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News Release: Personal Income and Outlays


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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, SEPTEMBER 29, 2003

James E. Rankin:       (202) 606-5301  (Personal Income)                               BEA 03-38
Greg Key:              (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303

              PERSONAL INCOME AND OUTLAYS: AUGUST 2003

 Personal income increased $21.7 billion, or 0.2 percent, and disposable personal income (DPI)
increased $73.6 billion, or 0.9 percent, in August, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $59.8 billion, or 0.8 percent.  In July, personal
income increased $24.2 billion, or 0.3 percent, DPI increased $125.4 billion, or 1.5 percent, and
PCE increased $71.8 billion, or 0.9 percent, based on revised estimates.

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

Personal income, current dollars           0.2          0.4         0.4         0.3        0.2

Disposable personal income:
  Current dollars                          0.2          0.4         0.4         1.5        0.9
  Chained (1996) dollars                   0.4          0.5         0.2         1.3        0.6

Personal consumption expenditures:
  Current dollars                          0.0          0.5         0.7         0.9        0.8
  Chained (1996) dollars                   0.2          0.6         0.5         0.7        0.5


       This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for social insurance for January through March 2003 (first quarter).


 The August and July changes in disposable personal income (DPI) -- personal income less
personal tax and nontax payments -- were 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, which is discussed more fully below, disposable personal income
increased $19.6 billion, or 0.2 percent, in August, after increasing $24.1 billion, or 0.3 percent,
in July.


Wages and salaries

 Private wage and salary disbursements increased $5.4 billion in August, compared with an
increase of $3.3 billion in July.  Goods-producing industries' payrolls increased $1.1 billion, in
contrast to a decrease of $2.6 billion; manufacturing payrolls decreased $0.7 billion, compared with
a decrease of $2.6 billion.  Distributive industries' payrolls increased $2.1 billion, compared with an
increase of $0.4 billion.  Service industries' payrolls increased $2.1 billion, compared with an
increase of $5.5 billion.

 Government wage and salary disbursements increased $0.5 billion in August, in contrast to a
decrease of $3.1 billion in July.  Payments for a retroactive pay raise had added $4.7 billion to
federal civilian government payrolls in June.


Other personal income

 Proprietors' income increased $1.8 billion in August, compared with an increase of $13.7
billion in July.  Farm proprietors' income increased $2.0 billion, compared with an increase of $3.9
billion.  Nonfarm proprietors' income decreased $0.1 billion, in contrast to an increase of $9.8
billion.

 Transfer payments increased $6.1 billion in August, compared with an increase of $2.9 billion
in July.  Personal interest income decreased $2.6 billion, compared with a decrease of $2.4 billion.
Personal dividend income increased $2.6 billion, compared with an increase of $2.4 billion.  Rental
income of persons increased $6.8 billion, the same increase as in July.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.6 billion in August, compared with an increase of $0.2 billion in July.


Personal taxes and disposable personal income

 Personal tax and nontax payments decreased $51.9 billion in August, compared with a decrease
of $101.1 billion in July.  A reduction in federal income taxes accounted for the decreases in August
and July.  Provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 reduced the
level of withheld taxes by $45.8 billion at an annual rate ($3.8 billion at a monthly rate) in August
and in July.  The reduction in withheld taxes reflected new marginal tax rates, an expansion of the
10-percent tax bracket, and an acceleration in "marriage penalty" relief.  In addition, the level of
federal nonwithheld taxes (payments of estimated taxes plus final settlements less refunds) was
reduced by $109.5 billion at an annual rate ($9.1 billion at a monthly rate) in August and $55.5
billion at an annual rate ($4.6 billion at a monthly rate) in July.  The reductions in nonwithheld taxes
reflected the pattern of advance payments of the child tax credit that were paid in August and July.

 Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $73.6 billion, or 0.9 percent, in August, compared with an increase of $125.4 billion, or
1.5 percent, in July.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $60.5 billion in August, compared with an increase of $72.4 billion in
July.  PCE increased $59.8 billion, compared with an increase of $71.8 billion.

 Personal saving -- DPI less personal outlays -- was $311.8 billion in August, compared with
$298.6 billion in July.  Personal saving as a percentage of disposable personal income was 3.8
percent in August, compared with 3.6 percent in July.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.6 percent in August, compared
with an increase of 1.3 percent in July.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in August,
compared with an increase of 0.7 percent in July.  Purchases of durable goods increased 3.0 percent,
compared with an increase of 3.5 percent.  Purchases of motor vehicles and parts accounted for most
of the increases in August and in July.  Purchases of nondurable goods increased 0.3 percent in
August, compared with an increase of 0.7 percent in July.  Purchases of services increased 0.1
percent, compared with an increase of 0.2 percent.


Revisions

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

 For January through March 2003, the revisions to wages and salaries reflected the incorporation
of the most recently available Bureau of Labor Statistics tabulations of private wages and salaries
from the state unemployment insurance program.  Personal taxes and contributions for social
insurance were also revised for this period, reflecting the revisions to wages and salaries.

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

Personal Income:
  Current dollars.......... 33.7    37.5       0.4     0.4              19.4    24.2       0.2     0.3

Disposable personal income:
  Current dollars.......... 30.6    33.4       0.4     0.4             120.3   125.4       1.5     1.5
  Chained (1996) dollars... 11.6    13.4       0.2     0.2              91.9    95.6       1.3     1.3

Personal consumption expenditures:
  Current dollars.......... 44.5    53.6       0.6     0.7              59.7    71.8       0.8     0.9
  Chained (1996) dollars... 24.9    32.1       0.4     0.5              39.1    49.2       0.6     0.7


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

                             <www.bea.gov>

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

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

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



       The Bureau of Economic Analysis plans to release the results of its 12th comprehensive (or
benchmark) revision of the national income and product accounts (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 described changes in
statistical methods.



Next release -- Personal Income and Outlays for September will be released on
                  October 31, 2003, at 8:30 A.M. EST.


                                   Table 1.--Personal Income and Its Disposition (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                       Jan 03/r/  Feb 03/r/  Mar 03/r/  Apr 03/r/  May 03/r/  Jun 03/r/  Jul 03/r/  Aug 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    9,058.3    9,080.2    9,102.0    9,119.8    9,155.4    9,192.9    9,217.1    9,238.8
  Wage and salary disbursements.....    5,039.4    5,057.2    5,064.9    5,064.3    5,077.6    5,095.6    5,095.8    5,101.6
    Private industries..............    4,163.6    4,175.0    4,179.9    4,177.3    4,188.2    4,201.1    4,204.4    4,209.8
      Goods-producing industries....    1,105.2    1,106.0    1,107.5    1,105.7    1,108.5    1,112.6    1,110.0    1,111.1
        Manufacturing...............      750.1      751.2      750.6      746.5      746.8      748.8      746.2      745.5
      Distributive industries.......    1,119.8    1,123.2    1,122.4    1,122.3    1,123.8    1,127.5    1,127.9    1,130.0
      Service industries............    1,938.6    1,945.8    1,950.0    1,949.3    1,955.9    1,961.0    1,966.5    1,968.6
    Government......................      875.8      882.2      885.0      886.9      889.4      894.5      891.4      891.9
  Other labor income................      637.0      639.4      641.1      642.8      645.2      646.9      647.9      649.6

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      783.3      782.3      787.7      794.7      803.5      815.3      829.0      830.8
    Farm............................       12.3       14.4       15.9       15.8       15.1       15.2       19.1       21.1
    Nonfarm.........................      771.0      767.9      771.7      778.9      788.4      800.1      809.9      809.8

  Rental income of persons with
   capital consumption adjustment...      127.5      126.9      126.2      121.3      115.2      109.4      116.2      123.0

  Personal dividend income..........      448.6      451.2      453.7      456.4      459.1      461.5      463.9      466.5

  Personal interest income..........    1,079.4    1,075.8    1,072.2    1,076.8    1,081.5    1,086.1    1,083.7    1,081.1

  Transfer payments to persons......    1,333.9    1,339.6    1,348.9    1,356.3    1,367.2    1,373.2    1,376.1    1,382.2
    Old-age, survivors, disability,
     and health insurance benefits..      718.2      722.4      727.1      729.6      737.3      738.5      740.0      745.9
    Government unemployment
     insurance benefits.............       60.9       61.5       63.6       64.8       65.7       67.5       67.4       66.1
    Other...........................      554.8      555.7      558.1      561.9      564.2      567.2      568.7      570.3

  Less: Personal contributions for
   social insurance.................      390.8      392.1      392.7      392.9      393.9      395.2      395.4      396.0

Less: Personal tax and nontax
 payments...........................    1,067.5    1,074.4    1,078.9    1,079.4    1,082.3    1,086.2      985.1      933.2

Equals: Disposable personal income..    7,990.8    8,005.8    8,023.1    8,040.4    8,073.2    8,106.6    8,232.0    8,305.6

Less: Personal outlays..............    7,707.7    7,705.4    7,769.8    7,772.4    7,807.7    7,860.9    7,933.3    7,993.8
  Personal consumption expenditures.    7,493.4    7,490.3    7,553.9    7,557.0    7,592.6    7,646.2    7,718.0    7,777.8
    Durable goods...................      866.3      845.7      871.7      894.4      899.5      907.7      937.4      963.4
    Nondurable goods................    2,193.3    2,203.7    2,223.3    2,193.3    2,197.1    2,219.5    2,240.1    2,260.1
    Services........................    4,433.8    4,441.0    4,458.9    4,469.4    4,496.0    4,519.0    4,540.4    4,554.3
  Interest paid by persons..........      180.9      181.7      182.5      182.2      181.9      181.5      182.1      182.7
  Personal transfer payments to the
   rest of the world (net)..........       33.4       33.4       33.4       33.2       33.2       33.2       33.2       33.2

Equals: Personal saving.............      283.1      300.4      253.3      268.0      265.5      245.7      298.6      311.8

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    7,123.7    7,107.6    7,097.6    7,126.3    7,162.1    7,175.5    7,271.1    7,316.2
    Per capita:
      Current dollars...............     27,660     27,692     27,729     27,766     27,855     27,945     28,350     28,576
      Chained (1996) dollars........     24,659     24,585     24,531     24,609     24,712     24,735     25,041     25,172
    Population (thousands)\2\.......    288,893    289,098    289,335    289,579    289,828    290,096    290,370    290,653

  Personal saving as a percentage
   of disposable personal income....        3.5        3.8        3.2        3.3        3.3        3.0        3.6        3.8
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2003.
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/r/   II 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,685.3    8,922.2    8,803.4    8,914.0    8,958.9    9,012.5    9,080.2    9,156.0

  Wage and salary disbursements.....    4,950.6    4,996.4    4,957.8    4,997.3    5,007.4    5,023.1    5,053.8    5,079.2
    Private industries..............    4,139.8    4,143.6    4,117.4    4,148.9    4,150.3    4,157.7    4,172.8    4,188.9
      Goods-producing industries....    1,142.4    1,115.7    1,116.9    1,121.3    1,115.2    1,109.3    1,106.2    1,109.0
        Manufacturing...............      789.4      758.7      759.4      765.3      757.9      752.0      750.6      747.4
      Distributive industries.......    1,109.2    1,114.4    1,110.1    1,115.3    1,117.8    1,114.6    1,121.8    1,124.5
      Service industries............    1,888.2    1,913.5    1,890.4    1,912.4    1,917.3    1,933.9    1,944.8    1,955.4
    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      804.5
    Farm............................       19.0       12.9       21.7        7.5       10.7       11.7       14.2       15.4
    Nonfarm.........................      708.8      743.7      726.7      740.0      748.0      759.9      770.2      789.1

  Rental income of persons with
   capital consumption adjustment...      137.9      142.4      141.3      153.5      144.1      130.6      126.9      115.3

  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    1,081.5

  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    1,365.6
    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      564.4

  Less: Personal contributions for
   social insurance.................      372.3      384.0      380.5      383.6      385.3      386.8      391.9      394.0

Less: Personal tax and nontax
 payments...........................    1,292.1    1,111.9    1,136.8    1,121.8    1,099.0    1,090.1    1,073.6    1,082.6

Equals: Disposable personal income..    7,393.2    7,810.3    7,666.7    7,792.2    7,859.9    7,922.5    8,006.6    8,073.4

Less: Personal outlays..............    7,223.5    7,524.5    7,396.3    7,477.9    7,583.0    7,640.7    7,727.6    7,813.7
  Personal consumption expenditures.    6,987.0    7,303.7    7,174.2    7,254.7    7,360.7    7,425.4    7,512.5    7,598.6
    Durable goods...................      835.9      871.9      859.0      856.9      897.8      873.9      861.2      900.5
    Nondurable goods................    2,041.3    2,115.0    2,085.1    2,108.2    2,116.9    2,150.0    2,206.8    2,203.3
    Services........................    4,109.9    4,316.8    4,230.1    4,289.5    4,346.0    4,401.5    4,444.6    4,494.8
  Interest paid by persons..........      205.4      188.4      190.6      191.3      189.3      182.5      181.7      181.9
  Personal transfer payments to the
   rest of the world (net)..........       31.1       32.3       31.5       31.9       32.9       32.8       33.4       33.2

Equals: Personal saving.............      169.7      285.8      270.4      314.3      276.9      281.8      278.9      259.7

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    7,109.6    7,154.7
    Per capita:
      Current dollars...............     25,957     27,170     26,759     27,144     27,313     27,463     27,694     27,855
      Chained (1996) dollars........     23,692     24,463     24,296     24,479     24,527     24,551     24,591     24,685
    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        3.5        3.2
----------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2003.
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]
----------------------------------------------------------------------------------------------------------------------------
                                        Jan 03/r/  Feb 03/r/  Mar 03/r/  Apr 03/r/  May 03/r/  Jun 03/r/   Jul 03/r/  Aug 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................       10.9       21.9       21.8       17.8       35.6       37.5       24.2       21.7

  Wage and salary disbursements.....        -.1       17.8        7.7        -.6       13.3       18.0         .2        5.8
    Private industries..............       -8.6       11.4        4.9       -2.6       10.9       12.9        3.3        5.4
      Goods-producing industries....       -4.8         .8        1.5       -1.8        2.8        4.1       -2.6        1.1
        Manufacturing...............       -1.7        1.1        -.6       -4.1         .3        2.0       -2.6        -.7
      Distributive industries.......        3.1        3.4        -.8        -.1        1.5        3.7         .4        2.1
      Service industries............       -6.9        7.2        4.2        -.7        6.6        5.1        5.5        2.1
    Government......................        8.5        6.4        2.8        1.9        2.5        5.1       -3.1         .5
  Other labor income................        2.6        2.4        1.7        1.7        2.4        1.7        1.0        1.7

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        8.7       -1.0        5.4        7.0        8.8       11.8       13.7        1.8
    Farm............................        2.1        2.1        1.5        -.1        -.7         .1        3.9        2.0
    Nonfarm.........................        6.6       -3.1        3.8        7.2        9.5       11.7        9.8        -.1

  Rental income of persons with
   capital consumption adjustment...        -.4        -.6        -.7       -4.9       -6.1       -5.8        6.8        6.8

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

  Personal interest income..........       -3.7       -3.6       -3.6        4.6        4.7        4.6       -2.4       -2.6

  Transfer payments to persons......        4.1        5.7        9.3        7.4       10.9        6.0        2.9        6.1
    Old-age, survivors, disability,
     and health insurance benefits..         .6        4.2        4.7        2.5        7.7        1.2        1.5        5.9
    Government unemployment
     insurance benefits.............       -2.4         .6        2.1        1.2         .9        1.8        -.1       -1.3
   Other............................        5.9         .9        2.4        3.8        2.3        3.0        1.5        1.6

  Less: Personal contributions for
   social insurance.................        2.8        1.3         .6         .2        1.0        1.3         .2         .6

Less: Personal tax and nontax
 payments...........................      -24.7        6.9        4.5         .5        2.9        3.9     -101.1      -51.9

Equals: Disposable personal income..       35.6       15.0       17.3       17.3       32.8       33.4      125.4       73.6

Less: Personal outlays..............        3.6       -2.3       64.4        2.6       35.3       53.2       72.4       60.5
  Personal consumption expenditures.        2.2       -3.1       63.6        3.1       35.6       53.6       71.8       59.8
    Durable goods...................      -49.6      -20.6       26.0       22.7        5.1        8.2       29.7       26.0
    Nondurable goods................       31.2       10.4       19.6      -30.0        3.8       22.4       20.6       20.0
    Services........................       20.6        7.2       17.9       10.5       26.6       23.0       21.4       13.9
  Interest paid by persons..........         .8         .8         .8        -.3        -.3        -.4         .6         .6
  Personal transfer payments to the
   rest of the world (net)..........         .6         .0         .0        -.2         .0         .0         .0         .0

Equals: Personal saving.............       32.0       17.3      -47.1       14.7       -2.5      -19.8       52.9       13.2

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........       17.8      -16.1      -10.0       28.7       35.8       13.4       95.6       45.1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2003.
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/r/   II 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      278.7      236.9      102.5      110.6       44.9       53.6       67.7       75.8
  Wage and salary disbursements.....      114.3       45.8       26.4       39.5       10.1       15.7       30.7       25.4
    Private industries..............       72.4        3.8       11.2       31.5        1.4        7.4       15.1       16.1
      Goods-producing industries....      -21.3      -26.7       -6.4        4.4       -6.1       -5.9       -3.1        2.8
        Manufacturing...............      -40.0      -30.7      -10.5        5.9       -7.4       -5.9       -1.4       -3.2
      Distributive industries.......       14.4        5.2       11.5        5.2        2.5       -3.2        7.2        2.7
      Service industries............       79.3       25.3        6.1       22.0        4.9       16.6       10.9       10.6
    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       20.1
    Farm............................       -3.6       -6.1        2.5      -14.2        3.2        1.0        2.5        1.2
    Nonfarm.........................       16.6       34.9       14.6       13.3        8.0       11.9       10.3       18.9

  Rental income of persons with
   capital consumption adjustment...       -8.7        4.5        2.0       12.2       -9.4      -13.5       -3.7      -11.6

  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        5.7

  Transfer payments to persons......      100.1      117.6       47.0       30.6       15.8       20.7       21.7       24.8
    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        8.2

  Less: Personal contributions for
   social insurance.................       13.9       11.7        7.8        3.1        1.7        1.5        5.1        2.1

Less: Personal tax and nontax
 payments...........................        5.7     -180.2     -172.9      -15.0      -22.8       -8.9      -16.5        9.0

Equals: Disposable personal income..      273.0      417.1      275.5      125.5       67.7       62.6       84.1       66.8

Less: Personal outlays..............      304.9      301.0       66.7       81.6      105.1       57.7       86.9       86.1
  Personal consumption expenditures.      303.3      316.7       74.3       80.5      106.0       64.7       87.1       86.1
    Durable goods...................       32.0       36.0      -23.6       -2.1       40.9      -23.9      -12.7       39.3
    Nondurable goods................       68.4       73.7       40.7       23.1        8.7       33.1       56.8       -3.5
    Services........................      203.0      206.9       57.2       59.4       56.5       55.5       43.1       50.2
  Interest paid by persons..........         .0      -17.0       -8.5         .7       -2.0       -6.8        -.8         .2
  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       -2.9      -19.2

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      117.7      284.2      231.9       66.2       30.9       24.2       27.3       45.1
----------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2003.
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]
----------------------------------------------------------------------------------------------------------------------------
                                         Jan 03/r/  Feb 03/r/  Mar 03/r/  Apr 03/r/  May 03/r/  Jun 03/r/  Jul 03/r/  Aug 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................         .1         .2         .2         .2         .4         .4         .3         .2
  Wage and salary disbursements.....         .0         .4         .2         .0         .3         .4         .0         .1
  Other labor income................         .4         .4         .3         .3         .4         .3         .1         .3
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        1.1        -.1         .7         .9        1.1        1.5        1.7         .2
  Rental income of persons with
   capital consumption adjustment...        -.3        -.5        -.6       -3.9       -5.1       -5.0        6.2        5.9
  Personal dividend income..........         .6         .6         .6         .6         .6         .5         .5         .6
  Personal interest income..........        -.3        -.3        -.3         .4         .4         .4        -.2        -.2
  Transfer payments to persons......         .3         .4         .7         .5         .8         .4         .2         .4
  Less: Personal contributions for
   social insurance.................         .7         .3         .2         .0         .3         .3         .1         .1

Less: Personal tax and nontax
 payments...........................       -2.3         .6         .4         .0         .3         .4       -9.3       -5.3

Equals: Disposable personal income..         .4         .2         .2         .2         .4         .4        1.5         .9

Addenda:
  Personal consumption expenditures.         .0         .0         .8         .0         .5         .7         .9         .8
    Durable goods...................       -5.4       -2.4        3.1        2.6         .6         .9        3.3        2.8
    Nondurable goods................        1.4         .5         .9       -1.4         .2        1.0         .9         .9
    Services........................         .5         .2         .4         .2         .6         .5         .5         .3

  Disposable personal income, based
   on chained (1996) dollars........         .3        -.2        -.1         .4         .5         .2        1.3         .6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2003.



          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/r/   II 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        3.3        2.7        4.8        5.1        2.0        2.4        3.0        3.4
  Wage and salary disbursements.....        2.4         .9        2.2        3.2         .8        1.3        2.5        2.0
  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       10.6
  Rental income of persons with
   capital consumption adjustment...       -6.0        3.3        5.9       39.3      -22.3      -32.7      -10.8      -31.9
  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        2.1
  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        5.4        2.2

Less: Personal tax and nontax
 payments...........................         .4      -13.9      -43.3       -5.1       -7.9       -3.2       -5.9        3.4

Equals: Disposable personal income..        3.8        5.6       15.8        6.7        3.5        3.2        4.3        3.4

Addenda:
  Personal consumption expenditures.        4.5        4.5        4.3        4.6        6.0        3.6        4.8        4.7
    Durable goods...................        4.0        4.3      -10.3        -.9       20.5      -10.2       -5.7       19.6
    Nondurable goods................        3.5        3.6        8.2        4.5        1.7        6.4       11.0        -.6
    Services........................        5.2        5.0        5.6        5.7        5.4        5.2        4.0        4.6

  Disposable personal income, based
   on chained (1996) dollars........        1.8        4.2       14.5        3.9        1.8        1.4        1.6        2.6
----------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2003.



                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         Jan 03     Feb 03     Mar 03   Apr 03/r/  May 03/r/  Jun 03/r/  Jul 03/r/  Aug 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,680.3    6,649.9    6,682.5    6,697.9    6,735.8    6,767.9    6,817.1    6,851.3
  Durable goods.....................    1,008.7      987.6    1,019.8    1,049.0    1,061.2    1,074.2    1,111.9    1,145.0
  Nondurable goods..................    1,984.4    1,972.0    1,980.4    1,970.6    1,986.2    1,999.8    2,013.3    2,019.0
  Services..........................    3,716.2    3,714.2    3,714.2    3,716.8    3,729.3    3,737.8    3,745.0    3,748.8
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      -11.1      -30.4       32.6       15.4       37.9       32.1       49.2       34.2
  Durable goods.....................      -54.2      -21.1       32.2       29.2       12.2       13.0       37.7       33.1
  Nondurable goods..................       22.4      -12.4        8.4       -9.8       15.6       13.6       13.5        5.7
  Services..........................        8.1       -2.0         .0        2.6       12.5        8.5        7.2        3.8
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        -.2        -.5         .5         .2         .6         .5         .7         .5
  Durable goods.....................       -5.1       -2.1        3.3        2.9        1.2        1.2        3.5        3.0
  Nondurable goods..................        1.1        -.6         .4        -.5         .8         .7         .7         .3
  Services..........................         .2        -.1         .0         .1         .3         .2         .2         .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/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    6,733.9
  Durable goods.....................      931.9      999.9      975.9      980.7    1,032.4    1,010.6    1,005.4    1,061.5
  Nondurable goods..................    1,869.8    1,929.5    1,921.4    1,920.9    1,925.8    1,950.0    1,978.9    1,985.6
  Services..........................    3,594.9    3,675.6    3,642.2    3,666.2    3,687.0    3,707.0    3,714.9    3,728.0
                                    ----------------------------------------------------------------------------------------
                                                                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       63.0
  Durable goods.....................       53.0       68.0      -16.1        4.8       51.7      -21.8       -5.2       56.1
  Nondurable goods..................       36.0       59.7       36.4        -.5        4.9       24.2       28.9        6.7
  Services..........................       70.4       80.7       25.6       24.0       20.8       20.0        7.9       13.1
                                    ----------------------------------------------------------------------------------------
                                                            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        3.8
  Durable goods.....................        6.0        7.3       -6.3        2.0       22.8       -8.2       -2.0       24.3
  Nondurable goods..................        2.0        3.2        7.9        -.1        1.0        5.1        6.1        1.4
  Services..........................        2.0        2.2        2.9        2.7        2.3        2.2         .9        1.4
----------------------------------------------------------------------------------------------------------------------------
r Revised.



   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         Jan 03     Feb 03     Mar 03   Apr 03/r/  May 03/r/  Jun 03/r/  Jul 03/r/  Aug 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     112.17     112.64     113.04     112.83     112.72     112.98     113.22     113.52
  Durable goods.....................      85.86      85.60      85.46      85.24      84.74      84.47      84.28      84.11
  Nondurable goods..................     110.53     111.74     112.26     111.29     110.61     110.98     111.26     111.94
  Services..........................     119.31     119.57     120.05     120.25     120.56     120.90     121.24     121.49
Addendum:
  Personal consumption expenditures
   less food and energy.............     111.47     111.52     111.64     111.75     111.80     111.98     112.24     112.37
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .2         .4         .4        -.2        -.1         .2         .2         .3
  Durable goods.....................        -.3        -.3        -.2        -.3        -.6        -.3        -.2        -.2
  Nondurable goods..................         .3        1.1         .5        -.9        -.6         .3         .3         .6
  Services..........................         .2         .2         .4         .2         .3         .3         .3         .2
Addendum:
  Personal consumption expenditures
   less food and energy.............         .0         .0         .1         .1         .0         .2         .2         .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                         Jan 03/r/  Feb 03/r/  Mar 03/r/  Apr 03/r/  May 03/r/  Jun 03/r/  Jul 03/r/  Aug 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........        2.7        2.0        1.7        2.1        2.0        1.4        3.1        3.7

Personal consumption expenditures...        3.0        1.9        2.4        2.5        3.0        3.2        3.0        3.4
  Durable goods.....................        4.7         .5        3.9        5.7        9.8        9.3        7.3        8.3
  Nondurable goods..................        3.3        2.4        3.3        2.9        3.5        3.8        4.3        4.8
  Services..........................        2.5        1.9        1.6        1.7        1.5        1.8        1.5        1.8
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2003.



    Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
                                         Jan 03     Feb 03     Mar 03     Apr 03/r/  May 03/r/  Jun 03/r/  Jul 03/r/ Aug 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures...        2.1        2.3        2.4        1.8        1.7        1.8        1.9        1.9
  Durable goods.....................       -3.1       -2.5       -2.4       -2.5       -3.1       -3.1       -3.1       -3.2
  Nondurable goods..................        2.3        3.0        2.9        1.0        1.0        1.3        1.5        1.8
  Services..........................        3.0        2.9        3.2        3.0        3.0        3.1        3.1        3.0
Addendum:
  Personal consumption expenditures
   less food and energy.............        1.6        1.4        1.5        1.3        1.3        1.3        1.4        1.3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.