FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, AUGUST 2, 1996 Tracey D. Schlitzer: (202) 606-5301 (Personal Income) BEA 96-25 Clinton P. McCully: 606-5302 (Personal Outlays) Recorded message: 606-5303 PERSONAL INCOME AND OUTLAYS JUNE 1996 REVISED ESTIMATES: 1993 THROUGH MAY 1996 Personal income increased $58.4 billion, or 0.9 percent, and disposable personal income (DPI)increased $48.0 billion, or 0.9 percent, in June, according to the Commerce Department's Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $8.1 billion, or 0.2 percent. In May, personal income increased $30.7 billion, or 0.5 percent, DPI increased $75.1 billion, or 1.4 percent, and PCE increased $39.6 billion, or 0.8 percent, based on revised estimates. 1996 Feb. Mar. Apr. May June (Percent change from preceding month) Personal income, current dollars . . . 0.7 0.4 0.5 0.5 0.9 Disposable personal income: Current dollars . . . . . . .6 .3 -.5 1.4 .9 Chained (1992) dollars. . . .4 .0 -.8 1.2 .8 Personal consumption expenditures: Current dollars . . . . . . 1.1 .4 .5 .8 -.2 Chained (1992) dollars. . . 1.0 .1 .2 .6 -.2 The May increase in disposable personal income -- personal income less personal tax and nontax payments -- partially reflects a decrease in tax payments, following a large increase in April, as discussed more fully on page 3. Wages and salaries Private wage and salary disbursements increased $46.2 billion in June, compared with an increase of $15.2 billion in May. In June, average weekly hours, average hourly earnings, and employment all increased. Commodity-producing industries' payrolls increased $6.6 billion in June, compared with an increase of $5.1 billion in May; manufacturing payrolls increased $3.2 billion, compared with an increase of $3.4 billion. Distributive industries' payrolls increased $15.4 billion, compared with an increase of $3.9 billion. Service industries' payrolls increased $24.2 billion, compared with an increase of $6.2 billion. Government wage and salary disbursements increased $1.4 billion, compared with an increase of $1.8 billion. Other personal income Proprietors' income increased $3.6 billion in June, compared with an increase of $5.3 billion in May. Farm proprietors' income increased $2.2 billion, compared with an increase of $2.9 billion. Nonfarm proprietors' income increased $1.4 billion, compared with an increase of $2.4 billion. Personal interest income increased $5.2 billion in June, compared with an increase of $4.8 billion in May. Transfer payments increased $4.2 billion, compared with an increase of $3.0 billion. Personal taxes and disposable personal income Personal tax and nontax payments increased $10.4 billion in June, in contrast to a decrease of $44.4 billion in May. The May decrease reflects unusually large federal income tax payments in April (about $50 billion at an annual rate) due to provisions of the Omnibus Budget Reconciliation Act of 1993 that retroactively increased tax rates for high income taxpayers for tax year 1993. Persons affected by the higher rates had the option of paying the additional tax in three annual installments, the last of which was due April 15, 1996. Disposable personal income (DPI) -- personal income less personal tax and nontax payments -- increased $48.0 billion, or 0.9 percent, in June, compared with an increase of $75.1 billion, or 1.4 percent, in May. Personal outlays and personal saving Personal outlays -- personal consumption expenditures (PCE), interest paid by persons, and personal transfer payments to the rest of the world (net) -- decreased $7.8 billion in June, in contrast to an increase of $40.6 billion in May. PCE decreased $8.1 billion, in contrast to an increase of $39.6 billion. Personal saving -- disposable personal income less personal outlays -- was $288.3 billion in June, compared with $232.5 billion in May. Personal saving as a percentage of disposable personal income was 5.1 percent in June, compared with 4.2 percent in May. Chained (1992) dollar estimates Real DPI -- DPI adjusted to remove price changes -- increased 0.8 percent in June, compared with an increase of 1.2 percent in May. Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in June, in contrast to an increase of 0.6 percent in May. Purchases of durable goods decreased 0.8 percent, in contrast to an increase of 3.1 percent; motor vehicle purchases more than accounted for the June decrease and accounted for about half of the May increase. Purchases of nondurable goods increased 0.1 percent in June, compared with an increase of 0.2 percent in May. Purchases of services decreased 0.3 percent, in contrast to an increase of 0.3 percent; expenditures for electricity and gas more than accounted for the June decrease and accounted for most of the May increase. Annual Revision of the National Income and Product Accounts Estimates Personal income and outlays are components of the national income and product accounts (NIPA's). The NIPA's usually are revised each summer, mainly to incorporate new source data that are more complete, more detailed, and otherwise more appropriate than data previously available. This year, the revisions were limited to incorporating: Annual weights for 1995 into the calculation the chain-type measures; the revised balance of payments accounts estimates released in June 1996; and newly available and revised Bureau of Labor Statistics (BLS) annual data on wages and salaries of private employees covered by unemployment insurance and monthly data on employment, average weekly hours, and average hourly earnings. Revisions to the estimates of personal income and outlays for 1993 forward are shown in tables 6 through 8. Personal income is revised up $0.9 billion (less than 0.1 percent) in 1993, $2.9 billion (less than 0.1 percent) in 1994, and $13.4 billion (0.2 percent) in 1995. Personal interest income is revised up $0.8 billion in 1993, $2.1 billion in 1994, and $2.5 billion in 1995. Wage and salary disbursements is revised up $0.1 billion in 1993, $0.7 billion in 1994, and $10.9 billion in 1995. Personal outlays is revised up $2.9 billion in 1993, $5.8 billion in 1994, and $4.8 billion in 1995. The revisions are primarily due to revisions to transfer payments to the rest of the world, which is revised up $2.9 billion in 1993, $3.6 billion in 1994, and $4.3 billion in 1995. Personal saving is revised down $2.0 billion in 1993, down $3.0 billion in 1994, and up $8.5 billion in 1995. * * * Details of personal income and outlays for June and other recent periods are shown in the accompanying tables. The August 1996 issue of the Survey of Current Business will contain NIPA tables showing revised estimates back to January 1993 and an article describing the revisions. The tables are also available for sale in both hard copy and machine readable form. For more information, write to the National Income and Wealth Division, (BE-54), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202) 606-9754. * * * BEA estimates are available in several forms besides the printed news releases. News releases are available at the time of public release through three subscription services offered by the Commerce Department's STAT-USA. Information on how to receive releases by FAX may be obtained by calling (202) 482-1986 (voice). Information about the Economic Bulletin Board (EBB) and about Internet services may be obtained at the same voice number and on-line, as follows: EBB (202) 482-3870 Internet http://www.stat-usa.gov In addition, BEA's most frequently requested statistical series are available on the Internet, as follows: The Federal Statistics Briefing Room (FSBR) on the White House web site provides summary statistics for GDP and other major aggregates on its output, income, and international statistics pages. http://www.whitehouse.gov/fsbr The FSBR provides links to BEA's web site, which provides summary tables and charts on BEA's national, international, and regional data. http://www.bea.gov BEA's web site provides links to detailed BEA databases on STAT-USA's Internet subscription service. http://www.stat-usa.gov Summary estimates are available on recorded messages at the time of public release at the following telephone numbers: (202)606-5306 Gross domestic product 5303 Personal income and outlays 5362 Summary of international transactions Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's monthly journal. The Survey of Current Business is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. First class mail: annual subscription $90.00 domestic. Second class mail: annual subscription $49.00 domestic, $61.25 foreign; single issue $11.00 domestic, $13.75 foreign. In addition, the Survey of Current Business is now available on the Internet in a searchable, retrievable electronic format at least a week before the printed version. To subscribe to STAT-USA's World Wide Web system, go to http://www.stat-usa.gov. Subscriptions for single-user unlimited access to STAT-USA's Internet information are $50.00 for 3 months or $150.00 for 1 year. For further information, call (202) 482-1986. * * * Next release -- Personal Income and Outlays for July will be released on August 30, at 8:30 A.M. EDT. Table 1. -- Personal Income [Billions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------------------------------------------- 1994 1995 June 95 July 95 Aug. 95 Sep. 95 Oct. 95 Nov. 95 Dec. 95 Jan. 96 Feb. 96 Mar. 96 Apr. 96 May 96 June 96p ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income..................... 5,753.1 6,115.1 6,097.0 6,129.8 6,138.9 6,172.1 6,206.6 6,229.4 6,267.4 6,270.1 6,315.2 6,340.1 6,371.4 6,402.1 6,460.5 Wage and salary disbursements..... 3,241.8 3,430.6 3,414.8 3,444.0 3,443.9 3,465.6 3,491.9 3,495.0 3,513.6 3,508.1 3,546.0 3,560.6 3,579.1 3,596.1 3,643.7 Private industries.............. 2,639.3 2,808.8 2,793.3 2,821.0 2,819.8 2,840.4 2,866.2 2,868.2 2,885.4 2,875.6 2,912.0 2,925.1 2,941.8 2,957.0 3,003.2 Commodity-producing industries 824.9 863.6 860.6 863.8 866.7 869.7 872.3 873.2 876.3 870.9 884.3 880.9 894.6 899.7 906.3 Manufacturing............... 621.1 648.4 645.8 648.1 650.4 651.7 653.3 654.3 656.5 650.5 658.6 655.3 668.3 671.7 674.9 Distributive industries....... 739.2 783.7 779.8 787.8 786.8 793.2 798.1 800.9 803.1 801.2 812.0 818.1 814.4 818.3 833.7 Service industries............ 1,075.2 1,161.6 1,152.9 1,169.5 1,166.2 1,177.5 1,195.8 1,194.1 1,206.0 1,203.4 1,215.6 1,226.1 1,232.8 1,239.0 1,263.2 Government...................... 602.5 621.7 621.4 622.9 624.1 625.2 625.7 626.8 628.1 632.6 634.0 635.4 637.3 639.1 640.5 Other labor income................ 402.2 424.0 423.4 424.6 425.8 427.2 428.7 430.2 431.7 427.4 429.1 430.8 432.4 434.0 435.6 Proprietors' income with IVA and CCAdj.......................... 450.9 478.3 477.2 476.0 479.9 483.0 483.3 486.9 490.1 493.2 500.1 505.2 511.1 516.4 520.0 Farm........................... 35.0 29.0 27.4 27.6 28.0 28.8 30.4 31.9 33.2 36.2 38.8 40.1 43.0 45.9 48.1 Nonfarm........................ 415.9 449.3 449.7 448.4 451.9 454.2 452.9 455.0 456.9 457.0 461.3 465.1 468.1 470.5 471.9 Rental income of persons with CCAdj........................... 116.6 122.2 122.3 122.0 120.6 120.2 119.5 127.4 130.7 129.1 126.7 125.0 123.1 122.7 121.8 Personal dividend income.......... 199.6 214.8 212.9 214.3 215.6 217.4 219.5 221.9 223.8 225.3 226.5 227.9 228.7 229.4 229.9 Personal interest income.......... 663.7 717.1 719.0 718.2 719.7 721.7 724.2 727.0 730.3 728.4 725.6 724.3 728.2 733.0 738.2 Transfer payments to persons...... 956.3 1,022.6 1,021.0 1,026.6 1,028.9 1,034.1 1,038.0 1,039.3 1,046.9 1,057.4 1,062.5 1,069.0 1,072.6 1,075.6 1,079.8 Old-age, survivors, disability, and health insurance benefits. 472.9 507.4 506.9 508.4 510.1 513.6 513.4 514.5 520.5 525.4 529.4 534.9 534.7 536.1 538.3 Government unemployment insurance benefits............ 23.7 21.6 21.2 22.7 21.3 21.9 22.3 22.2 22.1 22.5 22.2 21.9 22.1 21.9 22.0 Other........................... 459.7 493.6 492.9 495.5 497.5 498.6 502.2 502.5 504.4 509.5 510.9 512.2 515.8 517.6 519.5 Less: Personal contributions for social insurance................ 278.1 294.5 293.6 295.9 295.6 297.2 298.4 298.4 299.7 298.9 301.5 302.7 303.8 305.0 308.6 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary; all other data are revised. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 2. -- The Disposition of Personal Income [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------------------------------------------- 1994 1995 June 95 July 95 Aug. 95 Sep. 95 Oct. 95 Nov. 95 Dec. 95 Jan. 96 Feb. 96 Mar. 96 Apr. 96 May 96 June 96p ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 5,753.1 6,115.1 6,097.0 6,129.8 6,138.9 6,172.1 6,206.6 6,229.4 6,267.4 6,270.1 6,315.2 6,340.1 6,371.4 6,402.1 6,460.5 Less: Personal tax and nontax payments........................... 731.4 794.3 790.8 796.9 796.9 801.6 806.5 805.9 809.2 814.1 826.1 834.7 893.5 849.1 859.5 Equals: Disposable personal income... 5,021.7 5,320.8 5,306.2 5,332.9 5,342.0 5,370.4 5,400.1 5,423.5 5,458.2 5,456.0 5,489.1 5,505.5 5,477.9 5,553.0 5,601.0 Less: Personal outlays............... 4,832.3 5,071.5 5,090.0 5,086.3 5,117.8 5,115.6 5,103.3 5,142.2 5,188.6 5,171.4 5,229.8 5,253.2 5,279.9 5,320.5 5,312.7 Personal consumption expenditures... 4,700.9 4,924.9 4,944.2 4,938.7 4,968.9 4,966.1 4,950.4 4,988.0 5,032.9 5,015.0 5,071.9 5,094.7 5,120.2 5,159.8 5,151.7 Interest paid by persons............ 117.2 131.7 131.7 132.9 134.3 134.9 136.4 137.7 139.2 140.7 142.1 142.8 143.6 144.7 144.9 Personal transfer payments to the rest of world (net)............... 14.2 14.9 14.1 14.7 14.7 14.7 16.5 16.5 16.5 15.7 15.7 15.7 16.1 16.1 16.1 Equals: Personal saving.............. 189.4 249.3 216.2 246.6 224.2 254.8 296.8 281.4 269.6 284.6 259.3 252.3 198.0 232.5 288.3 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 4,778.2 4,945.8 4,933.0 4,952.4 4,950.3 4,975.8 4,992.4 5,010.8 5,035.6 5,023.1 5,045.2 5,044.7 5,002.5 5,064.0 5,104.4 Per capita: Current dollars................... 19,264 20,224 20,179 20,264 20,281 20,372 20,467 20,541 20,658 20,636 20,749 20,796 20,676 20,943 21,106 Chained (1992) dollars............ 18,330 18,799 18,760 18,818 18,794 18,875 18,922 18,978 19,058 18,999 19,071 19,055 18,881 19,098 19,235 Population (thousands).............. 260,681 263,090 262,953 263,173 263,399 263,624 263,841 264,034 264,220 264,391 264,554 264,743 264,946 265,154 265,374 Personal saving as percentage of disposable personal income ......... 3.8 4.7 4.1 4.6 4.2 4.7 5.5 5.2 4.9 5.2 4.7 4.6 3.6 4.2 5.1 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary; all other data are revised. 1/ Disposable personal income in chained (1992) dollars equals the current-dollar figure divided by the implicit price deflator for personal consumption expenditures. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 3. -- Personal Income and Its Disposition, Change From Preceding Period [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------------------------------------------- 1994 1995 June 95 July 95 Aug. 95 Sep. 95 Oct. 95 Nov. 95 Dec. 95 Jan. 96 Feb. 96 Mar. 96 Apr. 96 May 96 June 96p ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 273.0 362.0 36.7 32.8 9.1 33.2 34.5 22.8 38.0 2.7 45.1 24.9 31.3 30.7 58.4 Wage and salary disbursements........ 151.1 188.8 28.8 29.2 -0.1 21.7 26.3 3.1 18.6 -5.5 37.9 14.6 18.5 17.0 47.6 Private industries................ 132.9 169.5 26.7 27.7 -1.2 20.6 25.8 2.0 17.2 -9.8 36.4 13.1 16.7 15.2 46.2 Commodity-producing industries.. 43.6 38.7 4.2 3.2 2.9 3.0 2.6 0.9 3.1 -5.4 13.4 -3.4 13.7 5.1 6.6 Manufacturing................. 28.0 27.3 1.7 2.3 2.3 1.3 1.6 1.0 2.2 -6.0 8.1 -3.3 13.0 3.4 3.2 Distributive industries......... 40.8 44.5 9.5 8.0 -1.0 6.4 4.9 2.8 2.2 -1.9 10.8 6.1 -3.7 3.9 15.4 Service industries.............. 48.5 86.4 13.0 16.6 -3.3 11.3 18.3 -1.7 11.9 -2.6 12.2 10.5 6.7 6.2 24.2 Government........................ 18.3 19.2 2.1 1.5 1.2 1.1 0.5 1.1 1.3 4.5 1.4 1.4 1.9 1.8 1.4 Other labor income.................. 21.3 21.8 1.4 1.2 1.2 1.4 1.5 1.5 1.5 -4.3 1.7 1.7 1.6 1.6 1.6 Proprietors' income with IVA and CCAdj............................ 30.9 27.4 3.4 -1.2 3.9 3.1 0.3 3.6 3.2 3.1 6.9 5.1 5.9 5.3 3.6 Farm............................. 3.0 -6.0 -0.2 0.2 0.4 0.8 1.6 1.5 1.3 3.0 2.6 1.3 2.9 2.9 2.2 Nonfarm.......................... 27.8 33.4 3.5 -1.3 3.5 2.3 -1.3 2.1 1.9 0.1 4.3 3.8 3.0 2.4 1.4 Rental income of persons with CCAdj............................. 14.1 5.6 0.2 -0.3 -1.4 -0.4 -0.7 7.9 3.3 -1.6 -2.4 -1.7 -1.9 -0.4 -0.9 Personal dividend income............ 12.8 15.2 0.8 1.4 1.3 1.8 2.1 2.4 1.9 1.5 1.2 1.4 0.8 0.7 0.5 Personal interest income............ 15.6 53.4 2.1 -0.8 1.5 2.0 2.5 2.8 3.3 -1.9 -2.8 -1.3 3.9 4.8 5.2 Transfer payments to persons........ 45.6 66.3 2.2 5.6 2.3 5.2 3.9 1.3 7.6 10.5 5.1 6.5 3.6 3.0 4.2 Old-age, survivors, disability, and health insurance benefits... 28.5 34.5 1.2 1.5 1.7 3.5 -0.2 1.1 6.0 4.9 4.0 5.5 -0.2 1.4 2.2 Government unemployment insurance benefits.............. -10.3 -2.1 -0.6 1.5 -1.4 0.6 0.4 -0.1 -0.1 0.4 -0.3 -0.3 0.2 -0.2 0.1 Other............................. 27.4 33.9 1.6 2.6 2.0 1.1 3.6 0.3 1.9 5.1 1.4 1.3 3.6 1.8 1.9 Less: Personal contributions for social insurance.................. 18.5 16.4 2.2 2.3 -0.3 1.6 1.2 0.0 1.3 -0.8 2.6 1.2 1.1 1.2 3.6 Less: Personal tax and nontax payments............................ 41.5 62.9 9.4 6.1 0.0 4.7 4.9 -0.6 3.3 4.9 12.0 8.6 58.8 -44.4 10.4 Equals: Disposable personal income.... 231.5 299.1 27.3 26.7 9.1 28.4 29.7 23.4 34.7 -2.2 33.1 16.4 -27.6 75.1 48.0 Less: Personal outlays................ 256.5 239.2 33.7 -3.7 31.5 -2.2 -12.3 38.9 46.4 -17.2 58.4 23.4 26.7 40.6 -7.8 Personal consumption expenditures... 246.8 224.0 31.8 -5.5 30.2 -2.8 -15.7 37.6 44.9 -17.9 56.9 22.8 25.5 39.6 -8.1 Interest paid by persons............ 8.3 14.5 1.8 1.2 1.4 0.6 1.5 1.3 1.5 1.5 1.4 0.7 0.8 1.1 0.2 Personal transfer payments to the rest of the world (net).......... 1.4 0.7 0.0 0.6 0.0 0.0 1.8 0.0 0.0 -0.8 0.0 0.0 0.4 0.0 0.0 Equals: Personal saving............... -25.0 59.9 -6.4 30.4 -22.4 30.6 42.0 -15.4 -11.8 15.0 -25.3 -7.0 -54.3 34.5 55.8 Addenda: Disposable personal income, chained (1992) dollars.......... 111.3 167.6 21.7 19.4 -2.1 25.5 16.6 18.4 24.8 -12.5 22.1 -0.5 -42.2 61.5 40.4 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary; all other data are revised. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 4. -- Personal Consumption Expenditures by Major Type of Product ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------------------------------------------- 1994 1995 June 95 July 95 Aug. 95 Sep. 95 Oct. 95 Nov. 95 Dec. 95 Jan. 96 Feb. 96 Mar. 96 Apr. 96 May 96 June 96p ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars ----------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 4,700.9 4,924.9 4,944.2 4,938.7 4,968.9 4,966.1 4,950.4 4,988.0 5,032.9 5,015.0 5,071.9 5,094.7 5,120.2 5,159.8 5,151.7 Durable goods....................... 580.9 606.4 618.6 608.3 624.2 614.9 601.1 607.6 629.7 603.8 637.6 634.2 632.4 649.5 642.9 Nondurable goods.................... 1,429.7 1,485.9 1,493.6 1,489.0 1,487.5 1,497.0 1,487.0 1,494.0 1,501.7 1,508.3 1,526.6 1,531.6 1,544.9 1,551.0 1,551.9 Services............................ 2,690.3 2,832.6 2,832.0 2,841.4 2,857.2 2,854.1 2,862.4 2,886.4 2,901.6 2,902.9 2,907.7 2,928.9 2,942.9 2,959.3 2,956.9 ----------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ----------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 4,473.1 4,577.8 4,596.4 4,586.3 4,604.6 4,601.1 4,576.7 4,608.4 4,643.3 4,617.1 4,661.8 4,668.3 4,675.9 4,705.3 4,694.9 Durable goods....................... 562.0 579.8 591.4 582.2 596.8 588.2 575.7 583.2 603.7 578.6 611.6 607.4 608.4 627.3 622.3 Nondurable goods.................... 1,390.5 1,421.9 1,428.0 1,422.6 1,421.6 1,429.8 1,416.4 1,424.3 1,428.9 1,426.3 1,442.8 1,439.3 1,442.8 1,445.4 1,447.1 Services............................ 2,521.4 2,577.0 2,578.2 2,582.3 2,587.2 2,584.3 2,585.0 2,601.4 2,611.6 2,612.4 2,609.0 2,622.8 2,625.8 2,634.2 2,627.2 ----------------------------------------------------------------------------------------------------------------------------------------- Implicit price deflators (Index numbers, 1992 = 100) ----------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 105.1 107.6 107.6 107.7 107.9 107.9 108.2 108.2 108.4 108.6 108.8 109.1 109.5 109.7 109.7 Durable goods....................... 103.4 104.6 104.6 104.5 104.6 104.5 104.4 104.2 104.3 104.4 104.3 104.4 103.9 103.5 103.3 Nondurable goods.................... 102.8 104.5 104.6 104.7 104.6 104.7 105.0 104.9 105.1 105.7 105.8 106.4 107.1 107.3 107.2 Services............................ 106.7 109.9 109.8 110.0 110.4 110.4 110.7 111.0 111.1 111.1 111.5 111.7 112.1 112.3 112.6 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Change from preceding period ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars ----------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 246.8 224.0 31.8 -5.5 30.2 -2.8 -15.7 37.6 44.9 -17.9 56.9 22.8 25.5 39.6 -8.1 Durable goods....................... 50.2 25.5 16.2 -10.3 15.9 -9.3 -13.8 6.5 22.1 -25.9 33.8 -3.4 -1.8 17.1 -6.6 Nondurable goods.................... 60.8 56.2 3.5 -4.6 -1.5 9.5 -10.0 7.0 7.7 6.6 18.3 5.0 13.3 6.1 0.9 Services............................ 135.7 142.3 12.1 9.4 15.8 -3.1 8.3 24.0 15.2 1.3 4.8 21.2 14.0 16.4 -2.4 ----------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ----------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures..... 133.6 104.7 26.1 -10.1 18.3 -3.5 -24.4 31.7 34.9 -26.2 44.7 6.5 7.6 29.4 -10.4 Durable goods....................... 37.9 17.8 16.4 -9.2 14.6 -8.6 -12.5 7.5 20.5 -25.1 33.0 -4.2 1.0 18.9 -5.0 Nondurable goods.................... 41.7 31.4 2.8 -5.4 -1.0 8.2 -13.4 7.9 4.6 -2.6 16.5 -3.5 3.5 2.6 1.7 Services............................ 54.7 55.6 7.2 4.1 4.9 -2.9 0.7 16.4 10.2 0.8 -3.4 13.8 3.0 8.4 -7.0 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary; all other data are revised. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 5. -- Percent Change From Preceding Period in Selected Series ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1994 1995 June 95 July 95 Aug. 95 Sep. 95 Oct. 95 Nov. 95 Dec. 95 Jan. 96 Feb. 96 Mar. 96 Apr. 96 May 96 June 96 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Based on current dollars ----------------------------------------------------------------------------------------------------------------------------------------- Personal income....................... 5.0 6.3 0.6 0.5 0.1 0.5 0.6 0.4 0.6 0.0 0.7 0.4 0.5 0.5 0.9 Disposable personal income............ 4.8 6.0 0.5 0.5 0.2 0.5 0.6 0.4 0.6 0.0 0.6 0.3 -0.5 1.4 0.9 Personal consumption expenditures..... 5.5 4.8 0.6 -0.1 0.6 -0.1 -0.3 0.8 0.9 -0.4 1.1 0.4 0.5 0.8 -0.2 Durable goods....................... 9.5 4.4 2.7 -1.7 2.6 -1.5 -2.3 1.1 3.6 -4.1 5.6 -0.5 -0.3 2.7 -1.0 Nondurable goods.................... 4.4 3.9 0.2 -0.3 -0.1 0.6 -0.7 0.5 0.5 0.4 1.2 0.3 0.9 0.4 0.1 Services............................ 5.3 5.3 0.4 0.3 0.6 -0.1 0.3 0.8 0.5 0.0 0.2 0.7 0.5 0.6 -0.1 ----------------------------------------------------------------------------------------------------------------------------------------- Based on chained (1992) dollars ----------------------------------------------------------------------------------------------------------------------------------------- Disposable personal income............ 2.4 3.5 0.4 0.4 0.0 0.5 0.3 0.4 0.5 -0.2 0.4 0.0 -0.8 1.2 0.8 Personal consumption expenditures..... 3.1 2.3 0.6 -0.2 0.4 -0.1 -0.5 0.7 0.8 -0.6 1.0 0.1 0.2 0.6 -0.2 Durable goods....................... 7.2 3.2 2.8 -1.5 2.5 -1.4 -2.1 1.3 3.5 -4.2 5.7 -0.7 0.2 3.1 -0.8 Nondurable goods.................... 3.1 2.3 0.2 -0.4 -0.1 0.6 -0.9 0.6 0.3 -0.2 1.2 -0.2 0.2 0.2 0.1 Services............................ 2.2 2.2 0.3 0.2 0.2 -0.1 0.0 0.6 0.4 0.0 -0.1 0.5 0.1 0.3 -0.3 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary; all other data are revised. Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 6 -- Personal Income and Its Disposition (Billions of dollars) 1992 1993 1994 1995 1993 1994 1995 1993 1994 1995 Levels Revision Revision to percent change Personal Income 5264.2 5480.1 5753.1 6115.1 0.9 2.9 13.4 0.0 0.0 0.2 Wage and salary disbursements 2986.4 3090.7 3241.8 3430.6 0.1 0.7 10.9 0.0 0.0 0.3 Private wages and salaries 2418.6 2506.4 2639.3 2808.8 0.1 0.7 10.9 0.0 0.0 0.4 Commodity producing industries 765.7 781.3 824.9 863.6 0.0 -0.1 4.9 0.0 0.0 0.6 Manufacturing 583.5 593.1 621.1 648.4 0.0 -0.2 5.6 0.0 0.0 0.9 Distributive industries 680.3 698.4 739.2 783.7 0.0 -0.2 -4.2 0.0 0.0 -0.5 Service industries 972.6 1026.7 1075.2 1161.6 0.1 1.0 10.3 0.0 0.1 0.9 Government 567.8 584.2 602.5 621.7 0.0 0.0 0.0 0.0 0.0 0.0 Other labor income 351.3 380.9 402.2 424.0 0.0 0.0 0.0 0.0 0.0 0.0 Proprietor's income with IVA and CCAdj 409.5 420.0 450.9 478.3 0.0 0.0 0.0 0.0 0.0 0.0 Farm 38.0 32.0 35.0 29.0 0.0 0.0 0.0 0.0 0.0 0.0 Nonfarm 371.5 388.1 415.9 449.3 0.0 0.0 0.0 0.0 0.0 0.0 Rental income with CCAdj 80.6 102.5 116.6 122.2 0.0 0.0 0.0 0.0 0.0 0.0 Personal dividend income 159.4 186.8 199.6 214.8 0.0 0.0 0.0 0.0 0.0 0.0 Personal interest income 667.2 648.1 663.7 717.1 0.8 2.1 2.4 0.1 0.2 0.0 Transfer payments to persons 858.2 910.7 956.3 1022.6 0.0 0.0 0.0 0.0 0.0 0.0 OASDHI 414.0 444.4 472.9 507.4 0.0 0.0 0.0 0.0 0.0 0.0 Unemployment insurance 38.9 34.0 23.7 21.6 0.0 0.0 0.0 0.0 0.0 0.0 Other 405.4 432.3 459.7 493.6 0.0 0.0 0.0 0.0 0.0 0.0 Less: Personal contributions for social insurance 248.4 259.6 278.1 294.5 0.0 0.0 0.0 0.0 0.0 0.0 Less: Personal tax and nontax payments 650.5 689.9 731.4 794.3 0.0 0.0 0.0 0.0 0.0 0.0 Equals: Disposable personal income (DPI) 4613.7 4790.2 5021.7 5320.8 0.9 2.9 13.4 0.0 0.0 0.2 Less: Personal outlays 4341.0 4575.8 4832.3 5071.5 2.9 5.8 4.8 0.1 0.1 0.0 Personal consumption expenditures 4219.8 4454.1 4700.9 4924.9 0.0 2.2 0.6 0.0 0.1 0.0 Durable goods 488.5 530.7 580.9 606.4 0.0 0.0 0.0 0.0 0.0 0.0 Nondurable goods 1321.8 1368.9 1429.7 1485.9 0.0 0.0 -0.2 0.0 0.0 0.0 Services 2409.4 2554.6 2690.3 2832.6 0.0 2.3 0.8 0.0 0.1 -0.1 Interest paid to business 111.7 108.9 117.2 131.7 0.0 0.0 0.0 0.0 0.0 0.0 Transfer payments rest of the world 9.6 12.8 14.2 14.9 2.9 3.6 4.3 30.2 3.7 5.1 Equals: Personal savings 272.6 214.4 189.4 249.3 -2.0 -2.9 8.5 -0.7 -0.5 6.4 ADDENDA: DPI in chained (1992) dollars 4613.7 4666.9 4778.2 4945.8 0.7 2.6 11.1 0.0 0.0 0.2 Per capita DPI: Current dollars 18062 18555 19264 20224 3 11 51 0.0 0.0 0.2 Chained (1992) dollars 18062 18078 18330 18799 3 10 42 0.0 0.0 0.2 Population (mid-period, 1,000s) 255432 258159 260681 263090 0.0 0.0 0.0 0.0 0.0 0.0 Personal saving as a percentage of disposable personal income 5.9 4.4 3.8 4.7 0.0 -0.1 0.1 -0.7 -0.6 5.8 Table 7. -- Revised and Previously Published Estimates of Personal Income, Disposable Personal Income, Personal Consumption Expenditures, and Personal Saving as a Percentage of Disposable Personal Income: Annually, 1993 to 1995, and Monthly, June 1995 to June 1996 Change from preceding period Personal saving Personal income Disposable personal income Personal consumption expenditures as a percentage of disposable Percent Billions of dollars Percent Billions of dollars Percent Billions of dollars personal income Previous Previous Previous Previous Previous Previous Previous estimate Revised estimate Revised estimate Revised estimate Revised estimate Revised estimate Revised estimate Revised 1993................... 4.1 4.1 215.0 215.9 3.8 3.8 175.6 176.5 5.6 5.6 234.3 234.3 4.5 4.5 1994.................. 4.9 5.0 271.0 273.0 4.8 4.8 229.5 231.5 5.5 5.5 244.6 246.8 3.8 3.8 1995.................. 6.1 6.3 351.5 362.0 5.8 6.0 288.6 299.1 4.8 4.8 225.6 224.0 4.5 4.7 1995: June.................. 0.7 0.6 39.3 36.7 0.6 0.5 29.9 27.3 0.6 0.6 27.2 31.8 4.0 4.1 July.................. 0.6 0.5 37.6 32.8 0.6 0.5 31.5 26.7 0.0 -0.1 -0.1 -5.5 4.6 4.6 August.............. 0.0 0.1 2.8 9.1 0.1 0.2 2.9 9.1 0.6 0.6 31.3 30.2 4.0 4.2 September........... 0.5 0.5 32.0 33.2 0.5 0.5 27.1 28.4 -0.1 -0.1 -2.8 -2.8 4.5 4.7 October............... 0.5 0.6 30.0 34.5 0.5 0.6 25.2 29.7 -0.3 -0.3 -17.3 -15.7 5.3 5.5 November.............. 0.3 0.4 19.4 22.8 0.4 0.4 20.0 23.4 0.8 0.8 39.3 37.6 4.9 5.2 December............... 0.6 0.6 39.1 38.0 0.7 0.6 35.9 34.7 0.9 0.9 44.6 44.9 4.6 4.9 1996: January................ 0.1 0.0 3.2 2.7 0.0 0.0 -1.8 -2.2 -0.4 -0.4 -18.2 -17.9 4.9 5.2 February.............. 0.7 0.7 45.2 45.1 0.6 0.6 33.3 33.1 1.1 1.1 57.3 56.9 4.4 4.7 March.................. 0.4 0.4 26.1 24.9 0.3 0.3 17.4 16.4 0.4 0.4 22.7 22.8 4.3 4.6 April.................. 0.5 0.5 30.3 31.3 -0.5 -0.5 -29.0 -27.6 0.3 0.5 13.4 25.5 3.5 3.6 May................... 0.4 0.5 28.0 30.7 1.3 1.4 72.8 75.1 0.8 0.8 42.8 39.6 4.0 4.2 Source: U.S. Department of Commerce, Bureau of Economic Analysis. Table 8. -- Revised and Previously Published Estimates of Real Disposable Personal Income and Real Personal Consumption Expenditures: Annually, 1993 to 1995, and Monthly, June 1995 to June 1996 Change from preceding period Disposable personal income Personal consumption expenditures Billions of chained Billions of chained Percent (1992) dollars Percent (1992) dollars Previous Previous Previous Previous estimate Revised estimate Revised estimate Revised estimate Revised 1993................... 1.1 1.2 52.5 53.2 2.8 2.8 119.9 119.7 1994.................. 2.3 2.4 109.4 111.3 3.0 3.1 131.4 133.6 1995................... 3.3 3.5 159.1 167.6 2.4 2.3 107.4 104.7 1995: June................... 0.5 0.4 24.0 21.7 0.5 0.6 21.8 26.1 July................... 0.5 0.4 24.2 19.4 -0.1 -0.2 -4.8 -10.1 August.............. -0.2 0.0 -8.0 -2.1 0.4 0.4 19.0 18.3 September........... 0.5 0.5 25.7 25.5 0.0 -0.1 -2.1 -3.5 October................. 0.3 0.3 12.7 16.6 -0.6 -0.5 -25.8 -24.4 November................ 0.3 0.4 16.3 18.4 0.7 0.7 34.3 31.7 December............... 0.5 0.5 26.3 24.8 0.8 0.8 34.9 34.9 1996: January................ -0.2 -0.2 -12.1 -12.5 -0.6 -0.6 -26.5 -26.2 February.............. 0.5 0.4 22.6 22.1 1.0 1.0 45.4 44.7 March.................. 0.0 0.0 1.8 -0.5 0.2 0.1 7.6 6.5 April.................. -0.8 -0.8 -42.2 -42.2 0.0 0.2 -2.2 7.6 May................... 1.2 1.2 59.4 61.5 0.7 0.6 32.4 29.4 Source: U.S. Department of Commerce, Bureau of Economic Analysis.