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Interest Rates
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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 […]
- Notice of multistakeholder process open meeting July 12, 2012
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, […]
- Advocacy Request for Quotations (RFQs)
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, May 2012
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 29, 2012BEA 12-30
James Rankin: (202) 606-5301 (Personal Income) piniwd@bea.gov
Kyle Brown: (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, MAY 2012
Personal income increased $25.4 billion, or 0.2 percent, and disposable personal income (DPI)
increased $18.5 billion, or 0.2 percent, in May, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $4.7 billion, or less than 0.1 percent. In April,
personal income increased $29.4 billion, or 0.2 percent, DPI increased $19.5 billion, or 0.2 percent,
and PCE increased $16.2 billion, or 0.1 percent, based on revised estimates.
Real disposable income increased 0.3 percent in May, compared with an increase of 0.1 percent
in April. Real PCE increased 0.1 percent in May, the same increase as in April.
2012
Jan. Feb. Mar. Apr. May
(Percent change from preceding month)
Personal income, current dollars 0.4 0.4 0.4 0.2 0.2
Disposable personal income:
Current dollars 0.3 0.4 0.4 0.2 0.2
Chained (2005) dollars 0.0 0.0 0.2 0.1 0.3
Personal consumption expenditures:
Current dollars 0.4 1.0 0.1 0.1 0.0
Chained (2005) dollars 0.2 0.6 -0.2 0.1 0.1
Wages and salaries
Private wage and salary disbursements increased $1.1 billion in May, compared with an increase
of $5.3 billion in April. Goods-producing industries’ payrolls decreased $7.0 billion, in contrast
to an increase of $5.6 billion; manufacturing payrolls decreased $4.5 billion, in contrast to an
increase of $3.2 billion. Services-producing industries’ payrolls increased $8.3 billion, in contrast
to a decrease of $0.4 billion. Government wage and salary disbursements increased $0.3 billion,
compared with an increase of $0.4 billion.
Other personal income
Supplements to wages and salaries increased $1.6 billion in May, compared with an increase of $2.0 billion in April.
Proprietors’ income increased $4.9 billion in May, compared with an increase of $3.2 billion in April.
Farm proprietors’ income increased $1.5 billion, compared with an increase of $1.6 billion. Nonfarm proprietors’ income
increased $3.3 billion, compared with an increase of $1.7 billion.
Rental income of persons increased $4.1 billion in May, compared with an increase of $3.8 billion in April.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $12.7 billion,
compared with an increase of $16.4 billion. Personal current transfer receipts increased $1.2 billion, in
contrast to a decrease of $0.8 billion.
Contributions for government social insurance — a subtraction in calculating personal income — increased $0.4 billion
in May, compared with an increase of $0.8 billion in April.
Personal current taxes and disposable personal income
Personal current taxes increased $6.9 billion in May, compared with an increase of $9.9 billion in April.
Disposable personal income (DPI) — personal income less personal current taxes — increased $18.5 billion,
or 0.2 percent, in May, compared with an increase of $19.5 billion, or 0.2 percent, in April.
Personal outlays and personal saving
Personal outlays — PCE, personal interest payments, and personal current transfer payments — decreased
$7.0 billion in May, in contrast to an increase of $13.9 billion in April. PCE decreased $4.7 billion,
in contrast to an increase of $16.2 billion.
Personal saving — DPI less personal outlays — was $464.3 billion in May, compared with $438.8 billion
in April. The personal saving rate — personal saving as a percentage of disposable personal income — was
3.9 percent in May, compared with 3.7 percent in April. 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 0.3 percent in May, compared with an
increase of 0.1 percent in April.
Real PCE — PCE adjusted to remove price changes — increased 0.1 percent in May, the same increase
as in April. Purchases of durable goods decreased 0.4 percent, compared with a decrease of 0.1 percent.
Purchases of nondurable goods increased 0.3 percent, compared with an increase of 0.1 percent.
Purchases of services increased 0.2 percent in May, the same increase as in April.
PCE price index — The price index for PCE decreased 0.2 percent in May, compared with an increase of
less than 0.1 percent in April. The PCE price index, excluding food and energy, increased 0.1 percent in
May, the same increase as in April.
Revisions
Estimates have been revised for January through April. Changes in personal income, current-dollar and
chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for March and April — revised
and as published in last month’s release — are shown below.
Change from preceding month
March April
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 52.2 53.8 0.4 0.4 31.7 29.4 0.2 0.2
Disposable personal income:
Current dollars 45.9 48.0 0.4 0.4 22.0 19.5 0.2 0.2
Chained (2005) dollars 19.2 17.2 0.2 0.2 17.4 14.6 0.2 0.1
Personal consumption expenditures:
Current dollars 25.4 8.2 0.2 0.1 31.8 16.2 0.3 0.1
Chained (2005) dollars 2.6 -15.5 0.0 -0.2 26.1 11.8 0.3 0.1
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 – July 31, 2012 at 8:30 A.M. EDT for Personal Income and Outlays for June
________________________
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.