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James E. Rankin: (202) 606-5301 (Personal Income) BEA 03-10
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: FEBRUARY 2003
Personal income increased $24.9 billion, or 0.3 percent, and disposable personal income (DPI)
increased $18.8 billion, or 0.2 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $1.5 billion, or less than 0.1 percent. In January,
personal income increased $32.3 billion, or 0.4 percent, DPI increased $29.8 billion, or 0.4 percent, and
PCE decreased $3.5 billion, or less than 0.1 percent, based on revised estimates.
2002 2003
Oct. Nov. Dec. Jan. Feb.
(Percent change from preceding month)
Personal income, current dollars 0.3 0.3 0.3 0.4 0.3
Disposable personal income:
Current dollars 0.4 0.4 0.4 0.4 0.2
Chained (1996) dollars 0.2 0.3 0.3 0.2 -0.2
Personal consumption expenditures:
Current dollars 0.4 0.5 1.1 0.0 0.0
Chained (1996) dollars 0.2 0.4 1.0 -0.2 -0.4
This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for social insurance for July through September (third quarter).
Wages and salaries
Private wage and salary disbursements increased $8.4 billion in February, compared with an
increase of $10.1 billion in January. Goods-producing industries' payrolls decreased $2.1 billion, in
contrast to an increase of $2.7 billion; manufacturing payrolls increased $0.1 billion, compared with
an increase of $1.7 billion. Distributive industries' payrolls decreased $0.2 billion, compared with a
decrease of $0.1 billion. Service industries' payrolls increased $10.9 billion, compared with an
increase of $7.4 billion.
Government wage and salary disbursements increased $6.5 billion in February, compared with an
increase of $8.3 billion in January. A pay raise for federal civilian personnel added $1.3 billion to the
change in government payrolls in February; pay raises for federal and military personnel added $5.4
billion to government payrolls in January.
Other personal income
Proprietors' income increased $2.9 billion in February, compared with an increase of $7.3 billion
in January. Farm proprietors' income increased $2.7 billion, compared with an increase of $1.7
billion. Nonfarm proprietors' income increased $0.2 billion, compared with an increase of $5.6
billion.
Transfer payments increased $6.1 billion in February, compared with an increase of $7.6 billion
in January. Personal interest income decreased $2.4 billion, compared with a decrease of $2.5 billion.
Personal dividend income increased $2.6 billion, the same increase as in January. Rental income of
persons decreased $1.2 billion in February, compared with a decrease of $1.1 billion in January.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.3 billion in February, compared with an increase of $3.9 billion in January. The January
increase reflected an increase in the social security taxable wage base for employees and the self-
employed (from $84,900 to $87,000) and an increase in the monthly premium paid by participants in
the supplementary medical insurance program (Medicare B), which together added $3.5 billion to
January personal contributions.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $6.0 billion in February, compared with an increase
of $2.6 billion in January. The January change reflected indexation provisions of current tax law,
which reduced federal income tax payments by $5.2 billion. Disposable personal income (DPI) --
personal income less personal tax and nontax payments -- increased $18.8 billion, or 0.2 percent, in
February, compared with an increase of $29.8 billion, or 0.4 percent, in January.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $2.3 billion in February, in contrast to a decrease of $2.6 billion in
January. PCE increased $1.5 billion, in contrast to a decrease of $3.5 billion.
Personal saving -- DPI less personal outlays -- was $317.5 billion in February, compared with
$301.0 billion in January. Personal saving as a percentage of disposable personal income was 4.0
percent in February, compared with 3.8 percent in January.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- decreased 0.2 percent in February, in
contrast to an increase of 0.2 percent in January.
Real PCE -- PCE adjusted to remove price changes -- decreased 0.4 percent in February,
compared with a decrease of 0.2 percent in January. Purchases of durable goods decreased 1.9
percent, compared with a decrease of 4.6 percent. Purchases of motor vehicles and parts accounted
for most of the decreases in February and in January. Purchases of nondurable goods decreased 1.1
percent in February, in contrast to an increase of 1.0 percent in January. Purchases of services
increased 0.2 percent, compared with an increase of 0.1 percent.
Revisions
Estimates for personal income and DPI have been revised for July through January; estimates for
PCE have been revised for October through January. Changes in personal income, current-dollar and
chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for December and
January -- revised and as published in last month's release -- are shown below.
For July through September, the revisions to wages and salaries reflect the incorporation of the
most recently available BLS tabulations of private wages and salaries from the state unemployment
insurance program. Revisions to personal taxes and to contributions for social insurance reflected the
revisions to wages and salaries.
Change from preceding month
December January
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars........... 31.6 31.6 0.3 0.3 24.1 32.3 0.3 0.4
Disposable personal income:
Current dollars........... 29.6 30.0 0.4 0.4 24.1 29.8 0.3 0.4
Chained (1996) dollars.... 21.8 20.6 0.3 0.3 11.2 14.3 0.2 0.2
Personal consumption expenditures:
Current dollars........... 73.1 80.5 1.0 1.1 -8.7 -3.5 -0.1 0.0
Chained (1996) dollars.... 61.0 66.1 0.9 1.0 -17.3 -14.6 -0.3 -0.2
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
606-5303 Personal income and outlays
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 March will be released on
April 28, 2003, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Jul 02/r/ Aug 02/r/ Sep 02/r/ Oct 02/r/ Nov 02/r/ Dec 02/r/ Jan 03/r/ Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,934.8 8,958.7 8,983.1 9,010.2 9,038.9 9,070.5 9,102.8 9,127.7
Wage and salary disbursements..... 4,985.0 5,009.8 5,027.4 5,038.8 5,054.2 5,064.3 5,082.7 5,097.6
Private industries.............. 4,131.4 4,152.1 4,167.4 4,175.4 4,188.6 4,197.0 4,207.1 4,215.5
Goods-producing industries.... 1,111.4 1,117.0 1,117.3 1,117.3 1,115.8 1,117.9 1,120.6 1,118.5
Manufacturing............... 756.8 759.1 757.8 758.0 756.1 756.6 758.3 758.4
Distributive industries....... 1,111.3 1,118.4 1,123.7 1,125.3 1,128.1 1,129.4 1,129.3 1,129.1
Service industries............ 1,908.7 1,916.7 1,926.4 1,932.9 1,944.8 1,949.7 1,957.1 1,968.0
Government...................... 853.6 857.7 860.0 863.3 865.6 867.3 875.6 882.1
Other labor income................ 613.0 617.5 622.1 625.9 630.1 634.4 638.3 640.6
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 755.0 757.4 763.8 769.7 770.4 774.6 781.9 784.8
Farm............................ 7.7 10.7 13.8 13.0 11.8 10.2 11.9 14.6
Nonfarm......................... 747.4 746.7 750.0 756.7 758.6 764.4 770.0 770.2
Rental income of persons with
capital consumption adjustment... 152.4 144.1 135.9 133.2 130.6 127.9 126.8 125.6
Personal dividend income.......... 435.0 437.3 439.4 441.6 443.8 446.0 448.6 451.2
Personal interest income.......... 1,084.8 1,080.7 1,076.7 1,078.8 1,080.9 1,083.1 1,080.6 1,078.2
Transfer payments to persons...... 1,293.2 1,297.3 1,304.6 1,309.9 1,317.6 1,329.8 1,337.4 1,343.5
Old-age, survivors, disability,
and health insurance benefits.. 699.2 701.9 704.6 704.5 710.3 717.6 719.0 721.9
Government unemployment
insurance benefits............. 68.1 66.9 67.8 66.0 63.3 63.3 60.9 60.9
Other........................... 525.9 528.5 532.3 539.4 544.0 548.9 557.4 560.7
Less: Personal contributions for
social insurance................. 383.7 385.4 386.7 387.6 388.8 389.6 393.5 393.8
Less: Personal tax and nontax
payments........................... 1,101.4 1,098.8 1,096.8 1,096.2 1,096.2 1,097.8 1,100.4 1,106.4
Equals: Disposable personal income.. 7,833.4 7,859.9 7,886.4 7,914.0 7,942.7 7,972.7 8,002.5 8,021.3
Less: Personal outlays.............. 7,579.9 7,601.6 7,567.5 7,592.0 7,626.0 7,704.1 7,701.5 7,703.8
Personal consumption expenditures. 7,355.7 7,379.3 7,347.2 7,374.3 7,410.7 7,491.2 7,487.7 7,489.2
Durable goods................... 901.6 919.0 872.8 848.1 857.7 915.9 870.9 851.6
Nondurable goods................ 2,117.8 2,117.3 2,115.6 2,137.5 2,150.2 2,162.1 2,189.5 2,189.0
Services........................ 4,336.3 4,343.0 4,358.8 4,388.6 4,402.7 4,413.2 4,427.3 4,448.5
Interest paid by persons.......... 191.3 189.3 187.4 185.0 182.5 180.1 181.0 181.9
Personal transfer payments to the
rest of the world (net).......... 32.9 32.9 32.9 32.8 32.8 32.8 32.8 32.8
Equals: Personal saving............. 253.5 258.3 318.8 322.0 316.7 268.6 301.0 317.5
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 7,049.5 7,057.4 7,067.2 7,079.8 7,100.9 7,121.5 7,135.8 7,120.4
Per capita:
Current dollars............... 27,245 27,313 27,381 27,454 27,533 27,618 27,703 27,752
Chained (1996) dollars........ 24,518 24,525 24,537 24,560 24,615 24,669 24,703 24,635
Population (thousands)\2\....... 287,519 287,768 288,024 288,263 288,480 288,682 288,866 289,035
Personal saving as a percentage
of disposable personal income.... 3.2 3.3 4.0 4.1 4.0 3.4 3.8 4.0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2002.
1. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual estimate is the average of the monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002/r/ III 01 IV 01 I 02 II 02 III 02/r/ IV 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,685.3 8,929.1 8,706.2 8,700.9 8,803.4 8,914.0 8,958.9 9,039.9
Wage and salary disbursements..... 4,950.6 5,003.7 4,953.7 4,931.4 4,957.8 4,997.3 5,007.4 5,052.4
Private industries.............. 4,139.8 4,150.9 4,136.6 4,106.2 4,117.4 4,148.9 4,150.3 4,187.0
Goods-producing industries.... 1,142.4 1,117.6 1,140.0 1,123.3 1,116.9 1,121.3 1,115.2 1,117.0
Manufacturing............... 789.4 759.9 783.4 769.9 759.4 765.3 757.9 756.9
Distributive industries....... 1,109.2 1,117.7 1,110.8 1,098.6 1,110.1 1,115.3 1,117.8 1,127.6
Service industries............ 1,888.2 1,915.6 1,885.8 1,884.3 1,890.4 1,912.4 1,917.3 1,942.4
Government...................... 810.8 852.8 817.1 825.2 840.4 848.4 857.1 865.4
Other labor income................ 570.4 610.6 572.4 576.3 590.8 604.1 617.5 630.2
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 727.9 756.5 732.4 731.3 748.4 747.5 758.7 771.6
Farm............................ 19.0 12.9 19.3 19.2 21.7 7.5 10.7 11.7
Nonfarm......................... 708.8 743.7 713.1 712.1 726.7 740.0 748.0 759.9
Rental income of persons with
capital consumption adjustment... 137.9 142.4 140.8 139.3 141.3 153.5 144.1 130.6
Personal dividend income.......... 409.2 433.8 411.0 417.3 423.7 430.3 437.3 443.8
Personal interest income.......... 1,091.3 1,078.5 1,086.4 1,072.9 1,069.9 1,082.3 1,080.7 1,080.9
Transfer payments to persons...... 1,170.4 1,288.0 1,182.5 1,205.0 1,252.0 1,282.6 1,298.4 1,319.1
Old-age, survivors, disability,
and health insurance benefits.. 664.3 699.8 670.1 674.0 690.2 696.3 701.9 710.8
Government unemployment
insurance benefits............. 31.9 62.9 33.1 41.0 52.3 67.3 67.6 64.2
Other........................... 474.2 525.4 479.3 490.0 509.5 519.0 528.9 544.1
Less: Personal contributions for
social insurance................. 372.3 384.5 373.1 372.7 380.5 383.6 385.3 388.7
Less: Personal tax and nontax
payments........................... 1,292.1 1,113.6 1,181.9 1,309.7 1,136.8 1,121.8 1,099.0 1,096.8
Equals: Disposable personal income.. 7,393.2 7,815.5 7,524.2 7,391.2 7,666.7 7,792.2 7,859.9 7,943.2
Less: Personal outlays.............. 7,223.5 7,524.5 7,222.0 7,329.6 7,396.3 7,477.9 7,583.0 7,640.7
Personal consumption expenditures. 6,987.0 7,303.7 6,983.7 7,099.9 7,174.2 7,254.7 7,360.7 7,425.4
Durable goods................... 835.9 871.9 824.0 882.6 859.0 856.9 897.8 873.9
Nondurable goods................ 2,041.3 2,115.0 2,044.3 2,044.4 2,085.1 2,108.2 2,116.9 2,150.0
Services........................ 4,109.9 4,316.8 4,115.4 4,172.9 4,230.1 4,289.5 4,346.0 4,401.5
Interest paid by persons.......... 205.4 188.4 206.5 199.1 190.6 191.3 189.3 182.5
Personal transfer payments to the
rest of the world (net).......... 31.1 32.3 31.8 30.6 31.5 31.9 32.9 32.8
Equals: Personal saving............. 169.7 291.0 302.2 61.5 270.4 314.3 276.9 302.5
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 6,748.0 7,036.8 6,864.0 6,729.1 6,961.0 7,027.2 7,058.1 7,100.8
Per capita:
Current dollars............... 25,957 27,188 26,387 25,853 26,759 27,144 27,313 27,535
Chained (1996) dollars........ 23,692 24,479 24,071 23,537 24,296 24,479 24,527 24,615
Population (thousands)\2\....... 284,822 287,456 285,154 285,898 286,507 287,072 287,770 288,475
Personal saving as a percentage
of disposable personal income.... 2.3 3.7 4.0 .8 3.5 4.0 3.5 3.8
----------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2002.
1. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The quarterly and
annual estimates are averages of monthly population estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Jul 02/r/ Aug 02/r/ Sep 02/r/ Oct 02/r/ Nov 02/r/ Dec 02/r/ Jan 03/r/ Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... -36.9 23.9 24.4 27.1 28.7 31.6 32.3 24.9
Wage and salary disbursements..... -49.0 24.8 17.6 11.4 15.4 10.1 18.4 14.9
Private industries.............. -51.7 20.7 15.3 8.0 13.2 8.4 10.1 8.4
Goods-producing industries.... -16.8 5.6 .3 .0 -1.5 2.1 2.7 -2.1
Manufacturing............... -14.4 2.3 -1.3 .2 -1.9 .5 1.7 .1
Distributive industries....... -13.4 7.1 5.3 1.6 2.8 1.3 -.1 -.2
Service industries............ -21.5 8.0 9.7 6.5 11.9 4.9 7.4 10.9
Government...................... 2.6 4.1 2.3 3.3 2.3 1.7 8.3 6.5
Other labor income................ 4.5 4.5 4.6 3.8 4.2 4.3 3.9 2.3
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 9.9 2.4 6.4 5.9 .7 4.2 7.3 2.9
Farm............................ 4.4 3.0 3.1 -.8 -1.2 -1.6 1.7 2.7
Nonfarm......................... 5.7 -.7 3.3 6.7 1.9 5.8 5.6 .2
Rental income of persons with
capital consumption adjustment... -6.3 -8.3 -8.2 -2.7 -2.6 -2.7 -1.1 -1.2
Personal dividend income.......... 2.3 2.3 2.1 2.2 2.2 2.2 2.6 2.6
Personal interest income.......... -4.1 -4.1 -4.0 2.1 2.1 2.2 -2.5 -2.4
Transfer payments to persons...... 3.3 4.1 7.3 5.3 7.7 12.2 7.6 6.1
Old-age, survivors, disability,
and health insurance benefits.. 1.8 2.7 2.7 -.1 5.8 7.3 1.4 2.9
Government unemployment
insurance benefits............. -2.7 -1.2 .9 -1.8 -2.7 .0 -2.4 .0
Other............................ 4.2 2.6 3.8 7.1 4.6 4.9 8.5 3.3
Less: Personal contributions for
social insurance................. -2.4 1.7 1.3 .9 1.2 .8 3.9 .3
Less: Personal tax and nontax
payments........................... -20.6 -2.6 -2.0 -.6 .0 1.6 2.6 6.0
Equals: Disposable personal income.. -16.3 26.5 26.5 27.6 28.7 30.0 29.8 18.8
Less: Personal outlays.............. 78.1 21.7 -34.1 24.5 34.0 78.1 -2.6 2.3
Personal consumption expenditures. 79.0 23.6 -32.1 27.1 36.4 80.5 -3.5 1.5
Durable goods................... 44.2 17.4 -46.2 -24.7 9.6 58.2 -45.0 -19.3
Nondurable goods................ 6.1 -.5 -1.7 21.9 12.7 11.9 27.4 -.5
Services........................ 28.7 6.7 15.8 29.8 14.1 10.5 14.1 21.2
Interest paid by persons.......... -1.9 -2.0 -1.9 -2.4 -2.5 -2.4 .9 .9
Personal transfer payments to the
rest of the world (net).......... 1.0 .0 .0 -.1 .0 .0 .0 .0
Equals: Personal saving............. -94.4 4.8 60.5 3.2 -5.3 -48.1 32.4 16.5
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ -24.4 7.9 9.8 12.6 21.1 20.6 14.3 -15.4
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2002.
1. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002/r/ III 01 IV 01 I 02 II 02 III 02/r/ IV 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 278.7 243.8 30.0 -5.3 102.5 110.6 44.9 81.0
Wage and salary disbursements..... 114.3 53.1 -3.1 -22.3 26.4 39.5 10.1 45.0
Private industries.............. 72.4 11.1 -14.4 -30.4 11.2 31.5 1.4 36.7
Goods-producing industries.... -21.3 -24.8 -10.0 -16.7 -6.4 4.4 -6.1 1.8
Manufacturing............... -40.0 -29.5 -13.7 -13.5 -10.5 5.9 -7.4 -1.0
Distributive industries....... 14.4 8.5 -1.5 -12.2 11.5 5.2 2.5 9.8
Service industries............ 79.3 27.4 -3.0 -1.5 6.1 22.0 4.9 25.1
Government...................... 41.9 42.0 11.3 8.1 15.2 8.0 8.7 8.3
Other labor income................ 26.2 40.2 4.2 3.9 14.5 13.3 13.4 12.7
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 13.1 28.6 5.8 -1.1 17.1 -.9 11.2 12.9
Farm............................ -3.6 -6.1 .9 -.1 2.5 -14.2 3.2 1.0
Nonfarm......................... 16.6 34.9 4.9 -1.0 14.6 13.3 8.0 11.9
Rental income of persons with
capital consumption adjustment... -8.7 4.5 6.5 -1.5 2.0 12.2 -9.4 -13.5
Personal dividend income.......... 33.5 24.6 5.0 6.3 6.4 6.6 7.0 6.5
Personal interest income.......... 14.3 -12.8 -10.8 -13.5 -3.0 12.4 -1.6 .2
Transfer payments to persons...... 100.1 117.6 23.4 22.5 47.0 30.6 15.8 20.7
Old-age, survivors, disability,
and health insurance benefits.. 47.1 35.5 9.9 3.9 16.2 6.1 5.6 8.9
Government unemployment
insurance benefits............. 11.4 31.0 3.9 7.9 11.3 15.0 .3 -3.4
Other............................ 41.7 51.2 9.6 10.7 19.5 9.5 9.9 15.2
Less: Personal contributions for
social insurance................. 13.9 12.2 .9 -.4 7.8 3.1 1.7 3.4
Less: Personal tax and nontax
payments........................... 5.7 -178.5 -154.2 127.8 -172.9 -15.0 -22.8 -2.2
Equals: Disposable personal income.. 273.0 422.3 184.2 -133.0 275.5 125.5 67.7 83.3
Less: Personal outlays.............. 304.9 301.0 23.5 107.6 66.7 81.6 105.1 57.7
Personal consumption expenditures. 303.3 316.7 23.9 116.2 74.3 80.5 106.0 64.7
Durable goods................... 32.0 36.0 3.7 58.6 -23.6 -2.1 40.9 -23.9
Nondurable goods................ 68.4 73.7 -.5 .1 40.7 23.1 8.7 33.1
Services........................ 203.0 206.9 20.7 57.5 57.2 59.4 56.5 55.5
Interest paid by persons.......... .0 -17.0 -1.2 -7.4 -8.5 .7 -2.0 -6.8
Personal transfer payments to the
rest of the world (net).......... 1.6 1.2 .9 -1.2 .9 .4 1.0 -.1
Equals: Personal saving............. -31.8 121.3 160.6 -240.7 208.9 43.9 -37.4 25.6
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 117.7 288.8 169.2 -134.9 231.9 66.2 30.9 42.7
----------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2002.
1. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Percent; months seasonally adjusted at monthly rates]
----------------------------------------------------------------------------------------------------------------------------
Jul 02/r/ Aug 02/r/ Sep 02/r/ Oct 02/r/ Nov 02/r/ Dec 02/r/ Jan 03/r/ Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... -.4 .3 .3 .3 .3 .3 .4 .3
Wage and salary disbursements..... -1.0 .5 .4 .2 .3 .2 .4 .3
Other labor income................ .7 .7 .7 .6 .7 .7 .6 .4
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 1.3 .3 .8 .8 .1 .5 .9 .4
Rental income of persons with
capital consumption adjustment... -4.0 -5.4 -5.7 -2.0 -1.9 -2.1 -.8 -.9
Personal dividend income.......... .5 .5 .5 .5 .5 .5 .6 .6
Personal interest income.......... -.4 -.4 -.4 .2 .2 .2 -.2 -.2
Transfer payments to persons...... .3 .3 .6 .4 .6 .9 .6 .5
Less: Personal contributions for
social insurance................. -.6 .5 .3 .2 .3 .2 1.0 .1
Less: Personal tax and nontax
payments........................... -1.8 -.2 -.2 -.1 .0 .1 .2 .5
Equals: Disposable personal income.. -.2 .3 .3 .4 .4 .4 .4 .2
Addenda:
Personal consumption expenditures. 1.1 .3 -.4 .4 .5 1.1 .0 .0
Durable goods................... 5.2 1.9 -5.0 -2.8 1.1 6.8 -4.9 -2.2
Nondurable goods................ .3 .0 -.1 1.0 .6 .6 1.3 .0
Services........................ .7 .2 .4 .7 .3 .2 .3 .5
Disposable personal income, based
on chained (1996) dollars........ -.3 .1 .1 .2 .3 .3 .2 -.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2002.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Percent; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002/r/ III 01 IV 01 I 02 II 02 III 02/r/ IV 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 3.3 2.8 1.4 -.2 4.8 5.1 2.0 3.7
Wage and salary disbursements..... 2.4 1.1 -.3 -1.8 2.2 3.2 .8 3.6
Other labor income................ 4.8 7.1 3.0 2.8 10.4 9.3 9.2 8.4
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 1.8 3.9 3.3 -.6 9.7 -.5 6.2 6.9
Rental income of persons with
capital consumption adjustment... -6.0 3.3 20.9 -4.3 5.9 39.3 -22.3 -32.7
Personal dividend income.......... 8.9 6.0 5.0 6.3 6.3 6.4 6.6 6.1
Personal interest income.......... 1.3 -1.2 -3.9 -4.9 -1.1 4.7 -.6 .1
Transfer payments to persons...... 9.4 10.0 8.3 7.8 16.5 10.1 5.0 6.5
Less: Personal contributions for
social insurance................. 3.9 3.3 1.0 -.4 8.6 3.3 1.8 3.6
Less: Personal tax and nontax
payments........................... .4 -13.8 -38.8 50.8 -43.3 -5.1 -7.9 -.8
Equals: Disposable personal income.. 3.8 5.7 10.4 -6.9 15.8 6.7 3.5 4.3
Addenda:
Personal consumption expenditures. 4.5 4.5 1.4 6.8 4.3 4.6 6.0 3.6
Durable goods................... 4.0 4.3 1.8 31.6 -10.3 -.9 20.5 -10.2
Nondurable goods................ 3.5 3.6 -.1 .0 8.2 4.5 1.7 6.4
Services........................ 5.2 5.0 2.0 5.7 5.6 5.7 5.4 5.2
Disposable personal income, based
on chained (1996) dollars........ 1.8 4.3 10.5 -7.6 14.5 3.9 1.8 2.4
----------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2002.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
Jul 02 Aug 02 Sep 02 Oct 02/r/ Nov 02/r/ Dec 02/r/ Jan 03/r/ Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,619.7 6,625.9 6,584.0 6,596.9 6,625.3 6,691.4 6,676.8 6,648.1
Durable goods..................... 1,036.4 1,057.3 1,003.5 977.0 991.7 1,062.9 1,014.2 994.7
Nondurable goods.................. 1,931.0 1,926.2 1,920.2 1,937.9 1,950.0 1,962.0 1,980.8 1,958.9
Services.......................... 3,688.5 3,683.4 3,689.0 3,704.0 3,708.7 3,708.1 3,712.2 3,719.5
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 62.2 6.2 -41.9 12.9 28.4 66.1 -14.6 -28.7
Durable goods..................... 53.2 20.9 -53.8 -26.5 14.7 71.2 -48.7 -19.5
Nondurable goods.................. 4.1 -4.8 -6.0 17.7 12.1 12.0 18.8 -21.9
Services.......................... 15.6 -5.1 5.6 15.0 4.7 -.6 4.1 7.3
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .9 .1 -.6 .2 .4 1.0 -.2 -.4
Durable goods..................... 5.4 2.0 -5.1 -2.6 1.5 7.2 -4.6 -1.9
Nondurable goods.................. .2 -.2 -.3 .9 .6 .6 1.0 -1.1
Services.......................... .4 -.1 .2 .4 .1 .0 .1 .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002/r/ III 01 IV 01 I 02 II 02 III 02 IV 02/r/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,377.2 6,576.0 6,370.9 6,464.0 6,513.8 6,542.4 6,609.9 6,637.9
Durable goods..................... 931.9 999.9 922.6 992.0 975.9 980.7 1,032.4 1,010.6
Nondurable goods.................. 1,869.8 1,929.5 1,868.3 1,885.0 1,921.4 1,920.9 1,925.8 1,950.0
Services.......................... 3,594.9 3,675.6 3,597.5 3,616.6 3,642.2 3,666.2 3,687.0 3,707.0
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 153.3 198.8 22.9 93.1 49.8 28.6 67.5 28.0
Durable goods..................... 53.0 68.0 10.2 69.4 -16.1 4.8 51.7 -21.8
Nondurable goods.................. 36.0 59.7 6.0 16.7 36.4 -.5 4.9 24.2
Services.......................... 70.4 80.7 8.2 19.1 25.6 24.0 20.8 20.0
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... 2.5 3.1 1.5 6.0 3.1 1.8 4.2 1.7
Durable goods..................... 6.0 7.3 4.6 33.6 -6.3 2.0 22.8 -8.2
Nondurable goods.................. 2.0 3.2 1.3 3.6 7.9 -.1 1.0 5.1
Services.......................... 2.0 2.2 .9 2.1 2.9 2.7 2.3 2.2
----------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
Jul 02 Aug 02 Sep 02 Oct 02/r/ Nov 02/r/ Dec 02/r/ Jan 03/r/ Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures... 111.12 111.37 111.59 111.79 111.86 111.95 112.15 112.65
Durable goods..................... 86.97 86.89 86.95 86.77 86.46 86.14 85.84 85.59
Nondurable goods.................. 109.67 109.92 110.17 110.30 110.27 110.19 110.54 111.74
Services.......................... 117.57 117.91 118.16 118.49 118.71 119.02 119.26 119.60
Addendum:
Personal consumption expenditures
less food and energy............. 110.66 110.94 111.12 111.24 111.32 111.42 111.43 111.53
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .1 .2 .2 .2 .1 .1 .2 .5
Durable goods..................... -.2 -.1 .1 -.2 -.4 -.4 -.3 -.3
Nondurable goods.................. .1 .2 .2 .1 .0 -.1 .3 1.1
Services.......................... .2 .3 .2 .3 .2 .3 .2 .3
Addendum:
Personal consumption expenditures
less food and energy............. .1 .2 .2 .1 .1 .1 .0 .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
Jul 02/r/ Aug 02/r/ Sep 02/r/ Oct 02/r/ Nov 02/r/ Dec 02/r/ Jan 03/r/ Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income.......... 3.7 2.0 2.7 5.6 5.7 5.3 2.8 2.2
Personal consumption expenditures... 3.9 3.7 3.7 1.9 2.7 3.4 2.9 1.9
Durable goods..................... 11.9 13.4 10.4 -4.8 .5 10.4 5.2 1.2
Nondurable goods.................. 3.1 2.7 3.4 3.4 3.9 3.0 3.1 1.7
Services.......................... 2.6 2.2 2.6 2.6 2.6 2.3 2.3 2.1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2002.
Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
Jul 02 Aug 02 Sep 02 Oct 02/r/ Nov 02/r/ Dec 02/r/ Jan 03/r/ Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures... 1.2 1.4 2.1 1.7 1.8 2.0 2.0 2.3
Durable goods..................... -3.0 -2.6 -2.3 -2.4 -2.8 -3.1 -3.1 -2.5
Nondurable goods.................. .4 .9 .1 1.0 1.7 2.3 2.4 3.0
Services.......................... 2.5 2.6 4.0 2.9 2.8 3.0 2.9 2.9
Addendum:
Personal consumption expenditures
less food and energy............. 1.5 1.7 2.7 1.7 1.6 1.7 1.6 1.4
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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