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Personal Income and Spending-March 2000
PERSONAL INCOME AND OUTLAYS:  MARCH 2000
 Personal income increased $56.6 billion, or 0.7 percent, and disposable personal income (DPI)
increased $49.1 billion, or 0.7 percent, in March, according to the Commerce Department's Bureau
of Economic Analysis.  Personal consumption expenditures (PCE) increased $34.5 billion, or 0.5
percent.  In February, personal income increased $33.4 billion, or 0.4 percent, DPI increased $22.8
billion, or 0.3 percent, and PCE increased $93.5 billion, or 1.4 percent, based on revised estimates.
                                                1999                        2000
                                            Nov.       Dec.       Jan.       Feb.       Mar.
                                                 (Percent change from preceding month)
Personal income, current dollars            0.4        0.3        0.7        0.4        0.7
Disposable personal income:
  Current dollars                            .4         .2         .9         .3         .7
  Chained (1996) dollars                     .3         .0         .7        -.1         .3
Personal consumption expenditures:
  Current dollars                            .8        1.1         .7        1.4         .5
  Chained (1996) dollars                     .7         .9         .5        1.0         .1
Wages and salaries
 Private wage and salary disbursements increased $26.4 billion in March, compared with  an
increase of $12.8 billion in February.  Goods-producing industries' payrolls increased $7.3 billion,
compared with an increase of $4.6 billion; manufacturing payrolls increased $1.3 billion, compared
with an increase of $3.6 billion.  Distributive industries' payrolls increased $5.7 billion, in contrast to
a decrease of $2.3 billion.  Service industries' payrolls increased $13.4 billion, compared with an
increase of $10.5 billion.
 Government wage and salary disbursements increased $4.2 billion in March, compared with an
increase of $1.8 billion in February.  The March hiring of temporary workers for Census 2000 added
$1.3 billion at an annual rate to federal civilian payrolls in March.
Other personal income
 Proprietors' income increased $14.1 billion in March, compared with an increase of $5.1 billion
in February.  Farm proprietors' income increased $4.2 billion, compared with an increase of $0.6
billion.  The changes in farm proprietors' income reflected the pattern of specially authorized federal
farm subsidy payments, which were $7.2 billion at an annual rate in March and $2.6 billion at an
annual rate in February.  Nonfarm proprietors' income increased $9.8 billion in March, compared
           with an increase of $4.6 billion in February.
 Transfer payments increased $2.6 billion in March, compared with an increase of $5.6 billion
in February.  Personal interest income increased $4.3 billion, compared with an increase of $3.3
billion.  Personal dividend income increased $1.9 billion, compared with an increase of $2.2 billion.
Rental income of persons increased $2.3 billion, compared with an increase of $1.6 billion.
 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.6 billion in March, compared with an increase of $0.9 billion in February.
Personal taxes and disposable personal income
 Personal tax and nontax payments increased $7.5 billion in March, compared with an increase
of $10.7 billion in February.  Disposable personal income (DPI) -- personal income less personal tax
and nontax payments -- increased $49.1 billion, or 0.7 percent, in March, compared with an increase
of $22.8 billion, or 0.3 percent, in February.
Personal outlays and personal saving
 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $35.2 billion in March, compared with an increase of $94.6 billion in
February.  PCE increased $34.5 billion, compared with an increase of $93.5 billion.
 Personal saving -- DPI less personal outlays -- was $30.3 billion in March, compared with
$16.4 billion in February.  Personal saving as a percentage of disposable personal income was 0.4
percent in March, compared with 0.2 percent in February.
Real DPI and real PCE
 Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in March, in contrast
to a decrease of 0.1 percent in February.
 Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in March,
compared with an increase of 1.0 percent in February.  Purchases of durable goods decreased 2.4
percent, in contrast to an increase of 3.5 percent.  Purchases of motor vehicles and parts more than
accounted for the March decrease and accounted for about two-thirds of the February increase.
Purchases of nondurable goods increased 0.4 percent in March, compared with an increase of 1.2
percent in February.  Purchases of services increased 0.5 percent, compared with an increase of 0.4
percent.
Revisions
 Estimates have been revised for January and February.  Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for January
and February -- revised and as published in last month's release -- are shown below.

                                                        Change from preceding month
                                            January                                  February
                            Previous   Revised    Previous   Revised   Previous  Revised    Previous   Revised
                                 (Dollars)             (Percent)            (Dollars)            (Percent)
Personal Income:
   Current dollars             58.7      56.2        0.7     0.7         32.6      33.4        0.4       0.4
Disposable personal income:
   Current dollars             61.4      59.6         .9      .9         22.1      22.8         .3        .3
   Chained (1996) dollars      41.6      42.8         .6      .7         -6.8      -4.7        -.1       -.1
Personal consumption expenditures:
   Current dollars             35.9      43.1         .6      .7         62.4      93.5        1.0       1.4
   Chained (1996) dollars      18.3      27.8         .3      .5         32.4      63.1         .5       1.0
 BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
                           <www.bea.doc.gov>
 STAT-USA maintains an Internet site that contains BEA estimates, the Survey of Current
Business, and BEA news releases.  The information available through STAT-USA is often more
detailed and more timely than that available from other sources.  For information about STAT-USA,
go to <www.stat-usa.gov>, or call (202) 482-1986.  Subscriptions for single-user unlimited access to
STAT-USA's Internet information are $50.00 for 3 months or $150.00 for 1 year.
 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   U.S. 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, DC 20402.  First class mail: Annual
subscription $120.00 domestic.  Second class mail: Annual subscription $48.00 domestic, $60.00
foreign; single issue $17.25 domestic, $21.56 foreign.
                        *          *          *
Next release -- Personal Income and Outlays for April will be released on
                       May 26, at 8:30 A.M. EDT.
                                                                                                Table 1. -- Personal Income
                                                                                                [Billions of dollars]
                                                                                                         Seasonally adjusted at annual rates
                                                             1998         1999                     1999                                   2000
                                                                                       Oct.         Nov.         Dec.      Jan. /r/     Feb. /r/     Mar. /p/
Personal income                                           7,358.9      7,791.8      7,943.4      7,976.8      7,998.6      8,054.8      8,088.2      8,144.8
   Wage and salary disbursements                          4,186.0      4,472.3      4,556.7      4,569.5      4,600.5      4,641.0      4,655.7      4,686.2
          Private industries                              3,493.2      3,745.8      3,821.0      3,831.3      3,859.0      3,889.2      3,902.0      3,928.4
               Goods-producing industries                 1,038.7      1,082.4      1,101.4      1,100.3      1,102.5      1,115.3      1,119.9      1,127.2
                    Manufacturing                           757.5        779.7        793.7        789.3        789.0        796.2        799.8        801.1
               Distributive industries                      944.6      1,005.8      1,018.8      1,021.1      1,037.4      1,042.7      1,040.4      1,046.1
               Service industries                         1,509.9      1,657.6      1,700.8      1,709.9      1,719.1      1,731.2      1,741.7      1,755.1
          Government                                        692.8        726.5        735.7        738.3        741.5        751.8        753.6        757.8
     Other labor income                                     515.7        535.8        541.9        543.7        545.4        548.3        550.3        552.8
     Proprietors' income with IVA and CCAdj                 606.1        658.5        684.2        694.8        675.9        677.5        682.6        696.7
          Farm                                               25.1         31.3         44.9         46.1         21.8         22.0         22.6         26.8
          Nonfarm                                           581.0        627.3        639.3        648.7        654.1        655.5        660.1        669.9
     Rental income of persons with CCAdj                    137.4        145.9        148.2        149.2        144.4        145.7        147.3        149.6
     Personal dividend income                               348.3        364.3        371.1        373.1        375.2        377.5        379.7        381.6
     Personal interest income                               897.8        931.3        952.2        958.6        964.6        968.9        972.2        976.5
     Transfer payments  to persons                          983.6      1,018.2      1,028.3      1,027.8      1,034.4      1,042.3      1,047.9      1,050.5
          Old-age, survivors, disability, and health
               insurance  benefits                          578.1        596.4        604.2        602.4        607.4        615.1        618.5        620.3
          Government unemployment insurance benefits         19.8         20.3         19.8         20.3         20.4         20.1         20.5         20.2
          Other                                             385.7        401.5        404.2        405.1        406.6        407.2        408.9        410.1
     Less:  Personal contributions for social insurance     315.9        334.6        339.3        339.9        341.8        346.5        347.4        349.0
     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
                                                        1998         1999                     1999                                   2000
                                                                                  Oct.         Nov.         Dec.      Jan. /r/     Feb. /r/     Mar. /p/
Personal income                                      7,358.9      7,791.8      7,943.4      7,976.8      7,998.6      8,054.8      8,088.2      8,144.8
Less: Personal tax and nontax payments               1,072.6      1,152.1      1,176.5      1,182.0      1,192.9      1,189.5      1,200.2      1,207.7
Equals: Disposable personal income                   6,286.2      6,639.7      6,766.9      6,794.8      6,805.7      6,865.3      6,888.1      6,937.2
Less: Personal outlays                               6,056.6      6,483.3      6,606.9      6,659.3      6,732.7      6,777.1      6,871.7      6,906.9
     Personal consumption expenditures               5,848.6      6,257.3      6,376.8      6,427.3      6,498.3      6,541.4      6,634.9      6,669.4
     Interest paid by persons                          185.7        201.7        205.3        207.3        209.7        210.8        211.9        212.6
     Personal transfer payments to the
          rest of the world (net)                       22.3         24.3         24.7         24.7         24.7         24.9         24.9         24.9
Equals: Personal saving                                229.7        156.3        160.0        135.5         73.0         88.3         16.4         30.3
Addenda:
     Disposable personal income:
          Chained (1996) dollars /1/                 6,107.1      6,349.4      6,427.0      6,447.2      6,444.8      6,487.6      6,482.9      6,500.4
          Per capita:
               Current dollars                        23,231       24,307       24,696       24,780       24,802       25,005       25,074       25,238
               Chained (1996) dollars                 22,569       23,244       23,456       23,512       23,487       23,629       23,599       23,648
          Population (thousands)                     270,595      273,161      274,005      274,209      274,399      274,562      274,704      274,875
     Personal saving as a percentage of
          disposable personal income                     3.7          2.4          2.4          2.0          1.1          1.3          0.2          0.4
p  Preliminary.
r  Revised.
   1.  Disposable personal income in chained (1996) 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
                                                       1998        1999                     1999                                    2000
                                                                                Oct.         Nov.         Dec.       Jan. /r/     Feb. /r/     Mar. /p/
Personal income                                       407.8       432.9         95.3         33.4         21.8         56.2         33.4         56.6
     Wage and salary disbursements                    297.1       286.3         28.2         12.8         31.0         40.5         14.7         30.5
          Private industries                          268.8       252.6         25.4         10.3         27.7         30.2         12.8         26.4
               Goods-producing industries              63.2        43.7          7.8         -1.1          2.2         12.8          4.6          7.3
                    Manufacturing                      38.7        22.2          5.7         -4.4         -0.3          7.2          3.6          1.3
               Distributive industries                 65.5        61.2          1.5          2.3         16.3          5.3         -2.3          5.7
               Service industries                     140.1       147.7         16.2          9.1          9.2         12.1         10.5         13.4
          Government                                   28.4        33.7          2.8          2.6          3.2         10.3          1.8          4.2
     Other labor income                                14.8        20.1          1.6          1.8          1.7          2.9          2.0          2.5
     Proprietors' income with IVA and CCAdj            27.5        52.4         33.6         10.6        -18.9          1.6          5.1         14.1
          Farm                                         -4.4         6.2         26.9          1.2        -24.3          0.2          0.6          4.2
          Nonfarm                                      31.9        46.3          6.8          9.4          5.4          1.4          4.6          9.8
     Rental income of persons with CCAdj                7.2         8.5         19.7          1.0         -4.8          1.3          1.6          2.3
     Personal dividend income                          14.9        16.0          2.1          2.0          2.1          2.3          2.2          1.9
     Personal interest income                          42.9        33.5          6.9          6.4          6.0          4.3          3.3          4.3
     Transfer payments to persons                      21.2        34.6          4.7         -0.5          6.6          7.9          5.6          2.6
          Old-age, survivors, disability, and health
               insurance benefits                      12.3        18.3          3.4         -1.8          5.0          7.7          3.4          1.8
          Government unemployment insurance benefits   -0.2         0.5         -0.3          0.5          0.1         -0.3          0.4         -0.3
          Other                                         9.1        15.8          1.4          0.9          1.5          0.6          1.7          1.2
     Less: Personal contributions for social
          insurance                                    17.8        18.7          1.5          0.6          1.9          4.7          0.9          1.6
Less: Personal tax and nontax payments                104.3        79.5          5.8          5.5         10.9         -3.4         10.7          7.5
Equals: Disposable personal income                    303.4       353.5         89.5         27.9         10.9         59.6         22.8         49.1
Less: Personal outlays                                344.9       426.7         35.9         52.4         73.4         44.4         94.6         35.2
     Personal consumption expenditures                324.2       408.7         34.6         50.5         71.0         43.1         93.5         34.5
     Interest paid by persons                          19.0        16.0          0.9          2.0          2.4          1.1          1.1          0.7
     Personal transfer payments to the rest of the
          world (net)                                   1.7         2.0          0.2          0.0          0.0          0.2          0.0          0.0
Equals: Personal saving                               -41.4       -73.4         53.6        -24.5        -62.5         15.3        -71.9         13.9
Addendum:
     Disposable personal income,
          chained (1996) dollars                      240.4       242.3         72.3         20.2         -2.4         42.8         -4.7         17.5
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
                                                        1998         1999                      1999                                  2000
                                                                                  Oct.         Nov.         Dec.      Jan. /r/     Feb. /r/     Mar. /p/
                                                                                              Billions of current dollars
Personal consumption expenditures                    5,848.6      6,257.3      6,376.8      6,427.3      6,498.3      6,541.4      6,634.9      6,669.4
     Durable goods                                     698.2        758.6        767.0        784.9        794.4        814.4        841.4        820.7
     Nondurable goods                                1,708.9      1,843.1      1,883.5      1,895.9      1,938.0      1,927.0      1,967.4      1,995.3
     Services                                        3,441.5      3,655.6      3,726.3      3,746.5      3,765.9      3,799.9      3,826.1      3,853.4
                                                                                       Billions of chained (1996) dollars
Personal consumption expenditures                    5,681.8      5,983.6      6,056.5      6,098.5      6,153.7      6,181.5      6,244.6      6,249.5
     Durable goods                                     731.5        815.7        828.9        849.3        862.0        884.9        915.8        893.7
     Nondurable goods                                1,685.3      1,776.1      1,792.4      1,805.8      1,837.8      1,825.3      1,847.3      1,854.5
     Services                                        3,268.0      3,400.1      3,443.8      3,454.3      3,466.0      3,485.9      3,499.7      3,516.0
                                                                              Implicit price deflators (Index numbers, 1996 = 100)
Personal consumption expenditures                     102.93       104.58       105.29       105.39       105.60       105.82       106.25       106.72
     Durable goods                                     95.45        93.00        92.54        92.42        92.15        92.04        91.87        91.83
     Nondurable goods                                 101.40       103.77       105.08       104.99       105.45       105.57       106.50       107.60
     Services                                         105.31       107.52       108.20       108.46       108.65       109.01       109.33       109.59
                                                                                        Change From Preceding Period
                                                                                        Billions of current dollars
Personal consumption expenditures                      324.2        408.7         34.6         50.5         71.0         43.1         93.5         34.5
     Durable goods                                      55.3         60.4          0.4         17.9          9.5         20.0         27.0        -20.7
     Nondurable goods                                   67.2        134.3         13.1         12.4         42.1        -11.0         40.4         27.9
     Services                                          201.7        214.1         21.2         20.2         19.4         34.0         26.2         27.3
                                                                                        Billions of chained (1996) dollars
Personal consumption expenditures                      264.6        301.8         20.8         42.0         55.2         27.8         63.1          4.9
     Durable goods                                      74.1         84.2          2.0         20.4         12.7         22.9         30.9        -22.1
     Nondurable goods                                   65.4         90.8          9.1         13.4         32.0        -12.5         22.0          7.2
     Services                                          127.7        132.1          9.7         10.5         11.7         19.9         13.8         16.3
                                                          Table 5.-- Percent Change From Preceding Period in Selected Series
                                                                                              Based on current dollars
Personal income                                          5.9          5.9          1.2          0.4          0.3          0.7          0.4          0.7
Disposable personal income                               5.1          5.6          1.3          0.4          0.2          0.9          0.3          0.7
Personal consumption expenditures                        5.9          7.0          0.5          0.8          1.1          0.7          1.4          0.5
     Durable goods                                       8.6          8.7          0.1          2.3          1.2          2.5          3.3         -2.5
     Nondurable goods                                    4.1          7.9          0.7          0.7          2.2         -0.6          2.1          1.4
     Services                                            6.2          6.2          0.6          0.5          0.5          0.9          0.7          0.7
                                                                                      Based on chained (1996) dollars
Disposable personal income                               4.1          4.0          1.1          0.3          0.0          0.7         -0.1          0.3
Personal consumption expenditures                        4.9          5.3          0.3          0.7          0.9          0.5          1.0          0.1
     Durable goods                                      11.3         11.5          0.2          2.5          1.5          2.6          3.5         -2.4
     Nondurable goods                                    4.0          5.4          0.5          0.7          1.8         -0.7          1.2          0.4
     Services                                            4.1          4.0          0.3          0.3          0.3          0.6          0.4          0.5
p  Preliminary.
r  Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.



 

 

 
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