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James E. Rankin: (202) 606-5301 (Personal Income) BEA 01-30 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: AUGUST 2001
Personal income increased $1.8 billion, or less than 0.1 percent, and disposable personal
income (DPI) increased $141.0 billion, or 1.9 percent, in August, according to the Bureau of
Economic Analysis. Personal consumption expenditures (PCE) increased $14.9 billion, or 0.2
percent. In July, personal income increased $44.1 billion, or 0.5 percent, DPI increased $128.9
billion, or 1.7 percent, and PCE increased $15.7 billion, or 0.2 percent, based on revised estimates.
2001
Apr. May June July Aug.
(Percent change from preceding month)
Personal income, current dollars 0.2 0.1 0.3 0.5 0.0
Disposable personal income:
Current Dollars .3 .2 .3 1.7 1.9
Chained (1996) dollars .1 .1 .1 1.8 1.9
Personal consumption expenditures:
Current dollars .3 .4 .4 .2 .2
Chained (1996) dollars .2 .3 .3 .3 .2
The August and July changes in disposable personal income -- personal income less personal
tax and nontax payments -- were boosted by several special factors. The largest of these factors was
advance refund checks sent to taxpayers beginning in July as part of the Economic Growth and Tax
Relief Reconciliation Act of 2001, which lowered net income tax payments. In addition to the
refund checks, the Act lowered income tax withholding rates beginning in July. The July change in
disposable personal income was also boosted by an increase in transfer payments, which reflected
one-time payments to correct for underpayments of benefits associated with an error in the indexing
for social security and supplemental security income benefits. Excluding these special factors,
disposable personal income increased $25.7 billion, or 0.3 percent, in August, and increased $21.1
billion, or 0.3 percent, in July.
Wages and salaries
Private wage and salary disbursements decreased $7.4 billion in August, in contrast to an
increase of $12.2 billion in July. Goods-producing industries' payrolls decreased $2.5 billion, in
contrast to an increase of $2.6 billion; manufacturing payrolls decreased $4.0 billion, in contrast to
an increase of $2.8 billion. Distributive industries' payrolls decreased $3.5 billion, in contrast to an
increase of $1.7 billion. Service industries' payrolls decreased $1.3 billion, in contrast to an increase
of $7.8 billion. Government wage and salary disbursements increased $2.0 billion, compared with
an increase of $5.7 billion.
Other personal income
Proprietors' income increased $6.8 billion in August, compared with an increase of $4.0 billion
in July. Farm proprietors' income increased $2.1 billion, compared with an increase of $1.1 billion.
Nonfarm proprietors' income increased $4.6 billion, compared with an increase of $2.9 billion.
Transfer payments decreased $5.8 billion in August, in contrast to an increase of $14.8 billion
in July. The changes in August and July reflected the one-time payments of $11.2 billion (at an
annual rate) to social security recipients and of $1.5 billion to supplemental security income
recipients in July. These payments were made to correct for the underpayment of benefits. Personal
interest income decreased $1.0 billion in August, compared with a decrease of $2.0 billion in July.
Personal dividend income increased $3.2 billion, compared with an increase of $2.6 billion. Rental
income of persons increased $2.7 billion, compared with an increase of $6.2 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
decreased $0.7 billion in August, in contrast to an increase of $0.7 billion in July.
Personal taxes and disposable personal income
Personal tax and nontax payments decreased $139.2 billion in August, compared with a
decrease of $84.8 billion in July. The August and July changes in personal tax and nontax payments
reflected advance refund checks sent to taxpayers beginning in July, which subtracted $209.4 billion
(at an annual rate) in August and $81.4 billion in July, and a reduction in income tax withholding
rates, which subtracted $13.7 billion in both August and July. Disposable personal income (DPI) --
personal income less personal tax and nontax payments -- increased $141.0 billion, or 1.9 percent, in
August, compared with an increase of $128.9 billion, or 1.7 percent, in July.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $13.7 billion in August, compared with an increase of $14.6 billion in
July. PCE increased $14.9 billion, compared with an increase of $15.7 billion.
Personal saving -- DPI less personal outlays -- was $313.2 billion in August, compared with
$185.7 billion in July. Personal saving as a percentage of disposable personal income was 4.1
percent in August, compared with 2.5 percent in July.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 1.9 percent in August, compared
with an increase of 1.8 percent in July.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in August,
compared with an increase of 0.3 percent in July. Purchases of durable goods decreased 0.3 percent,
compared with a decrease of 0.2 percent. Purchases of motor vehicles and parts more than
accounted for the August and July decreases. Purchases of nondurable goods increased 0.5 percent
in August, compared with an increase of 0.7 percent in July. Purchases of services increased 0.2
percent, the same increase as in July.
Revisions
Estimates have been revised for April through July. Changes in personal income, current-dollar
and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for June and
July -- revised and as published in last month's release -- are shown below. Revisions for April and
May were small.
Change from preceding month
June July
Previous Revised Previous Revised Previous Revised Previous Revised
(Dollars) (Percent) (Dollars) (Percent)
Personal Income:
Current dollars............ 30.5 28.3 0.4 0.3 43.9 44.1 0.5 0.5
Disposable personal income:
Current dollars........... 23.3 20.9 .3 .3 127.9 128.9 1.7 1.7
Chained (1996) dollars.... 9.4 9.7 .1 .1 120.8 122.6 1.8 1.8
Personal consumption expenditures:
Current dollars........... 33.6 29.1 .5 .4 7.1 15.7 .1 .2
Chained (1996) dollars.... 19.3 17.5 .3 .3 10.6 19.2 .2 .3
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.doc.gov>
STAT-USA maintains an Internet site that contains BEA estimates, the Survey of Current
Business, and BEA news releases. For information about STAT-USA, go to <www.stat-usa.gov>,
or call (202) 482-1986. Subscriptions for single-user unlimited access to STAT-USA's Internet
information are $75.00 for 3 months or $175.00 for 1 year.
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
606-5303 Personal income and outlays
606-5362 U.S. international transactions
Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- Personal Income and Outlays for September will be released on
November 1, 2001, at 8:30 A.M. EST.
Table 1.-Personal Income
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Mar 01 Apr 01/r/ May 01/r/ Jun 01/r/ Jul 01/r/ Aug 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,777.3 8,319.2 8,676.2 8,697.0 8,709.3 8,737.6 8,781.7 8,783.5
Wage and salary disbursements..... 4,472.2 4,837.2 5,073.8 5,092.8 5,091.7 5,115.0 5,132.9 5,127.5
Private industries.............. 3,747.9 4,068.8 4,281.1 4,296.7 4,292.7 4,311.3 4,323.5 4,316.1
Goods-producing industries.... 1,088.7 1,163.7 1,210.6 1,208.1 1,203.5 1,201.7 1,204.3 1,201.8
Manufacturing............... 782.0 830.1 853.7 856.8 848.2 845.5 848.3 844.3
Distributive industries....... 1,021.0 1,095.6 1,142.2 1,146.9 1,145.2 1,152.4 1,154.1 1,150.6
Service industries............ 1,638.2 1,809.5 1,928.3 1,941.7 1,944.0 1,957.2 1,965.0 1,963.7
Government...................... 724.3 768.4 792.7 796.1 799.0 803.7 809.4 811.4
Other labor income................ 509.7 534.2 550.3 551.3 552.0 553.3 554.5 555.2
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 672.0 715.0 740.2 740.0 746.0 750.1 754.1 760.9
Farm............................ 26.6 30.6 28.4 29.0 28.8 28.3 29.4 31.5
Nonfarm......................... 645.4 684.4 711.8 711.0 717.1 721.8 724.7 729.3
Rental income of persons with
capital consumption adjustment... 147.7 141.6 137.9 138.1 140.3 138.6 144.8 147.5
Personal dividend income.......... 343.1 379.2 407.2 409.6 411.9 414.3 416.9 420.1
Personal interest income.......... 950.0 1,000.6 1,009.1 1,005.1 1,000.7 997.2 995.2 994.2
Transfer payments to persons...... 1,019.6 1,069.1 1,131.0 1,134.1 1,140.3 1,143.6 1,158.4 1,152.6
Old-age, survivors, disability,
and health insurance benefits.. 588.0 617.3 656.0 658.7 660.7 660.8 672.7 666.6
Government unemployment
insurance benefits............. 20.3 20.3 22.8 23.2 23.1 23.0 23.3 23.1
Other......................... 411.2 431.5 452.2 452.3 456.4 459.9 462.4 462.8
Less: Personal contributions for
social insurance................. 337.1 357.7 373.2 374.0 373.5 374.5 375.2 374.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 2.-The Disposition of Personal Income
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Mar 01 Apr 01/r/ May 01/r/ Jun 01/r/ Jul 01/r/ Aug 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7,777.3 8,319.2 8,676.2 8,697.0 8,709.3 8,737.6 8,781.7 8,783.5
Less: Personal tax and nontax
payments........................... 1,159.2 1,288.2 1,349.4 1,348.9 1,349.0 1,356.4 1,271.6 1,132.4
Equals: Disposable personal income.. 6,618.0 7,031.0 7,326.9 7,348.1 7,360.3 7,381.2 7,510.1 7,651.1
Less: Personal outlays.............. 6,457.2 6,963.3 7,230.8 7,254.5 7,280.8 7,309.7 7,324.3 7,338.0
Personal consumption expenditures. 6,250.2 6,728.4 6,994.0 7,017.3 7,043.7 7,072.8 7,088.5 7,103.4
Interest paid by persons.......... 179.7 205.3 206.7 206.5 206.3 206.2 205.1 203.8
Personal transfer payments to the
rest of the world (net).......... 27.2 29.6 30.1 30.8 30.8 30.8 30.8 30.8
Equals: Personal saving............. 160.9 67.7 96.0 93.6 79.5 71.4 185.7 313.2
Addenda:
Disposable personal income:
Chained (1996) dollars\1\....... 6,320.0 6,539.2 6,704.9 6,712.4 6,717.7 6,727.4 6,850.0 6,978.7
Per capita:
Current dollars............... 24,242 25,528 26,429 26,486 26,509 26,564 27,007 27,493
Chained (1996) dollars........ 23,150 23,742 24,186 24,194 24,195 24,211 24,633 25,077
Population (thousands)\2\....... 272,996 275,423 277,223 277,436 277,649 277,864 278,078 278,292
Personal saving as a percentage
of disposable personal income.... 2.4 1.0 1.3 1.3 1.1 1.0 2.5 4.1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate is
the average of estimates for the first of the month and the first of the
following month; the annual estimate is the average of the monthly estimates.
Prior to January 2001, first-of-the-month estimates are from Census Bureau
surveys and are consistent with the 1990 Census of Population. Beginning with
January 2001, first-of-the-month estimates are derived by BEA based on
extrapolations of the Census Bureau estimates.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 3.-Personal Income and Its Disposition, Change from Preceding Period
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Mar 01 Apr 01/r/ May 01/r/ Jun 01/r/ Jul 01/r/ Aug 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 351.3 541.9 36.0 20.8 12.3 28.3 44.1 1.8
Wage and salary disbursements..... 279.4 365.0 22.0 19.0 -1.1 23.3 17.9 -5.4
Private industries.............. 247.8 320.9 18.8 15.6 -4.0 18.6 12.2 -7.4
Goods-producing industries.... 50.2 75.0 4.4 -2.5 -4.6 -1.8 2.6 -2.5
Manufacturing............... 25.4 48.1 .2 3.1 -8.6 -2.7 2.8 -4.0
Distributive industries....... 72.1 74.6 1.2 4.7 -1.7 7.2 1.7 -3.5
Service industries............ 125.5 171.3 13.3 13.4 2.3 13.2 7.8 -1.3
Government...................... 31.6 44.1 3.1 3.4 2.9 4.7 5.7 2.0
Other labor income................ 19.1 24.5 1.0 1.0 .7 1.3 1.2 .7
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 48.2 43.0 6.5 -.2 6.0 4.1 4.0 6.8
Farm............................ 1.0 4.0 -1.8 .6 -.2 -.5 1.1 2.1
Nonfarm......................... 47.2 39.0 8.3 -.8 6.1 4.7 2.9 4.6
Rental income of persons with
capital consumption adjustment... 9.1 -6.1 -1.7 .2 2.2 -1.7 6.2 2.7
Personal dividend income.......... -5.2 36.1 2.4 2.4 2.3 2.4 2.6 3.2
Personal interest income.......... -14.4 50.6 -1.7 -4.0 -4.4 -3.5 -2.0 -1.0
Transfer payments to persons...... 35.9 49.5 8.6 3.1 6.2 3.3 14.8 -5.8
Old-age, survivors, disability,
and health insurance benefits.. 9.9 29.3 4.3 2.7 2.0 .1 11.9 -6.1
Government unemployment
insurance benefits............. .8 .0 .1 .4 -.1 -.1 .3 -.2
Other.......................... 25.1 20.3 4.2 .1 4.1 3.5 2.5 .4
Less: Personal contributions for
social insurance................. 20.8 20.6 1.0 .8 -.5 1.0 .7 -.7
Less: Personal tax and nontax
payments........................... 88.8 129.0 4.4 -.5 .1 7.4 -84.8 -139.2
Equals: Disposable personal income.. 262.4 413.0 31.7 21.2 12.2 20.9 128.9 141.0
Less: Personal outlays.............. 403.1 506.1 13.8 23.7 26.3 28.9 14.6 13.7
Personal consumption expenditures. 394.2 478.2 15.5 23.3 26.4 29.1 15.7 14.9
Interest paid by persons.......... 6.0 25.6 -1.7 -.2 -.2 -.1 -1.1 -1.3
Personal transfer payments to the
rest of the world (net).......... 2.9 2.4 .0 .7 .0 .0 .0 .0
Equals: Personal saving............. -140.6 -93.2 17.8 -2.4 -14.1 -8.1 114.3 127.5
Addendum:
Disposable personal income:
chained (1996) dollars\1\........ 151.4 219.2 31.5 7.5 5.3 9.7 122.6 128.7
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 4-Personal Consumption Expenditures by Major Type of Product
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Mar 01 Apr 01/r/ May 01/r/ Jun 01/r/ Jul 01/r/ Aug 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,250.2 6,728.4 6,994.0 7,017.3 7,043.7 7,072.8 7,088.5 7,103.4
Durable goods..................... 760.9 819.6 837.7 840.2 837.6 856.4 854.0 847.1
Nondurable goods.................. 1,831.3 1,989.6 2,036.5 2,055.3 2,067.6 2,064.0 2,064.5 2,069.1
Services.......................... 3,658.0 3,919.2 4,119.8 4,121.8 4,138.5 4,152.3 4,170.0 4,187.2
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5,968.4 6,257.8 6,400.3 6,410.2 6,428.8 6,446.3 6,465.5 6,479.1
Durable goods..................... 817.8 895.5 925.3 930.1 931.3 952.9 950.9 947.8
Nondurable goods.................. 1,766.4 1,849.9 1,868.1 1,877.1 1,882.1 1,878.8 1,891.6 1,901.4
Services.......................... 3,393.2 3,527.7 3,623.7 3,620.7 3,632.7 3,635.8 3,643.5 3,649.7
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100)
----------------------------------------------------------------------------------------
Personal consumption expenditures... 104.72 107.52 109.28 109.48 109.57 109.73 109.64 109.64
Durable goods..................... 93.04 91.53 90.54 90.33 89.93 89.88 89.81 89.38
Nondurable goods.................. 103.67 107.55 109.02 109.50 109.86 109.86 109.14 108.83
Services.......................... 107.80 111.10 113.70 113.85 113.93 114.22 114.46 114.74
Addendum:
Personal consumption expenditures
less food and energy........... 104.99 107.02 108.45 108.54 108.41 108.58 108.81 108.87
----------------------------------------------------------------------------------------
Change from preceding period
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of current dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 394.2 478.2 15.5 23.3 26.4 29.1 15.7 14.9
Durable goods..................... 67.7 58.7 -6.7 2.5 -2.6 18.8 -2.4 -6.9
Nondurable goods.................. 122.8 158.3 -12.1 18.8 12.3 -3.6 .5 4.6
Services.......................... 203.7 261.2 34.4 2.0 16.7 13.8 17.7 17.2
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 284.7 289.4 16.7 9.9 18.6 17.5 19.2 13.6
Durable goods..................... 91.1 77.7 -4.1 4.8 1.2 21.6 -2.0 -3.1
Nondurable goods.................. 80.0 83.5 -6.7 9.0 5.0 -3.3 12.8 9.8
Services.......................... 119.8 134.5 25.7 -3.0 12.0 3.1 7.7 6.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 5.-Percent Change From Preceding Period in Selected Series
----------------------------------------------------------------------------------------------------------------------------
1999 2000 Mar 01 Apr 01/r/ May 01/r/ Jun 01/r/ Jul 01/r/ Aug 01/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current dollars
----------------------------------------------------------------------------------------
Personal income..................... 4.7 7.0 .4 .2 .1 .3 .5 .0
Disposable personal income.......... 4.1 6.2 .4 .3 .2 .3 1.7 1.9
Personal consumption expenditures... 6.7 7.7 .2 .3 .4 .4 .2 .2
Durable goods..................... 9.8 7.7 -.8 .3 -.3 2.2 -.3 -.8
Nondurable goods.................. 7.2 8.6 -.6 .9 .6 -.2 .0 .2
Services.......................... 5.9 7.1 .8 .0 .4 .3 .4 .4
----------------------------------------------------------------------------------------
Based on chained (1996) dollars
----------------------------------------------------------------------------------------
Disposable personal income.......... 2.5 3.5 .5 .1 .1 .1 1.8 1.9
Personal consumption expenditures... 5.0 4.8 .3 .2 .3 .3 .3 .2
Durable goods..................... 12.5 9.5 -.4 .5 .1 2.3 -.2 -.3
Nondurable goods.................. 4.7 4.7 -.4 .5 .3 -.2 .7 .5
Services.......................... 3.7 4.0 .7 -.1 .3 .1 .2 .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
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