FOR WIRE TRANSMISSION: 8:30 A.M. EDT, MONDAY, JUNE 30, 1997 Tracey D. Schlitzer:(202)606-5301 (Personal Income) BEA 97-19 Clinton P. McCully: 606-5302 (Personal Outlays) Recorded message: 606-5303 PERSONAL INCOME AND OUTLAYS: MAY 1997 Personal income increased $19.4 billion, or 0.3 percent, and disposable personal income (DPI) increased $15.3 billion, or 0.3 percent, in May, according to the Commerce Department's Bureau of Economic Analysis (BEA). Personal consumption expenditures (PCE) increased $15.9 billion, or 0.3 percent. In April, personal income increased $14.9 billion, or 0.2 percent, DPI increased $11.3 billion, or 0.2 percent, and PCE increased $6.4 billion, or 0.1 percent, based on revised estimates. 1997 Jan. Feb. Mar. Apr. May (Percent change from preceding month) Personal income, current dollars 0.4 0.7 0.6 0.2 0.3 Disposable personal income: Current dollars . . . . . . . .2 .6 .5 .2 .3 Chained (1992) dollars. . . . .1 .3 .4 .1 .3 Personal consumption expenditures: Current dollars . . . . . . . 1.3 .2 .2 .1 .3 Chained (1992) dollars. . . . 1.2 -.1 .1 .0 .4 Wages and salaries Private wage and salary disbursements increased $9.5 billion in May, compared with an increase of $2.7 billion in April. In May, employment and average hourly earnings increased; average weekly hours was unchanged. Commodity-producing industries' payrolls increased $3.0 billion in May, compared with an increase of $1.8 billion in April; manufacturing payrolls increased $0.5 billion, compared with an increase of $1.3 billion. Distributive industries' payrolls increased $1.9 billion, compared with an increase of less than $0.1 billion. Service industries' payrolls increased $4.5 billion, compared with an increase of $0.9 billion. Government wage and salary disbursements increased $0.3 billion, compared with an increase of $0.6 billion. Other personal income Proprietors' income increased $0.7 billion in May, compared with an increase of $1.5 billion in April. Transfer payments increased $2.9 billion, compared with an increase of $3.9 billion. Personal interest income increased $2.9 billion in May, the same increase as in April. Personal taxes and disposable personal income Personal tax and nontax payments increased $4.0 billion in May, compared with an increase of $3.6 billion in April. Disposable personal income (DPI) -- personal income less personal tax and nontax payments -- increased $15.3 billion, or 0.3 percent, in May, compared with an increase of $11.3 billion, or 0.2 percent, in April. 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 $16.3 billion in May, compared with an increase of $7.4 billion in April. PCE increased $15.9 billion, compared with an increase of $6.4 billion. Personal saving -- disposable personal income less personal outlays -- was $297.5 billion in May, compared with $298.4 billion in April. Personal saving as a percentage of disposable personal income was 5.1 percent in May, the same percentage as in April. Chained (1992) dollar estimates Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in May, compared with an increase of 0.1 percent in April. Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in May, compared with an increase of less than 0.1 percent in April. In May, current-dollar PCE increased 0.3 percent; the larger increase in real PCE reflected decreases in the prices of both durable and nondurable goods. Purchases of durable goods increased 0.6 percent in May, in contrast to a decrease of 0.9 percent in April; motor vehicle purchases accounted for much of the May increase and more than accounted for the April decrease. Purchases of nondurable goods increased less than 0.1 percent in May, in contrast to a decrease of 0.8 percent in April. Purchases of services increased 0.5 percent, compared with an increase of 0.7 percent. Revisions Estimates have been revised for January through April. Changes in personal income, current-dollar and chained (1992) dollar DPI, and current-dollar and chained (1992) dollar PCE for March and April -- revised and as published in last month's release -- are shown below. Revisions for January and February were small. Change from preceding month March April Previous Revised Previous Revised Previous Revised Previous Revised (Dollars) (Percent) (Dollars) (Percent) Personal income: Current dollars. . . . 39.0 38.0 0.6 0.6 6.7 14.9 0.1 0.2 Disposable personal income: Current dollars. . . . 29.5 28.6 .5 .5 4.5 11.3 .1 .2 Chained (1992) dollars 23.8 22.5 .5 .4 -1.5 6.0 .0 .1 Personal consumption expenditures: Current dollars. . . . 11.7 10.1 .2 .2 5.0 6.4 .1 .1 Chained (1992) dollars 8.0 6.2 .2 .1 -.5 1.8 .0 .0 * * * BEA estimates are available in several forms in addition to 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 online, as follows: EBB (202) 482-3870 Internethttp://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 $69.00 domestic. Second class mail: annual subscription $35.00 domestic, $43.75 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. Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts, revised estimates of personal income and outlays for January 1993 through May 1997 will be released along with preliminary estimates for June 1997 on August 1. Information about the revision will be available in the August 1 news release and in an article describing the revision, which will appear in the August 1997 issue of the Survey of Current Business. Next release -- Personal Income and Outlays for June will be released on August 1, at 8:30 A.M. EDT. Table 1. -- Personal Income [Billions of dollars] -------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------- 1995 1996 Dec. 96 Jan. 97r Feb. 97r Mar. 97r Apr. 97r May 97p -------------------------------------------------------------------------------------------------------------------------- Personal income..................... 6,112.4 6,449.5 6,629.4 6,653.5 6,701.3 6,739.3 6,754.2 6,773.6 Wage and salary disbursements..... 3,430.6 3,630.1 3,752.5 3,752.2 3,797.2 3,824.7 3,828.0 3,837.7 Private industries.............. 2,808.8 2,988.9 3,105.0 3,099.0 3,141.2 3,167.2 3,169.9 3,179.4 Commodity-producing industries 863.5 902.7 930.2 929.1 935.9 941.8 943.6 946.6 Manufacturing............... 648.4 672.5 692.0 690.0 692.7 698.2 699.5 700.0 Distributive industries....... 783.7 827.9 854.4 854.3 864.7 873.8 873.8 875.7 Service industries............ 1,161.6 1,258.3 1,320.4 1,315.6 1,340.7 1,351.6 1,352.5 1,357.0 Government...................... 621.7 641.2 647.4 653.2 655.9 657.5 658.1 658.4 Other labor income................ 424.0 436.2 444.3 445.2 446.1 447.0 447.9 448.7 Proprietors' income with IVA and CCAdj........................... 486.1 527.3 541.6 545.7 549.8 551.7 553.2 553.9 Farm............................ 27.9 44.7 46.3 45.8 45.7 45.9 46.0 46.2 Nonfarm......................... 458.2 482.6 495.4 499.9 504.0 505.8 507.2 507.6 Rental income of persons with CCAdj........................... 111.7 115.0 118.1 117.5 116.8 116.2 117.1 118.4 Personal dividend income.......... 214.8 230.6 236.5 238.2 239.9 241.7 243.6 245.4 Personal interest income.......... 717.1 738.2 753.4 754.7 755.5 756.7 759.6 762.5 Transfer payments to persons...... 1,022.6 1,079.7 1,098.8 1,118.1 1,117.2 1,124.5 1,128.4 1,131.3 Old-age, survivors, disability, and health insurance benefits. 507.4 539.1 551.2 562.6 558.9 565.0 566.4 568.0 Government unemployment insurance benefits............ 21.6 22.1 22.2 22.3 22.2 22.2 22.2 22.2 Other........................... 493.6 518.6 525.4 533.2 536.1 537.3 539.9 541.1 Less: Personal contributions for social insurance................ 294.5 307.5 315.9 318.0 321.2 323.2 323.5 324.3 -------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------ 1995 1996 Dec. 96 Jan. 97r Feb. 97r Mar. 97r Apr. 97r May 97p -------------------------------------------------------------------------------------------------------------------------- Personal income....................... 6,112.4 6,449.5 6,629.4 6,653.5 6,701.3 6,739.3 6,754.2 6,773.6 Less: Personal tax and nontax payments........................... 794.3 863.8 894.7 905.5 920.4 929.9 933.5 937.5 Equals: Disposable personal income... 5,318.1 5,585.7 5,734.7 5,748.0 5,780.9 5,809.5 5,820.8 5,836.1 Less: Personal outlays............... 5,071.5 5,314.0 5,428.2 5,496.1 5,504.9 5,514.9 5,522.3 5,538.6 Personal consumption expenditures... 4,924.9 5,151.4 5,260.5 5,327.2 5,335.3 5,345.4 5,351.8 5,367.7 Interest paid by persons............ 131.7 146.3 150.6 151.5 152.2 152.1 153.2 153.5 Personal transfer payments to the rest of the world (net)........... 14.9 16.3 17.1 17.4 17.4 17.4 17.4 17.4 Equals: Personal saving.............. 246.6 271.6 306.5 252.0 275.9 294.5 298.4 297.5 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 4,943.3 5,086.0 5,171.6 5,178.5 5,194.5 5,217.0 5,223.0 5,240.1 Per capita: Current dollars................... 20,214 21,040 21,512 21,549 21,660 21,752 21,779 21,821 Chained (1992) dollars............ 18,789 19,158 19,399 19,414 19,463 19,534 19,542 19,592 Population (thousands).............. 263,090 265,482 266,586 266,739 266,889 267,075 267,268 267,454 Personal saving as a percentage of disposable personal income ......... 4.6 4.9 5.3 4.4 4.8 5.1 5.1 5.1 -------------------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------- 1995 1996 Dec. 96 Jan. 97r Feb. 97r Mar. 97r Apr. 97r May 97p ------------------------------------------------------------------------------------------------------------------------ Personal income....................... 350.4 337.1 45.9 24.1 47.8 38.0 14.9 19.4 Wage and salary disbursements........ 188.8 199.5 39.0 -0.3 45.0 27.5 3.3 9.7 Private industries................ 169.5 180.1 38.7 -6.0 42.2 26.0 2.7 9.5 Commodity-producing industries.. 38.7 39.1 11.5 -1.1 6.8 5.9 1.8 3.0 Manufacturing................. 27.3 24.1 8.8 -2.0 2.7 5.5 1.3 0.5 Distributive industries......... 44.5 44.2 5.9 -0.1 10.4 9.1 0.0 1.9 Service industries.............. 86.4 96.7 21.4 -4.8 25.1 10.9 0.9 4.5 Government........................ 19.2 19.5 0.1 5.8 2.7 1.6 0.6 0.3 Other labor income.................. 21.8 12.2 1.4 0.9 0.9 0.9 0.9 0.8 Proprietors' income with IVA and CCAdj............................. 21.7 41.2 0.6 4.1 4.1 1.9 1.5 0.7 Farm.............................. -6.4 16.8 -1.6 -0.5 -0.1 0.2 0.1 0.2 Nonfarm........................... 28.2 24.4 2.3 4.5 4.1 1.8 1.4 0.4 Rental income of persons with CCAdj............................. -0.4 3.3 0.1 -0.6 -0.7 -0.6 0.9 1.3 Personal dividend income............ 15.2 15.8 1.8 1.7 1.7 1.8 1.9 1.8 Personal interest income............ 53.4 21.1 2.9 1.3 0.8 1.2 2.9 2.9 Transfer payments to persons........ 66.3 57.1 2.7 19.3 -0.9 7.3 3.9 2.9 Old-age, survivors, disability, and health insurance benefits... 34.5 31.7 2.2 11.4 -3.7 6.1 1.4 1.6 Government unemployment insurance benefits.............. -2.1 0.5 0.2 0.1 -0.1 0.0 0.0 0.0 Other............................. 33.9 25.0 0.3 7.8 2.9 1.2 2.6 1.2 Less: Personal contributions for social insurance.................. 16.4 13.0 2.7 2.1 3.2 2.0 0.3 0.8 Less: Personal tax and nontax payments............................ 62.9 69.5 8.0 10.8 14.9 9.5 3.6 4.0 Equals: Disposable personal income.... 287.5 267.6 38.0 13.3 32.9 28.6 11.3 15.3 Less: Personal outlays................ 239.2 242.5 19.8 67.9 8.8 10.0 7.4 16.3 Personal consumption expenditures... 224.0 226.5 19.7 66.7 8.1 10.1 6.4 15.9 Interest paid by persons............ 14.5 14.6 0.1 0.9 0.7 -0.1 1.1 0.3 Personal transfer payments to the rest of the world (net)........... 0.7 1.4 0.0 0.3 0.0 0.0 0.0 0.0 Equals: Personal saving............... 48.3 25.0 18.1 -54.5 23.9 18.6 3.9 -0.9 Addenda: Disposable personal income, chained (1992) dollars.......... 156.5 142.7 27.6 6.9 16.0 22.5 6.0 17.1 ------------------------------------------------------------------------------------------------------------------------ ----------------------------------------- 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 --------------------------------------------------------- 1995 1996 Dec. 96 Jan. 97r Feb. 97r Mar. 97r Apr. 97r May 97p ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 4,924.9 5,151.4 5,260.5 5,327.2 5,335.3 5,345.4 5,351.8 5,367.7 Durable goods....................... 606.4 632.1 636.6 663.0 659.0 654.6 643.7 644.9 Nondurable goods.................... 1,485.9 1,545.1 1,571.1 1,590.7 1,595.0 1,595.5 1,585.3 1,583.4 Services............................ 2,832.6 2,974.3 3,052.9 3,073.5 3,081.3 3,095.3 3,122.8 3,139.3 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 4,577.8 4,690.7 4,744.0 4,799.4 4,794.1 4,800.3 4,802.1 4,819.5 Durable goods....................... 579.8 611.4 622.9 649.6 645.7 643.9 638.3 642.1 Nondurable goods.................... 1,421.9 1,441.9 1,447.7 1,463.3 1,464.8 1,466.6 1,455.2 1,455.9 Services............................ 2,577.0 2,638.3 2,674.0 2,688.0 2,685.2 2,691.2 2,709.2 2,721.9 -------------------------------------------------------------------------------- Implicit price deflators (Index numbers, 1992 = 100) -------------------------------------------------------------------------------- Personal consumption expenditures..... 107.58 109.82 110.89 111.00 111.29 111.36 111.45 111.37 Durable goods....................... 104.58 103.39 102.19 102.07 102.07 101.66 100.85 100.43 Nondurable goods.................... 104.50 107.15 108.52 108.71 108.89 108.79 108.94 108.76 Services............................ 109.92 112.73 114.17 114.34 114.75 115.01 115.27 115.34 ------------------------------------------------------------------------------------------------------------------------- Change from preceding period ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 224.0 226.5 19.7 66.7 8.1 10.1 6.4 15.9 Durable goods....................... 25.5 25.7 0.0 26.4 -4.0 -4.4 -10.9 1.2 Nondurable goods.................... 56.2 59.2 4.7 19.6 4.3 0.5 -10.2 -1.9 Services............................ 142.3 141.7 15.1 20.6 7.8 14.0 27.5 16.5 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 104.7 112.9 11.7 55.4 -5.3 6.2 1.8 17.4 Durable goods....................... 17.8 31.6 2.8 26.7 -3.9 -1.8 -5.6 3.8 Nondurable goods.................... 31.4 20.0 -0.4 15.6 1.5 1.8 -11.4 0.7 Services............................ 55.6 61.3 9.1 14.0 -2.8 6.0 18.0 12.7 __________________________________________________________________________________________________________________________ Table 5. -- Percent Change From Preceding Period in Selected Series -------------------------------------------------------------------------------------------------------------------------- 1995 1996 Dec. 96 Jan. 97 Feb. 97 Mar. 97 Apr. 97 May 97 -------------------------------------------------------------------------------------------------------------------------- Based on current dollars --------------------------------------------------------------------------------- Personal income....................... 6.1 5.5 0.7 0.4 0.7 0.6 0.2 0.3 Disposable personal income............ 5.7 5.0 0.7 0.2 0.6 0.5 0.2 0.3 Personal consumption expenditures..... 4.8 4.6 0.4 1.3 0.2 0.2 0.1 0.3 Durable goods....................... 4.4 4.2 -0.0 4.2 -0.6 -0.7 -1.7 0.2 Nondurable goods.................... 3.9 4.0 0.3 1.2 0.3 0.0 -0.6 -0.1 Services............................ 5.3 5.0 0.5 0.7 0.3 0.5 0.9 0.5 --------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------- Disposable personal income............ 3.3 2.9 0.5 0.1 0.3 0.4 0.1 0.3 Personal consumption expenditures..... 2.3 2.5 0.2 1.2 -0.1 0.1 0.0 0.4 Durable goods....................... 3.2 5.4 0.4 4.3 -0.6 -0.3 -0.9 0.6 Nondurable goods.................... 2.3 1.4 -0.0 1.1 0.1 0.1 -0.8 0.0 Services............................ 2.2 2.4 0.3 0.5 -0.1 0.2 0.7 0.5 -------------------------------------------------------------------------------------------------------------------------- ---------------------------------------- p Preliminary. r Revised. Source: U.S. Department of Commerce, Bureau of Economic Analysis.