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UNITED STATES DEPARTMENT OF BUREAU OF ECONOMIC ANALYSIS WASHINGTON, D.C. 20230 FOR WIRE TRANSMISSION 10:00 A.M. EST, TUESDAY, APRIL 19, 1983 Pauline M. Cypert: 523-0832 523-0810 (Personal Income) Clinton P. McCully: 523-0836 523-0819 (Personal Outlays) BEA 83-18 Personal Income and Outlays - March 1983 Personal income increased $14.6 billion in March to a seasonally adjusted annual rate of $2,658.9 billion, according to the Commerce Department's Bureau of Economic Analysis. billion. Personal outlays increased $7.8 billion to $2,120.3 In February, personal income increased $2.6 billion and personal outlays declined $0.1 billion, based on revised estimates. The larger increase in personal income in March was due to wages and salaries, which increased $9.0 billion, compared with a decline of $2.0 billion in February. The increase reflected higher employment, weekly hours and hourly earnings. 1983 Personal income, current dollars March Jan. Feb. (Percent change from preceding mon 0.3 0.6 0.1 Disposable personal income: Current dollars Constant dollars .5 .1 -.1 -.2 .6 — Personal consumption expenditures: Current dollars Constant dollars Implicit price deflator .5 .1 .4 .0 -.1 .1 .4 — — Wages and salaries Wages and salaries increased $9.0 billion in March, compared with a decline of $2.0 billion in February. Commodity-producing industries' payrolls increased $0.6 billion, compared with a decline of $0.2 billion. Distributive industries' payrolls increased $5.0 billion, compared with a decline of $2.5 billion. Service industries' payrolls increased $2.2 billion, compared with a decline of $0.5 billion. Government wages and salaries increased $1.2 billion in both months. Manufacturing payrolls increased $2.6 billion in March, compared with $2.2 billion in February. The payroll increases were widespread in both dur able and nondurable goods industries. Nonwage income Farm proprietors' income declined $0.5 billion in March, compared with a decline of $0.8 billion in February. Nonfarm proprietors' income increased $1.3 billion in both months. Interest income increased $2.6 billion, compared with $2.1 billion. Transfer payments increased $1.5 billion, compared with $0.5 billion. All other nonwage income increased $1.1 billion, compared with $1.3 billion. Personal taxes and disposable personal income Personal tax and nontax payments increased $1.8 billion in March, compared with $4.2 billion in February. Disposable personal income — personal income less personal tax and nontax payments — increased $12.7 billion, compared with a decline of $1.6 billion. Personal outlays and personal saving Personal outlays — personal consumption expenditures, interest paid by con sumers to business, and personal transfer payments to foreigners (net) — increased $7.8 billion in March, compared with a decline of $0.1 billion in February. Personal consumption expenditures (PCE) increased $7.6 billion in March, compared with a decline of $0.1 billion in February. Purchases of durable goods increased $0.9 billion, compared with a decline of $5.6 billion. Purchases of nondurable goods declined $2.0 billion, compared with a decline of $0.3 billion. Purchases of services increased $8.7 billion, compared with $5.8 billion. Personal saving — disposable personal income less outlays — in March, compared with $129.7 billion in February. was $134.6 billion Constant-dollar estimates and the PCE implicit price deflator for February Constant-dollar disposable personal income — disposable personal income adjusted to remove price changes — declined $1.6 billion in February, compared with an increase of $1.2 billion in January. Constant-dollar personal consumption expenditures — PCE adjusted to remove price changes — declined $0.8 billion in February, compared with an increase of $1.0 billion in January. The implicit price deflator for PCE increased 0.1 percent, compared with 0.4 percent. 2 March estimates of constant-dollar disposable income and PCE, and of the implicit price deflator will be available in next month's release. Revisions Estimates have been revised for January and February. 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 outlays Personal Income Personal saving Previous Previous Previous Previous estimate Revised estimate Revised estimate Revised estimate Revised (Billions of current dollars at annual rates) (Percent) 1983: Jan. Feb. 0.2 .1 0.3 .1 5.2 2.9 6.8 2.6 13.1 .9 11.0 -.1 -5.8 -.5 0.5 -1.5 Details of pe'rsonal income and outlays for March 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 $55.00 domestic. Second class mail: annual subscription $30.00 domestic, $37.50 foreign; single issue $4.75 domestic, $5.95 foreign. 3 Table 1. Personal Income [Billions of dollars!] Seasonally 2 » 5 69 . 9 2»609.4 2 , 6 2 7 . 7 635.0 2» 6 4 1 . 7 2 »644.3 2,658.9 Wa g e a n d s a l a r y d i s b u r s e m e n t s . . . . . Com m odity-producing in d u s t r ie s .. M anufacturing.. . . . . . . . . . . . . . . . D istrib u tive i n d u s t r i e s ................ Service i n d u s t r i e s . . . . . ................ Government and government e n t e r p r i s e s .......................... . 1 »A 9 3 . 9 510.8 386.4 361.4 338.6 1»560.7 509 .9 382 .6 376.0 372 .5 1» 571.5 503.0 377.2 378.3 382.7 1»572.2 500.9 375.5 377.6 384.5 579.9 500.7 374.5 380.6 387.7 1» 596.1 509.8 380.7 381.7 392.7 1 »594.1 509.5 382.9 379.2 392.1 1,603.1 510.2 385.6 384.3 394.3 283.1 302 .3 307.5 309.2 310.8 312.0 313.2 314.4 140.4 153.8 157.2 1 57.9 158.7 159.6 160.6 161 . 6 P r o p r i e t o r s ' income w ith in v e n t o r y valuation and c a p i t a l c o n s u m p t i o n a d j u s t m e n t s . . ........................................................... F a r m .................................................................................... N o n f a r m ............................................................ .. 124.7 24.0 100. 7 120.3 19 .0 101 . 3 121.3 1 7.1 104.2 133.0 27.7 105.3 1 32.4 27.5 104.9 127.8 19.1 108.7 128.3 18.3 110.0 129.2 17.8 111.4 R e n ta l income o f persons ital consumption a d ju s t Personal dividend in c o m Personal in te re st in c o m 33.9 62.5 329.0 34.1 67 .0 371 . 2 34.8 68.4 376.0 34.4 68.9 374.0 32.5 69. 3 373.8 35.2 69.7 375.3 35.3 69.8 377.4 35.4 69.8 380.0 i n c o m e . . . . ..................... with cap m ent...... e .......... e .......... 82 Dec 82 Jan 83r rates 2 »A 15.8 labor Nov annual incom e.. . . . . . . . . . . . . . . . . . . . Other 82 at 1982 Personal Oct adjusted 1981 Feb 83r Ma r 83p 336.3 374.7 392.7 399.6 401.3 394.5 394,9 396.4 182.0 204.5 213.4 21 8 . 4 218.0 216.0 216.9 217.5 15.4 138.9 24.9 145.3 31.6 147.7 32.0 149.1 31.7 151.6 28.1 150.3 27.5 150.6 27.9 151.0 Personal co n trib u tio n s for social in su ra n c e ............ 104.9 111.7 112,4 1 1 2.4 112.8 116.4 116.2 116.7 Addenda: T o ta l nonfarm i n c o m e . . . . . . . . . . . . . . Total farm i n c o m e ! / . . . . . . . . . . . . . . . 2 »364.1 51.7 2 » 5 18 . 8 51 . 2 2,559.4 50.0 2 »5 6 7 . 0 •60.7 574.4 60.6 2»589.4 52.4 2 »592.6 51.7 2,607.6 51.3 Transfer payments.. ... . . . . . . . . . . . . Old-age» survivors» disability» and h e a l t h in 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 ........................................................................ le ss: 1 / Equals r Source: farm = U.S. proprietors' revised Department p = of income» farm wages» farm other labor prelim inary Commerce» Bureau of Economic Analysis. income» and agricultural net in terest, Table 2. The Disposition of Personal [Billions of dollars] Income Seasonally Personal Less: Less: Jan 83r 83r 83p 2*627.7 2 *635.0 ■ 2*641.7 2*644.3 2*658.9 . . . . 386.7 397 .2 397.5 399.0 402.6 398.0 402.2 404.0 incom e.. 2*029.1 2*172 .7 2*21 1 . 9 2*228.7 2*232.3 2*243.8 2*242.2 2*254.9 o u t l a y s . . . . . . . . . . . . . . 1,898.9 2*030 .5 2*075.3 2*095.8 2*101.5 2*112.5 2*112.5 2*120.3 consumption e xp e n d itu re s. p a i d by co nsum ers to . . . . . . .. . . . ...................... t r a n s f e r paym e n ts to rs ( n e t ) . . . . . . . . ............. ... 1,343.2 1 * 97 1 .1 2*015.5 2*035.9 2*041.1 2*051.5 2*051.4 2*059.0 55.1 58.6 59.0 59.2 59.6 60.0 60.1 60.3 1 .0 1.0 1.0 134.6 .6 .8 .8 .8 .8 130.2 142.2 136.6 132.9 130.8 131.2 129.7 d o lla rs!/.. 1*043.1 1*054.8 1*053.5 1*061.1 1*062.6 1*063.8 1*062.2 capita: C u r r e n t d o l l a r s ......................... ... 1972 d o l l a r s . . . . . . . . . . . . . . . . . . Population ( m i l l i o n s ) . . . . . . . . . . . . . . 8*827 4,538 229.9 9,363 4*545 232.1 9*504 4,527 232.7 9*568 4,556 232.9 9*575 4*558 233.1 9*616 4,559 233.4 9*602 4,549 233.5 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 d isp o sab le personal incom e^/.•..• 6.4 6.5 6.2 6. 0 5.9 5.8 5.9 Equals: Ma r 2*609.4 Personal 82 Feb 2*569.9 personal Dec rates 2*415.8 Disposable Personal Interest bus i n e s s Personal foreigne 82 annual 1 9 82 P e r s o n a l t a x and n o n t a x p a y m e n t s . ................... ... Equals: Nov 82 at 1981 i n c o m e . . . ......................... ... Oct adjusted Personal s a v i n g . . . . . . . . . . . . . Addenda : Disposable Total* personal b illio n s of income: 1972 Per 1/ D i s p o s a b l e p e r s o n a l income in 1972 d o l l a r s personal consumption e x p e n d itu re s . ¿/ Monthly e s t i m a t e s equal the three-m onth moving average r Source: U.S. = revised p equals the current-dollar ce n te re d three-month moving average of d is p o s a b le p erso n a l income. = prelim inary Department of Commerce* Bureau of Economic Analysis. of figure personal divided saving by as the a im plicit percentage price of the deflator centered 9*650 233.7 for Table 3. Personal Income and Its Disposition* Change From Preceding Period [Billions of dollars] Seasonally 1981 Personal Wa g e Other 82 Nov 82 255.A 1 5A . 1 137.8 66 .8 1„ A . 7 in c o m e ................ 13.2 13.3 .7 salary labor Oct disbursem ents..... i n c o m e . . . ............................................ and 1 9 82 1 2.2 18.3 adjusted Dec 82 at annual Jan 83r rates Feb 83r Mar 83 7.3 6.8 2.6 1A . 6 7.7 16.2 -2.0 9.0 .8 .8 .9 1.0 1.0 P r o p r i e t o r s ' income w ith in v e n to ry valuation and c a p i t a l c o n s u m o t i o n a d j u s t m e n t s . . . . . . . .. . . . . . .. . . . . . . F a r m ............................................................... ..................... N o n f a m . ............................. .. . . . . . . . . . . . . 8. A 4.6 3.9 -A.A -5 .0 .5 2.8 1 .1 1.6 11.7 10.6 1.2 -.6 -.2 -.A -A .6 - 8 .A 3.8 .5 -.8 1.3 .8 -. 5 1.3 R e n t a l income o f p erso n s w ith capita l consumption a d j u s t m e n t . . .. . . P e r s o n a l d i v i d e n d i n c o m e . . ...................... Personal in te re st in c o m e .......... T r a n s f e r p a y m e n t s . . ......................................... 1. Ü 6.6 ó5. ó 39.1 .3 A .5 A2 .2 38 .3 .1 .7 -2.8 9. A -.5 .6 -2.0 6.9 -1.9 .3 -.2 1.7 2.7 .A 1.5 -6.8 .1 .2 2.1 .5 .1 .0 2.6 1.5 6 .8 .0 .0 .5 3.5 -.2 .5 Less: Less: P e r s o n a l c o n t r i b u t i o n s for social i n s u r a n c e ................... P e r s o n a l t a x and n o n t a x p a y m e n t s ................................................. ... Equals: Less: Disposable Personal Equals: personal income.. o u t l a y s ............................ ... Personal s a v i n g ......................... ... 16.2 10 . 5 3.0 1 .A 3.7 -A .7 A .2 1.8 205.1 50. A 1 A3 . 6 9.2 16.8 3.6 11.5 -1 .6 12.7 181.1 131 . 6 1 2.2 20.5 5.7 11.0 -.1 7.8 2A. 0 12.0 -3.0 -3.7 -2.1 .5 -1.5 A.9 25.0 11 . 7 -2.6 7.6 1.5 1 .2 -1 . 6 «« ••• Addendum: D i s p o s a b l e p e r s o n a l income* b i l l i o n s o f 1 972 d o l l a r s • • • • « • • • • • . r Source: U.S. = revised p = prelim inary Department of Commerce* Bureau of Economic Analysis. Table 4. Personal Consumption Expenditures by Major Type of Product Seasonally 1981 1 9 82 1,843.2 234.6 734.5 874.1 1 ^ 9 7 1 .1 242.7 762.1 966.3 Oct Nov 82 B illio n s P e rso n al consumption expendí t u r e s . .. D u r a b l e g o o d s . ............. Nondurable g o o d s... S e r v ic e s . .. . . . . . . .. Personal consumption expendí ture s . .. Durable g o o d s . . . . . . Nondurable g o o d s... S e r v ic e s . .. . . . . . . .. 94 7 . 6 140.0 362.4 445.2 P e r s o n a l co n s u m p tio n expendí tur» s. . . Durable g o o d s . . . . . . Nondurable g o o d s... S e r v i c e s ............................... 194.5 167.5 202.7 196.3 956.9 138.8 365 .0 453.1 of Imp l i c i t 206 .0 174 . 9 208.8 213 .3 price deflators 21 0 . 0 176.6 211.5 218.7 B illio n s 176. 0 20.3 64.1 91.6 127.9 8 .1 27 .6 92.2 Personal consumption e x p e n d itu re s ... D u r a b l e 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 . . . ............................................................... 17.1 2.9 6.6 7.6 9.3 - 1 .2 2 .6 7 .9 r Source: = revised U.S. p = Department prelim inary of Commerce, Bureau of Economic Analysis -.4 -3.7 1.9 1.3 (Index of numbers/ preceding constant 9.3 9.2 -1.0 1.3 83r rates Feb 83r Ma r 83 2/051.4 254.2 777.0 1/020.2 2,059.0 255.1 775.0 1,028.9 971.8 143.6 370.2 458.0 « **«• dollars 972.7 146.2 369.3 457.1 1972=100) 210.1 176.6 210.4 220.6 current annual 2/051.5 259.8 777.3 1/014.4 971.6 146.7 368.9 456.0 20.4 14.9 -3.3 8.8 12.3 -6.9 7.7 11.6 Bi 11i ons of at Jan dollars (1972) 210.0 175.7 211.2 220.0 from 82 2/041.1 259.1 776.1 1/006.0 969.3 145.5 366.4 457.5 Change P e rso n a l consumption e x p e n d it u r e s ... 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 . . . .................... current constant 960.0 136.3 367.4 456.2 adjusted Dec 2/035.9 255.6 773.9 1/006.4 2/015.5 240.7 777.2 997.6 B illio n s of 82 210.9 177.6 210.5 221.9 211.1 177.0 209.9 222.8 • • « a « period dollars 5.2 3.5 2.2 -.4 (1972) 10.4 .7 1.2 8.4 -. 1 -5.6 -.3 5.8 1.0 -.5 .4 1.1 -.8 -2.6 .9 .9 dollars 2.3 1 .2 2.5 -1.5 7.6 .9 -2.0 8.7
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