FOR WIRE TRANSMISSION: 8:30 A.M. EST, FRIDAY, NOVEMBER 29, 1996 Tracey D. Schlitzer: (202) 606-5301 (Personal Income) BEA 96-38 Clinton P. McCully: 606-5302 (Personal Outlays) Recorded message: 606-5303 PERSONAL INCOME AND OUTLAYS: OCTOBER 1996 Personal income increased $2.6 billion, or less than 0.1 percent, and disposable personal income (DPI) increased $2.2 billion, also less than 0.1 percent, in October, according to the Commerce Department's Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $27.5 billion, or 0.5 percent. In September, personal income increased $40.8 billion, or 0.6 percent, DPI increased $32.7 billion, or 0.6 percent, and PCE increased $2.7 billion, or 0.1 percent, based on revised estimates. 1996 June July Aug. Sept. Oct. (Percent change from preceding month) Personal income, current dollars . . . . . 0.9 0 0.6 0.6 0 Disposable personal income: Current dollars. . . . . . . . . . . . . .8 0 .5 .6 0 Chained (1992) dollars . . . . . . . . . .7 -.2 .5 .4 -.3 Personal consumption expenditures: Current dollars. . . . . . . . . . . . . -.5 .2 .5 .1 .5 Chained (1992) dollars . . . . . . . . . -.6 .1 .4 -.1 .2 Wages and salaries Private wage and salary disbursements decreased $8.9 billion in October, in contrast to an increase of $28.2 billion in September. In October, a decline in average weekly hours more than offset an increase in employment; average hourly earnings was unchanged. Commodity-producing industries' payrolls decreased $1.8 billion in October, in contrast to an increase of $1.2 billion in September; manufacturing payrolls decreased $1.8 billion, compared with a decrease of $0.4 billion. Distributive industries' payrolls decreased $3.8 billion, in contrast to an increase of $10.2 billion. Service industries' payrolls decreased $3.3 billion, in contrast to an increase of $16.8 billion. Government wage and salary disbursements increased $2.2 billion, compared with an increase of $2.5 billion. Other personal income Proprietors' income decreased $1.8 billion in October, in contrast to an increase of $4.3 billion in September. Farm proprietors' income decreased $1.6 billion, in contrast to an increase of $0.6 billion. Nonfarm proprietors' income decreased $0.1 billion, in contrast to an increase of $3.7 billion. Transfer payments increased $4.7 billion in October, compared with an increase of $1.7 billion in September. Personal interest income increased $2.7 billion, the same increase as in September. Rental income of persons increased $1.1 billion, the same increase as in September. Personal taxes and disposable personal income Personal tax and nontax payments increased $0.3 billion in October, compared with an increase of $8.1 billion in September. Disposable personal income (DPI) -- personal income less personal tax and nontax payments -- increased $2.2 billion, or less than 0.1 percent, in October, compared with an increase of $32.7 billion, or 0.6 percent, in September. 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) -- increased $27.7 billion in October, compared with an increase of $2.8 billion in September. PCE increased $27.5 billion, compared with an increase of $2.7 billion. Personal saving -- disposable personal income less personal outlays -- was $294.6 billion in October, compared with $319.9 billion in September. Personal saving as a percentage of disposable personal income was 5.2 percent in October, compared with 5.7 percent in September. Chained (1992) dollar estimates Real DPI -- DPI adjusted to remove price changes -- decreased 0.3 percent in October, in contrast to an increase of 0.4 percent in September. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in October, in contrast to a decrease of 0.1 percent in September. Purchases of durable goods increased 0.4 percent, in contrast to a decrease of 2.3 percent. Purchases of nondurable goods decreased 0.2 percent in October, in contrast to an increase of 0.3 percent in September. Purchases of services increased 0.4 percent, compared with an increase of 0.2 percent. Revisions Estimates have been revised for July through September. Changes in personal income, current-dollar and chained (1992) dollar DPI, and current-dollar and chained (1992) dollar PCE for August and September -- revised and as published in last month's release -- are shown below. For July, the increase in personal income was revised from 0.1 percent to no change. Change from preceding month August September Previous Revised Previous Revised Previous Revised Previous Revised (Dollars) (Percent) (Dollars) (Percent) Personal income: Current dollars. . 35.5 39.1 0.5 0.6 41.5 40.8 0.6 0.6 Disposable personal income: Current dollars. . 26.5 29.8 .5 .5 34.4 32.7 .6 .6 Chained (1992) dollars 22.9 26.0 .4 .5 21.0 20.9 .4 .4 Personal consumption expenditures: Current dollars. . . . 26.3 23.8 .5 .5 3.4 2.7 .1 .1 Chained (1992) dollars. 22.8 20.7 .5 .4 -6.3 -5.6 -.1 -.1 * * * 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 November will be released on December 23, at 8:30 A.M. EST. Release dates in 1997 for Personal Income and Outlays Release covering Release date December 1996 February 3 January 1997 March 3 February 1997 March 31 March 1997 May 1 April 1997 June 2 May 1997 June 30 June 1997 August 1 July 1997 August 29 August 1997 September 29 September 1997 November 3 October 1997 November 28 November 1997 December 24 Table 1. -- Personal Income [Billions of dollars] -------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------- 1994 1995 May 96 June 96 July 96r Aug. 96r Sep. 96r Oct. 96p -------------------------------------------------------------------------------------------------------------------------- Personal income..................... 5,753.1 6,115.1 6,405.2 6,460.3 6,461.8 6,500.9 6,541.7 6,544.3 Wage and salary disbursements..... 3,241.8 3,430.6 3,597.2 3,643.1 3,630.9 3,661.1 3,691.9 3,685.1 Private industries.............. 2,639.3 2,808.8 2,958.0 3,002.8 2,988.3 3,016.5 3,044.7 3,035.8 Commodity-producing industries 824.9 863.6 900.0 906.3 906.8 913.3 914.5 912.7 Manufacturing............... 621.1 648.4 671.9 675.1 675.4 680.7 680.3 678.5 Distributive industries....... 739.2 783.7 819.0 833.6 823.8 832.5 842.7 838.9 Service industries............ 1,075.2 1,161.6 1,239.0 1,262.9 1,257.8 1,270.7 1,287.5 1,284.2 Government...................... 602.5 621.7 639.2 640.3 642.6 644.6 647.1 649.3 Other labor income................ 402.2 424.0 434.0 435.6 437.1 438.6 440.1 441.5 Proprietors' income with IVA and CCAdj........................... 450.9 478.3 516.1 519.0 522.4 525.5 529.8 528.0 Farm............................ 35.0 29.0 46.2 48.0 50.0 52.2 52.8 51.2 Nonfarm......................... 415.9 449.3 469.9 471.0 472.5 473.3 477.0 476.9 Rental income of persons with CCAdj........................... 116.6 122.2 124.8 124.6 126.1 126.6 127.7 128.8 Personal dividend income.......... 199.6 214.8 229.4 229.9 230.8 231.5 232.3 233.3 Personal interest income.......... 663.7 717.1 733.6 737.5 740.0 742.2 744.9 747.6 Transfer payments to persons...... 956.3 1,022.6 1,075.4 1,078.9 1,082.6 1,085.6 1,087.3 1,092.0 Old-age, survivors, disability, and health insurance benefits. 472.9 507.4 536.1 538.3 540.2 542.3 542.8 545.4 Government unemployment insurance benefits............ 23.7 21.6 21.9 21.9 22.1 21.9 22.0 22.1 Other........................... 459.7 493.6 517.4 518.7 520.3 521.4 522.4 524.4 Less: Personal contributions for social insurance................ 278.1 294.5 305.2 308.4 308.1 310.2 312.4 312.1 -------------------------------------------------------------------------------------------------------------------------- p Preliminary. r 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 May 96 June 96 July 96r Aug. 96r Sep. 96r Oct. 96p -------------------------------------------------------------------------------------------------------------------------- Personal income....................... 5,753.1 6,115.1 6,405.2 6,460.3 6,461.8 6,500.9 6,541.7 6,544.3 Less: Personal tax and nontax payments........................... 731.4 794.3 852.7 863.0 865.0 874.3 882.4 882.7 Equals: Disposable personal income... 5,021.7 5,320.8 5,552.6 5,597.3 5,596.8 5,626.6 5,659.3 5,661.5 Less: Personal outlays............... 4,832.3 5,071.5 5,323.3 5,297.9 5,312.5 5,336.5 5,339.3 5,367.0 Personal consumption expenditures... 4,700.9 4,924.9 5,162.0 5,135.6 5,148.3 5,172.1 5,174.8 5,202.3 Interest paid by persons............ 117.2 131.7 145.2 146.2 147.8 148.0 148.0 148.1 Personal transfer payments to the rest of the world (net)........... 14.2 14.9 16.2 16.2 16.5 16.5 16.5 16.5 Equals: Personal saving.............. 189.4 249.3 229.3 299.4 284.3 290.1 319.9 294.6 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 4,778.2 4,945.8 5,063.1 5,100.5 5,090.3 5,116.3 5,137.2 5,124.2 Per capita: Current dollars................... 19,264 20,224 20,941 21,093 21,073 21,168 21,274 21,266 Chained (1992) dollars............ 18,330 18,799 19,095 19,220 19,166 19,248 19,311 19,247 Population (thousands).............. 260,681 263,090 265,151 265,367 265,590 265,807 266,022 266,228 Personal saving as a percentage of disposable personal income ......... 3.8 4.7 4.1 5.3 5.1 5.2 5.7 5.2 -------------------------------------------------------------------------------------------------------------------------- p Preliminary. r 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 May 96 June 96 July 96r Aug. 96r Sep. 96r Oct. 96p -------------------------------------------------------------------------------------------------------------------- Personal income....................... 273.0 362.0 33.7 55.1 1.5 39.1 40.8 2.6 Wage and salary disbursements........ 151.1 188.8 18.1 45.9 -12.2 30.2 30.8 -6.8 Private industries................ 132.9 169.5 16.2 44.8 -14.5 28.2 28.2 -8.9 Commodity-producing industries.. 43.6 38.7 5.4 6.3 0.5 6.5 1.2 -1.8 Manufacturing................. 28.0 27.3 3.6 3.2 0.3 5.3 -0.4 -1.8 Distributive industries......... 40.8 44.5 4.6 14.6 -9.8 8.7 10.2 -3.8 Service industries.............. 48.5 86.4 6.2 23.9 -5.1 12.9 16.8 -3.3 Government........................ 18.3 19.2 1.9 1.1 2.3 2.0 2.5 2.2 Other labor income.................. 21.3 21.8 1.6 1.6 1.5 1.5 1.5 1.4 Proprietors' income with IVA and CCAdj............................. 30.9 27.4 5.6 2.9 3.4 3.1 4.3 -1.8 Farm.............................. 3.0 -6.0 3.0 1.8 2.0 2.2 0.6 -1.6 Nonfarm........................... 27.8 33.4 2.6 1.1 1.5 0.8 3.7 -0.1 Rental income of persons with CCAdj............................. 14.1 5.6 0.7 -0.2 1.5 0.5 1.1 1.1 Personal dividend income............ 12.8 15.2 0.7 0.5 0.9 0.7 0.8 1.0 Personal interest income............ 15.6 53.4 5.5 3.9 2.5 2.2 2.7 2.7 Transfer payments to persons........ 45.6 66.3 2.9 3.5 3.7 3.0 1.7 4.7 Old-age, survivors, disability, and health insurance benefits... 28.5 34.5 1.5 2.2 1.9 2.1 0.5 2.6 Government unemployment insurance benefits.............. -10.3 -2.1 -0.2 0.0 0.2 -0.2 0.1 0.1 Other............................. 27.4 33.9 1.7 1.3 1.6 1.1 1.0 2.0 Less: Personal contributions for social insurance.................. 18.5 16.4 1.3 3.2 -0.3 2.1 2.2 -0.3 Less: Personal tax and nontax payments............................ 41.5 62.9 -43.4 10.3 2.0 9.3 8.1 0.3 Equals: Disposable personal income.... 231.5 299.1 77.2 44.7 -0.5 29.8 32.7 2.2 Less: Personal outlays................ 256.5 239.2 42.5 -25.4 14.6 24.0 2.8 27.7 Personal consumption expenditures... 246.8 224.0 41.2 -26.4 12.7 23.8 2.7 27.5 Interest paid by persons............ 8.3 14.5 1.3 1.0 1.6 0.2 0.0 0.1 Personal transfer payments to the rest of the world (net)........... 1.4 0.7 0.0 0.0 0.3 0.0 0.0 0.0 Equals: Personal saving............... -25.0 59.9 34.7 70.1 -15.1 5.8 29.8 -25.3 Addenda: Disposable personal income, chained (1992) dollars.......... 111.3 167.6 63.1 37.4 -10.2 26.0 20.9 -13.0 -------------------------------------------------------------------------------------------------------------------- ----------------------------------------- p Preliminary. r 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 May 96 June 96 July 96r Aug. 96r Sep. 96r Oct. 96p ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 4,700.9 4,924.9 5,162.0 5,135.6 5,148.3 5,172.1 5,174.8 5,202.3 Durable goods....................... 580.9 606.4 648.4 632.0 624.7 642.8 626.6 628.9 Nondurable goods.................... 1,429.7 1,485.9 1,548.7 1,540.5 1,544.1 1,542.6 1,552.2 1,556.7 Services............................ 2,690.3 2,832.6 2,964.9 2,963.0 2,979.4 2,986.7 2,996.0 3,016.7 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 4,473.1 4,577.8 4,706.9 4,679.7 4,682.3 4,703.0 4,697.4 4,708.5 Durable goods....................... 562.0 579.8 626.6 611.9 605.3 623.3 609.0 611.1 Nondurable goods.................... 1,390.5 1,421.9 1,443.3 1,436.6 1,438.4 1,441.8 1,445.9 1,443.7 Services............................ 2,521.4 2,577.0 2,638.5 2,632.2 2,639.3 2,639.2 2,643.4 2,654.4 -------------------------------------------------------------------------------- Implicit price deflators (Index numbers, 1992 = 100) -------------------------------------------------------------------------------- Personal consumption expenditures..... 105.1 107.6 109.7 109.7 110.0 110.0 110.2 110.5 Durable goods....................... 103.4 104.6 103.5 103.3 103.2 103.1 102.9 102.9 Nondurable goods.................... 102.8 104.5 107.3 107.2 107.3 107.0 107.4 107.8 Services............................ 106.7 109.9 112.4 112.6 112.9 113.2 113.3 113.6 ------------------------------------------------------------------------------------------------------------------------- Change from preceding period ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 246.8 224.0 41.2 -26.4 12.7 23.8 2.7 27.5 Durable goods....................... 50.2 25.5 16.0 -16.4 -7.3 18.1 -16.2 2.3 Nondurable goods.................... 60.8 56.2 3.8 -8.2 3.6 -1.5 9.6 4.5 Services............................ 135.7 142.3 21.4 -1.9 16.4 7.3 9.3 20.7 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 133.6 104.7 30.7 -27.2 2.6 20.7 -5.6 11.1 Durable goods....................... 37.9 17.8 18.2 -14.7 -6.6 18.0 -14.3 2.1 Nondurable goods.................... 41.7 31.4 0.5 -6.7 1.8 3.4 4.1 -2.2 Services............................ 54.7 55.6 12.3 -6.3 7.1 -0.1 4.2 11.0 __________________________________________________________________________________________________________________________ Table 5. -- Percent Change From Preceding Period in Selected Series -------------------------------------------------------------------------------------------------------------------------- 1994 1995 May 96 June 96 July 96r Aug. 96r Sep. 96r Oct. 96p -------------------------------------------------------------------------------------------------------------------------- Based on current dollars --------------------------------------------------------------------------------- Personal income....................... 5.0 6.3 0.5 0.9 0.0 0.6 0.6 0.0 Disposable personal income............ 4.8 6.0 1.4 0.8 0.0 0.5 0.6 0.0 Personal consumption expenditures..... 5.5 4.8 0.8 -0.5 0.2 0.5 0.1 0.5 Durable goods....................... 9.5 4.4 2.5 -2.5 -1.2 2.9 -2.5 0.4 Nondurable goods.................... 4.4 3.9 0.3 -0.5 0.2 -0.1 0.6 0.3 Services............................ 5.3 5.3 0.7 -0.1 0.6 0.2 0.3 0.7 --------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------- Disposable personal income............ 2.4 3.5 1.3 0.7 -0.2 0.5 0.4 -0.3 Personal consumption expenditures..... 3.1 2.3 0.7 -0.6 0.1 0.4 -0.1 0.2 Durable goods....................... 7.2 3.2 3.0 -2.3 -1.1 3.0 -2.3 0.4 Nondurable goods.................... 3.1 2.3 0.0 -0.5 0.1 0.2 0.3 -0.2 Services............................ 2.2 2.2 0.5 -0.2 0.3 0.0 0.2 0.4 -------------------------------------------------------------------------------------------------------------------------- ---------------------------------------- p Preliminary. r Revised. Source: U.S. Department of Commerce, Bureau of Economic Analysis.