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James E. Rankin: (202) 606-5301 (Personal Income) BEA 02-12
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: MARCH 2002
Personal income increased $36.7 billion, or 0.4 percent, and disposable personal income (DPI)
increased $36.4 billion, or 0.5 percent, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $28.8 billion, or 0.4 percent. In February, personal
income increased $53.2 billion, or 0.6 percent, DPI increased $52.7 billion, or 0.7 percent, and PCE
increased $43.8 billion, or 0.6 percent, based on revised estimates.
2001 2002
Nov. Dec. Jan. Feb. Mar.
(Percent change from preceding month)
Personal income, current dollars 0.0 0.3 0.5 0.6 0.4
Disposable personal income:
Current dollars 0.0 0.2 1.9 0.7 0.5
Chained (1996) dollars 0.1 0.4 1.7 0.6 0.3
Personal consumption expenditures:
Current dollars -0.3 0.1 0.5 0.6 0.4
Chained (1996) dollars -0.2 0.3 0.4 0.5 0.2
Wages and salaries
Private wage and salary disbursements increased $7.8 billion in March, compared with an
increase of $15.9 billion in February. Goods-producing industries' payrolls increased $3.4 billion,
compared with an increase of $2.0 billion; manufacturing payrolls increased $3.1 billion, compared
with an increase of $0.1 billion. Distributive industries' payrolls increased $2.0 billion, compared
with an increase of $10.4 billion. Service industries' payrolls increased $2.3 billion, compared with
an increase of $3.5 billion. Government wage and salary disbursements increased $3.0 billion,
compared with an increase of $4.1 billion.
Other personal income
Proprietors' income increased $10.8 billion in March, compared with an increase of $11.0
billion in February. Farm proprietors' income increased $8.8 billion, compared with an increase of
$7.7 billion. Nonfarm proprietors' income increased $2.0 billion, compared with an increase of $3.3
billion.
Transfer payments increased $1.9 billion in March, compared with an increase of $8.7 billion in
February. Personal interest income increased $1.8 billion, the same increase as in February.
Personal dividend income increased $1.8 billion in March, compared with an increase of $2.2 billion
in February. Rental income of persons increased $6.3 billion, compared with an increase of $6.4
billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.2 billion in March, compared with an increase of $0.6 billion in February.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $0.3 billion in March, compared with an increase
of $0.5 billion in February. Disposable personal income (DPI) -- personal income less personal tax
and nontax payments -- increased $36.4 billion, or 0.5 percent, in March, compared with an increase
of $52.7 billion, or 0.7 percent, in February.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $25.3 billion in March, compared with an increase of $40.3 billion in
February. PCE increased $28.8 billion, compared with an increase of $43.8 billion.
Personal saving -- DPI less personal outlays -- was $172.2 billion in March, compared with
$161.1 billion in February. Personal saving as a percentage of disposable personal income was 2.2
percent in March, compared with 2.1 percent in February.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in March, compared
with an increase of 0.6 percent in February.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in March,
compared with an increase of 0.5 percent in February. Purchases of durable goods increased 0.7
percent, compared with an increase of 2.3 percent. Purchases of motor vehicles and parts accounted
for most of the increases in March and February. Purchases of nondurable goods decreased 0.4
percent in March, compared with a decrease of 0.1 percent in February. Purchases of services
increased 0.3 percent, compared with an increase of 0.4 percent.
Revisions
Estimates have been revised for January and February. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for January
and February -- revised and as published in last month's release -- are shown below.
Change from preceding month
January February
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars............. 44.7 45.4 0.5 0.5 49.9 53.2 0.6 0.6
Disposable personal income:
Current dollars............. 137.7 139.0 1.8 1.9 49.5 52.7 0.7 0.7
Chained (1996) dollars...... 115.7 117.1 1.7 1.7 39.0 41.5 0.6 0.6
Personal consumption expenditures:
Current dollars............. 32.5 35.7 0.5 0.5 44.6 43.8 0.6 0.6
Chained (1996) dollars...... 20.2 23.4 0.3 0.4 35.0 33.7 0.5 0.5
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
606-5303 Personal income and outlays
606-5362 U.S. international transactions
Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- Personal Income and Outlays for April will be released on
Tuesday, May 28, 2002, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Aug 01 Sep 01 Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,775.9 8,771.0 8,759.6 8,757.2 8,784.8 8,830.2 8,883.4 8,920.1
Wage and salary disbursements..... 5,123.8 5,122.0 5,110.6 5,112.8 5,136.8 5,134.9 5,154.9 5,165.7
Private industries.............. 4,311.9 4,304.8 4,289.7 4,289.8 4,311.1 4,301.1 4,317.0 4,324.8
Goods-producing industries.... 1,197.2 1,193.9 1,184.9 1,179.1 1,179.3 1,174.5 1,176.5 1,179.9
Manufacturing............... 841.0 836.7 829.1 821.9 820.7 817.9 818.0 821.1
Distributive industries....... 1,149.5 1,142.6 1,142.6 1,143.3 1,149.8 1,146.7 1,157.1 1,159.1
Service industries............ 1,965.2 1,968.4 1,962.2 1,967.4 1,982.0 1,979.9 1,983.4 1,985.7
Government...................... 811.9 817.2 820.9 822.9 825.7 833.8 837.9 840.9
Other labor income................ 555.3 556.5 557.4 558.5 559.5 564.0 567.6 571.2
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 757.7 748.6 743.9 739.1 739.3 749.7 760.7 771.5
Farm............................ 32.4 34.7 26.9 19.5 12.4 18.0 25.7 34.5
Nonfarm......................... 725.4 713.9 717.0 719.6 726.9 731.7 735.0 737.0
Rental income of persons with
capital consumption adjustment... 144.4 145.2 146.3 147.7 149.2 154.3 160.7 167.0
Personal dividend income.......... 420.1 423.0 425.8 428.3 431.0 433.6 435.8 437.6
Personal interest income.......... 991.5 988.6 979.7 970.9 962.0 963.8 965.6 967.4
Transfer payments to persons...... 1,157.3 1,160.9 1,168.7 1,172.2 1,180.5 1,208.8 1,217.5 1,219.4
Old-age, survivors, disability,
and health insurance benefits.. 669.2 670.8 671.7 674.6 679.2 692.4 698.5 695.9
Government unemployment
insurance benefits............. 24.0 24.3 24.7 25.1 25.8 26.7 27.2 27.9
Other........................... 464.2 465.8 472.3 472.4 475.4 489.6 491.8 495.6
Less: Personal contributions for
social insurance................. 374.2 373.7 372.6 372.4 373.5 378.8 379.4 379.6
Less: Personal tax and nontax
payments........................... 1,120.5 1,207.0 1,332.4 1,327.5 1,338.1 1,244.5 1,245.0 1,245.3
Equals: Disposable personal income.. 7,655.4 7,564.0 7,427.2 7,429.6 7,446.7 7,585.7 7,638.4 7,674.8
Less: Personal outlays.............. 7,333.1 7,210.6 7,418.0 7,397.5 7,404.2 7,437.0 7,477.3 7,502.6
Personal consumption expenditures. 7,099.7 6,979.4 7,188.3 7,168.9 7,177.4 7,213.1 7,256.9 7,285.7
Durable goods................... 848.5 820.4 941.2 910.4 877.9 871.5 884.0 888.1
Nondurable goods................ 2,063.8 2,045.5 2,051.0 2,045.9 2,063.7 2,090.5 2,098.0 2,101.6
Services........................ 4,187.4 4,113.6 4,196.1 4,212.7 4,235.8 4,251.2 4,275.0 4,295.9
Interest paid by persons.......... 201.5 199.2 197.7 196.7 194.9 191.5 188.0 184.6
Personal transfer payments to the
rest of the world (net).......... 31.9 31.9 31.9 31.9 31.9 32.4 32.4 32.4
Equals: Personal saving............. 322.3 353.4 9.2 32.1 42.5 148.8 161.1 172.2
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 6,978.6 6,928.9 6,759.8 6,768.1 6,793.5 6,910.6 6,952.1 6,969.9
Per capita:
Current dollars............... 26,733 26,384 25,879 25,862 25,898 26,358 26,518 26,620
Chained (1996) dollars........ 24,370 24,169 23,553 23,560 23,626 24,012 24,136 24,175
Population (thousands)\2\....... 286,362 286,687 286,999 287,277 287,539 287,798 288,044 288,312
Personal saving as a percentage
of disposable personal income.... 4.2 4.7 .1 .4 .6 2.0 2.1 2.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual estimate is the average of the monthly estimates.
Estimates for January 1991 through June 2000 are interpolations between Bureau
of Census population estimates for 1990 and for 2000; estimates for July 2000
forward are BEA extrapolations. BEA will substitute monthly Bureau of Census
population estimates for 1991 forward when they are released in the first part
of 2002.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2000 2001 IV 00 I 01 II 01 III 01 IV 01 I 02
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,319.2 8,723.5 8,519.6 8,640.2 8,714.6 8,771.8 8,767.2 8,877.9
Wage and salary disbursements..... 4,837.2 5,098.2 4,973.2 5,049.4 5,099.8 5,123.4 5,120.0 5,151.8
Private industries.............. 4,068.8 4,292.2 4,196.6 4,260.6 4,300.2 4,311.0 4,296.9 4,314.3
Goods-producing industries.... 1,163.7 1,197.3 1,195.5 1,206.3 1,204.4 1,197.5 1,181.1 1,177.0
Manufacturing............... 830.1 842.1 852.2 853.3 850.2 841.1 823.9 819.0
Distributive industries....... 1,095.6 1,145.5 1,125.9 1,140.3 1,148.2 1,148.1 1,145.2 1,154.3
Service industries............ 1,809.5 1,949.4 1,875.2 1,914.0 1,947.6 1,965.4 1,970.6 1,983.0
Government...................... 768.4 806.0 776.6 788.8 799.6 812.5 823.2 837.5
Other labor income................ 534.2 553.8 544.9 549.3 552.2 555.4 558.5 567.6
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 715.0 743.5 725.2 735.2 745.3 752.7 740.8 760.6
Farm............................ 30.6 27.6 31.7 29.8 28.7 32.3 19.6 26.1
Nonfarm......................... 684.4 715.9 693.5 705.4 716.6 720.5 721.2 734.6
Rental income of persons with
capital consumption adjustment... 141.6 142.6 141.7 139.6 139.0 144.0 147.7 160.7
Personal dividend income.......... 379.2 416.3 396.6 404.8 411.9 420.0 428.4 435.7
Personal interest income.......... 1,000.6 993.6 1,013.1 1,010.9 1,001.0 991.5 970.9 965.6
Transfer payments to persons...... 1,069.1 1,148.8 1,089.0 1,123.1 1,139.4 1,159.0 1,173.8 1,215.2
Old-age, survivors, disability,
and health insurance benefits.. 617.3 664.4 626.5 651.4 660.1 670.8 675.2 695.6
Government unemployment
insurance benefits............. 20.3 23.7 22.1 22.7 23.1 23.9 25.2 27.3
Other........................... 431.5 460.7 432.8 440.6 456.2 464.3 473.4 492.3
Less: Personal contributions for
social insurance................. 357.7 373.3 364.1 372.1 374.0 374.2 372.8 379.3
Less: Personal tax and nontax
payments........................... 1,288.2 1,306.2 1,329.8 1,345.2 1,351.4 1,195.5 1,332.7 1,244.9
Equals: Disposable personal income.. 7,031.0 7,417.3 7,189.8 7,295.0 7,363.2 7,576.4 7,434.5 7,633.0
Less: Personal outlays.............. 6,963.3 7,298.9 7,115.1 7,216.2 7,281.7 7,291.0 7,406.6 7,472.3
Personal consumption expenditures. 6,728.4 7,064.5 6,871.4 6,977.6 7,044.6 7,057.6 7,178.2 7,251.9
Durable goods................... 819.6 858.3 818.7 838.1 844.7 840.6 909.8 881.2
Nondurable goods................ 1,989.6 2,055.1 2,025.1 2,047.1 2,062.3 2,057.5 2,053.5 2,096.7
Services........................ 3,919.2 4,151.1 4,027.5 4,092.4 4,137.6 4,159.4 4,214.9 4,274.0
Interest paid by persons.......... 205.3 203.2 212.9 208.5 206.3 201.5 196.4 188.0
Personal transfer payments to the
rest of the world (net).......... 29.6 31.2 30.8 30.1 30.8 31.9 31.9 32.4
Equals: Personal saving............. 67.7 118.4 74.7 78.8 81.5 285.3 27.9 160.7
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 6,539.2 6,772.4 6,634.9 6,679.0 6,719.2 6,917.5 6,773.8 6,944.3
Per capita:
Current dollars............... 24,889 25,943 25,331 25,634 25,798 26,457 25,880 26,499
Chained (1996) dollars........ 23,148 23,687 23,376 23,470 23,541 24,157 23,580 24,108
Population (thousands)\2\....... 282,489 285,908 283,838 284,582 285,418 286,360 287,272 288,051
Personal saving as a percentage
of disposable personal income.... 1.0 1.6 1.0 1.1 1.1 3.8 .4 2.1
----------------------------------------------------------------------------------------------------------------------------
1. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The quarterly and
annual estimates are averages of monthly population estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Aug 01 Sep 01 Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7.4 -4.9 -11.4 -2.4 27.6 45.4 53.2 36.7
Wage and salary disbursements..... -.7 -1.8 -11.4 2.2 24.0 -1.9 20.0 10.8
Private industries.............. -4.3 -7.1 -15.1 .1 21.3 -10.0 15.9 7.8
Goods-producing industries.... -4.2 -3.3 -9.0 -5.8 .2 -4.8 2.0 3.4
Manufacturing............... -4.7 -4.3 -7.6 -7.2 -1.2 -2.8 .1 3.1
Distributive industries....... -2.7 -6.9 .0 .7 6.5 -3.1 10.4 2.0
Service industries............ 2.6 3.2 -6.2 5.2 14.6 -2.1 3.5 2.3
Government...................... 3.6 5.3 3.7 2.0 2.8 8.1 4.1 3.0
Other labor income................ .9 1.2 .9 1.1 1.0 4.5 3.6 3.6
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 5.8 -9.1 -4.7 -4.8 .2 10.4 11.0 10.8
Farm............................ 2.7 2.3 -7.8 -7.4 -7.1 5.6 7.7 8.8
Nonfarm......................... 3.1 -11.5 3.1 2.6 7.3 4.8 3.3 2.0
Rental income of persons with
capital consumption adjustment... 2.1 .8 1.1 1.4 1.5 5.1 6.4 6.3
Personal dividend income.......... 3.2 2.9 2.8 2.5 2.7 2.6 2.2 1.8
Personal interest income.......... -2.8 -2.9 -8.9 -8.8 -8.9 1.8 1.8 1.8
Transfer payments to persons...... -1.5 3.6 7.8 3.5 8.3 28.3 8.7 1.9
Old-age, survivors, disability,
and health insurance benefits.. -3.4 1.6 .9 2.9 4.6 13.2 6.1 -2.6
Government unemployment
insurance benefits............. .7 .3 .4 .4 .7 .9 .5 .7
Other............................ 1.3 1.6 6.5 .1 3.0 14.2 2.2 3.8
Less: Personal contributions for
social insurance................. -.5 -.5 -1.1 -.2 1.1 5.3 .6 .2
Less: Personal tax and nontax
payments........................... -138.4 86.5 125.4 -4.9 10.6 -93.6 .5 .3
Equals: Disposable personal income.. 145.8 -91.4 -136.8 2.4 17.1 139.0 52.7 36.4
Less: Personal outlays.............. 3.7 -122.5 207.4 -20.5 6.7 32.8 40.3 25.3
Personal consumption expenditures. 6.1 -120.3 208.9 -19.4 8.5 35.7 43.8 28.8
Durable goods................... -4.5 -28.1 120.8 -30.8 -32.5 -6.4 12.5 4.1
Nondurable goods................ .5 -18.3 5.5 -5.1 17.8 26.8 7.5 3.6
Services........................ 10.1 -73.8 82.5 16.6 23.1 15.4 23.8 20.9
Interest paid by persons.......... -2.4 -2.3 -1.5 -1.0 -1.8 -3.4 -3.5 -3.4
Personal transfer payments to the
rest of the world (net).......... .0 .0 .0 .0 .0 .5 .0 .0
Equals: Personal saving............. 142.1 31.1 -344.2 22.9 10.4 106.3 12.3 11.1
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 133.2 -49.7 -169.1 8.3 25.4 117.1 41.5 17.8
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2000 2001 IV 00 I 01 II 01 III 01 IV 01 I 02
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 541.9 404.3 138.1 120.6 74.4 57.2 -4.6 110.7
Wage and salary disbursements..... 365.0 261.0 97.4 76.2 50.4 23.6 -3.4 31.8
Private industries.............. 320.9 223.4 93.4 64.0 39.6 10.8 -14.1 17.4
Goods-producing industries.... 75.0 33.6 22.3 10.8 -1.9 -6.9 -16.4 -4.1
Manufacturing............... 48.1 12.0 14.2 1.1 -3.1 -9.1 -17.2 -4.9
Distributive industries....... 74.6 49.9 23.5 14.4 7.9 -.1 -2.9 9.1
Service industries............ 171.3 139.9 47.6 38.8 33.6 17.8 5.2 12.4
Government...................... 44.1 37.6 4.0 12.2 10.8 12.9 10.7 14.3
Other labor income................ 24.5 19.6 7.0 4.4 2.9 3.2 3.1 9.1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 43.0 28.5 5.9 10.0 10.1 7.4 -11.9 19.8
Farm............................ 4.0 -3.0 .1 -1.9 -1.1 3.6 -12.7 6.5
Nonfarm......................... 39.0 31.5 5.9 11.9 11.2 3.9 .7 13.4
Rental income of persons with
capital consumption adjustment... -6.1 1.0 3.4 -2.1 -.6 5.0 3.7 13.0
Personal dividend income.......... 36.1 37.1 10.8 8.2 7.1 8.1 8.4 7.3
Personal interest income.......... 50.6 -7.0 3.9 -2.2 -9.9 -9.5 -20.6 -5.3
Transfer payments to persons...... 49.5 79.7 14.4 34.1 16.3 19.6 14.8 41.4
Old-age, survivors, disability,
and health insurance benefits.. 29.3 47.1 5.6 24.9 8.7 10.7 4.4 20.4
Government unemployment
insurance benefits............. .0 3.4 2.0 .6 .4 .8 1.3 2.1
Other............................ 20.3 29.2 5.7 7.8 15.6 8.1 9.1 18.9
Less: Personal contributions for
social insurance................. 20.6 15.6 4.7 8.0 1.9 .2 -1.4 6.5
Less: Personal tax and nontax
payments........................... 129.0 18.0 29.6 15.4 6.2 -155.9 137.2 -87.8
Equals: Disposable personal income.. 413.0 386.3 108.5 105.2 68.2 213.2 -141.9 198.5
Less: Personal outlays.............. 506.1 335.6 88.2 101.1 65.5 9.3 115.6 65.7
Personal consumption expenditures. 478.2 336.1 85.9 106.2 67.0 13.0 120.6 73.7
Durable goods................... 58.7 38.7 -6.7 19.4 6.6 -4.1 69.2 -28.6
Nondurable goods................ 158.3 65.5 12.7 22.0 15.2 -4.8 -4.0 43.2
Services........................ 261.2 231.9 79.8 64.9 45.2 21.8 55.5 59.1
Interest paid by persons.......... 25.6 -2.1 1.6 -4.4 -2.2 -4.8 -5.1 -8.4
Personal transfer payments to the
rest of the world (net).......... 2.4 1.6 .7 -.7 .7 1.1 .0 .5
Equals: Personal saving............. -93.2 50.7 20.2 4.1 2.7 203.8 -257.4 132.8
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 219.2 233.2 68.4 44.1 40.2 198.3 -143.7 170.5
----------------------------------------------------------------------------------------------------------------------------
1. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Percent; months seasonally adjusted at monthly rates]
----------------------------------------------------------------------------------------------------------------------------
Aug 01 Sep 01 Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... .1 -.1 -.1 .0 .3 .5 .6 .4
Wage and salary disbursements..... .0 .0 -.2 .0 .5 .0 .4 .2
Other labor income................ .2 .2 .2 .2 .2 .8 .6 .6
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... .8 -1.2 -.6 -.6 .0 1.4 1.5 1.4
Rental income of persons with
capital consumption adjustment... 1.4 .6 .7 1.0 1.0 3.4 4.2 3.9
Personal dividend income.......... .8 .7 .6 .6 .6 .6 .5 .4
Personal interest income.......... -.3 -.3 -.9 -.9 -.9 .2 .2 .2
Transfer payments to persons...... -.1 .3 .7 .3 .7 2.4 .7 .2
Less: Personal contributions for
social insurance................. -.1 -.1 -.3 -.1 .3 1.4 .1 .1
Less: Personal tax and nontax
payments........................... -11.0 7.7 10.4 -.4 .8 -7.0 .0 .0
Equals: Disposable personal income.. 1.9 -1.2 -1.8 .0 .2 1.9 .7 .5
Addenda:
Personal consumption expenditures. .1 -1.7 3.0 -.3 .1 .5 .6 .4
Durable goods................... -.5 -3.3 14.7 -3.3 -3.6 -.7 1.4 .5
Nondurable goods................ .0 -.9 .3 -.3 .9 1.3 .4 .2
Services........................ .2 -1.8 2.0 .4 .5 .4 .6 .5
Disposable personal income, based
on chained (1996) dollars........ 1.9 -.7 -2.4 .1 .4 1.7 .6 .3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Percent; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2000 2001 IV 00 I 01 II 01 III 01 IV 01 I 02
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7.0 4.9 6.8 5.8 3.5 2.7 -.2 5.1
Wage and salary disbursements..... 8.2 5.4 8.2 6.3 4.0 1.9 -.3 2.5
Other labor income................ 4.8 3.7 5.3 3.2 2.2 2.3 2.2 6.7
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 6.4 4.0 3.3 5.6 5.6 4.0 -6.2 11.2
Rental income of persons with
capital consumption adjustment... -4.1 .7 10.2 -5.8 -1.8 15.1 10.8 40.0
Personal dividend income.......... 10.5 9.8 11.7 8.5 7.2 8.1 8.2 7.0
Personal interest income.......... 5.3 -.7 1.6 -.9 -3.8 -3.8 -8.1 -2.2
Transfer payments to persons...... 4.9 7.5 5.5 13.1 5.9 7.1 5.2 14.9
Less: Personal contributions for
social insurance................. 6.1 4.4 5.3 9.0 2.1 .3 -1.5 7.1
Less: Personal tax and nontax
payments........................... 11.1 1.4 9.4 4.7 1.9 -38.8 54.4 -23.9
Equals: Disposable personal income.. 6.2 5.5 6.3 6.0 3.8 12.1 -7.3 11.1
Addenda:
Personal consumption expenditures. 7.7 5.0 5.2 6.3 3.9 .7 7.0 4.2
Durable goods................... 7.7 4.7 -3.2 9.8 3.2 -1.9 37.2 -12.0
Nondurable goods................ 8.6 3.3 2.6 4.4 3.0 -.9 -.8 8.7
Services........................ 7.1 5.9 8.3 6.6 4.5 2.1 5.4 5.7
Disposable personal income, based
on chained (1996) dollars........ 3.5 3.6 4.2 2.7 2.4 12.3 -8.1 10.5
----------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
Aug 01 Sep 01 Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,471.9 6,393.4 6,542.4 6,530.6 6,547.8 6,571.2 6,604.9 6,616.4
Durable goods..................... 949.3 921.5 1,056.8 1,021.9 986.3 983.1 1,005.5 1,013.0
Nondurable goods.................. 1,896.4 1,859.2 1,878.1 1,886.2 1,916.6 1,935.8 1,934.4 1,927.0
Services.......................... 3,646.5 3,628.6 3,647.7 3,655.7 3,671.1 3,677.5 3,693.7 3,705.9
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 5.7 -78.5 149.0 -11.8 17.2 23.4 33.7 11.5
Durable goods..................... -.5 -27.8 135.3 -34.9 -35.6 -3.2 22.4 7.5
Nondurable goods.................. 6.0 -37.2 18.9 8.1 30.4 19.2 -1.4 -7.4
Services.......................... .3 -17.9 19.1 8.0 15.4 6.4 16.2 12.2
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .1 -1.2 2.3 -.2 .3 .4 .5 .2
Durable goods..................... -.1 -2.9 14.7 -3.3 -3.5 -.3 2.3 .7
Nondurable goods.................. .3 -2.0 1.0 .4 1.6 1.0 -.1 -.4
Services.......................... .0 -.5 .5 .2 .4 .2 .4 .3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2000 2001 IV 00 I 01 II 01 III 01 IV 01 I 02
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,257.8 6,450.3 6,341.1 6,388.5 6,428.4 6,443.9 6,540.3 6,597.5
Durable goods..................... 895.5 955.6 899.4 922.4 938.1 940.2 1,021.7 1,000.5
Nondurable goods.................. 1,849.9 1,883.3 1,866.8 1,878.0 1,879.4 1,882.0 1,893.6 1,932.4
Services.......................... 3,527.7 3,633.4 3,588.8 3,605.1 3,629.8 3,640.4 3,658.2 3,692.4
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 289.4 192.5 49.0 47.4 39.9 15.5 96.4 57.2
Durable goods..................... 77.7 60.1 -4.7 23.0 15.7 2.1 81.5 -21.2
Nondurable goods.................. 83.5 33.4 2.7 11.2 1.4 2.6 11.6 38.8
Services.......................... 134.5 105.7 48.6 16.3 24.7 10.6 17.8 34.2
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... 4.8 3.1 3.1 3.0 2.5 1.0 6.1 3.5
Durable goods..................... 9.5 6.7 -2.1 10.6 7.0 .9 39.4 -8.0
Nondurable goods.................. 4.7 1.8 .6 2.4 .3 .6 2.5 8.4
Services.......................... 4.0 3.0 5.6 1.8 2.8 1.2 2.0 3.8
----------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
Aug 01 Sep 01 Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures... 109.71 109.17 109.88 109.78 109.62 109.78 109.88 110.12
Durable goods..................... 89.39 89.04 89.07 89.09 89.01 88.65 87.90 87.67
Nondurable goods.................. 108.83 110.02 109.21 108.47 107.67 107.99 108.46 109.07
Services.......................... 114.85 113.38 115.05 115.25 115.39 115.61 115.75 115.93
Addendum:
Personal consumption expenditures
less food and energy............. 108.95 108.08 109.25 109.44 109.43 109.50 109.61 109.68
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .0 -.5 .6 -.1 -.1 .1 .1 .2
Durable goods..................... -.5 -.4 .0 .0 -.1 -.4 -.8 -.3
Nondurable goods.................. -.3 1.1 -.7 -.7 -.7 .3 .4 .6
Services.......................... .2 -1.3 1.5 .2 .1 .2 .1 .2
Addendum:
Personal consumption expenditures
less food and energy............. .0 -.8 1.1 .2 .0 .1 .1 .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
Aug 01 Sep 01 Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income.......... 6.2 5.3 2.2 2.1 1.9 3.8 4.2 4.0
Personal consumption expenditures... 2.9 1.1 3.5 3.0 3.0 3.0 3.5 3.4
Durable goods..................... 5.6 -.2 16.6 13.6 10.5 7.7 8.2 9.5
Nondurable goods.................. 1.7 -.5 .5 1.2 2.6 2.4 3.2 3.2
Services.......................... 3.0 2.1 2.3 1.8 1.7 2.3 2.7 2.3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
Aug 01 Sep 01 Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures... 1.9 1.0 1.5 1.3 1.1 .6 .5 .8
Durable goods..................... -2.0 -2.4 -2.1 -2.1 -2.2 -2.8 -3.3 -3.2
Nondurable goods.................. 1.2 1.4 .7 -.1 -.7 -.7 -.7 .0
Services.......................... 3.0 1.5 2.7 2.7 2.6 2.0 1.9 2.0
Addendum:
Personal consumption expenditures
less food and energy............. 1.6 .6 1.6 1.6 1.6 1.2 1.1 1.1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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