FOR WIRE TRANSMISSION: 8:30 A.M. EST, MAY 28, 1999 James E. Rankin: 202 606-5301 (Personal Income) BEA 99-15 Greg Key: 606-5302 (Personal Outlays) Recorded message: 606-5303 PERSONAL INCOME AND OUTLAYS: APRIL 1999 Personal income increased $36.4 billion, or 0.5 percent, and disposable personal income (DPI) increased $29.4 billion, or 0.5 percent, in April, according to the Commerce Department's Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $27.0 billion, or 0.4 percent. In March, personal income increased $22.3 billion, or 0.3 percent, DPI increased $24.1 billion, or 0.4 percent, and PCE increased $30.5 billion, or 0.5 percent, based on revised estimates. 1998 1999 Dec. Jan. Feb. Mar. Apr. (Percent change from preceding month) Personal income, current dollars 0.0 0.6 0.5 0.3 0.5 Disposable personal income: Current dollars -.1 .7 .4 .4 .5 Chained (1992) dollars -.2 .5 .4 .4 -.1 Personal consumption expenditures: Current dollars .9 .6 .8 .5 .4 Chained (1992) dollars .8 .4 .8 .5 -.1 Wages and salaries Private wage and salary disbursements increased $22.6 billion in April, compared with an increase of $5.5 billion in March. Goods-producing industries' payrolls increased $5.3 billion, in contrast to a decrease of $0.1 billion; manufacturing payrolls increased $3.4 billion, compared with an increase of $0.6 billion. Distributive industries' payrolls increased $2.5 billion, in contrast to a decrease of $2.3 billion. Service industries' payrolls increased $14.8 billion, compared with an increase of $8.0 billion. Government wage and salary disbursements increased $2.3 billion in April, the same as in March. Other personal income Proprietors' income increased $5.7 billion in April, compared with an increase of $2.5 billion in March. Farm proprietors' income increased $1.1 billion, in contrast to a decrease of $2.9 billion. Nonfarm proprietors' income increased $4.6 billion, compared with an increase of $5.4 billion. Transfer payments increased $2.1 billion in April, compared with an increase of $6.6 billion in March. Personal interest income increased $0.8 billion, compared with an increase of $0.9 billion. Personal dividend income increased $1.3 billion, compared with an increase of $1.2 billion. Rental income of persons increased $1.5 billion, compared with an increase of $1.9 billion. Personal contributions for social insurance -- a subtraction in calculating personal income -- increased $1.9 billion in April, compared with an increase of $0.7 billion in March. Personal taxes and disposable personal income Personal tax and nontax payments increased $7.0 billion in April, in contrast to a decrease of $1.8 billion in March. Disposable personal income (DPI) -- personal income less personal tax and nontax payments -- increased $29.4 billion, or 0.5 percent, in April, compared with an increase of $24.1 billion, or 0.4 percent, in March. Personal outlays and personal saving Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of the world (net) -- increased $27.4 billion in April, compared with an increase of $29.0 billion in March. PCE increased $27.0 billion, compared with an increase of $30.5 billion. Personal saving -- DPI less personal outlays -- was a negative $43.7 billion in April, compared with a negative $45.8 billion in March. Personal saving as a percentage of disposable personal income was a negative 0.7 percent in April, the same as in March. Chained (1992) dollar estimates Real DPI -- DPI adjusted to remove price changes -- decreased 0.1 percent in April, in contrast to an increase of 0.4 percent in March. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in April, in contrast to an increase of 0.5 percent in March. Purchases of durable goods decreased 1.1 percent, in contrast to an increase of 0.6 percent. Purchases of nondurable goods decreased 1.0 percent, in contrast to an increase of 0.5 percent. Purchases of services increased 0.5 percent in April, the same as in March. The April decreases in real DPI and in real PCE reflect an unusually large increase in the PCE implicit price deflator, which is used to deflate both current-dollar measures. The PCE implicit price deflator increased 0.5 percent in April, primarily reflecting a sharp increase in gasoline prices. The PCE implicit price deflator was unchanged in March. 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 the previous release -- are shown below. Revisions for January were small. Change from preceding month February March Previous Revised Previous Revised Previous Revised Previous Revised (Dollars) (Percent) (Dollars) (Percent) Personal income: Current dollars . . 34.8 33.5 0.5 0.5 25.9 22.3 0.4 0.3 Disposable personal income: Current dollars . . 27.6 26.1 .4 .4 27.5 24.1 .4 .4 Chained (1992) dollars 23.4 22.1 .4 .4 23.7 20.3 .4 .4 Personal consumption expenditures: Current dollars . . 45.6 48.5 .8 .8 26.8 30.5 .4 .5 Chained (1992) dollars 39.4 41.9 .7 .8 22.9 25.9 .4 .5 * * * As announced in the February issue of the Survey of Current Business, the Bureau of Economic Analysis plans to release the results of its 11th comprehensive, or benchmark, revision of the national income and product accounts (NIPA's) beginning on October 28, 1999. The annual revision of the NIPA's that would normally take place this summer will instead be combined with the upcoming comprehensive revision. An article previewing the definitional and statistical changes that will be introduced in the comprehensive revision is scheduled for the August issue of the Survey. BEA's major national, international, regional, and industry estimates; 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 $88.00 domestic. Second class mail: Annual subscription $39.00 domestic, $48.75 foreign; single issue $14.00 domestic, $17.50 foreign. * * * Next release -- Personal Income and Outlays for May will be released on June 28, at 8:30 A.M. EDT. Table 1. -- Personal Income [Billions of dollars] -------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------- 1997 1998 Nov. 98 Dec. 98 Jan. 99r Feb. 99r Mar. 99r Apr. 99p -------------------------------------------------------------------------------------------------------------------------- Personal income..................... 6,784.0 7,126.1 7,279.8 7,276.8 7,320.9 7,354.4 7,376.7 7,413.1 Wage and salary disbursements..... 3,889.8 4,149.9 4,243.9 4,263.5 4,295.2 4,320.3 4,328.1 4,353.0 Private industries.............. 3,225.7 3,460.5 3,544.4 3,562.7 3,586.2 3,608.6 3,614.1 3,636.7 Goods-producing industries.... 975.0 1,026.9 1,036.5 1,041.6 1,044.2 1,048.5 1,048.4 1,053.7 Manufacturing............... 719.5 751.5 753.5 754.2 757.6 759.4 760.0 763.4 Distributive industries....... 879.8 939.6 961.9 966.2 967.4 972.3 970.0 972.5 Service industries............ 1,370.8 1,494.0 1,546.1 1,554.8 1,574.6 1,587.7 1,595.7 1,610.5 Government...................... 664.2 689.3 699.4 700.9 709.0 711.7 714.0 716.3 Other labor income................ 392.9 406.9 411.0 411.9 412.9 414.6 416.6 418.6 Proprietors' income with IVA and CCAdj........................... 551.2 577.2 614.8 592.9 597.4 601.6 604.1 609.8 Farm............................ 35.5 28.7 53.0 25.4 26.1 26.7 23.8 24.9 Nonfarm......................... 515.8 548.5 561.7 567.5 571.3 574.9 580.3 584.9 Rental income of persons with CCAdj........................... 158.2 162.6 171.6 166.3 166.8 169.0 170.9 172.4 Personal dividend income.......... 260.3 263.1 265.7 266.7 267.7 268.8 270.0 271.3 Personal interest income.......... 747.3 764.8 769.8 769.4 769.5 770.1 771.0 771.8 Transfer payments to persons...... 1,110.4 1,149.0 1,157.3 1,161.7 1,173.0 1,173.7 1,180.3 1,182.4 Old-age, survivors, disability, and health insurance benefits. 565.9 586.5 589.6 593.2 597.0 597.2 599.6 600.8 Government unemployment insurance benefits............ 19.9 19.5 19.5 19.6 19.5 19.6 19.7 19.6 Other........................... 524.6 542.9 548.1 548.9 556.4 556.9 561.0 562.0 Less: Personal contributions for social insurance................ 326.2 347.4 354.2 355.6 361.7 363.6 364.3 366.2 -------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------ 1997 1998 Nov. 98 Dec. 98 Jan. 99r Feb. 99r Mar. 99r Apr. 99p -------------------------------------------------------------------------------------------------------------------------- Personal income....................... 6,784.0 7,126.1 7,279.8 7,276.8 7,320.9 7,354.4 7,376.7 7,413.1 Less: Personal tax and nontax payments........................... 989.0 1,098.3 1,125.4 1,130.1 1,131.6 1,139.0 1,137.2 1,144.2 Equals: Disposable personal income... 5,795.1 6,027.9 6,154.5 6,146.7 6,189.3 6,215.4 6,239.5 6,268.9 Less: Personal outlays............... 5,674.1 6,000.2 6,117.9 6,173.7 6,207.9 6,256.2 6,285.2 6,312.6 Personal consumption expenditures... 5,493.7 5,807.9 5,919.2 5,973.1 6,006.7 6,055.2 6,085.7 6,112.7 Interest paid by persons............ 161.5 172.4 178.1 180.1 180.2 180.0 178.6 179.0 Personal transfer payments to the rest of the world (net)........... 18.9 19.9 20.6 20.6 21.0 21.0 21.0 21.0 Equals: Personal saving.............. 121.0 27.7 36.6 -27.1 -18.5 -40.8 -45.8 -43.7 Addenda: Disposable personal income: Chained (1992) dollars 1/........... 5,183.1 5,348.5 5,441.3 5,428.6 5,457.5 5,479.6 5,499.9 5,495.7 Per capita: Current dollars................... 21,633 22,304 22,682 22,624 22,768 22,849 22,921 23,011 Chained (1992) dollars............ 19,349 19,790 20,054 19,981 20,076 20,144 20,204 20,172 Population (thousands).............. 267,880 270,257 271,336 271,684 271,848 272,019 272,219 272,434 Personal saving as a percentage of disposable personal income ......... 2.1 0.5 0.6 -0.4 -0.3 -0.7 -0.7 -0.7 -------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------ 1997 1998 Nov. 98 Dec. 98 Jan. 99r Feb. 99r Mar. 99r Apr. 99p -------------------------------------------------------------------------------------------------------------------- Personal income....................... 358.8 342.1 62.6 -3.0 44.1 33.5 22.3 36.4 Wage and salary disbursements........ 258.7 260.1 23.0 19.6 31.7 25.1 7.8 24.9 Private industries................ 235.5 234.8 20.9 18.3 23.5 22.4 5.5 22.6 Goods-producing industries...... 66.0 51.9 2.2 5.1 2.6 4.3 -0.1 5.3 Manufacturing................. 44.9 32.0 -1.0 0.7 3.4 1.8 0.6 3.4 Distributive industries......... 56.5 59.8 5.6 4.3 1.2 4.9 -2.3 2.5 Service industries.............. 112.9 123.2 13.1 8.7 19.8 13.1 8.0 14.8 Government........................ 23.3 25.1 2.0 1.5 8.1 2.7 2.3 2.3 Other labor income.................. 5.9 14.0 0.9 0.9 1.0 1.7 2.0 2.0 Proprietors' income with IVA and CCAdj............................. 23.5 26.0 31.9 -21.9 4.5 4.2 2.5 5.7 Farm.............................. -3.4 -6.8 27.3 -27.6 0.7 0.6 -2.9 1.1 Nonfarm........................... 27.0 32.7 4.4 5.8 3.8 3.6 5.4 4.6 Rental income of persons with CCAdj............................. 8.0 4.4 6.8 -5.3 0.5 2.2 1.9 1.5 Personal dividend income............ 12.1 2.8 1.0 1.0 1.0 1.1 1.2 1.3 Personal interest income............ 27.9 17.5 -0.7 -0.4 0.1 0.6 0.9 0.8 Transfer payments to persons........ 42.4 38.6 1.5 4.4 11.3 0.7 6.6 2.1 Old-age, survivors, disability, and health insurance benefits... 27.9 20.6 0.8 3.6 3.8 0.2 2.4 1.2 Government unemployment insurance benefits.............. -2.0 -0.4 0.1 0.1 -0.1 0.1 0.1 -0.1 Other............................. 16.6 18.3 0.5 0.8 7.5 0.5 4.1 1.0 Less: Personal contributions for social insurance.................. 19.9 21.2 1.7 1.4 6.1 1.9 0.7 1.9 Less: Personal tax and nontax payments............................ 98.5 109.3 6.3 4.7 1.5 7.4 -1.8 7.0 Equals: Disposable personal income.... 260.4 232.8 56.4 -7.8 42.6 26.1 24.1 29.4 Less: Personal outlays................ 297.9 326.1 8.6 55.8 34.2 48.3 29.0 27.4 Personal consumption expenditures... 278.0 314.2 7.2 53.9 33.6 48.5 30.5 27.0 Interest paid by persons............ 17.9 10.9 1.4 2.0 0.1 -0.2 -1.4 0.4 Personal transfer payments to the rest of the world (net)........... 2.0 1.0 0.0 0.0 0.4 0.0 0.0 0.0 Equals: Personal saving............... -37.5 -93.3 47.8 -63.7 8.6 -22.3 -5.0 2.1 Addendum: Disposable personal income, chained (1992) dollars.......... 140.1 165.4 47.5 -12.7 28.9 22.1 20.3 -4.2 -------------------------------------------------------------------------------------------------------------------- ----------------------------------------- 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 --------------------------------------------------------- 1997 1998 Nov. 98 Dec. 98 Jan. 99r Feb. 99r Mar. 99r Apr. 99p ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 5,493.7 5,807.9 5,919.2 5,973.1 6,006.7 6,055.2 6,085.7 6,112.7 Durable goods....................... 673.0 724.7 742.0 773.2 759.5 777.1 776.8 770.5 Nondurable goods.................... 1,600.6 1,662.4 1,691.2 1,699.6 1,720.5 1,739.4 1,747.0 1,754.6 Services............................ 3,220.1 3,420.8 3,486.0 3,500.3 3,526.7 3,538.7 3,561.9 3,587.6 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 4,913.5 5,153.3 5,233.3 5,275.3 5,296.5 5,338.4 5,364.3 5,358.7 Durable goods....................... 668.6 737.1 761.8 796.1 783.3 804.3 808.8 799.8 Nondurable goods.................... 1,486.3 1,544.1 1,567.0 1,570.4 1,585.3 1,604.6 1,611.8 1,596.0 Services............................ 2,761.5 2,879.5 2,914.2 2,923.0 2,939.9 2,945.2 2,959.5 2,975.8 -------------------------------------------------------------------------------- Implicit price deflators (Index numbers, 1992 = 100) -------------------------------------------------------------------------------- Personal consumption expenditures..... 111.81 112.70 113.11 113.23 113.41 113.43 113.45 114.07 Durable goods....................... 100.66 98.32 97.40 97.12 96.96 96.62 96.05 96.33 Nondurable goods.................... 107.69 107.66 107.93 108.23 108.53 108.40 108.38 109.93 Services............................ 116.61 118.80 119.62 119.75 119.96 120.15 120.35 120.56 ------------------------------------------------------------------------------------------------------------------------- Change from preceding period ------------------------------------------------------------------------------------------------------------------------- Billions of current dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 278.0 314.2 7.2 53.9 33.6 48.5 30.5 27.0 Durable goods....................... 29.7 51.7 -6.5 31.2 -13.7 17.6 -0.3 -6.3 Nondurable goods.................... 61.4 61.8 8.0 8.4 20.9 18.9 7.6 7.6 Services............................ 186.9 200.7 5.6 14.3 26.4 12.0 23.2 25.7 -------------------------------------------------------------------------------- Billions of chained (1992) dollars -------------------------------------------------------------------------------- Personal consumption expenditures..... 161.1 239.8 4.0 42.0 21.2 41.9 25.9 -5.6 Durable goods....................... 42.5 68.5 -5.3 34.3 -12.8 21.0 4.5 -9.0 Nondurable goods.................... 35.4 57.8 9.1 3.4 14.9 19.3 7.2 -15.8 Services............................ 84.8 118.0 -0.1 8.8 16.9 5.3 14.3 16.3 __________________________________________________________________________________________________________________________ Table 5. -- Percent Change From Preceding Period in Selected Series -------------------------------------------------------------------------------------------------------------------------- 1997 1998 Nov. 98 Dec. 98 Jan. 99r Feb. 99r Mar. 99r Apr. 99p -------------------------------------------------------------------------------------------------------------------------- Based on current dollars --------------------------------------------------------------------------------- Personal income....................... 5.6 5.0 0.9 0.0 0.6 0.5 0.3 0.5 Disposable personal income............ 4.7 4.0 0.9 -0.1 0.7 0.4 0.4 0.5 Personal consumption expenditures..... 5.3 5.7 0.1 0.9 0.6 0.8 0.5 0.4 Durable goods....................... 4.6 7.7 -0.9 4.2 -1.8 2.3 0.0 -0.8 Nondurable goods.................... 4.0 3.9 0.5 0.5 1.2 1.1 0.4 0.4 Services............................ 6.2 6.2 0.2 0.4 0.8 0.3 0.7 0.7 --------------------------------------------------------------------------------- Based on chained (1992) dollars --------------------------------------------------------------------------------- Disposable personal income............ 2.8 3.2 0.9 -0.2 0.5 0.4 0.4 -0.1 Personal consumption expenditures..... 3.4 4.9 0.1 0.8 0.4 0.8 0.5 -0.1 Durable goods....................... 6.8 10.2 -0.7 4.5 -1.6 2.7 0.6 -1.1 Nondurable goods.................... 2.4 3.9 0.6 0.2 0.9 1.2 0.5 -1.0 Services............................ 3.2 4.3 0.0 0.3 0.6 0.2 0.5 0.5 -------------------------------------------------------------------------------------------------------------------------- ---------------------------------------- p Preliminary. r Revised. Source: U.S. Department of Commerce, Bureau of Economic Analysis.