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News Release: Personal Income and Outlays

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

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, DECEMBER 23, 2003

James E. Rankin:       (202) 606-5301  (Personal Income)                                    BEA 03-53
Greg Key:              (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303

             PERSONAL INCOME AND OUTLAYS: NOVEMBER 2003

 Personal income increased $44.0 billion, or 0.5 percent, and disposable personal income (DPI)
increased $39.2 billion, or 0.5 percent, in November, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $31.1 billion, or 0.4 percent.  In October,
personal income increased $22.4 billion, or 0.2 percent, DPI increased $21.8 billion, or 0.3 percent,
and PCE increased $8.1 billion, or 0.1 percent, based on revised estimates.

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

Personal income, current dollars              0.4          0.2          0.3          0.2        0.5

Disposable personal income:
  Current dollars                             1.3          0.8         -1.1          0.3        0.5
  Chained (2000) dollars                      1.2          0.6         -1.2          0.3        0.6

Personal consumption expenditures:
  Current dollars                             0.9          0.9          0.0          0.1        0.4
  Chained (2000) dollars                      0.8          0.7         -0.2          0.1        0.5


       This release presents revised estimates of personal income and its disposition that reflect the
comprehensive revision of the national income and product accounts.  Tables containing
historical data will be posted when they become available on BEA's Web site.


Wages and salaries

 Private wage and salary disbursements increased $16.0 billion in November, compared with an
increase of $8.2 billion in October.  Goods-producing industries' payrolls increased $3.6 billion,
compared with an increase of $1.2 billion; manufacturing payrolls increased $2.5 billion, compared
with an increase of less than $0.1 billion.  Services-producing industries payrolls increased $12.4
billion, compared with an increase of $7.1 billion.  Government wage and salary disbursements
 increased $0.9 billion, compared with an increase of $0.8 billion.


Other personal income

 Proprietors' income increased $15.1 billion in November, compared with an increase of $3.6
billion in October.  Farm proprietors' income increased $7.5 billion, compared with an increase of
$6.2 billion.  Nonfarm proprietors' income increased $7.5 billion, in contrast to a decrease of $2.6
billion.

 Personal current transfer receipts decreased $1.8 billion in November, compared with a
decrease of $3.9 billion in October.  Personal income receipts on assets (personal interest income
plus personal dividend income) increased $1.7 billion compared with an increase of $1.3 billion.
Rental income of persons increased $10.8 billion in November, the same increase as in October.

 Contributions for government social insurance -- a subtraction in calculating personal income --
increased $2.2 billion in November, compared with an increase of $1.1 billion in October.


Personal current taxes and disposable personal income

 Personal current taxes increased $4.9 billion in November, compared with an increase of $0.5
billion in October.  Disposable personal income (DPI) -- personal income less personal current taxes
-- increased $39.2 billion, or 0.5 percent, in November, compared with an increase of $21.8 billion,
or 0.3 percent, in October.


Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments --
increased $31.0 billion in November, compared with an increase of $8.2 billion in October.  PCE
increased $31.1 billion, compared with an increase of $8.1 billion.

 Personal saving -- DPI less personal outlays -- was $148.4 billion in November, compared with
$140.3 billion in October.  Personal saving as a percentage of disposable personal income was 1.8
percent in November, compared with 1.7 percent in October.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.6 percent in November,
compared with an increase of 0.3 percent in October.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in November,
compared with an increase of 0.1 percent in October.  Purchases of durable goods increased 1.4
percent, in contrast to a decrease of 0.7 percent.  Purchases of motor vehicles and parts accounted for
most of the increase in November and more than accounted for the decrease in October.  Purchases
of nondurable goods increased 0.6 percent in November, compared with an increase of 0.5 percent in
October.  Purchases of services increased 0.3 percent, compared with an increase of 0.1 percent.


Revisions

 As part of the comprehensive revision of the national income and product accounts, estimates
have been revised from January 1959 through October 2003.  Revised estimates for periods not
shown in this release will be posted on BEA's Web site as they become available.  Changes in
personal income, current-dollar DPI, and current-dollar PCE for September and October -- revised
and as published in last month's release -- are shown below.


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

Personal Income:
  Current dollars..........  28.6     28.8      0.3     0.3            35.1    22.4       0.4     0.2

Disposable personal income:
  Current dollars.......... -80.9    -90.0     -1.0    -1.1            31.5    21.8       0.4     0.3
  Chained (2000) dollars /1/  ...      ...     -1.2    -1.2             ...     ...       0.4     0.3

Personal consumption expenditures:
  Current dollars.......... -24.8     -3.5     -0.3     0.0            -1.1     8.1       0.0     0.1
  Chained (2000) dollars /1/  ...      ...     -0.6    -0.2             ...     ...       0.0     0.1

/1/ Not available because previous estimates were in chained (1996) dollars.



  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 December will be released on
                  February 2, 2004, at 8:30 A.M. EST.



Release dates in 2004


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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 03     May 03     Jun 03     Jul 03     Aug 03     Sep 03     Oct 03   Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,100.8    9,151.0    9,186.0    9,219.6    9,239.6    9,268.4    9,290.8    9,334.8

  Compensation of employees, received......    6,142.1    6,171.4    6,184.9    6,200.2    6,214.9    6,225.8    6,237.5    6,258.1

    Wage and salary disbursements..........    5,051.6    5,077.4    5,087.6    5,096.0    5,105.4    5,110.8    5,119.9    5,136.8
      Private industries...................    4,155.4    4,178.7    4,183.9    4,196.3    4,204.9    4,211.1    4,219.3    4,235.3
        Goods-producing industries.........    1,000.0    1,003.4    1,006.8    1,002.3    1,006.0    1,009.8    1,011.0    1,014.6
          Manufacturing....................      664.2      666.6      668.7      664.9      666.7      669.0      669.0      671.5
        Services-producing industries......    3,155.4    3,175.3    3,177.1    3,194.0    3,198.9    3,201.2    3,208.3    3,220.7
          Trade, transportation, and
           utilities.......................      857.3      860.2      860.9      864.0      866.9      867.4      871.1      871.3
          Other services-producing
           industries......................    2,298.1    2,315.1    2,316.2    2,330.1    2,332.0    2,333.9    2,337.2    2,349.3
      Government...........................      896.2      898.7      903.7      899.6      900.6      899.8      900.6      901.5

    Supplements to wages and salaries......    1,090.4    1,094.0    1,097.3    1,104.2    1,109.5    1,115.0    1,117.7    1,121.3
      Employer contributions for employee
       pension and insurance funds.........      714.7      717.6      719.6      725.9      730.7      735.6      737.8      740.6
      Employer contributions for government
       social insurance....................      375.7      376.4      377.7      378.3      378.8      379.4      379.8      380.7

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      822.6      839.5      854.3      859.8      858.1      864.8      868.4      883.5
    Farm...................................       16.2       20.0       23.8       22.5       21.4       20.5       26.7       34.2
    Nonfarm................................      806.4      819.5      830.5      837.2      836.7      844.3      841.7      849.2

  Rental income of persons with capital
   consumption adjustment..................      160.8      153.3      146.2      151.4      157.0      162.6      173.4      184.2

  Personal income receipts on assets.......    1,388.4    1,390.2    1,391.9    1,390.5    1,389.2    1,388.0    1,389.3    1,391.0
    Personal interest income...............      965.5      964.9      964.3      960.7      957.1      953.4      952.4      951.5
    Personal dividend income...............      422.9      425.3      427.6      429.8      432.2      434.6      436.9      439.4

  Personal current transfer receipts.......    1,357.4    1,368.6    1,383.1    1,393.5    1,397.4    1,405.2    1,401.3    1,399.5
    Government social benefits to persons..    1,311.9    1,324.1    1,339.7    1,348.4    1,351.3    1,358.1    1,353.5    1,351.8
      Old-age, survivors, disability, and
       health insurance benefits...........      737.6      743.7      744.1      743.3      746.8      746.7      747.6      748.6
      Government unemployment insurance
       benefits............................       55.5       53.4       60.0       59.3       57.3       59.2       58.4       54.6
      Other................................      518.8      526.9      535.7      545.7      547.2      552.2      547.5      548.6
    Other current transfer receipts, from
     business (net)........................       45.5       44.5       43.4       45.1       46.1       47.1       47.8       47.7

  Less: Contributions for government social
   insurance...............................      770.4      772.1      774.4      775.8      777.0      778.1      779.2      781.4

Less: Personal current taxes...............    1,000.0    1,000.0    1,000.5      924.6      882.2    1,001.0    1,001.5    1,006.4

Equals: Disposable personal income.........    8,100.8    8,151.0    8,185.6    8,294.9    8,357.4    8,267.4    8,289.2    8,328.4

Less: Personal outlays.....................    7,907.7    7,956.8    8,005.8    8,072.4    8,142.2    8,140.8    8,149.0    8,180.0

  Personal consumption expenditures........    7,622.9    7,673.7    7,724.2    7,792.4    7,860.1    7,856.6    7,864.7    7,895.8
    Durable goods..........................      917.0      926.5      934.9      960.9      990.5      973.9      964.2      974.5
    Nondurable goods.......................    2,161.6    2,164.3    2,186.4    2,209.7    2,239.6    2,240.7    2,243.7    2,250.2
    Services...............................    4,544.3    4,582.8    4,602.8    4,621.8    4,630.0    4,642.0    4,656.8    4,671.2
  Personal interest payments\1\............      185.2      183.2      181.2      182.9      184.6      186.3      185.8      185.4
  Personal current transfer payments.......       99.6      100.0      100.4       97.1       97.6       98.0       98.4       98.8
    To government..........................       62.1       62.5       62.9       63.3       63.7       64.1       64.5       64.9
    To the rest of the world (net).........       37.5       37.5       37.5       33.9       33.9       33.9       33.9       33.9

Equals: Personal saving....................      193.1      194.2      179.8      222.5      215.2      126.6      140.3      148.4

  Personal saving as a percentage of
   disposable personal income..............        2.4        2.4        2.2        2.7        2.6        1.5        1.7        1.8

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,716.4    7,763.3    7,780.6    7,874.4    7,920.7    7,821.7    7,844.9    7,891.7
    Per capita:
      Current dollars......................     27,841     27,990     28,082     28,431     28,617     28,281     28,330     28,439
      Chained (2000) dollars...............     26,520     26,658     26,693     26,989     27,122     26,757     26,811     26,947
  Population (midperiod, thousands)\3\.....    290,964    291,215    291,483    291,759    292,043    292,327    292,598    292,856
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. 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 and quarterly estimates are averages 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............................    8,713.1    8,910.3    8,912.2    8,944.0    8,981.3    9,048.7    9,145.9    9,242.5

  Compensation of employees, received......    5,940.4    6,019.1    6,014.8    6,031.1    6,058.0    6,114.4    6,166.2    6,213.6

    Wage and salary disbursements..........    4,942.9    4,974.6    4,973.1    4,980.9    4,999.1    5,033.2    5,072.2    5,104.1
      Private industries...................    4,127.1    4,114.7    4,117.1    4,117.7    4,125.4    4,143.3    4,172.7    4,204.1
        Goods-producing industries.........    1,044.6    1,010.9    1,014.9    1,010.7    1,007.1    1,005.8    1,003.4    1,006.0
          Manufacturing....................      709.1      675.7      680.1      676.3      672.6      670.5      666.5      666.9
        Services-producing industries......    3,082.5    3,103.7    3,102.1    3,107.0    3,118.3    3,137.5    3,169.3    3,198.1
          Trade, transportation, and
           utilities.......................      844.9      844.7      844.7      847.6      847.6      855.0      859.5      866.1
          Other services-producing
           industries......................    2,237.6    2,259.0    2,257.4    2,259.4    2,270.7    2,282.6    2,309.8    2,332.0
      Government...........................      815.8      859.9      856.0      863.2      873.8      890.0      899.5      900.0

    Supplements to wages and salaries......      997.6    1,044.5    1,041.7    1,050.2    1,058.8    1,081.2    1,093.9    1,109.6
      Employer contributions for employee
       pension and insurance funds.........      642.6      680.4      677.9      685.2      692.1      706.3      717.3      730.7
      Employer contributions for government
       social insurance....................      354.9      364.1      363.9      365.1      366.7      374.9      376.6      378.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      770.6      797.7      796.2      803.2      812.2      813.5      838.8      860.9
    Farm...................................       25.0       14.3       15.2       13.5       16.3       13.0       20.0       21.5
    Nonfarm................................      745.6      783.4      780.9      789.7      795.9      800.5      818.8      839.4

  Rental income of persons with capital
   consumption adjustment..................      163.1      173.0      184.4      172.7      159.0      163.2      153.4      157.0

  Personal income receipts on assets.......    1,374.9    1,378.5    1,375.4    1,387.5    1,392.0    1,388.6    1,390.2    1,389.2
    Personal interest income...............    1,003.7      982.4      984.0      985.3      981.2      970.6      964.9      957.0
    Personal dividend income...............      371.2      396.2      391.4      402.2      410.8      418.0      425.3      432.2

  Personal current transfer receipts.......    1,192.6    1,292.2    1,291.1    1,301.6    1,315.6    1,337.6    1,369.7    1,398.7
    Government social benefits to persons..    1,142.6    1,249.5    1,247.9    1,259.4    1,274.6    1,292.4    1,325.3    1,352.6
      Old-age, survivors, disability, and
       health insurance benefits...........      668.4      710.3      707.0      713.8      721.1      732.3      741.8      745.6
      Government unemployment insurance
       benefits............................       31.7       53.4       60.2       57.3       53.8       51.9       56.3       58.6
      Other................................      442.5      485.8      480.7      488.4      499.8      508.2      527.1      548.4
    Other current transfer receipts, from
     business (net)........................       49.9       42.6       43.2       42.1       41.0       45.3       44.5       46.1

  Less: Contributions for government social
   insurance...............................      728.5      750.3      749.6      752.1      755.5      768.7      772.3      776.9

Less: Personal current taxes...............    1,243.7    1,053.1    1,043.7    1,053.0    1,045.6    1,009.4    1,000.2      936.0

Equals: Disposable personal income.........    7,469.4    7,857.2    7,868.6    7,891.0    7,935.6    8,039.2    8,145.8    8,306.6

Less: Personal outlays.....................    7,342.2    7,674.0    7,646.8    7,722.0    7,789.2    7,888.3    7,956.7    8,118.5

  Personal consumption expenditures........    7,045.4    7,385.3    7,355.5    7,428.2    7,501.2    7,600.7    7,673.6    7,836.3
    Durable goods..........................      881.9      911.3      909.3      913.6      907.3      898.2      926.2      975.1
    Nondurable goods.......................    2,013.6    2,086.0    2,082.5    2,090.5    2,119.2    2,175.7    2,170.8    2,230.0
    Services...............................    4,149.8    4,388.0    4,363.6    4,424.1    4,474.7    4,526.8    4,576.6    4,631.2
  Personal interest payments\1\............      209.1      194.7      198.9      196.2      187.7      186.2      183.2      184.6
  Personal current transfer payments.......       87.7       94.0       92.5       97.6      100.3      101.3      100.0       97.6
    To government..........................       54.6       58.6       58.0       59.1       60.1       61.3       62.5       63.7
    To the rest of the world (net).........       33.1       35.4       34.5       38.6       40.2       40.1       37.5       33.9

Equals: Personal saving....................      127.2      183.2      221.7      169.0      146.4      151.0      189.0      188.1

  Personal saving as a percentage of
   disposable personal income..............        1.7        2.3        2.8        2.1        1.8        1.9        2.3        2.3

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,320.2    7,596.7    7,621.5    7,605.2    7,615.8    7,662.0    7,753.5    7,872.3
    Per capita:
      Current dollars......................     26,156     27,223     27,302     27,303     27,381     27,675     27,971     28,461
      Chained (2000) dollars...............     25,633     26,320     26,445     26,314     26,278     26,376     26,624     26,973
  Population (midperiod, thousands)\3\.....    285,574    288,627    288,202    289,019    289,818    290,492    291,221    292,043
-----------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. 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 and quarterly estimates are averages of the
   monthly estimates.



                       Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 03     May 03     Jun 03     Jul 03     Aug 03     Sep 03     Oct 03   Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       14.2       50.2       35.0       33.6       20.0       28.8       22.4       44.0

  Compensation of employees, received......        5.9       29.3       13.5       15.3       14.7       10.9       11.7       20.6

    Wage and salary disbursements..........        4.1       25.8       10.2        8.4        9.4        5.4        9.1       16.9
      Private industries...................        2.1       23.3        5.2       12.4        8.6        6.2        8.2       16.0
        Goods-producing industries.........       -5.4        3.4        3.4       -4.5        3.7        3.8        1.2        3.6
          Manufacturing....................       -5.3        2.4        2.1       -3.8        1.8        2.3         .0        2.5
        Services-producing industries......        7.6       19.9        1.8       16.9        4.9        2.3        7.1       12.4
          Trade, transportation, and
           utilities.......................       -1.4        2.9         .7        3.1        2.9         .5        3.7         .2
          Other services-producing
           industries......................        8.9       17.0        1.1       13.9        1.9        1.9        3.3       12.1
      Government...........................        2.0        2.5        5.0       -4.1        1.0        -.8         .8         .9

    Supplements to wages and salaries......        1.6        3.6        3.3        6.9        5.3        5.5        2.7        3.6
      Employer contributions for employee
       pension and insurance funds.........        1.6        2.9        2.0        6.3        4.8        4.9        2.2        2.8
      Employer contributions for government
       social insurance....................         .0         .7        1.3         .6         .5         .6         .4         .9

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        4.6       16.9       14.8        5.5       -1.7        6.7        3.6       15.1
    Farm...................................        2.0        3.8        3.8       -1.3       -1.1        -.9        6.2        7.5
    Nonfarm................................        2.5       13.1       11.0        6.7        -.5        7.6       -2.6        7.5

  Rental income of persons with capital
   consumption adjustment..................       -7.3       -7.5       -7.1        5.2        5.6        5.6       10.8       10.8

  Personal income receipts on assets.......        1.3        1.8        1.7       -1.4       -1.3       -1.2        1.3        1.7
    Personal interest income...............       -1.2        -.6        -.6       -3.6       -3.6       -3.7       -1.0        -.9
    Personal dividend income...............        2.5        2.4        2.3        2.2        2.4        2.4        2.3        2.5

  Personal current transfer receipts.......        9.9       11.2       14.5       10.4        3.9        7.8       -3.9       -1.8
    Government social benefits to persons..       10.6       12.2       15.6        8.7        2.9        6.8       -4.6       -1.7
      Old-age, survivors, disability, and
       health insurance benefits...........        1.4        6.1         .4        -.8        3.5        -.1         .9        1.0
      Government unemployment insurance
       benefits............................        -.1       -2.1        6.6        -.7       -2.0        1.9        -.8       -3.8
      Other................................        9.4        8.1        8.8       10.0        1.5        5.0       -4.7        1.1
    Other current transfer receipts, from
     business (net)........................        -.7       -1.0       -1.1        1.7        1.0        1.0         .7        -.1

  Less: Contributions for government social
   insurance...............................         .0        1.7        2.3        1.4        1.2        1.1        1.1        2.2

Less: Personal current taxes...............       -3.9         .0         .5      -75.9      -42.4      118.8         .5        4.9

Equals: Disposable personal income.........       18.1       50.2       34.6      109.3       62.5      -90.0       21.8       39.2

Less: Personal outlays.....................      -16.2       49.1       49.0       66.6       69.8       -1.4        8.2       31.0

  Personal consumption expenditures........      -11.8       50.8       50.5       68.2       67.7       -3.5        8.1       31.1
    Durable goods..........................       12.0        9.5        8.4       26.0       29.6      -16.6       -9.7       10.3
    Nondurable goods.......................      -31.0        2.7       22.1       23.3       29.9        1.1        3.0        6.5
    Services...............................        7.2       38.5       20.0       19.0        8.2       12.0       14.8       14.4
  Personal interest payments\1\............       -2.3       -2.0       -2.0        1.7        1.7        1.7        -.5        -.4
  Personal current transfer payments.......       -2.1         .4         .4       -3.3         .5         .4         .4         .4
    To government..........................         .4         .4         .4         .4         .4         .4         .4         .4
    To the rest of the world (net).........       -2.6         .0         .0       -3.6         .0         .0         .0         .0

Equals: Personal saving....................       34.3        1.1      -14.4       42.7       -7.3      -88.6       13.7        8.1

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       35.0       46.9       17.3       93.8       46.3      -99.0       23.2       46.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
1. Consists of nonmortgage interest paid by households.
2. 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............................      283.4      197.2      108.6       31.8       37.3       67.4       97.2       96.6

  Compensation of employees, received......      157.7       78.7       42.4       16.3       26.9       56.4       51.8       47.5

    Wage and salary disbursements..........      113.7       31.7       28.0        7.8       18.2       34.1       39.0       31.9
      Private industries...................       72.6      -12.4       18.6         .6        7.7       17.9       29.4       31.4
        Goods-producing industries.........      -21.9      -33.7        3.8       -4.2       -3.6       -1.3       -2.4        2.6
          Manufacturing....................      -40.2      -33.4        6.2       -3.8       -3.7       -2.1       -4.0         .4
        Services-producing industries......       94.5       21.2       14.6        4.9       11.3       19.2       31.8       28.8
          Trade, transportation, and
           utilities.......................       18.4        -.2        5.8        2.9         .0        7.4        4.5        6.6
          Other services-producing
           industries......................       76.1       21.4        8.9        2.0       11.3       11.9       27.2       22.2
      Government...........................       41.1       44.1        9.4        7.2       10.6       16.2        9.5         .5

    Supplements to wages and salaries......       44.2       46.9       14.4        8.5        8.6       22.4       12.7       15.7
      Employer contributions for employee
       pension and insurance funds.........       32.7       37.8       11.3        7.3        6.9       14.2       11.0       13.4
      Employer contributions for government
       social insurance....................       11.4        9.2        3.2        1.2        1.6        8.2        1.7        2.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       42.2       27.1       16.9        7.0        9.0        1.3       25.3       22.1
    Farm...................................        2.3      -10.7        3.1       -1.7        2.8       -3.3        7.0        1.5
    Nonfarm................................       39.9       37.8       13.7        8.8        6.2        4.6       18.3       20.6

  Rental income of persons with capital
   consumption adjustment..................       12.8        9.9        8.5      -11.7      -13.7        4.2       -9.8        3.6

  Personal income receipts on assets.......      -12.1        3.6       16.1       12.1        4.5       -3.4        1.6       -1.0
    Personal interest income...............       -7.3      -21.3        4.9        1.3       -4.1      -10.6       -5.7       -7.9
    Personal dividend income...............       -4.9       25.0       11.2       10.8        8.6        7.2        7.3        6.9

  Personal current transfer receipts.......      108.6       99.6       30.6       10.5       14.0       22.0       32.1       29.0
    Government social benefits to persons..      101.0      106.9       31.7       11.5       15.2       17.8       32.9       27.3
      Old-age, survivors, disability, and
       health insurance benefits...........       47.6       41.9        7.6        6.8        7.3       11.2        9.5        3.8
      Government unemployment insurance
       benefits............................       11.4       21.7       17.9       -2.9       -3.5       -1.9        4.4        2.3
      Other................................       42.0       43.3        6.1        7.7       11.4        8.4       18.9       21.3
    Other current transfer receipts, from
     business (net)........................        7.5       -7.3       -1.1       -1.1       -1.1        4.3        -.8        1.6

  Less: Contributions for government social
   insurance...............................       25.8       21.8        5.9        2.5        3.4       13.2        3.6        4.6

Less: Personal current taxes...............        8.0     -190.6      -26.2        9.3       -7.4      -36.2       -9.2      -64.2

Equals: Disposable personal income.........      275.4      387.8      134.9       22.4       44.6      103.6      106.6      160.8

Less: Personal outlays.....................      316.6      331.8      108.7       75.2       67.2       99.1       68.4      161.8

  Personal consumption expenditures........      306.0      339.9       99.0       72.7       73.0       99.5       72.9      162.7
    Durable goods..........................       18.6       29.4       -5.6        4.3       -6.3       -9.1       28.0       48.9
    Nondurable goods.......................       66.4       72.4       30.7        8.0       28.7       56.5       -4.9       59.2
    Services...............................      221.0      238.2       73.9       60.5       50.6       52.1       49.8       54.6
  Personal interest payments\1\............        4.4      -14.4        2.8       -2.7       -8.5       -1.5       -3.0        1.4
  Personal current transfer payments.......        6.2        6.3        7.0        5.1        2.7        1.0       -1.3       -2.4
    To government..........................        4.6        4.0        1.0        1.1        1.0        1.2        1.2        1.2
    To the rest of the world (net).........        1.6        2.3        6.0        4.1        1.6        -.1       -2.6       -3.6

Equals: Personal saving....................      -41.3       56.0       26.1      -52.7      -22.6        4.6       38.0       -1.0

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      126.2      276.5       76.7      -16.3       10.6       46.2       91.5      118.8
-----------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. 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)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 03     May 03     Jun 03     Jul 03     Aug 03     Sep 03     Oct 03    Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .2         .6         .4         .4         .2         .3         .2         .5
  Compensation of employees, received......         .1         .5         .2         .2         .2         .2         .2         .3
    Wage and salary disbursements..........         .1         .5         .2         .2         .2         .1         .2         .3
    Supplements to wages and salaries......         .2         .3         .3         .6         .5         .5         .2         .3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .6        2.1        1.8         .6        -.2         .8         .4        1.7
  Rental income of persons with capital
   consumption adjustment..................       -4.4       -4.6       -4.7        3.6        3.7        3.6        6.6        6.2
  Personal income receipts on assets.......         .1         .1         .1        -.1        -.1        -.1         .1         .1
    Personal interest income...............        -.1        -.1        -.1        -.4        -.4        -.4        -.1        -.1
    Personal dividend income...............         .6         .6         .5         .5         .6         .6         .5         .6
  Personal current transfer receipts.......         .7         .8        1.1         .7         .3         .6        -.3        -.1

  Less: Contributions for government social
   insurance...............................         .0         .2         .3         .2         .2         .1         .1         .3

Less: Personal current taxes...............        -.4         .0         .0       -7.6       -4.6       13.5         .0         .5

Equals: Disposable personal income.........         .2         .6         .4        1.3         .8       -1.1         .3         .5

Addenda:
  Personal consumption expenditures........        -.2         .7         .7         .9         .9         .0         .1         .4
    Durable goods..........................        1.3        1.0         .9        2.8        3.1       -1.7       -1.0        1.1
    Nondurable goods.......................       -1.4         .1        1.0        1.1        1.4         .1         .1         .3
    Services...............................         .2         .8         .4         .4         .2         .3         .3         .3

  Real disposable personal income..........         .5         .6         .2        1.2         .6       -1.2         .3         .6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.



                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 03     May 03     Jun 03     Jul 03     Aug 03     Sep 03     Oct 03   Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,261.1    7,308.7    7,342.1    7,397.3    7,449.4    7,433.1    7,443.2    7,481.8
  Durable goods............................      990.5    1,006.4    1,018.4    1,050.1    1,085.7    1,071.6    1,064.5    1,079.8
  Nondurable goods.........................    2,081.3    2,097.6    2,111.7    2,128.4    2,143.8    2,130.7    2,141.7    2,155.3
  Services.................................    4,194.1    4,211.1    4,219.8    4,230.5    4,236.3    4,244.8    4,249.9    4,261.5
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        5.4       47.6       33.4       55.2       52.1      -16.3       10.1       38.6
  Durable goods............................       16.2       15.9       12.0       31.7       35.6      -14.1       -7.1       15.3
  Nondurable goods.........................      -10.6       16.3       14.1       16.7       15.4      -13.1       11.0       13.6
  Services.................................        1.5       17.0        8.7       10.7        5.8        8.5        5.1       11.6
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .1         .7         .5         .8         .7        -.2         .1         .5
  Durable goods............................        1.7        1.6        1.2        3.1        3.4       -1.3        -.7        1.4
  Nondurable goods.........................        -.5         .8         .7         .8         .7        -.6         .5         .6
  Services.................................         .0         .4         .2         .3         .1         .2         .1         .3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.



                  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 (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    6,904.6    7,140.4    7,124.5    7,159.2    7,198.9    7,244.1    7,304.0    7,426.6
  Durable goods............................      899.1      957.2      951.4      963.1      963.8      965.0    1,005.1    1,069.1
  Nondurable goods.........................    1,983.3    2,043.6    2,037.8    2,038.8    2,061.8    2,090.5    2,096.9    2,134.3
  Services.................................    4,022.4    4,141.8    4,137.0    4,159.4    4,175.4    4,190.7    4,208.4    4,237.2
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      165.2      235.8       45.3       34.7       39.7       45.2       59.9      122.6
  Durable goods............................       35.8       58.1        1.1       11.7         .7        1.2       40.1       64.0
  Nondurable goods.........................       36.1       60.3        1.9        1.0       23.0       28.7        6.4       37.4
  Services.................................       93.6      119.4       41.7       22.4       16.0       15.3       17.7       28.8
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                    chained (2000) dollars at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        2.5        3.4        2.6        2.0        2.2        2.5        3.3        6.9
  Durable goods............................        4.1        6.5         .5        5.0         .3         .5       17.7       28.0
  Nondurable goods.........................        1.9        3.0         .4         .2        4.6        5.7        1.2        7.3
  Services.................................        2.4        3.0        4.1        2.2        1.5        1.5        1.7        2.8
-----------------------------------------------------------------------------------------------------------------------------------



      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                               Apr 03    May 03    Jun 03    Jul 03    Aug 03    Sep 03    Oct 03   Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    104.99    105.00    105.21    105.35    105.52    105.70    105.67    105.54
  Durable goods............................     92.58     92.06     91.80     91.51     91.23     90.88     90.58     90.24
  Nondurable goods.........................    103.86    103.19    103.54    103.82    104.47    105.17    104.77    104.41
  Services.................................    108.36    108.83    109.08    109.26    109.30    109.36    109.58    109.62
Addendum:
  Personal consumption expenditures
   excluding food and energy...............    104.51    104.70    104.83    104.96    104.95    104.94    105.07    105.04
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      -.2        .0        .2        .1        .2        .2        .0       -.1
  Durable goods............................      -.3       -.6       -.3       -.3       -.3       -.4       -.3       -.4
  Nondurable goods.........................      -.9       -.6        .3        .3        .6        .7       -.4       -.3
  Services.................................       .1        .4        .2        .2        .0        .1        .2        .0
Addendum:
  Personal consumption expenditures
   excluding food and energy...............       .0        .2        .1        .1        .0        .0        .1        .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.



   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 03     May 03     Jun 03     Jul 03     Aug 03     Sep 03     Oct 03    Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        1.6        1.8        1.8        3.4        4.2        2.9        3.1        3.6

Personal consumption expenditures..........        1.9        2.8        2.9        3.1        3.9        4.2        4.0        4.0
  Durable goods............................        2.3        7.3        7.4        8.2       11.3       13.6       13.3       13.2
  Nondurable goods.........................        2.0        3.3        3.3        4.2        5.1        4.7        4.5        4.3
  Services.................................        1.7        1.7        1.8        1.6        1.9        2.2        2.0        2.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.



              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 03     May 03     Jun 03     Jul 03     Aug 03     Sep 03     Oct 03    Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.8        1.7        1.8        1.7        1.7        1.7        1.6        1.3
  Durable goods............................       -3.3       -3.8       -3.7       -3.7       -3.7       -4.1       -4.2       -4.2
  Nondurable goods.........................        1.5        1.2        1.3        1.4        1.9        2.4        1.9        1.6
  Services.................................        3.0        3.2        3.2        3.0        2.8        2.5        2.7        2.4
Addendum:
  Personal consumption expenditures
   less food and energy....................        1.2        1.3        1.3        1.3        1.0         .8        1.0         .8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.