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
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* * *
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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