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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. EDT, MONDAY, JUNE 28, 2004

James E. Rankin:    (202) 606-5301  (Personal Income)                 BEA 04-32
Greg Key:           (202) 606-5302  (Personal Outlays)
Recorded message:   (202) 606-5303


               PERSONAL INCOME AND OUTLAYS:  MAY 2004

 Personal income increased $55.9 billion, or 0.6 percent, and disposable personal income (DPI)
increased $47.8 billion, or 0.6 percent, in May, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $77.6 billion, or 1.0 percent.  In April, personal
income increased $61.1 billion, or 0.6 percent, DPI increased $52.3 billion, or 0.6 percent, and PCE
increased $14.4 billion, or 0.2 percent, based on revised estimates.

                                                        2004
                                         (Percent change from preceding month)
                                     Jan.              Feb.           Mar.           Apr.           May
Personal income, current dollars     0.5               0.5            0.5            0.6            0.6

Disposable personal income:
  Current dollars                    1.0               0.5            0.5            0.6            0.6
  Chained (2000) dollars             0.6               0.3            0.2            0.4            0.0

Personal consumption expenditures:
  Current dollars                    0.5               0.4            0.6            0.2            1.0
  Chained (2000) dollars             0.1               0.2            0.3            0.0            0.4

       As part of the annual revision of the national income and product accounts, revised estimates of
personal income and outlays covering January 2001 through May 2004 will be released along with
preliminary estimates for June 2004 on August 3.  An article describing the revision will appear in the
August 2004 issue of the Survey of Current Business.


Wages and salaries

 Private wage and salary disbursements increased $39.6 billion in May, compared with an
increase of $25.9 billion in April.  Goods-producing industries' payrolls increased $7.7 billion,
compared with an increase of $4.1 billion; manufacturing payrolls increased $5.0 billion, compared
with an increase of $2.4 billion.  Services-producing industries' payrolls increased $31.8 billion,
compared with an increase of $21.8 billion.

 Government wage and salary disbursements decreased $4.1 billion in May, in contrast to an
increase of $6.2 billion in April.  Payments for a retroactive pay raise added $4.4 billion to federal
civilian government payrolls in April.


Other personal income

 Supplements to wages and salaries increased $8.2 billion in May, compared with an increase of
$7.2 billion in April.  Proprietors' income increased $10.8 billion, compared with an increase of
$13.9 billion.  Farm proprietors' income increased $2.6 billion, compared with an increase of $4.8
billion.  Nonfarm proprietors' income increased $8.1 billion, compared with an increase of $9.2
billion.

 Rental income of persons increased $2.3 billion in May, compared with an increase of $2.5
billion in April.  Personal income receipts on assets (personal interest income plus personal dividend
income) increased $3.5 billion, compared with an increase of $3.4 billion.  Personal current transfer
receipts increased $1.3 billion, compared with an increase of $5.6 billion.

 Contributions for government social insurance -- a subtraction in calculating personal income --
increased $5.5 billion in May, compared with an increase of $3.7 billion in April.


Personal current taxes and disposable personal income

 Personal current taxes increased $8.2 billion in May, compared with an increase of $8.7 billion
in April.  Disposable personal income (DPI) -- personal income less personal current taxes --
increased $47.8 billion, or 0.6 percent, in May, compared with an increase of $52.3 billion, or 0.6
percent, in April.


Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $79.6 billion in May, compared with an increase of $16.3 billion in April.  PCE increased
$77.6 billion, compared with an increase of $14.4 billion.

 Personal saving -- DPI less personal outlays -- was $191.2 billion in May, compared with
$223.0 billion in April.  Personal saving as a percentage of disposable personal income was 2.2
percent in May, compared with 2.6 percent in April.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in May,
compared with an increase of 0.4 percent in April.  The small increase in real DPI in May reflected
an increase in the PCE implicit price deflator, which is used to deflate DPI.  The PCE price deflator
increased 0.5 percent in May; most of the increase was accounted for by increases in food and
energy prices.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in May, in contrast
to a decrease of less than 0.1 percent in April.  Purchases of durable goods increased 1.7 percent, in
contrast to a decrease of 0.6 percent.  Purchases of motor vehicles and parts accounted for most of
the May increase and accounted for most of the April decrease.  Purchases of nondurable goods
increased 0.1 percent in May, in contrast to a decrease of 0.2 percent in April.  Purchases of services
increased 0.4 percent, compared with an increase of 0.2 percent.


Revisions

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

                                                 Change from preceding month
                                               March                                   April
                               Previous  Revised  Previous  Revised    Previous  Revised  Previous  Revised
                             (Billions of dollars)     (Percent)     (Billions of dollars)    (Percent)
 Personal Income:
   Current dollars.............  41.2     44.9      0.4      0.5         54.6     61.1      0.6       0.6

 Disposable personal income:
   Current dollars............   37.1     40.5      0.4      0.5         46.9     52.3      0.5       0.6
   Chained (2000) dollars......  12.4     14.5      0.2      0.2         33.5     33.1      0.4       0.4

 Personal consumption expenditures:
   Current dollars.............  43.6     50.6      0.5      0.6         28.1     14.4      0.3       0.2
   Chained (2000) dollars......  19.8     25.3      0.3      0.3         16.4     -1.5      0.2       0.0

 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 June will be released on
                   August 3, 2004, at 8:30 A.M. EDT.


                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/r/  May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,332.9    9,386.9    9,423.3    9,474.5    9,524.0    9,568.9    9,630.0    9,685.9

  Compensation of employees, received......    6,277.6    6,315.2    6,313.2    6,372.3    6,411.8    6,442.5    6,481.7    6,525.4

    Wage and salary disbursements..........    5,156.4    5,189.2    5,184.3    5,223.1    5,250.4    5,269.5    5,301.7    5,337.0
      Private industries...................    4,255.9    4,288.7    4,281.7    4,314.8    4,339.4    4,355.8    4,381.7    4,421.3
        Goods-producing industries.........    1,019.3    1,030.1    1,030.6    1,038.7    1,043.5    1,048.7    1,052.8    1,060.5
          Manufacturing....................      674.9      683.6      684.1      688.3      691.8      693.4      695.8      700.8
        Services-producing industries......    3,236.6    3,258.6    3,251.2    3,276.1    3,295.9    3,307.1    3,328.9    3,360.7
          Trade, transportation, and
           utilities.......................      874.9      878.3      873.5      882.0      887.3      890.4      895.1      900.4
          Other services-producing
           industries......................    2,361.7    2,380.3    2,377.7    2,394.2    2,408.6    2,416.7    2,433.8    2,460.3
      Government...........................      900.4      900.5      902.6      908.3      911.0      913.7      919.9      915.8

    Supplements to wages and salaries......    1,121.3    1,126.0    1,128.9    1,149.2    1,161.4    1,172.9    1,180.1    1,188.3
      Employer contributions for employee
       pension and insurance funds.........      738.7      741.3      744.4      754.8      765.0      775.3      780.7      786.1
      Employer contributions for government
       social insurance....................      382.6      384.7      384.5      394.4      396.4      397.6      399.4      402.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      867.4      873.9      881.6      885.0      891.7      908.3      922.2      933.0
    Farm...................................       22.5       23.9       23.7       18.9       18.7       19.0       23.8       26.4
    Nonfarm................................      844.9      850.1      857.9      866.0      873.0      889.3      898.5      906.6

  Rental income of persons with capital
   consumption adjustment..................      172.9      182.9      193.1      190.8      188.6      186.1      188.6      190.9

  Personal income receipts on assets.......    1,396.4    1,405.1    1,414.0    1,415.2    1,416.5    1,417.9    1,421.3    1,424.8
    Personal interest income...............      959.5      965.7      971.9      970.4      969.0      967.5      968.1      968.7
    Personal dividend income...............      436.9      439.4      442.1      444.8      447.6      450.4      453.2      456.1

  Personal current transfer receipts.......    1,403.0    1,398.6    1,409.8    1,416.2    1,424.5    1,425.8    1,431.4    1,432.7
    Government social benefits to persons..    1,355.2    1,350.9    1,362.2    1,368.7    1,376.8    1,377.9    1,383.0    1,384.1
      Old-age, survivors, disability, and
       health insurance benefits...........      751.1      752.9      760.7      763.5      774.7      776.3      781.1      781.8
      Government unemployment insurance
       benefits............................       58.4       53.0       55.3       50.4       44.9       41.7       38.6       37.8
      Other................................      545.7      544.9      546.2      554.8      557.2      559.9      563.3      564.5
    Other current transfer receipts, from
     business (net)........................       47.8       47.7       47.6       47.5       47.7       47.9       48.4       48.6

  Less: Contributions for government social
   insurance...............................      784.4      788.9      788.4      805.0      809.2      811.6      815.3      820.8

Less: Personal current taxes...............    1,011.6    1,019.3    1,022.2      986.0      991.7      996.2    1,004.9    1,013.1

Equals: Disposable personal income.........    8,321.3    8,367.6    8,401.1    8,488.5    8,532.3    8,572.8    8,625.1    8,672.9

Less: Personal outlays.....................    8,153.0    8,206.2    8,266.4    8,307.8    8,336.5    8,385.8    8,402.1    8,481.7

  Personal consumption expenditures........    7,864.7    7,916.8    7,975.9    8,018.6    8,048.5    8,099.1    8,113.5    8,191.1
    Durable goods..........................      956.0      961.2      983.7      949.1      955.1      967.1      961.8      978.0
    Nondurable goods.......................    2,246.3    2,266.9    2,273.4    2,314.2    2,324.4    2,350.9    2,348.8    2,377.6
    Services...............................    4,662.3    4,688.7    4,718.8    4,755.2    4,769.1    4,781.1    4,802.9    4,835.5
  Personal interest payments\1\............      187.0      187.6      188.3      186.5      184.8      183.0      184.5      186.0
  Personal current transfer payments.......      101.4      101.8      102.3      102.8      103.2      103.7      104.1      104.6
    To government..........................       64.4       64.9       65.3       65.7       66.1       66.6       67.0       67.5
    To the rest of the world (net).........       37.0       37.0       37.0       37.1       37.1       37.1       37.1       37.1

Equals: Personal saving....................      168.3      161.3      134.6      180.7      195.8      187.0      223.0      191.2

  Personal saving as a percentage of
   disposable personal income..............        2.0        1.9        1.6        2.1        2.3        2.2        2.6        2.2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,870.5    7,916.3    7,931.6    7,980.4    8,005.6    8,020.1    8,053.2    8,055.7
    Per capita:
      Current dollars......................     28,502     28,637     28,730     29,008     29,136     29,253     29,409     29,548
      Chained (2000) dollars...............     26,958     27,092     27,124     27,271     27,338     27,367     27,459     27,446
  Population (midperiod, thousands)\3\.....    291,958    292,197    292,427    292,630    292,838    293,055    293,281    293,514
-----------------------------------------------------------------------------------------------------------------------------------
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      IV 02       I 03      II 03     III 03      IV 03    I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    8,910.3    9,208.0    8,981.3    9,048.7    9,145.9    9,256.3    9,381.0    9,522.5

  Compensation of employees, received......    6,019.1    6,203.0    6,058.0    6,114.4    6,166.2    6,229.4    6,302.0    6,408.8

    Wage and salary disbursements..........    4,974.6    5,100.2    4,999.1    5,033.2    5,072.2    5,118.8    5,176.6    5,247.7
      Private industries...................    4,114.7    4,202.6    4,125.4    4,143.3    4,172.7    4,218.8    4,275.5    4,336.7
        Goods-producing industries.........    1,010.9    1,010.8    1,007.1    1,005.8    1,003.4    1,007.3    1,026.7    1,043.6
          Manufacturing....................      675.7      671.4      672.6      670.5      666.5      667.6      680.9      691.2
        Services-producing industries......    3,103.7    3,191.8    3,118.3    3,137.5    3,169.3    3,211.5    3,248.8    3,293.0
          Trade, transportation, and
           utilities.......................      844.7      863.9      847.6      855.0      859.5      865.4      875.6      886.5
          Other services-producing
           industries......................    2,259.0    2,327.9    2,270.7    2,282.6    2,309.8    2,346.1    2,373.2    2,406.5
      Government...........................      859.9      897.7      873.8      890.0      899.5      900.0      901.2      911.0

    Supplements to wages and salaries......    1,044.5    1,102.8    1,058.8    1,081.2    1,093.9    1,110.6    1,125.4    1,161.2
      Employer contributions for employee
       pension and insurance funds.........      680.4      724.0      692.1      706.3      717.3      730.7      741.5      765.0
      Employer contributions for government
       social insurance....................      364.1      378.8      366.7      374.9      376.6      379.9      383.9      396.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      797.7      846.9      812.2      813.5      838.8      860.9      874.3      895.0
    Farm...................................       14.3       19.5       16.3       13.0       20.0       21.5       23.3       18.9
    Nonfarm................................      783.4      827.4      795.9      800.5      818.8      839.4      850.9      876.1

  Rental income of persons with capital
   consumption adjustment..................      173.0      164.2      159.0      163.2      153.4      157.0      183.0      188.5

  Personal income receipts on assets.......    1,378.5    1,393.3    1,392.0    1,388.6    1,390.2    1,389.2    1,405.2    1,416.5
    Personal interest income...............      982.4      964.6      981.2      970.6      964.9      957.0      965.7      969.0
    Personal dividend income...............      396.2      428.7      410.8      418.0      425.3      432.2      439.5      447.6

  Personal current transfer receipts.......    1,292.2    1,377.5    1,315.6    1,337.6    1,369.7    1,398.7    1,403.8    1,422.2
    Government social benefits to persons..    1,249.5    1,331.6    1,274.6    1,292.4    1,325.3    1,352.6    1,356.1    1,374.5
      Old-age, survivors, disability, and
       health insurance benefits...........      710.3      743.7      721.1      732.3      741.8      745.6      754.9      771.5
      Government unemployment insurance
       benefits............................       53.4       55.6       53.8       51.9       56.3       58.6       55.6       45.6
      Other................................      485.8      532.3      499.8      508.2      527.1      548.4      545.6      557.3
    Other current transfer receipts, from
     business (net)........................       42.6       45.9       41.0       45.3       44.5       46.1       47.7       47.7

  Less: Contributions for government social
   insurance...............................      750.3      776.8      755.5      768.7      772.3      779.0      787.2      808.6

Less: Personal current taxes...............    1,053.1      991.4    1,045.6    1,009.4    1,000.2      938.5    1,017.7      991.3

Equals: Disposable personal income.........    7,857.2    8,216.5    7,935.6    8,039.2    8,145.8    8,317.8    8,363.3    8,531.2

Less: Personal outlays.....................    7,674.0    8,043.0    7,789.2    7,888.3    7,956.7    8,118.5    8,208.6    8,343.4

  Personal consumption expenditures........    7,385.3    7,757.4    7,501.2    7,600.7    7,673.6    7,836.3    7,919.1    8,055.4
    Durable goods..........................      911.3      941.6      907.3      898.2      926.2      975.1      967.0      957.1
    Nondurable goods.......................    2,086.0    2,209.7    2,119.2    2,175.7    2,170.8    2,230.0    2,262.2    2,329.9
    Services...............................    4,388.0    4,606.2    4,474.7    4,526.8    4,576.6    4,631.2    4,689.9    4,768.5
  Personal interest payments\1\............      194.7      185.4      187.7      186.2      183.2      184.6      187.6      184.8
  Personal current transfer payments.......       94.0      100.2      100.3      101.3      100.0       97.6      101.9      103.2
    To government..........................       58.6       63.1       60.1       61.3       62.5       63.7       64.9       66.1
    To the rest of the world (net).........       35.4       37.1       40.2       40.1       37.5       33.9       37.0       37.1

Equals: Personal saving....................      183.2      173.5      146.4      151.0      189.0      199.3      154.7      187.8

  Personal saving as a percentage of
   disposable personal income..............        2.3        2.1        1.8        1.9        2.3        2.4        1.9        2.2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,596.7    7,801.1    7,615.8    7,662.0    7,753.5    7,882.9    7,906.1    8,002.1
    Per capita:
      Current dollars......................     27,259     28,227     27,425     27,720     28,022     28,540     28,623     29,133
      Chained (2000) dollars...............     26,355     26,800     26,320     26,419     26,673     27,048     27,058     27,326
  Population (midperiod, thousands)\3\.....    288,240    291,085    289,360    290,016    290,689    291,445    292,190    292,841
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 03     Nov 03     Dec 03     Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/r/  May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       45.3       54.0       36.4       51.2       49.5       44.9       61.1       55.9

  Compensation of employees, received......       29.8       37.6       -2.0       59.1       39.5       30.7       39.2       43.7

    Wage and salary disbursements..........       25.0       32.8       -4.9       38.8       27.3       19.1       32.2       35.3
      Private industries...................       24.3       32.8       -7.0       33.1       24.6       16.4       25.9       39.6
        Goods-producing industries.........        8.2       10.8         .5        8.1        4.8        5.2        4.1        7.7
          Manufacturing....................        5.2        8.7         .5        4.2        3.5        1.6        2.4        5.0
        Services-producing industries......       16.1       22.0       -7.4       24.9       19.8       11.2       21.8       31.8
          Trade, transportation, and
           utilities.......................        7.5        3.4       -4.8        8.5        5.3        3.1        4.7        5.3
          Other services-producing
           industries......................        8.6       18.6       -2.6       16.5       14.4        8.1       17.1       26.5
      Government...........................         .6         .1        2.1        5.7        2.7        2.7        6.2       -4.1

    Supplements to wages and salaries......        4.8        4.7        2.9       20.3       12.2       11.5        7.2        8.2
      Employer contributions for employee
       pension and insurance funds.........        3.1        2.6        3.1       10.4       10.2       10.3        5.4        5.4
      Employer contributions for government
       social insurance....................        1.8        2.1        -.2        9.9        2.0        1.2        1.8        2.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        2.6        6.5        7.7        3.4        6.7       16.6       13.9       10.8
    Farm...................................        2.0        1.4        -.2       -4.8        -.2         .3        4.8        2.6
    Nonfarm................................         .6        5.2        7.8        8.1        7.0       16.3        9.2        8.1

  Rental income of persons with capital
   consumption adjustment..................       10.3       10.0       10.2       -2.3       -2.2       -2.5        2.5        2.3

  Personal income receipts on assets.......        8.4        8.7        8.9        1.2        1.3        1.4        3.4        3.5
    Personal interest income...............        6.1        6.2        6.2       -1.5       -1.4       -1.5         .6         .6
    Personal dividend income...............        2.3        2.5        2.7        2.7        2.8        2.8        2.8        2.9

  Personal current transfer receipts.......       -2.2       -4.4       11.2        6.4        8.3        1.3        5.6        1.3
    Government social benefits to persons..       -2.9       -4.3       11.3        6.5        8.1        1.1        5.1        1.1
      Old-age, survivors, disability, and
       health insurance benefits...........        4.4        1.8        7.8        2.8       11.2        1.6        4.8         .7
      Government unemployment insurance
       benefits............................        -.8       -5.4        2.3       -4.9       -5.5       -3.2       -3.1        -.8
      Other................................       -6.5        -.8        1.3        8.6        2.4        2.7        3.4        1.2
    Other current transfer receipts, from
     business (net)........................         .7        -.1        -.1        -.1         .2         .2         .5         .2

  Less: Contributions for government social
   insurance...............................        3.5        4.5        -.5       16.6        4.2        2.4        3.7        5.5

Less: Personal current taxes...............        7.1        7.7        2.9      -36.2        5.7        4.5        8.7        8.2

Equals: Disposable personal income.........       38.3       46.3       33.5       87.4       43.8       40.5       52.3       47.8

Less: Personal outlays.....................       12.2       53.2       60.2       41.4       28.7       49.3       16.3       79.6

  Personal consumption expenditures........        8.1       52.1       59.1       42.7       29.9       50.6       14.4       77.6
    Durable goods..........................      -17.9        5.2       22.5      -34.6        6.0       12.0       -5.3       16.2
    Nondurable goods.......................        5.6       20.6        6.5       40.8       10.2       26.5       -2.1       28.8
    Services...............................       20.3       26.4       30.1       36.4       13.9       12.0       21.8       32.6
  Personal interest payments\1\............         .7         .6         .7       -1.8       -1.7       -1.8        1.5        1.5
  Personal current transfer payments.......        3.4         .4         .5         .5         .4         .5         .4         .5
    To government..........................         .3         .5         .4         .4         .4         .5         .4         .5
    To the rest of the world (net).........        3.1         .0         .0         .1         .0         .0         .0         .0

Equals: Personal saving....................       26.1       -7.0      -26.7       46.1       15.1       -8.8       36.0      -31.8

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       34.0       45.8       15.3       48.8       25.2       14.5       33.1        2.5
-----------------------------------------------------------------------------------------------------------------------------------
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      IV 02       I 03      II 03     III 03      IV 03     I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      197.2      297.7       37.3       67.4       97.2      110.4      124.7      141.5

  Compensation of employees, received......       78.7      183.9       26.9       56.4       51.8       63.2       72.6      106.8

    Wage and salary disbursements..........       31.7      125.6       18.2       34.1       39.0       46.6       57.8       71.1
      Private industries...................      -12.4       87.9        7.7       17.9       29.4       46.1       56.7       61.2
        Goods-producing industries.........      -33.7        -.1       -3.6       -1.3       -2.4        3.9       19.4       16.9
          Manufacturing....................      -33.4       -4.3       -3.7       -2.1       -4.0        1.1       13.3       10.3
        Services-producing industries......       21.2       88.1       11.3       19.2       31.8       42.2       37.3       44.2
          Trade, transportation, and
           utilities.......................        -.2       19.2         .0        7.4        4.5        5.9       10.2       10.9
          Other services-producing
           industries......................       21.4       68.9       11.3       11.9       27.2       36.3       27.1       33.3
      Government...........................       44.1       37.8       10.6       16.2        9.5         .5        1.2        9.8

    Supplements to wages and salaries......       46.9       58.3        8.6       22.4       12.7       16.7       14.8       35.8
      Employer contributions for employee
       pension and insurance funds.........       37.8       43.6        6.9       14.2       11.0       13.4       10.8       23.5
      Employer contributions for government
       social insurance....................        9.2       14.7        1.6        8.2        1.7        3.3        4.0       12.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       27.1       49.2        9.0        1.3       25.3       22.1       13.4       20.7
    Farm...................................      -10.7        5.2        2.8       -3.3        7.0        1.5        1.8       -4.4
    Nonfarm................................       37.8       44.0        6.2        4.6       18.3       20.6       11.5       25.2

  Rental income of persons with capital
   consumption adjustment..................        9.9       -8.8      -13.7        4.2       -9.8        3.6       26.0        5.5

  Personal income receipts on assets.......        3.6       14.8        4.5       -3.4        1.6       -1.0       16.0       11.3
    Personal interest income...............      -21.3      -17.8       -4.1      -10.6       -5.7       -7.9        8.7        3.3
    Personal dividend income...............       25.0       32.5        8.6        7.2        7.3        6.9        7.3        8.1

  Personal current transfer receipts.......       99.6       85.3       14.0       22.0       32.1       29.0        5.1       18.4
    Government social benefits to persons..      106.9       82.1       15.2       17.8       32.9       27.3        3.5       18.4
      Old-age, survivors, disability, and
       health insurance benefits...........       41.9       33.4        7.3       11.2        9.5        3.8        9.3       16.6
      Government unemployment insurance
       benefits............................       21.7        2.2       -3.5       -1.9        4.4        2.3       -3.0      -10.0
      Other................................       43.3       46.5       11.4        8.4       18.9       21.3       -2.8       11.7
    Other current transfer receipts, from
     business (net)........................       -7.3        3.3       -1.1        4.3        -.8        1.6        1.6         .0

  Less: Contributions for government social
   insurance...............................       21.8       26.5        3.4       13.2        3.6        6.7        8.2       21.4

Less: Personal current taxes...............     -190.6      -61.7       -7.4      -36.2       -9.2      -61.7       79.2      -26.4

Equals: Disposable personal income.........      387.8      359.3       44.6      103.6      106.6      172.0       45.5      167.9

Less: Personal outlays.....................      331.8      369.0       67.2       99.1       68.4      161.8       90.1      134.8

  Personal consumption expenditures........      339.9      372.1       73.0       99.5       72.9      162.7       82.8      136.3
    Durable goods..........................       29.4       30.3       -6.3       -9.1       28.0       48.9       -8.1       -9.9
    Nondurable goods.......................       72.4      123.7       28.7       56.5       -4.9       59.2       32.2       67.7
    Services...............................      238.2      218.2       50.6       52.1       49.8       54.6       58.7       78.6
  Personal interest payments\1\............      -14.4       -9.3       -8.5       -1.5       -3.0        1.4        3.0       -2.8
  Personal current transfer payments.......        6.3        6.2        2.7        1.0       -1.3       -2.4        4.3        1.3
    To government..........................        4.0        4.5        1.0        1.2        1.2        1.2        1.2        1.2
    To the rest of the world (net).........        2.3        1.7        1.6        -.1       -2.6       -3.6        3.1         .1

Equals: Personal saving....................       56.0       -9.7      -22.6        4.6       38.0       10.3      -44.6       33.1

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      276.5      204.4       10.6       46.2       91.5      129.4       23.2       96.0
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 03     Nov 03     Dec 03     Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/r/  May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .5         .6         .4         .5         .5         .5         .6         .6
  Compensation of employees, received......         .5         .6         .0         .9         .6         .5         .6         .7
    Wage and salary disbursements..........         .5         .6        -.1         .7         .5         .4         .6         .7
    Supplements to wages and salaries......         .4         .4         .3        1.8        1.1        1.0         .6         .7
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .3         .8         .9         .4         .8        1.9        1.5        1.2
  Rental income of persons with capital
   consumption adjustment..................        6.3        5.8        5.6       -1.2       -1.2       -1.3        1.4        1.2
  Personal income receipts on assets.......         .6         .6         .6         .1         .1         .1         .2         .2
    Personal interest income...............         .6         .6         .6        -.2        -.2        -.2         .1         .1
    Personal dividend income...............         .5         .6         .6         .6         .6         .6         .6         .6
  Personal current transfer receipts.......        -.2        -.3         .8         .5         .6         .1         .4         .1

  Less: Contributions for government social
   insurance...............................         .4         .6        -.1        2.1         .5         .3         .5         .7

Less: Personal current taxes...............         .7         .8         .3       -3.5         .6         .5         .9         .8

Equals: Disposable personal income.........         .5         .6         .4        1.0         .5         .5         .6         .6

Addenda:
  Personal consumption expenditures........         .1         .7         .7         .5         .4         .6         .2        1.0
    Durable goods..........................       -1.8         .5        2.3       -3.5         .6        1.3        -.6        1.7
    Nondurable goods.......................         .3         .9         .3        1.8         .4        1.1        -.1        1.2
    Services...............................         .4         .6         .6         .8         .3         .3         .5         .7

  Real disposable personal income..........         .4         .6         .2         .6         .3         .2         .4         .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003      IV 02       I 03      II 03     III 03      IV 03     I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        2.3        3.3        1.7        3.0        4.4        4.9        5.5        6.2
  Compensation of employees, received......        1.3        3.1        1.8        3.8        3.4        4.2        4.7        7.0
    Wage and salary disbursements..........         .6        2.5        1.5        2.8        3.1        3.7        4.6        5.6
    Supplements to wages and salaries......        4.7        5.6        3.3        8.7        4.8        6.2        5.4       13.3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        3.5        6.2        4.6         .6       13.0       11.0        6.4        9.8
  Rental income of persons with capital
   consumption adjustment..................        6.1       -5.1      -28.2       11.1      -22.0        9.7       84.6       12.6
  Personal income receipts on assets.......         .3        1.1        1.3       -1.0         .5        -.3        4.7        3.3
    Personal interest income...............       -2.1       -1.8       -1.6       -4.2       -2.3       -3.2        3.7        1.4
    Personal dividend income...............        6.7        8.2        8.8        7.2        7.2        6.7        6.9        7.6
  Personal current transfer receipts.......        8.4        6.6        4.4        6.9        9.9        8.7        1.5        5.3

  Less: Contributions for government social
   insurance...............................        3.0        3.5        1.8        7.2        1.9        3.5        4.3       11.3

Less: Personal current taxes...............      -15.3       -5.9       -2.8      -13.1       -3.6      -22.5       38.3      -10.0

Equals: Disposable personal income.........        5.2        4.6        2.3        5.3        5.4        8.7        2.2        8.3

Addenda:
  Personal consumption expenditures........        4.8        5.0        4.0        5.4        3.9        8.8        4.3        7.1
    Durable goods..........................        3.3        3.3       -2.7       -4.0       13.1       22.9       -3.3       -4.0
    Nondurable goods.......................        3.6        5.9        5.6       11.1        -.9       11.4        5.9       12.5
    Services...............................        5.7        5.0        4.6        4.7        4.5        4.9        5.2        6.9

  Real disposable personal income..........        3.8        2.7         .6        2.4        4.9        6.8        1.2        4.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.



                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/r/  May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,438.6    7,489.8    7,530.2    7,538.5    7,551.7    7,577.0    7,575.5    7,608.2
  Durable goods............................    1,054.9    1,064.7    1,093.0    1,052.1    1,058.6    1,071.4    1,065.5    1,083.3
  Nondurable goods.........................    2,143.8    2,170.9    2,172.6    2,196.1    2,195.9    2,203.7    2,199.9    2,201.9
  Services.................................    4,251.4    4,266.9    4,280.9    4,300.0    4,307.5    4,314.0    4,321.0    4,336.2
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        5.5       51.2       40.4        8.3       13.2       25.3       -1.5       32.7
  Durable goods............................      -16.7        9.8       28.3      -40.9        6.5       12.8       -5.9       17.8
  Nondurable goods.........................       13.1       27.1        1.7       23.5        -.2        7.8       -3.8        2.0
  Services.................................        6.6       15.5       14.0       19.1        7.5        6.5        7.0       15.2
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .1         .7         .5         .1         .2         .3         .0         .4
  Durable goods............................       -1.6         .9        2.7       -3.7         .6        1.2        -.6        1.7
  Nondurable goods.........................         .6        1.3         .1        1.1         .0         .4        -.2         .1
  Services.................................         .2         .4         .3         .4         .2         .2         .2         .4
-----------------------------------------------------------------------------------------------------------------------------------
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      IV 02       I 03      II 03     III 03      IV 03    I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,140.4    7,365.2    7,198.9    7,244.1    7,304.0    7,426.6    7,486.2    7,555.8
  Durable goods............................      957.2    1,027.5      963.8      965.0    1,005.1    1,069.1    1,070.8    1,060.7
  Nondurable goods.........................    2,043.6    2,121.0    2,061.8    2,090.5    2,096.9    2,134.3    2,162.4    2,198.6
  Services.................................    4,141.8    4,225.7    4,175.4    4,190.7    4,208.4    4,237.2    4,266.4    4,307.2
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      235.8      224.8       39.7       45.2       59.9      122.6       59.6       69.6
  Durable goods............................       58.1       70.3         .7        1.2       40.1       64.0        1.7      -10.1
  Nondurable goods.........................       60.3       77.4       23.0       28.7        6.4       37.4       28.1       36.2
  Services.................................      119.4       83.9       16.0       15.3       17.7       28.8       29.2       40.8
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                    chained (2000) dollars at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.4        3.1        2.2        2.5        3.3        6.9        3.2        3.8
  Durable goods............................        6.5        7.4         .3         .5       17.7       28.0         .7       -3.7
  Nondurable goods.........................        3.0        3.8        4.6        5.7        1.2        7.3        5.4        6.9
  Services.................................        3.0        2.0        1.5        1.5        1.7        2.8        2.8        3.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.



      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/r/  May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    105.733    105.705    105.924    106.373    106.583    106.896    107.107    107.667
  Durable goods............................     90.626     90.273     89.995     90.215     90.216     90.264     90.266     90.277
  Nondurable goods.........................    104.786    104.424    104.645    105.386    105.855    106.687    106.774    107.986
  Services.................................    109.672    109.895    110.238    110.594    110.723    110.835    111.160    111.523
Addendum:
  Personal consumption expenditures
   excluding food and energy...............    105.136    105.228    105.406    105.644    105.751    105.947    106.161    106.412
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .0         .0         .2         .4         .2         .3         .2         .5
  Durable goods............................        -.3        -.4        -.3         .2         .0         .1         .0         .0
  Nondurable goods.........................        -.4        -.3         .2         .7         .4         .8         .1        1.1
  Services.................................         .3         .2         .3         .3         .1         .1         .3         .3
Addendum:
  Personal consumption expenditures
   excluding food and energy...............         .2         .1         .2         .2         .1         .2         .2         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 03     Nov 03     Dec 03     Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/r/  May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        3.4        3.9        4.1        4.3        4.6        4.4        4.4        3.8

Personal consumption expenditures..........        3.9        4.1        4.0        4.0        4.5        4.4        4.3        4.1
  Durable goods............................       12.3       11.6        9.6        9.1       10.7       10.0        7.6        7.6
  Nondurable goods.........................        4.6        5.1        5.0        4.8        5.4        5.3        5.7        5.0
  Services.................................        2.0        2.1        2.4        2.7        2.8        2.9        3.0        3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 03     Nov 03     Dec 03     Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/r/  May 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.7        1.5        1.4        1.7        1.5        1.6        2.0        2.5
  Durable goods............................       -4.1       -4.2       -3.9       -3.3       -3.0       -2.8       -2.5       -1.9
  Nondurable goods.........................        1.9        1.6        1.9        2.2        1.5        1.8        2.8        4.7
  Services.................................        2.8        2.6        2.3        2.5        2.5        2.4        2.6        2.5
Addendum:
  Personal consumption expenditures
   less food and energy....................        1.1        1.0         .8        1.1        1.2        1.4        1.6        1.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.