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News Release: Personal Income and Outlays

Tables from this release are available below. 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. EDT, MONDAY, AUGUST 30, 2004

James E. Rankin:       (202) 606-5301  (Personal Income)                                      BEA 04-40     
Greg Key:              (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303                                     


                PERSONAL INCOME AND OUTLAYS:  JULY 2004
                                   
 Personal income increased $11.0 billion, or 0.1 percent, and disposable personal income (DPI)
increased $7.9 billion, or 0.1 percent, in July, according to the Bureau of Economic Analysis.  Personal
consumption expenditures (PCE) increased $65.6 billion, or 0.8 percent.  In June, personal income
increased $22.1 billion, or 0.2 percent, DPI increased $19.9 billion, or 0.2 percent, and PCE decreased
$15.3 billion, or 0.2 percent, based on revised estimates.

                                                                     2004
                                                     (Percent change from preceding month)
                                     Mar.              Apr.           May            June           July
Personal income, current dollars     0.4               0.6            0.5            0.2            0.1

Disposable personal income:
  Current dollars                    0.4               0.5            0.5            0.2            0.1
  Chained (2000) dollars             0.1               0.4            0.1            0.0            0.1

Personal consumption expenditures:
  Current dollars                    0.4               0.1            1.0           -0.2            0.8
  Chained (2000) dollars             0.1               0.0            0.6           -0.4            0.8

       This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for January through March 2004 (first quarter).  These
estimates reflect newly available first-quarter wage and salary tabulations of employees covered by
state unemployment insurance from the Bureau of Labor Statistics.


Wages and salaries

 Private wage and salary disbursements increased $19.8 billion in July, in contrast to a decrease
of $2.4 billion in June.  Goods-producing industries' payrolls increased $4.9 billion, in contrast to a
decrease of $0.1 billion; manufacturing payrolls increased $4.2 billion, in contrast to a decrease of
$0.4 billion.  Services-producing industries' payrolls increased $14.8 billion, in contrast to a
decrease of $2.4 billion.  Government wage and salary disbursements increased $1.6 billion,
compared with an increase of $1.2 billion.


Other personal income

 Supplements to wages and salaries increased $4.7 billion in July, compared with an increase of
$5.5 billion in June.

 Proprietors' income decreased $5.0 billion in July, in contrast to an increase of $7.7 billion in
June.  Farm proprietors' income decreased $5.4 billion, in contrast to an increase of $0.5 billion. 
Nonfarm proprietors' income increased $0.5 billion, compared with an increase of $7.1 billion. 

 Rental income of persons decreased $1.0 billion in July, in contrast to an increase of $0.1
billion in June.  Personal income receipts on assets (personal interest income plus personal dividend
income) increased $4.8 billion, compared with an increase of $6.9 billion.  Personal current transfer
receipts decreased $10.9 billion, in contrast to an increase of $3.1 billion.  The July decrease in
transfer receipts largely reflected a reduction in the federal matching rate for Medicaid
reimbursements, which had been boosted temporarily by the Jobs and Growth Tax Relief
Reconciliation Act of 2003.

 Contributions for government social insurance -- a subtraction in calculating personal income --
increased $2.9 billion in July, in contrast to a decrease of $0.1 billion in June.


Personal current taxes and disposable personal income

 Personal current taxes increased $3.1 billion in July, compared with an increase of $2.3 billion
in June.  Disposable personal income (DPI) -- personal income less personal current taxes --
increased $7.9 billion, or 0.1 percent, in July, compared with an increase of $19.9 billion, or 0.2
percent, in June.


Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $66.6 billion in July, in contrast to a decrease of $11.5 billion in June.  PCE increased
$65.6 billion, in contrast to a decrease of $15.3 billion.

 Personal saving -- DPI less personal outlays -- was $51.6 billion in July, compared with $110.3
billion in June.  Personal saving as a percentage of disposable personal income was 0.6 percent in
July, compared with 1.3 percent in June.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in July, in contrast to
a decrease of less than 0.1 percent in June.
                                  
 Real PCE -- PCE adjusted to remove price changes -- increased 0.8 percent in July, in contrast
to a decrease of 0.4 percent in June.  Purchases of durable goods increased 4.5 percent, in contrast to
a decrease of 3.1 percent.  Purchases of motor vehicles and parts accounted for most of the July
increase and accounted for the June decrease.  Purchases of nondurable goods increased 0.6 percent
in July, in contrast to a decrease of 0.2 percent in June.  Purchases of services increased 0.2 percent
in July; purchases of services was unchanged in June.


Revisions

 Estimates for personal income and DPI have been revised for January through June; estimates
for PCE have been revised for April through June.  Changes in personal income, current-dollar and
chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for May and June --
revised and as published in last month's release -- are shown below.  Revisions for April were small.

                                                 Change from preceding month
                                                May                                    June
                               Previous  Revised  Previous  Revised    Previous  Revised  Previous  Revised
                             (Billions of dollars)     (Percent)     (Billions of dollars)    (Percent)
 Personal Income:
   Current dollars.............  54.0     50.7      0.6      0.5         23.0     22.1      0.2       0.2

 Disposable personal income:
   Current dollars............   46.9     43.1      0.5      0.5         21.4     19.9      0.2       0.2
   Chained (2000) dollars......  10.8      7.2      0.1      0.1          0.7     -1.3      0.0       0.0

 Personal consumption expenditures:
   Current dollars.............  84.5     83.4      1.0      1.0        -53.3    -15.3     -0.7      -0.2
   Chained (2000) dollars......  47.3     46.2      0.6      0.6        -67.6    -33.0     -0.9      -0.4


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

                             <www.bea.gov>

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

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

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


Next release -- Personal Income and Outlays for August will be released on
                 September 30, 2004, at 8:30 A.M. EDT.


                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 03    Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/r/  May 04/r/  Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,375.3    9,404.1    9,445.9    9,484.9    9,544.1    9,594.8    9,616.9    9,627.9

  Compensation of employees, received......    6,421.2    6,461.1    6,490.3    6,512.4    6,546.2    6,582.9    6,587.1    6,613.1

    Wage and salary disbursements..........    5,197.3    5,221.4    5,241.3    5,254.8    5,283.1    5,313.0    5,311.7    5,333.0
      Private industries...................    4,288.7    4,306.7    4,324.0    4,334.8    4,357.9    4,390.9    4,388.5    4,408.3
        Goods-producing industries.........    1,028.7    1,019.8    1,018.2    1,018.9    1,022.8    1,030.7    1,030.6    1,035.5
          Manufacturing....................      682.7      671.9      669.9      668.0      670.4      676.0      675.6      679.8
        Services-producing industries......    3,260.0    3,286.9    3,305.8    3,316.0    3,335.1    3,360.3    3,357.9    3,372.7
          Trade, transportation, and
           utilities.......................      870.0      871.2      872.5      873.4      876.8      881.0      881.4      886.5
          Other services-producing
           industries......................    2,389.9    2,415.6    2,433.2    2,442.6    2,458.4    2,479.3    2,476.5    2,486.3
      Government...........................      908.6      914.7      917.3      920.0      925.2      922.0      923.2      924.8

    Supplements to wages and salaries......    1,223.9    1,239.8    1,249.0    1,257.6    1,263.1    1,269.9    1,275.4    1,280.1
      Employer contributions for employee
       pension and insurance funds.........      841.6      848.7      856.5      864.4      868.5      873.0      878.8      882.2
      Employer contributions for government
       social insurance....................      382.3      391.0      392.5      393.3      394.6      396.9      396.6      397.9

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      870.1      862.9      870.0      883.5      893.8      901.4      909.1      904.1
    Farm...................................       24.5       18.5       17.8       17.5       18.3       19.0       19.5       14.1
    Nonfarm................................      845.7      844.3      852.2      866.0      875.5      882.4      889.5      890.0

  Rental income of persons with capital
   consumption adjustment..................      175.7      174.1      172.6      171.8      171.9      172.6      172.7      171.7

  Personal income receipts on assets.......    1,334.4    1,335.5    1,337.0    1,338.8    1,345.1    1,351.8    1,358.7    1,363.5
    Personal interest income...............      939.0      937.6      936.2      934.8      938.0      941.2      944.4      945.7
    Personal dividend income...............      395.3      397.9      400.8      404.0      407.1      410.6      414.3      417.8

  Personal current transfer receipts.......    1,360.2    1,371.7    1,380.5    1,384.7    1,396.6    1,400.4    1,403.5    1,392.6
    Government social benefits to persons..    1,331.5    1,342.4    1,351.2    1,355.3    1,367.3    1,371.1    1,374.3    1,363.4
      Old-age, survivors, disability, and
       health insurance benefits...........      751.2      754.2      764.6      767.3      772.7      774.7      774.6      773.3
      Government unemployment insurance
       benefits............................       50.9       46.1       40.7       37.5       34.5       33.3       32.6       32.0
      Other................................      529.4      542.0      545.9      550.5      560.1      563.0      567.0      558.1
    Other current transfer receipts, from
     business (net)........................       28.8       29.3       29.3       29.4       29.3       29.3       29.3       29.2

  Less: Contributions for government social
   insurance...............................      786.3      801.1      804.4      806.3      809.5      814.3      814.2      817.1

Less: Personal current taxes...............    1,010.8    1,003.3    1,006.9    1,009.6    1,023.6    1,031.1    1,033.4    1,036.5

Equals: Disposable personal income.........    8,364.5    8,400.8    8,439.0    8,475.3    8,520.5    8,563.6    8,583.5    8,591.4

Less: Personal outlays.....................    8,266.1    8,309.4    8,358.9    8,386.6    8,397.6    8,484.7    8,473.2    8,539.8

  Personal consumption expenditures........    7,969.7    8,015.5    8,067.5    8,097.7    8,104.4    8,187.8    8,172.5    8,238.1
    Durable goods..........................      994.4      964.7      979.0      985.3      966.0      997.4      965.0    1,004.7
    Nondurable goods.......................    2,256.6    2,299.9    2,312.1    2,337.7    2,333.7    2,365.4    2,370.2    2,375.2
    Services...............................    4,718.7    4,750.8    4,776.4    4,774.7    4,804.7    4,825.0    4,837.2    4,858.2
  Personal interest payments\1\............      187.3      184.2      181.1      178.1      181.3      184.5      187.7      188.2
  Personal current transfer payments.......      109.1      109.7      110.3      110.8      111.9      112.4      112.9      113.5
    To government..........................       67.5       68.1       68.6       69.1       69.6       70.2       70.7       71.2
    To the rest of the world (net).........       41.6       41.7       41.7       41.7       42.2       42.2       42.2       42.2

Equals: Personal saving....................       98.4       91.4       80.1       88.7      122.9       79.0      110.3       51.6

  Personal saving as a percentage of
   disposable personal income..............        1.2        1.1         .9        1.0        1.4         .9        1.3         .6

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,880.1    7,883.6    7,899.0    7,908.4    7,940.7    7,947.9    7,946.6    7,957.5
    Per capita:
      Current dollars......................     28,605     28,708     28,818     28,921     29,053     29,177     29,220     29,222
      Chained (2000) dollars...............     26,948     26,940     26,974     26,986     27,076     27,079     27,052     27,066
  Population (midperiod, thousands)\3\.....    292,418    292,630    292,836    293,049    293,272    293,509    293,754    294,003
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2004.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003       I 03      II 03     III 03      IV 03    I 04/r/   II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    8,878.9    9,161.8    9,002.2    9,105.7    9,209.3    9,330.0    9,445.0    9,585.3

  Compensation of employees, received......    6,069.5    6,289.0    6,177.7    6,247.0    6,324.7    6,406.7    6,487.9    6,572.1

    Wage and salary disbursements..........    4,976.3    5,103.6    5,023.3    5,073.3    5,128.6    5,188.9    5,239.2    5,302.6
      Private industries...................    4,113.7    4,205.6    4,135.6    4,175.6    4,227.5    4,283.9    4,321.8    4,379.1
        Goods-producing industries.........    1,010.2    1,007.7      999.5      999.7    1,005.8    1,025.6    1,019.0    1,028.0
          Manufacturing....................      675.2      668.8      665.7      663.4      665.9      680.1      669.9      674.0
        Services-producing industries......    3,103.5    3,198.0    3,136.0    3,175.9    3,221.6    3,258.3    3,302.9    3,351.1
          Trade, transportation, and
           utilities.......................      843.6      858.6      848.6      852.9      860.7      872.0      872.4      879.7
          Other services-producing
           industries......................    2,259.9    2,339.4    2,287.4    2,322.9    2,360.9    2,386.4    2,430.5    2,471.4
      Government...........................      862.6      897.9      887.8      897.8      901.1      905.0      917.3      923.5

    Supplements to wages and salaries......    1,093.2    1,185.5    1,154.3    1,173.7    1,196.1    1,217.8    1,248.8    1,269.5
      Employer contributions for employee
       pension and insurance funds.........      729.6      808.9      782.7      799.0      817.9      835.9      856.5      873.4
      Employer contributions for government
       social insurance....................      363.6      376.6      371.6      374.6      378.2      381.9      392.3      396.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      769.6      834.1      794.0      825.7      852.0      864.7      872.1      901.4
    Farm...................................        9.7       21.8       13.8       24.1       24.8       24.7       17.9       18.9
    Nonfarm................................      759.9      812.3      780.2      801.6      827.2      840.0      854.2      882.5

  Rental income of persons with capital
   consumption adjustment..................      170.9      153.8      155.5      144.1      148.8      167.1      172.8      172.4

  Personal income receipts on assets.......    1,334.6    1,322.7    1,325.9    1,324.7    1,314.4    1,325.8    1,337.1    1,351.9
    Personal interest income...............      946.7      929.9      932.4      932.4      922.8      932.0      936.2      941.2
    Personal dividend income...............      387.9      392.8      393.5      392.3      391.6      393.8      400.9      410.6

  Personal current transfer receipts.......    1,282.7    1,335.4    1,311.4    1,333.1    1,346.2    1,350.7    1,379.0    1,400.2
    Government social benefits to persons..    1,248.9    1,306.4    1,282.2    1,304.1    1,317.4    1,322.0    1,349.6    1,370.9
      Old-age, survivors, disability, and
       health insurance benefits...........      708.3      733.8      722.8      731.1      736.6      744.9      762.1      774.0
      Government unemployment insurance
       benefits............................       53.2       52.8       50.4       54.8       54.3       51.6       41.4       33.5
      Other................................      487.5      519.8      509.0      518.3      526.5      525.5      546.1      563.3
    Other current transfer receipts, from
     business (net)........................       33.7       28.9       29.2       29.0       28.9       28.8       29.3       29.3

  Less: Contributions for government social
   insurance...............................      748.3      773.2      762.4      768.9      776.7      785.0      803.9      812.6

Less: Personal current taxes...............    1,051.2    1,001.9    1,025.7    1,030.7      941.7    1,009.4    1,006.6    1,029.4

Equals: Disposable personal income.........    7,827.7    8,159.9    7,976.5    8,075.0    8,267.6    8,320.5    8,438.4    8,555.9

Less: Personal outlays.....................    7,668.5    8,049.3    7,897.0    7,982.9    8,107.8    8,209.4    8,351.6    8,451.8

  Personal consumption expenditures........    7,376.1    7,760.9    7,609.8    7,696.3    7,822.5    7,914.9    8,060.2    8,154.9
    Durable goods..........................      916.2      950.7      912.1      946.8      972.7      971.1      976.3      976.2
    Nondurable goods.......................    2,080.1    2,200.1    2,167.5    2,163.6    2,219.2    2,250.1    2,316.6    2,356.4
    Services...............................    4,379.8    4,610.1    4,530.2    4,585.9    4,630.6    4,693.6    4,767.3    4,822.3
  Personal interest payments\1\............      197.2      185.3      187.1      184.8      183.3      185.9      181.1      184.5
  Personal current transfer payments.......       95.3      103.1      100.0      101.8      102.1      108.6      110.3      112.4
    To government..........................       59.5       64.9       62.8       64.2       65.6       67.0       68.6       70.2
    To the rest of the world (net).........       35.7       38.2       37.2       37.6       36.5       41.6       41.7       42.2

Equals: Personal saving....................      159.2      110.6       79.5       92.1      159.8      111.1       86.8      104.1

  Personal saving as a percentage of
   disposable personal income..............        2.0        1.4        1.0        1.1        1.9        1.3        1.0        1.2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,559.5    7,733.8    7,591.2    7,671.1    7,822.9    7,849.6    7,897.0    7,945.1
    Per capita:
      Current dollars......................     27,157     28,033     27,504     27,779     28,368     28,476     28,816     29,150
      Chained (2000) dollars...............     26,227     26,569     26,175     26,389     26,842     26,865     26,967     27,069
  Population (midperiod, thousands)\3\.....    288,240    291,085    290,016    290,689    291,445    292,190    292,838    293,512
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2004.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 03    Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/r/  May 04/r/  Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       37.4       28.8       41.8       39.0       59.2       50.7       22.1       11.0

  Compensation of employees, received......         .2       39.9       29.2       22.1       33.8       36.7        4.2       26.0

    Wage and salary disbursements..........       -5.1       24.1       19.9       13.5       28.3       29.9       -1.3       21.3
      Private industries...................       -9.4       18.0       17.3       10.8       23.1       33.0       -2.4       19.8
        Goods-producing industries.........       -1.2       -8.9       -1.6         .7        3.9        7.9        -.1        4.9
          Manufacturing....................       -1.1      -10.8       -2.0       -1.9        2.4        5.6        -.4        4.2
        Services-producing industries......       -8.3       26.9       18.9       10.2       19.1       25.2       -2.4       14.8
          Trade, transportation, and
           utilities.......................       -4.7        1.2        1.3         .9        3.4        4.2         .4        5.1
          Other services-producing
           industries......................       -3.7       25.7       17.6        9.4       15.8       20.9       -2.8        9.8
      Government...........................        4.3        6.1        2.6        2.7        5.2       -3.2        1.2        1.6

    Supplements to wages and salaries......        5.3       15.9        9.2        8.6        5.5        6.8        5.5        4.7
      Employer contributions for employee
       pension and insurance funds.........        5.9        7.1        7.8        7.9        4.1        4.5        5.8        3.4
      Employer contributions for government
       social insurance....................        -.6        8.7        1.5         .8        1.3        2.3        -.3        1.3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        6.6       -7.2        7.1       13.5       10.3        7.6        7.7       -5.0
    Farm...................................        -.2       -6.0        -.7        -.3         .8         .7         .5       -5.4
    Nonfarm................................        6.9       -1.4        7.9       13.8        9.5        6.9        7.1         .5

  Rental income of persons with capital
   consumption adjustment..................        9.2       -1.6       -1.5        -.8         .1         .7         .1       -1.0

  Personal income receipts on assets.......        8.7        1.1        1.5        1.8        6.3        6.7        6.9        4.8
    Personal interest income...............        6.9       -1.4       -1.4       -1.4        3.2        3.2        3.2        1.3
    Personal dividend income...............        1.8        2.6        2.9        3.2        3.1        3.5        3.7        3.5

  Personal current transfer receipts.......       12.1       11.5        8.8        4.2       11.9        3.8        3.1      -10.9
    Government social benefits to persons..       12.2       10.9        8.8        4.1       12.0        3.8        3.2      -10.9
      Old-age, survivors, disability, and
       health insurance benefits...........        8.3        3.0       10.4        2.7        5.4        2.0        -.1       -1.3
      Government unemployment insurance
       benefits............................       -1.3       -4.8       -5.4       -3.2       -3.0       -1.2        -.7        -.6
      Other................................        5.1       12.6        3.9        4.6        9.6        2.9        4.0       -8.9
    Other current transfer receipts, from
     business (net)........................         .0         .5         .0         .1        -.1         .0         .0        -.1

  Less: Contributions for government social
   insurance...............................        -.6       14.8        3.3        1.9        3.2        4.8        -.1        2.9

Less: Personal current taxes...............        -.7       -7.5        3.6        2.7       14.0        7.5        2.3        3.1

Equals: Disposable personal income.........       38.1       36.3       38.2       36.3       45.2       43.1       19.9        7.9

Less: Personal outlays.....................       51.2       43.3       49.5       27.7       11.0       87.1      -11.5       66.6

  Personal consumption expenditures........       49.2       45.8       52.0       30.2        6.7       83.4      -15.3       65.6
    Durable goods..........................       24.5      -29.7       14.3        6.3      -19.3       31.4      -32.4       39.7
    Nondurable goods.......................         .1       43.3       12.2       25.6       -4.0       31.7        4.8        5.0
    Services...............................       24.6       32.1       25.6       -1.7       30.0       20.3       12.2       21.0
  Personal interest payments\1\............        1.5       -3.1       -3.1       -3.0        3.2        3.2        3.2         .5
  Personal current transfer payments.......         .5         .6         .6         .5        1.1         .5         .5         .6
    To government..........................         .5         .6         .5         .5         .5         .6         .5         .5
    To the rest of the world (net).........         .0         .1         .0         .0         .5         .0         .0         .0

Equals: Personal saving....................      -13.1       -7.0      -11.3        8.6       34.2      -43.9       31.3      -58.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       19.2        3.5       15.4        9.4       32.3        7.2       -1.3       10.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2004.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                 2002       2003        I 03      II 03     III 03      IV 03     I 04/r/   II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      154.8      282.9       83.0      103.5      103.6      120.7      115.0      140.3

  Compensation of employees, received......      127.4      219.5       64.3       69.3       77.7       82.0       81.2       84.2

    Wage and salary disbursements..........       33.5      127.3       36.0       50.0       55.3       60.3       50.3       63.4
      Private industries...................      -13.2       91.9       21.5       40.0       51.9       56.4       37.9       57.3
        Goods-producing industries.........      -34.1       -2.5       -1.1         .2        6.1       19.8       -6.6        9.0
          Manufacturing....................      -33.6       -6.4       -2.1       -2.3        2.5       14.2      -10.2        4.1
        Services-producing industries......       20.9       94.5       22.5       39.9       45.7       36.7       44.6       48.2
          Trade, transportation, and
           utilities.......................       -1.0       15.0        4.7        4.3        7.8       11.3         .4        7.3
          Other services-producing
           industries......................       21.9       79.5       17.9       35.5       38.0       25.5       44.1       40.9
      Government...........................       46.7       35.3       14.6       10.0        3.3        3.9       12.3        6.2

    Supplements to wages and salaries......       93.9       92.3       28.3       19.4       22.4       21.7       31.0       20.7
      Employer contributions for employee
       pension and insurance funds.........       86.9       79.3       20.7       16.3       18.9       18.0       20.6       16.9
      Employer contributions for government
       social insurance....................        7.0       13.0        7.6        3.0        3.6        3.7       10.4        3.7

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       -2.3       64.5       17.3       31.7       26.3       12.7        7.4       29.3
    Farm...................................      -10.0       12.1        5.0       10.3         .7        -.1       -6.8        1.0
    Nonfarm................................        7.7       52.4       12.3       21.4       25.6       12.8       14.2       28.3

  Rental income of persons with capital
   consumption adjustment..................        3.5      -17.1        1.7      -11.4        4.7       18.3        5.7        -.4

  Personal income receipts on assets.......      -45.4      -11.9        -.8       -1.2      -10.3       11.4       11.3       14.8
    Personal interest income...............      -64.3      -16.8         .3         .0       -9.6        9.2        4.2        5.0
    Personal dividend income...............       18.9        4.9       -1.1       -1.2        -.7        2.2        7.1        9.7

  Personal current transfer receipts.......       88.8       52.7       13.3       21.7       13.1        4.5       28.3       21.2
    Government social benefits to persons..      105.0       57.5       12.9       21.9       13.3        4.6       27.6       21.3
      Old-age, survivors, disability, and
       health insurance benefits...........       39.8       25.5        6.4        8.3        5.5        8.3       17.2       11.9
      Government unemployment insurance
       benefits............................       21.5        -.4       -3.0        4.4        -.5       -2.7      -10.2       -7.9
      Other................................       43.8       32.3        9.6        9.3        8.2       -1.0       20.6       17.2
    Other current transfer receipts, from
     business (net)........................      -16.3       -4.8         .3        -.2        -.1        -.1         .5         .0

  Less: Contributions for government social
   insurance...............................       17.2       24.9       12.8        6.5        7.8        8.3       18.9        8.7

Less: Personal current taxes...............     -186.1      -49.3      -14.6        5.0      -89.0       67.7       -2.8       22.8

Equals: Disposable personal income.........      340.9      332.2       97.7       98.5      192.6       52.9      117.9      117.5

Less: Personal outlays.....................      314.0      380.8      109.4       85.9      124.9      101.6      142.2      100.2

  Personal consumption expenditures........      321.1      384.8      109.8       86.5      126.2       92.4      145.3       94.7
    Durable goods..........................       32.5       34.5       -8.7       34.7       25.9       -1.6        5.2        -.1
    Nondurable goods.......................       63.0      120.0       52.9       -3.9       55.6       30.9       66.5       39.8
    Services...............................      225.5      230.3       65.5       55.7       44.7       63.0       73.7       55.0
  Personal interest payments\1\............      -15.0      -11.9       -1.7       -2.3       -1.5        2.6       -4.8        3.4
  Personal current transfer payments.......        8.1        7.8        1.3        1.8         .3        6.5        1.7        2.1
    To government..........................        5.3        5.4        1.3        1.4        1.4        1.4        1.6        1.6
    To the rest of the world (net).........        2.7        2.5         .0         .4       -1.1        5.1         .1         .5

Equals: Personal saving....................       26.9      -48.6      -11.7       12.6       67.7      -48.7      -24.3       17.3

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      226.2      174.3       33.2       79.9      151.8       26.7       47.4       48.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2004.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 03    Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/r/  May 04/r/  Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .4         .3         .4         .4         .6         .5         .2         .1
  Compensation of employees, received......         .0         .6         .5         .3         .5         .6         .1         .4
    Wage and salary disbursements..........        -.1         .5         .4         .3         .5         .6         .0         .4
    Supplements to wages and salaries......         .4        1.3         .7         .7         .4         .5         .4         .4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .8        -.8         .8        1.6        1.2         .8         .9        -.5
  Rental income of persons with capital
   consumption adjustment..................        5.5        -.9        -.9        -.4         .0         .4         .1        -.6
  Personal income receipts on assets.......         .7         .1         .1         .1         .5         .5         .5         .4
    Personal interest income...............         .7        -.1        -.2        -.2         .3         .3         .3         .1
    Personal dividend income...............         .5         .6         .7         .8         .8         .8         .9         .9
  Personal current transfer receipts.......         .9         .8         .6         .3         .9         .3         .2        -.8

  Less: Contributions for government social
   insurance...............................        -.1        1.9         .4         .2         .4         .6         .0         .4

Less: Personal current taxes...............        -.1        -.7         .4         .3        1.4         .7         .2         .3

Equals: Disposable personal income.........         .5         .4         .5         .4         .5         .5         .2         .1

Addenda:
  Personal consumption expenditures........         .6         .6         .6         .4         .1        1.0        -.2         .8
    Durable goods..........................        2.5       -3.0        1.5         .6       -2.0        3.3       -3.2        4.1
    Nondurable goods.......................         .0        1.9         .5        1.1        -.2        1.4         .2         .2
    Services...............................         .5         .7         .5         .0         .6         .4         .3         .4

  Real disposable personal income..........         .2         .0         .2         .1         .4         .1         .0         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2004.

             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003       I 03      II 03     III 03      IV 03      I 04/r/  II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        1.8        3.2        3.8        4.7        4.6        5.3        5.0        6.1
  Compensation of employees, received......        2.1        3.6        4.3        4.6        5.1        5.3        5.2        5.3
    Wage and salary disbursements..........         .7        2.6        2.9        4.0        4.4        4.8        3.9        4.9
    Supplements to wages and salaries......        9.4        8.4       10.4        6.9        7.9        7.5       10.6        6.8
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        -.3        8.4        9.2       16.9       13.4        6.1        3.5       14.1
  Rental income of persons with capital
   consumption adjustment..................        2.1      -10.0        4.5      -26.3       13.6       59.0       14.6       -1.0
  Personal income receipts on assets.......       -3.3        -.9        -.2        -.4       -3.1        3.5        3.5        4.5
    Personal interest income...............       -6.4       -1.8         .2         .0       -4.1        4.1        1.8        2.2
    Personal dividend income...............        5.1        1.3       -1.1       -1.3        -.7        2.2        7.4       10.1
  Personal current transfer receipts.......        7.4        4.1        4.2        6.8        4.0        1.3        8.6        6.3

  Less: Contributions for government social
   insurance...............................        2.3        3.3        7.0        3.4        4.1        4.3       10.0        4.4

Less: Personal current taxes...............      -15.0       -4.7       -5.5        2.0      -30.3       32.0       -1.1        9.4

Equals: Disposable personal income.........        4.6        4.2        5.1        5.0        9.9        2.6        5.8        5.7

Addenda:
  Personal consumption expenditures........        4.6        5.2        6.0        4.6        6.7        4.8        7.5        4.8
    Durable goods..........................        3.7        3.8       -3.7       16.1       11.4        -.6        2.2        -.1
    Nondurable goods.......................        3.1        5.8       10.4        -.7       10.7        5.7       12.3        7.1
    Services...............................        5.4        5.3        6.0        5.0        4.0        5.6        6.4        4.7

  Real disposable personal income..........        3.1        2.3        1.8        4.3        8.2        1.4        2.4        2.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2004.

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 03    Jan 04     Feb 04     Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/  Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,508.1    7,522.0    7,551.2    7,556.0    7,552.9    7,599.1    7,566.1    7,630.3
  Durable goods............................    1,098.3    1,063.0    1,078.7    1,084.8    1,063.7    1,098.5    1,064.1    1,112.0
  Nondurable goods.........................    2,157.5    2,183.7    2,185.5    2,192.7    2,187.4    2,193.0    2,189.0    2,202.5
  Services.................................    4,267.8    4,285.1    4,298.7    4,291.4    4,310.8    4,321.5    4,321.5    4,331.7
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       30.4       13.9       29.2        4.8       -3.1       46.2      -33.0       64.2
  Durable goods............................       30.0      -35.3       15.7        6.1      -21.1       34.8      -34.4       47.9
  Nondurable goods.........................       -4.6       26.2        1.8        7.2       -5.3        5.6       -4.0       13.5
  Services.................................        9.1       17.3       13.6       -7.3       19.4       10.7         .0       10.2
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .4         .2         .4         .1         .0         .6        -.4         .8
  Durable goods............................        2.8       -3.2        1.5         .6       -1.9        3.3       -3.1        4.5
  Nondurable goods.........................        -.2        1.2         .1         .3        -.2         .3        -.2         .6
  Services.................................         .2         .4         .3        -.2         .5         .2         .0         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                 2002       2003        I 03      II 03     III 03      IV 03     I 04     II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,123.4    7,355.6    7,242.2    7,311.4    7,401.7    7,466.8    7,543.0    7,572.7
  Durable goods............................      959.6    1,030.6      973.2    1,020.0    1,059.6    1,069.7    1,075.5    1,075.4
  Nondurable goods.........................    2,037.4    2,112.4    2,082.0    2,090.1    2,125.3    2,152.0    2,187.3    2,189.8
  Services.................................    4,128.6    4,220.3    4,188.7    4,207.7    4,227.9    4,256.7    4,291.7    4,317.9
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      213.0      232.2       47.6       69.2       90.3       65.1       76.2       29.7
  Durable goods............................       58.9       71.0        -.2       46.8       39.6       10.1        5.8        -.1
  Nondurable goods.........................       50.7       75.0       25.2        8.1       35.2       26.7       35.3        2.5
  Services.................................      105.4       91.7       21.8       19.0       20.2       28.8       35.0       26.2
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                    chained (2000) dollars at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.1        3.3        2.7        3.9        5.0        3.6        4.1        1.6
  Durable goods............................        6.5        7.4        -.1       20.6       16.5        3.9        2.2         .0
  Nondurable goods.........................        2.6        3.7        5.0        1.6        6.9        5.1        6.7         .4
  Services.................................        2.6        2.2        2.1        1.8        1.9        2.8        3.3        2.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 03    Jan 04    Feb 04      Mar 04    Apr 04/r/  May 04/r/ Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    106.152    106.566    106.841    107.174    107.307    107.752    108.019    107.971
  Durable goods............................     90.495     90.717     90.717     90.788     90.778     90.754     90.646     90.316
  Nondurable goods.........................    104.596    105.328    105.797    106.618    106.693    107.868    108.285    107.848
  Services.................................    110.572    110.872    111.117    111.266    111.463    111.654    111.938    112.159
Addendum:
  Personal consumption expenditures
   excluding food and energy...............    105.687    105.885    106.068    106.291    106.411    106.533    106.662    106.695
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .2         .4         .3         .3         .1         .4         .2         .0
  Durable goods............................        -.3         .2         .0         .1         .0         .0        -.1        -.4
  Nondurable goods.........................         .2         .7         .4         .8         .1        1.1         .4        -.4
  Services.................................         .3         .3         .2         .1         .2         .2         .3         .2
Addendum:
  Personal consumption expenditures
   excluding food and energy...............         .2         .2         .2         .2         .1         .1         .1         .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 03    Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/r/  May 04/r/  Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        4.3        4.0        4.1        4.0        4.0        3.5        3.2        1.8

Personal consumption expenditures..........        3.6        4.0        4.4        4.0        3.6        4.0        3.1        3.5
  Durable goods............................        8.3        9.6       12.5        9.4        4.8        7.7        3.8        6.7
  Nondurable goods.........................        4.4        5.3        5.0        4.9        5.0        5.4        4.0        4.1
  Services.................................        2.3        2.3        2.5        2.5        2.7        2.6        2.5        2.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2004.

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                 Dec 03     Jan 04     Feb 04     Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/ Jul 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.6        1.8        1.7        1.7        2.0        2.4        2.5        2.4
  Durable goods............................       -3.9       -3.4       -3.1       -2.9       -2.7       -2.1       -1.9       -1.9
  Nondurable goods.........................        1.8        2.0        1.5        1.7        2.7        4.5        4.7        4.0
  Services.................................        2.7        2.7        2.8        2.6        2.6        2.4        2.4        2.5
Addendum:
  Personal consumption expenditures
   less food and energy....................        1.1        1.2        1.4        1.5        1.5        1.5        1.5        1.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.