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News Release: Personal Income and Outlays

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

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, MARCH 1, 2004

James E. Rankin:       (202) 606-5301      (Personal Income)                                   BEA 04-09
Greg Key:              (202) 606-5302      (Personal Outlays)
Recorded message:      (202) 606-5303


             PERSONAL INCOME AND OUTLAYS:  JANUARY 2004

 Personal income increased $18.4 billion, or 0.2 percent, and disposable personal income (DPI)
increased $67.8 billion, or 0.8 percent, in January, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $32.1 billion, or 0.4 percent.  In December,
personal income increased $29.6 billion, or 0.3 percent, DPI increased $27.4 billion, or 0.3 percent, and
PCE increased $42.9 billion, or 0.5 percent, based on revised estimates.

                                                               2003                        2004
                                             Sept.       Oct.        Nov.       Dec.       Jan.
                                                     (Percent change from preceding month)

Personal income, current dollars               0.3        0.3         0.4        0.3        0.2

Disposable personal income:
  Current dollars                             -1.1        0.3         0.4        0.3        0.8
  Chained (2000) dollars                      -1.2        0.3         0.5        0.1        0.5

Personal consumption expenditures:
  Current dollars                              0.0        0.0         0.6        0.5        0.4
  Chained (2000) dollars                      -0.2        0.0         0.7        0.3        0.1


       This release includes revised estimates of population, per capita disposable personal income (DPI),
and per capita real DPI.  The revised population estimates reflect newly available estimates from the
Census Bureau for April 2000 through January 2004.  The revised per capita estimates reflect the
revisions to the population estimates.  Estimates for the complete revision period are available on BEA's
Web site at <www.bea.gov/bea/dn/nipaweb/SelectTable.asp?Selected=N#S2>.


 The January change in disposable personal income (DPI) -- personal income less personal
current taxes -- was boosted by several special factors.  The January change was boosted by a
large decrease in personal current taxes, reflecting a reduction in federal income taxes from a
downturn in net nonwithheld taxes and from indexation provisions of current tax law.  In
addition, the January change was boosted by cost-of-living adjustments to several federal
transfer payment programs, by changes in the earned income credit program, and by pay raises
for federal civilian and military personnel.  The January change was reduced by annual
adjustments to personal contributions for government social insurance and by lump-sum social
security benefit payments that had boosted December personal income.  Excluding these special
factors, DPI increased $9.8 billion, or 0.1 percent, in January, after increasing $19.9 billion, or
0.2 percent, in December.  These special factors are discussed more fully below.


Wages and salaries

 Private wage and salary disbursements increased $20.8 billion in January, in contrast to a
decrease of $8.8 billion in December.  Goods-producing industries' payrolls increased $5.3 billion,
in contrast to a decrease of $1.1 billion; manufacturing payrolls increased $3.5 billion, in contrast to
a decrease of $2.2 billion.  Services-producing industries' payrolls increased $15.4 billion, in
contrast to a decrease of $7.6 billion.

 Government wage and salary disbursements increased $5.9 billion in January, compared with
an increase of $1.9 billion in December.  Pay raises for federal civilian and military personnel added
$4.8 billion to government payrolls in January.


Other personal income

 Employer contributions for government social insurance increased $8.9 billion in January, in
contrast to a decrease of $0.5 billion in December.  The January increase reflected an increase in the
tax rate paid by employers to state unemployment insurance funds and an increase in the social
security taxable wage base (from $87,000 to $87,900); together, these changes added $7.2 billion to
the January increase.  (Changes in employer contributions for government social insurance do not
change personal income, because employer contributions for government social insurance are also
included in total contributions for government social insurance, which is a subtraction in the
calculation of personal income.)

 Proprietors' income decreased $5.7 billion in January, in contrast to an increase of $7.5 billion
in December.  Farm proprietors' income decreased $7.0 billion, compared with a decrease of $0.2
billion.  Nonfarm proprietors' income increased $1.4 billion, compared with an increase of $7.6
billion.

 Personal current transfer receipts increased $1.1 billion in January, compared with an increase
of $14.3 billion in December.  The January change in current transfer receipts reflected 2.1-percent
cost-of-living adjustments to social security benefits and to several other federal transfer payment
programs and changes in the earned income credit program; together, these changes added $16.0
billion to the January increase.  The January change in transfer payments was reduced by lump-sum
social security benefits payments, which had added $7.5 billion to December transfer payments;
these benefit payments resulted 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 $0.5 billion, compared with an increase of $3.4 billion.  Rental income of persons
decreased $3.6 billion, in contrast to an increase of $9.2 billion.

 Contributions for government social insurance increased $14.7 billion in January, in contrast to
a decrease of $0.8 billion in December.  The January increase reflected increases in both employer
and personal contributions for government social insurance.  As noted above, employer
contributions were boosted $7.2 billion by increases in unemployment insurance rates and in the
social security taxable wage base in January.  The January increase in personal contributions for
government social insurance reflected an increase in the monthly premium paid by participants in
the supplementary medical insurance program (Medicare B) and the increase in the social security
taxable wage base; together, these changes added $3.8 billion to January personal contributions.


Personal current taxes and disposable personal income

 Personal current taxes decreased $49.4 billion in January, in contrast to an increase of $2.2
billion in December.  A reduction in federal income taxes accounted for most of the January
decrease.  Net nonwithheld taxes (payments of estimated taxes plus final settlements less refunds)
was reduced by $44.5 billion, based on federal budget projections for 2004.  In addition, indexation
provisions of current tax law reduced withheld taxes by $4.0 billion.

 Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $67.8 billion, or 0.8 percent, in January, compared with an increase of $27.4 billion, or 0.3
percent, in December.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal current transfer payments --
increased $31.8 billion in January, compared with an increase of $43.0 billion in December.  PCE
increased $32.1 billion, compared with an increase of $42.9 billion.

 Personal saving -- DPI less personal outlays -- was $154.6 billion in January, compared with
$118.6 billion in December.  Personal saving as a percentage of disposable personal income was 1.8
percent in January, compared with 1.4 percent in December.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in January,
compared with an increase of 0.1 percent in December.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in January,
compared with an increase of 0.3 percent in December.  Purchases of durable goods decreased 3.5
percent, in contrast to an increase of 2.0 percent.  Purchases of motor vehicles and parts accounted
for most of the decrease in January and accounted for most of the increase in December.  Purchases
of nondurable goods increased 0.8 percent in January, in contrast to a decrease of 0.1 percent in
December.  Purchases of services increased 0.5 percent, compared with an increase of 0.2 percent.


Revisions

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


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

Personal Income:
  Current dollars.......... 31.9    37.9       0.3     0.4              18.8    29.6       0.2     0.3

Disposable personal income:
  Current dollars.......... 27.7    32.0       0.3     0.4              18.5    27.4       0.2     0.3
  Chained (2000) dollars... 35.0    36.5       0.4     0.5               0.9    10.6       0.0     0.1

Personal consumption expenditures:
  Current dollars.......... 42.0    48.2       0.5     0.6              35.3    42.9       0.4     0.5
  Chained (2000) dollars... 48.0    51.6       0.6     0.7              17.8    25.9       0.2     0.3


  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 February will be released on
                   March 26, 2004, at 8:30 A.M. EST.

                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jun 03     Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,186.0    9,219.6    9,239.6    9,268.4    9,294.2    9,332.1    9,361.7    9,380.1

  Compensation of employees, received......    6,184.9    6,200.2    6,214.9    6,225.8    6,241.1    6,268.0    6,262.5    6,303.2

    Wage and salary disbursements..........    5,087.6    5,096.0    5,105.4    5,110.8    5,123.4    5,147.0    5,140.2    5,166.8
      Private industries...................    4,183.9    4,196.3    4,204.9    4,211.1    4,222.9    4,246.5    4,237.7    4,258.5
        Goods-producing industries.........    1,006.8    1,002.3    1,006.0    1,009.8    1,011.1    1,017.9    1,016.8    1,022.1
          Manufacturing....................      668.7      664.9      666.7      669.0      669.2      674.6      672.4      675.9
        Services-producing industries......    3,177.1    3,194.0    3,198.9    3,201.2    3,211.9    3,228.6    3,221.0    3,236.4
          Trade, transportation, and
           utilities.......................      860.9      864.0      866.9      867.4      872.9      873.2      871.0      876.5
          Other services-producing
           industries......................    2,316.2    2,330.1    2,332.0    2,333.9    2,339.0    2,355.4    2,350.0    2,359.9
      Government...........................      903.7      899.6      900.6      899.8      900.4      900.5      902.4      908.3

    Supplements to wages and salaries......    1,097.3    1,104.2    1,109.5    1,115.0    1,117.7    1,121.0    1,122.3    1,136.4
      Employer contributions for employee
       pension and insurance funds.........      719.6      725.9      730.7      735.6      737.5      739.4      741.2      746.3
      Employer contributions for government
       social insurance....................      377.7      378.3      378.8      379.4      380.2      381.6      381.1      390.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      854.3      859.8      858.1      864.8      867.9      876.1      883.6      877.9
    Farm...................................       23.8       22.5       21.4       20.5       22.6       23.9       23.7       16.7
    Nonfarm................................      830.5      837.2      836.7      844.3      845.3      852.2      859.8      861.2

  Rental income of persons with capital
   consumption adjustment..................      146.2      151.4      157.0      162.6      171.9      181.0      190.2      186.6

  Personal income receipts on assets.......    1,391.9    1,390.5    1,389.2    1,388.0    1,390.9    1,394.1    1,397.5    1,398.0
    Personal interest income...............      964.3      960.7      957.1      953.4      954.0      954.7      955.4      953.2
    Personal dividend income...............      427.6      429.8      432.2      434.6      436.9      439.4      442.1      444.8

  Personal current transfer receipts.......    1,383.1    1,393.5    1,397.4    1,405.2    1,402.2    1,395.9    1,410.2    1,411.3
    Government social benefits to persons..    1,339.7    1,348.4    1,351.3    1,358.1    1,354.4    1,348.2    1,362.6    1,364.2
      Old-age, survivors, disability, and
       health insurance benefits...........      744.1      743.3      746.8      746.7      751.1      752.9      760.7      763.6
      Government unemployment insurance
       benefits............................       60.0       59.3       57.3       59.2       58.4       53.0       55.1       47.1
      Other................................      535.7      545.7      547.2      552.2      544.9      542.2      546.8      553.6
    Other current transfer receipts, from
     business (net)........................       43.4       45.1       46.1       47.1       47.8       47.7       47.6       47.1

  Less: Contributions for government social
   insurance...............................      774.4      775.8      777.0      778.1      779.8      783.0      782.2      796.9

Less: Personal current taxes...............    1,000.5      924.6      882.2    1,001.0    1,004.8    1,010.6    1,012.8      963.4

Equals: Disposable personal income.........    8,185.6    8,294.9    8,357.4    8,267.4    8,289.5    8,321.5    8,348.9    8,416.7

Less: Personal outlays.....................    8,005.8    8,072.4    8,142.2    8,140.8    8,139.0    8,187.3    8,230.3    8,262.1

  Personal consumption expenditures........    7,724.2    7,792.4    7,860.1    7,856.6    7,855.9    7,904.1    7,947.0    7,979.1
    Durable goods..........................      934.9      960.9      990.5      973.9      955.8      961.4      977.9      945.5
    Nondurable goods.......................    2,186.4    2,209.7    2,239.6    2,240.7    2,246.4    2,267.0    2,270.5    2,304.3
    Services...............................    4,602.8    4,621.8    4,630.0    4,642.0    4,653.7    4,675.7    4,698.6    4,729.2
  Personal interest payments\1\............      181.2      182.9      184.6      186.3      185.9      185.6      185.3      184.7
  Personal current transfer payments.......      100.4       97.1       97.6       98.0       97.1       97.6       98.0       98.4
    To government..........................       62.9       63.3       63.7       64.1       64.4       64.9       65.3       65.7
    To the rest of the world (net).........       37.5       33.9       33.9       33.9       32.7       32.7       32.7       32.7

Equals: Personal saving....................      179.8      222.5      215.2      126.6      150.5      134.2      118.6      154.6

  Personal saving as a percentage of
   disposable personal income..............        2.2        2.7        2.6        1.5        1.8        1.6        1.4        1.8

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,780.6    7,874.4    7,920.7    7,821.7    7,844.1    7,880.6    7,891.2    7,929.1
    Per capita:
      Current dollars......................     28,136     28,487     28,676     28,341     28,393     28,479     28,550     28,761
      Chained (2000) dollars...............     26,744     27,043     27,177     26,814     26,867     26,970     26,985     27,095
  Population (midperiod, thousands)\3\.....    290,929    291,179    291,446    291,709    291,958    292,197    292,427    292,644
-----------------------------------------------------------------------------------------------------------------------------------
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/r/     III 02      IV 02       I 03      II 03     III 03    IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    8,910.3    9,191.6    8,944.0    8,981.3    9,048.7    9,145.9    9,242.5    9,329.3

  Compensation of employees, received......    6,019.1    6,187.9    6,031.1    6,058.0    6,114.4    6,166.2    6,213.6    6,257.2

    Wage and salary disbursements..........    4,974.6    5,086.6    4,980.9    4,999.1    5,033.2    5,072.2    5,104.1    5,136.8
      Private industries...................    4,114.7    4,188.9    4,117.7    4,125.4    4,143.3    4,172.7    4,204.1    4,235.7
        Goods-producing industries.........    1,010.9    1,007.6    1,010.7    1,007.1    1,005.8    1,003.4    1,006.0    1,015.2
          Manufacturing....................      675.7      669.0      676.3      672.6      670.5      666.5      666.9      672.0
        Services-producing industries......    3,103.7    3,181.3    3,107.0    3,118.3    3,137.5    3,169.3    3,198.1    3,220.5
          Trade, transportation, and
           utilities.......................      844.7      863.2      847.6      847.6      855.0      859.5      866.1      872.4
          Other services-producing
           industries......................    2,259.0    2,318.1    2,259.4    2,270.7    2,282.6    2,309.8    2,332.0    2,348.1
      Government...........................      859.9      897.7      863.2      873.8      890.0      899.5      900.0      901.1

    Supplements to wages and salaries......    1,044.5    1,101.3    1,050.2    1,058.8    1,081.2    1,093.9    1,109.6    1,120.4
      Employer contributions for employee
       pension and insurance funds.........      680.4      723.4      685.2      692.1      706.3      717.3      730.7      739.4
      Employer contributions for government
       social insurance....................      364.1      377.8      365.1      366.7      374.9      376.6      378.8      381.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      797.7      847.3      803.2      812.2      813.5      838.8      860.9      875.9
    Farm...................................       14.3       19.5       13.5       16.3       13.0       20.0       21.5       23.4
    Nonfarm................................      783.4      827.8      789.7      795.9      800.5      818.8      839.4      852.4

  Rental income of persons with capital
   consumption adjustment..................      173.0      163.7      172.7      159.0      163.2      153.4      157.0      181.0

  Personal income receipts on assets.......    1,378.5    1,390.5    1,387.5    1,392.0    1,388.6    1,390.2    1,389.2    1,394.2
    Personal interest income...............      982.4      961.8      985.3      981.2      970.6      964.9      957.0      954.7
    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    1,377.2    1,301.6    1,315.6    1,337.6    1,369.7    1,398.7    1,402.8
    Government social benefits to persons..    1,249.5    1,331.3    1,259.4    1,274.6    1,292.4    1,325.3    1,352.6    1,355.1
      Old-age, survivors, disability, and
       health insurance benefits...........      710.3      743.7      713.8      721.1      732.3      741.8      745.6      754.9
      Government unemployment insurance
       benefits............................       53.4       55.6       57.3       53.8       51.9       56.3       58.6       55.5
      Other................................      485.8      532.1      488.4      499.8      508.2      527.1      548.4      544.6
    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      774.9      752.1      755.5      768.7      772.3      776.9      781.7

Less: Personal current taxes...............    1,053.1      988.7    1,053.0    1,045.6    1,009.4    1,000.2      936.0    1,009.4

Equals: Disposable personal income.........    7,857.2    8,202.9    7,891.0    7,935.6    8,039.2    8,145.8    8,306.6    8,320.0

Less: Personal outlays.....................    7,674.0    8,037.3    7,722.0    7,789.2    7,888.3    7,956.7    8,118.5    8,185.5

  Personal consumption expenditures........    7,385.3    7,753.2    7,428.2    7,501.2    7,600.7    7,673.6    7,836.3    7,902.3
    Durable goods..........................      911.3      941.1      913.6      907.3      898.2      926.2      975.1      965.1
    Nondurable goods.......................    2,086.0    2,209.4    2,090.5    2,119.2    2,175.7    2,170.8    2,230.0    2,261.3
    Services...............................    4,388.0    4,602.7    4,424.1    4,474.7    4,526.8    4,576.6    4,631.2    4,676.0
  Personal interest payments\1\............      194.7      184.9      196.2      187.7      186.2      183.2      184.6      185.6
  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      165.6      169.0      146.4      151.0      189.0      188.1      134.4

  Personal saving as a percentage of
   disposable personal income..............        2.3        2.0        2.1        1.8        1.9        2.3        2.3        1.6

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,596.7    7,789.9    7,605.2    7,615.8    7,662.0    7,753.5    7,872.3    7,872.0
    Per capita:
      Current dollars......................     27,259     28,180     27,342     27,425     27,720     28,022     28,501     28,474
      Chained (2000) dollars...............     26,355     26,761     26,352     26,320     26,419     26,673     27,011     26,941
  Population (midperiod, thousands)\3\.....    288,240    291,086    288,605    289,360    290,016    290,689    291,445    292,194
-----------------------------------------------------------------------------------------------------------------------------------
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 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jun 03     Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       35.0       33.6       20.0       28.8       25.8       37.9       29.6       18.4

  Compensation of employees, received......       13.5       15.3       14.7       10.9       15.3       26.9       -5.5       40.7

    Wage and salary disbursements..........       10.2        8.4        9.4        5.4       12.6       23.6       -6.8       26.6
      Private industries...................        5.2       12.4        8.6        6.2       11.8       23.6       -8.8       20.8
        Goods-producing industries.........        3.4       -4.5        3.7        3.8        1.3        6.8       -1.1        5.3
          Manufacturing....................        2.1       -3.8        1.8        2.3         .2        5.4       -2.2        3.5
        Services-producing industries......        1.8       16.9        4.9        2.3       10.7       16.7       -7.6       15.4
          Trade, transportation, and
           utilities.......................         .7        3.1        2.9         .5        5.5         .3       -2.2        5.5
          Other services-producing
           industries......................        1.1       13.9        1.9        1.9        5.1       16.4       -5.4        9.9
      Government...........................        5.0       -4.1        1.0        -.8         .6         .1        1.9        5.9

    Supplements to wages and salaries......        3.3        6.9        5.3        5.5        2.7        3.3        1.3       14.1
      Employer contributions for employee
       pension and insurance funds.........        2.0        6.3        4.8        4.9        1.9        1.9        1.8        5.1
      Employer contributions for government
       social insurance....................        1.3         .6         .5         .6         .8        1.4        -.5        8.9

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       14.8        5.5       -1.7        6.7        3.1        8.2        7.5       -5.7
    Farm...................................        3.8       -1.3       -1.1        -.9        2.1        1.3        -.2       -7.0
    Nonfarm................................       11.0        6.7        -.5        7.6        1.0        6.9        7.6        1.4

  Rental income of persons with capital
   consumption adjustment..................       -7.1        5.2        5.6        5.6        9.3        9.1        9.2       -3.6

  Personal income receipts on assets.......        1.7       -1.4       -1.3       -1.2        2.9        3.2        3.4         .5
    Personal interest income...............        -.6       -3.6       -3.6       -3.7         .6         .7         .7       -2.2
    Personal dividend income...............        2.3        2.2        2.4        2.4        2.3        2.5        2.7        2.7

  Personal current transfer receipts.......       14.5       10.4        3.9        7.8       -3.0       -6.3       14.3        1.1
    Government social benefits to persons..       15.6        8.7        2.9        6.8       -3.7       -6.2       14.4        1.6
      Old-age, survivors, disability, and
       health insurance benefits...........         .4        -.8        3.5        -.1        4.4        1.8        7.8        2.9
      Government unemployment insurance
       benefits............................        6.6        -.7       -2.0        1.9        -.8       -5.4        2.1       -8.0
      Other................................        8.8       10.0        1.5        5.0       -7.3       -2.7        4.6        6.8
    Other current transfer receipts, from
     business (net)........................       -1.1        1.7        1.0        1.0         .7        -.1        -.1        -.5

  Less: Contributions for government social
   insurance...............................        2.3        1.4        1.2        1.1        1.7        3.2        -.8       14.7

Less: Personal current taxes...............         .5      -75.9      -42.4      118.8        3.8        5.8        2.2      -49.4

Equals: Disposable personal income.........       34.6      109.3       62.5      -90.0       22.1       32.0       27.4       67.8

Less: Personal outlays.....................       49.0       66.6       69.8       -1.4       -1.8       48.3       43.0       31.8

  Personal consumption expenditures........       50.5       68.2       67.7       -3.5        -.7       48.2       42.9       32.1
    Durable goods..........................        8.4       26.0       29.6      -16.6      -18.1        5.6       16.5      -32.4
    Nondurable goods.......................       22.1       23.3       29.9        1.1        5.7       20.6        3.5       33.8
    Services...............................       20.0       19.0        8.2       12.0       11.7       22.0       22.9       30.6
  Personal interest payments\1\............       -2.0        1.7        1.7        1.7        -.4        -.3        -.3        -.6
  Personal current transfer payments.......         .4       -3.3         .5         .4        -.9         .5         .4         .4
    To government..........................         .4         .4         .4         .4         .3         .5         .4         .4
    To the rest of the world (net).........         .0       -3.6         .0         .0       -1.2         .0         .0         .0

Equals: Personal saving....................      -14.4       42.7       -7.3      -88.6       23.9      -16.3      -15.6       36.0

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       17.3       93.8       46.3      -99.0       22.4       36.5       10.6       37.9
-----------------------------------------------------------------------------------------------------------------------------------
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/r/     III 02      IV 02       I 03      II 03     III 03    IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      197.2      281.3       31.8       37.3       67.4       97.2       96.6       86.8

  Compensation of employees, received......       78.7      168.8       16.3       26.9       56.4       51.8       47.4       43.6

    Wage and salary disbursements..........       31.7      112.0        7.8       18.2       34.1       39.0       31.9       32.7
      Private industries...................      -12.4       74.2         .6        7.7       17.9       29.4       31.4       31.6
        Goods-producing industries.........      -33.7       -3.3       -4.2       -3.6       -1.3       -2.4        2.6        9.2
          Manufacturing....................      -33.4       -6.7       -3.8       -3.7       -2.1       -4.0         .4        5.1
        Services-producing industries......       21.2       77.6        4.9       11.3       19.2       31.8       28.8       22.4
          Trade, transportation, and
           utilities.......................        -.2       18.5        2.9         .0        7.4        4.5        6.6        6.3
          Other services-producing
           industries......................       21.4       59.1        2.0       11.3       11.9       27.2       22.2       16.1
      Government...........................       44.1       37.8        7.2       10.6       16.2        9.5         .5        1.1

    Supplements to wages and salaries......       46.9       56.8        8.5        8.6       22.4       12.7       15.7       10.8
      Employer contributions for employee
       pension and insurance funds.........       37.8       43.0        7.3        6.9       14.2       11.0       13.4        8.7
      Employer contributions for government
       social insurance....................        9.2       13.7        1.2        1.6        8.2        1.7        2.2        2.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       27.1       49.6        7.0        9.0        1.3       25.3       22.1       15.0
    Farm...................................      -10.7        5.2       -1.7        2.8       -3.3        7.0        1.5        1.9
    Nonfarm................................       37.8       44.4        8.8        6.2        4.6       18.3       20.6       13.0

  Rental income of persons with capital
   consumption adjustment..................        9.9       -9.3      -11.7      -13.7        4.2       -9.8        3.6       24.0

  Personal income receipts on assets.......        3.6       12.0       12.1        4.5       -3.4        1.6       -1.0        5.0
    Personal interest income...............      -21.3      -20.6        1.3       -4.1      -10.6       -5.7       -7.9       -2.3
    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       85.0       10.5       14.0       22.0       32.1       29.0        4.1
    Government social benefits to persons..      106.9       81.8       11.5       15.2       17.8       32.9       27.3        2.5
      Old-age, survivors, disability, and
       health insurance benefits...........       41.9       33.4        6.8        7.3       11.2        9.5        3.8        9.3
      Government unemployment insurance
       benefits............................       21.7        2.2       -2.9       -3.5       -1.9        4.4        2.3       -3.1
      Other................................       43.3       46.3        7.7       11.4        8.4       18.9       21.3       -3.8
    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       24.6        2.5        3.4       13.2        3.6        4.6        4.8

Less: Personal current taxes...............     -190.6      -64.4        9.3       -7.4      -36.2       -9.2      -64.2       73.4

Equals: Disposable personal income.........      387.8      345.7       22.4       44.6      103.6      106.6      160.8       13.4

Less: Personal outlays.....................      331.8      363.3       75.2       67.2       99.1       68.4      161.8       67.0

  Personal consumption expenditures........      339.9      367.9       72.7       73.0       99.5       72.9      162.7       66.0
    Durable goods..........................       29.4       29.8        4.3       -6.3       -9.1       28.0       48.9      -10.0
    Nondurable goods.......................       72.4      123.4        8.0       28.7       56.5       -4.9       59.2       31.3
    Services...............................      238.2      214.7       60.5       50.6       52.1       49.8       54.6       44.8
  Personal interest payments\1\............      -14.4       -9.8       -2.7       -8.5       -1.5       -3.0        1.4        1.0
  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      -17.6      -52.7      -22.6        4.6       38.0        -.9      -53.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      276.5      193.2      -16.3       10.6       46.2       91.5      118.8        -.3
-----------------------------------------------------------------------------------------------------------------------------------
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 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jun 03     Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .4         .4         .2         .3         .3         .4         .3         .2
  Compensation of employees, received......         .2         .2         .2         .2         .2         .4        -.1         .6
    Wage and salary disbursements..........         .2         .2         .2         .1         .2         .5        -.1         .5
    Supplements to wages and salaries......         .3         .6         .5         .5         .2         .3         .1        1.3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        1.8         .6        -.2         .8         .4         .9         .9        -.6
  Rental income of persons with capital
   consumption adjustment..................       -4.7        3.6        3.7        3.6        5.7        5.2        5.1       -1.9
  Personal income receipts on assets.......         .1        -.1        -.1        -.1         .2         .2         .2         .0
    Personal interest income...............        -.1        -.4        -.4        -.4         .1         .1         .1        -.2
    Personal dividend income...............         .5         .5         .6         .6         .5         .6         .6         .6
  Personal current transfer receipts.......        1.1         .7         .3         .6        -.2        -.5        1.0         .1

  Less: Contributions for government social
   insurance...............................         .3         .2         .2         .1         .2         .4        -.1        1.9

Less: Personal current taxes...............         .0       -7.6       -4.6       13.5         .4         .6         .2       -4.9

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

Addenda:
  Personal consumption expenditures........         .7         .9         .9         .0         .0         .6         .5         .4
    Durable goods..........................         .9        2.8        3.1       -1.7       -1.9         .6        1.7       -3.3
    Nondurable goods.......................        1.0        1.1        1.4         .1         .3         .9         .2        1.5
    Services...............................         .4         .4         .2         .3         .3         .5         .5         .7

  Real disposable personal income..........         .2        1.2         .6       -1.2         .3         .5         .1         .5
-----------------------------------------------------------------------------------------------------------------------------------
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/r/   III 02      IV 02       I 03      II 03     III 03    IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        2.3        3.2        1.4        1.7        3.0        4.4        4.3        3.8
  Compensation of employees, received......        1.3        2.8        1.1        1.8        3.8        3.4        3.1        2.8
    Wage and salary disbursements..........         .6        2.3         .6        1.5        2.8        3.1        2.5        2.6
    Supplements to wages and salaries......        4.7        5.4        3.3        3.3        8.7        4.8        5.8        3.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        3.5        6.2        3.6        4.6         .6       13.0       11.0        7.1
  Rental income of persons with capital
   consumption adjustment..................        6.1       -5.4      -23.1      -28.2       11.1      -22.0        9.7       76.8
  Personal income receipts on assets.......         .3         .9        3.6        1.3       -1.0         .5        -.3        1.4
    Personal interest income...............       -2.1       -2.1         .5       -1.6       -4.2       -2.3       -3.2       -1.0
    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        6.6        3.3        4.4        6.9        9.9        8.7        1.2

  Less: Contributions for government social
   insurance...............................        3.0        3.3        1.3        1.8        7.2        1.9        2.4        2.5

Less: Personal current taxes...............      -15.3       -6.1        3.6       -2.8      -13.1       -3.6      -23.3       35.3

Equals: Disposable personal income.........        5.2        4.4        1.1        2.3        5.3        5.4        8.1         .6

Addenda:
  Personal consumption expenditures........        4.8        5.0        4.0        4.0        5.4        3.9        8.8        3.4
    Durable goods..........................        3.3        3.3        1.9       -2.7       -4.0       13.1       22.9       -4.1
    Nondurable goods.......................        3.6        5.9        1.5        5.6       11.1        -.9       11.4        5.7
    Services...............................        5.7        4.9        5.7        4.6        4.7        4.5        4.9        3.9

  Real disposable personal income..........        3.8        2.5        -.9         .6        2.4        4.9        6.3         .0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.



                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jun 03     Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,342.1    7,397.3    7,449.4    7,433.1    7,433.8    7,485.4    7,511.3    7,516.8
  Durable goods............................    1,018.4    1,050.1    1,085.7    1,071.6    1,054.6    1,064.9    1,086.6    1,048.3
  Nondurable goods.........................    2,111.7    2,128.4    2,143.8    2,130.7    2,143.7    2,171.0    2,169.7    2,186.9
  Services.................................    4,219.8    4,230.5    4,236.3    4,244.8    4,247.1    4,262.3    4,270.7    4,290.9
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       33.4       55.2       52.1      -16.3         .7       51.6       25.9        5.5
  Durable goods............................       12.0       31.7       35.6      -14.1      -17.0       10.3       21.7      -38.3
  Nondurable goods.........................       14.1       16.7       15.4      -13.1       13.0       27.3       -1.3       17.2
  Services.................................        8.7       10.7        5.8        8.5        2.3       15.2        8.4       20.2
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .5         .8         .7        -.2         .0         .7         .3         .1
  Durable goods............................        1.2        3.1        3.4       -1.3       -1.6        1.0        2.0       -3.5
  Nondurable goods.........................         .7         .8         .7        -.6         .6        1.3        -.1         .8
  Services.................................         .2         .3         .1         .2         .1         .4         .2         .5
-----------------------------------------------------------------------------------------------------------------------------------
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/r/     III 02      IV 02       I 03      II 03     III 03   IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,140.4    7,362.9    7,159.2    7,198.9    7,244.1    7,304.0    7,426.6    7,476.9
  Durable goods............................      957.2    1,027.0      963.1      963.8      965.0    1,005.1    1,069.1    1,068.7
  Nondurable goods.........................    2,043.6    2,120.8    2,038.8    2,061.8    2,090.5    2,096.9    2,134.3    2,161.5
  Services.................................    4,141.8    4,224.1    4,159.4    4,175.4    4,190.7    4,208.4    4,237.2    4,260.0
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      235.8      222.5       34.7       39.7       45.2       59.9      122.6       50.3
  Durable goods............................       58.1       69.8       11.7         .7        1.2       40.1       64.0        -.4
  Nondurable goods.........................       60.3       77.2        1.0       23.0       28.7        6.4       37.4       27.2
  Services.................................      119.4       82.3       22.4       16.0       15.3       17.7       28.8       22.8
                                           ----------------------------------------------------------------------------------------
                                                                   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        2.7
  Durable goods............................        6.5        7.3        5.0         .3         .5       17.7       28.0        -.1
  Nondurable goods.........................        3.0        3.8         .2        4.6        5.7        1.2        7.3        5.2
  Services.................................        3.0        2.0        2.2        1.5        1.5        1.7        2.8        2.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.



      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jun 03     Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    105.209    105.345    105.518    105.703    105.682    105.599    105.805    106.154
  Durable goods............................     91.803     91.508     91.232     90.881     90.627     90.273     89.994     90.189
  Nondurable goods.........................    103.544    103.823    104.475    105.167    104.790    104.428    104.650    105.375
  Services.................................    109.083    109.256    109.299    109.364    109.581    109.707    110.026    110.221
Addendum:
  Personal consumption expenditures
   excluding food and energy...............    104.830    104.964    104.950    104.939    105.073    105.097    105.259    105.359
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .2         .1         .2         .2         .0        -.1         .2         .3
  Durable goods............................        -.3        -.3        -.3        -.4        -.3        -.4        -.3         .2
  Nondurable goods.........................         .3         .3         .6         .7        -.4        -.3         .2         .7
  Services.................................         .2         .2         .0         .1         .2         .1         .3         .2
Addendum:
  Personal consumption expenditures
   excluding food and energy...............         .1         .1         .0         .0         .1         .0         .2         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jun 03     Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        1.8        3.4        4.2        2.9        3.0        3.4        3.6        3.7

Personal consumption expenditures..........        2.9        3.1        3.9        4.2        3.8        4.0        3.7        3.7
  Durable goods............................        7.4        8.2       11.3       13.6       12.2       11.6        8.9        8.7
  Nondurable goods.........................        3.3        4.2        5.1        4.7        4.6        5.1        4.8        4.4
  Services.................................        1.8        1.6        1.9        2.2        1.9        2.0        2.2        2.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jun 03     Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.8        1.7        1.7        1.7        1.6        1.4        1.3        1.5
  Durable goods............................       -3.6       -3.7       -3.7       -4.1       -4.1       -4.2       -3.9       -3.3
  Nondurable goods.........................        1.3        1.4        1.9        2.4        1.9        1.6        1.9        2.2
  Services.................................        3.2        3.0        2.8        2.5        2.7        2.5        2.1        2.2
Addendum:
  Personal consumption expenditures
   less food and energy....................        1.3        1.3        1.0         .8        1.0         .9         .7         .8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.