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Personal Income and Outlays, June 2019

Summary:
Personal income increased .6 billion (0.4 percent) in June according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased .7 billion (0.4 percent) and personal consumption expenditures (PCE) increased .0 billion (0.3 percent). Real DPI increased 0.3 percent in June and Real PCE increased 0.2 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.   2019 Feb. Mar. Apr. May June Percent change from preceding month Personal income:        Current dollars 0.6 0.4 0.4 0.4 0.4 Disposable personal income:        Current dollars 0.5 0.4 0.4 0.3 0.4      Chained (2012) dollars 0.4 0.2 0.1 0.2

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Personal income increased $83.6 billion (0.4 percent) in June according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $69.7 billion (0.4 percent) and personal consumption expenditures (PCE) increased $41.0 billion (0.3 percent).

Real DPI increased 0.3 percent in June and Real PCE increased 0.2 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

  2019
Feb. Mar. Apr. May June
Percent change from preceding month
Personal income:  
     Current dollars 0.6 0.4 0.4 0.4 0.4
Disposable personal income:  
     Current dollars 0.5 0.4 0.4 0.3 0.4
     Chained (2012) dollars 0.4 0.2 0.1 0.2 0.3
Personal consumption expenditures (PCE):  
     Current dollars -0.1 1.0 0.6 0.5 0.3
     Chained (2012) dollars -0.2 0.8 0.3 0.3 0.2
Price indexes:  
     PCE 0.1 0.2 0.3 0.1 0.1
     PCE, excluding food and energy 0.0 0.1 0.2 0.2 0.2
Price indexes: Percent change from month one year ago
     PCE 1.3 1.4 1.5 1.4 1.4
     PCE, excluding food and energy 1.6 1.5 1.5 1.5 1.6

The increase in personal income in June primarily reflected increases in wages and salaries, government social benefits to persons, and supplements to wages and salaries (table 3).

The $21.4 billion increase in real PCE in June primarily reflected a $19.5 billion increase in spending for nondurable goods and a $4.6 billion increase in spending for services, that was partially offset by a decline of $1.5 billion in spending for durable goods (table 7). Within nondurable goods, other nondurable goods (including pharmaceutical products) was the leading contributor to the increase. Within durable goods, motor vehicles and parts was the leading contributor to the decline. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.

Personal outlays increased $44.2 billion in June (table 3). Personal saving was $1.34 trillion in June and the personal saving rate, personal saving as a percentage of disposable personal income, was 8.1 percent (table 1).

Annual Update of the National Income and Product Accounts

The estimates released today also reflect the results of the Annual Update of the National Income and Product Accounts (NIPAs). The update covers January of 2014 through May of 2019.

With today's release, most NIPA tables are available through BEA’s Interactive Data application on the BEA Web site (www.bea.gov). See "Information on Updates to the National Income and Product Accounts" for the complete table release schedule and a summary of results for 2014 through 2018, which includes a discussion of methodology changes. A table showing the major current-dollar revisions and their sources for each component of GDP, national income, and personal income is also provided.

The August 2019 Survey of Current Business will include an article describing the update in more detail. Previously published estimates, which are superseded by today's release, are found in BEA’s archives.

Updates to Personal Income and Outlays

Revisions to the personal income and outlays estimates reflect the results of the 2019 annual update of the NIPAs. Revisions to annual estimates of personal income and outlays for 2014 through 2018 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 down $0.1 billion, or less than -0.1 percent in 2014; revised down $1.8 billion, or less than -0.1 percent in 2015; revised down $4.0 billion, or less than -0.1 percent in 2016; revised up $47.9 billion, or 0.3 percent in 2017; and revised up $249.6 billion, or 1.4 percent in 2018.

  • For 2014, revisions to personal income primarily reflected a $3.8 billion downward revision to rental income of persons with capital consumption adjustment that was partly offset by a $2.0 billion upward revision to wages and salaries.
  • For 2015, revisions to personal income primarily reflected a $3.7 billion downward revision to rental income of persons with capital consumption adjustment that was partly offset by a $2.3 billion upward revision to wages and salaries.
  • For 2016, revisions to personal income primarily reflected a $16.5 billion upward revision to personal interest income that was more than offset by a $13.4 billion downward revision to rental income of persons with capital consumption adjustment and a $11.7 billion downward revision to personal dividend income.
  • For 2017, revisions to personal income primarily reflected an upward revision of $28.6 billion to personal interest income, a $21.4 billion upward revision to personal dividend income, and a $17.3 billion upward revision to proprietors’ income with inventory valuation and capital consumption adjustments.
  • For 2018, revisions to personal income primarily reflected an upward revision of $86.2 billion to personal interest income, an upward revision of $75.7 billion to personal dividend income, and an upward revision of $67.2 billion to wages and salaries.

DPI was revised up $1.3 billion, or less than 0.1 percent in 2014; revised down $4.3 billion, or less than -0.1 percent in 2015; revised down $5.8 billion, or less than -0.1 percent in 2016; revised up $36.7 billion, or 0.2 percent in 2017; and revised up $219.7 billion, or 1.4 percent in 2018.

Personal outlays was revised up $0.9 billion, or less than 0.1 percent in 2014; revised down $8.9 billion, or -0.1 percent in 2015; revised down $16.4 billion, or -0.1 percent in 2016; revised down $7.4 billion, or -0.1 percent in 2017; and revised up $46.4 billion, or 0.3 percent in 2018.

The personal saving rate was revised up less than 0.1 percentage point to 7.3 in 2014, revised up less than 0.1 percentage point to 7.6 in 2015, revised up 0.1 percentage point to 6.8 in 2016, revised up 0.3 percentage point to 7.0 in 2017, and revised up 1.0 percentage point to 7.7 in 2018.

QCEW Data Included in the First Quarter of 2019

BEA’s data on wages and salaries for the first quarter of 2019 were based on expedited information from state employment offices across the country. BEA acknowledges the special efforts by the Bureau of Labor Statistics with the assistance of these state employment offices in providing preliminary data from the Quarterly Census of Employment and Wages (QCEW).

Next release: August 30, 2019 at 8:30 A.M. EDT

Personal Income and Outlays: July 2019

Bureau of Economic Analysis
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

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