A Summary of the Gross National Product
...bution from private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased. 2. Personal Income and Outlays: September 2004 Here we see the analysis as it relates to “Personal Income.” There are several categories that relate to personal income and they are: wages and salaries; supplemental income; rental income of persons deceased; personal income receipts on assets; personal current transfer receipts; and contributions for government social insurance. These resulted in personal income increasing to $15.1 billion, or 0.2 percent, and disposable personal income (DPI) increasing to $9.0 billion, or 0.1 percent, in September 2004, according to the Bureau of economic Analysis. Personal consumption expenditures (PCE) increased to $49.8 billion, or 0.6 percent. In August 2004, personal income increased $25.3 billion, or 0.3 percent, DPI increased $20.0 billion, or 0.2 percent, and PCE decreased $6.4 billion, or 0.1 percent, based on revised estimates. The September and August estimates of personal income reflect the effects of Hurricanes Charley, Frances, Ivan, and Jeanne, which hit the southwestern part of the United States during these months. BEA made largely offsetting adjustments to several components of personal income. Rental income of persons and proprietors’ income were reduced by $40.5 billion in September and $13.6 billion in August to reflect uninsured losses of residential and business property. 3. GDP: 2d Quarter 2004 (Final) and Corporate Profits: 2d Quarter 2004 (Revised) The final estimate of the second...