......... 848.7 856.5 864.4 867.0 870.2 873.9 877.6 881.1
Employer contributions for government
social insurance.................... 391.0 392.5 393.3 394.6 396.9 396.8 398.7 400.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 862.9 870.0 883.5 893.5 901.2 909.4 902.8 900.6
Farm................................... 18.5 17.8 17.5 18.3 19.0 19.5 12.0 8.5
Nonfarm................................ 844.3 852.2 866.0 875.3 882.2 889.9 890.8 892.1
Rental income of persons with capital
consumption adjustment.................. 174.1 172.6 171.8 172.0 172.8 172.9 171.6 159.9
Personal income receipts on assets....... 1,335.5 1,337.0 1,338.8 1,345.4 1,352.2 1,359.4 1,363.4 1,367.3
Personal interest income............... 937.6 936.2 934.8 938.2 941.7 945.1 945.6 946.0
Personal dividend income............... 397.9 400.8 404.0 407.1 410.6 414.3 417.8 421.3
Personal current transfer receipts....... 1,371.7 1,380.5 1,384.7 1,396.6 1,400.6 1,404.1 1,396.4 1,418.1
Government social benefits to persons.. 1,342.4 1,351.2 1,355.3 1,367.3 1,371.3 1,374.8 1,367.2 1,376.4
Old-age, survivors, disability, and
health insurance benefits........... 754.2 764.6 767.3 772.7 774.7 774.6 777.4 784.5
Government unemployment insurance
benefits............................ 46.1 40.7 37.5 34.5 33.3 32.6 32.0 32.6
Other................................ 542.0 545.9 550.5 560.1 563.2 567.5 557.8 559.3
Other current transfer receipts, from
business (net)........................ 29.3 29.3 29.4 29.3 29.3 29.3 29.2 41.7
Less: Contributions for government social
insurance............................... 801.1 804.4 806.3 809.5 814.3 814.6 818.7 821.9
Less: Personal current taxes............... 1,003.3 1,006.9 1,009.6 1,023.2 1,030.6 1,033.1 1,038.1 1,042.2
Equals: Disposable personal income......... 8,400.8 8,439.0 8,475.3 8,519.1 8,561.5 8,582.5 8,597.5 8,628.6
Less: Personal outlays..................... 8,309.4 8,358.9 8,386.6 8,400.4 8,484.6 8,461.0 8,551.2 8,551.3
Personal consumption expenditures........ 8,015.5 8,067.5 8,097.7 8,108.3 8,189.8 8,163.3 8,253.5 8,253.5
Durable goods.......................... 964.7 979.0 985.3 967.9 999.8 958.7 1,018.0 1,002.1
Nondurable goods....................... 2,299.9 2,312.1 2,337.7 2,333.2 2,364.6 2,365.8 2,374.0 2,378.2
Services............................... 4,750.8 4,776.4 4,774.7 4,807.2 4,825.4 4,838.8 4,861.5 4,873.3
Personal interest payments\1\............ 184.2 181.1 178.1 180.3 182.6 184.9 184.4 183.9
Personal current transfer payments....... 109.7 110.3 110.8 111.7 112.2 112.8 113.3 113.9
To government.......................... 68.1 68.6 69.1 69.6 70.2 70.7 71.2 71.8
To the rest of the world (net)......... 41.7 41.7 41.7 42.1 42.1 42.1 42.1 42.1
Equals: Personal saving.................... 91.4 80.1 88.7 118.7 76.9 121.6 46.3 77.3
Personal saving as a percentage of
disposable personal income.............. 1.1 .9 1.0 1.4 .9 1.4 .5 .9
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,883.6 7,899.0 7,908.4 7,937.9 7,947.4 7,947.9 7,965.1 7,994.0
Per capita:
Current dollars...................... 28,708 28,818 28,921 29,049 29,170 29,218 29,244 29,322
Chained (2000) dollars............... 26,940 26,974 26,986 27,067 27,078 27,057 27,093 27,166
Population (midperiod, thousands)\3\..... 292,630 292,836 293,049 293,270 293,501 293,743 293,996 294,264
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. 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 and quarterly estimates are averages of the
monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 I 03 II 03 III 03 IV 03 I 04 II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,878.9 9,161.8 9,002.2 9,105.7 9,209.3 9,330.0 9,445.0 9,583.4
Compensation of employees, received...... 6,069.5 6,289.0 6,177.7 6,247.0 6,324.7 6,406.7 6,487.9 6,569.4
Wage and salary disbursements.......... 4,976.3 5,103.6 5,023.3 5,073.3 5,128.6 5,188.9 5,239.2 5,302.9
Private industries................... 4,113.7 4,205.6 4,135.6 4,175.6 4,227.5 4,283.9 4,321.8 4,379.4
Goods-producing industries......... 1,010.2 1,007.7 999.5 999.7 1,005.8 1,025.6 1,019.0 1,028.0
Manufacturing.................... 675.2 668.8 665.7 663.4 665.9 680.1 669.9 674.0
Services-producing industries...... 3,103.5 3,198.0 3,136.0 3,175.9 3,221.6 3,258.3 3,302.9 3,351.5
Trade, transportation, and
utilities....................... 843.6 858.6 848.6 852.9 860.7 872.0 872.4 879.6
Other services-producing
industries...................... 2,259.9 2,339.4 2,287.4 2,322.9 2,360.9 2,386.4 2,430.5 2,471.9
Government........................... 862.6 897.9 887.8 897.8 901.1 905.0 917.3 923.5
Supplements to wages and salaries...... 1,093.2 1,185.5 1,154.3 1,173.7 1,196.1 1,217.8 1,248.8 1,266.5
Employer contributions for employee
pension and insurance funds......... 729.6 808.9 782.7 799.0 817.9 835.9 856.5 870.4
Employer contributions for government
social insurance.................... 363.6 376.6 371.6 374.6 378.2 381.9 392.3 396.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.6 834.1 794.0 825.7 852.0 864.7 872.1 901.4
Farm................................... 9.7 21.8 13.8 24.1 24.8 24.7 17.9 18.9
Nonfarm................................ 759.9 812.3 780.2 801.6 827.2 840.0 854.2 882.5
Rental income of persons with capital
consumption adjustment.................. 170.9 153.8 155.5 144.1 148.8 167.1 172.8 172.6
Personal income receipts on assets....... 1,334.6 1,322.7 1,325.9 1,324.7 1,314.4 1,325.8 1,337.1 1,352.3
Personal interest income............... 946.7 929.9 932.4 932.4 922.8 932.0 936.2 941.7
Personal dividend income............... 387.9 392.8 393.5 392.3 391.6 393.8 400.9 410.6
Personal current transfer receipts....... 1,282.7 1,335.4 1,311.4 1,333.1 1,346.2 1,350.7 1,379.0 1,400.4
Government social benefits to persons.. 1,248.9 1,306.4 1,282.2 1,304.1 1,317.4 1,322.0 1,349.6 1,371.1
Old-age, survivors, disability, and
health insurance benefits........... 708.3 733.8 722.8 731.1 736.6 744.9 762.1 774.0
Government unemployment insurance
benefits............................ 53.2 52.8 50.4 54.8 54.3 51.6 41.4 33.5
Other................................ 487.5 519.8 509.0 518.3 526.5 525.5 546.1 563.6
Other current transfer receipts, from
business (net)........................ 33.7 28.9 29.2 29.0 28.9 28.8 29.3 29.3
Less: Contributions for government social
insurance............................... 748.3 773.2 762.4 768.9 776.7 785.0 803.9 812.8
Less: Personal current taxes............... 1,051.2 1,001.9 1,025.7 1,030.7 941.7 1,009.4 1,006.6 1,029.0
Equals: Disposable personal income......... 7,827.7 8,159.9 7,976.5 8,075.0 8,267.6 8,320.5 8,438.4 8,554.4
Less: Personal outlays..................... 7,668.5 8,049.3 7,897.0 7,982.9 8,107.8 8,209.4 8,351.6 8,448.7
Personal consumption expenditures........ 7,376.1 7,760.9 7,609.8 7,696.3 7,822.5 7,914.9 8,060.2 8,153.8
Durable goods.......................... 916.2 950.7 912.1 946.8 972.7 971.1 976.3 975.5
Nondurable goods....................... 2,080.1 2,200.1 2,167.5 2,163.6 2,219.2 2,250.1 2,316.6 2,354.6
Services............................... 4,379.8 4,610.1 4,530.2 4,585.9 4,630.6 4,693.6 4,767.3 4,823.8
Personal interest payments\1\............ 197.2 185.3 187.1 184.8 183.3 185.9 181.1 182.6
Personal current transfer payments....... 95.3 103.1 100.0 101.8 102.1 108.6 110.3 112.2
To government.......................... 59.5 64.9 62.8 64.2 65.6 67.0 68.6 70.2
To the rest of the world (net)......... 35.7 38.2 37.2 37.6 36.5 41.6 41.7 42.1
Equals: Personal saving.................... 159.2 110.6 79.5 92.1 159.8 111.1 86.8 105.7
Personal saving as a percentage of
disposable personal income.............. 2.0 1.4 1.0 1.1 1.9 1.3 1.0 1.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,559.5 7,733.8 7,591.2 7,671.1 7,822.9 7,849.6 7,897.0 7,944.3
Per capita:
Current dollars...................... 27,157 28,033 27,504 27,779 28,368 28,476 28,816 29,146
Chained (2000) dollars............... 26,227 26,569 26,175 26,389 26,842 26,865 26,967 27,067
Population (midperiod, thousands)\3\..... 288,240 291,085 290,016 290,689 291,445 292,190 292,838 293,505
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. 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 and quarterly estimates are averages of the
monthly estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jan 04 Feb 04 Mar 04 Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/r/ Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 28.8 41.8 39.0 57.4 49.8 23.6 19.9 35.1
Compensation of employees, received...... 39.9 29.2 22.1 31.9 35.3 4.8 35.6 26.7
Wage and salary disbursements.......... 24.1 19.9 13.5 27.8 29.9 1.1 30.1 21.8
Private industries................... 18.0 17.3 10.8 22.6 33.1 -.1 28.0 18.8
Goods-producing industries......... -8.9 -1.6 .7 3.9 7.9 -.3 2.5 7.3
Manufacturing.................... -10.8 -2.0 -1.9 2.4 5.6 -.3 1.5 5.7
Services-producing industries...... 26.9 18.9 10.2 18.7 25.1 .2 25.6 11.4
Trade, transportation, and
utilities....................... 1.2 1.3 .9 3.4 4.2 .1 5.9 1.2
Other services-producing
industries...................... 25.7 17.6 9.4 15.3 20.9 .1 19.6 10.4
Government........................... 6.1 2.6 2.7 5.2 -3.2 1.2 2.1 2.9
Supplements to wages and salaries...... 15.9 9.2 8.6 4.1 5.4 3.6 5.6 5.0
Employer contributions for employee
pension and insurance funds......... 7.1 7.8 7.9 2.6 3.2 3.7 3.7 3.5
Employer contributions for government
social insurance.................... 8.7 1.5 .8 1.3 2.3 -.1 1.9 1.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -7.2 7.1 13.5 10.0 7.7 8.2 -6.6 -2.2
Farm................................... -6.0 -.7 -.3 .8 .7 .5 -7.5 -3.5
Nonfarm................................ -1.4 7.9 13.8 9.3 6.9 7.7 .9 1.3
Rental income of persons with capital
consumption adjustment.................. -1.6 -1.5 -.8 .2 .8 .1 -1.3 -11.7
Personal income receipts on assets....... 1.1 1.5 1.8 6.6 6.8 7.2 4.0 3.9
Personal interest income............... -1.4 -1.4 -1.4 3.4 3.5 3.4 .5 .4
Personal dividend income............... 2.6 2.9 3.2 3.1 3.5 3.7 3.5 3.5
Personal current transfer receipts....... 11.5 8.8 4.2 11.9 4.0 3.5 -7.7 21.7
Government social benefits to persons.. 10.9 8.8 4.1 12.0 4.0 3.5 -7.6 9.2
Old-age, survivors, disability, and
health insurance benefits........... 3.0 10.4 2.7 5.4 2.0 -.1 2.8 7.1
Government unemployment insurance
benefits............................ -4.8 -5.4 -3.2 -3.0 -1.2 -.7 -.6 .6
Other................................ 12.6 3.9 4.6 9.6 3.1 4.3 -9.7 1.5
Other current transfer receipts, from
business (net)........................ .5 .0 .1 -.1 .0 .0 -.1 12.5
Less: Contributions for government social
insurance............................... 14.8 3.3 1.9 3.2 4.8 .3 4.1 3.2
Less: Personal current taxes............... -7.5 3.6 2.7 13.6 7.4 2.5 5.0 4.1
Equals: Disposable personal income......... 36.3 38.2 36.3 43.8 42.4 21.0 15.0 31.1
Less: Personal outlays..................... 43.3 49.5 27.7 13.8 84.2 -23.6 90.2 .1
Personal consumption expenditures........ 45.8 52.0 30.2 10.6 81.5 -26.5 90.2 .0
Durable goods.......................... -29.7 14.3 6.3 -17.4 31.9 -41.1 59.3 -15.9
Nondurable goods....................... 43.3 12.2 25.6 -4.5 31.4 1.2 8.2 4.2
Services............................... 32.1 25.6 -1.7 32.5 18.2 13.4 22.7 11.8
Personal interest payments\1\............ -3.1 -3.1 -3.0 2.2 2.3 2.3 -.5 -.5
Personal current transfer payments....... .6 .6 .5 .9 .5 .6 .5 .6
To government.......................... .6 .5 .5 .5 .6 .5 .5 .6
To the rest of the world (net)......... .1 .0 .0 .4 .0 .0 .0 .0
Equals: Personal saving.................... -7.0 -11.3 8.6 30.0 -41.8 44.7 -75.3 31.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 3.5 15.4 9.4 29.5 9.5 .5 17.2 28.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 I 03 II 03 III 03 IV 03 I 04 II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 154.8 282.9 83.0 103.5 103.6 120.7 115.0 138.4
Compensation of employees, received...... 127.4 219.5 64.3 69.3 77.7 82.0 81.2 81.5
Wage and salary disbursements.......... 33.5 127.3 36.0 50.0 55.3 60.3 50.3 63.7
Private industries................... -13.2 91.9 21.5 40.0 51.9 56.4 37.9 57.6
Goods-producing industries......... -34.1 -2.5 -1.1 .2 6.1 19.8 -6.6 9.0
Manufacturing.................... -33.6 -6.4 -2.1 -2.3 2.5 14.2 -10.2 4.1
Services-producing industries...... 20.9 94.5 22.5 39.9 45.7 36.7 44.6 48.6
Trade, transportation, and
utilities....................... -1.0 15.0 4.7 4.3 7.8 11.3 .4 7.2
Other services-producing
industries...................... 21.9 79.5 17.9 35.5 38.0 25.5 44.1 41.4
Government........................... 46.7 35.3 14.6 10.0 3.3 3.9 12.3 6.2
Supplements to wages and salaries...... 93.9 92.3 28.3 19.4 22.4 21.7 31.0 17.7
Employer contributions for employee
pension and insurance funds......... 86.9 79.3 20.7 16.3 18.9 18.0 20.6 13.9
Employer contributions for government
social insurance.................... 7.0 13.0 7.6 3.0 3.6 3.7 10.4 3.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -2.3 64.5 17.3 31.7 26.3 12.7 7.4 29.3
Farm................................... -10.0 12.1 5.0 10.3 .7 -.1 -6.8 1.0
Nonfarm................................ 7.7 52.4 12.3 21.4 25.6 12.8 14.2 28.3
Rental income of persons with capital
consumption adjustment.................. 3.5 -17.1 1.7 -11.4 4.7 18.3 5.7 -.2
Personal income receipts on assets....... -45.4 -11.9 -.8 -1.2 -10.3 11.4 11.3 15.2
Personal interest income............... -64.3 -16.8 .3 .0 -9.6 9.2 4.2 5.5
Personal dividend income............... 18.9 4.9 -1.1 -1.2 -.7 2.2 7.1 9.7
Personal current transfer receipts....... 88.8 52.7 13.3 21.7 13.1 4.5 28.3 21.4
Government social benefits to persons.. 105.0 57.5 12.9 21.9 13.3 4.6 27.6 21.5
Old-age, survivors, disability, and
health insurance benefits........... 39.8 25.5 6.4 8.3 5.5 8.3 17.2 11.9
Government unemployment insurance
benefits............................ 21.5 -.4 -3.0 4.4 -.5 -2.7 -10.2 -7.9
Other................................ 43.8 32.3 9.6 9.3 8.2 -1.0 20.6 17.5
Other current transfer receipts, from
business (net)........................ -16.3 -4.8 .3 -.2 -.1 -.1 .5 .0
Less: Contributions for government social
insurance............................... 17.2 24.9 12.8 6.5 7.8 8.3 18.9 8.9
Less: Personal current taxes............... -186.1 -49.3 -14.6 5.0 -89.0 67.7 -2.8 22.4
Equals: Disposable personal income......... 340.9 332.2 97.7 98.5 192.6 52.9 117.9 116.0
Less: Personal outlays..................... 314.0 380.8 109.4 85.9 124.9 101.6 142.2 97.1
Personal consumption expenditures........ 321.1 384.8 109.8 86.5 126.2 92.4 145.3 93.6
Durable goods.......................... 32.5 34.5 -8.7 34.7 25.9 -1.6 5.2 -.8
Nondurable goods....................... 63.0 120.0 52.9 -3.9 55.6 30.9 66.5 38.0
Services............................... 225.5 230.3 65.5 55.7 44.7 63.0 73.7 56.5
Personal interest payments\1\............ -15.0 -11.9 -1.7 -2.3 -1.5 2.6 -4.8 1.5
Personal current transfer payments....... 8.1 7.8 1.3 1.8 .3 6.5 1.7 1.9
To government.......................... 5.3 5.4 1.3 1.4 1.4 1.4 1.6 1.6
To the rest of the world (net)......... 2.7 2.5 .0 .4 -1.1 5.1 .1 .4
Equals: Personal saving.................... 26.9 -48.6 -11.7 12.6 67.7 -48.7 -24.3 18.9
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 226.2 174.3 33.2 79.9 151.8 26.7 47.4 47.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jan 04 Feb 04 Mar 04 Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/r/ Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .3 .4 .4 .6 .5 .2 .2 .4
Compensation of employees, received...... .6 .5 .3 .5 .5 .1 .5 .4
Wage and salary disbursements.......... .5 .4 .3 .5 .6 .0 .6 .4
Supplements to wages and salaries...... 1.3 .7 .7 .3 .4 .3 .4 .4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.8 .8 1.6 1.1 .9 .9 -.7 -.2
Rental income of persons with capital
consumption adjustment.................. -.9 -.9 -.4 .1 .5 .1 -.8 -6.8
Personal income receipts on assets....... .1 .1 .1 .5 .5 .5 .3 .3
Personal interest income............... -.1 -.2 -.2 .4 .4 .4 .0 .0
Personal dividend income............... .6 .7 .8 .8 .8 .9 .9 .8
Personal current transfer receipts....... .8 .6 .3 .9 .3 .2 -.5 1.6
Less: Contributions for government social
insurance............................... 1.9 .4 .2 .4 .6 .0 .5 .4
Less: Personal current taxes............... -.7 .4 .3 1.3 .7 .2 .5 .4
Equals: Disposable personal income......... .4 .5 .4 .5 .5 .2 .2 .4
Addenda:
Personal consumption expenditures........ .6 .6 .4 .1 1.0 -.3 1.1 .0
Durable goods.......................... -3.0 1.5 .6 -1.8 3.3 -4.1 6.2 -1.6
Nondurable goods....................... 1.9 .5 1.1 -.2 1.3 .1 .3 .2
Services............................... .7 .5 .0 .7 .4 .3 .5 .2
Real disposable personal income.......... .0 .2 .1 .4 .1 .0 .2 .4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 I 03 II 03 III 03 IV 03 I 04 II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 1.8 3.2 3.8 4.7 4.6 5.3 5.0 6.0
Compensation of employees, received...... 2.1 3.6 4.3 4.6 5.1 5.3 5.2 5.1
Wage and salary disbursements.......... .7 2.6 2.9 4.0 4.4 4.8 3.9 5.0
Supplements to wages and salaries...... 9.4 8.4 10.4 6.9 7.9 7.5 10.6 5.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.3 8.4 9.2 16.9 13.4 6.1 3.5 14.1
Rental income of persons with capital
consumption adjustment.................. 2.1 -10.0 4.5 -26.3 13.6 59.0 14.6 -.6
Personal income receipts on assets....... -3.3 -.9 -.2 -.4 -3.1 3.5 3.5 4.6
Personal interest income............... -6.4 -1.8 .2 .0 -4.1 4.1 1.8 2.4
Personal dividend income............... 5.1 1.3 -1.1 -1.3 -.7 2.2 7.4 10.1
Personal current transfer receipts....... 7.4 4.1 4.2 6.8 4.0 1.3 8.6 6.4
Less: Contributions for government social
insurance............................... 2.3 3.3 7.0 3.4 4.1 4.3 10.0 4.5
Less: Personal current taxes............... -15.0 -4.7 -5.5 2.0 -30.3 32.0 -1.1 9.2
Equals: Disposable personal income......... 4.6 4.2 5.1 5.0 9.9 2.6 5.8 5.6
Addenda:
Personal consumption expenditures........ 4.6 5.2 6.0 4.6 6.7 4.8 7.5 4.7
Durable goods.......................... 3.7 3.8 -3.7 16.1 11.4 -.6 2.2 -.4
Nondurable goods....................... 3.1 5.8 10.4 -.7 10.7 5.7 12.3 6.7
Services............................... 5.4 5.3 6.0 5.0 4.0 5.6 6.4 4.8
Real disposable personal income.......... 3.1 2.3 1.8 4.3 8.2 1.4 2.4 2.4
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Jan 04 Feb 04 Mar 04 Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/r/ Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,522.0 7,551.2 7,556.0 7,555.2 7,602.4 7,559.7 7,646.4 7,646.6
Durable goods............................ 1,063.0 1,078.7 1,084.8 1,065.8 1,101.2 1,057.1 1,126.6 1,114.6
Nondurable goods......................... 2,183.7 2,185.5 2,192.7 2,186.9 2,192.3 2,184.9 2,201.3 2,205.8
Services................................. 4,285.1 4,298.7 4,291.4 4,311.7 4,323.3 4,324.9 4,336.6 4,342.0
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 13.9 29.2 4.8 -.8 47.2 -42.7 86.7 .2
Durable goods............................ -35.3 15.7 6.1 -19.0 35.4 -44.1 69.5 -12.0
Nondurable goods......................... 26.2 1.8 7.2 -5.8 5.4 -7.4 16.4 4.5
Services................................. 17.3 13.6 -7.3 20.3 11.6 1.6 11.7 5.4
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .2 .4 .1 .0 .6 -.6 1.1 .0
Durable goods............................ -3.2 1.5 .6 -1.8 3.3 -4.0 6.6 -1.1
Nondurable goods......................... 1.2 .1 .3 -.3 .2 -.3 .8 .2
Services................................. .4 .3 -.2 .5 .3 .0 .3 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 I 03 II 03 III 03 IV 03 I 04 II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,123.4 7,355.6 7,242.2 7,311.4 7,401.7 7,466.8 7,543.0 7,572.4
Durable goods............................ 959.6 1,030.6 973.2 1,020.0 1,059.6 1,069.7 1,075.5 1,074.7
Nondurable goods......................... 2,037.4 2,112.4 2,082.0 2,090.1 2,125.3 2,152.0 2,187.3 2,188.0
Services................................. 4,128.6 4,220.3 4,188.7 4,207.7 4,227.9 4,256.7 4,291.7 4,320.0
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 213.0 232.2 47.6 69.2 90.3 65.1 76.2 29.4
Durable goods............................ 58.9 71.0 -.2 46.8 39.6 10.1 5.8 -.8
Nondurable goods......................... 50.7 75.0 25.2 8.1 35.2 26.7 35.3 .7
Services................................. 105.4 91.7 21.8 19.0 20.2 28.8 35.0 28.3
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.1 3.3 2.7 3.9 5.0 3.6 4.1 1.6
Durable goods............................ 6.5 7.4 -.1 20.6 16.5 3.9 2.2 -.3
Nondurable goods......................... 2.6 3.7 5.0 1.6 6.9 5.1 6.7 .1
Services................................. 2.6 2.2 2.1 1.8 1.9 2.8 3.3 2.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jan 04 Feb 04 Mar 04 Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/r/ Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 106.566 106.841 107.174 107.326 107.732 107.989 107.944 107.942
Durable goods............................ 90.717 90.717 90.788 90.778 90.753 90.645 90.320 89.867
Nondurable goods......................... 105.328 105.797 106.618 106.693 107.868 108.286 107.851 107.817
Services................................. 110.872 111.117 111.266 111.496 111.619 111.885 112.108 112.239
Addendum:
Personal consumption expenditures
excluding food and energy............... 105.885 106.068 106.291 106.435 106.508 106.625 106.660 106.649
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .4 .3 .3 .1 .4 .2 .0 .0
Durable goods............................ .2 .0 .1 .0 .0 -.1 -.4 -.5
Nondurable goods......................... .7 .4 .8 .1 1.1 .4 -.4 .0
Services................................. .3 .2 .1 .2 .1 .2 .2 .1
Addendum:
Personal consumption expenditures
excluding food and energy............... .2 .2 .2 .1 .1 .1 .0 .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jan 04 Feb 04 Mar 04 Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/r/ Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 4.0 4.1 4.0 4.0 3.5 3.2 1.9 1.6
Personal consumption expenditures.......... 4.0 4.4 4.0 3.6 4.1 3.0 3.7 2.9
Durable goods............................ 9.6 12.5 9.4 5.0 8.0 3.2 8.1 3.6
Nondurable goods......................... 5.3 5.0 4.9 5.0 5.3 3.8 4.0 3.1
Services................................. 2.3 2.5 2.5 2.7 2.7 2.6 2.6 2.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jan 04 Feb 04 Mar 04 Apr 04/r/ May 04/r/ Jun 04/r/ Jul 04/r/ Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.8 1.7 1.7 2.0 2.4 2.5 2.4 2.1
Durable goods............................ -3.4 -3.1 -2.9 -2.7 -2.1 -1.9 -1.9 -2.1
Nondurable goods......................... 2.0 1.5 1.7 2.7 4.5 4.7 4.0 3.2
Services................................. 2.7 2.8 2.6 2.6 2.3 2.4 2.5 2.5
Addendum:
Personal consumption expenditures
less food and energy.................... 1.2 1.4 1.5 1.6 1.5 1.5 1.4 1.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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