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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 29, 2003

James E. Rankin:       (202) 606-5301  (Personal Income)              BEA 03-33
Greg Key:              (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303


                PERSONAL INCOME AND OUTLAYS:  JULY 2003

 Personal income increased $19.4 billion, or 0.2 percent, and disposable personal income (DPI)
increased $120.3 billion, or 1.5 percent, in July, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $59.7 billion, or 0.8 percent.  In June, personal
income increased $33.7 billion, or 0.4 percent, DPI increased $30.6 billion, or 0.4 percent, and PCE
increased $44.5 billion, or 0.6 percent, based on revised estimates.

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

Personal income, current dollars          0.3          0.2          0.4         0.4         0.2

Disposable personal income:
  Current dollars                         0.2          0.2          0.4         0.4         1.5
  Chained (1996) dollars                 -0.1          0.4          0.5         0.2         1.3

Personal consumption expenditures:
  Current dollars                         0.8          0.0          0.5         0.6         0.8
  Chained (1996) dollars                  0.5          0.3          0.6         0.4         0.6


       The Bureau of Economic Analysis plans to release the results of its 12th comprehensive (or
benchmark) revision of the national income and product accounts (NIPAs) on December 10, 2003.  The
annual revision of the NIPAs that would normally have taken 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 discussed the changes in definitions and concepts that will be implemented in the revision; an
article in the August 2003 issue described changes in presentation, including new and redesigned tables,
and an article in the September 2003 issue will describe changes in statistical methods.


 The July change in disposable personal income (DPI) -- personal income less personal tax
and nontax payments -- was boosted as a result of provisions of the Jobs and Growth Tax Relief
Reconciliation Act of 2003, which impacted personal tax and nontax payments.  Excluding this
special factor, disposable personal income increased $19.0 billion, or 0.2 percent, in July, after
increasing $30.6 billion, or 0.4 percent, in June.  This special factor is discussed more fully
below.


Wages and salaries

 Private wage and salary disbursements increased $3.1 billion in July, compared with an
increase of $9.2 billion in June.  Goods-producing industries' payrolls decreased $2.8 billion, in
contrast to an increase of $2.4 billion; manufacturing payrolls decreased $2.5 billion, in contrast to
an increase of $0.4 billion.  Distributive industries' payrolls decreased $0.2 billion, in contrast to an
increase of $2.0 billion.  Service industries' payrolls increased $6.0 billion, compared with an
increase of $4.8 billion.

 Government wage and salary disbursements decreased $3.5 billion in July, in contrast to an
increase of $5.0 billion in June.  Payments for a retroactive pay raise added $4.7 billion to federal
civilian government payrolls in June.


Other personal income

 Proprietors' income increased $9.0 billion in July, compared with an increase of $11.4 billion in
June.  Farm proprietors' income decreased $0.1 billion, in contrast to an increase of $0.1 billion.
Nonfarm proprietors' income increased $9.3 billion, compared with an increase of $11.2 billion.

 Transfer payments increased $1.9 billion in July, compared with an increase of $5.8 billion in
June.  Personal interest income increased $0.1 billion, compared with an increase of $4.7 billion.
Personal dividend income increased $2.4 billion in July, the same increase as in June.  Rental
income of persons increased $5.8 billion, in contrast to a decrease of $5.4 billion.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.2 billion in July, compared with an increase of $1.0 billion in June.


Personal taxes and disposable personal income

 Personal tax and nontax payments decreased $100.9 billion in July, in contrast to an increase of
$3.1 billion in June.  A reduction in federal income taxes accounted for the July decrease.
Provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 reduced withheld taxes by
$45.8 billion at an annual rate ($3.8 billion at a monthly rate) as a result of new marginal tax rates,
the expansion of the 10-percent tax bracket, and an acceleration in "marriage penalty" relief.
Federal nonwithheld taxes (payments of estimated taxes plus final settlements less refunds) were
reduced by $55.5 billion at an annual rate ($4.6 billion at a monthly rate) because of advance
payments of the child tax credit that began being mailed out July 25, 2003.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $59.3 billion in July, compared with an increase of $47.7 billion in June.
PCE increased $59.7 billion, compared with an increase of $44.5 billion.

 Personal saving -- DPI less personal outlays -- was $315.5 billion in July, compared with
$254.4 billion in June.  Personal saving as a percentage of disposable personal income was 3.8
percent in July, compared with 3.1 percent in June.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 1.3 percent in July, compared
with an increase of 0.2 percent in June.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.6 percent in July, compared
with an increase of 0.4 percent in June.  Purchases of durable goods increased 2.4 percent, compared
with an increase of 1.3 percent.  Purchases of motor vehicles and parts accounted for most of the
July increase.  Purchases of nondurable goods increased 0.6 percent in July, compared with an
increase of 0.5 percent in June.  Purchases of services increased 0.2 percent, compared with an
increase of 0.1 percent.


Revisions

 Estimates have been revised for April through June.  Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for May and
June -- revised and as published in last month's release -- are shown below.  The upward revision to
June personal consumption expenditures primarily reflected a large upward revision to the retail
sales source data used to derive these estimates.  Revisions for April were small.

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

Personal Income:
  Current dollars..........    29.9    35.6       0.3     0.4         29.3    33.7       0.3     0.4

Disposable personal income:
  Current dollars..........    27.9    32.8       0.3     0.4         26.2    30.6       0.3     0.4
  Chained (1996) dollars...    30.3    35.7       0.4     0.5          6.7    11.6       0.1     0.2

Personal consumption expenditures:
  Current dollars..........    30.7    35.9       0.4     0.5         22.6    44.5       0.3     0.6
  Chained (1996) dollars...    32.4    38.1       0.5     0.6          4.6    24.9       0.1     0.4


  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 August will be released on
                 September 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]
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 02     Jan 03     Feb 03     Mar 03   Apr 03/r/  May 03/r/  Jun 03/r/   Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    9,047.4    9,069.1    9,096.0    9,119.2    9,137.3    9,172.9    9,206.6    9,226.0
  Wage and salary disbursements.....    5,039.5    5,050.9    5,074.1    5,083.4    5,082.5    5,095.7    5,109.9    5,109.4
    Private industries..............    4,172.2    4,175.1    4,191.9    4,198.4    4,195.6    4,206.3    4,215.5    4,218.6
      Goods-producing industries....    1,110.0    1,109.5    1,111.0    1,113.5    1,111.7    1,114.5    1,116.9    1,114.1
        Manufacturing...............      751.8      751.3      752.7      752.9      748.9      749.1      749.5      747.0
      Distributive industries.......    1,116.7    1,114.5    1,117.8    1,118.5    1,118.3    1,119.7    1,121.7    1,121.5
      Service industries............    1,945.5    1,951.1    1,963.1    1,966.4    1,965.6    1,972.1    1,976.9    1,982.9
    Government......................      867.3      875.8      882.2      885.0      886.9      889.4      894.4      890.9
  Other labor income................      634.4      637.0      639.4      641.1      642.8      645.2      646.9      647.8

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      774.6      783.3      782.3      787.7      794.7      803.2      814.6      823.6
    Farm............................       10.2       12.3       14.4       15.9       16.1       15.5       15.6       15.5
    Nonfarm.........................      764.4      771.0      767.9      771.7      778.7      787.7      798.9      808.2

  Rental income of persons with
   capital consumption adjustment...      127.9      127.5      126.9      126.2      121.7      116.0      110.6      116.4

  Personal dividend income..........      446.0      448.6      451.2      453.7      456.4      459.1      461.5      463.9

  Personal interest income..........    1,083.1    1,079.4    1,075.8    1,072.2    1,076.9    1,081.6    1,086.3    1,086.4

  Transfer payments to persons......    1,329.8    1,333.9    1,339.6    1,348.9    1,356.3    1,367.1    1,372.9    1,374.8
    Old-age, survivors, disability,
     and health insurance benefits..      717.6      718.2      722.4      727.1      729.6      737.3      738.5      740.0
    Government unemployment
     insurance benefits.............       63.3       60.9       61.5       63.6       64.8       65.7       67.5       67.2
    Other...........................      548.9      554.8      555.7      558.1      561.9      564.1      566.8      567.5

  Less: Personal contributions for
   social insurance.................      388.0      391.6      393.2      394.0      394.1      395.1      396.1      396.3

Less: Personal tax and nontax
 payments...........................    1,092.2    1,070.1    1,078.3    1,083.1    1,083.1    1,085.9    1,089.0      988.1

Equals: Disposable personal income..    7,955.2    7,998.9    8,017.7    8,036.1    8,054.2    8,087.0    8,117.6    8,237.9

Less: Personal outlays..............    7,704.1    7,707.7    7,705.4    7,769.8    7,776.2    7,815.4    7,863.1    7,922.4
  Personal consumption expenditures.    7,491.2    7,493.4    7,490.3    7,553.9    7,556.8    7,592.7    7,637.2    7,696.9
    Durable goods...................      915.9      866.3      845.7      871.7      894.1      899.0      907.8      927.1
    Nondurable goods................    2,162.1    2,193.3    2,203.7    2,223.3    2,193.4    2,197.5    2,215.5    2,234.3
    Services........................    4,413.2    4,433.8    4,441.0    4,458.9    4,469.3    4,496.2    4,513.9    4,535.4
  Interest paid by persons..........      180.1      180.9      181.7      182.5      185.8      189.0      192.3      191.9
  Personal transfer payments to the
   rest of the world (net)..........       32.8       33.4       33.4       33.4       33.6       33.6       33.6       33.6

Equals: Personal saving.............      251.1      291.2      312.3      266.4      278.0      271.6      254.4      315.5

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    7,105.9    7,131.0    7,118.2    7,109.1    7,140.6    7,176.3    7,187.9    7,279.8
    Per capita:
      Current dollars...............     27,557     27,688     27,733     27,774     27,813     27,903     27,982     28,370
      Chained (1996) dollars........     24,615     24,684     24,622     24,571     24,658     24,760     24,778     25,071
    Population (thousands)\2\.......    288,682    288,893    289,098    289,335    289,579    289,828    290,096    290,370

  Personal saving as a percentage
   of disposable personal income....        3.2        3.6        3.9        3.3        3.5        3.4        3.1        3.8
----------------------------------------------------------------------------------------------------------------------------
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/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,685.3    8,922.2    8,803.4    8,914.0    8,958.9    9,012.5    9,094.8    9,172.3

  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    5,096.0
    Private industries..............    4,139.8    4,143.6    4,117.4    4,148.9    4,150.3    4,157.7    4,188.5    4,205.8
      Goods-producing industries....    1,142.4    1,115.7    1,116.9    1,121.3    1,115.2    1,109.3    1,111.3    1,114.3
        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    1,119.9
      Service industries............    1,888.2    1,913.5    1,890.4    1,912.4    1,917.3    1,933.9    1,960.2    1,971.5
    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      804.2
    Farm............................       19.0       12.9       21.7        7.5       10.7       11.7       14.2       15.7
    Nonfarm.........................      708.8      743.7      726.7      740.0      748.0      759.9      770.2      788.4

  Rental income of persons with
   capital consumption adjustment...      137.9      142.4      141.3      153.5      144.1      130.6      126.9      116.1

  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    1,365.4
    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       66.0
    Other...........................      474.2      525.4      509.5      519.0      528.9      544.1      556.2      564.3

  Less: Personal contributions for
   social insurance.................      372.3      384.0      380.5      383.6      385.3      386.8      392.9      395.1

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    1,086.0

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    8,086.2

Less: Personal outlays..............    7,223.5    7,524.5    7,396.3    7,477.9    7,583.0    7,640.7    7,727.6    7,818.2
  Personal consumption expenditures.    6,987.0    7,303.7    7,174.2    7,254.7    7,360.7    7,425.4    7,512.5    7,595.6
    Durable goods...................      835.9      871.9      859.0      856.9      897.8      873.9      861.2      900.3
    Nondurable goods................    2,041.3    2,115.0    2,085.1    2,108.2    2,116.9    2,150.0    2,206.8    2,202.2
    Services........................    4,109.9    4,316.8    4,230.1    4,289.5    4,346.0    4,401.5    4,444.6    4,493.1
  Interest paid by persons..........      205.4      188.4      190.6      191.3      189.3      182.5      181.7      189.0
  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      268.0

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    7,168.2
    Per capita:
      Current dollars...............     25,957     27,170     26,759     27,144     27,313     27,463     27,732     27,900
      Chained (1996) dollars........     23,692     24,463     24,296     24,479     24,527     24,551     24,625     24,732
    Population (thousands)\2\.......    284,822    287,456    286,507    287,072    287,770    288,475    289,109    289,834

  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
----------------------------------------------------------------------------------------------------------------------------
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 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]
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 02     Jan 03     Feb 03     Mar 03    Apr 03/r/  May 03/r/  Jun 03/r/  Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................       40.3       21.7       26.9       23.2       18.1       35.6       33.7       19.4

  Wage and salary disbursements.....       19.4       11.4       23.2        9.3        -.9       13.2       14.2        -.5
    Private industries..............       17.7        2.9       16.8        6.5       -2.8       10.7        9.2        3.1
      Goods-producing industries....        2.9        -.5        1.5        2.5       -1.8        2.8        2.4       -2.8
        Manufacturing...............        1.4        -.5        1.4         .2       -4.0         .2         .4       -2.5
      Distributive industries.......        2.1       -2.2        3.3         .7        -.2        1.4        2.0        -.2
      Service industries............       12.7        5.6       12.0        3.3        -.8        6.5        4.8        6.0
    Government......................        1.7        8.5        6.4        2.8        1.9        2.5        5.0       -3.5
  Other labor income................        4.3        2.6        2.4        1.7        1.7        2.4        1.7         .9

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        4.2        8.7       -1.0        5.4        7.0        8.5       11.4        9.0
    Farm............................       -1.6        2.1        2.1        1.5         .2        -.6         .1        -.1
    Nonfarm.........................        5.8        6.6       -3.1        3.8        7.0        9.0       11.2        9.3

  Rental income of persons with
   capital consumption adjustment...       -2.7        -.4        -.6        -.7       -4.5       -5.7       -5.4        5.8

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

  Personal interest income..........        2.2       -3.7       -3.6       -3.6        4.7        4.7        4.7         .1

  Transfer payments to persons......       12.2        4.1        5.7        9.3        7.4       10.8        5.8        1.9
    Old-age, survivors, disability,
     and health insurance benefits..        7.3         .6        4.2        4.7        2.5        7.7        1.2        1.5
    Government unemployment
     insurance benefits.............         .0       -2.4         .6        2.1        1.2         .9        1.8        -.3
   Other............................        4.9        5.9         .9        2.4        3.8        2.2        2.7         .7

  Less: Personal contributions for
   social insurance.................        1.4        3.6        1.6         .8         .1        1.0        1.0         .2

Less: Personal tax and nontax
 payments...........................        3.7      -22.1        8.2        4.8         .0        2.8        3.1     -100.9

Equals: Disposable personal income..       36.6       43.7       18.8       18.4       18.1       32.8       30.6      120.3

Less: Personal outlays..............       78.1        3.6       -2.3       64.4        6.4       39.2       47.7       59.3
  Personal consumption expenditures.       80.5        2.2       -3.1       63.6        2.9       35.9       44.5       59.7
    Durable goods...................       58.2      -49.6      -20.6       26.0       22.4        4.9        8.8       19.3
    Nondurable goods................       11.9       31.2       10.4       19.6      -29.9        4.1       18.0       18.8
    Services........................       10.5       20.6        7.2       17.9       10.4       26.9       17.7       21.5
  Interest paid by persons..........       -2.4         .8         .8         .8        3.3        3.2        3.3        -.4
  Personal transfer payments to the
   rest of the world (net)..........         .0         .6         .0         .0         .2         .0         .0         .0

Equals: Personal saving.............      -41.6       40.1       21.1      -45.9       11.6       -6.4      -17.2       61.1

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........       26.5       25.1      -12.8       -9.1       31.5       35.7       11.6       91.9
----------------------------------------------------------------------------------------------------------------------------
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/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      278.7      236.9      102.5      110.6       44.9       53.6       82.3       77.5
  Wage and salary disbursements.....      114.3       45.8       26.4       39.5       10.1       15.7       46.4       26.5
    Private industries..............       72.4        3.8       11.2       31.5        1.4        7.4       30.8       17.3
      Goods-producing industries....      -21.3      -26.7       -6.4        4.4       -6.1       -5.9        2.0        3.0
        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        3.0
      Service industries............       79.3       25.3        6.1       22.0        4.9       16.6       26.3       11.3
    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       19.8
    Farm............................       -3.6       -6.1        2.5      -14.2        3.2        1.0        2.5        1.5
    Nonfarm.........................       16.6       34.9       14.6       13.3        8.0       11.9       10.3       18.2

  Rental income of persons with
   capital consumption adjustment...       -8.7        4.5        2.0       12.2       -9.4      -13.5       -3.7      -10.8

  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       24.6
    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        4.0
   Other............................       41.7       51.2       19.5        9.5        9.9       15.2       12.1        8.1

  Less: Personal contributions for
   social insurance.................       13.9       11.7        7.8        3.1        1.7        1.5        6.1        2.2

Less: Personal tax and nontax
 payments...........................        5.7     -180.2     -172.9      -15.0      -22.8       -8.9      -12.9        8.8

Equals: Disposable personal income..      273.0      417.1      275.5      125.5       67.7       62.6       95.1       68.6

Less: Personal outlays..............      304.9      301.0       66.7       81.6      105.1       57.7       86.9       90.6
  Personal consumption expenditures.      303.3      316.7       74.3       80.5      106.0       64.7       87.1       83.1
    Durable goods...................       32.0       36.0      -23.6       -2.1       40.9      -23.9      -12.7       39.1
    Nondurable goods................       68.4       73.7       40.7       23.1        8.7       33.1       56.8       -4.6
    Services........................      203.0      206.9       57.2       59.4       56.5       55.5       43.1       48.5
  Interest paid by persons..........         .0      -17.0       -8.5         .7       -2.0       -6.8        -.8        7.3
  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      -22.0

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      117.7      284.2      231.9       66.2       30.9       24.2       37.1       48.8
----------------------------------------------------------------------------------------------------------------------------
r Revised.
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]
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 02     Jan 03     Feb 03     Mar 03     Apr 03/r/  May 03/r/  Jun 03/r/  Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................         .4         .2         .3         .3         .2         .4         .4         .2
  Wage and salary disbursements.....         .4         .2         .5         .2         .0         .3         .3         .0
  Other labor income................         .7         .4         .4         .3         .3         .4         .3         .1
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........         .5        1.1        -.1         .7         .9        1.1        1.4        1.1
  Rental income of persons with
   capital consumption adjustment...       -2.1        -.3        -.5        -.6       -3.6       -4.7       -4.6        5.2
  Personal dividend income..........         .5         .6         .6         .6         .6         .6         .5         .5
  Personal interest income..........         .2        -.3        -.3        -.3         .4         .4         .4         .0
  Transfer payments to persons......         .9         .3         .4         .7         .5         .8         .4         .1
  Less: Personal contributions for
   social insurance.................         .4         .9         .4         .2         .0         .3         .3         .1

Less: Personal tax and nontax
 payments...........................         .3       -2.0         .8         .4         .0         .3         .3       -9.3

Equals: Disposable personal income..         .5         .5         .2         .2         .2         .4         .4        1.5

Addenda:
  Personal consumption expenditures.        1.1         .0         .0         .8         .0         .5         .6         .8
    Durable goods...................        6.8       -5.4       -2.4        3.1        2.6         .5        1.0        2.1
    Nondurable goods................         .6        1.4         .5         .9       -1.3         .2         .8         .8
    Services........................         .2         .5         .2         .4         .2         .6         .4         .5

  Disposable personal income, based
   on chained (1996) dollars........         .4         .4        -.2        -.1         .4         .5         .2        1.3
----------------------------------------------------------------------------------------------------------------------------
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/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        3.3        2.7        4.8        5.1        2.0        2.4        3.7        3.5
  Wage and salary disbursements.....        2.4         .9        2.2        3.2         .8        1.3        3.7        2.1
  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       10.5
  Rental income of persons with
   capital consumption adjustment...       -6.0        3.3        5.9       39.3      -22.3      -32.7      -10.8      -29.9
  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        7.6
  Less: Personal contributions for
   social insurance.................        3.9        3.2        8.6        3.3        1.8        1.5        6.5        2.2

Less: Personal tax and nontax
 payments...........................         .4      -13.9      -43.3       -5.1       -7.9       -3.2       -4.7        3.3

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

Addenda:
  Personal consumption expenditures.        4.5        4.5        4.3        4.6        6.0        3.6        4.8        4.5
    Durable goods...................        4.0        4.3      -10.3        -.9       20.5      -10.2       -5.7       19.4
    Nondurable goods................        3.5        3.6        8.2        4.5        1.7        6.4       11.0        -.8
    Services........................        5.2        5.0        5.6        5.7        5.4        5.2        4.0        4.4

  Disposable personal income, based
   on chained (1996) dollars........        1.8        4.2       14.5        3.9        1.8        1.4        2.1        2.8
----------------------------------------------------------------------------------------------------------------------------
r Revised.



                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 02     Jan 03     Feb 03     Mar 03   Apr 03/r/  May 03/r/  Jun 03/r/  Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,691.4    6,680.3    6,649.9    6,682.5    6,699.6    6,737.7    6,762.6    6,801.7
  Durable goods.....................    1,062.9    1,008.7      987.6    1,019.8    1,048.6    1,060.5    1,074.3    1,099.7
  Nondurable goods..................    1,962.0    1,984.4    1,972.0    1,980.4    1,970.8    1,986.6    1,996.1    2,008.1
  Services..........................    3,708.1    3,716.2    3,714.2    3,714.2    3,718.5    3,731.2    3,736.1    3,743.9
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...       66.1      -11.1      -30.4       32.6       17.1       38.1       24.9       39.1
  Durable goods.....................       71.2      -54.2      -21.1       32.2       28.8       11.9       13.8       25.4
  Nondurable goods..................       12.0       22.4      -12.4        8.4       -9.6       15.8        9.5       12.0
  Services..........................        -.6        8.1       -2.0         .0        4.3       12.7        4.9        7.8
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        1.0        -.2        -.5         .5         .3         .6         .4         .6
  Durable goods.....................        7.2       -5.1       -2.1        3.3        2.8        1.1        1.3        2.4
  Nondurable goods..................         .6        1.1        -.6         .4        -.5         .8         .5         .6
  Services..........................         .0         .2        -.1         .0         .1         .3         .1         .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       I 02      II 02     III 02      IV 02       I 03    II 03/r/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               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    6,733.3
  Durable goods.....................      931.9      999.9      975.9      980.7    1,032.4    1,010.6    1,005.4    1,061.2
  Nondurable goods..................    1,869.8    1,929.5    1,921.4    1,920.9    1,925.8    1,950.0    1,978.9    1,984.5
  Services..........................    3,594.9    3,675.6    3,642.2    3,666.2    3,687.0    3,707.0    3,714.9    3,728.6
                                    ----------------------------------------------------------------------------------------
                                                                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       62.4
  Durable goods.....................       53.0       68.0      -16.1        4.8       51.7      -21.8       -5.2       55.8
  Nondurable goods..................       36.0       59.7       36.4        -.5        4.9       24.2       28.9        5.6
  Services..........................       70.4       80.7       25.6       24.0       20.8       20.0        7.9       13.7
                                    ----------------------------------------------------------------------------------------
                                                            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        3.8
  Durable goods.....................        6.0        7.3       -6.3        2.0       22.8       -8.2       -2.0       24.1
  Nondurable goods..................        2.0        3.2        7.9        -.1        1.0        5.1        6.1        1.1
  Services..........................        2.0        2.2        2.9        2.7        2.3        2.2         .9        1.5
----------------------------------------------------------------------------------------------------------------------------
r Revised.



   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 02     Jan 03     Feb 03     Mar 03   Apr 03/r/   May 03/r/  Jun 03/r/  Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     111.95     112.17     112.64     113.04     112.80     112.69     112.94     113.16
  Durable goods.....................      86.14      85.86      85.60      85.46      85.24      84.74      84.47      84.28
  Nondurable goods..................     110.19     110.53     111.74     112.26     111.30     110.62     110.99     111.26
  Services..........................     119.02     119.31     119.57     120.05     120.19     120.51     120.82     121.14
Addendum:
  Personal consumption expenditures
   less food and energy.............     111.42     111.47     111.52     111.64     111.71     111.76     111.92     112.17
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .1         .2         .4         .4        -.2        -.1         .2         .2
  Durable goods.....................        -.4        -.3        -.3        -.2        -.3        -.6        -.3        -.2
  Nondurable goods..................        -.1         .3        1.1         .5        -.9        -.6         .3         .2
  Services..........................         .3         .2         .2         .4         .1         .3         .3         .3
Addendum:
  Personal consumption expenditures
   less food and energy.............         .1         .0         .0         .1         .1         .0         .1         .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 02     Jan 03     Feb 03     Mar 03     Apr 03/r/  May 03/r/  Jun 03/r/  Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........        5.1        2.8        2.2        1.9        2.3        2.2        1.6        3.3

Personal consumption expenditures...        3.4        3.0        1.9        2.4        2.5        3.1        3.1        2.7
  Durable goods.....................       10.4        4.7         .5        3.9        5.7        9.8        9.3        6.1
  Nondurable goods..................        3.0        3.3        2.4        3.3        2.9        3.5        3.6        4.0
  Services..........................        2.3        2.5        1.9        1.6        1.8        1.6        1.7        1.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



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