National data

Survey of Current Business, Nov, 2004

Table B.1. Personal Income and Its Disposition

[Billions of dollars, monthly estimates seasonally adjusted at
annual rates]

                                                                2003

                                        2002        2003        Aug.

Personal Income                        8,878.9     9,161.8     9,208.9
Compensation of employees, received    6,069.5     6,289.0     6,327.3
Wage and salary disbursements          4,976.3     5,103.6     5,131.2
  Private industries                   4,113.7     4,205.6     4,229.2
  Goods-producing industries           1,010.2     1,007.7     1,005.5
    Manufacturing                        675.2       668.8       665.6
  Services-producing industries        3,103.5     3,198.0     3,223.7
    Trade, transportation, and
      utilities                          843.6       858.6       861.7
    Other services-producing
      industries                       2,259.9     2,339.4     2,362.0
  Government                             862.6       897.9       902.0
Supplements to wages and salaries      1,093.2     1,185.5     1,196.1
  Employer contributions for
    employee pension and insurance
    funds                                729.6       808.9       817.8
  Employer contributions for
    government social insurance          363.6       376.6       378.3
Proprietors' income with IVA and
  CCAdj                                  769.6       834.1       849.8
  Farm                                     9.7        21.8        24.8
  Nonfarm                                759.9       812.3       825.0
Rental income of persons with CCAdj      170.9       153.8     1,482.0
Personal income receipts on assets     1,334.6     1,322.7     1,314.2
  Personal interest income               946.7       929.9       922.7
  Personal dividend income               387.9       392.8       391.5
Personal current transfer receipts     1,282.7     1,335.4     1,346.4
  Government social benefits to
    persons                            1,248.9     1,306.4     1,317.5
    Old-age, survivors,
      disability, and health
      insurance benefits                 708.3       733.8       737.8
    Government unemployment
      insurance benefits                  53.2        52.8        53.8
    Other                                487.5       519.8       525.8
  Other current transfer receipts,
    from business (net)                   33.7        28.9        28.9
Less: Contributions for government
  social insurance                       748.3       773.2       777.0
Less: Personal current taxes           1,051.2     1,001.9       888.6
Equals: Disposable personal income     7,827.7     8,159.9     8,320.3
Less: Personal outlays                 7,668.5     8,049.3     8,139.7
Personal consumption expenditures      7,376.1     7,760.9     7,854.4
  Durable goods                          916.2       950.7       988.4
  Nondurable goods                     2,080.1     2,200.1    12,234.6
  Services                             4,379.8    14,610.1     4,631.4
Personal interest payments (1)           197.2       185.3       183.2
Personal current transfer payments        95.3       103.1       102.1
  To government                           59.5        64.9        65.6
  To the rest of the world (net)          35.7        38.2        36.5
Equals: Personal saving                  159.2       110.6       180.6
Personal saving as percentage of
  disposable personal income               2.0         1.4         2.2
Addenda:
Disposable personal income:
  Billions of chained (2000)
    dollars (2)                        7,559.5     7,733.8     7,871.3
  Per capita:
  Current dollars                       27,157      28,033      28,548
  Chained (2000 dollars)                26,227      26,569      27,008
Population (midperiod, thousands)
  (3)                                  288,240     291,085     291,446
Personal consumption expenditures:
  Billions of chained (2000)
    dollars                            7,123.4     7,355.5     7,430.6
  Durable goods                          959.6     1,030.6     1,075.9
  Nondurable goods                     2,037.4     2,112.4     2,139.3
  Services                             4,128.6     4,220.3     4,228.8
  Implicit price deflator, 2000=
    100                                103.550     105.510     105.703
Personal income, current dollars           1.8         3.2         0.4
Disposable personal income:
  Current dollars                          4.6         4.2         1.0
  Chained (2000) dollars                   3.1         2.3         0.7
Personal consumption expenditures:
  Current dollars                          4.6         5.2         1.0
  Chained (2000) dollars                   3.1         3.3         0.8

                                                   2003

                                       Sept.        Oct.        Nov.

Personal Income                        9,243.7     9,276.6     9,337.9
Compensation of employees, received    6,349.4     6,377.9    64,210.0
Wage and salary disbursements          5,145.3     5,167.1     5,202.4
  Private industries                   4,244.0     4,264.8     4,298.1
  Goods-producing industries           1,012.1     1,018.1     1,029.9
    Manufacturing                        669.9       673.8       683.8
  Services-producing industries        3,231.9     3,246.8     3,268.3
    Trade, transportation, and
      utilities                          863.7       871.1       874.7
    Other services-producing
      industries                       2,368.1     2,375.6     2,393.6
  Government                             901.3       902.2       904.3
Supplements to wages and salaries      1,204.2     1,210.8     1,218.6
  Employer contributions for
    employee pension and insurance
    funds                                824.9       830.4       835.7
  Employer contributions for
    government social insurance          379.3       380.4       382.9
Proprietors' income with IVA and
  CCAdj                                  858.0       860.4       863.5
  Farm                                    24.9        24.8        24.7
  Nonfarm                                833.1       835.6       838.8
Rental income of persons with CCAdj    1,528.0       158.9       166.5
Personal income receipts on assets     1,310.4     1,317.4     1,325.7
  Personal interest income               918.6       925.0       932.1
  Personal dividend income               391.8       392.4       393.5
Personal current transfer receipts     1,352.1     1,343.9     1,348.1
  Government social benefits to
    persons                            1,323.3     1,315.2     1,319.3
    Old-age, survivors,
      disability, and health
      insurance benefits                 738.8       740.6       742.9
    Government unemployment
      insurance benefits                  55.4        51.6        52.2
    Other                                529.1       522.9       524.3
  Other current transfer receipts,
    from business (net)                   28.9        28.8        28.8
Less: Contributions for government
  social insurance                       779.2       781.9       786.9
Less: Personal current taxes           1,000.4     1,005.9     1,011.5
Equals: Disposable personal income     8,243.3     8,270.7     8,326.4
Less: Personal outlays                 8,124.2     8,147.3     8,214.9
Personal consumption expenditures      7,837.2     7,854.4      7920.5
  Durable goods                          969.5       949.1       969.9
  Nondurable goods                     2,229.3     2,237.4     2,256.5
  Services                             4,638.4     4,667.9     4,694.1
Personal interest payments (1)           184.5       184.8       185.8
Personal current transfer payments       102.5       108.1       108.6
  To government                           66.0        66.5        67.0
  To the rest of the world (net)          36.5        41.6        41.6
Equals: Personal saving                  119.1       123.4       111.5
Personal saving as percentage of
  disposable personal income               1.4         1.5         1.3
Addenda:
Disposable personal income:
  Billions of chained (2000)
    dollars (2)                        7,784.0         7.8     7,860.9
  Per capita:
  Current dollars                       28,259      28,328      28,496
  Chained (2000 dollars)                26,684      26,742      26,948
Population (midperiod, thousands)
  (3)                                  291,709     291,958     292,195
Personal consumption expenditures:
  Billions of chained (2000)
    dollars                            7,400.6     7,414.6     7,477.7
  Durable goods                        1,060.8     1,042.4     1,068.3
  Nondurable goods                     2,120.9     2,136.4     2,162.1
  Services                             4,229.9     4,243.8     4,258.7
  Implicit price deflator, 2000=
    100                                105.900     105.931     105.922
Personal income, current dollars           0.4         0.4         0.7
Disposable personal income:
  Current dollars                         -0.9         0.3         0.7
  Chained (2000) dollars                  -1.1         0.3         0.7
Personal consumption expenditures:
  Current dollars                         -0.2         0.2         0.8
  Chained (2000) dollars                  -0.4         0.2         0.9

                                        2003             2004

                                        Dec.        Jan.        Feb.

Personal Income                        9,375.3     9,404.1     9,445.9
Compensation of employees, received    6,421.2     6,461.1     6,490.3
Wage and salary disbursements          5,197.3     5,221.4     5,241.3
  Private industries                   4,288.7     4,306.7     4,324.0
  Goods-producing industries           1,028.7     1,019.8     1,018.2
    Manufacturing                        682.7       671.9       669.9
  Services-producing industries        3,260.0     3,286.9     3,305.8
    Trade, transportation, and
      utilities                          870.0       871.2       872.5
    Other services-producing
      industries                       2,389.9     2,415.6     2,433.2
  Government                             908.6       914.7       917.3
Supplements to wages and salaries      1,223.9     1,239.8     1,249.0
  Employer contributions for
    employee pension and insurance
    funds                                841.6       848.7       856.5
  Employer contributions for
    government social insurance          382.3       391.0       392.5
Proprietors' income with IVA and
  CCAdj                                  870.1       862.9       870.0
  Farm                                    24.5        18.5        17.8
  Nonfarm                                845.7       844.3       852.2
Rental income of persons with CCAdj      175.7       174.1       172.6
Personal income receipts on assets     1,334.4     1,335.5     1,337.0
  Personal interest income               939.0       937.6       936.2
  Personal dividend income               395.3       397.9       400.8
Personal current transfer receipts         1.4     1,371.7     1,380.5
  Government social benefits to
    persons                            1,331.5     1,342.4     1,351.2
    Old-age, survivors,
      disability, and health
      insurance benefits                 751.2       754.2       764.6
    Government unemployment
      insurance benefits                  50.9        46.1        40.7
    Other                                529.4       542.0       545.9
  Other current transfer receipts,
    from business (net)                   28.8        29.3        29.3
Less: Contributions for government
  social insurance                       786.3       801.1       804.4
Less: Personal current taxes           1,010.8     1,003.3     1,006.9
Equals: Disposable personal income     8,364.5     8,400.8     8,439.0
Less: Personal outlays                 8,266.1     8,309.4     8,358.9
Personal consumption expenditures      7,969.7     8,015.5     8,067.5
  Durable goods                          994.4       964.7       979.0
  Nondurable goods                     2,256.6     2,299.9     2,312.1
  Services                             4,718.7     4,750.8     4,776.4
Personal interest payments (1)           187.3       184.2       181.1
Personal current transfer payments       109.1       109.7       110.3
  To government                           67.5        68.1        68.6
  To the rest of the world (net)          41.6        41.7        41.7
Equals: Personal saving                   98.4        91.4        80.1
Personal saving as percentage of
  disposable personal income               1.2         1.1         0.9
Addenda:
Disposable personal income:
  Billions of chained (2000)
    dollars (2)                        7,880.1     7,883.6     7,899.0
  Per capita:
  Current dollars                       28,605      28,708      28,818
  Chained (2000 dollars)                26,948      26,940      26,974
Population (midperiod, thousands)
  (3)                                  292,418     292,630     292,836
Personal consumption expenditures:
  Billions of chained (2000)
    dollars                            7,508.1     7,522.0     7,551.2
  Durable goods                        1,098.3     1,063.0     1,078.7
  Nondurable goods                     2,157.5     2,183.7     2,185.5
  Services                             4,267.8     4,285.1     4,298.7
  Implicit price deflator, 2000=
    100                                106.148     106.561     106.837
Personal income, current dollars           0.4         0.3         0.4
Disposable personal income:
  Current dollars                          0.5         0.4         0.5
  Chained (2000) dollars                   0.2         0.0         0.2
Personal consumption expenditures:
  Current dollars                          0.6         0.6         0.6
  Chained (2000) dollars                   0.4         0.2         0.4

                                                   2004

                                       March       April        May

Personal Income                        9,484.9     9,542.3     9,592.1
Compensation of employees, received    6,512.4     6,544.3     6,579.6
Wage and salary disbursements          5,254.8     5,282.6     5,312.5
  Private industries                  14,334.8     4,357.4     4,390.5
  Goods-producing industries           1,018.9     1,022.8     1,030.7
    Manufacturing                        668.0       670.4       676.0
  Services-producing industries        3,316.0     3,334.7     3,359.8
    Trade, transportation, and
      utilities                          873.4       876.8       881.0
    Other services-producing
      industries                       2,442.6     2,457.9     2,478.8
  Government                             920.0       925.2       922.0
Supplements to wages and salaries      1,257.6     1,261.7     1,267.1
  Employer contributions for
    employee pension and insurance
    funds                                864.4       867.0       870.2
  Employer contributions for
    government social insurance          393.3       394.6       396.9
Proprietors' income with IVA and
  CCAdj                                  883.5       893.5       901.2
  Farm                                    17.5        18.3        19.0
  Nonfarm                                866.0       875.3       882.2
Rental income of persons with CCAdj      171.8       172.0       172.8
Personal income receipts on assets     1,338.8     1,345.4     1,352.2
  Personal interest income               934.8       938.2       941.7
  Personal dividend income               404.0       407.1       410.6
Personal current transfer receipts     1,384.7     1,396.6     1,400.6
  Government social benefits to
    persons                            1,355.3     1,367.3     1,371.3
    Old-age, survivors,
      disability, and health
      insurance benefits                 767.3       772.7       774.7
    Government unemployment
      insurance benefits                  37.5        34.5        33.3
    Other                                550.5       560.1       563.2
  Other current transfer receipts,
    from business (net)                   29.4        29.3        29.3
Less: Contributions for government
  social insurance                       806.3       809.5       814.3
Less: Personal current taxes           1,009.6     1,023.2     1,030.6
Equals: Disposable personal income     8,475.3     8,519.1     8,561.5
Less: Personal outlays                 8,386.6     8,400.4     8,484.6
Personal consumption expenditures      8,097.7     8,108.3     8,189.8
  Durable goods                          985.3       967.9       999.8
  Nondurable goods                     2,337.7     2,333.2     2,364.6
  Services                             4,774.7     4,807.2     4,825.4
Personal interest payments (1)           178.1       180.3       182.6
Personal current transfer payments       110.8       111.7       112.2
  To government                           69.9        69.6        70.2
  To the rest of the world (net)          47.7        42.1        42.1
Equals: Personal saving                   88.7       118.7        76.9
Personal saving as percentage of
  disposable personal income               1.0         1.4         0.9
Addenda:
Disposable personal income:
  Billions of chained (2000)
    dollars (2)                        7,908.4     7,937.9     7,947.4
  Per capita:
  Current dollars                       28,921      29,049      29,170
  Chained (2000 dollars)                26,986      27,067      27,078
Population (midperiod, thousands)
  (3)                                  293,049     293,270     293,501
Personal consumption expenditures:
  Billions of chained (2000)
    dollars                            7,556.0     7,555.2       7,602
  Durable goods                        1,084.8     1,065.8     1,101.2
  Nondurable goods                     2,192.7     2,186.9     2,192.3
  Services                             4,291.4     4,311.7     4,323.3
  Implicit price deflator, 2000=
    100                                107.169     107.322     107.727
Personal income, current dollars           0.4         0.6         0.5
Disposable personal income:
  Current dollars                          0.4         0.5         0.5
  Chained (2000) dollars                   0.1         0.4         0.1
Personal consumption expenditures:
  Current dollars                          0.4         0.1         1.0
  Chained (2000) dollars                   0.1         0.0         0.6

                                                   2004

                                        June      July (r)    Aug. (r)

Personal Income                        9,615.7     9,632.9     9,658.2
Compensation of employees, received    6,584.4     6,618.7     6,640.8
Wage and salary disbursements          5,313.6     5,342.7     5,359.6
  Private industries                   4,390.4     4,416.9     4,431.7
  Goods-producing industries           1,030.4     1,032.6     1,039.1
    Manufacturing                        675.7       676.8       681.6
  Services-producing industries        3,360.0     3,384.3     3,392.6
    Trade, transportation, and
      utilities                          881.1       887.7       888.3
    Other services-producing
      industries                       2,478.9     2,496.6     2,504.3
  Government                             923.2       925.8       927.9
Supplements to wages and salaries      1,270.7     1,276.0     1,281.1
  Employer contributions for
    employee pension and insurance
    funds                                873.9       877.4       881.3
  Employer contributions for
    government social insurance          396.8       398.6       399.8
Proprietors' income with IVA and
  CCAdj                                  909.4       905.2       904.0
  Farm                                    19.5        13.4        10.4
  Nonfarm                                889.9       891.8       893.6
Rental income of persons with CCAdj      172.9       170.3       154.9
Personal income receipts on assets     1,359.4     1,362.9     1,366.3
  Personal interest income               945.1       945.1       945.0
  Personal dividend income               414.3       417.8       421.3
Personal current transfer receipts     1,404.1     1,394.3     1,413.4
  Government social benefits to
    persons                            1,374.8     1,365.0     1,370.6
    Old-age, survivors,
      disability, and health
      insurance benefits                 774.6       777.4       781.7
    Government unemployment
      insurance benefits                  32.6        32.0        32.6
    Other                                567.5       555.6       556.3
  Other current transfer receipts,
    from business (net)                   29.3        29.2        42.8
Less: Contributions for government
  social insurance                       814.6       818.5       821.2
Less: Personal current taxes           1,033.1     1,041.9     1,047.1
Equals: Disposable personal income     8,582.5     8,591.1     8,611.1
Less: Personal outlays                 8,461.0     8,557.9     8,553.7
Personal consumption expenditures      8,163.3     8,257.4     8,251.0
  Durable goods                          958.7     1,014.1       994.0
  Nondurable goods                     2,365.8     2,375.9     2,379.9
  Services                             4,838.8     4,867.4     4,877.1
Personal interest payments (1)           184.9       186.6       188.4
Personal current transfer payments       112.8       113.8       114.4
  To government                           70.7        71.2        71.7
  To the rest of the world (net)          42.1        42.7        42.7
Equals: Personal saving                  121.6        33.2        57.4
Personal saving as percentage of
  disposable personal income               1.4         0.4         0.7
Addenda:
Disposable personal income:
  Billions of chained (2000)
    dollars (2)                        7,947.9     7,959.0     7,977.0
  Per capita:
  Current dollars                       29,218      29,222      29,263
  Chained (2000 dollars)                27,057      27,072      27,108
Population (midperiod, thousands)
  (3)                                  293,743     293,994     294,263
Personal consumption expenditures:
  Billions of chained (2000)
    dollars                              7,560     7,649.9     7,643.4
  Durable goods                        1,057.1     1,122.7     1,106.1
  Nondurable goods                     2,184.9     2,203.2     2,207.6
  Services                             4,324.9     4,341.3     4,344.1
  Implicit price deflator, 2000=
    100                                107.985     107.941     107.950
Personal income, current dollars           0.2         0.2         0.3
Disposable personal income:
  Current dollars                          0.2         0.1         0.2
  Chained (2000) dollars                   0.0         0.1         0.2
Personal consumption expenditures:
  Current dollars                         -0.3         1.2        -0.1
  Chained (2000) dollars                  -0.6         1.2        -0.1

                                        2004

                                      Sept. (p)

Personal Income                         9,673.3
Compensation of employees, received     6,666.1
Wage and salary disbursements           5,379.9
  Private industries                    4,450.0
  Goods-producing industries            1,042.3
    Manufacturing                         683.5
  Services-producing industries         3,407.6
    Trade, transportation, and
      utilities                           893.9
    Other services-producing
      industries                        2,513.8
  Government                              930.0
Supplements to wages and salaries       1,286.2
  Employer contributions for
    employee pension and insurance
    funds                                 885.1
  Employer contributions for
    government social insurance           401.1
Proprietors' income with IVA and
  CCAdj                                   900.3
  Farm                                      8.2
  Nonfarm                                 892.1
Rental income of persons with CCAdj       127.2
Personal income receipts on assets      1,369.9
  Personal interest income                945.0
  Personal dividend income                424.9
Personal current transfer receipts      1,433.9
  Government social benefits to
    persons                             1,371.6
    Old-age, survivors,
      disability, and health
      insurance benefits                  785.7
    Government unemployment
      insurance benefits                   32.5
    Other                                 553.4
  Other current transfer receipts,
    from business (net)                    62.3
Less: Contributions for government
  social insurance                        824.2
Less: Personal current taxes            1,053.2
Equals: Disposable personal income      8,620.1
Less: Personal outlays                  8,605.8
Personal consumption expenditures       8,605.8
  Durable goods                         1,010.1
  Nondurable goods                      2,392.9
  Services                              4,897.8
Personal interest payments (1)            190.1
Personal current transfer payments        114.9
  To government                            72.2
  To the rest of the world (net)           42.7
Equals: Personal saving                    14.3
Personal saving as percentage of
  disposable personal income                0.2
Addenda:
Disposable personal income:
  Billions of chained (2000)
    dollars (2)                         7,978.9
  Per capita:
  Current dollars                        29,268
  Chained (2000 dollars)                 27,090
Population (midperiod, thousands)
  (3)                                   294,528
Personal consumption expenditures:
  Billions of chained (2000)
    dollars                             7,683.3
  Durable goods                         1,123.0
  Nondurable goods                      2,217.0
  Services                              4,359.9
  Implicit price deflator, 2000=
    100                                 108.037
Personal income, current dollars            0.2
Disposable personal income:
  Current dollars                           0.1
  Chained (2000) dollars                    0.0
Personal consumption expenditures:
  Current dollars                           0.6
  Chained (2000) dollars                    0.5

(p) Preliminary.

(r) Revised.

CCAdj Capital consumption adjustment.

IVA Inventory valuation adjustment.

(1.) Consists of nonmortgage interest paid by households.

(2.) Equals disposable personal income deflated by the implicit
price deflator for personal consumption expenditures.

(3.) 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.

Source: U.S. Bureau of Economic Analysis.