skip to Main Content
BEA Logo
News
 
 


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, MONDAY, FEBRUARY 2, 2004

James E. Rankin:       (202) 606-5301  (Personal Income)                                   BEA 04-05
Michael Armah:         (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303


              PERSONAL INCOME AND OUTLAYS:  DECEMBER 2003

 Personal income increased $18.8 billion, or 0.2 percent, and disposable personal income (DPI)
increased $18.5 billion, or 0.2 percent, in December, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $35.3 billion, or 0.4 percent.  In November,
personal income increased $31.9 billion, or 0.3 percent, DPI increased $27.7 billion, or 0.3 percent,
and PCE increased $42.0 billion, or 0.5 percent, based on revised estimates.

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

Personal income, current dollars              0.2          0.3         0.2         0.3        0.2

Disposable personal income:
  Current dollars                             0.8         -1.1         0.2         0.3        0.2
  Chained (2000) dollars                      0.6         -1.2         0.2         0.4        0.0

Personal consumption expenditures:
  Current dollars                             0.9          0.0         0.0         0.5        0.4
  Chained (2000) dollars                      0.7         -0.2         0.0         0.6        0.2



Wages and salaries

 Private wage and salary disbursements decreased $15.6 billion in December, in contrast to an
increase of $17.6 billion in November.  Goods-producing industries' payrolls decreased $0.5 billion,
in contrast to an increase of $4.9 billion; manufacturing payrolls decreased $1.2 billion, in contrast
to an increase of $3.0 billion.  Services-producing industries' payrolls decreased $15.3 billion, in
contrast to an increase of $12.8 billion.  Government wage and salary disbursements increased $2.2
billion, compared with an increase of $0.6 billion.


Other personal income

 Proprietors' income increased $8.1 billion in December, compared with an increase of $7.5
billion in November.  Farm proprietors' income increased $3.0 billion, compared with an increase of
$1.5 billion.  Nonfarm proprietors' income increased $5.1 billion, compared with an increase of $6.0
billion.

 Personal current transfer receipts increased $11.0 billion in December, in contrast to a decrease
of $4.7 billion in November.  The December increase in personal current transfer receipts reflected
retroactive social security benefit payments of $7.5 billion at an annual rate, resulting from a
recalculation of the earnings base underlying the benefits for recent retirees.  Personal income
receipts on assets (personal interest income plus personal dividend income) increased $0.8 billion in
December, compared with an increase of $0.7 billion in November.  Rental income of persons
increased $9.8 billion, compared with an increase of $9.5 billion.

 Contributions for government social insurance -- a subtraction in calculating personal income --
decreased $2.2 billion in December, in contrast to an increase of $2.3 billion in November.


Personal current taxes and disposable personal income

 Personal current taxes increased $0.4 billion in December, compared with an increase of $4.1
billion in November.  Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $18.5 billion, or 0.2 percent, in December, compared with an increase of $27.7
billion, or 0.3 percent, in November.


Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments --
increased $35.2 billion in December, compared with an increase of $41.8 billion in November.  PCE
increased $35.3 billion, compared with an increase of $42.0 billion.

 Personal saving -- DPI less personal outlays -- was $111.3 billion in December, compared with
$128.0 billion in November.  Personal saving as a percentage of disposable personal income was 1.3
percent in December, compared with 1.5 percent in November.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in
December, compared with an increase of 0.4 percent in November.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in December,
compared with an increase of 0.6 percent in November.  Purchases of durable goods increased 2.1
percent, compared with an increase of 1.3 percent.  Purchases of motor vehicles and parts accounted
for more than half of the increases in December and in November.  Purchases of nondurable goods
decreased 0.2 percent in December, in contrast to an increase of 1.0 percent in November.
Purchases of services increased 0.1 percent, compared with an increase of 0.3 percent.


Revisions

 Estimates have been revised for October and November.  Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for October
and November -- revised and as published in last month's release -- are shown below.


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

Personal Income:
  Current dollars.......... 22.4    16.7       0.2     0.2            44.0    31.9       0.5     0.3

Disposable personal income:
  Current dollars.......... 21.8    16.3       0.3     0.2            39.2    27.7       0.5     0.3
  Chained (2000) dollars... 23.2    16.8       0.3     0.2            46.8    35.0       0.6     0.4

Personal consumption expenditures:
  Current dollars..........  8.1     2.1       0.1     0.0            31.1    42.0       0.4     0.5
  Chained (2000) dollars... 10.1     3.2       0.1     0.0            38.6    48.0       0.5     0.6


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

                             <www.bea.gov>

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

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

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


                        *          *          *


Next release -- Personal Income and Outlays for January will be released on
                   March 1, 2004, at 8:30 A.M. EST.


                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 03     Jun 03     Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,151.0    9,186.0    9,219.6    9,239.6    9,268.4    9,285.1    9,317.0    9,335.8

  Compensation of employees, received......    6,171.4    6,184.9    6,200.2    6,214.9    6,225.8    6,238.4    6,259.5    6,246.4

    Wage and salary disbursements..........    5,077.4    5,087.6    5,096.0    5,105.4    5,110.8    5,120.9    5,139.2    5,125.7
      Private industries...................    4,178.7    4,183.9    4,196.3    4,204.9    4,211.1    4,220.6    4,238.2    4,222.6
        Goods-producing industries.........    1,003.4    1,006.8    1,002.3    1,006.0    1,009.8    1,011.2    1,016.1    1,015.6
          Manufacturing....................      666.6      668.7      664.9      666.7      669.0      669.2      672.2      671.0
        Services-producing industries......    3,175.3    3,177.1    3,194.0    3,198.9    3,201.2    3,209.4    3,222.2    3,206.9
          Trade, transportation, and
           utilities.......................      860.2      860.9      864.0      866.9      867.4      871.7      874.4      868.7
          Other services-producing
           industries......................    2,315.1    2,316.2    2,330.1    2,332.0    2,333.9    2,337.7    2,347.8    2,338.3
      Government...........................      898.7      903.7      899.6      900.6      899.8      900.3      900.9      903.1

    Supplements to wages and salaries......    1,094.0    1,097.3    1,104.2    1,109.5    1,115.0    1,117.5    1,120.4    1,120.7
      Employer contributions for employee
       pension and insurance funds.........      717.6      719.6      725.9      730.7      735.6      737.6      739.5      741.3
      Employer contributions for government
       social insurance....................      376.4      377.7      378.3      378.8      379.4      379.9      380.8      379.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      839.5      854.3      859.8      858.1      864.8      865.0      872.5      880.6
    Farm...................................       20.0       23.8       22.5       21.4       20.5       20.5       22.0       25.0
    Nonfarm................................      819.5      830.5      837.2      836.7      844.3      844.5      850.5      855.6

  Rental income of persons with capital
   consumption adjustment..................      153.3      146.2      151.4      157.0      162.6      172.4      181.9      191.7

  Personal income receipts on assets.......    1,390.2    1,391.9    1,390.5    1,389.2    1,388.0    1,388.4    1,389.1    1,389.9
    Personal interest income...............      964.9      964.3      960.7      957.1      953.4      951.5      949.7      947.8
    Personal dividend income...............      425.3      427.6      429.8      432.2      434.6      436.9      439.4      442.1

  Personal current transfer receipts.......    1,368.6    1,383.1    1,393.5    1,397.4    1,405.2    1,400.3    1,395.6    1,406.6
    Government social benefits to persons..    1,324.1    1,339.7    1,348.4    1,351.3    1,358.1    1,352.5    1,347.9    1,359.0
      Old-age, survivors, disability, and
       health insurance benefits...........      743.7      744.1      743.3      746.8      746.7      749.0      751.4      759.8
      Government unemployment insurance
       benefits............................       53.4       60.0       59.3       57.3       59.2       58.4       53.0       50.8
      Other................................      526.9      535.7      545.7      547.2      552.2      545.1      543.4      548.4
    Other current transfer receipts, from
     business (net)........................       44.5       43.4       45.1       46.1       47.1       47.8       47.7       47.6

  Less: Contributions for government social
   insurance...............................      772.1      774.4      775.8      777.0      778.1      779.4      781.7      779.5

Less: Personal current taxes...............    1,000.0    1,000.5      924.6      882.2    1,001.0    1,001.4    1,005.5    1,005.9

Equals: Disposable personal income.........    8,151.0    8,185.6    8,294.9    8,357.4    8,267.4    8,283.7    8,311.4    8,329.9

Less: Personal outlays.....................    7,956.8    8,005.8    8,072.4    8,142.2    8,140.8    8,141.6    8,183.4    8,218.6

  Personal consumption expenditures........    7,673.7    7,724.2    7,792.4    7,860.1    7,856.6    7,858.7    7,900.7    7,936.0
    Durable goods..........................      926.5      934.9      960.9      990.5      973.9      955.8      965.1      982.5
    Nondurable goods.......................    2,164.3    2,186.4    2,209.7    2,239.6    2,240.7    2,246.2    2,261.7    2,262.7
    Services...............................    4,582.8    4,602.8    4,621.8    4,630.0    4,642.0    4,656.7    4,673.8    4,690.8
  Personal interest payments\1\............      183.2      181.2      182.9      184.6      186.3      185.7      185.1      184.5
  Personal current transfer payments.......      100.0      100.4       97.1       97.6       98.0       97.2       97.6       98.1
    To government..........................       62.5       62.9       63.3       63.7       64.1       64.5       64.9       65.3
    To the rest of the world (net).........       37.5       37.5       33.9       33.9       33.9       32.7       32.7       32.7

Equals: Personal saving....................      194.2      179.8      222.5      215.2      126.6      142.1      128.0      111.3

  Personal saving as a percentage of
   disposable personal income..............        2.4        2.2        2.7        2.6        1.5        1.7        1.5        1.3

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,763.3    7,780.6    7,874.4    7,920.7    7,821.7    7,838.5    7,873.5    7,874.4
    Per capita:
      Current dollars......................     27,990     28,082     28,431     28,617     28,281     28,311     28,381     28,420
      Chained (2000) dollars...............     26,658     26,693     26,989     27,122     26,757     26,789     26,885     26,866
  Population (midperiod, thousands)\3\.....    291,215    291,483    291,759    292,043    292,327    292,598    292,856    293,098
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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     III 02      IV 02       I 03      II 03     III 03      IV 03
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    8,910.3    9,187.4    8,944.0    8,981.3    9,048.7    9,145.9    9,242.5    9,312.6

  Compensation of employees, received......    6,019.1    6,185.6    6,031.1    6,058.0    6,114.4    6,166.2    6,213.6    6,248.1

    Wage and salary disbursements..........    4,974.6    5,084.5    4,980.9    4,999.1    5,033.2    5,072.2    5,104.1    5,128.6
      Private industries...................    4,114.7    4,186.8    4,117.7    4,125.4    4,143.3    4,172.7    4,204.1    4,227.1
        Goods-producing industries.........    1,010.9    1,007.4    1,010.7    1,007.1    1,005.8    1,003.4    1,006.0    1,014.3
          Manufacturing....................      675.7      668.7      676.3      672.6      670.5      666.5      666.9      670.8
        Services-producing industries......    3,103.7    3,179.4    3,107.0    3,118.3    3,137.5    3,169.3    3,198.1    3,212.8
          Trade, transportation, and
           utilities.......................      844.7      863.0      847.6      847.6      855.0      859.5      866.1      871.6
          Other services-producing
           industries......................    2,259.0    2,316.4    2,259.4    2,270.7    2,282.6    2,309.8    2,332.0    2,341.2
      Government...........................      859.9      897.7      863.2      873.8      890.0      899.5      900.0      901.5

    Supplements to wages and salaries......    1,044.5    1,101.0    1,050.2    1,058.8    1,081.2    1,093.9    1,109.6    1,119.5
      Employer contributions for employee
       pension and insurance funds.........      680.4      723.5      685.2      692.1      706.3      717.3      730.7      739.5
      Employer contributions for government
       social insurance....................      364.1      377.6      365.1      366.7      374.9      376.6      378.8      380.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      797.7      846.5      803.2      812.2      813.5      838.8      860.9      872.7
    Farm...................................       14.3       19.2       13.5       16.3       13.0       20.0       21.5       22.5
    Nonfarm................................      783.4      827.2      789.7      795.9      800.5      818.8      839.4      850.2

  Rental income of persons with capital
   consumption adjustment..................      173.0      163.9      172.7      159.0      163.2      153.4      157.0      182.0

  Personal income receipts on assets.......    1,378.5    1,389.3    1,387.5    1,392.0    1,388.6    1,390.2    1,389.2    1,389.1
    Personal interest income...............      982.4      960.6      985.3      981.2      970.6      964.9      957.0      949.7
    Personal dividend income...............      396.2      428.7      402.2      410.8      418.0      425.3      432.2      439.5

  Personal current transfer receipts.......    1,292.2    1,376.7    1,301.6    1,315.6    1,337.6    1,369.7    1,398.7    1,400.8
    Government social benefits to persons..    1,249.5    1,330.8    1,259.4    1,274.6    1,292.4    1,325.3    1,352.6    1,353.1
      Old-age, survivors, disability, and
       health insurance benefits...........      710.3      743.3      713.8      721.1      732.3      741.8      745.6      753.4
      Government unemployment insurance
       benefits............................       53.4       55.2       57.3       53.8       51.9       56.3       58.6       54.1
      Other................................      485.8      532.3      488.4      499.8      508.2      527.1      548.4      545.7
    Other current transfer receipts, from
     business (net)........................       42.6       45.9       42.1       41.0       45.3       44.5       46.1       47.7

  Less: Contributions for government social
   insurance...............................      750.3      774.5      752.1      755.5      768.7      772.3      776.9      780.2

Less: Personal current taxes...............    1,053.1      987.5    1,053.0    1,045.6    1,009.4    1,000.2      936.0    1,004.3

Equals: Disposable personal income.........    7,857.2    8,200.0    7,891.0    7,935.6    8,039.2    8,145.8    8,306.6    8,308.3

Less: Personal outlays.....................    7,674.0    8,036.2    7,722.0    7,789.2    7,888.3    7,956.7    8,118.5    8,181.2

  Personal consumption expenditures........    7,385.3    7,752.3    7,428.2    7,501.2    7,600.7    7,673.6    7,836.3    7,898.4
    Durable goods..........................      911.3      941.8      913.6      907.3      898.2      926.2      975.1      967.8
    Nondurable goods.......................    2,086.0    2,208.3    2,090.5    2,119.2    2,175.7    2,170.8    2,230.0    2,256.9
    Services...............................    4,388.0    4,602.1    4,424.1    4,474.7    4,526.8    4,576.6    4,631.2    4,673.8
  Personal interest payments\1\............      194.7      184.8      196.2      187.7      186.2      183.2      184.6      185.1
  Personal current transfer payments.......       94.0       99.1       97.6      100.3      101.3      100.0       97.6       97.6
    To government..........................       58.6       63.1       59.1       60.1       61.3       62.5       63.7       64.9
    To the rest of the world (net).........       35.4       36.0       38.6       40.2       40.1       37.5       33.9       32.7

Equals: Personal saving....................      183.2      163.8      169.0      146.4      151.0      189.0      188.1      127.2

  Personal saving as a percentage of
   disposable personal income..............        2.3        2.0        2.1        1.8        1.9        2.3        2.3        1.5

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,596.7    7,787.4    7,605.2    7,615.8    7,662.0    7,753.5    7,872.3    7,862.1
    Per capita:
      Current dollars......................     27,223     28,116     27,303     27,381     27,675     27,971     28,443     28,371
      Chained (2000) dollars...............     26,320     26,701     26,314     26,278     26,376     26,624     26,956     26,847
  Population (midperiod, thousands)\3\.....    288,627    291,652    289,019    289,818    290,492    291,221    292,043    292,851
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 03     Jun 03     Jul 03     Aug 03     Sep 03     Oct 03/r/  Nov 03/r/  Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       50.2       35.0       33.6       20.0       28.8       16.7       31.9       18.8

  Compensation of employees, received......       29.3       13.5       15.3       14.7       10.9       12.6       21.1      -13.1

    Wage and salary disbursements..........       25.8       10.2        8.4        9.4        5.4       10.1       18.3      -13.5
      Private industries...................       23.3        5.2       12.4        8.6        6.2        9.5       17.6      -15.6
        Goods-producing industries.........        3.4        3.4       -4.5        3.7        3.8        1.4        4.9        -.5
          Manufacturing....................        2.4        2.1       -3.8        1.8        2.3         .2        3.0       -1.2
        Services-producing industries......       19.9        1.8       16.9        4.9        2.3        8.2       12.8      -15.3
          Trade, transportation, and
           utilities.......................        2.9         .7        3.1        2.9         .5        4.3        2.7       -5.7
          Other services-producing
           industries......................       17.0        1.1       13.9        1.9        1.9        3.8       10.1       -9.5
      Government...........................        2.5        5.0       -4.1        1.0        -.8         .5         .6        2.2

    Supplements to wages and salaries......        3.6        3.3        6.9        5.3        5.5        2.5        2.9         .3
      Employer contributions for employee
       pension and insurance funds.........        2.9        2.0        6.3        4.8        4.9        2.0        1.9        1.8
      Employer contributions for government
       social insurance....................         .7        1.3         .6         .5         .6         .5         .9       -1.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       16.9       14.8        5.5       -1.7        6.7         .2        7.5        8.1
    Farm...................................        3.8        3.8       -1.3       -1.1        -.9         .0        1.5        3.0
    Nonfarm................................       13.1       11.0        6.7        -.5        7.6         .2        6.0        5.1

  Rental income of persons with capital
   consumption adjustment..................       -7.5       -7.1        5.2        5.6        5.6        9.8        9.5        9.8

  Personal income receipts on assets.......        1.8        1.7       -1.4       -1.3       -1.2         .4         .7         .8
    Personal interest income...............        -.6        -.6       -3.6       -3.6       -3.7       -1.9       -1.8       -1.9
    Personal dividend income...............        2.4        2.3        2.2        2.4        2.4        2.3        2.5        2.7

  Personal current transfer receipts.......       11.2       14.5       10.4        3.9        7.8       -4.9       -4.7       11.0
    Government social benefits to persons..       12.2       15.6        8.7        2.9        6.8       -5.6       -4.6       11.1
      Old-age, survivors, disability, and
       health insurance benefits...........        6.1         .4        -.8        3.5        -.1        2.3        2.4        8.4
      Government unemployment insurance
       benefits............................       -2.1        6.6        -.7       -2.0        1.9        -.8       -5.4       -2.2
      Other................................        8.1        8.8       10.0        1.5        5.0       -7.1       -1.7        5.0
    Other current transfer receipts, from
     business (net)........................       -1.0       -1.1        1.7        1.0        1.0         .7        -.1        -.1

  Less: Contributions for government social
   insurance...............................        1.7        2.3        1.4        1.2        1.1        1.3        2.3       -2.2

Less: Personal current taxes...............         .0         .5      -75.9      -42.4      118.8         .4        4.1         .4

Equals: Disposable personal income.........       50.2       34.6      109.3       62.5      -90.0       16.3       27.7       18.5

Less: Personal outlays.....................       49.1       49.0       66.6       69.8       -1.4         .8       41.8       35.2

  Personal consumption expenditures........       50.8       50.5       68.2       67.7       -3.5        2.1       42.0       35.3
    Durable goods..........................        9.5        8.4       26.0       29.6      -16.6      -18.1        9.3       17.4
    Nondurable goods.......................        2.7       22.1       23.3       29.9        1.1        5.5       15.5        1.0
    Services...............................       38.5       20.0       19.0        8.2       12.0       14.7       17.1       17.0
  Personal interest payments\1\............       -2.0       -2.0        1.7        1.7        1.7        -.6        -.6        -.6
  Personal current transfer payments.......         .4         .4       -3.3         .5         .4        -.8         .4         .5
    To government..........................         .4         .4         .4         .4         .4         .4         .4         .4
    To the rest of the world (net).........         .0         .0       -3.6         .0         .0       -1.2         .0         .0

Equals: Personal saving....................        1.1      -14.4       42.7       -7.3      -88.6       15.5      -14.1      -16.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       46.9       17.3       93.8       46.3      -99.0       16.8       35.0         .9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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     III 02      IV 02       I 03      II 03     III 03      IV 03
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      197.2      277.1       31.8       37.3       67.4       97.2       96.6       70.1

  Compensation of employees, received......       78.7      166.5       16.3       26.9       56.4       51.8       47.4       34.5

    Wage and salary disbursements..........       31.7      109.9        7.8       18.2       34.1       39.0       31.9       24.5
      Private industries...................      -12.4       72.1         .6        7.7       17.9       29.4       31.4       23.0
        Goods-producing industries.........      -33.7       -3.5       -4.2       -3.6       -1.3       -2.4        2.6        8.3
          Manufacturing....................      -33.4       -7.0       -3.8       -3.7       -2.1       -4.0         .4        3.9
        Services-producing industries......       21.2       75.7        4.9       11.3       19.2       31.8       28.8       14.7
          Trade, transportation, and
           utilities.......................        -.2       18.3        2.9         .0        7.4        4.5        6.6        5.5
          Other services-producing
           industries......................       21.4       57.4        2.0       11.3       11.9       27.2       22.2        9.2
      Government...........................       44.1       37.8        7.2       10.6       16.2        9.5         .5        1.5

    Supplements to wages and salaries......       46.9       56.5        8.5        8.6       22.4       12.7       15.7        9.9
      Employer contributions for employee
       pension and insurance funds.........       37.8       43.1        7.3        6.9       14.2       11.0       13.4        8.8
      Employer contributions for government
       social insurance....................        9.2       13.5        1.2        1.6        8.2        1.7        2.2        1.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       27.1       48.8        7.0        9.0        1.3       25.3       22.1       11.8
    Farm...................................      -10.7        4.9       -1.7        2.8       -3.3        7.0        1.5        1.0
    Nonfarm................................       37.8       43.8        8.8        6.2        4.6       18.3       20.6       10.8

  Rental income of persons with capital
   consumption adjustment..................        9.9       -9.1      -11.7      -13.7        4.2       -9.8        3.6       25.0

  Personal income receipts on assets.......        3.6       10.8       12.1        4.5       -3.4        1.6       -1.0        -.1
    Personal interest income...............      -21.3      -21.8        1.3       -4.1      -10.6       -5.7       -7.9       -7.3
    Personal dividend income...............       25.0       32.5       10.8        8.6        7.2        7.3        6.9        7.3

  Personal current transfer receipts.......       99.6       84.5       10.5       14.0       22.0       32.1       29.0        2.1
    Government social benefits to persons..      106.9       81.3       11.5       15.2       17.8       32.9       27.3         .5
      Old-age, survivors, disability, and
       health insurance benefits...........       41.9       33.0        6.8        7.3       11.2        9.5        3.8        7.8
      Government unemployment insurance
       benefits............................       21.7        1.8       -2.9       -3.5       -1.9        4.4        2.3       -4.5
      Other................................       43.3       46.5        7.7       11.4        8.4       18.9       21.3       -2.7
    Other current transfer receipts, from
     business (net)........................       -7.3        3.3       -1.1       -1.1        4.3        -.8        1.6        1.6

  Less: Contributions for government social
   insurance...............................       21.8       24.2        2.5        3.4       13.2        3.6        4.6        3.3

Less: Personal current taxes...............     -190.6      -65.6        9.3       -7.4      -36.2       -9.2      -64.2       68.3

Equals: Disposable personal income.........      387.8      342.8       22.4       44.6      103.6      106.6      160.8        1.7

Less: Personal outlays.....................      331.8      362.2       75.2       67.2       99.1       68.4      161.8       62.7

  Personal consumption expenditures........      339.9      367.0       72.7       73.0       99.5       72.9      162.7       62.1
    Durable goods..........................       29.4       30.5        4.3       -6.3       -9.1       28.0       48.9       -7.3
    Nondurable goods.......................       72.4      122.3        8.0       28.7       56.5       -4.9       59.2       26.9
    Services...............................      238.2      214.1       60.5       50.6       52.1       49.8       54.6       42.6
  Personal interest payments\1\............      -14.4       -9.9       -2.7       -8.5       -1.5       -3.0        1.4         .5
  Personal current transfer payments.......        6.3        5.1        5.1        2.7        1.0       -1.3       -2.4         .0
    To government..........................        4.0        4.5        1.1        1.0        1.2        1.2        1.2        1.2
    To the rest of the world (net).........        2.3         .6        4.1        1.6        -.1       -2.6       -3.6       -1.2

Equals: Personal saving....................       56.0      -19.4      -52.7      -22.6        4.6       38.0        -.9      -60.9

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      276.5      190.7      -16.3       10.6       46.2       91.5      118.8      -10.2
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 03     Jun 03     Jul 03     Aug 03     Sep 03     Oct 03/r/  Nov 03/r/  Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .6         .4         .4         .2         .3         .2         .3         .2
  Compensation of employees, received......         .5         .2         .2         .2         .2         .2         .3        -.2
    Wage and salary disbursements..........         .5         .2         .2         .2         .1         .2         .4        -.3
    Supplements to wages and salaries......         .3         .3         .6         .5         .5         .2         .3         .0
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        2.1        1.8         .6        -.2         .8         .0         .9         .9
  Rental income of persons with capital
   consumption adjustment..................       -4.6       -4.7        3.6        3.7        3.6        6.0        5.5        5.3
  Personal income receipts on assets.......         .1         .1        -.1        -.1        -.1         .0         .1         .1
    Personal interest income...............        -.1        -.1        -.4        -.4        -.4        -.2        -.2        -.2
    Personal dividend income...............         .6         .5         .5         .6         .6         .5         .6         .6
  Personal current transfer receipts.......         .8        1.1         .7         .3         .6        -.3        -.3         .8

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

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

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

Addenda:
  Personal consumption expenditures........         .7         .7         .9         .9         .0         .0         .5         .4
    Durable goods..........................        1.0         .9        2.8        3.1       -1.7       -1.9        1.0        1.8
    Nondurable goods.......................         .1        1.0        1.1        1.4         .1         .2         .7         .0
    Services...............................         .8         .4         .4         .2         .3         .3         .4         .4

  Real disposable personal income..........         .6         .2        1.2         .6       -1.2         .2         .4         .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003     III 02      IV 02       I 03      II 03     III 03      IV 03
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        2.3        3.1        1.4        1.7        3.0        4.4        4.3        3.1
  Compensation of employees, received......        1.3        2.8        1.1        1.8        3.8        3.4        3.1        2.2
    Wage and salary disbursements..........         .6        2.2         .6        1.5        2.8        3.1        2.5        1.9
    Supplements to wages and salaries......        4.7        5.4        3.3        3.3        8.7        4.8        5.8        3.6
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        3.5        6.1        3.6        4.6         .6       13.0       11.0        5.6
  Rental income of persons with capital
   consumption adjustment..................        6.1       -5.3      -23.1      -28.2       11.1      -22.0        9.7       80.6
  Personal income receipts on assets.......         .3         .8        3.6        1.3       -1.0         .5        -.3         .0
    Personal interest income...............       -2.1       -2.2         .5       -1.6       -4.2       -2.3       -3.2       -3.0
    Personal dividend income...............        6.7        8.2       11.5        8.8        7.2        7.2        6.7        6.9
  Personal current transfer receipts.......        8.4        6.5        3.3        4.4        6.9        9.9        8.7         .6

  Less: Contributions for government social
   insurance...............................        3.0        3.2        1.3        1.8        7.2        1.9        2.4        1.7

Less: Personal current taxes...............      -15.3       -6.2        3.6       -2.8      -13.1       -3.6      -23.3       32.5

Equals: Disposable personal income.........        5.2        4.4        1.1        2.3        5.3        5.4        8.1         .1

Addenda:
  Personal consumption expenditures........        4.8        5.0        4.0        4.0        5.4        3.9        8.8        3.2
    Durable goods..........................        3.3        3.3        1.9       -2.7       -4.0       13.1       22.9       -3.0
    Nondurable goods.......................        3.6        5.9        1.5        5.6       11.1        -.9       11.4        4.9
    Services...............................        5.7        4.9        5.7        4.6        4.7        4.5        4.9        3.7

  Real disposable personal income..........        3.8        2.5        -.9         .6        2.4        4.9        6.3        -.5
-----------------------------------------------------------------------------------------------------------------------------------



                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 03     Jun 03     Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,308.7    7,342.1    7,397.3    7,449.4    7,433.1    7,436.3    7,484.3    7,502.1
  Durable goods............................    1,006.4    1,018.4    1,050.1    1,085.7    1,071.6    1,054.6    1,068.7    1,090.8
  Nondurable goods.........................    2,097.6    2,111.7    2,128.4    2,143.8    2,130.7    2,144.1    2,166.6    2,162.2
  Services.................................    4,211.1    4,219.8    4,230.5    4,236.3    4,244.8    4,249.2    4,262.4    4,265.4
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       47.6       33.4       55.2       52.1      -16.3        3.2       48.0       17.8
  Durable goods............................       15.9       12.0       31.7       35.6      -14.1      -17.0       14.1       22.1
  Nondurable goods.........................       16.3       14.1       16.7       15.4      -13.1       13.4       22.5       -4.4
  Services.................................       17.0        8.7       10.7        5.8        8.5        4.4       13.2        3.0
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .7         .5         .8         .7        -.2         .0         .6         .2
  Durable goods............................        1.6        1.2        3.1        3.4       -1.3       -1.6        1.3        2.1
  Nondurable goods.........................         .8         .7         .8         .7        -.6         .6        1.0        -.2
  Services.................................         .4         .2         .3         .1         .2         .1         .3         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003     III 02      IV 02       I 03      II 03     III 03      IV 03
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,140.4    7,362.2    7,159.2    7,198.9    7,244.1    7,304.0    7,426.6    7,474.2
  Durable goods............................      957.2    1,027.6      963.1      963.8      965.0    1,005.1    1,069.1    1,071.4
  Nondurable goods.........................    2,043.6    2,119.8    2,038.8    2,061.8    2,090.5    2,096.9    2,134.3    2,157.6
  Services.................................    4,141.8    4,223.8    4,159.4    4,175.4    4,190.7    4,208.4    4,237.2    4,259.0
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      235.8      221.8       34.7       39.7       45.2       59.9      122.6       47.6
  Durable goods............................       58.1       70.4       11.7         .7        1.2       40.1       64.0        2.3
  Nondurable goods.........................       60.3       76.2        1.0       23.0       28.7        6.4       37.4       23.3
  Services.................................      119.4       82.0       22.4       16.0       15.3       17.7       28.8       21.8
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                    chained (2000) dollars at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.4        3.1        2.0        2.2        2.5        3.3        6.9        2.6
  Durable goods............................        6.5        7.4        5.0         .3         .5       17.7       28.0         .9
  Nondurable goods.........................        3.0        3.7         .2        4.6        5.7        1.2        7.3        4.4
  Services.................................        3.0        2.0        2.2        1.5        1.5        1.7        2.8        2.1
-----------------------------------------------------------------------------------------------------------------------------------



      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 03     Jun 03     Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    104.998    105.209    105.345    105.518    105.703    105.684    105.567    105.788
  Durable goods............................     92.061     91.803     91.508     91.232     90.881     90.627     90.300     90.064
  Nondurable goods.........................    103.185    103.544    103.823    104.475    105.167    104.765    104.395    104.649
  Services.................................    108.834    109.083    109.256    109.299    109.364    109.597    109.660    109.981
Addendum:
  Personal consumption expenditures
   excluding food and energy...............    104.696    104.830    104.964    104.950    104.939    105.093    105.081    105.245
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .0         .2         .1         .2         .2         .0        -.1         .2
  Durable goods............................        -.6        -.3        -.3        -.3        -.4        -.3        -.4        -.3
  Nondurable goods.........................        -.6         .3         .3         .6         .7        -.4        -.4         .2
  Services.................................         .4         .2         .2         .0         .1         .2         .1         .3
Addendum:
  Personal consumption expenditures
   excluding food and energy...............         .2         .1         .1         .0         .0         .1         .0         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 03     Jun 03     Jul 03     Aug 03     Sep 03    Oct 03/r/  Nov 03/r/  Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        1.8        1.8        3.4        4.2        2.9        3.0        3.3        3.4

Personal consumption expenditures..........        2.8        2.9        3.1        3.9        4.2        3.9        4.0        3.6
  Durable goods............................        7.3        7.4        8.2       11.3       13.6       12.2       12.0        9.4
  Nondurable goods.........................        3.3        3.3        4.2        5.1        4.7        4.6        4.9        4.5
  Services.................................        1.7        1.8        1.6        1.9        2.2        1.9        2.0        2.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 03     Jun 03     Jul 03     Aug 03     Sep 03    Oct 03/r/  Nov 03/r/  Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.7        1.8        1.7        1.7        1.7        1.6        1.3        1.3
  Durable goods............................       -3.8       -3.6       -3.7       -3.7       -4.1       -4.1       -4.1       -3.9
  Nondurable goods.........................        1.2        1.3        1.4        1.9        2.4        1.9        1.5        1.9
  Services.................................        3.2        3.2        3.0        2.8        2.5        2.7        2.4        2.1
Addendum:
  Personal consumption expenditures
   less food and energy....................        1.3        1.3        1.3        1.0         .8        1.0         .9         .7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.