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James E. Rankin: (202) 606-5301 (Personal Income) BEA 02-20
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: MAY 2002
Personal income increased $23.1 billion, or 0.3 percent, and disposable personal income (DPI)
increased $19.7 billion, or 0.3 percent, in May, according to the Bureau of Economic Analysis. Personal
consumption expenditures (PCE) decreased $4.2 billion, or 0.1 percent. In April, personal income
increased $20.7 billion, or 0.2 percent, DPI increased $22.7 billion, or 0.3 percent, and PCE increased
$40.1 billion, or 0.6 percent, based on revised estimates.
2002
Jan. Feb. Mar. Apr. May
(Percent change from preceding month)
Personal income, current dollars 0.6 0.5 0.4 0.2 0.3
Disposable personal income:
Current dollars 2.8 0.7 0.5 0.3 0.3
Chained (1996) dollars 2.6 0.5 0.2 -0.1 0.3
Personal consumption expenditures:
Current dollars 0.4 0.8 0.4 0.6 -0.1
Chained (1996) dollars 0.3 0.6 0.1 0.1 0.0
Wages and salaries
Private wage and salary disbursements increased $17.9 billion in May, in contrast to a decrease
of $1.6 billion in April. Goods-producing industries' payrolls increased $1.2 billion, in contrast to a
decrease of $3.5 billion; manufacturing payrolls increased $2.0 billion, in contrast to a decrease of
$1.2 billion. Distributive industries' payrolls increased $4.0 billion, in contrast to a decrease of $0.7
billion. Service industries' payrolls increased $12.7 billion, compared with an increase of $2.6
billion. Government wage and salary disbursements increased $1.9 billion, compared with an
increase of $1.6 billion.
Other personal income
Proprietors' income decreased $9.7 billion in May, compared with a decrease of $1.1 billion in
April. Farm proprietors' income decreased $8.9 billion, compared with a decrease of $8.2 billion.
Nonfarm proprietors' income decreased $0.8 billion, in contrast to an increase of $7.1 billion.
Transfer payments increased $4.5 billion in May, compared with an increase of $12.1 billion in
April. Personal interest income decreased $0.1 billion, compared with a decrease of less than $0.1
billion. Personal dividend income increased $2.5 billion, compared with an increase of $2.8 billion.
Rental income of persons increased $3.2 billion, compared with an increase of $3.4 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.9 billion in May, in contrast to a decrease of $0.4 billion in April.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $3.3 billion in May, in contrast to a decrease of
$2.0 billion in April. Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $19.7 billion, or 0.3 percent, in May, compared with an increase of
$22.7 billion, or 0.3 percent, in April.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- decreased $2.5 billion in May, in contrast to an increase of $41.9 billion in April.
PCE decreased $4.2 billion, in contrast to an increase of $40.1 billion.
Personal saving -- DPI less personal outlays -- was $240.6 billion in May, compared with
$218.4 billion in April. Personal saving as a percentage of disposable personal income was 3.1
percent in May, compared with 2.8 percent in April.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in May, in contrast
to a decrease of 0.1 percent in April.
Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in May,
compared with an increase of 0.1 percent in April. The small increase in real PCE in May, in
contrast to the decrease in current-dollar PCE, reflected a slight decrease in the PCE implicit price
deflator. Purchases of durable goods decreased 2.4 percent in May, in contrast to an increase of 0.5
percent in April. Purchases of motor vehicles and parts more than accounted for the decrease in
May. Purchases of nondurable goods decreased less than 0.1 percent in May, in contrast to an
increase of 0.1 percent in April. Purchases of services increased 0.6 percent, compared with an
increase of 0.1 percent.
Revisions
Estimates have been revised for January through April. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) 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.......... 33.9 39.4 0.4 0.4 22.5 20.7 0.3 0.2
Disposable personal income:
Current dollars.......... 34.9 39.3 0.5 0.5 23.4 22.7 0.3 0.3
Chained (1996) dollars... 12.5 15.2 0.2 0.2 -5.2 -8.4 -0.1 -0.1
Personal consumption expenditures:
Current dollars.......... 23.5 25.6 0.3 0.4 38.8 40.1 0.5 0.6
Chained (1996) dollars... 3.3 3.9 0.0 0.1 10.2 9.1 0.2 0.1
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.
Annual Revision of Personal Income and Outlays
As part of the annual revision of the national income and product accounts, revised estimates
of personal income and outlays for January 1999 through May 2002 will be released along with
preliminary estimates for June 2002 on August 2. Features of this revision include the
incorporation of a new price index for brokerage services and the adoption of a new revision
schedule for wages and salaries that permits the incorporation of more comprehensive quarterly
source data on a more timely basis. The population and per capita estimates for January 1991
through May 2002 will also be revised to reflect newly available population estimates from the
Census Bureau that are consistent with the 2000 population count. Information about the revision
will be available in the August 2 news release and in an article describing the revision, which will
appear in the August 2002 issue of the Survey of Current Business.
Next release -- Personal Income and Outlays for June will be released on
Friday, August 2, 2002, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/r/ Apr 02/r/ May 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,759.6 8,757.2 8,784.8 8,840.7 8,889.0 8,928.4 8,949.1 8,972.2
Wage and salary disbursements..... 5,110.6 5,112.8 5,136.8 5,141.8 5,155.9 5,170.7 5,170.7 5,190.5
Private industries.............. 4,289.7 4,289.8 4,311.1 4,307.8 4,317.4 4,329.1 4,327.5 4,345.4
Goods-producing industries.... 1,184.9 1,179.1 1,179.3 1,176.8 1,178.1 1,179.0 1,175.5 1,176.7
Manufacturing............... 829.1 821.9 820.7 817.2 818.2 818.3 817.1 819.1
Distributive industries....... 1,142.6 1,143.3 1,149.8 1,151.1 1,153.9 1,160.3 1,159.6 1,163.6
Service industries............ 1,962.2 1,967.4 1,982.0 1,979.9 1,985.4 1,989.8 1,992.4 2,005.1
Government...................... 820.9 822.9 825.7 834.0 838.5 841.6 843.2 845.1
Other labor income................ 557.4 558.5 559.5 564.0 567.6 571.5 574.9 578.4
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 743.9 739.1 739.3 750.2 759.5 767.2 766.1 756.4
Farm............................ 26.9 19.5 12.4 18.3 23.5 28.5 20.3 11.4
Nonfarm......................... 717.0 719.6 726.9 731.9 736.1 738.7 745.8 745.0
Rental income of persons with
capital consumption adjustment... 146.3 147.7 149.2 153.4 159.0 164.3 167.7 170.9
Personal dividend income.......... 425.8 428.3 431.0 433.6 435.8 437.6 440.4 442.9
Personal interest income.......... 979.7 970.9 962.0 967.3 972.6 977.8 977.8 977.7
Transfer payments to persons...... 1,168.7 1,172.2 1,180.5 1,209.6 1,218.1 1,219.0 1,231.1 1,235.6
Old-age, survivors, disability,
and health insurance benefits.. 671.7 674.6 679.2 693.1 699.2 695.3 702.6 703.7
Government unemployment
insurance benefits............. 24.7 25.1 25.8 26.8 26.7 27.7 29.4 30.7
Other........................... 472.3 472.4 475.4 489.7 492.1 496.0 499.1 501.2
Less: Personal contributions for
social insurance................. 372.6 372.4 373.5 379.2 379.4 379.9 379.5 380.4
Less: Personal tax and nontax
payments........................... 1,332.4 1,327.5 1,338.1 1,187.0 1,184.9 1,185.0 1,183.0 1,186.3
Equals: Disposable personal income.. 7,427.2 7,429.6 7,446.7 7,653.7 7,704.1 7,743.4 7,766.1 7,785.8
Less: Personal outlays.............. 7,418.0 7,397.5 7,404.2 7,431.8 7,484.7 7,505.8 7,547.7 7,545.2
Personal consumption expenditures. 7,188.3 7,168.9 7,177.4 7,208.4 7,265.8 7,291.4 7,331.5 7,327.3
Durable goods................... 941.2 910.4 877.9 870.2 882.3 881.3 884.7 863.5
Nondurable goods................ 2,051.0 2,045.9 2,063.7 2,084.7 2,098.6 2,103.0 2,124.8 2,110.7
Services........................ 4,196.1 4,212.7 4,235.8 4,253.5 4,284.9 4,307.1 4,322.1 4,353.1
Interest paid by persons.......... 197.7 196.7 194.9 190.4 185.9 181.4 183.2 184.9
Personal transfer payments to the
rest of the world (net).......... 31.9 31.9 31.9 33.0 33.0 33.0 33.0 33.0
Equals: Personal saving............. 9.2 32.1 42.5 221.9 219.4 237.6 218.4 240.6
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 6,759.8 6,768.1 6,793.5 6,971.0 7,004.2 7,019.4 7,011.0 7,035.2
Per capita:
Current dollars............... 25,879 25,862 25,898 26,594 26,746 26,858 26,909 26,951
Chained (1996) dollars........ 23,553 23,560 23,626 24,222 24,316 24,347 24,293 24,352
Population (thousands)\2\....... 286,999 287,277 287,539 287,798 288,044 288,312 288,605 288,893
Personal saving as a percentage
of disposable personal income.... .1 .4 .6 2.9 2.8 3.1 2.8 3.1
----------------------------------------------------------------------------------------------------------------------------
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.
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/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,319.2 8,723.5 8,519.6 8,640.2 8,714.6 8,771.8 8,767.2 8,886.0
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 5,156.1
Private industries.............. 4,068.8 4,292.2 4,196.6 4,260.6 4,300.2 4,311.0 4,296.9 4,318.1
Goods-producing industries.... 1,163.7 1,197.3 1,195.5 1,206.3 1,204.4 1,197.5 1,181.1 1,178.0
Manufacturing............... 830.1 842.1 852.2 853.3 850.2 841.1 823.9 817.9
Distributive industries....... 1,095.6 1,145.5 1,125.9 1,140.3 1,148.2 1,148.1 1,145.2 1,155.1
Service industries............ 1,809.5 1,949.4 1,875.2 1,914.0 1,947.6 1,965.4 1,970.6 1,985.1
Government...................... 768.4 806.0 776.6 788.8 799.6 812.5 823.2 838.0
Other labor income................ 534.2 553.8 544.9 549.3 552.2 555.4 558.5 567.7
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 715.0 743.5 725.2 735.2 745.3 752.7 740.8 759.0
Farm............................ 30.6 27.6 31.7 29.8 28.7 32.3 19.6 23.4
Nonfarm......................... 684.4 715.9 693.5 705.4 716.6 720.5 721.2 735.6
Rental income of persons with
capital consumption adjustment... 141.6 142.6 141.7 139.6 139.0 144.0 147.7 158.9
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 1,001.0 991.5 970.9 972.6
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 1,215.5
Old-age, survivors, disability,
and health insurance benefits.. 617.3 664.4 626.5 651.4 660.1 670.8 675.2 695.9
Government unemployment
insurance benefits............. 20.3 23.7 22.1 22.7 23.1 23.9 25.2 27.1
Other........................... 431.5 460.7 432.8 440.6 456.2 464.3 473.4 492.6
Less: Personal contributions for
social insurance................. 357.7 373.3 364.1 372.1 374.0 374.2 372.8 379.5
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 1,185.6
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 7,700.4
Less: Personal outlays.............. 6,963.3 7,298.9 7,115.1 7,216.2 7,281.7 7,291.0 7,406.6 7,474.1
Personal consumption expenditures. 6,728.4 7,064.5 6,871.4 6,977.6 7,044.6 7,057.6 7,178.2 7,255.2
Durable goods................... 819.6 858.3 818.7 838.1 844.7 840.6 909.8 877.9
Nondurable goods................ 1,989.6 2,055.1 2,025.1 2,047.1 2,062.3 2,057.5 2,053.5 2,095.4
Services........................ 3,919.2 4,151.1 4,027.5 4,092.4 4,137.6 4,159.4 4,214.9 4,281.8
Interest paid by persons.......... 205.3 203.2 212.9 208.5 206.3 201.5 196.4 185.9
Personal transfer payments to the
rest of the world (net).......... 29.6 31.2 30.8 30.1 30.8 31.9 31.9 33.0
Equals: Personal saving............. 67.7 118.4 74.7 78.8 81.5 285.3 27.9 226.3
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 6,998.1
Per capita:
Current dollars............... 24,889 25,943 25,331 25,634 25,798 26,457 25,880 26,733
Chained (1996) dollars........ 23,148 23,687 23,376 23,470 23,541 24,157 23,580 24,295
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 2.9
----------------------------------------------------------------------------------------------------------------------------
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 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]
----------------------------------------------------------------------------------------------------------------------------
Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/r/ Apr 02/r/ May 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... -11.4 -2.4 27.6 55.9 48.3 39.4 20.7 23.1
Wage and salary disbursements..... -11.4 2.2 24.0 5.0 14.1 14.8 .0 19.8
Private industries.............. -15.1 .1 21.3 -3.3 9.6 11.7 -1.6 17.9
Goods-producing industries.... -9.0 -5.8 .2 -2.5 1.3 .9 -3.5 1.2
Manufacturing............... -7.6 -7.2 -1.2 -3.5 1.0 .1 -1.2 2.0
Distributive industries....... .0 .7 6.5 1.3 2.8 6.4 -.7 4.0
Service industries............ -6.2 5.2 14.6 -2.1 5.5 4.4 2.6 12.7
Government...................... 3.7 2.0 2.8 8.3 4.5 3.1 1.6 1.9
Other labor income................ .9 1.1 1.0 4.5 3.6 3.9 3.4 3.5
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... -4.7 -4.8 .2 10.9 9.3 7.7 -1.1 -9.7
Farm............................ -7.8 -7.4 -7.1 5.9 5.2 5.0 -8.2 -8.9
Nonfarm......................... 3.1 2.6 7.3 5.0 4.2 2.6 7.1 -.8
Rental income of persons with
capital consumption adjustment... 1.1 1.4 1.5 4.2 5.6 5.3 3.4 3.2
Personal dividend income.......... 2.8 2.5 2.7 2.6 2.2 1.8 2.8 2.5
Personal interest income.......... -8.9 -8.8 -8.9 5.3 5.3 5.2 .0 -.1
Transfer payments to persons...... 7.8 3.5 8.3 29.1 8.5 .9 12.1 4.5
Old-age, survivors, disability,
and health insurance benefits.. .9 2.9 4.6 13.9 6.1 -3.9 7.3 1.1
Government unemployment
insurance benefits............. .4 .4 .7 1.0 -.1 1.0 1.7 1.3
Other............................ 6.5 .1 3.0 14.3 2.4 3.9 3.1 2.1
Less: Personal contributions for
social insurance................. -1.1 -.2 1.1 5.7 .2 .5 -.4 .9
Less: Personal tax and nontax
payments........................... 125.4 -4.9 10.6 -151.1 -2.1 .1 -2.0 3.3
Equals: Disposable personal income.. -136.8 2.4 17.1 207.0 50.4 39.3 22.7 19.7
Less: Personal outlays.............. 207.4 -20.5 6.7 27.6 52.9 21.1 41.9 -2.5
Personal consumption expenditures. 208.9 -19.4 8.5 31.0 57.4 25.6 40.1 -4.2
Durable goods................... 120.8 -30.8 -32.5 -7.7 12.1 -1.0 3.4 -21.2
Nondurable goods................ 5.5 -5.1 17.8 21.0 13.9 4.4 21.8 -14.1
Services........................ 82.5 16.6 23.1 17.7 31.4 22.2 15.0 31.0
Interest paid by persons.......... -1.5 -1.0 -1.8 -4.5 -4.5 -4.5 1.8 1.7
Personal transfer payments to the
rest of the world (net).......... .0 .0 .0 1.1 .0 .0 .0 .0
Equals: Personal saving............. -344.2 22.9 10.4 179.4 -2.5 18.2 -19.2 22.2
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ -169.1 8.3 25.4 177.5 33.2 15.2 -8.4 24.2
----------------------------------------------------------------------------------------------------------------------------
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/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 541.9 404.3 138.1 120.6 74.4 57.2 -4.6 118.8
Wage and salary disbursements..... 365.0 261.0 97.4 76.2 50.4 23.6 -3.4 36.1
Private industries.............. 320.9 223.4 93.4 64.0 39.6 10.8 -14.1 21.2
Goods-producing industries.... 75.0 33.6 22.3 10.8 -1.9 -6.9 -16.4 -3.1
Manufacturing............... 48.1 12.0 14.2 1.1 -3.1 -9.1 -17.2 -6.0
Distributive industries....... 74.6 49.9 23.5 14.4 7.9 -.1 -2.9 9.9
Service industries............ 171.3 139.9 47.6 38.8 33.6 17.8 5.2 14.5
Government...................... 44.1 37.6 4.0 12.2 10.8 12.9 10.7 14.8
Other labor income................ 24.5 19.6 7.0 4.4 2.9 3.2 3.1 9.2
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 43.0 28.5 5.9 10.0 10.1 7.4 -11.9 18.2
Farm............................ 4.0 -3.0 .1 -1.9 -1.1 3.6 -12.7 3.8
Nonfarm......................... 39.0 31.5 5.9 11.9 11.2 3.9 .7 14.4
Rental income of persons with
capital consumption adjustment... -6.1 1.0 3.4 -2.1 -.6 5.0 3.7 11.2
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 1.7
Transfer payments to persons...... 49.5 79.7 14.4 34.1 16.3 19.6 14.8 41.7
Old-age, survivors, disability,
and health insurance benefits.. 29.3 47.1 5.6 24.9 8.7 10.7 4.4 20.7
Government unemployment
insurance benefits............. .0 3.4 2.0 .6 .4 .8 1.3 1.9
Other............................ 20.3 29.2 5.7 7.8 15.6 8.1 9.1 19.2
Less: Personal contributions for
social insurance................. 20.6 15.6 4.7 8.0 1.9 .2 -1.4 6.7
Less: Personal tax and nontax
payments........................... 129.0 18.0 29.6 15.4 6.2 -155.9 137.2 -147.1
Equals: Disposable personal income.. 413.0 386.3 108.5 105.2 68.2 213.2 -141.9 265.9
Less: Personal outlays.............. 506.1 335.6 88.2 101.1 65.5 9.3 115.6 67.5
Personal consumption expenditures. 478.2 336.1 85.9 106.2 67.0 13.0 120.6 77.0
Durable goods................... 58.7 38.7 -6.7 19.4 6.6 -4.1 69.2 -31.9
Nondurable goods................ 158.3 65.5 12.7 22.0 15.2 -4.8 -4.0 41.9
Services........................ 261.2 231.9 79.8 64.9 45.2 21.8 55.5 66.9
Interest paid by persons.......... 25.6 -2.1 1.6 -4.4 -2.2 -4.8 -5.1 -10.5
Personal transfer payments to the
rest of the world (net).......... 2.4 1.6 .7 -.7 .7 1.1 .0 1.1
Equals: Personal saving............. -93.2 50.7 20.2 4.1 2.7 203.8 -257.4 198.4
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 219.2 233.2 68.4 44.1 40.2 198.3 -143.7 224.3
----------------------------------------------------------------------------------------------------------------------------
r Revised.
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]
----------------------------------------------------------------------------------------------------------------------------
Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/r/ Apr 02/r/ May 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... -.1 .0 .3 .6 .5 .4 .2 .3
Wage and salary disbursements..... -.2 .0 .5 .1 .3 .3 .0 .4
Other labor income................ .2 .2 .2 .8 .6 .7 .6 .6
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... -.6 -.6 .0 1.5 1.2 1.0 -.1 -1.3
Rental income of persons with
capital consumption adjustment... .7 1.0 1.0 2.9 3.6 3.4 2.0 1.9
Personal dividend income.......... .6 .6 .6 .6 .5 .4 .6 .6
Personal interest income.......... -.9 -.9 -.9 .6 .5 .5 .0 .0
Transfer payments to persons...... .7 .3 .7 2.5 .7 .1 1.0 .4
Less: Personal contributions for
social insurance................. -.3 -.1 .3 1.5 .0 .1 -.1 .2
Less: Personal tax and nontax
payments........................... 10.4 -.4 .8 -11.3 -.2 .0 -.2 .3
Equals: Disposable personal income.. -1.8 .0 .2 2.8 .7 .5 .3 .3
Addenda:
Personal consumption expenditures. 3.0 -.3 .1 .4 .8 .4 .6 -.1
Durable goods................... 14.7 -3.3 -3.6 -.9 1.4 -.1 .4 -2.4
Nondurable goods................ .3 -.3 .9 1.0 .7 .2 1.0 -.7
Services........................ 2.0 .4 .5 .4 .7 .5 .3 .7
Disposable personal income, based
on chained (1996) dollars........ -2.4 .1 .4 2.6 .5 .2 -.1 .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/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7.0 4.9 6.8 5.8 3.5 2.7 -.2 5.5
Wage and salary disbursements..... 8.2 5.4 8.2 6.3 4.0 1.9 -.3 2.9
Other labor income................ 4.8 3.7 5.3 3.2 2.2 2.3 2.2 6.8
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 6.4 4.0 3.3 5.6 5.6 4.0 -6.2 10.2
Rental income of persons with
capital consumption adjustment... -4.1 .7 10.2 -5.8 -1.8 15.1 10.8 33.9
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 .7
Transfer payments to persons...... 4.9 7.5 5.5 13.1 5.9 7.1 5.2 15.0
Less: Personal contributions for
social insurance................. 6.1 4.4 5.3 9.0 2.1 .3 -1.5 7.4
Less: Personal tax and nontax
payments........................... 11.1 1.4 9.4 4.7 1.9 -38.8 54.4 -37.4
Equals: Disposable personal income.. 6.2 5.5 6.3 6.0 3.8 12.1 -7.3 15.1
Addenda:
Personal consumption expenditures. 7.7 5.0 5.2 6.3 3.9 .7 7.0 4.4
Durable goods................... 7.7 4.7 -3.2 9.8 3.2 -1.9 37.2 -13.3
Nondurable goods................ 8.6 3.3 2.6 4.4 3.0 -.9 -.8 8.4
Services........................ 7.1 5.9 8.3 6.6 4.5 2.1 5.4 6.5
Disposable personal income, based
on chained (1996) dollars........ 3.5 3.6 4.2 2.7 2.4 12.3 -8.1 13.9
----------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/r/ Apr 02/r/ May 02/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,542.4 6,530.6 6,547.8 6,565.4 6,605.7 6,609.6 6,618.7 6,620.9
Durable goods..................... 1,056.8 1,021.9 986.3 981.7 1,003.6 1,005.2 1,010.7 986.6
Nondurable goods.................. 1,878.1 1,886.2 1,916.6 1,930.4 1,935.0 1,928.1 1,929.2 1,928.5
Services.......................... 3,647.7 3,655.7 3,671.1 3,678.1 3,695.4 3,704.4 3,707.8 3,728.6
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 149.0 -11.8 17.2 17.6 40.3 3.9 9.1 2.2
Durable goods..................... 135.3 -34.9 -35.6 -4.6 21.9 1.6 5.5 -24.1
Nondurable goods.................. 18.9 8.1 30.4 13.8 4.6 -6.9 1.1 -.7
Services.......................... 19.1 8.0 15.4 7.0 17.3 9.0 3.4 20.8
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... 2.3 -.2 .3 .3 .6 .1 .1 .0
Durable goods..................... 14.7 -3.3 -3.5 -.5 2.2 .2 .5 -2.4
Nondurable goods.................. 1.0 .4 1.6 .7 .2 -.4 .1 .0
Services.......................... .5 .2 .4 .2 .5 .2 .1 .6
----------------------------------------------------------------------------------------------------------------------------
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/r/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
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 6,593.5
Durable goods..................... 895.5 955.6 899.4 922.4 938.1 940.2 1,021.7 996.8
Nondurable goods.................. 1,849.9 1,883.3 1,866.8 1,878.0 1,879.4 1,882.0 1,893.6 1,931.1
Services.......................... 3,527.7 3,633.4 3,588.8 3,605.1 3,629.8 3,640.4 3,658.2 3,692.6
----------------------------------------------------------------------------------------
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 53.2
Durable goods..................... 77.7 60.1 -4.7 23.0 15.7 2.1 81.5 -24.9
Nondurable goods.................. 83.5 33.4 2.7 11.2 1.4 2.6 11.6 37.5
Services.......................... 134.5 105.7 48.6 16.3 24.7 10.6 17.8 34.4
----------------------------------------------------------------------------------------
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 3.3
Durable goods..................... 9.5 6.7 -2.1 10.6 7.0 .9 39.4 -9.4
Nondurable goods.................. 4.7 1.8 .6 2.4 .3 .6 2.5 8.2
Services.......................... 4.0 3.0 5.6 1.8 2.8 1.2 2.0 3.8
----------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/r/ Apr 02/r/ May 02/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures... 109.88 109.78 109.62 109.80 110.00 110.32 110.78 110.68
Durable goods..................... 89.07 89.09 89.01 88.64 87.91 87.67 87.53 87.51
Nondurable goods.................. 109.21 108.47 107.67 108.00 108.46 109.08 110.14 109.46
Services.......................... 115.05 115.25 115.39 115.66 115.97 116.28 116.58 116.76
Addendum:
Personal consumption expenditures
less food and energy............. 109.25 109.44 109.43 109.53 109.76 109.92 110.19 110.17
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .6 -.1 -.1 .2 .2 .3 .4 -.1
Durable goods..................... .0 .0 -.1 -.4 -.8 -.3 -.2 .0
Nondurable goods.................. -.7 -.7 -.7 .3 .4 .6 1.0 -.6
Services.......................... 1.5 .2 .1 .2 .3 .3 .3 .2
Addendum:
Personal consumption expenditures
less food and energy............. 1.1 .2 .0 .1 .2 .1 .2 .0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/r/ Apr 02/r/ May 02/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income.......... 2.2 2.1 1.9 4.7 5.0 4.7 4.4 4.7
Personal consumption expenditures... 3.5 3.0 3.0 2.9 3.5 3.3 3.3 3.0
Durable goods..................... 16.6 13.6 10.5 7.6 8.0 8.6 8.7 5.9
Nondurable goods.................. .5 1.2 2.6 2.1 3.2 3.2 2.8 2.5
Services.......................... 2.3 1.8 1.7 2.4 2.7 2.2 2.4 2.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
Oct 01 Nov 01 Dec 01 Jan 02/r/ Feb 02/r/ Mar 02/r/ Apr 02/r/ May 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures... 1.5 1.3 1.1 .7 .6 .9 1.2 1.0
Durable goods..................... -2.1 -2.1 -2.2 -2.8 -3.2 -3.2 -3.1 -2.7
Nondurable goods.................. .7 -.1 -.7 -.7 -.7 .1 .6 -.4
Services.......................... 2.7 2.7 2.6 2.1 2.1 2.3 2.4 2.5
Addendum:
Personal consumption expenditures
less food and energy............. 1.6 1.6 1.6 1.3 1.3 1.4 1.5 1.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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