FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, MAY 29, 1998 James E. Rankin: (202) 606-5301 (Personal Income)BEA 98-15 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303 PERSONAL INCOME AND OUTLAYS: APRIL 1998 Personal income increased $28.7 billion, or 0.4 percent, and disposable personal income (DPI) increased $22.2 billion, or 0.4 percent, in April, according to the Commerce Department's Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $28.3 billion, or 0.5 percent. In March, personal income increased $22.5 billion, or 0.3 percent, DPI increased $19.8 billion, or 0.3 percent, and PCE increased $29.5 billion, or 0.5 percent, based on revised estimates. 1997 1998 Dec. Jan. Feb. Mar. Apr. (Percent change from preceding month) Personal income, current dollars 0.4 0.5 0.6 0.3 0.4 Disposable personal income: Current dollars .4 .3 .5 .3 .4 Chained (1992) dollars .4 .3 .4 .3 .2 Personal consumption expenditures: Current dollars .4 .8 .4 .5 .5 Chained (1992) dollars .4 .8 .3 .5 .4 Wages and salaries Private wage and salary disbursements increased $16.2 billion in April, compared with an increase of $8.3 billion in March. Goods-producing industries' payrolls increased $0.5 billion, in contrast to a decrease of $1.1 billion; manufacturing payrolls decreased $1.7 billion, in contrast to an increase of $0.4 billion. Distributive industries' payrolls increased $5.1 billion, in contrast to a decrease of $0.2 billion. Service industries' payrolls increased $10.6 billion, compared with an increase of $9.7 billion. Government wage and salary disbursements increased $1.8 billion, compared with an increase of $1.5 billion. Other personal income Proprietors' income increased $4.6 billion in April, compared with an increase of $4.5 billion in March. Farm proprietors' income increased $1.7 billion, in contrast to a decrease of $1.2 billion. Nonfarm proprietors' income increased $2.9 billion, compared with an increase of $5.7 billion. Transfer payments increased $2.3 billion in April, compared with an increase of $5.5 billion in March. Personal interest income increased $1.3 billion, compared with an increase of $1.2 billion. Personal dividend income increased $2.1 billion, compared with an increase of $2.0 billion. Rental income of persons increased $0.3 billion, in contrast to a decrease of $1.1 billion. Personal taxes and disposable personal income Personal tax and nontax payments increased $6.5 billion in April, compared with an increase of $2.7 billion in March. Disposable personal income (DPI) -- personal income less personal tax and nontax payments -- increased $22.2 billion, or 0.4 percent, in April, compared with an increase of $19.8 billion, or 0.3 percent, in March. 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 $28.5 billion in April, compared with an increase of $29.6 billion in March. PCE increased $28.3 billion, compared with an increase of $29.5 billion. Personal saving -- DPI less personal outlays -- was $213.1 billion in April, compared with $219.4 billion in March. Personal saving as a percentage of disposable personal income was 3.5 percent in April, compared with 3.6 percent in March. Chained (1992) dollar estimates Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in April, compared with an increase of 0.3 percent in March. Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in April, compared with an increase of 0.5 percent in March. Purchases of durable goods increased 0.6 percent, in contrast to a decrease of 1.0 percent; motor vehicle purchases more than accounted for the April increase and accounted for most of the March decrease. Purchases of nondurable goods increased 0.4 percent in April, compared with an increase of 0.5 percent in March. Purchases of services increased 0.3 percent, compared with an increase of 0.8 percent. Revisions Estimates have been revised for January through March. Changes in personal income, current-dollar and chained (1992) dollar DPI, and current-dollar and chained (1992) dollar PCE for February and March -- revised and as published in last month's release -- are shown below. Revisions to personal income and current-dollar and chained (1992) dollar PCE were small. Upward revisions to personal tax and nontax payments were reflected in downward revisions to current-dollar and chained (1992) dollar DPI for all three months. The revisions to taxes were in federal "nonwithheld" income taxes -- estimated payments on taxes on income not subject to withholding and final settlements on incomes earned in 1997 -- and were based on data through April from the Monthly Treasury Statement. For January, current-dollar DPI increased a revised $22.2 billion, or 0.3 percent, compared with the previous increase of $42.5 billion, or 0.7 percent; chained (1992) dollar DPI increased a revised $16.1 billion, or 0.3 percent, compared with the previous increase of $37.9 billion, or 0.7 percent. Revisions to February and March are shown below. Change from preceding month February March Previous Revised Previous Revised Previous Revised Previous Revised (Dollars) (Percent) (Dollars) (Percent) Personal income: Current dollars . . 45.5 44.4 0.6 0.6 23.1 22.5 0.3 0.3 Disposable personal income: Current dollars . . 35.4 31.3 .6 .5 22.9 19.8 .4 .3 Chained (1992) dollars 27.6 22.5 .5 .4 18.9 14.9 .4 .3 Personal consumption expenditures: Current dollars . . 15.2 20.7 .3 .4 29.8 29.5 .5 .5 Chained (1992) dollars 9.9 13.4 .2 .3 25.1 23.6 .5 .5 * * * BEA's major national, international, regional, and industry estimates; selected articles from the Survey of Current Business; and BEA news releases are available on BEA's web site: http://www.bea.gov STAT-USA maintains an electronic bulletin board (EBB) and an Internet site, which contain BEA estimates, BEA news releases, and the Survey of Current Business. The information available through STAT-USA is often more detailed and more timely than that available from other sources. 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. 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 Summary of international transactions Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's monthly journal. The printed 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. * * * Next release -- Personal Income and Outlays for May will be released on June 26, at 8:30 A.M. EDT. Table 1. -- Personal Income [Billions of dollars] -------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------- 1996 1997 Nov. 97 Dec. 97 Jan. 98r Feb. 98r Mar. 98r Apr. 98p -------------------------------------------------------------------------------------------------------------------------- Personal income..................... 6,495.2 6,873.9 7,019.8 7,050.4 7,088.8 7,133.2 7,155.7 7,184.4 Wage and salary disbursements..... 3,632.5 3,877.4 3,989.9 4,007.9 4,038.2 4,073.5 4,083.3 4,101.3 Private industries.............. 2,989.9 3,212.1 3,316.0 3,332.5 3,358.3 3,391.1 3,399.4 3,415.6 Goods-producing industries.... 909.1 960.3 984.9 992.1 995.7 999.5 998.4 998.9 Manufacturing............... 674.7 706.0 724.4 728.1 729.0 730.8 731.2 729.5 Distributive industries....... 823.3 876.3 904.1 904.7 912.2 922.5 922.3 927.4 Service industries............ 1,257.5 1,375.5 1,427.0 1,435.7 1,450.4 1,469.1 1,478.8 1,489.4 Government...................... 642.6 665.3 673.9 675.4 679.9 682.4 683.9 685.7 Other labor income................ 407.6 416.6 421.4 422.6 423.9 425.1 426.3 427.5 Proprietors' income with IVA and CCAdj........................... 520.3 544.5 552.2 553.9 553.4 556.1 560.6 565.2 Farm............................ 37.2 40.7 38.1 38.1 34.6 32.1 30.9 32.6 Nonfarm......................... 483.1 503.8 514.1 515.8 518.8 524.0 529.7 532.6 Rental income of persons with CCAdj........................... 146.3 147.9 145.5 145.0 144.4 143.8 142.7 143.0 Personal dividend income.......... 291.2 321.5 330.7 332.8 334.9 336.8 338.8 340.9 Personal interest income.......... 735.7 768.6 778.3 780.5 782.0 783.3 784.5 785.8 Transfer payments to persons...... 1,068.0 1,121.1 1,132.9 1,140.0 1,148.4 1,153.4 1,158.9 1,161.2 Old-age, survivors, disability, and health insurance benefits. 537.6 566.7 572.7 577.8 582.4 584.7 587.7 588.5 Government unemployment insurance benefits............ 22.0 21.8 21.4 21.6 21.3 21.2 21.3 21.3 Other........................... 508.4 532.7 538.8 540.6 544.7 547.4 549.9 551.4 Less: Personal contributions for social insurance................ 306.3 323.7 331.0 332.2 336.4 338.7 339.4 340.5 -------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------ 1996 1997 Nov. 97 Dec. 97 Jan. 98r Feb. 98r Mar. 98r Apr. 98p -------------------------------------------------------------------------------------------------------------------------- Personal income....................... 6,495.2 6,873.9 7,019.8 7,050.4 7,088.8 7,133.2 7,155.7 7,184.4 Less: Personal tax and nontax payments........................... 886.9 988.7 1,024.4 1,029.7 1,050.1 1,063.1 1,065.8 1,072.3 Equals: Disposable personal income... 5,608.3 5,885.2 5,995.3 6,020.8 6,038.8 6,070.1 6,089.9 6,112.1 Less: Personal outlays............... 5,368.8 5,658.5 5,752.4 5,778.8 5,821.0 5,840.9 5,870.5 5,899.0 Personal consumption expenditures... 5,207.6 5,485.8 5,575.4 5,598.8 5,642.9 5,663.6 5,693.1 5,721.4 Interest paid by persons............ 145.2 154.8 158.3 161.3 159.3 158.6 158.6 158.9 Personal transfer payments to the rest of the world (net)........... 15.9 17.9 18.7 18.7 18.8 18.8 18.8 18.8 Equals: Personal saving.............. 239.6 226.7 243.0 242.0 217.8 229.2 219.4 213.1 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 5,076.9 5,221.9 5,293.6 5,316.1 5,332.2 5,354.7 5,369.6 5,382.3 Per capita: Current dollars................... 21,117 21,969 22,299 22,373 22,427 22,530 22,589 22,655 Chained (1992) dollars............ 19,116 19,493 19,689 19,754 19,803 19,875 19,917 19,950 Population (thousands).............. 265,579 267,889 268,859 269,108 269,263 269,423 269,602 269,791 Personal saving as a percentage of disposable personal income ......... 4.3 3.9 4.1 4.0 3.6 3.8 3.6 3.5 -------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------ 1996 1997 Nov. 97 Dec. 97 Jan. 98r Feb. 98r Mar. 98r Apr. 98p -------------------------------------------------------------------------------------------------------------------- Personal income....................... 344.4 378.7 49.4 30.6 38.4 44.4 22.5 28.7 Wage and salary disbursements........ 203.0 244.9 46.3 18.0 30.3 35.3 9.8 18.0 Private industries................ 183.4 222.2 44.3 16.5 25.8 32.8 8.3 16.2 Goods-producing industries...... 44.7 51.2 9.5 7.2 3.6 3.8 -1.1 0.5 Manufacturing................. 26.3 31.3 6.6 3.7 0.9 1.8 0.4 -1.7 Distributive industries......... 40.2 53.0 11.0 0.6 7.5 10.3 -0.2 5.1 Service industries.............. 98.5 118.0 23.9 8.7 14.7 18.7 9.7 10.6 Government........................ 19.6 22.7 2.0 1.5 4.5 2.5 1.5 1.8 Other labor income.................. 0.8 9.0 1.3 1.2 1.3 1.2 1.2 1.2 Proprietors' income with IVA and CCAdj............................. 31.4 24.2 0.6 1.7 -0.5 2.7 4.5 4.6 Farm.............................. 13.8 3.5 -0.4 0.0 -3.5 -2.5 -1.2 1.7 Nonfarm........................... 17.6 20.7 1.0 1.7 3.0 5.2 5.7 2.9 Rental income of persons with CCAdj............................. 13.5 1.6 -1.1 -0.5 -0.6 -0.6 -1.1 0.3 Personal dividend income............ 39.3 30.3 2.1 2.1 2.1 1.9 2.0 2.1 Personal interest income............ 16.8 32.9 2.0 2.2 1.5 1.3 1.2 1.3 Transfer payments to persons........ 53.0 53.1 1.4 7.1 8.4 5.0 5.5 2.3 Old-age, survivors, disability, and health insurance benefits... 29.8 29.1 0.7 5.1 4.6 2.3 3.0 0.8 Government unemployment insurance benefits.............. 0.6 -0.2 0.0 0.2 -0.3 -0.1 0.1 0.0 Other............................. 22.7 24.3 0.7 1.8 4.1 2.7 2.5 1.5 Less: Personal contributions for social insurance.................. 13.2 17.4 3.1 1.2 4.2 2.3 0.7 1.1 Less: Personal tax and nontax payments............................ 91.8 101.8 12.3 5.3 20.4 13.0 2.7 6.5 Equals: Disposable personal income.... 252.6 276.9 37.0 25.5 18.0 31.3 19.8 22.2 Less: Personal outlays................ 267.7 289.7 16.6 26.4 42.2 19.9 29.6 28.5 Personal consumption expenditures... 249.9 278.2 16.1 23.4 44.1 20.7 29.5 28.3 Interest paid by persons............ 16.7 9.6 0.5 3.0 -2.0 -0.7 0.0 0.3 Personal transfer payments to the rest of the world (net)........... 1.1 2.0 0.0 0.0 0.1 0.0 0.0 0.0 Equals: Personal saving............... -15.0 -12.9 20.5 -1.0 -24.2 11.4 -9.8 -6.3 Addenda: Disposable personal income, chained (1992) dollars.......... 112.7 145.0 28.9 22.5 16.1 22.5 14.9 12.7 -------------------------------------------------------------------------------------------------------------------- ----------------------------------------- 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 --------------------------------------------------------- 1996 1997 Nov. 97 Dec. 97 Jan. 98r Feb. 98r Mar. 98r Apr. 98p ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 5,207.6 5,485.8 5,575.4 5,598.8 5,642.9 5,663.6 5,693.1 5,721.4 Durable goods....................... 634.5 659.3 670.0 675.1 692.6 691.1 682.7 687.4 Nondurable goods.................... 1,534.7 1,592.0 1,600.9 1,597.0 1,611.4 1,625.1 1,627.2 1,636.4 Services............................ 3,038.4 3,234.5 3,304.5 3,326.6 3,338.9 3,347.4 3,383.2 3,397.6 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 4,714.1 4,867.5 4,922.8 4,943.4 4,982.7 4,996.1 5,019.7 5,038.3 Durable goods....................... 611.1 645.5 663.0 667.9 686.7 686.2 679.5 683.7 Nondurable goods.................... 1,432.3 1,458.5 1,460.6 1,458.1 1,472.7 1,486.5 1,493.4 1,499.8 Services............................ 2,671.0 2,764.1 2,800.3 2,818.2 2,826.4 2,826.8 2,848.8 2,857.0 -------------------------------------------------------------------------------- Implicit price deflators (Index numbers, 1992 = 100) -------------------------------------------------------------------------------- Personal consumption expenditures..... 110.47 112.70 113.26 113.26 113.25 113.36 113.41 113.56 Durable goods....................... 103.83 102.12 101.06 101.08 100.86 100.71 100.48 100.54 Nondurable goods.................... 107.15 109.15 109.61 109.53 109.42 109.32 108.96 109.11 Services............................ 113.76 117.02 118.00 118.04 118.13 118.42 118.76 118.92 ------------------------------------------------------------------------------------------------------------------------- Change from preceding period ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 249.9 278.2 16.1 23.4 44.1 20.7 29.5 28.3 Durable goods....................... 26.0 24.8 14.6 5.1 17.5 -1.5 -8.4 4.7 Nondurable goods.................... 58.9 57.3 -3.9 -3.9 14.4 13.7 2.1 9.2 Services............................ 165.0 196.1 5.4 22.1 12.3 8.5 35.8 14.4 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 118.8 153.4 10.6 20.6 39.3 13.4 23.6 18.6 Durable goods....................... 27.5 34.4 16.0 4.9 18.8 -0.5 -6.7 4.2 Nondurable goods.................... 19.7 26.2 -3.4 -2.5 14.6 13.8 6.9 6.4 Services............................ 71.4 93.1 -0.4 17.9 8.2 0.4 22.0 8.2 __________________________________________________________________________________________________________________________ Table 5. -- Percent Change From Preceding Period in Selected Series -------------------------------------------------------------------------------------------------------------------------- 1996 1997 Nov. 97 Dec. 97 Jan. 98r Feb. 98r Mar. 98r Apr. 98p -------------------------------------------------------------------------------------------------------------------------- Based on current dollars --------------------------------------------------------------------------------- Personal income....................... 5.6 5.8 0.7 0.4 0.5 0.6 0.3 0.4 Disposable personal income............ 4.7 4.9 0.6 0.4 0.3 0.5 0.3 0.4 Personal consumption expenditures..... 5.0 5.3 0.3 0.4 0.8 0.4 0.5 0.5 Durable goods....................... 4.3 3.9 2.2 0.8 2.6 -0.2 -1.2 0.7 Nondurable goods.................... 4.0 3.7 -0.2 -0.2 0.9 0.8 0.1 0.6 Services............................ 5.7 6.5 0.2 0.7 0.4 0.3 1.1 0.4 --------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------- Disposable personal income............ 2.3 2.9 0.5 0.4 0.3 0.4 0.3 0.2 Personal consumption expenditures..... 2.6 3.3 0.2 0.4 0.8 0.3 0.5 0.4 Durable goods....................... 4.7 5.6 2.5 0.7 2.8 -0.1 -1.0 0.6 Nondurable goods.................... 1.4 1.8 -0.2 -0.2 1.0 0.9 0.5 0.4 Services............................ 2.7 3.5 0.0 0.6 0.3 0.0 0.8 0.3 -------------------------------------------------------------------------------------------------------------------------- ---------------------------------------- p Preliminary. r Revised. Source: U.S. Department of Commerce, Bureau of Economic Analysis.