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News Release: Personal Income and Outlays


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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 27, 2003

James E. Rankin:       (202) 606-5301  (Personal Income)        BEA 03-25
Greg Key:              (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303

               PERSONAL INCOME AND OUTLAYS:  MAY 2003

 Personal income increased $27.1 billion, or 0.3 percent, and disposable personal income (DPI)
increased $22.5 billion, or 0.3 percent, in May, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $11.0 billion, or 0.1 percent.  In April, personal
income increased $17.4 billion, or 0.2 percent, DPI increased $15.0 billion, or 0.2 percent, and PCE
increased $10.3 billion, or 0.1 percent, based on revised estimates.

                                                                    2003
                                            Jan.         Feb.       Mar.        Apr.       May
                                                    (Percent change from preceding month)

Personal income, current dollars            0.2          0.3        0.3         0.2        0.3

Disposable personal income:
  Current dollars                           0.5          0.2        0.2         0.2        0.3
  Chained (1996) dollars                    0.4         -0.2       -0.1         0.4        0.4

Personal consumption expenditures:
  Current dollars                           0.0          0.0        0.8         0.1        0.1
  Chained (1996) dollars                   -0.2         -0.5        0.5         0.3        0.3


  This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for social insurance for October through December 2002 (fourth quarter).


Wages and salaries

 Private wage and salary disbursements increased $6.9 billion in May, in contrast to a decrease
of $2.7 billion in April.  Goods-producing industries' payrolls increased $3.1 billion, in contrast to a
decrease of $2.6 billion; manufacturing payrolls increased $0.4 billion, in contrast to a decrease of
$4.4 billion.  Distributive industries' payrolls increased $1.9 billion, compared with an increase of
$0.2 billion.  Service industries' payrolls increased $2.0 billion, in contrast to a decrease of $0.4
billion.  Government wage and salary disbursements increased $0.7 billion, compared with an
increase of $2.7 billion.


Other personal income

 Proprietors' income increased $7.6 billion in May, compared with an increase of $8.8 billion in
April.  Farm proprietors' income increased $1.2 billion, compared with an increase of $0.6 billion.
Nonfarm proprietors' income increased $6.4 billion, compared with an increase of $8.3 billion.

 Transfer payments increased $10.5 billion in May, compared with an increase of $5.7 billion in
April.  Personal interest income increased $4.2 billion in May, the same increase as in April.
Personal dividend income increased $2.7 billion in May, the same increase as in April.  Rental
income of persons decreased $6.9 billion in May, compared with a decrease of $5.7 billion in April.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.7 billion in May, compared with an increase of $0.1 billion in April.


Personal taxes and disposable personal income

 Personal tax and nontax payments increased $4.7 billion in May, compared with an increase of
$2.4 billion in April.  Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $22.5 billion, or 0.3 percent, in May, compared with an increase of
15.0 billion, or 0.2 percent, in April.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $10.6 billion in May, compared with an increase of $9.8 billion in April.
PCE increased $11.0 billion, compared with an increase of $10.3 billion.

 Personal saving -- DPI less personal outlays -- was $283.4 billion in May, compared with
$271.5 billion in April.  Personal saving as a percentage of disposable personal income was 3.5
percent in May, compared with 3.4 percent in April.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in May, the same
increase as in April.  In each month, the larger increase in real DPI than in current-dollar DPI
reflected a decrease in the PCE implicit price deflator, which is used to deflate DPI.  The decreases
in the PCE implicit price deflator were mostly accounted for by large decreases in energy prices.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in May, the same
increase as in April.  Purchases of durable goods decreased 0.1 percent in May, in contrast to an
increase of 3.0 percent in April.  Purchases of motor vehicles and parts more than accounted for the
May decrease and accounted for most of the April increase.   Purchases of nondurable goods
increased 0.5 percent in May, in contrast to a decrease of 0.5 percent in April.  Purchases of services
increased 0.2 percent in May, the same increase as in April.


Revisions

 Estimates for personal income and DPI have been revised for October 2002 through April
2003; estimates for PCE have been revised for January through April 2003.  Changes in personal
income, current-dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar
PCE for March and April -- revised and as published in last month's release -- are shown below.

    For October through December 2002, the revisions to wages and salaries reflected the
incorporation of the most recently available BLS tabulations of private wages and salaries from the
state unemployment insurance program.  Revisions to personal taxes and to contributions for social
insurance reflected the revisions to wages and salaries.


                                                    Change from preceding month
                                          March                                     April
                            Previous Revised  Previous Revised        Previous Revised  Previous Revised
                         (Billions of dollars)    (Percent)        (Billions of dollars)    (Percent)

Personal Income:
  Current dollars...........  37.6    23.2       0.4     0.3             4.0    17.4       0.0     0.2

Disposable personal income:
  Current dollars...........  28.6    18.4       0.4     0.2             4.4    15.0       0.1     0.2
  Chained (1996) dollars....   0.4    -9.1       0.0    -0.1            19.6    26.8       0.3     0.4

Personal consumption expenditures:
  Current dollars...........  63.3    63.6       0.8     0.8            -7.5    10.3      -0.1     0.1
  Chained (1996) dollars....  32.7    32.6       0.5     0.5             8.1    21.8       0.1     0.3


  BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:

                             <www.bea.gov>

 Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:

                                (202)  606-5306   Gross domestic product
                                (202)  606-5303   Personal income and outlays
                                (202)  606-5362   U.S. international transactions

    Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
monthly journal.  Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office.  Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.



       The Bureau of Economic Analysis plans to release the results of its 12th comprehensive (or
benchmark) revision of the national income and product accounts (NIPA's) on December 10, 2003.
The annual revision of the NIPA's that would normally take place this summer will instead be
combined with the upcoming comprehensive revision.  An article in the June 2003 issue of the
Survey of Current Business discusses the changes in definitions and concepts that will be
implemented in the revision.  Future articles will discuss changes in presentation and in statistical
methods.



Next release -- Personal Income and Outlays for June will be released on
                   August 1, 2003, at 8:30 A.M. EDT.


                                   Table 1.--Personal Income and Its Disposition (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                       Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/r/  Feb 03/r/  Mar 03/r/  Apr 03/r/  May 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,983.1    9,007.1    9,047.4    9,069.1    9,096.0    9,119.2    9,136.6    9,163.7
  Wage and salary disbursements.....    5,009.7    5,020.1    5,039.5    5,050.9    5,074.1    5,083.4    5,083.4    5,091.0
    Private industries..............    4,146.4    4,154.5    4,172.2    4,175.1    4,191.9    4,198.4    4,195.7    4,202.6
      Goods-producing industries....    1,110.7    1,107.1    1,110.0    1,109.5    1,111.0    1,113.5    1,110.9    1,114.0
        Manufacturing...............      753.8      750.4      751.8      751.3      752.7      752.9      748.5      748.9
      Distributive industries.......    1,112.5    1,114.6    1,116.7    1,114.5    1,117.8    1,118.5    1,118.7    1,120.6
      Service industries............    1,923.3    1,932.8    1,945.5    1,951.1    1,963.1    1,966.4    1,966.0    1,968.0
    Government......................      863.3      865.6      867.3      875.8      882.2      885.0      887.7      888.4
  Other labor income................      625.9      630.1      634.4      637.0      639.4      641.1      642.9      645.0

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      769.7      770.4      774.6      783.3      782.3      787.7      796.5      804.1
    Farm............................       13.0       11.8       10.2       12.3       14.4       15.9       16.5       17.7
    Nonfarm.........................      756.7      758.6      764.4      771.0      767.9      771.7      780.0      786.4

  Rental income of persons with
   capital consumption adjustment...      133.2      130.6      127.9      127.5      126.9      126.2      120.5      113.6

  Personal dividend income..........      441.6      443.8      446.0      448.6      451.2      453.7      456.4      459.1

  Personal interest income..........    1,078.8    1,080.9    1,083.1    1,079.4    1,075.8    1,072.2    1,076.4    1,080.6

  Transfer payments to persons......    1,309.9    1,317.6    1,329.8    1,333.9    1,339.6    1,348.9    1,354.6    1,365.1
    Old-age, survivors, disability,
     and health insurance benefits..      704.5      710.3      717.6      718.2      722.4      727.1      728.8      735.7
    Government unemployment
     insurance benefits.............       66.0       63.3       63.3       60.9       61.5       63.6       64.8       65.8
    Other...........................      539.4      544.0      548.9      554.8      555.7      558.1      561.1      563.6

  Less: Personal contributions for
   social insurance.................      385.7      386.6      388.0      391.6      393.2      394.0      394.1      394.8

Less: Personal tax and nontax
 payments...........................    1,089.6    1,088.5    1,092.2    1,070.1    1,078.3    1,083.1    1,085.5    1,090.2

Equals: Disposable personal income..    7,893.6    7,918.6    7,955.2    7,998.9    8,017.7    8,036.1    8,051.1    8,073.6

Less: Personal outlays..............    7,592.0    7,626.0    7,704.1    7,707.7    7,705.4    7,769.8    7,779.6    7,790.2
  Personal consumption expenditures.    7,374.3    7,410.7    7,491.2    7,493.4    7,490.3    7,553.9    7,564.2    7,575.2
    Durable goods...................      848.1      857.7      915.9      866.3      845.7      871.7      895.2      889.1
    Nondurable goods................    2,137.5    2,150.2    2,162.1    2,193.3    2,203.7    2,223.3    2,194.6    2,191.4
    Services........................    4,388.6    4,402.7    4,413.2    4,433.8    4,441.0    4,458.9    4,474.4    4,494.7
  Interest paid by persons..........      185.0      182.5      180.1      180.9      181.7      182.5      182.0      181.6
  Personal transfer payments to the
   rest of the world (net)..........       32.8       32.8       32.8       33.4       33.4       33.4       33.4       33.4

Equals: Personal saving.............      301.5      292.7      251.1      291.2      312.3      266.4      271.5      283.4

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    7,061.5    7,079.4    7,105.9    7,131.0    7,118.2    7,109.1    7,135.9    7,164.0
    Per capita:
      Current dollars...............     27,383     27,450     27,557     27,688     27,733     27,774     27,803     27,856
      Chained (1996) dollars........     24,497     24,540     24,615     24,684     24,622     24,571     24,642     24,718
    Population (thousands)\2\.......    288,263    288,480    288,682    288,893    289,098    289,335    289,579    289,830

  Personal saving as a percentage
   of disposable personal income....        3.8        3.7        3.2        3.6        3.9        3.3        3.4        3.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth quarter of 2002.
1. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual estimate is the average of the monthly estimates.



                             Table 2.--Personal Income and Its Disposition (Years and Quarters)
                            [Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2001     2002/r/    IV 01       I 02      II 02     III 02     IV 02/r/   I 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,685.3    8,922.2    8,700.9    8,803.4    8,914.0    8,958.9    9,012.5    9,094.8

  Wage and salary disbursements.....    4,950.6    4,996.4    4,931.4    4,957.8    4,997.3    5,007.4    5,023.1    5,069.5
    Private industries..............    4,139.8    4,143.6    4,106.2    4,117.4    4,148.9    4,150.3    4,157.7    4,188.5
      Goods-producing industries....    1,142.4    1,115.7    1,123.3    1,116.9    1,121.3    1,115.2    1,109.3    1,111.3
        Manufacturing...............      789.4      758.7      769.9      759.4      765.3      757.9      752.0      752.3
      Distributive industries.......    1,109.2    1,114.4    1,098.6    1,110.1    1,115.3    1,117.8    1,114.6    1,116.9
      Service industries............    1,888.2    1,913.5    1,884.3    1,890.4    1,912.4    1,917.3    1,933.9    1,960.2
    Government......................      810.8      852.8      825.2      840.4      848.4      857.1      865.4      881.0
  Other labor income................      570.4      610.6      576.3      590.8      604.1      617.5      630.2      639.2

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      727.9      756.5      731.3      748.4      747.5      758.7      771.6      784.4
    Farm............................       19.0       12.9       19.2       21.7        7.5       10.7       11.7       14.2
    Nonfarm.........................      708.8      743.7      712.1      726.7      740.0      748.0      759.9      770.2

  Rental income of persons with
   capital consumption adjustment...      137.9      142.4      139.3      141.3      153.5      144.1      130.6      126.9

  Personal dividend income..........      409.2      433.8      417.3      423.7      430.3      437.3      443.8      451.2

  Personal interest income..........    1,091.3    1,078.5    1,072.9    1,069.9    1,082.3    1,080.7    1,080.9    1,075.8

  Transfer payments to persons......    1,170.4    1,288.0    1,205.0    1,252.0    1,282.6    1,298.4    1,319.1    1,340.8
    Old-age, survivors, disability,
     and health insurance benefits..      664.3      699.8      674.0      690.2      696.3      701.9      710.8      722.6
    Government unemployment
     insurance benefits.............       31.9       62.9       41.0       52.3       67.3       67.6       64.2       62.0
    Other...........................      474.2      525.4      490.0      509.5      519.0      528.9      544.1      556.2

  Less: Personal contributions for
   social insurance.................      372.3      384.0      372.7      380.5      383.6      385.3      386.8      392.9

Less: Personal tax and nontax
 payments...........................    1,292.1    1,111.9    1,309.7    1,136.8    1,121.8    1,099.0    1,090.1    1,077.2

Equals: Disposable personal income..    7,393.2    7,810.3    7,391.2    7,666.7    7,792.2    7,859.9    7,922.5    8,017.6

Less: Personal outlays..............    7,223.5    7,524.5    7,329.6    7,396.3    7,477.9    7,583.0    7,640.7    7,727.6
  Personal consumption expenditures.    6,987.0    7,303.7    7,099.9    7,174.2    7,254.7    7,360.7    7,425.4    7,512.5
    Durable goods...................      835.9      871.9      882.6      859.0      856.9      897.8      873.9      861.2
    Nondurable goods................    2,041.3    2,115.0    2,044.4    2,085.1    2,108.2    2,116.9    2,150.0    2,206.8
    Services........................    4,109.9    4,316.8    4,172.9    4,230.1    4,289.5    4,346.0    4,401.5    4,444.6
  Interest paid by persons..........      205.4      188.4      199.1      190.6      191.3      189.3      182.5      181.7
  Personal transfer payments to the
   rest of the world (net)..........       31.1       32.3       30.6       31.5       31.9       32.9       32.8       33.4

Equals: Personal saving.............      169.7      285.8       61.5      270.4      314.3      276.9      281.8      290.0

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    6,748.0    7,032.2    6,729.1    6,961.0    7,027.2    7,058.1    7,082.3    7,119.4
    Per capita:
      Current dollars...............     25,957     27,170     25,853     26,759     27,144     27,313     27,463     27,732
      Chained (1996) dollars........     23,692     24,463     23,537     24,296     24,479     24,527     24,551     24,625
    Population (thousands)\2\.......    284,822    287,456    285,898    286,507    287,072    287,770    288,475    289,109

  Personal saving as a percentage
   of disposable personal income....        2.3        3.7         .8        3.5        4.0        3.5        3.6        3.6
----------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth quarter of 2002.
1. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The quarterly and
   annual estimates are averages of monthly population estimates.



                    Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/r/  Feb 03/r/  Mar 03/r/  Apr 03/r/  May 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................         .0       24.0       40.3       21.7       26.9       23.2       17.4       27.1

  Wage and salary disbursements.....      -17.7       10.4       19.4       11.4       23.2        9.3         .0        7.6
    Private industries..............      -21.0        8.1       17.7        2.9       16.8        6.5       -2.7        6.9
      Goods-producing industries....       -6.6       -3.6        2.9        -.5        1.5        2.5       -2.6        3.1
        Manufacturing...............       -4.0       -3.4        1.4        -.5        1.4         .2       -4.4         .4
      Distributive industries.......      -11.2        2.1        2.1       -2.2        3.3         .7         .2        1.9
      Service industries............       -3.1        9.5       12.7        5.6       12.0        3.3        -.4        2.0
    Government......................        3.3        2.3        1.7        8.5        6.4        2.8        2.7         .7
  Other labor income................        3.8        4.2        4.3        2.6        2.4        1.7        1.8        2.1

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        5.9         .7        4.2        8.7       -1.0        5.4        8.8        7.6
    Farm............................        -.8       -1.2       -1.6        2.1        2.1        1.5         .6        1.2
    Nonfarm.........................        6.7        1.9        5.8        6.6       -3.1        3.8        8.3        6.4

  Rental income of persons with
   capital consumption adjustment...       -2.7       -2.6       -2.7        -.4        -.6        -.7       -5.7       -6.9

  Personal dividend income..........        2.2        2.2        2.2        2.6        2.6        2.5        2.7        2.7

  Personal interest income..........        2.1        2.1        2.2       -3.7       -3.6       -3.6        4.2        4.2

  Transfer payments to persons......        5.3        7.7       12.2        4.1        5.7        9.3        5.7       10.5
    Old-age, survivors, disability,
     and health insurance benefits..        -.1        5.8        7.3         .6        4.2        4.7        1.7        6.9
    Government unemployment
     insurance benefits.............       -1.8       -2.7         .0       -2.4         .6        2.1        1.2        1.0
   Other............................        7.1        4.6        4.9        5.9         .9        2.4        3.0        2.5

  Less: Personal contributions for
   social insurance.................       -1.0         .9        1.4        3.6        1.6         .8         .1         .7

Less: Personal tax and nontax
 payments...........................       -7.2       -1.1        3.7      -22.1        8.2        4.8        2.4        4.7

Equals: Disposable personal income..        7.2       25.0       36.6       43.7       18.8       18.4       15.0       22.5

Less: Personal outlays..............       24.5       34.0       78.1        3.6       -2.3       64.4        9.8       10.6
  Personal consumption expenditures.       27.1       36.4       80.5        2.2       -3.1       63.6       10.3       11.0
    Durable goods...................      -24.7        9.6       58.2      -49.6      -20.6       26.0       23.5       -6.1
    Nondurable goods................       21.9       12.7       11.9       31.2       10.4       19.6      -28.7       -3.2
    Services........................       29.8       14.1       10.5       20.6        7.2       17.9       15.5       20.3
  Interest paid by persons..........       -2.4       -2.5       -2.4         .8         .8         .8        -.5        -.4
  Personal transfer payments to the
   rest of the world (net)..........        -.1         .0         .0         .6         .0         .0         .0         .0

Equals: Personal saving.............      -17.3       -8.8      -41.6       40.1       21.1      -45.9        5.1       11.9

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........       -5.7       17.9       26.5       25.1      -12.8       -9.1       26.8       28.1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth quarter of 2002.
1. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.



              Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
                            [Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2001     2002/r/     IV 01       I 02      II 02     III 02     IV 02/r/    I 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      278.7      236.9       -5.3      102.5      110.6       44.9       53.6       82.3
  Wage and salary disbursements.....      114.3       45.8      -22.3       26.4       39.5       10.1       15.7       46.4
    Private industries..............       72.4        3.8      -30.4       11.2       31.5        1.4        7.4       30.8
      Goods-producing industries....      -21.3      -26.7      -16.7       -6.4        4.4       -6.1       -5.9        2.0
        Manufacturing...............      -40.0      -30.7      -13.5      -10.5        5.9       -7.4       -5.9         .3
      Distributive industries.......       14.4        5.2      -12.2       11.5        5.2        2.5       -3.2        2.3
      Service industries............       79.3       25.3       -1.5        6.1       22.0        4.9       16.6       26.3
    Government......................       41.9       42.0        8.1       15.2        8.0        8.7        8.3       15.6
  Other labor income................       26.2       40.2        3.9       14.5       13.3       13.4       12.7        9.0

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       13.1       28.6       -1.1       17.1        -.9       11.2       12.9       12.8
    Farm............................       -3.6       -6.1        -.1        2.5      -14.2        3.2        1.0        2.5
    Nonfarm.........................       16.6       34.9       -1.0       14.6       13.3        8.0       11.9       10.3

  Rental income of persons with
   capital consumption adjustment...       -8.7        4.5       -1.5        2.0       12.2       -9.4      -13.5       -3.7

  Personal dividend income..........       33.5       24.6        6.3        6.4        6.6        7.0        6.5        7.4

  Personal interest income..........       14.3      -12.8      -13.5       -3.0       12.4       -1.6         .2       -5.1

  Transfer payments to persons......      100.1      117.6       22.5       47.0       30.6       15.8       20.7       21.7
    Old-age, survivors, disability,
     and health insurance benefits..       47.1       35.5        3.9       16.2        6.1        5.6        8.9       11.8
    Government unemployment
     insurance benefits.............       11.4       31.0        7.9       11.3       15.0         .3       -3.4       -2.2
   Other............................       41.7       51.2       10.7       19.5        9.5        9.9       15.2       12.1

  Less: Personal contributions for
   social insurance.................       13.9       11.7        -.4        7.8        3.1        1.7        1.5        6.1

Less: Personal tax and nontax
 payments...........................        5.7     -180.2      127.8     -172.9      -15.0      -22.8       -8.9      -12.9

Equals: Disposable personal income..      273.0      417.1     -133.0      275.5      125.5       67.7       62.6       95.1

Less: Personal outlays..............      304.9      301.0      107.6       66.7       81.6      105.1       57.7       86.9
  Personal consumption expenditures.      303.3      316.7      116.2       74.3       80.5      106.0       64.7       87.1
    Durable goods...................       32.0       36.0       58.6      -23.6       -2.1       40.9      -23.9      -12.7
    Nondurable goods................       68.4       73.7         .1       40.7       23.1        8.7       33.1       56.8
    Services........................      203.0      206.9       57.5       57.2       59.4       56.5       55.5       43.1
  Interest paid by persons..........         .0      -17.0       -7.4       -8.5         .7       -2.0       -6.8        -.8
  Personal transfer payments to the
   rest of the world (net)..........        1.6        1.2       -1.2         .9         .4        1.0        -.1         .6

Equals: Personal saving.............      -31.8      116.1     -240.7      208.9       43.9      -37.4        4.9        8.2

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      117.7      284.2     -134.9      231.9       66.2       30.9       24.2       37.1
----------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth quarter of 2002.
1. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.



                Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                   [Percent; months seasonally adjusted at monthly rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/r/  Feb 03/r/  Mar 03/r/  Apr 03/r/  May 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................         .0         .3         .4         .2         .3         .3         .2         .3
  Wage and salary disbursements.....        -.4         .2         .4         .2         .5         .2         .0         .2
  Other labor income................         .6         .7         .7         .4         .4         .3         .3         .3
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........         .8         .1         .5        1.1        -.1         .7        1.1        1.0
  Rental income of persons with
   capital consumption adjustment...       -2.0       -1.9       -2.1        -.3        -.5        -.6       -4.5       -5.7
  Personal dividend income..........         .5         .5         .5         .6         .6         .6         .6         .6
  Personal interest income..........         .2         .2         .2        -.3        -.3        -.3         .4         .4
  Transfer payments to persons......         .4         .6         .9         .3         .4         .7         .4         .8
  Less: Personal contributions for
   social insurance.................        -.3         .2         .4         .9         .4         .2         .0         .2

Less: Personal tax and nontax
 payments...........................        -.7        -.1         .3       -2.0         .8         .4         .2         .4

Equals: Disposable personal income..         .1         .3         .5         .5         .2         .2         .2         .3

Addenda:
  Personal consumption expenditures.         .4         .5        1.1         .0         .0         .8         .1         .1
    Durable goods...................       -2.8        1.1        6.8       -5.4       -2.4        3.1        2.7        -.7
    Nondurable goods................        1.0         .6         .6        1.4         .5         .9       -1.3        -.1
    Services........................         .7         .3         .2         .5         .2         .4         .3         .5

  Disposable personal income, based
   on chained (1996) dollars........        -.1         .3         .4         .4        -.2        -.1         .4         .4
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth quarter of 2002.



          Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                  [Percent; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2001      2002/r/      IV 01       I 02      II 02     III 02    IV 02/r/   I 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        3.3        2.7        -.2        4.8        5.1        2.0        2.4        3.7
  Wage and salary disbursements.....        2.4         .9       -1.8        2.2        3.2         .8        1.3        3.7
  Other labor income................        4.8        7.1        2.8       10.4        9.3        9.2        8.4        5.8
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        1.8        3.9        -.6        9.7        -.5        6.2        6.9        6.8
  Rental income of persons with
   capital consumption adjustment...       -6.0        3.3       -4.3        5.9       39.3      -22.3      -32.7      -10.8
  Personal dividend income..........        8.9        6.0        6.3        6.3        6.4        6.6        6.1        6.8
  Personal interest income..........        1.3       -1.2       -4.9       -1.1        4.7        -.6         .1       -1.9
  Transfer payments to persons......        9.4       10.0        7.8       16.5       10.1        5.0        6.5        6.7
  Less: Personal contributions for
   social insurance.................        3.9        3.2        -.4        8.6        3.3        1.8        1.5        6.5

Less: Personal tax and nontax
 payments...........................         .4      -13.9       50.8      -43.3       -5.1       -7.9       -3.2       -4.7

Equals: Disposable personal income..        3.8        5.6       -6.9       15.8        6.7        3.5        3.2        4.9

Addenda:
  Personal consumption expenditures.        4.5        4.5        6.8        4.3        4.6        6.0        3.6        4.8
    Durable goods...................        4.0        4.3       31.6      -10.3        -.9       20.5      -10.2       -5.7
    Nondurable goods................        3.5        3.6         .0        8.2        4.5        1.7        6.4       11.0
    Services........................        5.2        5.0        5.7        5.6        5.7        5.4        5.2        4.0

  Disposable personal income, based
   on chained (1996) dollars........        1.8        4.2       -7.6       14.5        3.9        1.8        1.4        2.1
----------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth quarter of 2002.



                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 02     Nov 02     Dec 02   Jan 03/r/  Feb 03/r/  Mar 03/r/  Apr 03/r/  May 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,596.9    6,625.3    6,691.4    6,680.3    6,649.9    6,682.5    6,704.3    6,721.8
  Durable goods.....................      977.0      991.7    1,062.9    1,008.7      987.6    1,019.8    1,049.9    1,049.0
  Nondurable goods..................    1,937.9    1,950.0    1,962.0    1,984.4    1,972.0    1,980.4    1,971.4    1,980.6
  Services..........................    3,704.0    3,708.7    3,708.1    3,716.2    3,714.2    3,714.2    3,721.6    3,730.1
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...       12.9       28.4       66.1      -11.1      -30.4       32.6       21.8       17.5
  Durable goods.....................      -26.5       14.7       71.2      -54.2      -21.1       32.2       30.1        -.9
  Nondurable goods..................       17.7       12.1       12.0       22.4      -12.4        8.4       -9.0        9.2
  Services..........................       15.0        4.7        -.6        8.1       -2.0         .0        7.4        8.5
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .2         .4        1.0        -.2        -.5         .5         .3         .3
  Durable goods.....................       -2.6        1.5        7.2       -5.1       -2.1        3.3        3.0        -.1
  Nondurable goods..................         .9         .6         .6        1.1        -.6         .4        -.5         .5
  Services..........................         .4         .1         .0         .2        -.1         .0         .2         .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



               Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                       [Quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2001       2002      IV 01       I 02      II 02     III 02      IV 02    I 03/r/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,377.2    6,576.0    6,464.0    6,513.8    6,542.4    6,609.9    6,637.9    6,670.9
  Durable goods.....................      931.9      999.9      992.0      975.9      980.7    1,032.4    1,010.6    1,005.4
  Nondurable goods..................    1,869.8    1,929.5    1,885.0    1,921.4    1,920.9    1,925.8    1,950.0    1,978.9
  Services..........................    3,594.9    3,675.6    3,616.6    3,642.2    3,666.2    3,687.0    3,707.0    3,714.9
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      153.3      198.8       93.1       49.8       28.6       67.5       28.0       33.0
  Durable goods.....................       53.0       68.0       69.4      -16.1        4.8       51.7      -21.8       -5.2
  Nondurable goods..................       36.0       59.7       16.7       36.4        -.5        4.9       24.2       28.9
  Services..........................       70.4       80.7       19.1       25.6       24.0       20.8       20.0        7.9
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                             chained (1996) dollars at annual rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        2.5        3.1        6.0        3.1        1.8        4.2        1.7        2.0
  Durable goods.....................        6.0        7.3       33.6       -6.3        2.0       22.8       -8.2       -2.0
  Nondurable goods..................        2.0        3.2        3.6        7.9        -.1        1.0        5.1        6.1
  Services..........................        2.0        2.2        2.1        2.9        2.7        2.3        2.2         .9
----------------------------------------------------------------------------------------------------------------------------
r Revised.



   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 02     Nov 02     Dec 02    Jan 03/r/  Feb 03/r/  Mar 03/r/  Apr 03/r/  May 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     111.79     111.86     111.95     112.17     112.64     113.04     112.83     112.70
  Durable goods.....................      86.77      86.46      86.14      85.86      85.60      85.46      85.24      84.74
  Nondurable goods..................     110.30     110.27     110.19     110.53     111.74     112.26     111.32     110.64
  Services..........................     118.49     118.71     119.02     119.31     119.57     120.05     120.23     120.50
Addendum:
  Personal consumption expenditures
   less food and energy.............     111.24     111.32     111.42     111.47     111.52     111.64     111.73     111.75
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .2         .1         .1         .2         .4         .4        -.2        -.1
  Durable goods.....................        -.2        -.4        -.4        -.3        -.3        -.2        -.3        -.6
  Nondurable goods..................         .1         .0        -.1         .3        1.1         .5        -.8        -.6
  Services..........................         .3         .2         .3         .2         .2         .4         .1         .2
Addendum:
  Personal consumption expenditures
   less food and energy.............         .1         .1         .1         .0         .0         .1         .1         .0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/r/  Feb 03/r/  Mar 03/r/  Apr 03/r/  May 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........        5.3        5.4        5.1        2.8        2.2        1.9        2.2        2.0

Personal consumption expenditures...        1.9        2.7        3.4        3.0        1.9        2.4        2.6        2.8
  Durable goods.....................       -4.8         .5       10.4        4.7         .5        3.9        5.8        8.6
  Nondurable goods..................        3.4        3.9        3.0        3.3        2.4        3.3        2.9        3.2
  Services..........................        2.6        2.6        2.3        2.5        1.9        1.6        1.9        1.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth quarter of 2002.



    Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 02     Nov 02     Dec 02     Jan 03/r/  Feb 03/r/  Mar 03/r/  Apr 03/r/  May 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures...        1.7        1.8        2.0        2.1        2.3        2.4        1.8        1.7
  Durable goods.....................       -2.4       -2.8       -3.1       -3.1       -2.5       -2.4       -2.5       -3.1
  Nondurable goods..................        1.0        1.7        2.3        2.3        3.0        2.9        1.0        1.0
  Services..........................        2.9        2.8        3.0        3.0        2.9        3.2        3.0        3.0
Addendum:
  Personal consumption expenditures
   less food and energy.............        1.7        1.6        1.7        1.6        1.4        1.5        1.3        1.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.