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James E. Rankin: (202) 606-5301 (Personal Income) BEA 03-14
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: MARCH 2003
Personal income increased $35.5 billion, or 0.4 percent, and disposable personal income (DPI)
increased $26.5 billion, or 0.3 percent, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $30.7 billion, or 0.4 percent. In February, personal
income increased $19.5 billion, or 0.2 percent, DPI increased $13.3 billion, or 0.2 percent, and PCE
increased $9.2 billion, or 0.1 percent, based on revised estimates.
2002 2003
Nov. Dec. Jan. Feb. Mar.
(Percent change from preceding month)
Personal income, current dollars 0.3 0.3 0.4 0.2 0.4
Disposable personal income:
Current dollars 0.4 0.4 0.4 0.2 0.3
Chained (1996) dollars 0.3 0.3 0.2 -0.3 0.0
Personal consumption expenditures:
Current dollars 0.5 1.1 -0.1 0.1 0.4
Chained (1996) dollars 0.4 1.0 -0.3 -0.4 0.1
As announced in the November 2002 issue of the Survey of Current Business, the Bureau of
Economic Analysis plans to release the results of its 12th comprehensive (or benchmark) revision of the
national income and product accounts (NIPA's) on December 10, 2003. The annual revision of the
NIPA's that would normally take place this summer will instead be combined with the upcoming
comprehensive revision. Beginning with the June 2003 issue of the Survey, a series of articles will be
presented that discuss the revision.
Wages and salaries
Private wage and salary disbursements increased $22.1 billion in March, compared with an
increase of $8.4 billion in February. Goods-producing industries' payrolls increased $3.6 billion, in
contrast to a decrease of $2.1 billion; manufacturing payrolls increased $0.1 billion, in contrast to a
decrease of $0.4 billion. Distributive industries' payrolls increased $3.3 billion, in contrast to a
decrease of $2.3 billion. Service industries' payrolls increased $15.2 billion, compared with an
increase of $12.8 billion. Government wage and salary disbursements increased $2.9 billion,
compared with an increase of $6.4 billion.
Other personal income
Proprietors' income increased $4.7 billion in March, compared with an increase of $1.0 billion
in February. Farm proprietors' income decreased $0.4 billion, in contrast to an increase of $3.2
billion. Nonfarm proprietors' income increased $5.1 billion, in contrast to a decrease of $2.2 billion.
Transfer payments increased $8.5 billion in March, compared with an increase of $5.3 billion in
February. Personal interest income decreased $4.2 billion, compared with a decrease of $4.3 billion.
Personal dividend income increased $2.5 billion, compared with an increase of $2.6 billion. Rental
income of persons decreased $1.1 billion, compared with a decrease of $1.0 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.8 billion in March, compared with an increase of $1.1 billion in February.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $8.9 billion in March, compared with an increase
of $6.2 billion in February. Disposable personal income (DPI) -- personal income less personal tax
and nontax payments -- increased $26.5 billion, or 0.3 percent, in March, compared with an increase
of $13.3 billion, or 0.2 percent, in February.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $33.7 billion in March, compared with an increase of $12.3 billion in
February. PCE increased $30.7 billion, compared with an increase of $9.2 billion.
Personal saving -- DPI less personal outlays -- was $293.0 billion in March, compared with
$300.3 billion in February. Personal saving as a percentage of disposable personal income was 3.6
percent in March, compared with 3.7 percent in February.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- decreased less than 0.1 percent in March,
compared with a decrease of 0.3 percent in February.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in March, in
contrast to a decrease of 0.4 percent in February. Purchases of durable goods increased 1.6 percent,
in contrast to a decrease of 1.5 percent. Purchases of motor vehicles and parts accounted for about
one-half of the March increase and most of the February decrease. Purchases of nondurable goods
decreased 0.2 percent in March, compared with a decrease of 0.7 percent in February. Purchases of
services decreased 0.1 percent, in contrast to an increase of less than 0.1 percent.
Revisions
Estimates have been revised for January and February. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for January
and February -- revised and as published in last month's release -- are shown below.
Change from preceding month
January February
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars........... 32.3 32.5 0.4 0.4 24.9 19.5 0.3 0.2
Disposable personal income:
Current dollars........... 29.8 29.2 0.4 0.4 18.8 13.3 0.2 0.2
Chained (1996) dollars.... 14.3 12.6 0.2 0.2 -15.4 -21.9 -0.2 -0.3
Personal consumption expenditures:
Current dollars........... -3.5 -4.8 0.0 -0.1 1.5 9.2 0.0 0.1
Chained (1996) dollars.... -14.6 -16.9 -0.2 -0.3 -28.7 -23.4 -0.4 -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 April will be released on
May 30, 2003, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Aug 02 Sep 02 Oct 02 Nov 02 Dec 02 Jan 03/r/ Feb 03/r/ Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,958.7 8,983.1 9,010.2 9,038.9 9,070.5 9,103.0 9,122.5 9,158.0
Wage and salary disbursements..... 5,009.8 5,027.4 5,038.8 5,054.2 5,064.3 5,086.7 5,101.5 5,126.5
Private industries.............. 4,152.1 4,167.4 4,175.4 4,188.6 4,197.0 4,211.2 4,219.6 4,241.7
Goods-producing industries.... 1,117.0 1,117.3 1,117.3 1,115.8 1,117.9 1,121.0 1,118.9 1,122.5
Manufacturing............... 759.1 757.8 758.0 756.1 756.6 758.5 758.1 758.2
Distributive industries....... 1,118.4 1,123.7 1,125.3 1,128.1 1,129.4 1,129.8 1,127.5 1,130.8
Service industries............ 1,916.7 1,926.4 1,932.9 1,944.8 1,949.7 1,960.4 1,973.2 1,988.4
Government...................... 857.7 860.0 863.3 865.6 867.3 875.5 881.9 884.8
Other labor income................ 617.5 622.1 625.9 630.1 634.4 637.0 639.3 641.1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 757.4 763.8 769.7 770.4 774.6 783.6 784.6 789.3
Farm............................ 10.7 13.8 13.0 11.8 10.2 12.4 15.6 15.2
Nonfarm......................... 746.7 750.0 756.7 758.6 764.4 771.2 769.0 774.1
Rental income of persons with
capital consumption adjustment... 144.1 135.9 133.2 130.6 127.9 127.1 126.1 125.0
Personal dividend income.......... 437.3 439.4 441.6 443.8 446.0 448.6 451.2 453.7
Personal interest income.......... 1,080.7 1,076.7 1,078.8 1,080.9 1,083.1 1,078.8 1,074.5 1,070.3
Transfer payments to persons...... 1,297.3 1,304.6 1,309.9 1,317.6 1,329.8 1,335.1 1,340.4 1,348.9
Old-age, survivors, disability,
and health insurance benefits.. 701.9 704.6 704.5 710.3 717.6 719.3 723.3 727.2
Government unemployment
insurance benefits............. 66.9 67.8 66.0 63.3 63.3 60.9 61.6 63.9
Other........................... 528.5 532.3 539.4 544.0 548.9 554.9 555.5 557.8
Less: Personal contributions for
social insurance................. 385.4 386.7 387.6 388.8 389.6 393.9 395.0 396.8
Less: Personal tax and nontax
payments........................... 1,098.8 1,096.8 1,096.2 1,096.2 1,097.8 1,101.1 1,107.3 1,116.2
Equals: Disposable personal income.. 7,859.9 7,886.4 7,914.0 7,942.7 7,972.7 8,001.9 8,015.2 8,041.7
Less: Personal outlays.............. 7,601.6 7,567.5 7,592.0 7,626.0 7,704.1 7,702.7 7,715.0 7,748.7
Personal consumption expenditures. 7,379.3 7,347.2 7,374.3 7,410.7 7,491.2 7,486.4 7,495.6 7,526.3
Durable goods................... 919.0 872.8 848.1 857.7 915.9 869.6 853.8 866.2
Nondurable goods................ 2,117.3 2,115.6 2,137.5 2,150.2 2,162.1 2,188.8 2,197.9 2,203.1
Services........................ 4,343.0 4,358.8 4,388.6 4,402.7 4,413.2 4,427.9 4,443.9 4,456.9
Interest paid by persons.......... 189.3 187.4 185.0 182.5 180.1 183.2 186.3 189.3
Personal transfer payments to the
rest of the world (net).......... 32.9 32.9 32.8 32.8 32.8 33.1 33.1 33.1
Equals: Personal saving............. 258.3 318.8 322.0 316.7 268.6 299.3 300.3 293.0
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 7,057.4 7,067.2 7,079.8 7,100.9 7,121.5 7,134.1 7,112.2 7,111.8
Per capita:
Current dollars............... 27,313 27,381 27,454 27,533 27,618 27,701 27,731 27,805
Chained (1996) dollars........ 24,525 24,537 24,560 24,615 24,669 24,697 24,607 24,590
Population (thousands)\2\....... 287,768 288,024 288,263 288,480 288,682 288,866 289,035 289,218
Personal saving as a percentage
of disposable personal income.... 3.3 4.0 4.1 4.0 3.4 3.7 3.7 3.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual estimate is the average of the monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 IV 01 I 02 II 02 III 02 IV 02 I 03
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,685.3 8,929.1 8,700.9 8,803.4 8,914.0 8,958.9 9,039.9 9,127.8
Wage and salary disbursements..... 4,950.6 5,003.7 4,931.4 4,957.8 4,997.3 5,007.4 5,052.4 5,104.9
Private industries.............. 4,139.8 4,150.9 4,106.2 4,117.4 4,148.9 4,150.3 4,187.0 4,224.2
Goods-producing industries.... 1,142.4 1,117.6 1,123.3 1,116.9 1,121.3 1,115.2 1,117.0 1,120.8
Manufacturing............... 789.4 759.9 769.9 759.4 765.3 757.9 756.9 758.3
Distributive industries....... 1,109.2 1,117.7 1,098.6 1,110.1 1,115.3 1,117.8 1,127.6 1,129.4
Service industries............ 1,888.2 1,915.6 1,884.3 1,890.4 1,912.4 1,917.3 1,942.4 1,974.0
Government...................... 810.8 852.8 825.2 840.4 848.4 857.1 865.4 880.7
Other labor income................ 570.4 610.6 576.3 590.8 604.1 617.5 630.2 639.1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 727.9 756.5 731.3 748.4 747.5 758.7 771.6 785.8
Farm............................ 19.0 12.9 19.2 21.7 7.5 10.7 11.7 14.4
Nonfarm......................... 708.8 743.7 712.1 726.7 740.0 748.0 759.9 771.4
Rental income of persons with
capital consumption adjustment... 137.9 142.4 139.3 141.3 153.5 144.1 130.6 126.1
Personal dividend income.......... 409.2 433.8 417.3 423.7 430.3 437.3 443.8 451.2
Personal interest income.......... 1,091.3 1,078.5 1,072.9 1,069.9 1,082.3 1,080.7 1,080.9 1,074.5
Transfer payments to persons...... 1,170.4 1,288.0 1,205.0 1,252.0 1,282.6 1,298.4 1,319.1 1,341.4
Old-age, survivors, disability,
and health insurance benefits.. 664.3 699.8 674.0 690.2 696.3 701.9 710.8 723.3
Government unemployment
insurance benefits............. 31.9 62.9 41.0 52.3 67.3 67.6 64.2 62.1
Other........................... 474.2 525.4 490.0 509.5 519.0 528.9 544.1 556.0
Less: Personal contributions for
social insurance................. 372.3 384.5 372.7 380.5 383.6 385.3 388.7 395.2
Less: Personal tax and nontax
payments........................... 1,292.1 1,113.6 1,309.7 1,136.8 1,121.8 1,099.0 1,096.8 1,108.2
Equals: Disposable personal income.. 7,393.2 7,815.5 7,391.2 7,666.7 7,792.2 7,859.9 7,943.2 8,019.6
Less: Personal outlays.............. 7,223.5 7,524.5 7,329.6 7,396.3 7,477.9 7,583.0 7,640.7 7,722.1
Personal consumption expenditures. 6,987.0 7,303.7 7,099.9 7,174.2 7,254.7 7,360.7 7,425.4 7,502.8
Durable goods................... 835.9 871.9 882.6 859.0 856.9 897.8 873.9 863.2
Nondurable goods................ 2,041.3 2,115.0 2,044.4 2,085.1 2,108.2 2,116.9 2,150.0 2,196.6
Services........................ 4,109.9 4,316.8 4,172.9 4,230.1 4,289.5 4,346.0 4,401.5 4,442.9
Interest paid by persons.......... 205.4 188.4 199.1 190.6 191.3 189.3 182.5 186.3
Personal transfer payments to the
rest of the world (net).......... 31.1 32.3 30.6 31.5 31.9 32.9 32.8 33.1
Equals: Personal saving............. 169.7 291.0 61.5 270.4 314.3 276.9 302.5 297.5
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 6,748.0 7,036.8 6,729.1 6,961.0 7,027.2 7,058.1 7,100.8 7,119.4
Per capita:
Current dollars............... 25,957 27,188 25,853 26,759 27,144 27,313 27,535 27,746
Chained (1996) dollars........ 23,692 24,479 23,537 24,296 24,479 24,527 24,615 24,631
Population (thousands)\2\....... 284,822 287,456 285,898 286,507 287,072 287,770 288,475 289,040
Personal saving as a percentage
of disposable personal income.... 2.3 3.7 .8 3.5 4.0 3.5 3.8 3.7
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
Aug 02 Sep 02 Oct 02 Nov 02 Dec 02 Jan 03/r/ Feb 03/r/ Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 23.9 24.4 27.1 28.7 31.6 32.5 19.5 35.5
Wage and salary disbursements..... 24.8 17.6 11.4 15.4 10.1 22.4 14.8 25.0
Private industries.............. 20.7 15.3 8.0 13.2 8.4 14.2 8.4 22.1
Goods-producing industries.... 5.6 .3 .0 -1.5 2.1 3.1 -2.1 3.6
Manufacturing............... 2.3 -1.3 .2 -1.9 .5 1.9 -.4 .1
Distributive industries....... 7.1 5.3 1.6 2.8 1.3 .4 -2.3 3.3
Service industries............ 8.0 9.7 6.5 11.9 4.9 10.7 12.8 15.2
Government...................... 4.1 2.3 3.3 2.3 1.7 8.2 6.4 2.9
Other labor income................ 4.5 4.6 3.8 4.2 4.3 2.6 2.3 1.8
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 2.4 6.4 5.9 .7 4.2 9.0 1.0 4.7
Farm............................ 3.0 3.1 -.8 -1.2 -1.6 2.2 3.2 -.4
Nonfarm......................... -.7 3.3 6.7 1.9 5.8 6.8 -2.2 5.1
Rental income of persons with
capital consumption adjustment... -8.3 -8.2 -2.7 -2.6 -2.7 -.8 -1.0 -1.1
Personal dividend income.......... 2.3 2.1 2.2 2.2 2.2 2.6 2.6 2.5
Personal interest income.......... -4.1 -4.0 2.1 2.1 2.2 -4.3 -4.3 -4.2
Transfer payments to persons...... 4.1 7.3 5.3 7.7 12.2 5.3 5.3 8.5
Old-age, survivors, disability,
and health insurance benefits.. 2.7 2.7 -.1 5.8 7.3 1.7 4.0 3.9
Government unemployment
insurance benefits............. -1.2 .9 -1.8 -2.7 .0 -2.4 .7 2.3
Other............................ 2.6 3.8 7.1 4.6 4.9 6.0 .6 2.3
Less: Personal contributions for
social insurance................. 1.7 1.3 .9 1.2 .8 4.3 1.1 1.8
Less: Personal tax and nontax
payments........................... -2.6 -2.0 -.6 .0 1.6 3.3 6.2 8.9
Equals: Disposable personal income.. 26.5 26.5 27.6 28.7 30.0 29.2 13.3 26.5
Less: Personal outlays.............. 21.7 -34.1 24.5 34.0 78.1 -1.4 12.3 33.7
Personal consumption expenditures. 23.6 -32.1 27.1 36.4 80.5 -4.8 9.2 30.7
Durable goods................... 17.4 -46.2 -24.7 9.6 58.2 -46.3 -15.8 12.4
Nondurable goods................ -.5 -1.7 21.9 12.7 11.9 26.7 9.1 5.2
Services........................ 6.7 15.8 29.8 14.1 10.5 14.7 16.0 13.0
Interest paid by persons.......... -2.0 -1.9 -2.4 -2.5 -2.4 3.1 3.1 3.0
Personal transfer payments to the
rest of the world (net).......... .0 .0 -.1 .0 .0 .3 .0 .0
Equals: Personal saving............. 4.8 60.5 3.2 -5.3 -48.1 30.7 1.0 -7.3
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 7.9 9.8 12.6 21.1 20.6 12.6 -21.9 -.4
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 IV 01 I 02 II 02 III 02 IV 02 I 03
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 278.7 243.8 -5.3 102.5 110.6 44.9 81.0 87.9
Wage and salary disbursements..... 114.3 53.1 -22.3 26.4 39.5 10.1 45.0 52.5
Private industries.............. 72.4 11.1 -30.4 11.2 31.5 1.4 36.7 37.2
Goods-producing industries.... -21.3 -24.8 -16.7 -6.4 4.4 -6.1 1.8 3.8
Manufacturing............... -40.0 -29.5 -13.5 -10.5 5.9 -7.4 -1.0 1.4
Distributive industries....... 14.4 8.5 -12.2 11.5 5.2 2.5 9.8 1.8
Service industries............ 79.3 27.4 -1.5 6.1 22.0 4.9 25.1 31.6
Government...................... 41.9 42.0 8.1 15.2 8.0 8.7 8.3 15.3
Other labor income................ 26.2 40.2 3.9 14.5 13.3 13.4 12.7 8.9
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 13.1 28.6 -1.1 17.1 -.9 11.2 12.9 14.2
Farm............................ -3.6 -6.1 -.1 2.5 -14.2 3.2 1.0 2.7
Nonfarm......................... 16.6 34.9 -1.0 14.6 13.3 8.0 11.9 11.5
Rental income of persons with
capital consumption adjustment... -8.7 4.5 -1.5 2.0 12.2 -9.4 -13.5 -4.5
Personal dividend income.......... 33.5 24.6 6.3 6.4 6.6 7.0 6.5 7.4
Personal interest income.......... 14.3 -12.8 -13.5 -3.0 12.4 -1.6 .2 -6.4
Transfer payments to persons...... 100.1 117.6 22.5 47.0 30.6 15.8 20.7 22.3
Old-age, survivors, disability,
and health insurance benefits.. 47.1 35.5 3.9 16.2 6.1 5.6 8.9 12.5
Government unemployment
insurance benefits............. 11.4 31.0 7.9 11.3 15.0 .3 -3.4 -2.1
Other............................ 41.7 51.2 10.7 19.5 9.5 9.9 15.2 11.9
Less: Personal contributions for
social insurance................. 13.9 12.2 -.4 7.8 3.1 1.7 3.4 6.5
Less: Personal tax and nontax
payments........................... 5.7 -178.5 127.8 -172.9 -15.0 -22.8 -2.2 11.4
Equals: Disposable personal income.. 273.0 422.3 -133.0 275.5 125.5 67.7 83.3 76.4
Less: Personal outlays.............. 304.9 301.0 107.6 66.7 81.6 105.1 57.7 81.4
Personal consumption expenditures. 303.3 316.7 116.2 74.3 80.5 106.0 64.7 77.4
Durable goods................... 32.0 36.0 58.6 -23.6 -2.1 40.9 -23.9 -10.7
Nondurable goods................ 68.4 73.7 .1 40.7 23.1 8.7 33.1 46.6
Services........................ 203.0 206.9 57.5 57.2 59.4 56.5 55.5 41.4
Interest paid by persons.......... .0 -17.0 -7.4 -8.5 .7 -2.0 -6.8 3.8
Personal transfer payments to the
rest of the world (net).......... 1.6 1.2 -1.2 .9 .4 1.0 -.1 .3
Equals: Personal saving............. -31.8 121.3 -240.7 208.9 43.9 -37.4 25.6 -5.0
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 117.7 288.8 -134.9 231.9 66.2 30.9 42.7 18.6
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
Aug 02 Sep 02 Oct 02 Nov 02 Dec 02 Jan 03/r/ Feb 03/r/ Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... .3 .3 .3 .3 .3 .4 .2 .4
Wage and salary disbursements..... .5 .4 .2 .3 .2 .4 .3 .5
Other labor income................ .7 .7 .6 .7 .7 .4 .4 .3
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... .3 .8 .8 .1 .5 1.2 .1 .6
Rental income of persons with
capital consumption adjustment... -5.4 -5.7 -2.0 -1.9 -2.1 -.6 -.8 -.9
Personal dividend income.......... .5 .5 .5 .5 .5 .6 .6 .6
Personal interest income.......... -.4 -.4 .2 .2 .2 -.4 -.4 -.4
Transfer payments to persons...... .3 .6 .4 .6 .9 .4 .4 .6
Less: Personal contributions for
social insurance................. .5 .3 .2 .3 .2 1.1 .3 .4
Less: Personal tax and nontax
payments........................... -.2 -.2 -.1 .0 .1 .3 .6 .8
Equals: Disposable personal income.. .3 .3 .4 .4 .4 .4 .2 .3
Addenda:
Personal consumption expenditures. .3 -.4 .4 .5 1.1 -.1 .1 .4
Durable goods................... 1.9 -5.0 -2.8 1.1 6.8 -5.1 -1.8 1.5
Nondurable goods................ .0 -.1 1.0 .6 .6 1.2 .4 .2
Services........................ .2 .4 .7 .3 .2 .3 .4 .3
Disposable personal income, based
on chained (1996) dollars........ .1 .1 .2 .3 .3 .2 -.3 .0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Percent; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 IV 01 I 02 II 02 III 02 IV 02 I 03
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 3.3 2.8 -.2 4.8 5.1 2.0 3.7 3.9
Wage and salary disbursements..... 2.4 1.1 -1.8 2.2 3.2 .8 3.6 4.2
Other labor income................ 4.8 7.1 2.8 10.4 9.3 9.2 8.4 5.8
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 1.8 3.9 -.6 9.7 -.5 6.2 6.9 7.6
Rental income of persons with
capital consumption adjustment... -6.0 3.3 -4.3 5.9 39.3 -22.3 -32.7 -13.1
Personal dividend income.......... 8.9 6.0 6.3 6.3 6.4 6.6 6.1 6.8
Personal interest income.......... 1.3 -1.2 -4.9 -1.1 4.7 -.6 .1 -2.4
Transfer payments to persons...... 9.4 10.0 7.8 16.5 10.1 5.0 6.5 6.9
Less: Personal contributions for
social insurance................. 3.9 3.3 -.4 8.6 3.3 1.8 3.6 6.9
Less: Personal tax and nontax
payments........................... .4 -13.8 50.8 -43.3 -5.1 -7.9 -.8 4.2
Equals: Disposable personal income.. 3.8 5.7 -6.9 15.8 6.7 3.5 4.3 3.9
Addenda:
Personal consumption expenditures. 4.5 4.5 6.8 4.3 4.6 6.0 3.6 4.2
Durable goods................... 4.0 4.3 31.6 -10.3 -.9 20.5 -10.2 -4.8
Nondurable goods................ 3.5 3.6 .0 8.2 4.5 1.7 6.4 9.0
Services........................ 5.2 5.0 5.7 5.6 5.7 5.4 5.2 3.8
Disposable personal income, based
on chained (1996) dollars........ 1.8 4.3 -7.6 14.5 3.9 1.8 2.4 1.1
----------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
Aug 02 Sep 02 Oct 02 Nov 02 Dec 02 Jan 03/r/ Feb 03/r/ Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,625.9 6,584.0 6,596.9 6,625.3 6,691.4 6,674.5 6,651.1 6,656.0
Durable goods..................... 1,057.3 1,003.5 977.0 991.7 1,062.9 1,012.5 997.1 1,013.4
Nondurable goods.................. 1,926.2 1,920.2 1,937.9 1,950.0 1,962.0 1,980.3 1,966.9 1,962.6
Services.......................... 3,683.4 3,689.0 3,704.0 3,708.7 3,708.1 3,711.8 3,713.2 3,710.3
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6.2 -41.9 12.9 28.4 66.1 -16.9 -23.4 4.9
Durable goods..................... 20.9 -53.8 -26.5 14.7 71.2 -50.4 -15.4 16.3
Nondurable goods.................. -4.8 -6.0 17.7 12.1 12.0 18.3 -13.4 -4.3
Services.......................... -5.1 5.6 15.0 4.7 -.6 3.7 1.4 -2.9
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .1 -.6 .2 .4 1.0 -.3 -.4 .1
Durable goods..................... 2.0 -5.1 -2.6 1.5 7.2 -4.7 -1.5 1.6
Nondurable goods.................. -.2 -.3 .9 .6 .6 .9 -.7 -.2
Services.......................... -.1 .2 .4 .1 .0 .1 .0 -.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]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 IV 01 I 02 II 02 III 02 IV 02 I 03
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,377.2 6,576.0 6,464.0 6,513.8 6,542.4 6,609.9 6,637.9 6,660.5
Durable goods..................... 931.9 999.9 992.0 975.9 980.7 1,032.4 1,010.6 1,007.7
Nondurable goods.................. 1,869.8 1,929.5 1,885.0 1,921.4 1,920.9 1,925.8 1,950.0 1,969.9
Services.......................... 3,594.9 3,675.6 3,616.6 3,642.2 3,666.2 3,687.0 3,707.0 3,711.8
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 153.3 198.8 93.1 49.8 28.6 67.5 28.0 22.6
Durable goods..................... 53.0 68.0 69.4 -16.1 4.8 51.7 -21.8 -2.9
Nondurable goods.................. 36.0 59.7 16.7 36.4 -.5 4.9 24.2 19.9
Services.......................... 70.4 80.7 19.1 25.6 24.0 20.8 20.0 4.8
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... 2.5 3.1 6.0 3.1 1.8 4.2 1.7 1.4
Durable goods..................... 6.0 7.3 33.6 -6.3 2.0 22.8 -8.2 -1.1
Nondurable goods.................. 2.0 3.2 3.6 7.9 -.1 1.0 5.1 4.2
Services.......................... 2.0 2.2 2.1 2.9 2.7 2.3 2.2 .5
----------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
Aug 02 Sep 02 Oct 02 Nov 02 Dec 02 Jan 03/r/ Feb 03/r/ Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures... 111.37 111.59 111.79 111.86 111.95 112.16 112.70 113.08
Durable goods..................... 86.89 86.95 86.77 86.46 86.14 85.86 85.60 85.46
Nondurable goods.................. 109.92 110.17 110.30 110.27 110.19 110.53 111.74 112.25
Services.......................... 117.91 118.16 118.49 118.71 119.02 119.30 119.68 120.12
Addendum:
Personal consumption expenditures
less food and energy............. 110.94 111.12 111.24 111.32 111.42 111.45 111.60 111.69
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .2 .2 .2 .1 .1 .2 .5 .3
Durable goods..................... -.1 .1 -.2 -.4 -.4 -.3 -.3 -.2
Nondurable goods.................. .2 .2 .1 .0 -.1 .3 1.1 .5
Services.......................... .3 .2 .3 .2 .3 .2 .3 .4
Addendum:
Personal consumption expenditures
less food and energy............. .2 .2 .1 .1 .1 .0 .1 .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
Aug 02 Sep 02 Oct 02 Nov 02 Dec 02 Jan 03/r/ Feb 03/r/ Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income.......... 2.0 2.7 5.6 5.7 5.3 2.8 2.1 1.9
Personal consumption expenditures... 3.7 3.7 1.9 2.7 3.4 2.9 1.9 2.0
Durable goods..................... 13.4 10.4 -4.8 .5 10.4 5.1 1.5 3.3
Nondurable goods.................. 2.7 3.4 3.4 3.9 3.0 3.1 2.1 2.3
Services.......................... 2.2 2.6 2.6 2.6 2.3 2.3 1.9 1.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
Aug 02 Sep 02 Oct 02 Nov 02 Dec 02 Jan 03/r/ Feb 03/r/ Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures... 1.4 2.1 1.7 1.8 2.0 2.0 2.3 2.4
Durable goods..................... -2.6 -2.3 -2.4 -2.8 -3.1 -3.0 -2.5 -2.4
Nondurable goods.................. .9 .1 1.0 1.7 2.3 2.3 3.0 2.9
Services.......................... 2.6 4.0 2.9 2.8 3.0 3.0 3.0 3.2
Addendum:
Personal consumption expenditures
less food and energy............. 1.7 2.7 1.7 1.6 1.7 1.6 1.5 1.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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