Personal income increased $42.3 billion, or 0.3 percent, and disposable personal income (DPI)
increased $39.9 billion, or 0.3 percent, in July, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $46.0 billion, or 0.4 percent. In June,
personal income increased $46.1 billion, or 0.3 percent, DPI increased $37.4 billion, or 0.3 percent,
and PCE increased $3.5 billion, or less than 0.1 percent, based on revised estimates.
Real disposable income increased 0.3 percent in July, compared with an increase of 0.2 percent
in June. Real PCE increased 0.4 percent, in contrast to a decrease of 0.1 percent.
2012
Mar. Apr. May June July
(Percent change from preceding month)
Personal income, current dollars 0.5 0.2 0.3 0.3 0.3
Disposable personal income:
Current dollars 0.5 0.1 0.3 0.3 0.3
Chained (2005) dollars 0.2 0.1 0.5 0.2 0.3
Personal consumption expenditures:
Current dollars 0.3 0.3 -0.2 0.0 0.4
Chained (2005) dollars 0.0 0.3 0.0 -0.1 0.4
BOX.__________
This news release presents revised estimates of wages and salaries, personal taxes, and contributions
for government social insurance for January through March 2012 (first quarter). These estimates reflect
the incorporation of newly available first-quarter wage and salary tabulations from the quarterly census
of employment and wages from the Bureau of Labor Statistics.
_____________
FOOTNOTE.___________
Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month
dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from
unrounded data and are not annualized. Real estimates are in chained (2005) dollars.
This news release is available on BEAs Web site at www.bea.gov/newsreleases/rels.htm.
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Wages and salaries
Private wage and salary disbursements increased $16.1 billion in July, compared with an increase of $28.5 billion
in June. Goods-producing industries' payrolls increased $5.5 billion, compared with an increase of $7.1 billion;
manufacturing payrolls increased $3.6 billion, compared with an increase of $4.9 billion. Services-producing
industries' payrolls increased $10.6 billion, compared with an increase of $21.4 billion. Government wage and
salary disbursements increased $0.3 billion, compared with an increase of $0.5 billion.
Other personal income
Supplements to wages and salaries increased $4.3 billion in July, compared with an increase of $4.1 billion in June.
Proprietors' income increased $5.7 billion in July, compared with an increase of $0.6 billion in June. Farm
proprietors' income increased $3.3 billion, compared with an increase of $1.8 billion. Nonfarm proprietors'
income increased $2.4 billion, in contrast to a decrease of $1.2 billion.
Rental income of persons increased $4.7 billion in July, compared with an increase of $1.4 billion in June.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $3.4
billion, compared with an increase of $9.9 billion.
Personal current transfer receipts increased $10.3 billion in July, compared with an increase of $3.8 billion
in June. Within current transfer receipts, government social benefits to persons for Medicare increased $6.9 billion,
in contrast to a decrease of $0.2 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.5 billion
in July, compared with an increase of $2.8 billion in June.
Personal current taxes and disposable personal income
Personal current taxes increased $2.4 billion in July, compared with an increase of $8.8 billion in June.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $39.9 billion,
or 0.3 percent, in July, compared with an increase of $37.4 billion, or 0.3 percent, in June.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $49.8
billion inJuly; personal outlays were unchanged in June. PCE increased $46.0 billion in July, compared to an
increase of $3.5 billion in June.
Personal saving -- DPI less personal outlays -- was $506.3 billion in July, compared with $516.2 billion in
June. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.2
percent in July, compared with 4.3 percent in June. For a comparison of personal saving in BEAs national
income and product accounts with personal saving in the Federal Reserve Boards flow of funds accounts and
data on changes in net worth, go to /national/nipaweb/Nipa-Frb.asp.
Real DPI, real PCE and price index
Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in July, compared with an increase
of 0.2 percent in June.
Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in July, in contrast to a decrease
of 0.1 percent in June. Purchases of durable goods increased 1.1 percent, compared with an increase of 0.4 percent.
Purchases of nondurable goods increased 0.5 percent, in contrast to a decrease of 0.5 percent. Purchases of
services increased 0.3 percent, in contrast to a decrease of less than 0.1 percent.
The PCE price index increased less than 0.1 percent in July, compared to an increase of 0.1 percent in June.
The PCE price index, excluding food and energy, increased less than 0.1 percent, compared to an increase of 0.2 percent.
Revisions
Estimates for personal income and DPI have been revised for January through June; estimates for PCE have been revised
for April through June. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar
and chained (2005) dollar PCE for May and June -- revised and as published in last month's release -- are shown below.
Estimates of wages and salaries were revised from January through June. The revision to first-quarter wages and salaries
reflect the incorporation of the most recently available BLS tabulations of the first-quarter wages and salaries from the
quarterly census of employment and wages. Revised estimates for April, May, and June reflect extrapolations from the
revised first-quarter level of wages. In addition, revisions to May and June reflect revised BLS employment, hours,
and earnings data for those months.
Change from preceding month
May June
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars 39.0 37.3 0.3 0.3 61.8 46.1 0.5 0.3
Disposable personal income:
Current dollars 31.7 30.1 0.3 0.3 52.4 37.4 0.4 0.3
Chained (2005) dollars 46.7 46.2 0.5 0.5 34.1 21.4 0.3 0.2
Personal consumption expenditures:
Current dollars -13.3 -21.8 -0.1 -0.2 -1.3 3.5 0.0 0.0
Chained (2005) dollars 6.4 -0.1 0.1 0.0 -11.6 -7.2 -0.1 -0.1
BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are
available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free
e-mail summaries of BEA releases and announcements.
* * *
Next release September 28, 2012 at 8:30 A.M. EDT for Personal Income and Outlays for August
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