skip to Main Content
BEA Logo
News
 
 


News Release: Personal Income and Outlays


The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
Many of the tables in our news releases are very wide. Printing tips are available.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, OCTOBER 31, 2003

James E. Rankin:       (202) 606-5301  (Personal Income)                                   BEA 03-43
Greg Key:              (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303


              PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2003

 Personal income increased $27.1 billion, or 0.3 percent, and disposable personal income (DPI)
decreased $82.6 billion, or 1.0 percent, in September, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $26.5 billion, or 0.3 percent.  In August, personal
income increased $29.2 billion, or 0.3 percent, DPI increased $79.5 billion, or 1.0 percent, and PCE
increased $82.7 billion, or 1.1 percent, based on revised estimates.

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

Personal income, current dollars          0.4          0.4          0.3          0.3         0.3

Disposable personal income:
  Current dollars                         0.4          0.4          1.6          1.0        -1.0
  Chained (1996) dollars                  0.5          0.2          1.4          0.7        -1.2

Personal consumption expenditures:
  Current dollars                         0.5          0.7          1.0          1.1        -0.3
  Chained (1996) dollars                  0.6          0.5          0.8          0.8        -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.  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.  Information is available on BEA's Web site:
             <www.bea.gov/national/cr2003content.htm>


 The decrease in September disposable personal income (DPI) -- personal income less
personal tax and nontax payments -- reflected a winding down of advance refund checks sent to
taxpayers as part of the Jobs and Growth Tax Relief Reconciliation Act of 2003.  The impact of
the tax law changes is discussed more fully below.


Wages and salaries

 Private wage and salary disbursements increased $6.2 billion in September, compared with an
increase of $12.3 billion in August.  Goods-producing industries' payrolls increased $2.9 billion,
compared with an increase of $2.3 billion; manufacturing payrolls increased $1.3 billion, compared
with an increase of $0.4 billion.  Distributive industries' payrolls decreased $0.8 billion, in contrast
to an increase of $4.5 billion.  Service industries' payrolls increased $4.1 billion, compared with an
increase of $5.5 billion.  Government wage and salary disbursements decreased $0.6 billion, in
contrast to an increase of $0.4 billion.


Other personal income

 Proprietors' income increased $6.3 billion in September, compared with an increase of $4.0
billion in August.  Farm proprietors' income increased $0.5 billion, compared with an increase of
$2.1 billion.  Nonfarm proprietors' income increased $5.7 billion, compared with an increase of $1.9
billion.

 Transfer payments increased $8.0 billion in September, compared with an increase of $5.3
billion in August.  Personal interest income decreased $2.1 billion in September, the same decrease
as in August.  Personal dividend income increased $2.6 billion in September, the same increase as in
August.  Rental income of persons increased $6.0 billion in September, compared with an increase
of $6.1 billion in August.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.6 billion in September, compared with an increase of $1.1 billion in August.


Personal taxes and disposable personal income

 Personal tax and nontax payments increased $109.7 billion in September, in contrast to
decreases of $50.3 billion in August and of $106.6 billion in July.  Changes in federal income taxes
accounted for the increase in September and the decreases in August and in July.  Provisions of the
Jobs and Growth Tax Relief Reconciliation Act of 2003 reduced the levels of withheld taxes by
$45.8 billion at an annual rate ($3.8 billion at a monthly rate) in September, 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
$2.0 billion at an annual rate ($0.2 billion at a monthly rate) in September, $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 September, in August, and in July.

 Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
decreased $82.6 billion, or 1.0 percent, in September, in contrast to an increase of $79.5 billion, or
1.0 percent, in August.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- decreased $23.5 billion in September, in contrast to an increase of $85.7 billion in
August.  PCE decreased $26.5 billion, in contrast to an increase of $82.7 billion.

 Personal saving -- DPI less personal outlays -- was $235.2 billion in September, compared with
$294.3 billion in August.  Personal saving as a percentage of disposable personal income was 2.9
percent in September, compared with 3.5 percent in August.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- decreased 1.2 percent in September, in
contrast to an increase of 0.7 percent in August.

 Real PCE -- PCE adjusted to remove price changes -- decreased 0.6 percent in September, in
contrast to an increase of 0.8 percent in August.  Purchases of durable goods decreased 4.6 percent,
in contrast to an increase of 4.0 percent.  Purchases of motor vehicles and parts accounted for most
of the decrease in September and most of the increase in August.  Purchases of nondurable goods
decreased 0.4 percent in September, in contrast to an increase of 0.8 percent in August.  Purchases of
services increased 0.2 percent, compared with an increase of 0.1 percent.


Revisions

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

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

Personal Income:
  Current dollars.........  24.2    25.6       0.3     0.3            21.7    29.2       0.2     0.3

Disposable personal income:
  Current dollars......... 125.4   132.3       1.5     1.6            73.6    79.5       0.9     1.0
  Chained (1996) dollars..  95.6   102.1       1.3     1.4            45.1    50.0       0.6     0.7

Personal consumption expenditures:
  Current dollars.........  71.8    74.0       0.9     1.0            59.8    82.7       0.8     1.1
  Chained (1996) dollars..  49.2    51.6       0.7     0.8            34.2    54.0       0.5     0.8


  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 October will be released on
                    November 26, at 8:30 A.M. EST.


                                   Table 1.--Personal Income and Its Disposition (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Feb 03     Mar 03     Apr 03     May 03     Jun 03   Jul 03/r/  Aug 03/r/  Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    9,080.2    9,102.0    9,119.8    9,155.4    9,192.9    9,218.5    9,247.7    9,274.8
  Wage and salary disbursements.....    5,057.2    5,064.9    5,064.3    5,077.6    5,095.6    5,097.3    5,110.0    5,115.6
    Private industries..............    4,175.0    4,179.9    4,177.3    4,188.2    4,201.1    4,206.9    4,219.2    4,225.4
      Goods-producing industries....    1,106.0    1,107.5    1,105.7    1,108.5    1,112.6    1,109.4    1,111.7    1,114.6
        Manufacturing...............      751.2      750.6      746.5      746.8      748.8      745.8      746.2      747.5
      Distributive industries.......    1,123.2    1,122.4    1,122.3    1,123.8    1,127.5    1,129.7    1,134.2    1,133.4
      Service industries............    1,945.8    1,950.0    1,949.3    1,955.9    1,961.0    1,967.8    1,973.3    1,977.4
    Government......................      882.2      885.0      886.9      889.4      894.5      890.4      890.8      890.2
  Other labor income................      639.4      641.1      642.8      645.2      646.9      648.0      649.7      651.1

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      782.3      787.7      794.7      803.5      815.3      828.8      832.8      839.1
    Farm............................       14.4       15.9       15.8       15.1       15.2       19.1       21.2       21.7
    Nonfarm.........................      767.9      771.7      778.9      788.4      800.1      809.7      811.6      817.3

  Rental income of persons with
   capital consumption adjustment...      126.9      126.2      121.3      115.2      109.4      115.0      121.1      127.1

  Personal dividend income..........      451.2      453.7      456.4      459.1      461.5      463.9      466.5      469.1

  Personal interest income..........    1,075.8    1,072.2    1,076.8    1,081.5    1,086.1    1,084.1    1,082.0    1,079.9

  Transfer payments to persons......    1,339.6    1,348.9    1,356.3    1,367.2    1,373.2    1,377.0    1,382.3    1,390.3
    Old-age, survivors, disability,
     and health insurance benefits..      722.4      727.1      729.6      737.3      738.5      740.0      745.8      748.8
    Government unemployment
     insurance benefits.............       61.5       63.6       64.8       65.7       67.5       67.2       66.1       66.9
    Other...........................      555.7      558.1      561.9      564.2      567.2      569.7      570.4      574.7

  Less: Personal contributions for
   social insurance.................      392.1      392.7      392.9      393.9      395.2      395.6      396.7      397.3

Less: Personal tax and nontax
 payments...........................    1,074.4    1,078.9    1,079.4    1,082.3    1,086.2      979.6      929.3    1,039.0

Equals: Disposable personal income..    8,005.8    8,023.1    8,040.4    8,073.2    8,106.6    8,238.9    8,318.4    8,235.8

Less: Personal outlays..............    7,705.4    7,769.8    7,772.4    7,807.7    7,860.9    7,938.4    8,024.1    8,000.6
  Personal consumption expenditures.    7,490.3    7,553.9    7,557.0    7,592.6    7,646.2    7,720.2    7,802.9    7,776.4
    Durable goods...................      845.7      871.7      894.4      899.5      907.7      939.4      975.5      926.0
    Nondurable goods................    2,203.7    2,223.3    2,193.3    2,197.1    2,219.5    2,242.8    2,274.3    2,280.3
    Services........................    4,441.0    4,458.9    4,469.4    4,496.0    4,519.0    4,538.0    4,553.2    4,570.1
  Interest paid by persons..........      181.7      182.5      182.2      181.9      181.5      184.5      187.4      190.5
  Personal transfer payments to the
   rest of the world (net)..........       33.4       33.4       33.2       33.2       33.2       33.7       33.7       33.7

Equals: Personal saving.............      300.4      253.3      268.0      265.5      245.7      300.5      294.3      235.2

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    7,107.6    7,097.6    7,126.3    7,162.1    7,175.5    7,277.6    7,327.6    7,236.9
    Per capita:
      Current dollars...............     27,692     27,729     27,766     27,855     27,945     28,374     28,620     28,308
      Chained (1996) dollars........     24,585     24,531     24,609     24,712     24,735     25,063     25,211     24,874
    Population (thousands)\2\.......    289,098    289,335    289,579    289,828    290,096    290,370    290,653    290,936

  Personal saving as a percentage
   of disposable personal income....        3.8        3.2        3.3        3.3        3.0        3.6        3.5        2.9
----------------------------------------------------------------------------------------------------------------------------
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      II 02     III 02      IV 02       I 03      II 03     III 03
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,685.3    8,922.2    8,914.0    8,958.9    9,012.5    9,080.2    9,156.0    9,247.0

  Wage and salary disbursements.....    4,950.6    4,996.4    4,997.3    5,007.4    5,023.1    5,053.8    5,079.2    5,107.7
    Private industries..............    4,139.8    4,143.6    4,148.9    4,150.3    4,157.7    4,172.8    4,188.9    4,217.2
      Goods-producing industries....    1,142.4    1,115.7    1,121.3    1,115.2    1,109.3    1,106.2    1,109.0    1,111.9
        Manufacturing...............      789.4      758.7      765.3      757.9      752.0      750.6      747.4      746.5
      Distributive industries.......    1,109.2    1,114.4    1,115.3    1,117.8    1,114.6    1,121.8    1,124.5    1,132.4
      Service industries............    1,888.2    1,913.5    1,912.4    1,917.3    1,933.9    1,944.8    1,955.4    1,972.9
    Government......................      810.8      852.8      848.4      857.1      865.4      881.0      890.3      890.5
  Other labor income................      570.4      610.6      604.1      617.5      630.2      639.2      645.0      649.6

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      727.9      756.5      747.5      758.7      771.6      784.4      804.5      833.6
    Farm............................       19.0       12.9        7.5       10.7       11.7       14.2       15.4       20.7
    Nonfarm.........................      708.8      743.7      740.0      748.0      759.9      770.2      789.1      812.9

  Rental income of persons with
   capital consumption adjustment...      137.9      142.4      153.5      144.1      130.6      126.9      115.3      121.1

  Personal dividend income..........      409.2      433.8      430.3      437.3      443.8      451.2      459.0      466.5

  Personal interest income..........    1,091.3    1,078.5    1,082.3    1,080.7    1,080.9    1,075.8    1,081.5    1,082.0

  Transfer payments to persons......    1,170.4    1,288.0    1,282.6    1,298.4    1,319.1    1,340.8    1,365.6    1,383.2
    Old-age, survivors, disability,
     and health insurance benefits..      664.3      699.8      696.3      701.9      710.8      722.6      735.1      744.9
    Government unemployment
     insurance benefits.............       31.9       62.9       67.3       67.6       64.2       62.0       66.0       66.7
    Other...........................      474.2      525.4      519.0      528.9      544.1      556.2      564.4      571.6

  Less: Personal contributions for
   social insurance.................      372.3      384.0      383.6      385.3      386.8      391.9      394.0      396.5

Less: Personal tax and nontax
 payments...........................    1,292.1    1,111.9    1,121.8    1,099.0    1,090.1    1,073.6    1,082.6      982.6

Equals: Disposable personal income..    7,393.2    7,810.3    7,792.2    7,859.9    7,922.5    8,006.6    8,073.4    8,264.4

Less: Personal outlays..............    7,223.5    7,524.5    7,477.9    7,583.0    7,640.7    7,727.6    7,813.7    7,987.7
  Personal consumption expenditures.    6,987.0    7,303.7    7,254.7    7,360.7    7,425.4    7,512.5    7,598.6    7,766.5
    Durable goods...................      835.9      871.9      856.9      897.8      873.9      861.2      900.5      947.0
    Nondurable goods................    2,041.3    2,115.0    2,108.2    2,116.9    2,150.0    2,206.8    2,203.3    2,265.8
    Services........................    4,109.9    4,316.8    4,289.5    4,346.0    4,401.5    4,444.6    4,494.8    4,553.8
  Interest paid by persons..........      205.4      188.4      191.3      189.3      182.5      181.7      181.9      187.5
  Personal transfer payments to the
   rest of the world (net)..........       31.1       32.3       31.9       32.9       32.8       33.4       33.2       33.7

Equals: Personal saving.............      169.7      285.8      314.3      276.9      281.8      278.9      259.7      276.7

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    6,748.0    7,032.2    7,027.2    7,058.1    7,082.3    7,109.6    7,154.7    7,280.6
    Per capita:
      Current dollars...............     25,957     27,170     27,144     27,313     27,463     27,694     27,855     28,434
      Chained (1996) dollars........     23,692     24,463     24,479     24,527     24,551     24,591     24,685     25,049
    Population (thousands)\2\.......    284,822    287,456    287,072    287,770    288,475    289,109    289,834    290,653

  Personal saving as a percentage
   of disposable personal income....        2.3        3.7        4.0        3.5        3.6        3.5        3.2        3.3
----------------------------------------------------------------------------------------------------------------------------
1. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The quarterly and
   annual estimates are averages of monthly population estimates.



                    Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Feb 03     Mar 03     Apr 03     May 03     Jun 03     Jul 03/r/  Aug 03/r/  Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................       21.9       21.8       17.8       35.6       37.5       25.6       29.2       27.1

  Wage and salary disbursements.....       17.8        7.7        -.6       13.3       18.0        1.7       12.7        5.6
    Private industries..............       11.4        4.9       -2.6       10.9       12.9        5.8       12.3        6.2
      Goods-producing industries....         .8        1.5       -1.8        2.8        4.1       -3.2        2.3        2.9
        Manufacturing...............        1.1        -.6       -4.1         .3        2.0       -3.0         .4        1.3
      Distributive industries.......        3.4        -.8        -.1        1.5        3.7        2.2        4.5        -.8
      Service industries............        7.2        4.2        -.7        6.6        5.1        6.8        5.5        4.1
    Government......................        6.4        2.8        1.9        2.5        5.1       -4.1         .4        -.6
  Other labor income................        2.4        1.7        1.7        2.4        1.7        1.1        1.7        1.4

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       -1.0        5.4        7.0        8.8       11.8       13.5        4.0        6.3
    Farm............................        2.1        1.5        -.1        -.7         .1        3.9        2.1         .5
    Nonfarm.........................       -3.1        3.8        7.2        9.5       11.7        9.6        1.9        5.7

  Rental income of persons with
   capital consumption adjustment...        -.6        -.7       -4.9       -6.1       -5.8        5.6        6.1        6.0

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

  Personal interest income..........       -3.6       -3.6        4.6        4.7        4.6       -2.0       -2.1       -2.1

  Transfer payments to persons......        5.7        9.3        7.4       10.9        6.0        3.8        5.3        8.0
    Old-age, survivors, disability,
     and health insurance benefits..        4.2        4.7        2.5        7.7        1.2        1.5        5.8        3.0
    Government unemployment
     insurance benefits.............         .6        2.1        1.2         .9        1.8        -.3       -1.1         .8
   Other............................         .9        2.4        3.8        2.3        3.0        2.5         .7        4.3

  Less: Personal contributions for
   social insurance.................        1.3         .6         .2        1.0        1.3         .4        1.1         .6

Less: Personal tax and nontax
 payments...........................        6.9        4.5         .5        2.9        3.9     -106.6      -50.3      109.7

Equals: Disposable personal income..       15.0       17.3       17.3       32.8       33.4      132.3       79.5      -82.6

Less: Personal outlays..............       -2.3       64.4        2.6       35.3       53.2       77.5       85.7      -23.5
  Personal consumption expenditures.       -3.1       63.6        3.1       35.6       53.6       74.0       82.7      -26.5
    Durable goods...................      -20.6       26.0       22.7        5.1        8.2       31.7       36.1      -49.5
    Nondurable goods................       10.4       19.6      -30.0        3.8       22.4       23.3       31.5        6.0
    Services........................        7.2       17.9       10.5       26.6       23.0       19.0       15.2       16.9
  Interest paid by persons..........         .8         .8        -.3        -.3        -.4        3.0        2.9        3.1
  Personal transfer payments to the
   rest of the world (net)..........         .0         .0        -.2         .0         .0         .5         .0         .0

Equals: Personal saving.............       17.3      -47.1       14.7       -2.5      -19.8       54.8       -6.2      -59.1

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      -16.1      -10.0       28.7       35.8       13.4      102.1       50.0      -90.7
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.



              Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
                            [Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2001       2002      II 02     III 02      IV 02       I 03      II 03     III 03
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      278.7      236.9      110.6       44.9       53.6       67.7       75.8       91.0
  Wage and salary disbursements.....      114.3       45.8       39.5       10.1       15.7       30.7       25.4       28.5
    Private industries..............       72.4        3.8       31.5        1.4        7.4       15.1       16.1       28.3
      Goods-producing industries....      -21.3      -26.7        4.4       -6.1       -5.9       -3.1        2.8        2.9
        Manufacturing...............      -40.0      -30.7        5.9       -7.4       -5.9       -1.4       -3.2        -.9
      Distributive industries.......       14.4        5.2        5.2        2.5       -3.2        7.2        2.7        7.9
      Service industries............       79.3       25.3       22.0        4.9       16.6       10.9       10.6       17.5
    Government......................       41.9       42.0        8.0        8.7        8.3       15.6        9.3         .2
  Other labor income................       26.2       40.2       13.3       13.4       12.7        9.0        5.8        4.6

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       13.1       28.6        -.9       11.2       12.9       12.8       20.1       29.1
    Farm............................       -3.6       -6.1      -14.2        3.2        1.0        2.5        1.2        5.3
    Nonfarm.........................       16.6       34.9       13.3        8.0       11.9       10.3       18.9       23.8

  Rental income of persons with
   capital consumption adjustment...       -8.7        4.5       12.2       -9.4      -13.5       -3.7      -11.6        5.8

  Personal dividend income..........       33.5       24.6        6.6        7.0        6.5        7.4        7.8        7.5

  Personal interest income..........       14.3      -12.8       12.4       -1.6         .2       -5.1        5.7         .5

  Transfer payments to persons......      100.1      117.6       30.6       15.8       20.7       21.7       24.8       17.6
    Old-age, survivors, disability,
     and health insurance benefits..       47.1       35.5        6.1        5.6        8.9       11.8       12.5        9.8
    Government unemployment
     insurance benefits.............       11.4       31.0       15.0         .3       -3.4       -2.2        4.0         .7
   Other............................       41.7       51.2        9.5        9.9       15.2       12.1        8.2        7.2

  Less: Personal contributions for
   social insurance.................       13.9       11.7        3.1        1.7        1.5        5.1        2.1        2.5

Less: Personal tax and nontax
 payments...........................        5.7     -180.2      -15.0      -22.8       -8.9      -16.5        9.0     -100.0

Equals: Disposable personal income..      273.0      417.1      125.5       67.7       62.6       84.1       66.8      191.0

Less: Personal outlays..............      304.9      301.0       81.6      105.1       57.7       86.9       86.1      174.0
  Personal consumption expenditures.      303.3      316.7       80.5      106.0       64.7       87.1       86.1      167.9
    Durable goods...................       32.0       36.0       -2.1       40.9      -23.9      -12.7       39.3       46.5
    Nondurable goods................       68.4       73.7       23.1        8.7       33.1       56.8       -3.5       62.5
    Services........................      203.0      206.9       59.4       56.5       55.5       43.1       50.2       59.0
  Interest paid by persons..........         .0      -17.0         .7       -2.0       -6.8        -.8         .2        5.6
  Personal transfer payments to the
   rest of the world (net)..........        1.6        1.2         .4        1.0        -.1         .6        -.2         .5

Equals: Personal saving.............      -31.8      116.1       43.9      -37.4        4.9       -2.9      -19.2       17.0

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      117.7      284.2       66.2       30.9       24.2       27.3       45.1      125.9
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
                                         Feb 03     Mar 03     Apr 03     May 03     Jun 03     Jul 03/r/  Aug 03/r/  Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................         .2         .2         .2         .4         .4         .3         .3         .3
  Wage and salary disbursements.....         .4         .2         .0         .3         .4         .0         .2         .1
  Other labor income................         .4         .3         .3         .4         .3         .2         .3         .2
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        -.1         .7         .9        1.1        1.5        1.7         .5         .7
  Rental income of persons with
   capital consumption adjustment...        -.5        -.6       -3.9       -5.1       -5.0        5.2        5.2        4.9
  Personal dividend income..........         .6         .6         .6         .6         .5         .5         .6         .6
  Personal interest income..........        -.3        -.3         .4         .4         .4        -.2        -.2        -.2
  Transfer payments to persons......         .4         .7         .5         .8         .4         .3         .4         .6
  Less: Personal contributions for
   social insurance.................         .3         .2         .0         .3         .3         .1         .3         .2

Less: Personal tax and nontax
 payments...........................         .6         .4         .0         .3         .4       -9.8       -5.1       11.8

Equals: Disposable personal income..         .2         .2         .2         .4         .4        1.6        1.0       -1.0

Addenda:
  Personal consumption expenditures.         .0         .8         .0         .5         .7        1.0        1.1        -.3
    Durable goods...................       -2.4        3.1        2.6         .6         .9        3.5        3.8       -5.1
    Nondurable goods................         .5         .9       -1.4         .2        1.0        1.0        1.4         .3
    Services........................         .2         .4         .2         .6         .5         .4         .3         .4

  Disposable personal income, based
   on chained (1996) dollars........        -.2        -.1         .4         .5         .2        1.4         .7       -1.2
----------------------------------------------------------------------------------------------------------------------------
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      II 02     III 02      IV 02       I 03      II 03     III 03
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        3.3        2.7        5.1        2.0        2.4        3.0        3.4        4.0
  Wage and salary disbursements.....        2.4         .9        3.2         .8        1.3        2.5        2.0        2.3
  Other labor income................        4.8        7.1        9.3        9.2        8.4        5.8        3.7        2.9
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        1.8        3.9        -.5        6.2        6.9        6.8       10.6       15.3
  Rental income of persons with
   capital consumption adjustment...       -6.0        3.3       39.3      -22.3      -32.7      -10.8      -31.9       21.6
  Personal dividend income..........        8.9        6.0        6.4        6.6        6.1        6.8        7.2        6.7
  Personal interest income..........        1.3       -1.2        4.7        -.6         .1       -1.9        2.1         .2
  Transfer payments to persons......        9.4       10.0       10.1        5.0        6.5        6.7        7.6        5.3
  Less: Personal contributions for
   social insurance.................        3.9        3.2        3.3        1.8        1.5        5.4        2.2        2.6

Less: Personal tax and nontax
 payments...........................         .4      -13.9       -5.1       -7.9       -3.2       -5.9        3.4      -32.1

Equals: Disposable personal income..        3.8        5.6        6.7        3.5        3.2        4.3        3.4        9.8

Addenda:
  Personal consumption expenditures.        4.5        4.5        4.6        6.0        3.6        4.8        4.7        9.1
    Durable goods...................        4.0        4.3        -.9       20.5      -10.2       -5.7       19.6       22.3
    Nondurable goods................        3.5        3.6        4.5        1.7        6.4       11.0        -.6       11.8
    Services........................        5.2        5.0        5.7        5.4        5.2        4.0        4.6        5.4

  Disposable personal income, based
   on chained (1996) dollars........        1.8        4.2        3.9        1.8        1.4        1.6        2.6        7.2
----------------------------------------------------------------------------------------------------------------------------



                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         Feb 03     Mar 03     Apr 03     May 03     Jun 03   Jul 03/r/  Aug 03/r/  Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,649.9    6,682.5    6,697.9    6,735.8    6,767.9    6,819.5    6,873.5    6,833.2
  Durable goods.....................      987.6    1,019.8    1,049.0    1,061.2    1,074.2    1,114.5    1,159.6    1,105.8
  Nondurable goods..................    1,972.0    1,980.4    1,970.6    1,986.2    1,999.8    2,015.6    2,031.6    2,023.9
  Services..........................    3,714.2    3,714.2    3,716.8    3,729.3    3,737.8    3,743.4    3,747.8    3,754.4
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      -30.4       32.6       15.4       37.9       32.1       51.6       54.0      -40.3
  Durable goods.....................      -21.1       32.2       29.2       12.2       13.0       40.3       45.1      -53.8
  Nondurable goods..................      -12.4        8.4       -9.8       15.6       13.6       15.8       16.0       -7.7
  Services..........................       -2.0         .0        2.6       12.5        8.5        5.6        4.4        6.6
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        -.5         .5         .2         .6         .5         .8         .8        -.6
  Durable goods.....................       -2.1        3.3        2.9        1.2        1.2        3.8        4.0       -4.6
  Nondurable goods..................        -.6         .4        -.5         .8         .7         .8         .8        -.4
  Services..........................        -.1         .0         .1         .3         .2         .1         .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      II 02     III 02      IV 02       I 03      II 03     III 03
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,377.2    6,576.0    6,542.4    6,609.9    6,637.9    6,670.9    6,733.9    6,842.1
  Durable goods.....................      931.9      999.9      980.7    1,032.4    1,010.6    1,005.4    1,061.5    1,126.6
  Nondurable goods..................    1,869.8    1,929.5    1,920.9    1,925.8    1,950.0    1,978.9    1,985.6    2,023.7
  Services..........................    3,594.9    3,675.6    3,666.2    3,687.0    3,707.0    3,714.9    3,728.0    3,748.5
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      153.3      198.8       28.6       67.5       28.0       33.0       63.0      108.2
  Durable goods.....................       53.0       68.0        4.8       51.7      -21.8       -5.2       56.1       65.1
  Nondurable goods..................       36.0       59.7        -.5        4.9       24.2       28.9        6.7       38.1
  Services..........................       70.4       80.7       24.0       20.8       20.0        7.9       13.1       20.5
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                             chained (1996) dollars at annual rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        2.5        3.1        1.8        4.2        1.7        2.0        3.8        6.6
  Durable goods.....................        6.0        7.3        2.0       22.8       -8.2       -2.0       24.3       26.9
  Nondurable goods..................        2.0        3.2        -.1        1.0        5.1        6.1        1.4        7.9
  Services..........................        2.0        2.2        2.7        2.3        2.2         .9        1.4        2.2
----------------------------------------------------------------------------------------------------------------------------



   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         Feb 03     Mar 03     Apr 03     May 03     Jun 03   Jul 03/r/  Aug 03/r/  Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     112.64     113.04     112.83     112.72     112.98     113.21     113.52     113.80
  Durable goods.....................      85.60      85.46      85.24      84.74      84.47      84.27      84.11      83.72
  Nondurable goods..................     111.74     112.26     111.29     110.61     110.98     111.27     111.94     112.66
  Services..........................     119.57     120.05     120.25     120.56     120.90     121.23     121.49     121.73
Addendum:
  Personal consumption expenditures
   less food and energy.............     111.52     111.64     111.75     111.80     111.98     112.23     112.37     112.46
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .4         .4        -.2        -.1         .2         .2         .3         .2
  Durable goods.....................        -.3        -.2        -.3        -.6        -.3        -.2        -.2        -.5
  Nondurable goods..................        1.1         .5        -.9        -.6         .3         .3         .6         .6
  Services..........................         .2         .4         .2         .3         .3         .3         .2         .2
Addendum:
  Personal consumption expenditures
   less food and energy.............         .0         .1         .1         .0         .2         .2         .1         .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                         Feb 03     Mar 03     Apr 03     May 03     Jun 03     Jul 03/r/  Aug 03/r/  Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........        2.0        1.7        2.1        2.0        1.4        3.2        3.8        2.4

Personal consumption expenditures...        1.9        2.4        2.5        3.0        3.2        3.0        3.7        3.8
  Durable goods.....................         .5        3.9        5.7        9.8        9.3        7.5        9.7       10.2
  Nondurable goods..................        2.4        3.3        2.9        3.5        3.8        4.4        5.5        5.4
  Services..........................        1.9        1.6        1.7        1.5        1.8        1.5        1.7        1.8
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



    Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
                                         Feb 03     Mar 03     Apr 03     May 03     Jun 03     Jul 03/r/  Aug 03/r/  Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures...        2.3        2.4        1.8        1.7        1.8        1.9        1.9        2.0
  Durable goods.....................       -2.5       -2.4       -2.5       -3.1       -3.1       -3.1       -3.2       -3.7
  Nondurable goods..................        3.0        2.9        1.0        1.0        1.3        1.5        1.8        2.3
  Services..........................        2.9        3.2        3.0        3.0        3.1        3.1        3.0        3.0
Addendum:
  Personal consumption expenditures
   less food and energy.............        1.4        1.5        1.3        1.3        1.3        1.4        1.3        1.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.