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Personal income increased $68.1 billion, or 0.4 percent, and disposable personal income (DPI) increased $60.6 billion, or 0.5 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $25.9 billion, or 0.2 percent. In May, personal income increased $66.3 billion, or 0.4 percent, DPI increased $53.8 billion, or 0.4 percent, and PCE increased $90.8 billion, or 0.7 percent, based on revised estimates.
Real DPI increased 0.2 percent in June, compared with an increase of 0.1 percent in May. Real PCE decreased less than 0.1 percent, in contrast to an increase of 0.4 percent.
Annual Revision of the National Income and Product Accounts
The estimates released today reflect the results of the annual revision of the national income and product accounts (NIPAs) in conjunction with preliminary estimates for June 2015. In addition to the regular revision of the estimates for the most recent 3 years and for the first 5 months of 2015, some series are revised back to 1976. More information is available in "Preview of the 2015 Annual Revision of the NIPAs" in the June Survey of Current Business and on BEA's Web site. The August Survey will contain an article that describes the results. __________________ FOOTNOTE._________ Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2009) dollars.
Compensation
Wages and salaries increased $18.3 billion in June, compared with an increase of $32.0 billion in May. Private wages and salaries increased $16.0 billion in June, compared with an increase of $29.6 billion in May. Government wages and salaries increased $2.3 billion, compared with an increase of $2.4 billion.
Supplements to wages and salaries increased $4.4 billion in June, compared with an increase of $5.6 billion in May.
Other personal income
Proprietors' income increased $11.0 billion in June, compared with an increase of $7.4 billion in May. Farm proprietors' income increased $4.3 billion in June, the same increase as in May. Nonfarm proprietors' income increased $6.7 billion in June, compared with an increase of $3.1 billion in May.
Rental income of persons increased $7.4 billion in June, compared with an increase of $7.7 billion in May. Personal income receipts on assets (personal interest income plus personal dividend income) increased $20.2 billion, compared with an increase of $8.4 billion. Personal current transfer receipts increased $8.6 billion, compared with an increase of $8.9 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $1.8 billion in June, compared with an increase of $3.8 billion in May.
Personal current taxes and disposable personal income
Personal current taxes increased $7.5 billion in June, compared with an increase of $12.5 billion in May. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $60.6 billion, or 0.5 percent, in June, compared with an increase of $53.8 billion, or 0.4 percent, in May.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $30.5 billion in June, compared with an increase of $95.4 billion in May. PCE increased $25.9 billion, compared with an increase of $90.8 billion.
Personal saving -- DPI less personal outlays -- was $646.3 billion in June, compared with $616.2 billion in May. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.8 percent in June, compared with 4.6 percent in May. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp.
Real DPI, real PCE, and price index
Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in June, compared with an increase of 0.1 percent in May.
Real PCE -- PCE adjusted to remove price changes -- decreased less than 0.1 percent in June, in contrast to an increase of 0.4 percent in May. Purchases of durable goods decreased 1.1 percent, in contrast to an increase of 1.3 percent. Purchases of motor vehicles and parts accounted for most of the decrease in June. Purchases of nondurable goods decreased less than 0.1 percent in June, in contrast to an increase of 0.9 percent in May. Purchases of services increased 0.2 percent, compared with an increase of 0.1 percent.
The price index for PCE increased 0.2 percent in June, compared with an increase of 0.3 percent in May. The PCE price index, excluding food and energy, increased 0.1 percent in June, the same increase as in May.
The June price index for PCE increased 0.3 percent from June a year ago. The June PCE price index, excluding food and energy, increased 1.3 percent from June a year ago.
Revisions
Revisions to the personal income and outlays estimates reflect the results of the annual revision of the national income and product accounts (NIPAs). These revisions, usually made each July, incorporate newly available and more comprehensive source data, as well as improved estimation methodologies. This year’s revision incorporates a new classification of federal refundable tax credits, which revised personal income, personal current taxes, government current receipts, and government current expenditures. The timespan of the revisions is January 1976 through May 2015.
Revisions to annual estimates of personal income and outlays for 2012 through 2014 are shown in table 12. Revised and previously published monthly estimates of personal income, DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in table 13; revised and previously published annual and quarterly estimates are shown in table 14.
Personal income was revised up $27.4 billion, or 0.2 percent, for 2012; was revised down $98.5 billion, or 0.7 percent, for 2013; and was revised down $39.7 billion, or 0.3 percent, for 2014.
o For 2012, upward revisions to personal interest income and to government social benefits to persons were partly offset by downward revisions to farm proprietors’ income, to nonfarm proprietors’ income, and to rental income of persons.
o For 2013, downward revisions to nonfarm proprietors’ income, to personal dividend income, and to rental income of persons were partly offset by upward revisions to personal interest income and to government social benefits to persons.
o For 2014, downward revisions to nonfarm proprietors’ income, to personal dividend income, and to rental income of persons were partly offset by upward revisions to personal interest income, to wages and salaries, and to farm proprietors’ income.
Disposable personal income was revised up $19.7 billion, or 0.2 percent, for 2012; was revised down $109.5 billion, or 0.9 percent, for 2013; and was revised down $76.1 billion, or 0.6 percent, for 2014. The percent change from the preceding year in real DPI was revised up from an increase of 3.0 percent to an increase of 3.2 percent in 2012; was revised down from an decrease of 0.2 percent to a decrease of 1.4 percent in 2013; and was revised up from an increase of 2.5 percent to an increase of 2.7 percent in 2014.
Personal outlays was revised down $30.8 billion, or 0.3 percent, for 2012; was revised down $91.4 billion, or 0.8 percent, for 2013; and was revised down $63.7 billion, or 0.5 percent, for 2014. Revisions to personal outlays primarily reflected downward revisions to PCE.
The personal saving rate (personal saving as a percentage of disposable personal income) was revised up from 7.2 percent to 7.6 percent for 2012, was revised down from 4.9 percent to 4.8 percent for 2013, and was revised down from 4.9 percent to 4.8 percent for 2014.
Source: U.S. Bureau of Economic Analysis · Original release Aug 3, 2015.
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