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News Release: Personal Income and Outlays


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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, AUGUST 1, 2003

James E. Rankin:       (202) 606-5301  (Personal Income)              BEA 03-30
Greg Key:              (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303


                PERSONAL INCOME AND OUTLAYS:  JUNE 2003

 Personal income increased $29.3 billion, or 0.3 percent, and disposable personal income (DPI)
increased $26.2 billion, or 0.3 percent, in June, according to the Bureau of Economic Analysis.  Personal
consumption expenditures (PCE) increased $22.6 billion, or 0.3 percent.  In May, personal income
increased $29.9 billion, or 0.3 percent, DPI increased $27.9 billion, or 0.3 percent, and PCE increased
$30.7 billion, or 0.4 percent, based on revised estimates.

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

Personal income, current dollars              0.3         0.3           0.2          0.3         0.3

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

Personal consumption expenditures:
  Current dollars                             0.0         0.8           0.1          0.4         0.3
  Chained (1996) dollars                     -0.5         0.5           0.3          0.5         0.1


       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.


Wages and salaries

 Private wage and salary disbursements increased $9.9 billion in June, compared with an
increase of $7.1 billion in May.  Goods-producing industries' payrolls increased $1.6 billion,
compared with an increase of $3.1 billion; manufacturing payrolls increased $0.1 billion, compared
with an increase of $0.5 billion.  Distributive industries' payrolls increased $1.9 billion, compared
with an increase of $0.9 billion.  Service industries' payrolls increased $6.4 billion, compared with
an increase of $3.2 billion.  Government wage and salary disbursements increased $5.0 billion,
compared with an increase of $2.5 billion.


Other personal income

 Proprietors' income increased $6.4 billion in June, the same increase as in May.  Farm
proprietors' income decreased $0.2 billion in June, compared with a decrease of $0.8 billion in May.
Nonfarm proprietors' income increased $6.7 billion, compared with an increase of $7.2 billion.

 Transfer payments increased $5.4 billion in June, compared with an increase of $10.5 billion in
May.  Personal interest income increased $4.7 billion in June, the same increase as in May.  Personal
dividend income increased $2.4 billion, compared with an increase of $2.7 billion.  Rental income of
persons decreased $5.2 billion, compared with a decrease of $5.6 billion.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.1 billion in June, compared with an increase of $0.7 billion in May.


Personal taxes and disposable personal income

 Personal tax and nontax payments increased $3.2 billion in June, compared with an increase of
$2.0 billion in May.  Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $26.2 billion, or 0.3 percent, in June, compared with an increase of
$27.9 billion, or 0.3 percent, in May.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $25.5 billion in June, compared with an increase of $33.5 billion in May.
PCE increased $22.6 billion, compared with an increase of $30.7 billion.

 Personal saving -- DPI less personal outlays -- was $269.2 billion in June, compared with
$268.5 billion in May.  Personal saving as a percentage of disposable personal income was 3.3
percent in June, the same as in May.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in June, compared
with an increase of 0.4 percent in May.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in June, compared
with an increase of 0.5 percent in May.  Purchases of durable goods increased 0.7 percent, compared
with an increase of 1.0 percent.  Purchases of nondurable goods increased 0.1 percent, compared
with an increase of 0.6 percent.  Purchases of services decreased 0.1 percent, in contrast to an
increase of 0.3 percent.


Revisions

 Estimates have been revised for April and May.  Changes in personal income, current-dollar
and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for April and May
-- revised and as published in last month's release -- are shown below.

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

Personal Income:
  Current dollars..........   17.4    20.3       0.2     0.2         27.1    29.9       0.3     0.3

Disposable personal income:
  Current dollars..........   15.0    20.3       0.2     0.3         22.5    27.9       0.3     0.3
  Chained (1996) dollars...   26.8    30.9       0.4     0.4         28.1    30.3       0.4     0.4

Personal consumption expenditures:
  Current dollars..........   10.3     9.3       0.1     0.1         11.0    30.7       0.1     0.4
  Chained (1996) dollars...   21.8    20.4       0.3     0.3         17.5    32.4       0.3     0.5


  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.


                        *          *          *


Next release -- Personal Income and Outlays for July will be released on
                  August 29, 2003, at 8:30 A.M. EDT.


                                   Table 1.--Personal Income and Its Disposition (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Nov 02     Dec 02     Jan 03     Feb 03     Mar 03   Apr 03/r/  May 03/r/  Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    9,007.1    9,047.4    9,069.1    9,096.0    9,119.2    9,139.5    9,169.4    9,198.7
  Wage and salary disbursements.....    5,020.1    5,039.5    5,050.9    5,074.1    5,083.4    5,082.5    5,092.1    5,107.0
    Private industries..............    4,154.5    4,172.2    4,175.1    4,191.9    4,198.4    4,195.6    4,202.7    4,212.6
      Goods-producing industries....    1,107.1    1,110.0    1,109.5    1,111.0    1,113.5    1,111.6    1,114.7    1,116.3
        Manufacturing...............      750.4      751.8      751.3      752.7      752.9      748.8      749.3      749.4
      Distributive industries.......    1,114.6    1,116.7    1,114.5    1,117.8    1,118.5    1,118.3    1,119.2    1,121.1
      Service industries............    1,932.8    1,945.5    1,951.1    1,963.1    1,966.4    1,965.6    1,968.8    1,975.2
    Government......................      865.6      867.3      875.8      882.2      885.0      886.9      889.4      894.4
  Other labor income................      630.1      634.4      637.0      639.4      641.1      642.8      645.2      646.9

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      770.4      774.6      783.3      782.3      787.7      797.1      803.5      809.9
    Farm............................       11.8       10.2       12.3       14.4       15.9       15.8       15.0       14.8
    Nonfarm.........................      758.6      764.4      771.0      767.9      771.7      781.3      788.5      795.2

  Rental income of persons with
   capital consumption adjustment...      130.6      127.9      127.5      126.9      126.2      121.8      116.2      111.0

  Personal dividend income..........      443.8      446.0      448.6      451.2      453.7      456.4      459.1      461.5

  Personal interest income..........    1,080.9    1,083.1    1,079.4    1,075.8    1,072.2    1,076.9    1,081.6    1,086.3

  Transfer payments to persons......    1,317.6    1,329.8    1,333.9    1,339.6    1,348.9    1,356.0    1,366.5    1,371.9
    Old-age, survivors, disability,
     and health insurance benefits..      710.3      717.6      718.2      722.4      727.1      729.6      737.3      738.5
    Government unemployment
     insurance benefits.............       63.3       63.3       60.9       61.5       63.6       64.8       65.7       67.8
    Other...........................      544.0      548.9      554.8      555.7      558.1      561.6      563.4      565.5

  Less: Personal contributions for
   social insurance.................      386.6      388.0      391.6      393.2      394.0      394.1      394.8      395.9

Less: Personal tax and nontax
 payments...........................    1,088.5    1,092.2    1,070.1    1,078.3    1,083.1    1,083.1    1,085.1    1,088.3

Equals: Disposable personal income..    7,918.6    7,955.2    7,998.9    8,017.7    8,036.1    8,056.4    8,084.3    8,110.5

Less: Personal outlays..............    7,626.0    7,704.1    7,707.7    7,705.4    7,769.8    7,782.3    7,815.8    7,841.3
  Personal consumption expenditures.    7,410.7    7,491.2    7,493.4    7,490.3    7,553.9    7,563.2    7,593.9    7,616.5
    Durable goods...................      857.7      915.9      866.3      845.7      871.7      894.1      897.3      901.2
    Nondurable goods................    2,150.2    2,162.1    2,193.3    2,203.7    2,223.3    2,193.5    2,193.2    2,202.4
    Services........................    4,402.7    4,413.2    4,433.8    4,441.0    4,458.9    4,475.6    4,503.3    4,512.9
  Interest paid by persons..........      182.5      180.1      180.9      181.7      182.5      185.4      188.3      191.2
  Personal transfer payments to the
   rest of the world (net)..........       32.8       32.8       33.4       33.4       33.4       33.6       33.6       33.6

Equals: Personal saving.............      292.7      251.1      291.2      312.3      266.4      274.1      268.5      269.2

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    7,079.4    7,105.9    7,131.0    7,118.2    7,109.1    7,140.0    7,170.3    7,177.0
    Per capita:
      Current dollars...............     27,450     27,557     27,688     27,733     27,774     27,821     27,893     27,958
      Chained (1996) dollars........     24,540     24,615     24,684     24,622     24,571     24,656     24,740     24,740
    Population (thousands)\2\.......    288,480    288,682    288,893    289,098    289,335    289,579    289,830    290,100

  Personal saving as a percentage
   of disposable personal income....        3.7        3.2        3.6        3.9        3.3        3.4        3.3        3.3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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       I 02      II 02     III 02      IV 02       I 03      II 03
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,685.3    8,922.2    8,803.4    8,914.0    8,958.9    9,012.5    9,094.8    9,169.2

  Wage and salary disbursements.....    4,950.6    4,996.4    4,957.8    4,997.3    5,007.4    5,023.1    5,069.5    5,093.9
    Private industries..............    4,139.8    4,143.6    4,117.4    4,148.9    4,150.3    4,157.7    4,188.5    4,203.6
      Goods-producing industries....    1,142.4    1,115.7    1,116.9    1,121.3    1,115.2    1,109.3    1,111.3    1,114.2
        Manufacturing...............      789.4      758.7      759.4      765.3      757.9      752.0      752.3      749.2
      Distributive industries.......    1,109.2    1,114.4    1,110.1    1,115.3    1,117.8    1,114.6    1,116.9    1,119.5
      Service industries............    1,888.2    1,913.5    1,890.4    1,912.4    1,917.3    1,933.9    1,960.2    1,969.9
    Government......................      810.8      852.8      840.4      848.4      857.1      865.4      881.0      890.3
  Other labor income................      570.4      610.6      590.8      604.1      617.5      630.2      639.2      645.0

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      727.9      756.5      748.4      747.5      758.7      771.6      784.4      803.5
    Farm............................       19.0       12.9       21.7        7.5       10.7       11.7       14.2       15.2
    Nonfarm.........................      708.8      743.7      726.7      740.0      748.0      759.9      770.2      788.3

  Rental income of persons with
   capital consumption adjustment...      137.9      142.4      141.3      153.5      144.1      130.6      126.9      116.4

  Personal dividend income..........      409.2      433.8      423.7      430.3      437.3      443.8      451.2      459.0

  Personal interest income..........    1,091.3    1,078.5    1,069.9    1,082.3    1,080.7    1,080.9    1,075.8    1,081.6

  Transfer payments to persons......    1,170.4    1,288.0    1,252.0    1,282.6    1,298.4    1,319.1    1,340.8    1,364.8
    Old-age, survivors, disability,
     and health insurance benefits..      664.3      699.8      690.2      696.3      701.9      710.8      722.6      735.1
    Government unemployment
     insurance benefits.............       31.9       62.9       52.3       67.3       67.6       64.2       62.0       66.1
    Other...........................      474.2      525.4      509.5      519.0      528.9      544.1      556.2      563.5

  Less: Personal contributions for
   social insurance.................      372.3      384.0      380.5      383.6      385.3      386.8      392.9      394.9

Less: Personal tax and nontax
 payments...........................    1,292.1    1,111.9    1,136.8    1,121.8    1,099.0    1,090.1    1,077.2    1,085.5

Equals: Disposable personal income..    7,393.2    7,810.3    7,666.7    7,792.2    7,859.9    7,922.5    8,017.6    8,083.7

Less: Personal outlays..............    7,223.5    7,524.5    7,396.3    7,477.9    7,583.0    7,640.7    7,727.6    7,813.1
  Personal consumption expenditures.    6,987.0    7,303.7    7,174.2    7,254.7    7,360.7    7,425.4    7,512.5    7,591.2
    Durable goods...................      835.9      871.9      859.0      856.9      897.8      873.9      861.2      897.5
    Nondurable goods................    2,041.3    2,115.0    2,085.1    2,108.2    2,116.9    2,150.0    2,206.8    2,196.4
    Services........................    4,109.9    4,316.8    4,230.1    4,289.5    4,346.0    4,401.5    4,444.6    4,497.3
  Interest paid by persons..........      205.4      188.4      190.6      191.3      189.3      182.5      181.7      188.3
  Personal transfer payments to the
   rest of the world (net)..........       31.1       32.3       31.5       31.9       32.9       32.8       33.4       33.6

Equals: Personal saving.............      169.7      285.8      270.4      314.3      276.9      281.8      290.0      270.6

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    6,748.0    7,032.2    6,961.0    7,027.2    7,058.1    7,082.3    7,119.4    7,162.4
    Per capita:
      Current dollars...............     25,957     27,170     26,759     27,144     27,313     27,463     27,732     27,891
      Chained (1996) dollars........     23,692     24,463     24,296     24,479     24,527     24,551     24,625     24,712
    Population (thousands)\2\.......    284,822    287,456    286,507    287,072    287,770    288,475    289,109    289,836

  Personal saving as a percentage
   of disposable personal income....        2.3        3.7        3.5        4.0        3.5        3.6        3.6        3.3
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
                                         Nov 02     Dec 02     Jan 03     Feb 03     Mar 03     Apr 03/r/  May 03/r/ Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................       24.0       40.3       21.7       26.9       23.2       20.3       29.9       29.3

  Wage and salary disbursements.....       10.4       19.4       11.4       23.2        9.3        -.9        9.6       14.9
    Private industries..............        8.1       17.7        2.9       16.8        6.5       -2.8        7.1        9.9
      Goods-producing industries....       -3.6        2.9        -.5        1.5        2.5       -1.9        3.1        1.6
        Manufacturing...............       -3.4        1.4        -.5        1.4         .2       -4.1         .5         .1
      Distributive industries.......        2.1        2.1       -2.2        3.3         .7        -.2         .9        1.9
      Service industries............        9.5       12.7        5.6       12.0        3.3        -.8        3.2        6.4
    Government......................        2.3        1.7        8.5        6.4        2.8        1.9        2.5        5.0
  Other labor income................        4.2        4.3        2.6        2.4        1.7        1.7        2.4        1.7

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........         .7        4.2        8.7       -1.0        5.4        9.4        6.4        6.4
    Farm............................       -1.2       -1.6        2.1        2.1        1.5        -.1        -.8        -.2
    Nonfarm.........................        1.9        5.8        6.6       -3.1        3.8        9.6        7.2        6.7

  Rental income of persons with
   capital consumption adjustment...       -2.6       -2.7        -.4        -.6        -.7       -4.4       -5.6       -5.2

  Personal dividend income..........        2.2        2.2        2.6        2.6        2.5        2.7        2.7        2.4

  Personal interest income..........        2.1        2.2       -3.7       -3.6       -3.6        4.7        4.7        4.7

  Transfer payments to persons......        7.7       12.2        4.1        5.7        9.3        7.1       10.5        5.4
    Old-age, survivors, disability,
     and health insurance benefits..        5.8        7.3         .6        4.2        4.7        2.5        7.7        1.2
    Government unemployment
     insurance benefits.............       -2.7         .0       -2.4         .6        2.1        1.2         .9        2.1
   Other............................        4.6        4.9        5.9         .9        2.4        3.5        1.8        2.1

  Less: Personal contributions for
   social insurance.................         .9        1.4        3.6        1.6         .8         .1         .7        1.1

Less: Personal tax and nontax
 payments...........................       -1.1        3.7      -22.1        8.2        4.8         .0        2.0        3.2

Equals: Disposable personal income..       25.0       36.6       43.7       18.8       18.4       20.3       27.9       26.2

Less: Personal outlays..............       34.0       78.1        3.6       -2.3       64.4       12.5       33.5       25.5
  Personal consumption expenditures.       36.4       80.5        2.2       -3.1       63.6        9.3       30.7       22.6
    Durable goods...................        9.6       58.2      -49.6      -20.6       26.0       22.4        3.2        3.9
    Nondurable goods................       12.7       11.9       31.2       10.4       19.6      -29.8        -.3        9.2
    Services........................       14.1       10.5       20.6        7.2       17.9       16.7       27.7        9.6
  Interest paid by persons..........       -2.5       -2.4         .8         .8         .8        2.9        2.9        2.9
  Personal transfer payments to the
   rest of the world (net)..........         .0         .0         .6         .0         .0         .2         .0         .0

Equals: Personal saving.............       -8.8      -41.6       40.1       21.1      -45.9        7.7       -5.6         .7

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........       17.9       26.5       25.1      -12.8       -9.1       30.9       30.3        6.7
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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       I 02      II 02     III 02      IV 02       I 03      II 03
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      278.7      236.9      102.5      110.6       44.9       53.6       82.3       74.4
  Wage and salary disbursements.....      114.3       45.8       26.4       39.5       10.1       15.7       46.4       24.4
    Private industries..............       72.4        3.8       11.2       31.5        1.4        7.4       30.8       15.1
      Goods-producing industries....      -21.3      -26.7       -6.4        4.4       -6.1       -5.9        2.0        2.9
        Manufacturing...............      -40.0      -30.7      -10.5        5.9       -7.4       -5.9         .3       -3.1
      Distributive industries.......       14.4        5.2       11.5        5.2        2.5       -3.2        2.3        2.6
      Service industries............       79.3       25.3        6.1       22.0        4.9       16.6       26.3        9.7
    Government......................       41.9       42.0       15.2        8.0        8.7        8.3       15.6        9.3
  Other labor income................       26.2       40.2       14.5       13.3       13.4       12.7        9.0        5.8

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       13.1       28.6       17.1        -.9       11.2       12.9       12.8       19.1
    Farm............................       -3.6       -6.1        2.5      -14.2        3.2        1.0        2.5        1.0
    Nonfarm.........................       16.6       34.9       14.6       13.3        8.0       11.9       10.3       18.1

  Rental income of persons with
   capital consumption adjustment...       -8.7        4.5        2.0       12.2       -9.4      -13.5       -3.7      -10.5

  Personal dividend income..........       33.5       24.6        6.4        6.6        7.0        6.5        7.4        7.8

  Personal interest income..........       14.3      -12.8       -3.0       12.4       -1.6         .2       -5.1        5.8

  Transfer payments to persons......      100.1      117.6       47.0       30.6       15.8       20.7       21.7       24.0
    Old-age, survivors, disability,
     and health insurance benefits..       47.1       35.5       16.2        6.1        5.6        8.9       11.8       12.5
    Government unemployment
     insurance benefits.............       11.4       31.0       11.3       15.0         .3       -3.4       -2.2        4.1
   Other............................       41.7       51.2       19.5        9.5        9.9       15.2       12.1        7.3

  Less: Personal contributions for
   social insurance.................       13.9       11.7        7.8        3.1        1.7        1.5        6.1        2.0

Less: Personal tax and nontax
 payments...........................        5.7     -180.2     -172.9      -15.0      -22.8       -8.9      -12.9        8.3

Equals: Disposable personal income..      273.0      417.1      275.5      125.5       67.7       62.6       95.1       66.1

Less: Personal outlays..............      304.9      301.0       66.7       81.6      105.1       57.7       86.9       85.5
  Personal consumption expenditures.      303.3      316.7       74.3       80.5      106.0       64.7       87.1       78.7
    Durable goods...................       32.0       36.0      -23.6       -2.1       40.9      -23.9      -12.7       36.3
    Nondurable goods................       68.4       73.7       40.7       23.1        8.7       33.1       56.8      -10.4
    Services........................      203.0      206.9       57.2       59.4       56.5       55.5       43.1       52.7
  Interest paid by persons..........         .0      -17.0       -8.5         .7       -2.0       -6.8        -.8        6.6
  Personal transfer payments to the
   rest of the world (net)..........        1.6        1.2         .9         .4        1.0        -.1         .6         .2

Equals: Personal saving.............      -31.8      116.1      208.9       43.9      -37.4        4.9        8.2      -19.4

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      117.7      284.2      231.9       66.2       30.9       24.2       37.1       43.0
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
                                         Nov 02     Dec 02     Jan 03     Feb 03     Mar 03     Apr 03/r/  May 03/r/  Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................         .3         .4         .2         .3         .3         .2         .3         .3
  Wage and salary disbursements.....         .2         .4         .2         .5         .2         .0         .2         .3
  Other labor income................         .7         .7         .4         .4         .3         .3         .4         .3
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........         .1         .5        1.1        -.1         .7        1.2         .8         .8
  Rental income of persons with
   capital consumption adjustment...       -1.9       -2.1        -.3        -.5        -.6       -3.5       -4.6       -4.5
  Personal dividend income..........         .5         .5         .6         .6         .6         .6         .6         .5
  Personal interest income..........         .2         .2        -.3        -.3        -.3         .4         .4         .4
  Transfer payments to persons......         .6         .9         .3         .4         .7         .5         .8         .4
  Less: Personal contributions for
   social insurance.................         .2         .4         .9         .4         .2         .0         .2         .3

Less: Personal tax and nontax
 payments...........................        -.1         .3       -2.0         .8         .4         .0         .2         .3

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

Addenda:
  Personal consumption expenditures.         .5        1.1         .0         .0         .8         .1         .4         .3
    Durable goods...................        1.1        6.8       -5.4       -2.4        3.1        2.6         .4         .4
    Nondurable goods................         .6         .6        1.4         .5         .9       -1.3         .0         .4
    Services........................         .3         .2         .5         .2         .4         .4         .6         .2

  Disposable personal income, based
   on chained (1996) dollars........         .3         .4         .4        -.2        -.1         .4         .4         .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



          Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                  [Percent; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2001       2002       I 02      II 02     III 02      IV 02       I 03      II 03
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        3.3        2.7        4.8        5.1        2.0        2.4        3.7        3.3
  Wage and salary disbursements.....        2.4         .9        2.2        3.2         .8        1.3        3.7        1.9
  Other labor income................        4.8        7.1       10.4        9.3        9.2        8.4        5.8        3.7
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        1.8        3.9        9.7        -.5        6.2        6.9        6.8       10.1
  Rental income of persons with
   capital consumption adjustment...       -6.0        3.3        5.9       39.3      -22.3      -32.7      -10.8      -29.3
  Personal dividend income..........        8.9        6.0        6.3        6.4        6.6        6.1        6.8        7.2
  Personal interest income..........        1.3       -1.2       -1.1        4.7        -.6         .1       -1.9        2.2
  Transfer payments to persons......        9.4       10.0       16.5       10.1        5.0        6.5        6.7        7.4
  Less: Personal contributions for
   social insurance.................        3.9        3.2        8.6        3.3        1.8        1.5        6.5        2.1

Less: Personal tax and nontax
 payments...........................         .4      -13.9      -43.3       -5.1       -7.9       -3.2       -4.7        3.1

Equals: Disposable personal income..        3.8        5.6       15.8        6.7        3.5        3.2        4.9        3.3

Addenda:
  Personal consumption expenditures.        4.5        4.5        4.3        4.6        6.0        3.6        4.8        4.3
    Durable goods...................        4.0        4.3      -10.3        -.9       20.5      -10.2       -5.7       18.0
    Nondurable goods................        3.5        3.6        8.2        4.5        1.7        6.4       11.0       -1.9
    Services........................        5.2        5.0        5.6        5.7        5.4        5.2        4.0        4.8

  Disposable personal income, based
   on chained (1996) dollars........        1.8        4.2       14.5        3.9        1.8        1.4        2.1        2.4
----------------------------------------------------------------------------------------------------------------------------



                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         Nov 02     Dec 02     Jan 03     Feb 03     Mar 03   Apr 03/r/  May 03/r/  Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,625.3    6,691.4    6,680.3    6,649.9    6,682.5    6,702.9    6,735.3    6,739.9
  Durable goods.....................      991.7    1,062.9    1,008.7      987.6    1,019.8    1,048.6    1,058.6    1,066.6
  Nondurable goods..................    1,950.0    1,962.0    1,984.4    1,972.0    1,980.4    1,970.8    1,982.6    1,984.2
  Services..........................    3,708.7    3,708.1    3,716.2    3,714.2    3,714.2    3,721.6    3,734.0    3,731.3
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...       28.4       66.1      -11.1      -30.4       32.6       20.4       32.4        4.6
  Durable goods.....................       14.7       71.2      -54.2      -21.1       32.2       28.8       10.0        8.0
  Nondurable goods..................       12.1       12.0       22.4      -12.4        8.4       -9.6       11.8        1.6
  Services..........................        4.7        -.6        8.1       -2.0         .0        7.4       12.4       -2.7
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .4        1.0        -.2        -.5         .5         .3         .5         .1
  Durable goods.....................        1.5        7.2       -5.1       -2.1        3.3        2.8        1.0         .7
  Nondurable goods..................         .6         .6        1.1        -.6         .4        -.5         .6         .1
  Services..........................         .1         .0         .2        -.1         .0         .2         .3        -.1
----------------------------------------------------------------------------------------------------------------------------
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       I 02      II 02     III 02      IV 02       I 03      II 03
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,377.2    6,576.0    6,513.8    6,542.4    6,609.9    6,637.9    6,670.9    6,726.0
  Durable goods.....................      931.9      999.9      975.9      980.7    1,032.4    1,010.6    1,005.4    1,057.9
  Nondurable goods..................    1,869.8    1,929.5    1,921.4    1,920.9    1,925.8    1,950.0    1,978.9    1,979.2
  Services..........................    3,594.9    3,675.6    3,642.2    3,666.2    3,687.0    3,707.0    3,714.9    3,729.0
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      153.3      198.8       49.8       28.6       67.5       28.0       33.0       55.1
  Durable goods.....................       53.0       68.0      -16.1        4.8       51.7      -21.8       -5.2       52.5
  Nondurable goods..................       36.0       59.7       36.4        -.5        4.9       24.2       28.9         .3
  Services..........................       70.4       80.7       25.6       24.0       20.8       20.0        7.9       14.1
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                             chained (1996) dollars at annual rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        2.5        3.1        3.1        1.8        4.2        1.7        2.0        3.3
  Durable goods.....................        6.0        7.3       -6.3        2.0       22.8       -8.2       -2.0       22.6
  Nondurable goods..................        2.0        3.2        7.9        -.1        1.0        5.1        6.1         .1
  Services..........................        2.0        2.2        2.9        2.7        2.3        2.2         .9        1.5
----------------------------------------------------------------------------------------------------------------------------



   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         Nov 02     Dec 02     Jan 03     Feb 03     Mar 03   Apr 03/r/  May 03/r/  Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     111.86     111.95     112.17     112.64     113.04     112.84     112.75     113.01
  Durable goods.....................      86.46      86.14      85.86      85.60      85.46      85.24      84.74      84.47
  Nondurable goods..................     110.27     110.19     110.53     111.74     112.26     111.30     110.62     110.99
  Services..........................     118.71     119.02     119.31     119.57     120.05     120.26     120.60     120.95
Addendum:
  Personal consumption expenditures
   less food and energy.............     111.32     111.42     111.47     111.52     111.64     111.76     111.83     112.01
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .1         .1         .2         .4         .4        -.2        -.1         .2
  Durable goods.....................        -.4        -.4        -.3        -.3        -.2        -.3        -.6        -.3
  Nondurable goods..................         .0        -.1         .3        1.1         .5        -.9        -.6         .3
  Services..........................         .2         .3         .2         .2         .4         .2         .3         .3
Addendum:
  Personal consumption expenditures
   less food and energy.............         .1         .1         .0         .0         .1         .1         .1         .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                         Nov 02     Dec 02     Jan 03     Feb 03     Mar 03     Apr 03/r/  May 03/r/ Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........        5.4        5.1        2.8        2.2        1.9        2.2        2.1        1.5

Personal consumption expenditures...        2.7        3.4        3.0        1.9        2.4        2.6        3.0        2.8
  Durable goods.....................         .5       10.4        4.7         .5        3.9        5.7        9.6        8.5
  Nondurable goods..................        3.9        3.0        3.3        2.4        3.3        2.9        3.3        3.0
  Services..........................        2.6        2.3        2.5        1.9        1.6        1.9        1.7        1.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



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