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Trade (FTC)
- FTC Alert: Federal Government Not Offering "Free" Money to Pay Your BillsHave you heard the federal government will pay your bills? Don't be fooled; it's a scam. […]
- FTC Alert: Federal Government Not Offering "Free" Money to Pay Your Bills
Commerce News
- Notice of multistakeholder process open meeting July 12, 2012Topics: Internet Policy Task Force Privacy Internet Policy Date: June 28, 2012 The July 12, 2012, meeting will be the first in a series of NTIA-convened multistakeholder discussions concerning mobile application transparency. Stakeholders will engage in an open, transparent, consensus-driven process to develop a code of conduct regarding mobile application […]
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Small Business News
- Advocacy Request for Quotations (RFQs)Page Title: Advocacy Request for Quotations (RFQs) Page summary: The Office of Advocacy seeks researchers, to perform economic research via a request for quotations (RFQ's). These RFQ’s are for competitive contracts and are not research grants. The proposal solicitations and synopses are listed in FedBizOpps. The Office of Advocacy seeks researchers, […]
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Monetary Policy
- Federal Reserve Board and Treasury Department agree that Term Asset-Backed Securities Loan Facility (TALF) requires less credit protection as it winds down
- Federal Reserve Board and Federal Open Market Committee release economic projections from the June 19-20 FOMC meeting
- Federal Reserve issues FOMC statement
Cost Estimates
- S. 3264, a bill to amend the Federal Water Pollution Control Act to reauthorize the Lake Pontchartrain Basin Restoration ProgramAs ordered reported by the Senate Committee on Environment and Public Works on June 21, 2012 read more […]
- H.R. 4367, a bill to amend the Electronic Fund Transfer Act to limit the fee disclosure requirement for an automatic teller machine to the screen of that machineAs ordered reported by the House Committee on Financial Services on June 27, 2012 read more […]
- S. 2165, United States-Israel Enhanced Security Cooperation Act of 2012As ordered reported by the Senate Committee on Foreign Relations on June 19, 2012 S. 2165 would extend programs to provide assistance to Israel and require the President to report to the Congress on aspects of our relationship with that country. CBO estimates that implementing the bill would not have a significant impact on the federal budget. Pay-as-you-go […]
- S. 3264, a bill to amend the Federal Water Pollution Control Act to reauthorize the Lake Pontchartrain Basin Restoration Program
Banking
- Banking Agencies Issue Host State Loan-to-Deposit RatiosThe Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These rati […]
- Banking Agencies Issue Host State Loan-to-Deposit Ratios
Personal Income and Outlays, April 2012
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 1, 2012BEA 12-21
James Rankin: (202) 606-5301 (Personal Income) piniwd@bea.gov
Harvey Davis: (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
* See the navigation bar at the right side of the news release text for links to data tables, contact personnel and their telephone numbers, and supplementary materials.
PERSONAL INCOME AND OUTLAYS: APRIL 2012
Personal income increased $31.7 billion, or 0.2 percent, and disposable personal income (DPI)
increased $22.0 billion, or 0.2 percent, in April, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $31.8 billion, or 0.3 percent. In March,
personal income increased $52.2 billion, or 0.4 percent, DPI increased $45.9 billion, or 0.4 percent,
and PCE increased $25.4 billion, or 0.2 percent, based on revised estimates.
Real disposable income increased 0.2 percent in April, the same increase as in March. Real
PCE increased 0.3 percent in April, compared with an increase of less than 0.1 percent in March.
2011 2012
Dec. Jan. Feb. Mar. Apr.
(Percent change from preceding month)
Personal income, current dollars 0.3 0.3 0.3 0.4 0.2
Disposable personal income:
Current dollars 0.3 0.2 0.3 0.4 0.2
Chained (2005) dollars 0.2 0.0 0.0 0.2 0.2
Personal consumption expenditures:
Current dollars 0.2 0.4 0.9 0.2 0.3
Chained (2005) dollars 0.1 0.2 0.6 0.0 0.3
This news release presents revised estimates of wages and salaries, personal taxes, and contributions for
government social insurance for October through December 2011 (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.
Wages and salaries
Private wage and salary disbursements increased $12.9 billion in April, compared with an increase of
$17.6 billion in March. Goods-producing industries’ payrolls increased $7.2 billion, compared with an increase
of $0.2 billion; manufacturing payrolls increased $4.3 billion, in contrast to a decrease of $0.2 billion.
Services-producing industries’ payrolls increased $5.7 billion, compared with an increase of $17.4 billion.
Government wage and salary disbursements were unchanged in April; government wages and salaries
increased $0.8 billion in March.
Other personal income
Supplements to wages and salaries increased $2.6 billion in April, compared with an increase of $2.5 billion in March.
Proprietors’ income increased $4.0 billion in April, compared with an increase of $5.1 billion in March. Farm
proprietors’ income increased $0.9 billion, compared with an increase of $0.2 billion. Nonfarm proprietors’ income
increased $3.0 billion, compared with an increase of $4.9 billion.
Rental income of persons increased $4.3 billion in April, compared with an increase of $4.9 billion in March.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $8.7 billion,
compared with an increase of $12.1 billion.
Personal current transfer receipts increased $1.1 billion in April, compared with an increase of $11.6 billion
in March. Within current transfer receipts, government social benefits to persons for social security
decreased $1.1 billion, in contrast to an increase of $6.6 billion.
Contributions for government social insurance — a subtraction in calculating personal income — increased $1.9 billion
in April, compared with an increase of $2.3 billion in March.
Personal current taxes and disposable personal income
Personal current taxes increased $9.7 billion in April, compared with an increase of $6.3 billion in March.
Disposable personal income (DPI) — personal income less personal current taxes — increased $22.0 billion, or
0.2 percent, in April, compared with an increase of $45.9 billion, or 0.4 percent in March.
Personal outlays and personal saving
Personal outlays — PCE, personal interest payments, and personal current transfer payments — increased $30.3 billion
in April, compared with an increase of $29.5 billion in March. PCE increased $31.8 billion, compared with an increase
of $25.4 billion.
Personal saving — DPI less personal outlays — was $403.4 billion in April, compared with $411.7 billion in March.
The personal saving rate — personal saving as a percentage of disposable personal income — was 3.4 percent in April,
compared with 3.5 percent 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 0.2 percent in April, the same increase as in March.
Real PCE — PCE adjusted to remove price changes — increased 0.3 percent in April, compared with an increase of less
than 0.1 percent in March. Purchases of durable goods increased 0.8 percent, in contrast to a decrease of 1.2 percent.
Purchases of nondurable goods increased 0.2 percent, compared with an increase of 0.4 percent. Purchases of services
increased 0.2 percent, compared with an increase of 0.1 percent.
PCE price index — The price index for PCE increased less than 0.1 percent in April, compared with an increase of 0.2
percent in March. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent.
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 reflect the incorporation of the most recently available BLS tabulations of the
fourth-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates
for January, February, and March reflect extrapolations from the revised fourth-quarter level of wages.
In addition, revisions to February and March reflect revised BLS employment, hours, and earnings data for those months.
Change from preceding month
February March
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars 39.6 44.5 0.3 0.3 50.3 52.2 0.4 0.4
Disposable personal income:
Current dollars 29.4 36.0 0.2 0.3 42.5 45.9 0.4 0.4
Chained (2005) dollars -7.5 -1.7 -0.1 0.0 15.5 19.2 0.2 0.2
Personal consumption expenditures:
Current dollars 93.7 100.9 0.9 0.9 29.6 25.4 0.3 0.2
Chained (2005) dollars 50.5 56.8 0.5 0.6 5.8 2.6 0.1 0.0
Annual Revision of the National Income and Product Accounts
As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and
outlays covering January 2009 through May 2012 will be released along with estimates for June 2012 on July 31.
The August Survey of Current Business will contain an article that describes the annual revision in detail.
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 29, 2012 at 8:30 A.M. EDT for Personal Income and Outlays for May
________________________
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. Search:
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Contacts
James Rankin (Personal Income)
(202) 606-5301
piniwd@bea.gov
Harvey Davis (Personal Consumption Expenditures)
(202) 606-5302
pce@bea.gov
Ralph Stewart (News Media)
(202) 606-2649
Jeannine Aversa (News Media)
(202) 606-2649
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