1 Comprises agriculture, forestry, fishing, mining, construction, andmanufacturing.
2 Comprises transportation, communication, public utilities, and trade.
3 Comprises finance, insurance, real estate, services, and rest of world.
4 With capital consumption and inventory valuation adjustments.
5 With capital consumption adjustment.

Source: U.S. Bureau of Economic Analysis, National Income and ProductNational Income and Product Accounts of the United States, 1929-97, vol. 1, forthcoming;and Survey of Current Business, May 2000.

http://www.bea.doc.gov/bea/dn1.htm

*TERMS

Personal income and outlay account

Personal income is the sum of wage and salary disbursements, other labor income, proprietors' income with inventoryvaluation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personaldividend income, personal interest income, and transfer payments to persons, less personal contributions for socialinsurance.

Wage and salary accruals consists of the monetary remuneration of employees, including the compensation ofcorporate officers; commissions, tips, and bonuses; voluntary employee contributions to certain deferred compensationplans, such as 401(k) plans; and receipts in kind that represent income. Wage and salary accruals consists of disbursementsand wage accruals less disbursements. Disbursements is wages and salaries as just defined except thatretroactive wage payments are recorded when paid rather than when earned. Accruals less disbursements is the differencebetween wages earned, or accrued, and wages paid, or disbursed. In the NIPA's, wages accrued is the appropriate measurefor national income, and wages disbursed is the appropriate measure for personal income.

Other labor income consists of employer payments (including payments in kind) to private pension and profit-sharingplans, private group health and life insurance plans, privately administered workers' compensation plans, supplementalunemployment benefit plans, corporate directors' fees, and several minor categories of employee compensation, includingjudicial fees to jurors and witnesses, compensation of prison inmates, and marriage fees to justices of the peace.

Proprietors' income with inventory valuation and capital consumption adjustments is the current-production income(including income in kind) of sole proprietorships and partnerships and of tax-exempt cooperatives. The imputed net rentalincome of owner-occupants of farm dwellings is included; the imputed net rental income of owner-occupants of nonfarmdwellings is included in rental income of persons (described below). Proprietors' income excludes dividends and monetaryinterest received by nonfinancial business and rental incomes received by persons not primarily engaged in the real estatebusiness; these incomes are included in dividends, net interest, and rental income of persons.

Rental income of persons with capital consumption adjustment is the net current-production income of persons fromthe rental of real property except for the income of persons primarily engaged in the real estate business; the imputed netrental income of owner-occupants of nonfarm dwellings; and the royalties received by persons from patents, copyrights, andrights to natural resources.

Personal dividend income is the dividend income of persons from all sources. It equals net dividends paid bycorporations less dividends received by government. Dividends received by government consists ofdividends received by State and local governments, primarily by their retirement systems.

Personal interest income is the interest income (monetary and imputed) of persons from all sources. It equals netinterest plus net interest paid by government plus interest paid by persons. The last item consistsof all interest paid by individuals except mortgage interest, which is reflected in net rental income of persons.

Transfer payments to persons is income payments to persons for which no current services are performed. It consists ofbusiness transfer payments to persons and government transfer payments. Government transfer paymentsincludes benefits from the following social insurance funds: Old-age, survivors, and disability insurance (social security);hospital insurance; supplementary medical insurance; unemployment insurance; government employee retirement; railroadretirement; pension benefit guaranty; veterans life insurance; workers' compensation; military medical insurance; andtemporary disability insurance. Government transfer payments also includes benefits from certain other programs: Veteransbenefits other than life insurance, food stamps, black lung, supplemental security income, public assistance (includingmedical care and family assistance), and educational assistance. Government payments to nonprofit institutions excludingpayments for work under research and development contracts are also included.

Personal contributions for social insurance includes payments by employees, self-employed, and other individualswho participate in the following government programs: Old-age, survivors, and disability insurance (social security);hospital insurance; supplementary medical insurance; unemployment insurance; government employee retirement; railroadretirement; veterans life insurance; and temporary disability insurance.

Personal tax and nontax payments is tax payments (net of refunds) by U.S. residents that are not chargeable tobusiness expense and certain other personal payments to government agencies (except government enterprises) that aretreated like taxes. Personal taxes includes taxes on income, including realized net capital gains; on transfers of estates andgifts; and on personal property. Nontaxes includes donations and fees, fines, and forfeitures. Personal contributions forsocial insurance is not included. Taxes paid by U.S. residents to foreign governments and taxes paid by foreigners to the U.S.Government are both included in transfer payments.

Personal outlays is the sum of personal consumption expenditures, interest paid by persons,and personal transfer payments to the rest of the world (net). The last item is personal remittances in cash and inkind to the rest of the world less such remittances from the rest of the world.

Personal saving is personal income less the sum of personal outlays and personal tax and nontax payments. It is thecurrent saving of individuals (including proprietors and partnerships), nonprofit institutions that primarily serve individuals,life insurance carriers, private noninsured welfare funds, and private trust funds. Personal saving may also be viewed as thesum of the net acquisition of financial assets (such as cash and deposits, securities, and the change in the net equity ofindividuals in life insurance and in private noninsured pension plans) and the change in physical assets less the sum of netborrowing and of consumption of fixed capital.

*