EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 31, 2013
BEA 13-22
James Rankin: (202) 606-5301 (Personal Income) piniwd@bea.gov
Harvey Davis: (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
PERSONAL INCOME AND OUTLAYS: APRIL 2013
Personal income decreased $5.6 billion, or less than 0.1 percent, and disposable personal income
(DPI) decreased $16.1 billion, or 0.1 percent, in April, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $20.5 billion, or 0.2 percent. In March,
personal income increased $36.2 billion, or 0.3 percent, DPI increased $25.4 billion, or 0.2 percent,
and PCE increased $14.2 billion, or 0.1 percent, based on revised estimates.
Real disposable income increased 0.1 percent in April, compared with an increase of 0.3 percent
in March. Real PCE increased 0.1 percent, compared with an increase of 0.2 percent. 2012 2013
This news release presents revised estimates of wages and salaries, personal taxes, and contributions for
government social insurance for October through December 2012 (fourth quarter). These estimates reflect
the incorporation of newly available fourth-quarter wage and salary tabulations from the quarterly census
of employment and wages from the Bureau of Labor Statistics.
NOTE. 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 (2005) dollars.
This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm.
Wages and salaries
Private wage and salary disbursements increased $1.6 billion in April, compared with an increase
of $16.3 billion in March. Goods-producing industries' payrolls decreased $2.0 billion, in contrast to
an increase of $0.7 billion; manufacturing payrolls decreased $2.1 billion, in contrast to an increase of
$0.2 billion. Services-producing industries' payrolls increased $3.7 billion, compared with an increase
of $15.6 billion. Government wage and salary disbursements increased $0.2 billion, in contrast to a
decrease of $0.4 billion.
Other personal income
Supplements to wages and salaries increased $2.1 billion in April, compared with an increase of
$3.1 billion in March.
Proprietors' income decreased $8.3 billion in April, in contrast to an increase of $5.5 billion in
March. Farm proprietors' income decreased $11.3 billion, in contrast to an increase of $7.8 billion.
Nonfarm proprietors' income increased $3.0 billion, in contrast to a decrease of $2.3 billion.
Rental income of persons increased $0.5 billion in April, compared with an increase of $12.6
billion in March. Personal income receipts on assets (personal interest income plus personal dividend
income) increased $12.6 billion, in contrast to a decrease of $4.6 billion.
Personal current transfer receipts decreased $13.7 billion in April, in contrast to an increase of
$6.0 billion in March. Within current transfer receipts, government social benefits to persons for
social security decreased $9.6 billion, in contrast to an increase of $6.4 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $0.6 billion in April, compared with an increase of $2.5 billion in March.
Personal current taxes and disposable personal income
Personal current taxes increased $10.4 billion in April, compared with an increase of $10.8 billion
in March. Disposable personal income (DPI) -- personal income less personal current taxes --
decreased $16.1 billion, or 0.1 percent, in April, in contrast to an increase of $25.4 billion, or 0.2
percent in March.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments --
decreased $21.7 billion in April, in contrast to an increase of $16.4 billion in March. PCE decreased
$20.5 billion, in contrast to an increase of $14.2 billion.
Personal saving -- DPI less personal outlays -- was $306.9 billion in April, compared with $301.4
billion in March. The personal saving rate -- personal saving as a percentage of disposable personal
income -- was 2.5 percent in April, the same as in March. For a comparison of personal saving in
BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s
flow of funds accounts and data on changes in net worth, go to
http://www.bea.gov/national/nipaweb/Nipa-Frb.asp.
Real DPI, real PCE and price index
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in April, compared
with an increase of 0.3 percent in March.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in April, compared
with an increase of 0.2 percent in March. Purchases of durable goods increased 0.7 percent, in
contrast to a decrease of less than 0.1 percent. Purchases of nondurable goods increased 0.1 percent,
in contrast to a decrease of 0.2 percent. Purchases of services decreased 0.1 percent, in contrast to an
increase of 0.4 percent.
The price index for PCE decreased 0.3 percent in April, compared with a decrease of 0.1 percent
in March. The PCE price index, excluding food and energy, increased less than 0.1 percent,
compared with an increase of 0.1 percent. -more-
Revisions
Estimates for personal income and DPI have been revised for October through March; estimates
for PCE have been revised for January through March. Changes in personal income, current-dollar
and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for February and
March -- revised and as published in last month's release -- are shown below.
Estimates of wages and salaries were revised from October through March. The revision to
fourth-quarter wages and salaries reflected the incorporation of the most recently available BLS
tabulations of the fourth-quarter wages and salaries from the quarterly census of employment and
wages (QCEW). The QCEW data include irregular pay, such as bonuses and gains from the exercise
of stock options. Accelerated bonuses in anticipation of changes to individual income tax rates were
reflected in the fourth-quarter QCEW data.
Estimates for personal income and DPI have been revised for October through March; estimates
for PCE have been revised for January through March. Changes in personal income, current-dollar
and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for February and
March -- revised and as published in last month's release -- are shown below.
Estimates of wages and salaries were revised from October through March. The revision to
fourth-quarter wages and salaries reflected the incorporation of the most recently available BLS
tabulations of the fourth-quarter wages and salaries from the quarterly census of employment and
wages (QCEW). The QCEW data include irregular pay, such as bonuses and gains from the exercise
of stock options. Accelerated bonuses in anticipation of changes to individual income tax rates were
reflected in the fourth-quarter QCEW data.
Comprehensive Revision of the National Income and Product Accounts
As part of the 14th comprehensive (or benchmark) revision of the national income and product
accounts (NIPAs), revised estimates of personal income and outlays will be released in conjunction with
preliminary estimates for June 2013 on August 2, 2013. More information on the revision is available on
BEA’s Web site at www.bea.gov/gdp-revisions. An article in the March 2012 issue of the Survey of
Current Business discusses the upcoming changes in definitions and presentations, and an article in the
May Survey describes changes in statistical methods. An article in the September Survey will describe the
estimates in detail. Revised NIPA table stubs and news release stubs will be available in June.
BEA’s national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov.
By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and
announcements.
* * *
Next release – June 27, 2013 at 8:30 A.M. EDT for
Personal Income and Outlays for May
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