EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, AUGUST 29, 2014
BEA 14-41


* 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
Jeannine Aversa (202) 606-2649 (News Media)
PERSONAL INCOME AND OUTLAYS: JULY 2014
Personal income increased $28.6 billion, or 0.2 percent, and disposable personal income (DPI) increased $17.7 billion,
or 0.1 percent, in July, according to the Bureau of Economic Analysis.  Personal consumption expenditures (PCE)
decreased $13.6 billion, or 0.1 percent.  In June, personal income increased $67.1 billion, or 0.5 percent, DPI
increased $62.9 billion, or 0.5 percent, and PCE increased $50.5 billion, or 0.4 percent, based on revised estimates.

Real DPI increased 0.1 percent in July, compared with an increase of 0.3 percent in June.  Real PCE decreased
0.2 percent, in contrast to an increase of 0.2 percent.

                                        2014
                                        Mar.            Apr.            May             June            July
                                                       (Percent change from preceding month)
Personal income, current dollars        0.6             0.4             0.5             0.5             0.2
Disposable personal income:
 Current dollars                        0.6             0.5             0.5             0.5             0.1
 Chained (2009) dollars                 0.5             0.3             0.3             0.3             0.1
Personal consumption expenditures:
 Current dollars                        0.8             0.2             0.3             0.4            -0.1
 Chained (2009) dollars                 0.6            -0.1             0.1             0.2            -0.2

BOX.______________
This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government
social insurance for January through March 2014 (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 increased $12.9 billion in July, compared with an increase of $25.6 billion in June.
Goods-producing industries' payrolls increased $0.7 billion, compared with an increase of $8.8 billion; manufacturing
payrolls were unchanged in July and increased $5.1 billion in June.  Services-producing industries' payrolls increased
$12.3 billion in July, compared with an increase of $16.8 billion in June.  Government wages and salaries increased
$1.7 billion, compared with an increase of $1.8 billion.

                                Other personal income

Supplements to wages and salaries increased $3.7 billion in July, compared with an increase of $4.8 billion in June.

Proprietors' income decreased $2.7 billion in July, in contrast to an increase of $11.9 billion in June.  Farm
proprietors' income decreased $9.0 billion, in contrast to an increase of $6.7 billion.  Nonfarm proprietors'
income increased $6.3 billion, compared with an increase of $5.2 billion.

Rental income of persons increased $5.5 billion in July, compared with an increase of $3.6 billion in June.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $1.4 billion,
compared with an increase of $13.0 billion.  Personal current transfer receipts increased $8.1 billion, compared
with an increase of $10.2 billion in June.

Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.0 billion
in July, compared with an increase of $3.9 billion in June.

                                Personal current taxes and disposable personal income

Personal current taxes increased $10.9 billion in July, compared with an increase of $4.3 billion in June.  Disposable
personal income (DPI) -- personal income less personal current taxes -- increased $17.7 billion, or 0.1 percent, in July,
compared with an increase of $62.9 billion, or 0.5 percent, in June.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $12.0 billion in July,
in contrast to an increase of $51.2 billion in June.  PCE decreased $13.6 billion, in contrast to an increase of $50.5 billion.

Personal saving -- DPI less personal outlays -- was $739.1 billion in July, compared with $709.4 billion in June.  The personal
saving rate -- personal saving as a percentage of disposable personal income -- was 5.7 percent in July, compared with 5.4 percent
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 financial accounts of the United States and data on changes in net worth, go to 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, compared with an increase of 0.3 percent in June.

Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in July, in contrast to an increase of 0.2 percent in June.
Purchases of durable goods decreased 0.6 percent, in contrast to an increase of 0.5 percent.  Purchases of motor vehicles and parts
accounted for most of the July decrease.  Purchases of nondurable goods decreased 0.2 percent in July, in contrast to an increase
of 0.3 percent in June.  Purchases of services decreased 0.1 percent, in contrast to an increase of 0.1 percent.

The price index for PCE increased 0.1 percent in July, compared with an increase of 0.2 percent in June.  The PCE price index,
excluding food and energy, increased 0.1 percent in July, the same increase as in June.

                                Price index: percent change from month one year ago

The July price index for PCE increased 1.6 percent from July a year ago.  The July PCE price index, excluding food and energy,
increased 1.5 percent from July a year ago.

                                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, in current-dollar and chained (2009) dollar DPI, and in 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 first-quarter wages and salaries from the
quarterly census of employment and wages.  Revised estimates for April, May, and June reflect extrapolation 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                            57.4      67.3        0.4       0.5       56.7      67.1        0.4       0.5
Disposable personal income:
 Current dollars                            55.0      65.8        0.4       0.5       51.5      62.9        0.4       0.5
 Chained (2009) dollars                     19.7      31.8        0.2       0.3       21.4      31.8        0.2       0.3
Personal consumption expenditures:
 Current dollars                            39.8      37.9        0.3       0.3       51.7      50.5        0.4       0.4
 Chained (2009) dollars                      8.3       8.5        0.1       0.1       23.8      22.8        0.2       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 free e-mail
summaries of BEA releases and announcements.

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Next release  September 29, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for August