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News Release: Personal Income and Outlays

NOTE: This release has not been updated to reflect the 2003 comprehensive revision.

The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
Also available: a brief summary of highlights.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, NOVEMBER 26, 2003

James E. Rankin:       (202) 606-5301  (Personal Income)                               BEA 03-46
Greg Key:              (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303


               PERSONAL INCOME AND OUTLAYS: OCTOBER 2003

 Personal income increased $35.1 billion, or 0.4 percent, and disposable personal income (DPI)
increased $31.5 billion, or 0.4 percent, in October, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $1.1 billion, or less than 0.1 percent.  In
September, personal income increased $28.6 billion, or 0.3 percent, DPI decreased $80.9 billion, or 1.0
percent, and PCE decreased $24.8 billion, or 0.3 percent, based on revised estimates.

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

Personal income, current dollars            0.4          0.3          0.3          0.3      0.4

Disposable personal income:
  Current dollars                           0.4          1.6          1.0         -1.0      0.4
  Chained (1996) dollars                    0.2          1.5          0.7         -1.2      0.4

Personal consumption expenditures:
  Current dollars                           0.7          0.9          1.0         -0.3      0.0
  Chained (1996) dollars                    0.5          0.7          0.8         -0.6      0.0


       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


Wages and salaries

 Private wage and salary disbursements increased $8.0 billion in October, compared with an
increase of $7.3 billion in September.  Goods-producing industries' payrolls decreased $0.3 billion,
in contrast to an increase of $3.4 billion; manufacturing payrolls decreased $1.2 billion, in contrast
to an increase of $1.4 billion.  Distributive industries' payrolls increased $2.3 billion, compared with
an increase of $0.6 billion.  Service industries' payrolls increased $6.0 billion, compared with an
increase of $3.4 billion.  Government wage and salary disbursements increased $1.3 billion, in
contrast to a decrease of $0.8 billion.


Other personal income

 Proprietors' income increased $9.7 billion in October, compared with an increase of $6.5 billion
in September.  Farm proprietors' income increased $6.4 billion, compared with an increase of $0.2
billion.  Nonfarm proprietors' income increased $3.3 billion, compared with an increase of $6.3
billion.

 Transfer payments increased $0.5 billion in October, compared with an increase of $8.4 billion
in September.  Personal interest income increased $4.2 billion, in contrast to a decrease of $2.1
billion.  Personal dividend income increased $2.5 billion, compared with an increase of $2.6 billion.
Rental income of persons increased $8.0 billion, compared with an increase of $5.9 billion.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.7 billion in October, compared with an increase of $0.6 billion in September.


Personal taxes and disposable personal income

 Personal tax and nontax payments increased $3.6 billion in October, compared with an increase
of $109.5 billion in September.  The large increase in September reflected the drop-off in advance
payments of the child tax credit sent to taxpayers as part of the Jobs and Growth Tax Relief
Reconciliation Act of 2003.

 Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $31.5 billion, or 0.4 percent, in October, in contrast to a decrease of $80.9 billion, or 1.0
percent, in September.  The large decrease in September DPI primarily reflected the drop-off in
advance payments of the child tax credit.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- decreased $1.2 billion in October, compared with a decrease of $21.6 billion in
September.  PCE decreased $1.1 billion, compared with a decrease of $24.8 billion.

 Personal saving -- DPI less personal outlays -- was $276.2 billion in October, compared with
$243.5 billion in September.  Personal saving as a percentage of disposable personal income was 3.3
percent in October, compared with 3.0 percent in September.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in October, in
contrast to a decrease of 1.2 percent in September.

 Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in
October, in contrast to a decrease of 0.6 percent in September.  Purchases of durable goods
decreased 1.9 percent, compared with a decrease of 4.6 percent.  Purchases of motor vehicles and
parts accounted for the decrease in October and accounted for most of the decrease in September.
Purchases of nondurable goods increased 0.3 percent in October, in contrast to a decrease of 0.5
percent in September.  Purchases of services increased 0.3 percent, compared with an increase of 0.2
percent.


Revisions

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

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

Personal Income:
  Current dollars..........   29.2    29.5       0.3     0.3           27.1    28.6       0.3     0.3

Disposable personal income:
  Current dollars..........   79.5    80.1       1.0     1.0          -82.6   -80.9      -1.0    -1.0
  Chained (1996) dollars...   50.0    50.9       0.7     0.7          -90.7   -90.7      -1.2    -1.2

Personal consumption expenditures:
  Current dollars..........   82.7    79.0       1.1     1.0          -26.5   -24.8      -0.3    -0.3
  Chained (1996) dollars...   54.0    51.1       0.8     0.8          -40.3   -40.2      -0.6    -0.6


  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 November will be released on
                    December 23, at 8:30 A.M. EST.



Release dates in 2003


December 2003....   February 2     April 2004.....  May 28        August 2004.....    September 30
January 2004.....   March 1        May 2004.......  June 28       September 2004..    November 1
February 2004....   March 26       June 2004......  August 3      October 2004....    December 1
March 2004.......   April 30       July 2004......  August 30     November 2004...    December 23


                                   Table 1.--Personal Income and Its Disposition (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Mar 03     Apr 03     May 03     Jun 03   Jul 03/r/  Aug 03/r/  Sep 03/r/  Oct 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    9,102.0    9,119.8    9,155.4    9,192.9    9,219.4    9,248.9    9,277.5    9,312.6
  Wage and salary disbursements.....    5,064.9    5,064.3    5,077.6    5,095.6    5,097.3    5,109.5    5,116.0    5,125.3
    Private industries..............    4,179.9    4,177.3    4,188.2    4,201.1    4,206.9    4,218.1    4,225.4    4,233.4
      Goods-producing industries....    1,107.5    1,105.7    1,108.5    1,112.6    1,109.4    1,111.8    1,115.2    1,114.9
        Manufacturing...............      750.6      746.5      746.8      748.8      745.8      746.3      747.7      746.5
      Distributive industries.......    1,122.4    1,122.3    1,123.8    1,127.5    1,129.7    1,133.8    1,134.4    1,136.7
      Service industries............    1,950.0    1,949.3    1,955.9    1,961.0    1,967.8    1,972.5    1,975.9    1,981.9
    Government......................      885.0      886.9      889.4      894.5      890.4      891.4      890.6      891.9
  Other labor income................      641.1      642.8      645.2      646.9      648.0      649.8      651.2      653.0

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      787.7      794.7      803.5      815.3      829.5      833.5      840.0      849.7
    Farm............................       15.9       15.8       15.1       15.2       19.0       21.0       21.2       27.6
    Nonfarm.........................      771.7      778.9      788.4      800.1      810.5      812.5      818.8      822.1

  Rental income of persons with
   capital consumption adjustment...      126.2      121.3      115.2      109.4      115.0      121.1      127.0      135.0

  Personal dividend income..........      453.7      456.4      459.1      461.5      463.9      466.5      469.1      471.6

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

  Transfer payments to persons......    1,348.9    1,356.3    1,367.2    1,373.2    1,377.1    1,383.0    1,391.4    1,391.9
    Old-age, survivors, disability,
     and health insurance benefits..      727.1      729.6      737.3      738.5      740.0      745.8      748.7      751.7
    Government unemployment
     insurance benefits.............       63.6       64.8       65.7       67.5       67.2       66.1       67.1       65.9
    Other...........................      558.1      561.9      564.2      567.2      569.8      571.1      575.6      574.3

  Less: Personal contributions for
   social insurance.................      392.7      392.9      393.9      395.2      395.6      396.6      397.2      397.9

Less: Personal tax and nontax
 payments...........................    1,078.9    1,079.4    1,082.3    1,086.2      979.7      929.1    1,038.6    1,042.2

Equals: Disposable personal income..    8,023.1    8,040.4    8,073.2    8,106.6    8,239.7    8,319.8    8,238.9    8,270.4

Less: Personal outlays..............    7,769.8    7,772.4    7,807.7    7,860.9    7,934.8    8,017.0    7,995.4    7,994.2
  Personal consumption expenditures.    7,553.9    7,557.0    7,592.6    7,646.2    7,716.4    7,795.4    7,770.6    7,769.5
    Durable goods...................      871.7      894.4      899.5      907.7      939.5      973.8      925.2      904.0
    Nondurable goods................    2,223.3    2,193.3    2,197.1    2,219.5    2,242.7    2,272.7    2,276.9    2,274.3
    Services........................    4,458.9    4,469.4    4,496.0    4,519.0    4,534.3    4,548.9    4,568.5    4,591.3
  Interest paid by persons..........      182.5      182.2      181.9      181.5      184.7      187.9      191.2      191.1
  Personal transfer payments to the
   rest of the world (net)..........       33.4       33.2       33.2       33.2       33.7       33.7       33.7       33.7

Equals: Personal saving.............      253.3      268.0      265.5      245.7      304.8      302.7      243.5      276.2

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    7,097.6    7,126.3    7,162.1    7,175.5    7,280.0    7,330.9    7,240.2    7,271.9
    Per capita:
      Current dollars...............     27,729     27,766     27,855     27,945     28,376     28,624     28,318     28,401
      Chained (1996) dollars........     24,531     24,609     24,712     24,735     25,072     25,222     24,886     24,972
    Population (thousands)\2\.......    289,335    289,579    289,828    290,096    290,370    290,653    290,936    291,205

  Personal saving as a percentage
   of disposable personal income....        3.2        3.3        3.3        3.0        3.7        3.6        3.0        3.3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual estimate is the average of the monthly estimates.



                             Table 2.--Personal Income and Its Disposition (Years and Quarters)
                            [Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2001       2002      II 02     III 02      IV 02       I 03      II 03   III 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,685.3    8,922.2    8,914.0    8,958.9    9,012.5    9,080.2    9,156.0    9,248.6

  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    5,107.6
    Private industries..............    4,139.8    4,143.6    4,148.9    4,150.3    4,157.7    4,172.8    4,188.9    4,216.8
      Goods-producing industries....    1,142.4    1,115.7    1,121.3    1,115.2    1,109.3    1,106.2    1,109.0    1,112.2
        Manufacturing...............      789.4      758.7      765.3      757.9      752.0      750.6      747.4      746.6
      Distributive industries.......    1,109.2    1,114.4    1,115.3    1,117.8    1,114.6    1,121.8    1,124.5    1,132.6
      Service industries............    1,888.2    1,913.5    1,912.4    1,917.3    1,933.9    1,944.8    1,955.4    1,972.0
    Government......................      810.8      852.8      848.4      857.1      865.4      881.0      890.3      890.8
  Other labor income................      570.4      610.6      604.1      617.5      630.2      639.2      645.0      649.7

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      727.9      756.5      747.5      758.7      771.6      784.4      804.5      834.3
    Farm............................       19.0       12.9        7.5       10.7       11.7       14.2       15.4       20.4
    Nonfarm.........................      708.8      743.7      740.0      748.0      759.9      770.2      789.1      814.0

  Rental income of persons with
   capital consumption adjustment...      137.9      142.4      153.5      144.1      130.6      126.9      115.3      121.0

  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    1,383.8
    Old-age, survivors, disability,
     and health insurance benefits..      664.3      699.8      696.3      701.9      710.8      722.6      735.1      744.8
    Government unemployment
     insurance benefits.............       31.9       62.9       67.3       67.6       64.2       62.0       66.0       66.8
    Other...........................      474.2      525.4      519.0      528.9      544.1      556.2      564.4      572.2

  Less: Personal contributions for
   social insurance.................      372.3      384.0      383.6      385.3      386.8      391.9      394.0      396.4

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      982.5

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    8,266.1

Less: Personal outlays..............    7,223.5    7,524.5    7,477.9    7,583.0    7,640.7    7,727.6    7,813.7    7,982.4
  Personal consumption expenditures.    6,987.0    7,303.7    7,254.7    7,360.7    7,425.4    7,512.5    7,598.6    7,760.8
    Durable goods...................      835.9      871.9      856.9      897.8      873.9      861.2      900.5      946.2
    Nondurable goods................    2,041.3    2,115.0    2,108.2    2,116.9    2,150.0    2,206.8    2,203.3    2,264.1
    Services........................    4,109.9    4,316.8    4,289.5    4,346.0    4,401.5    4,444.6    4,494.8    4,550.6
  Interest paid by persons..........      205.4      188.4      191.3      189.3      182.5      181.7      181.9      187.9
  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      283.7

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    7,283.7
    Per capita:
      Current dollars...............     25,957     27,170     27,144     27,313     27,463     27,694     27,855     28,440
      Chained (1996) dollars........     23,692     24,463     24,479     24,527     24,551     24,591     24,685     25,060
    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        3.4
----------------------------------------------------------------------------------------------------------------------------
r Revised.
1. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The quarterly and
   annual estimates are averages of monthly population estimates.



                    Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Mar 03     Apr 03     May 03     Jun 03    Jul 03/r/  Aug 03/r/  Sep 03/r/  Oct 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................       21.8       17.8       35.6       37.5       26.5       29.5       28.6       35.1

  Wage and salary disbursements.....        7.7        -.6       13.3       18.0        1.7       12.2        6.5        9.3
    Private industries..............        4.9       -2.6       10.9       12.9        5.8       11.2        7.3        8.0
      Goods-producing industries....        1.5       -1.8        2.8        4.1       -3.2        2.4        3.4        -.3
        Manufacturing...............        -.6       -4.1         .3        2.0       -3.0         .5        1.4       -1.2
      Distributive industries.......        -.8        -.1        1.5        3.7        2.2        4.1         .6        2.3
      Service industries............        4.2        -.7        6.6        5.1        6.8        4.7        3.4        6.0
    Government......................        2.8        1.9        2.5        5.1       -4.1        1.0        -.8        1.3
  Other labor income................        1.7        1.7        2.4        1.7        1.1        1.8        1.4        1.8

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        5.4        7.0        8.8       11.8       14.2        4.0        6.5        9.7
    Farm............................        1.5        -.1        -.7         .1        3.8        2.0         .2        6.4
    Nonfarm.........................        3.8        7.2        9.5       11.7       10.4        2.0        6.3        3.3

  Rental income of persons with
   capital consumption adjustment...        -.7       -4.9       -6.1       -5.8        5.6        6.1        5.9        8.0

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

  Personal interest income..........       -3.6        4.6        4.7        4.6       -2.0       -2.1       -2.1        4.2

  Transfer payments to persons......        9.3        7.4       10.9        6.0        3.9        5.9        8.4         .5
    Old-age, survivors, disability,
     and health insurance benefits..        4.7        2.5        7.7        1.2        1.5        5.8        2.9        3.0
    Government unemployment
     insurance benefits.............        2.1        1.2         .9        1.8        -.3       -1.1        1.0       -1.2
   Other............................        2.4        3.8        2.3        3.0        2.6        1.3        4.5       -1.3

  Less: Personal contributions for
   social insurance.................         .6         .2        1.0        1.3         .4        1.0         .6         .7

Less: Personal tax and nontax
 payments...........................        4.5         .5        2.9        3.9     -106.5      -50.6      109.5        3.6

Equals: Disposable personal income..       17.3       17.3       32.8       33.4      133.1       80.1      -80.9       31.5

Less: Personal outlays..............       64.4        2.6       35.3       53.2       73.9       82.2      -21.6       -1.2
  Personal consumption expenditures.       63.6        3.1       35.6       53.6       70.2       79.0      -24.8       -1.1
    Durable goods...................       26.0       22.7        5.1        8.2       31.8       34.3      -48.6      -21.2
    Nondurable goods................       19.6      -30.0        3.8       22.4       23.2       30.0        4.2       -2.6
    Services........................       17.9       10.5       26.6       23.0       15.3       14.6       19.6       22.8
  Interest paid by persons..........         .8        -.3        -.3        -.4        3.2        3.2        3.3        -.1
  Personal transfer payments to the
   rest of the world (net)..........         .0        -.2         .0         .0         .5         .0         .0         .0

Equals: Personal saving.............      -47.1       14.7       -2.5      -19.8       59.1       -2.1      -59.2       32.7

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      -10.0       28.7       35.8       13.4      104.5       50.9      -90.7       31.7
----------------------------------------------------------------------------------------------------------------------------
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/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      278.7      236.9      110.6       44.9       53.6       67.7       75.8       92.6
  Wage and salary disbursements.....      114.3       45.8       39.5       10.1       15.7       30.7       25.4       28.4
    Private industries..............       72.4        3.8       31.5        1.4        7.4       15.1       16.1       27.9
      Goods-producing industries....      -21.3      -26.7        4.4       -6.1       -5.9       -3.1        2.8        3.2
        Manufacturing...............      -40.0      -30.7        5.9       -7.4       -5.9       -1.4       -3.2        -.8
      Distributive industries.......       14.4        5.2        5.2        2.5       -3.2        7.2        2.7        8.1
      Service industries............       79.3       25.3       22.0        4.9       16.6       10.9       10.6       16.6
    Government......................       41.9       42.0        8.0        8.7        8.3       15.6        9.3         .5
  Other labor income................       26.2       40.2       13.3       13.4       12.7        9.0        5.8        4.7

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       13.1       28.6        -.9       11.2       12.9       12.8       20.1       29.8
    Farm............................       -3.6       -6.1      -14.2        3.2        1.0        2.5        1.2        5.0
    Nonfarm.........................       16.6       34.9       13.3        8.0       11.9       10.3       18.9       24.9

  Rental income of persons with
   capital consumption adjustment...       -8.7        4.5       12.2       -9.4      -13.5       -3.7      -11.6        5.7

  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       18.2
    Old-age, survivors, disability,
     and health insurance benefits..       47.1       35.5        6.1        5.6        8.9       11.8       12.5        9.7
    Government unemployment
     insurance benefits.............       11.4       31.0       15.0         .3       -3.4       -2.2        4.0         .8
   Other............................       41.7       51.2        9.5        9.9       15.2       12.1        8.2        7.8

  Less: Personal contributions for
   social insurance.................       13.9       11.7        3.1        1.7        1.5        5.1        2.1        2.4

Less: Personal tax and nontax
 payments...........................        5.7     -180.2      -15.0      -22.8       -8.9      -16.5        9.0     -100.1

Equals: Disposable personal income..      273.0      417.1      125.5       67.7       62.6       84.1       66.8      192.7

Less: Personal outlays..............      304.9      301.0       81.6      105.1       57.7       86.9       86.1      168.7
  Personal consumption expenditures.      303.3      316.7       80.5      106.0       64.7       87.1       86.1      162.2
    Durable goods...................       32.0       36.0       -2.1       40.9      -23.9      -12.7       39.3       45.7
    Nondurable goods................       68.4       73.7       23.1        8.7       33.1       56.8       -3.5       60.8
    Services........................      203.0      206.9       59.4       56.5       55.5       43.1       50.2       55.8
  Interest paid by persons..........         .0      -17.0         .7       -2.0       -6.8        -.8         .2        6.0
  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       24.0

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      117.7      284.2       66.2       30.9       24.2       27.3       45.1      129.0
----------------------------------------------------------------------------------------------------------------------------
r Revised.
1. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.



                Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                   [Percent; months seasonally adjusted at monthly rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Mar 03     Apr 03     May 03     Jun 03     Jul 03/r/  Aug 03/r/  Sep 03/r/  Oct 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................         .2         .2         .4         .4         .3         .3         .3         .4
  Wage and salary disbursements.....         .2         .0         .3         .4         .0         .2         .1         .2
  Other labor income................         .3         .3         .4         .3         .2         .3         .2         .3
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........         .7         .9        1.1        1.5        1.7         .5         .8        1.2
  Rental income of persons with
   capital consumption adjustment...        -.6       -3.9       -5.1       -5.0        5.2        5.2        4.9        6.3
  Personal dividend income..........         .6         .6         .6         .5         .5         .6         .6         .5
  Personal interest income..........        -.3         .4         .4         .4        -.2        -.2        -.2         .4
  Transfer payments to persons......         .7         .5         .8         .4         .3         .4         .6         .0
  Less: Personal contributions for
   social insurance.................         .2         .0         .3         .3         .1         .3         .2         .2

Less: Personal tax and nontax
 payments...........................         .4         .0         .3         .4       -9.8       -5.2       11.8         .3

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

Addenda:
  Personal consumption expenditures.         .8         .0         .5         .7         .9        1.0        -.3         .0
    Durable goods...................        3.1        2.6         .6         .9        3.5        3.7       -5.0       -2.3
    Nondurable goods................         .9       -1.4         .2        1.0        1.0        1.3         .2        -.1
    Services........................         .4         .2         .6         .5         .3         .3         .4         .5

  Disposable personal income, based
   on chained (1996) dollars........        -.1         .4         .5         .2        1.5         .7       -1.2         .4
----------------------------------------------------------------------------------------------------------------------------
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/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        3.3        2.7        5.1        2.0        2.4        3.0        3.4        4.1
  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        3.0
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        1.8        3.9        -.5        6.2        6.9        6.8       10.6       15.7
  Rental income of persons with
   capital consumption adjustment...       -6.0        3.3       39.3      -22.3      -32.7      -10.8      -31.9       21.5
  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        5.5
  Less: Personal contributions for
   social insurance.................        3.9        3.2        3.3        1.8        1.5        5.4        2.2        2.5

Less: Personal tax and nontax
 payments...........................         .4      -13.9       -5.1       -7.9       -3.2       -5.9        3.4      -32.2

Equals: Disposable personal income..        3.8        5.6        6.7        3.5        3.2        4.3        3.4        9.9

Addenda:
  Personal consumption expenditures.        4.5        4.5        4.6        6.0        3.6        4.8        4.7        8.8
    Durable goods...................        4.0        4.3        -.9       20.5      -10.2       -5.7       19.6       21.9
    Nondurable goods................        3.5        3.6        4.5        1.7        6.4       11.0        -.6       11.5
    Services........................        5.2        5.0        5.7        5.4        5.2        4.0        4.6        5.1

  Disposable personal income, based
   on chained (1996) dollars........        1.8        4.2        3.9        1.8        1.4        1.6        2.6        7.4
----------------------------------------------------------------------------------------------------------------------------
r Revised.



                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         Mar 03     Apr 03     May 03     Jun 03   Jul 03/r/  Aug 03/r/  Sep 03/r/  Oct 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,682.5    6,697.9    6,735.8    6,767.9    6,817.8    6,868.9    6,828.7    6,831.5
  Durable goods.....................    1,019.8    1,049.0    1,061.2    1,074.2    1,114.6    1,157.6    1,104.9    1,084.1
  Nondurable goods..................    1,980.4    1,970.6    1,986.2    1,999.8    2,015.5    2,030.2    2,020.9    2,026.4
  Services..........................    3,714.2    3,716.8    3,729.3    3,737.8    3,741.8    3,746.2    3,753.6    3,765.4
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...       32.6       15.4       37.9       32.1       49.9       51.1      -40.2        2.8
  Durable goods.....................       32.2       29.2       12.2       13.0       40.4       43.0      -52.7      -20.8
  Nondurable goods..................        8.4       -9.8       15.6       13.6       15.7       14.7       -9.3        5.5
  Services..........................         .0        2.6       12.5        8.5        4.0        4.4        7.4       11.8
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .5         .2         .6         .5         .7         .8        -.6         .0
  Durable goods.....................        3.3        2.9        1.2        1.2        3.8        3.9       -4.6       -1.9
  Nondurable goods..................         .4        -.5         .8         .7         .8         .7        -.5         .3
  Services..........................         .0         .1         .3         .2         .1         .1         .2         .3
----------------------------------------------------------------------------------------------------------------------------
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/r/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               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    6,838.4
  Durable goods.....................      931.9      999.9      980.7    1,032.4    1,010.6    1,005.4    1,061.5    1,125.7
  Nondurable goods..................    1,869.8    1,929.5    1,920.9    1,925.8    1,950.0    1,978.9    1,985.6    2,022.2
  Services..........................    3,594.9    3,675.6    3,666.2    3,687.0    3,707.0    3,714.9    3,728.0    3,747.2
                                    ----------------------------------------------------------------------------------------
                                                                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      104.5
  Durable goods.....................       53.0       68.0        4.8       51.7      -21.8       -5.2       56.1       64.2
  Nondurable goods..................       36.0       59.7        -.5        4.9       24.2       28.9        6.7       36.6
  Services..........................       70.4       80.7       24.0       20.8       20.0        7.9       13.1       19.2
                                    ----------------------------------------------------------------------------------------
                                                            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        6.4
  Durable goods.....................        6.0        7.3        2.0       22.8       -8.2       -2.0       24.3       26.5
  Nondurable goods..................        2.0        3.2        -.1        1.0        5.1        6.1        1.4        7.6
  Services..........................        2.0        2.2        2.7        2.3        2.2         .9        1.4        2.1
----------------------------------------------------------------------------------------------------------------------------
r Revised.



   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         Mar 03     Apr 03     May 03     Jun 03    Jul 03/r/  Aug 03/r/  Sep 03/r/ Oct 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     113.04     112.83     112.72     112.98     113.18     113.49     113.79     113.73
  Durable goods.....................      85.46      85.24      84.74      84.47      84.27      84.11      83.72      83.36
  Nondurable goods..................     112.26     111.29     110.61     110.98     111.27     111.94     112.67     112.23
  Services..........................     120.05     120.25     120.56     120.90     121.18     121.43     121.71     121.93
Addendum:
  Personal consumption expenditures
   less food and energy.............     111.64     111.75     111.80     111.98     112.19     112.33     112.44     112.56
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .4        -.2        -.1         .2         .2         .3         .3        -.1
  Durable goods.....................        -.2        -.3        -.6        -.3        -.2        -.2        -.5        -.4
  Nondurable goods..................         .5        -.9        -.6         .3         .3         .6         .6        -.4
  Services..........................         .4         .2         .3         .3         .2         .2         .2         .2
Addendum:
  Personal consumption expenditures
   less food and energy.............         .1         .1         .0         .2         .2         .1         .1         .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                         Mar 03     Apr 03     May 03     Jun 03     Jul 03/r/  Aug 03/r/  Sep 03/r/  Oct 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........        1.7        2.1        2.0        1.4        3.3        3.9        2.4        3.0

Personal consumption expenditures...        2.4        2.5        3.0        3.2        3.0        3.7        3.7        3.6
  Durable goods.....................        3.9        5.7        9.8        9.3        7.5        9.5       10.1       11.0
  Nondurable goods..................        3.3        2.9        3.5        3.8        4.4        5.4        5.2        4.6
  Services..........................        1.6        1.7        1.5        1.8        1.4        1.7        1.8        1.7
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



    Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
                                         Mar 03     Apr 03     May 03     Jun 03     Jul 03/r/  Aug 03/r/  Sep 03/r/  Oct 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures...        2.4        1.8        1.7        1.8        1.9        1.9        2.0        1.7
  Durable goods.....................       -2.4       -2.5       -3.1       -3.1       -3.1       -3.2       -3.7       -3.9
  Nondurable goods..................        2.9        1.0        1.0        1.3        1.5        1.8        2.3        1.8
  Services..........................        3.2        3.0        3.0        3.1        3.1        3.0        3.0        2.9
Addendum:
  Personal consumption expenditures
   less food and energy.............        1.5        1.3        1.3        1.3        1.4        1.3        1.2        1.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.