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US Income, Expenditures, Poverty, Wealth Census 2012

US Income, Expenditures, Poverty, Wealth Census 2012

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Income, Expenditures, Poverty, and Wealth 431
U.S. Census Bureau, Statistical Abstract o the United States: 2012
Section 13
Income, Expenditures, Poverty, and Wealth
This section presents data on grossdomestic product (GDP), gross nationalproduct (GNP), national and personalincome, saving and investment, moneyincome, poverty, and national andpersonal wealth. The data on income andexpenditures measure two aspects o theU.S. economy. One aspect relates to theNational Income and Product Accounts(NIPA), a summation refecting the entirecomplex o the nation’s economic incomeand output and the interaction o itsmajor components; the other relates tothe distribution o money income toamilies and individuals or consumerincome.The primary source or data on GDP, GNP,national and personal income, grosssaving and investment, and xed assetsand consumer durables is the
Survey of Current Business 
, published monthly bythe Bureau o Economic Analysis (BEA).A comprehensive revision to the NIPAwas released beginning in July 2009.Discussions o the revision appeared inthe March, August, September, October,and November 2009 issues o the
Survey of Current Business 
. Summary historicalestimates appeared in the August 2009issue o the
Survey of Current Business 
.Detailed historical data can be ound onBEA’s Web site at <http://www.bea.gov/>.Sources o income distribution data arethe decennial censuses o population,the Current Population Survey (CPS),and the American Community Survey, allproducts o the U.S. Census Bureau (seetext, Section 1 and Section 4). Annualdata on income o amilies, individuals,and households are presented in
Current Population Reports, Consumer Income,
 P60 Series, in print. Many data series arealso ound on the Census Web site at<http://www.census.gov/hhes/www/income/income.html>. Data onthe household sector’s saving and assetsare published by the Board o Governorso the Federal Reserve System in thequarterly statistical release
Flow of Funds 
. The Federal Reserve Board alsoperiodically conducts the
Survey of Consumer Finances 
, which presents nan-cial inormation on amily assets and networth. The most recent survey is availableat <http://www.ederalreserve.gov/pubs/oss/oss2/scndex.html>. Detailed inor-mation on personal wealth is publishedperiodically by the Internal RevenueService (IRS) in
SOI Bulletin
National income and product
GDP is the total output o goods andservices produced by labor and prop-erty located in the United States, valuedat market prices. GDP can be viewed interms o the expenditure categories thatcomprise its major components:personal consumption expenditures,gross private domestic investment, netexports o goods and services, and gov-ernment consumption expenditures andgross investment. The goods and servicesincluded are largely those bought or naluse (excluding illegal transactions) in themarket economy. A number o inclusions,however, represent imputed values, themost important o which is the rentalvalue o owner–occupied housing. GDP, inthis broad context, measures the outputattributable to the actors o productionlocated in the United States. GDP by stateis the gross market value o the goodsand services attributable to labor andproperty located in a state. It is the statecounterpart o the nation’s GDP.The eatured measure o real GDP isan index based on chain-type annualweights. Changes in this measure o real output and prices are calculatedas the average o changes based onweights or the current and precedingyears. (Components o real output areweighted by price, and components o prices are weighted by output.) Theseannual changes are “chained” (multiplied)together to orm a time series that allowsor the eects o changes in relativeprices and changes in the composition o output over time. Quarterly and monthlychanges are based on quarterly andmonthly weights, respectively.
432 Income, Expenditures, Poverty, and Wealth
U.S. Census Bureau, Statistical Abstract o the United States: 2012
The output indexes are expressed as2005 = 100, and or recent years, in 2005dollars; the price indexes are also basedto 2005 = 100. For more inormation onchained–dollar indexes, see the article onthis subject in the November 2003 issueo the
Survey of Current Business 
.Chained (2005) dollar estimates o mostcomponents o GDP are not publishedor periods prior to 1990, becauseduring periods ar rom the base period,the levels o the components may pro-vide misleading inormation about theircontributions to an aggregate. Values arepublished in index orm (2005 = 100) or1929 to the present to allow users tocalculate the percent changes or allcomponents, which are accurate or allperiods. In addition, BEA publishesestimates o contributions o majorcomponents to the percent change inGDP or all periods.
Gross national product 
measures theoutput attributable to all labor andproperty supplied by United Statesresidents. GNP diers rom “nationalincome” mainly in that GNP includesallowances or depreciation—that is,consumption o xed capital.
National income
includes all net incomesnet o consumption o xed capital (CFC),earned in production. National incomeis the sum o compensation o employ-ees, proprietors’ income with inventoryvaluation adjustment (IVA) and capitalconsumption adjustment (CCAdj), rentalincome o persons with CCAdj, corporateprots with IVA and CCAdj, net interestand miscellaneous payments, taxes onproduction and imports, businesscurrent transer payments (net), andcurrent surplus o government enter-prises, less subsidies.
Capital consumption adjustment 
orcorporations and or nonarm soleproprietorships and partnerships is thedierence between capital consumptionbased on income tax returns and capitalconsumption measured using empiricalevidence on prices o used equipmentand structures in resale markets, whichhave shown that depreciation or mosttypes o assets approximates a geometricpattern. The tax return data are valued athistorical costs and refect changes overtime in service lives and depreciationpatterns as permitted by tax regulations.Inventory valuation adjustment representsthe dierence between the book value o inventories used up in production and thecost o replacing them.
Personal income
is the current incomereceived by persons rom all sourcesminus their personal contributionsor government social insurance.Classied as “persons” are individuals(including owners o unincorporatedrms), nonprot institutions that primarilyserve individuals, private trust unds, andprivate noninsured welare unds.Personal income includes personalcurrent transer receipts (payments notresulting rom current production) romgovernment and business such as socialsecurity benets, public assistance, etc.,but excludes transers among persons.Also included are certain nonmonetarytypes o income chiefy, estimated netrental value to owner-occupants o theirhomes and the value o services urnishedwithout payment by nancial interme-diaries. Capital gains (and losses) areexcluded.
Disposable personal income
is personalincome less personal current taxes. Itis the income available to persons orspending or saving. Personal currenttaxes are tax payments (net o reunds)by persons (except personal contributionsor government social insurance) thatare not chargeable to business expense.Personal taxes include income taxes,personal property taxes, motor vehiclelicenses, and other miscellaneous taxes.
Gross domestic product byindustry
—The BEA also preparesestimates o value added by industry.
Value added 
is a measure o the contribu-tion o each private industry and o gov-ernment to the nation’s GDP. It is denedas an industry’s gross output (whichconsists o sales or receipts and otheroperating income, commodity taxes, andinventory change) minus its intermedi-ate inputs (which consists o energy,raw materials, semi-nished goods, andservices that are purchased rom domesticindustries or rom oreign sources). Theseestimates o value added are produced or
Income, Expenditures, Poverty, and Wealth 433
U.S. Census Bureau, Statistical Abstract o the United States: 2012
61 private industries and or 4 govern-ment classications—ederal generalgovernment and government enterprisesand state and local general governmentand government enterprises.The estimates by industry are availablein current dollars and are derived romthe estimates o gross domestic income,which consists o three components—the compensation o employees, grossoperating surplus, and taxes on produc-tion and imports, less subsidies. Real,or infation-adjusted, estimates are alsoprepared.
Regional Economic Accounts
These accounts consist o estimates o state and local area personal income ando gross domestic product by state andare consistent with estimates o personalincome and gross domestic product inthe Bureau’s national economic accounts.BEA’s estimates o state and local areapersonal income provide a rameworkor analyzing individual state and localeconomies, and they show how theeconomies compare with each other.The
personal income
o a state and/orlocal area is the income received by, oron behal o, the residents o that state orarea. Estimates o labor and proprietors’earnings by place o work indicate theeconomic activity o business andgovernment within that area, andestimates o personal income by place o residence indicate the income within thearea that is available or spending. BEAprepares estimates or states, counties,metropolitan areas, and BEA economicareas.
Gross domestic product 
by state estimatesmeasure the value added to the nation’sproduction by the labor and property ineach state. GDP by state is oten consid-ered the state counterpart o the nation’sGDP. The GDP by state estimates pro-vide the basis or analyzing the regionalimpacts o national economic trends. GDPby state is measured as the sum o thedistributions by industry and state o thecomponents o gross domestic income;that is, the sum o the costs incurred andincomes earned in the production o GDPby state. The GDP estimates are presentedin current dollars and in real (chaineddollars) or 63 industries.
Consumer Expenditure Survey
The Consumer Expenditure Surveyprogram began in 1980. The principalobjective o the survey is to collect cur-rent consumer expenditure data, whichprovide a continuous fow o data on thebuying habits o American consumers.The data are necessary or uture revi-sions o the Consumer Price Index.The survey conducted by the CensusBureau or the Bureau o Labor Statisticsconsists o two components:(1) an interview panel survey in whichthe expenditures o consumer units areobtained in ve interviews conductedevery 3 months, and (2) a diary orrecordkeeping survey completed byparticipating households or twoconsecutive 1-week periods.Each component o the survey queriesan independent sample o consumerunits representative o the U.S. totalpopulation. Each quarter o the year,approximately 3,200 consumer unitsare sampled or the diary survey. Eachconsumer unit keeps a diary or two1-week periods yielding approximately6,400 diaries a year. The interview sampleis selected on a rotating panel basis, tar-geted at 15,000 consumer units. Data arecollected in 91 areas o the country thatare representative o the U.S. total popula-tion. The survey includes students instudent housing. Data rom the twosurveys are combined; integration isnecessary to permit analysis o totalamily expenditures because neither thediary nor quarterly interview survey wasdesigned to collect a complete account o consumer spending.
Distribution of money income tofamilies and individuals
Money income statistics are based ondata collected in various eld surveyso income conducted since 1936. Since1947, the Census Bureau has collectedthe data on an annual basis and publishedthem in
Current Population Reports 
,P60 Series. In each o the surveys, eldrepresentatives interview samples o the population with respect to incomereceived during the previous year.
Money income
as dened by the Census Bureaudiers rom the BEA concept o “personalincome.” Data on consumer income

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