EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, AUGUST 30, 2013
BEA 13-39


* See the navigation bar at the right side of the news release text for links to data tables,
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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, JULY 2013
Personal income increased $14.1 billion, or 0.1 percent, and disposable personal income (DPI) increased $21.7 billion,
or 0.2 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE)
increased $16.3 billion, or 0.1 percent.  In June, personal income increased $38.2 billion, or 0.3 percent, DPI
increased $27.3 billion, or 0.2 percent, and PCE increased $64.0 billion, or 0.6 percent, based on revised estimates.

Real disposable income increased 0.1 percent in July, in contrast to a decrease of 0.2 percent in June.  Real PCE
increased less than 0.1 percent, compared with an increase of 0.2 percent.

                                        2013
                                        Mar.            Apr.            May             June            July
                                                       (Percent change from preceding month)
Personal income, current dollars        0.3             0.0             0.3             0.3             0.1
Disposable personal income:
 Current dollars                        0.3            -0.1             0.3             0.2             0.2
 Chained (2009) dollars                 0.4             0.2             0.2            -0.2             0.1
Personal consumption expenditures:
 Current dollars                        0.2            -0.2             0.2             0.6             0.1
 Chained (2009) dollars                 0.3             0.0             0.1             0.2             0.0

BOX._____________
This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government
social insurance for January through March 2013 (first quarter).  These estimates reflect the incorporation of the
most recently available first-quarter wage and salary tabulations from the quarterly census of employment and wages
from the Bureau of Labor Statistics.
_________________

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.

This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm.
_________________

                                Wages and salaries

Private wages and salaries decreased $15.3 billion in July, in contrast to an increase of $31.3 billion in June.
Goods-producing industries' payrolls decreased $4.2 billion, in contrast to an increase of $7.6 billion; manufacturing
payrolls decreased $3.7 billion, in contrast to an increase of $5.3 billion.  Services-producing industries' payrolls
decreased $11.2 billion, in contrast to an increase of $23.8 billion.

Government wages and salaries decreased $6.4 billion in July, compared with a decrease of $0.8 billion in June.
Government wages were reduced by $7.7 billion in July and $0.7 billion in June due to furloughs that impacted
several federal government agencies.

                                Other personal income

Supplements to wages and salaries decreased $0.1 billion in July, in contrast to an increase of $3.4 billion in June.

Proprietors' income increased $7.4 billion in July, in contrast to a decrease of $22.2 billion in June.  Farm proprietors'
income increased $6.2 billion, in contrast to a decrease of $24.6 billion.  Nonfarm proprietors' income increased
$1.1 billion, compared with an increase of $2.4 billion.

Rental income of persons increased $7.9 billion in July, compared with an increase of $2.7 billion in June.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $13.3 billion, compared
with an increase of $22.1 billion.  Personal current transfer receipts increased $4.4 billion, compared with an increase
of $5.5 billion.

Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $2.8 billion
in July, in contrast to an increase of $3.6 billion in June.

                                Personal current taxes and disposable personal income

Personal current taxes decreased $7.8 billion in July, in contrast to an increase of $11.0 billion in June.  Disposable
personal income (DPI) -- personal income less personal current taxes -- increased $21.7 billion, or 0.2 percent, in July,
compared with an increase of $27.3 billion, or 0.2 percent in June.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $18.4 billion in July,
compared with an increase of $59.7 billion in June.  PCE increased $16.3 billion, compared with an increase of $64.0 billion.

Personal saving -- DPI less personal outlays -- was $544.5 billion in July, compared with $541.2 billion in June.  The
personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.4 percent in July, the
same as in June.  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 July, in contrast to a decrease of 0.2 percent
in June.

Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in July, compared with an increase
of 0.2 percent in June. Purchases of durable goods increased 0.1 percent, compared with an increase of 0.9 percent.
Purchases of nondurable goods increased 0.5 percent, compared with an increase of 0.1 percent.  Purchases of
services decreased 0.1 percent, in contrast to an increase of less than 0.1 percent.

The price index for PCE increased 0.1 percent in July, compared with an increase of 0.4 percent in June.  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 January through June; estimates for PCE have been revised
for April through June.  Changes in personal income, current-dollar and chained (2009) dollar DPI, and current-dollar
and chained (2009) dollar PCE for May and June -- revised and as published in last month's release -- are shown below.

Estimates of wages and salaries were revised from January through June.  The revision to first-quarter wages and salaries
reflect the incorporation of the most recently available BLS tabulations of the first-quarter wages and salaries from the
quarterly census of employment and wages.  Revised estimates for April, May, and June reflect extrapolations from the
revised first-quarter level of wages.  In addition, revisions to May and June reflect revised BLS employment, hours,
and earnings data for those months.

                                                                Change from preceding month
                                        May                                       June
                                        Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                                       (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal Income:
 Current dollars                            49.5      45.0        0.4       0.3       45.4      38.2        0.3       0.3
Disposable personal income:
 Current dollars                            38.2      34.0        0.3       0.3       33.6      27.3        0.3       0.2
 Chained (2009) dollars                     24.4      20.4        0.2       0.2      -14.5     -21.9       -0.1      -0.2
Personal consumption expenditures:
 Current dollars                            19.3      20.8        0.2       0.2       59.4      64.0        0.5       0.6
 Chained (2009) dollars                      7.7       8.9        0.1       0.1       13.1      16.1        0.1       0.2

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.

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Next release - September 27, 2013 at 8:30 A.M. EDT for  Personal Income and Outlays for August