News Release
These data have been superseded. Please see our latest releases for current estimates and contact information.
Personal Income and Outlays, June 2014; Revised estimates 1999 through May 2014
Personal income increased $56.7 billion, or 0.4 percent, and disposable personal income (DPI) increased $51.5 billion, or 0.4 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $51.7 billion, or 0.4 percent. In May, personal income increased $57.4 billion, or 0.4 percent, DPI increased $55.0 billion, or 0.4 percent, and PCE increased $39.8 billion, or 0.3 percent, based on revised estimates. Real DPI increased 0.2 percent in June, the same increase as in May. Real PCE increased 0.2 percent in June, compared with an increase of 0.1 percent in May. 2014 Feb. Mar. Apr. May June (Percent change from preceding month) Personal income, current dollars 0.7 0.7 0.3 0.4 0.4 Disposable personal income: Current dollars 0.7 0.7 0.4 0.4 0.4 Chained (2009) dollars 0.6 0.5 0.2 0.2 0.2 Personal consumption expenditures: Current dollars 0.4 0.8 0.1 0.3 0.4 Chained (2009) dollars 0.4 0.6 -0.1 0.1 0.2 BOX._____________ Annual Revision of the National Income and Product Accounts The estimates released today reflect the results of the annual revision of the national income and product accounts (NIPAs) in conjunction with preliminary estimates for June 2014. In addition to the regular revision of the estimates for the most recent 3 years and for the first 5 months of 2014, select estimates were revised back to January 1999. More information is available in "Preview of the Upcoming Annual NIPA Revision" in the May Survey of Current Business and on BEA's Web site. The August Survey will contain an article describing the annual revision in detail. __________________ 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 (2009) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. __________________ Wages and salaries Private wages and salaries increased $28.9 billion in June, compared with an increase of $28.2 billion in May. Goods-producing industries' payrolls increased $7.6 billion, compared with an increase of $8.6 billion; manufacturing payrolls increased $4.3 billion, compared with an increase of $6.5 billion. Services-producing industries' payrolls increased $21.3 billion, compared with an increase of $19.5 billion. Government wages and salaries increased $1.7 billion, compared with an increase of $1.3 billion. Other personal income Supplements to wages and salaries increased $5.0 billion in June, compared with an increase of $4.2 billion in May. Proprietors' income increased $5.8 billion in June, compared with an increase of $0.1 billion in May. Farm proprietors' income increased $0.2 billion, compared with an increase of $0.3 billion. Nonfarm proprietors' income increased $5.4 billion, in contrast to a decrease of $0.1 billion. Rental income of persons increased $3.5 billion in June, compared with an increase of $3.6 billion in May. Personal income receipts on assets (personal interest income plus personal dividend income) increased $11.9 billion, compared with increased of $8.9 billion. Personal current transfer receipts increased $4.4 billion in June, compared with an increase of $15.3 billion in May. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $4.5 billion in June, compared with an increase of $4.1 billion in May. Personal current taxes and disposable personal income Personal current taxes increased $5.3 billion in June, compared with an increase of $2.5 billion in May. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $51.5 billion, or 0.4 percent, in June, compared with an increase of $55.0 billion, or 0.4 percent, in May. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $51.6 billion in June, compared with an increase of $39.7 billion in May. PCE increased $51.7 billion, compared with an increase of $39.8 billion. Personal saving -- DPI less personal outlays -- was $687.9 billion in June, compared with $688.0 billion in May. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.3 percent in June, the same rate as in May. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in June, the same increase as in May. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in June, compared with an increase of 0.1 percent in May. Purchases of durable goods increased 0.4 percent, compared with an increase of 1.3 percent. Purchases of nondurable goods increased 0.3 percent, in contrast to a decrease of 0.3 percent. Purchases of services increased 0.1 percent, in contrast to a decrease of less than 0.1 percent. The price index for PCE increased 0.2 percent in June, compared with an increase of 0.3 percent in May. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent. PCE price index: percent change from month one year ago The June price index for PCE increased 1.6 percent from June a year ago. The June PCE price index, excluding food and energy, increased 1.5 percent from June a year ago. BOX.______________ NOTE. BEA acknowledges the special efforts by the Bureau of Labor Statistics with the assistance of 18 state employment offices in providing preliminary data for the first quarter of 2014 from the quarterly census of employment and wages (QCEW). Wage and salary data from the state employment offices of California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Maryland, Massachusetts, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, and Utah were provided. These data have greatly improved the estimates of wages and salaries. __________________ Revision of the Personal Income and Outlays Estimates The revised estimates reflect the results of the annual revision of the national income and product accounts (NIPAs). In addition to the regular revision of estimates for the most recent 3 years and the first quarter of 2014, this “flexible” annual revision results in revisions to current-dollar estimates beginning with the first quarter of 1999. The reference year remains 2009. When the estimates for the reference year (2009) are revised, the levels of the related index numbers and chained-dollar estimates are also revised for the entire historical period; revisions to percent changes before the first quarter of 1999 are small and mostly due to rounding. Revisions to annual estimates of personal income and outlays for 2011 - 2013 are shown in table 12. Revised and previously published monthly estimates of personal income, DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in table 13; revised and previously published annual and quarterly estimates are shown in table 14. Personal income was revised up $10.7 billion, or 0.1 percent, for 2011; was revised up $143.9 billion, or 1.0 percent, for 2012; and was revised up $32.2 billion, or 0.2 percent, for 2013. For 2011, an upward revision to personal interest income was partly offset by downward revisions to nonfarm proprietors’ income and to wages and salaries. For 2012, upward revisions to personal dividend income, to personal interest income, and to nonfarm proprietors’ income were partly offset by downward revisions to supplements to wages and salaries, to rental income of persons, and to personal current transfer receipts. For 2013, upward revisions to personal dividend income, to nonfarm proprietors’ income, and to personal interest income were partly offset by downward revisions to farm proprietors’ income, to personal current transfer receipts, and to wages and salaries. Disposable personal income was revised up $14.0 billion, or 0.1 percent, for 2011; was revised up $138.2 billion, or 1.1 percent, for 2012; and was revised up $28.9 billion, or 0.2 percent, for 2013. The percent change from the preceding year in real DPI was revised up from an increase of 2.4 percent to an increase of 2.5 percent in 2011; was revised up from an increase of 2.0 percent to an increase of 3.0 percent in 2012; and was revised down from an increase of 0.7 percent to a decrease of 0.2 percent in 2013. Personal outlays was revised down $28.9 billion, or 0.3 percent, for 2011; was revised down $70.5 billion, or 0.6 percent, for 2012; and was revised down $17.8 billion, or 0.1 percent, for 2013. Revisions to personal outlays primarily reflected downward revisions to PCE and personal interest payments. The personal saving rate (personal saving as a percentage of disposable personal income) was revised up from 5.7 percent to 6.0 percent for 2011, was revised up from 5.6 percent to 7.2 percent for 2012, and was revised up from 4.5 percent to 4.9 percent for 2013. FOOTNOTE._________ BEA’s plans to undertake “flexible” annual revisions that include revisions for longer periods than the traditional three-year period were described in the June 2008 Survey of Current Business at www.bea.gov/scb. __________________ 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 free e-mail summaries of BEA releases and announcements. * * * Next release – August 29, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for July