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UNITED STATES DEPARTMENT OF FOR WIRE TRANSMISSION 8:30 A.M. EDT, WEDNESDAY, SEPTEMBER 19, 1984 Pauline M. Cypert: 523-0832 523-0810 (Personal Income) Clinton P. McCully: 523-0836 523-0819 (Personal Outlays) BEA 84-48 Personal Income and Outlays - August 1984 Personal income increased $16.1 billion in August to a seasonally adjusted annual rate of $3,042.8 billion, according to the Commerce Department’s Bureau of Economic Analysis. billion. Personal outlays increased $2.3 billion to $2,431.1 In July, personal income increased $20.2 billion and personal outlays increased $2.6 billion, based on revised estimates. 1984 Jun. Jul. Aug. (Percent change from preceding month) 0.9 0.7 0.5 Disposable personal income: Current dollars Constant dollars .8 .8 .6 .2 .5 — Personal consumption expenditures: Current dollars Constant dollars Implicit price deflator .3 .3 .0 .1 -.4 .5 .1 — Personal income, current dollars — Wages and salaries Wages and salaries increased $3.9 billion in August, compared with billion in July. Commodity-producing industries' payrolls increased $2. billion, compared with $1.8 billion. Distributive industries' payrolls declined $0.6 billion, compared with an increase of $2.3 billion. Service industries' payrolls were unchanged, compared with an increase of $2.9 billion. Government wages and salaries increased $2.0 billion, compared with $1.7 billion. Manufacturing payrolls increased $2.0 billion in August, compared with $1.7 billion in July. Higher employment and hourly earnings accounted for the increase. The payroll gains were primarily in the durable-goods industries, with motor vehicle and electrical equipment having the largest gains. Nonwage income Farm proprietors' income increased $2.9 billion in August, compared with $2.6 billion in July. Nonfarm proprietors' income increased $0.3 billion, compared with a decline of $0.2 billion. Personal interest income increased $5.7 billion, compared with $6.0 billion. Transfer payments increased $1.4 billion, compared with $1.3 billion. All other nonwage income increased $2.0 billion, compared with $2.4 billion. Personal taxes and disposable personal income Personal tax and nontax payments increased $2.7 billion in August, compared with $3.9 billion in July. Disposable personal income — personal income less personal tax and nontax payments — increased $13.4 billion, compared with $16.3 billion. Personal outlays and personal saving Personal-outlays — personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net) — increased $2.3 billion in August, compared with $2.6 billion in July. Personal consumption expenditures (PCE) increased $1.2 billion in both July and August. Purchases of durable goods declined $4.9 billion, compared with a decline of $6.9 billion. Purchases of nondurable goods declined $4.8 billion, compared with an increase of $1.4 billion. Purchases of services increased $10.9 billion, compared with $6.7 billion. Personal saving — disposable personal income less outlays — billion in August, compared with $157.6 billion in July. was $168.8 Constant-dollar estimates and the PCE implicit price deflator for July Constant-dollar disposable personal income — disposable personal income adjusted to remove price changes — increased $2.1 billion in July, compared with $9.3 billion in June. Constant-dollar personal consumption expenditures — PCE adjusted to remove price changes — declined $4.3 billion in July, compared with an increase of $3.3 billion in June. The implicit price deflator for PCE increased 0.5 percent, compared with no change. August estimates of constant-dollar disposable income and PCE, and of the implicit price deflator, will appear in next month's release. -2- Revisions Estimates-have been revised for April through July. Changes in personal income, personal outlays, and personal saving — revised and as published in last month's release — are shown below. Change from preceding month Personal income Personal outlays Personal saving Previous Previous Previous Previous estimate Revised estimate Revised estimate Revised estimate Revised (Billions of current dollars at annual rates) (Percent) 1984: Apr. May Jun. Jul. 0.9 .3 .9 .8 0.9 .3 .9 .7 36.7 28.7 9.4 7.0 27.9 10.4 27.7 20.2 26.7 9.8 25.6 24.4 * * 37.7 32.0 9.2 2.6 -14.2 -23.6 9.4 13.5 -13.9 -26.3 11.8 13.7 * Details of personal income and outlays for August and other recent periods are shown in the accompanying tables. Additional data appear each month in the Survey of Current Business, a monthly journal of the Bureau of Economic Analysis. The 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 $50.00 domestic. Second class mail: annual subscription $30.00 domestic, $37.50 foreign; single issue $4.75 domestic, $5.95 foreign. -3- Taole 1. P e r s o n a l Ircome [B illio n s of d o l l a r s ] Seasonally 2* 7 4 4 . 2 2*940.6 2*968.5 2*978.8 3*006.5 3*026.7 3*042.8 1*568.7 509. 3 38 2. 9 378. 6 374. 3 1*659.2 51 9 . 3 395.2 398.6 413.1 1* 7 6 4 . 6 5 58. 2 4 27. 5 421.6 440. 4 1* 785.3 5 65. 1 431.8 4 26.9 447.4 1*789.8 566.3 431.7 4 2 8.4 44 7 . 8 1* 804.3 569.6 433. 3 433.2 452. 7 1*813.0 571.4 435.0 435.5 455.6 1*816.9 574.0 437.0 434.8 455.6 306. 6 328.2 344 . 4 345.9 34 7 . 3 348. 8 350.5 352.5 155.5 173.1 189.9 1 91.7 193.5 195. 3 197.0 198.4 with inventory a l consumption . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . 111.1 21.8 89. 2 121 . 7 1 3.8 107.9 154.7 30. 9 123.8 1 51 . 1 25.4 1 25. 7 147.6 2 1.4 12 6 . 2 153.6 23. 5 127.1 153.0 26.1 126.9 156.3 29.0 127.3 Rental income o f p e r s o n s w i t h c a p ital consumption a d j u s t m e n t . . . . . . Personal dividend in c o m e . . . . . . . . . . Personal interest in com e.......... 51.5 66. 5 366. 6 58.3 70.3 376.3 61.2 76. 0 411.4 61.6 76.9 4 18.4 62.0 77.1 425.6 62.4 77.6 432.9 62.7 78.0 438. 9 63.0 78.2 444.6 376. 1 405.0 412.8 4 14.9 414.8 41 5 . 9 41 7 . 2 418.6 236.9 237.8 Other labor in c o m e ................ Proprietors' income v a l u a t i o n and c a p i t adjustm ents. ...... . . F a rm .......... . . . . Mon f a r m ................. T r a n s f er p a y m e n t s . . . . . . . . . . . . . . . . . Old-age* survivors* d is a b ilit y * and h e a l t h i n s u r a n c e b e n e f i t s . . Government unemployment insurance b e n e f i t s . . . . . . . . . . . . . O t h e r . .................. .. Less: Personal co n trib u tio n s for social in s u r a n c e ........... Ad d e n d a : Total nonfarm i n c o m e . . . . . . . . . . . . . . Total f a r m i n c o m e ] . / ................... .. 1/ Equals r Source: farm = U.S. proprietors' revised Department p = of income* 84r Jun 84r Jul 84r Aug 84p 204. 5 221 . 6 2 33 . 3 2 35.0 2 34.8 2 5. 2 146. 3 26.1 157.2 16. 5 163.1 16. 4 1 63. 5 1 5.7 164.3 15.2 164.7 15. 1 165.2 15.1 165.7 111.4 119.6 130.1 1 31. 3 131.5 132. 5 133.0 133.3 2*913.8 54. 7 2*928.1 50.8 2*971.0 55.7 2*984.0 58.8 wages* 2 * 701 .1 43.2 farm other 2*880.5 60. 1 Labor prelim inary Commerce* May 236. 0 2*532.1 52. 5 farm 84r rates ¿*584.6 Wage and s a l a r y d i s b u r s e m e n t s . . . . . Commodity-producing i n d u s t r i e s . . M a n u f a c t u r i n g . . . . . . . .............. .. Distributive in d u s tr ie s ......... S e r v ic e i n d u s t r i e s . . . . . .. . . . . . . . Government and g o v e r n m e n t enterprises...... . . .. ... .... ... Apr annual 1983 in com e............ .. . . . . . . . 84 at 1 9 8 2 Personal Mar adjusted Bureau of Economic Analysis. income* and agricu ltural net 2*953.5 53.0 interest, Table 2. The D i s p o s i t i o n of Personal CBillions of d o l l a r s ! ) Income Seasonally Personal Less: income....... . . . . . . . . . . . . . . . P e r s o n a l t a x and n o n ta x p a y m e n t s . . . . . . . . . . . . .. . . . . . . . Mar 84 Apr 8 4r adjusted May 84r at annual J un rates J ul 84r 84 r Aug 84p 1 982 1983 2/584.6 2/744.2 2/940.6 2/968.5 2/978.8 3,005.5 3/026.7 3/042.8 404.2 420.8 425.0 429.6 436.3 440.3 442.9 40 4 . 1 2,543.5 2/549.2 2/570.2 2,586.5 2/599.9 2/347.3 2,385.1 2/417.1 2/426.3 2/428.8 2/431.1 Personal consumption expend itures. I n t e r e s t p a i d by c o n s u m e r s t c b u s i n e s s . . . . . . . . . . . . ................... . Personal transfer payments to fo re i gners ( n e t ) . . . . . . . . .. . . . . . . . 1,984.9 2/155.9 2/ 2 7 3 . 2 2/310.1 2/340.1 2/347.9 2/349.1 2/350.3 53.5 65.1 74.0 75.9 77.3 78.6 79.7 1.2 1.0 1.0 1.0 1.0 1. 1 1.1 s a v i n g . . . . ................... 136.0 118.1 172.4 1 58.4 132.1 143.9 157.6 168.8 1 /05 8.3 1/095.4 1/151.8 1/160.4 1,163.1 1,172.4 1/174.4 capita: Current d o l l a r s . . . . . . . . . . . . . . . 1 9 72 d o l l a r s . . . . . . .......... .. Populat ion ( m i l l i o n s ) . . . . . . . . . . . . . . 9, 385 4,555 232. 4 9,977 4,670 234.5 10/675 4,880 236. C 10/769 4/91 3 2 36. 2 10,785 4/921 236.4 10/866 4,95 6 236.5 10,927 4,962 236. 7 P e r s o n a l s a v i n g as p e r c e n t a g e of disposable personal income £ / . . . . . 6. 2 5 .0 6. 5 6. 1 5.7 5.6 6. 1 Less: o u t l a y s . . .......................... Personal Equals: income.. Personal O 2/519.7 2/222.0 personal U-i 2/340.1 Disposable è 2/180.5 2 / 0 4 4. 5 Equals: 1. 2 A ddenaa : Disposable Total/ personal b illio n s of income: 1972 d o lla r s !/ .• Per 1/ Disposable personal income i n 1972 d o l l a r s personal consumption expenditures. 2/ Monthly estim ates equal the three-month moving average r Source: U.S. = revised Department p of equals the c u r r e n t - d o l lar centered three-m onth moving average of d i s p o s a b l e p e r s o n a l income. = prelim inary Commer ce/ Bureau of Economic Analysis. of figure personal divided saving by as the a i mp 1 i c i t percentage price of the deflator centered 10/976 236.9 for Table 3. Personal Income and I t s D i s p o s i t i o n / C h a n g e C H i l l i o n s of d o l l a r s ] From Preceding Seasonally Personal Wage income.. . . . . . . . . . . . . . . . . . . . and salary disbursem ents..... Mar 89 17.0 27.9 10.9 27.7 20. 2 16.1 75.6 90.5 9.5 20. 6 9.6 19.5 8. 7 3.9 1 .5 -3.6 -5.5 1.9 -3.5 -9.0 .5 3.0 2.1 . 9 2.9 2.6 -. 2 3.2 2.9 .3 6.8 3.8 9.8 28.9 . 5 1. 0 7.6 1. 9 .9 . 9 7. 0 2.0 .9 .3 7.2 -.1 . 9 .9 7. 3 1. 1 . 3 .9 6.0 1. 3 .3 . 3 5.7 1 .9 6.9 8.3 . 6 1. 2 .2 . 9 . 6 .3 16.3 .1 1. 8 9. 1 9.6 Personal con tribu tion s for social in s u r a n c e ............. P e r s o n a l tax and n o n t a x p a y m e n t s ..................... Equals: 23.3 13.9 32.0 9.2 2.6 2.3 11.8 1 3. 7 11.1 138.8 159.5 1 5. 2 177.5 6. 5 -1.9 -17.9 8. 7 -13.9 -2 6.3 37.1 2. 7 8.5 2.7 A d d e n du m : D isp o sante personal income/ b illio n s of 1972 d o l l a r s . . . . . . . . . . . r Source: U.S. = revised Department p of = 9.0 preliminary Commerce/ Bureau of Economic Analysis. 2.7 1 6. 3 190.2 s a v i n g .................. 3.9 20.9 income.. 37. 7 6. 7 5.7 o u t la y s . . . . . . . . . . . . . . Personal 89p -9. 7 -5.6 . 9 9.2 2.2 39.7 38.8 personal Aug 1. 8 Rental income o f p e r s o n s with cap ital consumption a d j u s t m e n t . . . . . . Personal dividend in c o m e .......... Personal interest in c o m e .......... Transfer p a y m e n ts................. Disposable 89r 1 .8 10.6 -8.1 18.7 Personal Jul 1.8 -19.1 -9.7 “ 9.9 Less: 89r 1.7 Proprietors' income w ith inventory v a l u a t i o n and c a p i t a l c o n s u m p t i o n a d ju s t m e n t s ...................... F a r m . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mon f a r m ............... Equals: J un rates 159.6 1.8 Less: 89r annual 155.1 17.5 Less: May at 1 983 15.6 labor 89r adjusted 1 98 2 in c o m e ................ Other Apr Period 9. 3 2.1 Table 4. Personal Consumption Expenditures by Major Type of Seasonally 1 98 2 Mar 1 983 84 Apr B illio n s Personal consumptipn expe nd itu res D u r a b l e g o o d s .............. ......................... Nondur able goods... . . . . . . . .. . . . . S e r v i c e s ................ .................. .. 1 * 9 8 4. 24 5. 75 7. 982. 9 1 5 2 2,155.9 279.8 801 . 7 1*074.4 2*273.2 306. 4 835.6 1*131.3 Bi liio n s Personal consumption expend itures Durable g o o d s . . . . . . . . . . . . . . . . . . Nondurable g o o d s . . . . . . . . . . . . . . . S e r v i c e s .................. .. . . . . . . . . . . . . . 963. 3 140. 5 36 3. 1 459.8 1*009.2 15 7 . 5 37 6 . 3 47 5 . 4 Personal consumption ex p e n d itu res D u r a b le g o o d s . ..... . . . . . . . . . . . . . N o n d u ra b le goods... . . . . . . . . . . . . . S e r v i c e .................. .. ...... 206.0 174.5 208. 7 21 3. 6 of 213.6 177.7 21 3 . 0 22 6 . 0 price 2 1 2 2 218.8 179.0 217.7 233.7 Change from B illio n s Personal consumption ex p e n d itu re s D u r ab l e g o o d s .............. .................. .. Nondurable g o o d s . . . . . . . . . . . . . . . Servi c e s . . . . . . . . . . . . . . . . . . . . . . . 135. 8 9. 7 2 6.8 99.2 171.0 34.7 44.2 92.2 1 2. 8 -. 4 2. 3 11.0 4 5.9 1 7.0 13.2 1 5.6 Personal consumption expenditures Durable g o o d s . . . . . . . . . . . . . . . . . . N o n d u r a b l e g o o d s . . . . . . . ............... S e r v i c e s ......... .. r Source: = revised U.S. p = Department prelim inary of Commerce* Bureau of Economic Analysis -1 . 3 -1.1 -2. 3 2. C of *0 (Index c o n s t ant 8 4r 2* 3 4 7 . 9 326.9 859. 7 1*161.2 1*071.0 182.0 399.0 490.0 rates J ul 84 r Aug 84f 2*349.1 320.0 861.2 1*167.9 2*350.3 315.1 856.4 1*178.8 1,066.6 178. 5 398. 0 490. 1 1972=100) 219.2 179.8 216.5 235.9 current 14.7 1.7 9.9 3. 1 6 7 .7 numbers* preceding 36. 8 3. 3 19. 7 13.8 5. 7 -2. 4 -2.0 10.1 Si l i i o n s of J un annual dolla r s 180.9 397. 3 489.4 19.2 79. 1 17 . 2 35.0 at dollars (1972) 1 53.9 72. 9 93. 7 37.2 deflators 84r 2*340.1 32 5 . 4 860.0 1*154.8 c o n s t ant 1 *0 1 3 4 adjusted May current 2*310. 1 3 09.7 855.3 1 *145. 1 1*039.1 171.2 383. 8 484.2 I mpl 'i c i t of 8 4r Product 21 9 . 2 179.6 215.5 237.0 220.2 1 79. 2 21 6 . 4 233. 3 period do llars 30.1 15.7 4.7 9.6 (1972) 7.8 1. 6 3 6.5 1. -6. 1. 6. 3. 1. 1. . -4.3 -3. 5 -1.0 . 1 2 9 4 7 dollars 1 3.8 8.0 3.6 2.2 3 1 7 5 1 .2 -4.9 -4.8 10.9
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