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UNITED STATES DEPARTMENT OF COM M ERCE W A S H IN G T O N , D .C . BU REAU OF E C O N O M IC A N A L Y S IS 20230 FOR WIRE TRANSMISSION 2:30 P.M. EDT, TUESDAY, JULY 20, 1982 Pauline M. Cypert: 523-0832 523-0810 (Personal Income) Clinton P. McCully: 523-0836 523-0819 (Personal Outlays) Robert P. Parker: (Annual Revisions) 523-0669 BEA 82-35 Personal Income and Outlays •June 1982 •Annual revisions Personal income increased $8.7 billio n in June to a seasonally adjusted annual rate of $2,561.4 b i l l i o n , according to the Commerce Department's Bureau of Economic Analysis. b illio n . Personal outlays declined $10.4 billio n to $2,012.7 Based on revised estimates, personal income increased $18.4 billio n in May and $15.6 billio n in April, and personal outlays increased $29.1 billio n in May and $12.9 billio n in April. 1982 April May June (Percent change from preceding month) Personal income, current dollars 0.6 0.7 0.3 Disposable personal income: Current dollars Constant dollars 1.0 .7 .2 - .2 .3 — .7 .3 .3 1.5 1.0 .4 -.5 — — Personal consumption expenditures: Current dollars Constant dollars Implicit price deflator The figures released today r e f l e c t the revisions in the national income and product accounts that are usually made in July to incorporate new source data. For this year's annual revision, a l l estimates from 1977 forward were revised. This release presents both the preliminary June 1982 estimates (tables 1-4) and revised estimates for the major components of personal income and outlays (tables 5 and 6). Wages and sa l a r i e s Wages and s a l a r i e s increased $2.1 billio n in June, compared with a $12.9 billio n increase in May. Commodity producing industries' payrolls declined $1.2 b i l l io n , compared with an increase of $3.1 b il l io n . Distributive industries payrolls increased $0.7 b i l l i o n , compared with $4.4 b il l io n . Service industries' payrolls increased $1.2 b i l l i o n , compared with $4.2 b il l io n . Government wages and s a l a r i e s increased $1.3 billio n in both months. Manufacturing wages and s a l a r i e s increased $0.5 billio n in June, compared with $2.1 billio n in May. Declines in employment were more than o f f s e t by increases in average hourly earnings and average weekly hours. Nonwage income Personal inte rest income increased $3.8 billio n in June, the same as in May. Nonfarm proprietors' income increased $0.9 b i l l i o n , compared with $0.6 b il l io n . Farm proprietors' income declined $0.2 b i l l i o n , compared with a decline of $0.5 b il l io n . Dividend income declined $0.1 b i l l i o n , compared with an increase of $0.1 b il l io n . All other nonwage income increased $2.0 b i l l io n , compared with $2.4 b illio n . Personal taxes and disposable personal income Personal tax and nontax payments increased $3.2 billio n in June, compared with an increase of $13.1 b illio n in May. In May and June, as in e ar lie r months of 1982, the pattern of tax payments is primarily the r e su l t of recent changes in federal income tax laws. Disposable personal income (personal income less personal tax and nontax payments) increased $5.5 b i l l i o n , compared with $5.4 b illio n . Personal outlays and personal saving Personal outlays--personal consumption expenditures, inte rest paid by consumers to business, and personal transfer payments to foreigners (net)-declined $10.4 billio n in June, compared with an increase of $29.1 billio n in May Personal consumption expenditures (PCE) declined $10.5 billion in June, compared with an increase of $29.0 billio n in May. Purchases of durable goods declined $13.1 b i l l i o n , compared with an increase of $12.3 b il l io n , as purchases of motor vehicles declined $13.0 b il l io n , compared with an increase of $10.6 b illio n . Purchases of nondurable goods increased $1.8 b il l io n , compared with an increase of $13.5 b illio n . Purchases of services increased $0.8 b il l io n , compared with an increase of $3.2 b illio n . Personal saving (disposable personal income less outlays) was $144.7 bil lio n in June, compared with $128.8 billio n in May. Constant-dollar estimates and the PCE implicit price deflator for May Constant-dollar disposable personal income (disposable personal income adjusted to remove price changes) declined $2.0 billio n in May, compared with an increase of $7.5 billio n in April. Constant-dollar personal consumption expenditures (PCE adjusted to remove price changes) increased $10.0 billio n in May, compared with an increase of $3.1 bil lio n in April. The implicit price deflator for PCE increased 0.4 percent in May, compared with an increase of 0.3 percent in April. -2- Annual revision of national income and product accounts Personal income and outlays are components of the national income and product accounts (NIPA's). The NIPA estimates usually are revised in July to incorporate new source data. However, the revision scheduled for July 1981 was not made because key source data were not available in time for incorporation, and the revision for July 1980 was combined with the comprehensive "benchmark" revision completed in December of 1980. Annual and monthly percent changes in the previously published and revised estimates of personal income, disposable personal income, personal outlays, and personal saving are shown in table 5. For personal income the revisions are small; the percent change is revised up in 1977 and 1978, down in 1979 and 1980, and up in 1981. Disposable personal income has the same revision pattern. The percent changes in personal outlays are revised very slig htly from 1977 to 1980 and down 0.4 in 1981. The personal saving rate (personal saving as a percentage of disposable personal income) is revised up in each year -- 0.3 in 1977, 0.9 in 1978, 0.7 in 1979, 0.2 in 1980, and 1.1 in 1981. The monthly percent changes since June 1981 in personal income, disposable personal income, and personal outlays are revised by small amounts. The revised estimates of personal income show smaller increases from October to March and larger increases in April and May. The personal saving rate is revised up consistently since July 1981;'the revised rates average 1.2 percentage points higher than the previously published estimates. Revisions to the annual estimates of the components of personal income and outlays are shown in Table 6. Personal income is revised up in every year--$2.4 bil lio n in 1977, $10.9 b illio n in 1978, $7.4 billio n in 1979, $0.2 billio n in 1980, and $11.7 b illio n in 1981. There are sizable upward revisions in personal inte rest income in all yea rs; personal dividend income and transfer payments also are revised up in all yea rs, but by smaller amounts. The estimates of wage and salary disbursements are revised up starting in 1978 with sizable revisions in 1980 and 1981. There are sizable downward revisions in other labor income in 1979-81 and in proprietors’ income in 1980 and 1981. Disposable personal income is revised up in every year by slig htly more than personal income, because the estimates of personal tax and nontax payments are revised down. Personal outlays i s revised down every year; downward revisions in personal consumption expenditures more than o f f s e t upward revisions in interest paid by consumers to business. Personal saving is revised up every year, reflectin g the combination of upward revisions in disposable personal income and downward revisions in personal outlays. Information on the most important new source data incorporated into this year's revision and the complete s e t of revised NIPA estimates will be provided in tommorrow's release of the gross national product. Details of personal income and outlays for June and other recent periods are shown in the accompanying ta b les; additional data appear each month in the Survey of Current Business, a monthly journal of the Bureau of Economic Analysis. -3- The Survey of Current Business is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. F i r st c lass mail: annual subscription $55.00 domestic. Second class mail: annual subscription $30.00 domestic, $37.50 foreign; single issue $4.75 domestic, $5.95 foreign. The July 1982 Survey of Current Business will contain all revised estimates starting in 1977, an a r t i c l e describing the major aspects of the revision, and corrections to the estimates for years prior to 1977 that appear in National Income and Product Accounts of the United St ate s: S t a t i s t i c a l Tables, 1929-76. The revised and corrected estimates are available for s a l e prior to publication of the July Survey in both hard copy and machine readable form. For further information, write the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230,or call 202-523-0669. -4- TABLE 1. PERSONAL INCOME (Billions of dollars) Seasonally adjusted at annual rates 1980 1931 Jun 31 Jul 31 Aug 81 Sep 81 Oct 31 Lov 81 Dec 81 J an 82 Feb 82 Mar 82 Apr 82 May 82 Jun 82 2,100.4 2,415.3 2,393.4 2,436.3 2,459.6 2,473.6 2,437.2 2,439.0 2,497.6 2,499.1 2,513.6 2,518.6 2,534.3 2,552.7 2,561.4 Wage and salary disbursements.... 1,356.1 1,493.9 1,469.6 1,5ol .3 1,513.6 1,522.1 1,528.9 1,534.2 1,530.5 1,535.7 1,54u.6 1,542.6 514 .0 513.5 517.1 512.2 4 63. U 510.3 512.1 520.4 a 16 •7 Comraodity-producing industries s 517.3 520.2 520.2 369.4 383.7 387 .6 384.1 354.4 334.7 3do .4 339.7 391.9 393.7 163.1 manufacturing................ 392.1 367 .6 369.7 371.4 361.4 365.7 373.0 330.5 3Ô0.Ô 363.3 3o9.6 367 .7 369.3 üistriDutive industries........ 361.4 357.0 360.1 297.4 353.3 355.0 333.6 335.9 333.6 343.9 345.3 349.7 Service industries............. Government and government 296.4 295.4 297.6 281.0 293.6 260.2 233.1 232.1 232.S 2d6.5 291.1 292.5 enterprises................... 1,546.6 1,559.5 1,5ol.6 514.7 511.6 513.5 383.9 386.0 3 bo .5 376.9 372.5 377.b 363.7 367 .9 369.1 Personal income.................... 298.8 300.1 301.4 Otner labor income............... 127.2 140.4 139.4 140.9 142.2 143.5 144.7 145.3 146.9 143.0 149.1 150.2 151.3 152.5 153.6 Proprietors' income with inventory valuation and capital consumption adjustments.................... . Farm......... .................. Nonfarm.......... .............. 116.3 19.4 96.9 124.7 24.0 100.7 123.6 23.2 1U0.5 126.6 26.1 100.5 123.6 23.2 100.4 127.4 ,27.2 100.3 125.3 26.3 99 .0 124.8 24.7 100.1 122.3 22.3 99.5 118.5 19.9 98.6 115.7 17.3 98.4 115.2 16.3 93.8 115.0 15.7 99.3 115.1 15.2 99.9 115.6 15.0 100.8 Rental income of persons with capital consumption adjustment.... . Personal dividend income......... Personal interest income......... 32.9 55.9 263.4 33.9 62.5 329.0. 33.6 62.4 325.2 33.4 63 .b 332.1 33.4 64.2 340.0 33.9 b4 .7 346.9 33.6 65.0 349.7 33.6 65.2 351.1 33.6 65.4 352.1 33.7 65 .6 355.5 33.9 65.9 359.8 34.0 65.9 3o3.8 34.1 66.1 368.0 34.2 66.2 371.8 34.3 ob .1 375.6 297.2 336.3 329.2 344.1 343.9 346.5 347.1 351.5 353.6 352.4 353.8 357 .5 363.9 365.1 365.9 154.2 132.0 175.1 190.0 1*0.3 191.4 131.9 132.7 193.7 193.9 194.9 .195.5 197.6 197.3 196.3 16.1 127.U 15.4 13d.9 15.1 139.0 14.2 139.9 13 .b 14.5 14 u .5 15.1 140.1 18.4 141.5 17.9 18.5 142.3 19.6 142.4 21.9 144.4 23.4 144.3 S3.7 104.9 104.6 1U5.6 106.2 106.3 107.0 107.2 106.3 110.3 110.9 110.6 110.8 111.7 Transfer payments................ Old-age, survivors, disability, and health insurance benefits Government unemployment Less: Personal contributions for social insurance.......... Addenda : Total nonfarm income............. Total farm income _L/............. 2,117.3 2,364.1 2,347.6 2,332.2 ¿,403.0 2,422.7 2,431.3 2,444 .0 2,444 .o 2,443 . o 2,465.5 2,470.8 51.7 54.1 55.4 50.2 56.6 54.4 53.0 50.5 48.3 47.8 43.1 56 .0 1/ Equals farm proprietors' income, farm wages, farm other labor income, and agricultural net interest. Source: U.S. Department of Commerce, Bureau of Economic Analysis 111.5 2,480.6 2,505.1 2,513.4 47.6 47.6 47.9 TABLE 2. TAE DISPOSITION OF PERSONAL INCOME (Billions of dollars) Seasonally adjusted at annual rates 19 au 1981 Jun 81 Jul 31 Aug 81 Sep SI Oct 81 Nov 81 Dec 81 Jan 82 Feb 82 Mar 82 Apr 62 May 82 Jun 62 Personal income................... 2,160.4 2,415.d 2,398.4 2,436.3 2,459.6 2,478.6 2,437.2 2,499.0 2,497.6 2,499.1 2,313.0 2,518.6 2,534.3 2,532.7 2,561.4 Less: Personal tax and nontax payments................... 336.3 386.7 383.7 394.3 39y.O 401.1 391.2 393.9 394.7 339.9 356.3 3y4.2 387.7 4 MO .o 404 .0 Equals: Disposable personal income 1,824.1 2,029.1 2,0 0 9.7 2,042.0 2,060.6 2,077.5 2,09 6.0 2,105.1 2,103.0 2,109.2 2,117.5 2,124.4 2,146.5 2,151.9 2,157.4 Less: Personal outlays........... 1,717.9 1,393.9 1,885.9 1,905.6 1,932.7 1,938.7 1,930.2 1,943.3 1,954.7 1,565.8 1,986.9 1,981.1 1,994.0 2,023.1 2,012.7 Personal consumption expenditures 1,667.2 1,343.2 1,830.1 1,349.3 1,875.9 1,881.2 1,372.1 1,885.1 1,656.4 1,907.4 1,928.3 1,922.4 1,935.0 1,9o3.9 1,933.4 Interest paid by consumers to 49.9 57.7 57.7 36.4 ousiness...................... . 55.1 54.9 5o .1 56.9 57.4 57.3 57.o 57.9 55.5 58.3 58.2 Personal transfer payments to u.d 0.7 0.7 o.S 0.8 0.5 foreigners (net)............... 0.8 0.7 0.6 0.6 0.6 0.6 0.5 0.9 U.9 Equals: Personal saving.......... 106.2 130.2 123 .3 136.4 127.9 138.8 165.3 161.8 148.3 143.4 130.6 143 .3 152.5 128.6 144.7 Addenda: Disposable personal income: Total, billions of 1972 dollars Ji/ Per capita: Current dollars............ Population (millions)........... L,016.0 1,043.1 1,038.4 1,046.1 1,050.1 1,050.1 1,054.1 1,053.0 1,U4S .6 1,042.9 1,047.7 1,o50.u 1,057.5 1,u55.4 6,012 4 472 227.7 8,327 4,53d 229.9 8,74b 4 520 229.7 8, abi 4,550 229.9 3,y33 4,563 230.1 9 ,018 4,55d 230.4 9 ,090 5.0 b .4 6.3 6.3 6.5 6.y Personal saving as percentage of disposable personal income 2/.. 230.6 9,123 4 563 230.3 9,107 4,341 230.9 9,127 4,513 2J 1 •1 7 .4 7.6 7.2 6.7 231.2 9,131 4,538 231.4 9,27u 4,567 231 .6 5,267 4,335 231.7 6.6 6.7 6.6 8.0 9,157 1/ Disposable personal inco..ie in 1972 dollars equals the current-dollar figure divided by the implicit price deflator for personal consumption expenditures. 2/ Monthly estimates equal the three-month moving average of personal saving as a percentage of the three-month moving average of disposable personal income. Source: U.S. Department of Commerce, Bureau of Economic Analysi 9,304 231.9 TABLE 3. PERSONAL INCOME AMD ITS DISPOSITION, CUANGE FROM PRECEDING PERIOD (Billions of dollars) Seasonally adjusted at annual rates 1930 1931 Jun 81 Jul 31 Aug öl Sep 81 Oct 81 Nov 31 Dec 81 Jan 82 F eb 32 Personal income................... 209.2 255.4 19.3 37.9 23.3 19.0 8.6 li.a -1.4 1.5 14.7 4.8 Wage and salary disbursements... 118.3 137.8 y .8 11.7 12.3 8.5 6.8 5.3 -3.7 5.2 10.9 Other labor income.............. 12.3 13.2 l.i 1.6 1.3 1.3 1.2 l.i 1.1 i .i Proprietors' income with inventory valuation and capital consumption adjustments.................... -15.0 Farm...... ................... -12.3 -3.3 3.4 4.o 3.9 0.1 1.0 -0.9 2.9 2.9 0.1 2.0 2.1 - 0 .1 -1.2 -1.0 -0.2 -2.2 - 0 .9 -1.3 -0.5 -1.6 l.i -2.4 -1.9 -0.6 1.0 b .0 -0.2 1.2 6.9 14.6 0. 0.6 7.9 -0.2 0.5 0.5 6.9 2.6 -0.3 0.3 2.8 0.6 0. 0.2 1.4 4.5 Rental income of persons with capital consumption adjustment.... Personal dividend income....... Personal interest income....... Transfer payments............... liny 82 Jun 62 15.6 18.4 8.7 -4.0 4.0 12 .9 2.1 1.1 l.i i.i 1.1 i.i -3.9 -2.9 -0.9 — 2.6 -2.0 -0.2 -0.5 -1.0 0. J -0.2 -0.6 0.5 0.1 -0.5 0.6 0.7 -0.2 0.9 0. 0.2 l.i 2.1 0.1 0.2 3 .4 -1.2 u.i 0.3 4.3 1 .4 0.1 0. 4.1 3.7 0.1 0.1 4.2 6 .4 0.1 0.1 3.8 1.2 0.1 -0.1 3.8 0.8 3 .J 0.6 -0.3 0.1 1.0 -0.2 Oar 82 Apr 62 5.0 5.2 49.7 47.0 39.1 -0.5 0.9 4.9 3.5 Less: Personal contributions for social insurance.......... 7.6 lb. 2 0.5 1.0 0.7 0.1 0 .6 0.2 -0.4 Less: Personal tax and nontax payments................... 35.3 50.4 3.1 5.t> 4.7 2.1 -9.9 2.6 0.8 - 4 .0 6.4 -2.1 —6.5 13.1 3.2 Equals: Oisposaole personal income 173.9 205.1 16.2 32.3 18.6 16.9 18.5 9.1 -2.1 6 .3 8.3 6 .9 22.1 5.4 5.5 Less: Personal outlays........... 164.4 181.1 15.7 19.7 27.1 6.1 - o .6 13.1 11.4 11.1 21.1 12.9 29.1 -10.4 Equals: Personal saving.......... 9.5 24.0 0.4 12.6 - 8 .4 10.9 27.0 -4.0 -13.5 -4.9 -12.8 1 2 .6 9.2 -23.7 15.9 2.4 25.0 4.2 7.8 0. 4.1 -1.1 - 4 .4 -5.7 4.8 2.3 7.5 -2.0 6 5 .0 -5.3 Addenda: Disposable personal income, billions of 1972 dollars..... Source: U.S. Department of Commerce, Bureau of Economic Analyst 4.0 TABLE 4. PERSONAL CONSUMPTION EXPENDITURES BY MAJOR TYPE OF PRODUCT SEASONALLY ADJUSTED AT ANNUAL RATES I9SO 1931 JUK 81 JUL 31 AUG 81 SEP 31 OCT 31 NOV 81 DEC 81 JAN 32 FSB o2 MAR 82 APR 32 MAY 82 JUN 82 BILLIONS OF CURRENT DOLLARS PERSONAL CONSUMPTION EXPENDITURES. 1,667.2 1,843.2 1,830.1 1,849.5 1,875.9 i ,881.2 1,872.1 1,835.1 1,395.4 1,907.4 1,928.3 1 ,922.4 1,935.0 1 ,363.9 1,953.4 DURABLE GOODS................... 214.3 241.1 234.b 229.5 233.9 243.7 228.1 230.7 230.1 234.7 240.1 238.8 238.0 238.8 251.0 NONDURABLE GOODS ............... 670.4 734.5 735.6 741.7 746.4 733.0 742.7 745.9 751.0 746.0 745.4 747 .o 762.2 755.9 760.4 SERVICES ....................... 782.5 374.1 367 .0 879.9 865.5 893.7 926.7 901.3 908.5 915.3 932 .3 938.2 949.2 952.4 9Ò3.2 BILLIONS OF CONSTANT (1972) DOLLARS PERSONAL CONSUMPTION EXPENDITURES DURABLE GOODS................. NONDURABLE GOODS ............ SERVICES ..................... 930.5 137.1 355.8 437.6 947.7 140.0 362.4 445.2 945.6 137.3 363.1 445.2 947.5 138.8 361.9 446.8 956.0 146.7 363.6 445.7 950.3 141.1 363.3 446 .2 941.5 133.6 361.5 440.4 943.0 134.0 362.7 445.5 945.6 133.9 365.1 446.7 943 .1 135.4 359.5 448.2 954.1 139.0 365.5 449.6 950.1 138.0 361.4 450.7 953.2 137.7 362.7 452.8 yb3.2 143.6 368.0 451.7 I> PLICIT PRICE DEFLATORS (INDEX ML UBERS, 1 972=100) PERSONAL CONSUMPTION EXPENDITURES. DURABLE GOODS................... NONDURABLE GOODS ............... SERVICES ....................... 179.2 156.3 188.4 178.3 194.5 167.5 202.7 196.3 193.5 167 .2 202 .0 194.8 195.2 168.6 203.3 196.9 196.2 169.5 204.0 198.7 197.8 170.9 205.3 200.3 198.8 170.7 205.5 201.9 199.9 171.2 205.7 203.9 200.5 171.8 205. / 204.9 202.2 173.4 207.5 206.8 202.1 172.7 206.8 207.4 202.3 173.0 206.2 208.1 203.0 173.4 •205.9 209.6 203.9 174.8 206.7 210.9 11.0 4.7 -5 .0 11.4 21.0 5 .4 y.y 5.6 -6 .0 -1.3 -10.5 5.3 12.6 0. 1.5 11.1 29.0 12.3 13.5 3.2 -10.5 -13.1 1.8 0.3 .... CHANGE FROM PRECEDING PERIOD BI LLIONS OF CURRENT DOLLAR S PERSONAL CONSUMPTION EXPENDITURES. DURABLE GOODS................... NONDURABLE GOODS ............... SERVICES ....................... 160.0 0.9 70.3 88.3 176.0 20.2 64.2 91.6 15.1 0.5 3.6 6.0 19.3 4.4 2.0 12.9 26.5 14.7 6.1 5.6 5.2 -7.6 4.6 8.1 -9.0 -13.0 -3.7 7.6 13.0 2.6 3.2 7.2 11.2 -0.7 5.1 ó .9 BILLIONS OF CONSTANT (1972 ) DOLLAR S PERSONAL CONSUMPTION EXPENDITURES. DURABLE GOODS................... NONDURABLE GOODS ............... SERVICES ....................... 2.9 -10.1 7.7 10.3 17.2 3.0 6.6 7.6 4.0 -0.3 A .3 0.4 1.9 1.5 -1 7 8.5 7.9 ] 7 -5.2 -5.6 -9.3 -7.4 1.4 1.1 2,6 -0.9 -2.5 1.5 11.0 3 .6 -4.0 -1.0 3.1 -0.3 10.0 5.9 1.7 -l.i 0.5 0.2 -0.9 1.1 1.5 1.4 1.1 2.1 -1.1 SOURCE: U.S. DEPARTMENT OF COMMERCE, BUREAU OF ECONOMIC ANALYSIS Table 5. Year and Month Personal income Previously Published Revised Percent Change from Preceding Period in the Revised and Previously Published Estimates of Personal Income and its Disposition: Annually 1976-81, and Monthly, July 1981 to May 1982 Disposable personal income (DPI) Current dollars 1972 dollars Previously Revised Previously Revised Published Published Personal outlays Previously Published Revised Personal saving as percentage of DPI 1/ Previously Revised Published Percent change from preceding p e r i o d _________________ ______________ Percent 10.6 11.9 12.9 11.1 11.3 10.7 12.5 12.6 10.7 11.8 9.8 11.5 12.2 11.0 10.7 10.0 12.2 12.0 10.5 11.2 3.6 4.4 3.1 .7 2.2 4.0 4.9 2.7 .2 2.5 11.3 12.1 12.2 10.6 10.9 11.2 12.0 12.2 10.6 10.5 5.6 5.2 5.2 5.6 5.3 5.9 6,1 5.9 5.8 6,4 1981: July August September October November December 1.5 1.0 .8 .5 .7 .0 1.6 1.0 .8 .3 .5 -.1 1.5 .9 .7 1.1 .6 .0 1.6 .9 .8 .9 .4 -.1 .4 .4 -.2 .4 .1 -.4 .7 .4 .0 .4 -.1 -.4 1.3 1.5 -.1 .2 .8 .5 1.0 1.4 .3 -.4 .7 .6 5.1 5.2 5.6 6.1 6.1 5.7 6.3 6.5 6.9 7.4 7,5 7.2 1982: January February March April May .2 .6 .4 .3 .7 .1 .6 .2 .6 .7 .5 .4 .6 .7 .2 .3 .4 .3 1.0 .2 -.3 .6 .3 .6 — -.5 .5 .2 .7 -.2 1.0 .6 -.2 .3 1.3 .6 1.1 -.3 .6 1.5 5.4 5.4 5.7 5.8 — b./ 6.6 6.7 6.6 6.6 1977 1978 1979 1980 1981 1/ ~ Monthly estimates equal the centered three-month moving average of personal saving as a percentage of the centered three-month moving average of DPI. Table 6. — Revised Estimates of Personal Income and its Disposition and Revisions to Previously Published Estimates: 1977-81 ___________________________________ (Bill ions of dollars)____________________________________ Revised e s t i m a t e s _________ 1977 1978 1979 1980 1981 1,540.4 1,732.7 1,951.2 2,160.4 Wage and salary disbursements............... Private.................................. Government and government enterprises...... Other labor income.......................... 983.2 780.8 202.4 89.4 1,106.3 886.8 219.5 102.5 1,237.6 1,001.4 236.2 114.9 Proprietors' income with IVA and CCAdj....... Farm..................................... Nonfarm.................................. Rental income of persons with CCAdj......... Personal dividend income.................... Personal interest income.................... Transfer payments........................... 103.9 19.1 84.8 24.8 39.6 152.8 207.9 118.5 26.3 92.2 26.6 45.3 179.4 223.8 Less: Personal contribution for social insurance................................ * 61.1 Revisions to previously published estimates 1978 1979 2,415.8 2.4 10.9 7.4 0.2 11.7 1,356.1 1,095.9 260.2 127.2 1,493.9 1,210.9 283.1 140.4 -.7 -.7 .1 .4 1.1 1.0 .1 .4 1.5 1.4 .1 -3.7 12.5 5.9 6.6 -9.9 11.2 2.0 9.2 -13.7 132.1 31.9 100.2 27.9 50.8 218.7 250.3 116.3 19.4 96.9 32.9 55.9 263.4 297.2 124.7 24.0 100.7 33.9 62.5 329.0 336.3 .4 .7 -.3 -.3 .9 1.2 .4 1.4 .2 1.2 -.8 2.2 6.2 .6 .5 1.1 -.6 -2.6 2.1 9.1 .9 -14.3 -4.0 -10.3 1.1 1.5 7.2 3.0 -10.1 1.5 -11.6 .2 1.2 20.5 3.1 69.8 81.1 88.7 104.9 .0 .1 .5 .8 .7 226.4 258.7 301.0 336.3 386.7 -.1 -.1 -1.0 -2.2 -1.5 1,314.0 1,474.0 1,650.2 1,824.1 2,029.1 2.5 11.1 8.4 2.4 13.2 1,236.0 1,204.4 30.7 .9 1,384.6 1,346.5 37.4 .8 1,553.5 1,507.2 45.5 .8 1,717.9 1,667.2 49.9 .8 1,898.9 1,843.2 55.1 .6 -1.4 -1.0 -.4 .0 -2.0 -2.2 .3 .0 -2.1 -3.7 1.8 -.1 -2.5 -5.6 3.4 -.4 -9.4 -14.6 5.6 -.4 Personal saving...................... 78.0 89.4 96.7 106.2 130.2 3.9 13.0 10.5 4.9 22.6 Addenda : PCE in 1972 dollars........................ DPI in 1972 dollars........................ Personal saving as percentage of DPI........ 864.3 942.9 5.9 903.2 988.8 6.1 927.6 1,015.7 5.9 930.5 1,018.0 5.8 947.6 1,043.1 6.4 .4 3.1 -1.6 7.2 -3.3 4.2 -4.6 -.3 -11.2 2.7 — — — Personal income.............................. Less: Equals: Personal tax and nontax payments....... Disposable personal income (DPI)...... Less: Personal outlays....................... Personal consumption expenditures (PCE)...... Interest paid by consumers to business....... Personal transfer payments to foreigners(net). Equals: — 1980 1981 1977 —
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