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James E. Rankin: (202) 606-5301 (Personal Income) BEA 03-03
Clint McCully: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: DECEMBER 2002
Personal income increased $35.3 billion, or 0.4 percent, and disposable personal income (DPI)
increased $32.6 billion, or 0.4 percent, in December, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $66.3 billion, or 0.9 percent. In November,
personal income increased $27.9 billion, or 0.3 percent, DPI increased $28.3 billion, or 0.4 percent, and
PCE increased $29.4 billion, or 0.4 percent, based on revised estimates.
2002
Aug. Sept. Oct. Nov. Dec.
(Percent change from preceding month)
Personal income, current dollars 0.3 0.3 0.3 0.3 0.4
Disposable personal income:
Current dollars 0.4 0.4 0.4 0.4 0.4
Chained (1996) dollars 0.2 0.2 0.2 0.3 0.4
Personal consumption expenditures:
Current dollars 0.3 -0.4 0.3 0.4 0.9
Chained (1996) dollars 0.1 -0.6 0.1 0.3 0.9
Wages and salaries
Private wage and salary disbursements increased $12.2 billion in December, compared with an
increase of $11.9 billion in November. Goods-producing industries' payrolls increased $2.8 billion,
in contrast to a decrease of $1.7 billion; manufacturing payrolls increased $1.1 billion, in contrast to
a decrease of $2.0 billion. Distributive industries' payrolls increased $4.0 billion, compared with an
increase of $1.1 billion. Service industries' payrolls increased $5.4 billion, compared with an
increase of $12.4 billion. Government wage and salary disbursements increased $2.6 billion,
compared with an increase of $2.2 billion.
Other personal income
Proprietors' income increased $4.2 billion in December, compared with an increase of $1.3
billion in November. Farm proprietors' income decreased $1.9 billion, compared with a decrease of
$1.6 billion. Nonfarm proprietors' income increased $6.1 billion, compared with an increase of $3.0
billion.
Transfer payments increased $10.4 billion in December, compared with an increase of $6.8
billion in November. The December increase in transfer payments reflected, in part, retroactive
social security benefit payments of $6.0 billion at an annual rate, resulting from a recalculation of
the earnings base underlying the benefits for recent retirees.
Personal interest income decreased $0.3 billion in December, the same decrease as in
November. Personal dividend income increased $2.2 billion in December, the same increase as in
November. Rental income of persons increased $0.4 billion in December, compared with an
increase of $0.6 billion in November.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.1 billion in December, the same increase as in November.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $2.7 billion in December, in contrast to a decrease
of $0.3 billion in November. Disposable personal income (DPI) -- personal income less personal tax
and nontax payments -- increased $32.6 billion, or 0.4 percent, in December, compared with an
increase of $28.3 billion, or 0.4 percent, in November.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $63.9 billion in December, compared with an increase of $27.1 billion in
November. PCE increased $66.3 billion, compared with an increase of $29.4 billion.
Personal saving -- DPI less personal outlays -- was $324.9 billion in December, compared with
$356.1 billion in November. Personal saving as a percentage of disposable personal income was 4.1
percent in December, compared with 4.5 percent in November.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in December,
compared with an increase of 0.3 percent in November.
Real PCE -- PCE adjusted to remove price changes -- increased 0.9 percent in December,
compared with an increase of 0.3 percent in November. Purchases of durable goods increased 6.5
percent, compared with an increase of 1.3 percent. Purchases of motor vehicles and parts accounted
for most of the December increase and accounted for about one-half of the November increase.
Purchases of nondurable goods increased 0.4 percent in December, the same increase as in
November. Purchases of services decreased less than 0.1 percent in December, in contrast to an
increase of 0.1 percent in November.
Revisions
Estimates have been revised for October and November. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for October
and November -- revised and as published in last month's release -- are shown below.
Change from preceding month
October November
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars......... 26.5 29.0 0.3 0.3 29.6 27.9 0.3 0.3
Disposable personal income:
Current dollars......... 28.5 29.2 0.4 0.4 28.5 28.3 0.4 0.4
Chained (1996) dollars.. 11.4 11.0 0.2 0.2 21.5 20.1 0.3 0.3
Personal consumption expenditures:
Current dollars......... 27.3 24.9 0.4 0.3 38.5 29.4 0.5 0.4
Chained (1996) dollars.. 11.3 8.2 0.2 0.1 30.8 21.5 0.5 0.3
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
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 January will be released on
March 3, 2003, at 8:30 A.M. EST.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
May 02 Jun 02 Jul 02 Aug 02 Sep 02 Oct 02/r/ Nov 02/r/ Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,904.9 8,971.7 8,965.0 8,992.9 9,022.2 9,051.2 9,079.1 9,114.4
Wage and salary disbursements..... 4,989.0 5,034.0 5,016.7 5,045.7 5,068.5 5,082.4 5,096.5 5,111.3
Private industries.............. 4,140.7 4,183.1 4,163.1 4,188.0 4,208.6 4,219.0 4,230.9 4,243.1
Goods-producing industries.... 1,119.3 1,128.2 1,121.8 1,128.1 1,128.2 1,128.3 1,126.6 1,129.4
Manufacturing............... 764.3 771.2 765.6 768.4 766.9 767.1 765.1 766.2
Distributive industries....... 1,113.2 1,124.7 1,115.6 1,120.1 1,125.2 1,127.8 1,128.9 1,132.9
Service industries............ 1,908.2 1,930.2 1,925.7 1,939.7 1,955.1 1,963.0 1,975.4 1,980.8
Government...................... 848.3 851.0 853.6 857.7 860.0 863.4 865.6 868.2
Other labor income................ 603.9 608.5 613.0 617.5 622.1 626.5 630.8 635.5
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 746.0 745.1 755.0 757.4 763.8 770.6 771.9 776.1
Farm............................ 5.1 3.3 7.7 10.7 13.8 12.6 11.0 9.1
Nonfarm......................... 740.9 741.7 747.4 746.7 750.0 757.9 760.9 767.0
Rental income of persons with
capital consumption adjustment... 153.5 158.7 152.4 144.1 135.9 136.2 136.8 137.2
Personal dividend income.......... 430.3 432.7 435.0 437.3 439.4 441.6 443.8 446.0
Personal interest income.......... 1,082.3 1,088.9 1,084.8 1,080.7 1,076.7 1,076.4 1,076.1 1,075.8
Transfer payments to persons...... 1,282.9 1,289.9 1,293.2 1,297.3 1,304.6 1,307.4 1,314.2 1,324.6
Old-age, survivors, disability,
and health insurance benefits.. 696.3 697.4 699.2 701.9 704.6 703.1 708.3 715.3
Government unemployment
insurance benefits............. 67.7 70.8 68.1 66.9 67.8 66.0 63.8 63.1
Other........................... 518.9 521.7 525.9 528.5 532.3 538.2 542.1 546.3
Less: Personal contributions for
social insurance................. 383.0 386.1 385.2 387.2 388.8 389.9 391.0 392.1
Less: Personal tax and nontax
payments........................... 1,119.6 1,122.0 1,108.8 1,107.1 1,106.2 1,105.9 1,105.6 1,108.3
Equals: Disposable personal income.. 7,785.3 7,849.7 7,856.2 7,885.8 7,916.0 7,945.2 7,973.5 8,006.1
Less: Personal outlays.............. 7,467.9 7,501.8 7,579.9 7,601.6 7,567.5 7,590.3 7,617.4 7,681.3
Personal consumption expenditures. 7,244.6 7,276.7 7,355.7 7,379.3 7,347.2 7,372.1 7,401.5 7,467.8
Durable goods................... 845.2 857.4 901.6 919.0 872.8 853.2 861.2 913.4
Nondurable goods................ 2,101.9 2,111.7 2,117.8 2,117.3 2,115.6 2,137.6 2,146.6 2,151.9
Services........................ 4,297.4 4,307.6 4,336.3 4,343.0 4,358.8 4,381.3 4,393.7 4,402.5
Interest paid by persons.......... 191.3 193.2 191.3 189.3 187.4 185.1 182.7 180.3
Personal transfer payments to the
rest of the world (net).......... 31.9 31.9 32.9 32.9 32.9 33.1 33.1 33.1
Equals: Personal saving............. 317.5 347.9 276.3 284.2 348.4 354.9 356.1 324.9
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 7,024.4 7,073.9 7,070.1 7,080.7 7,093.7 7,104.7 7,124.8 7,151.9
Per capita:
Current dollars............... 27,120 27,324 27,324 27,403 27,484 27,562 27,640 27,733
Chained (1996) dollars........ 24,470 24,623 24,590 24,606 24,629 24,647 24,698 24,774
Population (thousands)\2\....... 287,067 287,284 287,519 287,768 288,024 288,263 288,480 288,682
Personal saving as a percentage
of disposable personal income.... 4.1 4.4 3.5 3.6 4.4 4.5 4.5 4.1
----------------------------------------------------------------------------------------------------------------------------
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.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 III 01 IV 01 I 02 II 02 III 02 IV 02
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,685.3 8,948.1 8,706.2 8,700.9 8,803.4 8,914.0 8,993.3 9,081.6
Wage and salary disbursements..... 4,950.6 5,023.9 4,953.7 4,931.4 4,957.8 4,997.3 5,043.6 5,096.7
Private industries.............. 4,139.8 4,171.0 4,136.6 4,106.2 4,117.4 4,148.9 4,186.5 4,231.0
Goods-producing industries.... 1,142.4 1,123.1 1,140.0 1,123.3 1,116.9 1,121.3 1,126.0 1,128.1
Manufacturing............... 789.4 764.5 783.4 769.9 759.4 765.3 767.0 766.1
Distributive industries....... 1,109.2 1,118.9 1,110.8 1,098.6 1,110.1 1,115.3 1,120.3 1,129.9
Service industries............ 1,888.2 1,929.0 1,885.8 1,884.3 1,890.4 1,912.4 1,940.2 1,973.1
Government...................... 810.8 852.9 817.1 825.2 840.4 848.4 857.1 865.7
Other labor income................ 570.4 610.8 572.4 576.3 590.8 604.1 617.5 630.9
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 727.9 756.9 732.4 731.3 748.4 747.5 758.7 772.9
Farm............................ 19.0 12.7 19.3 19.2 21.7 7.5 10.7 10.9
Nonfarm......................... 708.8 744.2 713.1 712.1 726.7 740.0 748.0 761.9
Rental income of persons with
capital consumption adjustment... 137.9 143.9 140.8 139.3 141.3 153.5 144.1 136.7
Personal dividend income.......... 409.2 433.8 411.0 417.3 423.7 430.3 437.3 443.8
Personal interest income.......... 1,091.3 1,077.3 1,086.4 1,072.9 1,069.9 1,082.3 1,080.7 1,076.1
Transfer payments to persons...... 1,170.4 1,287.1 1,182.5 1,205.0 1,252.0 1,282.6 1,298.4 1,315.4
Old-age, survivors, disability,
and health insurance benefits.. 664.3 699.3 670.1 674.0 690.2 696.3 701.9 708.9
Government unemployment
insurance benefits............. 31.9 62.9 33.1 41.0 52.3 67.3 67.6 64.3
Other........................... 474.2 524.9 479.3 490.0 509.5 519.0 528.9 542.2
Less: Personal contributions for
social insurance................. 372.3 385.5 373.1 372.7 380.5 383.6 387.0 391.0
Less: Personal tax and nontax
payments........................... 1,292.1 1,118.1 1,181.9 1,309.7 1,136.8 1,121.8 1,107.3 1,106.6
Equals: Disposable personal income.. 7,393.2 7,830.0 7,524.2 7,391.2 7,666.7 7,792.2 7,886.0 7,975.0
Less: Personal outlays.............. 7,223.5 7,521.7 7,222.0 7,329.6 7,396.3 7,477.9 7,583.0 7,629.6
Personal consumption expenditures. 6,987.0 7,300.9 6,983.7 7,099.9 7,174.2 7,254.7 7,360.7 7,413.8
Durable goods................... 835.9 872.4 824.0 882.6 859.0 856.9 897.8 876.0
Nondurable goods................ 2,041.3 2,113.9 2,044.3 2,044.4 2,085.1 2,108.2 2,116.9 2,145.4
Services........................ 4,109.9 4,314.5 4,115.4 4,172.9 4,230.1 4,289.5 4,346.0 4,392.5
Interest paid by persons.......... 205.4 188.5 206.5 199.1 190.6 191.3 189.3 182.7
Personal transfer payments to the
rest of the world (net).......... 31.1 32.4 31.8 30.6 31.5 31.9 32.9 33.1
Equals: Personal saving............. 169.7 308.2 302.2 61.5 270.4 314.3 303.0 345.3
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 6,748.0 7,049.2 6,864.0 6,729.1 6,961.0 7,027.2 7,081.6 7,127.2
Per capita:
Current dollars............... 25,957 27,239 26,387 25,853 26,759 27,144 27,404 27,645
Chained (1996) dollars........ 23,692 24,523 24,071 23,537 24,296 24,479 24,609 24,706
Population (thousands)\2\....... 284,822 287,456 285,154 285,898 286,507 287,072 287,770 288,475
Personal saving as a percentage
of disposable personal income.... 2.3 3.9 4.0 .8 3.5 4.0 3.8 4.3
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
May 02 Jun 02 Jul 02 Aug 02 Sep 02 Oct 02/r/ Nov 02/r/ Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 39.4 66.8 -6.7 27.9 29.3 29.0 27.9 35.3
Wage and salary disbursements..... 20.2 45.0 -17.3 29.0 22.8 13.9 14.1 14.8
Private industries.............. 17.7 42.4 -20.0 24.9 20.6 10.4 11.9 12.2
Goods-producing industries.... 2.9 8.9 -6.4 6.3 .1 .1 -1.7 2.8
Manufacturing............... 3.8 6.9 -5.6 2.8 -1.5 .2 -2.0 1.1
Distributive industries....... 5.3 11.5 -9.1 4.5 5.1 2.6 1.1 4.0
Service industries............ 9.5 22.0 -4.5 14.0 15.4 7.9 12.4 5.4
Government...................... 2.5 2.7 2.6 4.1 2.3 3.4 2.2 2.6
Other labor income................ 4.1 4.6 4.5 4.5 4.6 4.4 4.3 4.7
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... -5.4 -.9 9.9 2.4 6.4 6.8 1.3 4.2
Farm............................ -8.9 -1.8 4.4 3.0 3.1 -1.2 -1.6 -1.9
Nonfarm......................... 3.5 .8 5.7 -.7 3.3 7.9 3.0 6.1
Rental income of persons with
capital consumption adjustment... 5.2 5.2 -6.3 -8.3 -8.2 .3 .6 .4
Personal dividend income.......... 2.3 2.4 2.3 2.3 2.1 2.2 2.2 2.2
Personal interest income.......... 6.6 6.6 -4.1 -4.1 -4.0 -.3 -.3 -.3
Transfer payments to persons...... 7.9 7.0 3.3 4.1 7.3 2.8 6.8 10.4
Old-age, survivors, disability,
and health insurance benefits.. 1.2 1.1 1.8 2.7 2.7 -1.5 5.2 7.0
Government unemployment
insurance benefits............. 4.2 3.1 -2.7 -1.2 .9 -1.8 -2.2 -.7
Other............................ 2.5 2.8 4.2 2.6 3.8 5.9 3.9 4.2
Less: Personal contributions for
social insurance................. 1.4 3.1 -.9 2.0 1.6 1.1 1.1 1.1
Less: Personal tax and nontax
payments........................... -4.3 2.4 -13.2 -1.7 -.9 -.3 -.3 2.7
Equals: Disposable personal income.. 43.7 64.4 6.5 29.6 30.2 29.2 28.3 32.6
Less: Personal outlays.............. 3.8 33.9 78.1 21.7 -34.1 22.8 27.1 63.9
Personal consumption expenditures. 1.9 32.1 79.0 23.6 -32.1 24.9 29.4 66.3
Durable goods................... -23.0 12.2 44.2 17.4 -46.2 -19.6 8.0 52.2
Nondurable goods................ -9.0 9.8 6.1 -.5 -1.7 22.0 9.0 5.3
Services........................ 33.9 10.2 28.7 6.7 15.8 22.5 12.4 8.8
Interest paid by persons.......... 1.9 1.9 -1.9 -2.0 -1.9 -2.3 -2.4 -2.4
Personal transfer payments to the
rest of the world (net).......... .0 .0 1.0 .0 .0 .2 .0 .0
Equals: Personal saving............. 40.0 30.4 -71.6 7.9 64.2 6.5 1.2 -31.2
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 41.2 49.5 -3.8 10.6 13.0 11.0 20.1 27.1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 III 01 IV 01 I 02 II 02 III 02 IV 02
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 278.7 262.8 30.0 -5.3 102.5 110.6 79.3 88.3
Wage and salary disbursements..... 114.3 73.3 -3.1 -22.3 26.4 39.5 46.3 53.1
Private industries.............. 72.4 31.2 -14.4 -30.4 11.2 31.5 37.6 44.5
Goods-producing industries.... -21.3 -19.3 -10.0 -16.7 -6.4 4.4 4.7 2.1
Manufacturing............... -40.0 -24.9 -13.7 -13.5 -10.5 5.9 1.7 -.9
Distributive industries....... 14.4 9.7 -1.5 -12.2 11.5 5.2 5.0 9.6
Service industries............ 79.3 40.8 -3.0 -1.5 6.1 22.0 27.8 32.9
Government...................... 41.9 42.1 11.3 8.1 15.2 8.0 8.7 8.6
Other labor income................ 26.2 40.4 4.2 3.9 14.5 13.3 13.4 13.4
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 13.1 29.0 5.8 -1.1 17.1 -.9 11.2 14.2
Farm............................ -3.6 -6.3 .9 -.1 2.5 -14.2 3.2 .2
Nonfarm......................... 16.6 35.4 4.9 -1.0 14.6 13.3 8.0 13.9
Rental income of persons with
capital consumption adjustment... -8.7 6.0 6.5 -1.5 2.0 12.2 -9.4 -7.4
Personal dividend income.......... 33.5 24.6 5.0 6.3 6.4 6.6 7.0 6.5
Personal interest income.......... 14.3 -14.0 -10.8 -13.5 -3.0 12.4 -1.6 -4.6
Transfer payments to persons...... 100.1 116.7 23.4 22.5 47.0 30.6 15.8 17.0
Old-age, survivors, disability,
and health insurance benefits.. 47.1 35.0 9.9 3.9 16.2 6.1 5.6 7.0
Government unemployment
insurance benefits............. 11.4 31.0 3.9 7.9 11.3 15.0 .3 -3.3
Other............................ 41.7 50.7 9.6 10.7 19.5 9.5 9.9 13.3
Less: Personal contributions for
social insurance................. 13.9 13.2 .9 -.4 7.8 3.1 3.4 4.0
Less: Personal tax and nontax
payments........................... 5.7 -174.0 -154.2 127.8 -172.9 -15.0 -14.5 -.7
Equals: Disposable personal income.. 273.0 436.8 184.2 -133.0 275.5 125.5 93.8 89.0
Less: Personal outlays.............. 304.9 298.2 23.5 107.6 66.7 81.6 105.1 46.6
Personal consumption expenditures. 303.3 313.9 23.9 116.2 74.3 80.5 106.0 53.1
Durable goods................... 32.0 36.5 3.7 58.6 -23.6 -2.1 40.9 -21.8
Nondurable goods................ 68.4 72.6 -.5 .1 40.7 23.1 8.7 28.5
Services........................ 203.0 204.6 20.7 57.5 57.2 59.4 56.5 46.5
Interest paid by persons.......... .0 -16.9 -1.2 -7.4 -8.5 .7 -2.0 -6.6
Personal transfer payments to the
rest of the world (net).......... 1.6 1.3 .9 -1.2 .9 .4 1.0 .2
Equals: Personal saving............. -31.8 138.5 160.6 -240.7 208.9 43.9 -11.3 42.3
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 117.7 301.2 169.2 -134.9 231.9 66.2 54.4 45.6
----------------------------------------------------------------------------------------------------------------------------
1. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Percent; months seasonally adjusted at monthly rates]
----------------------------------------------------------------------------------------------------------------------------
May 02 Jun 02 Jul 02 Aug 02 Sep 02 Oct 02/r/ Nov 02/r/ Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... .4 .7 -.1 .3 .3 .3 .3 .4
Wage and salary disbursements..... .4 .9 -.3 .6 .5 .3 .3 .3
Other labor income................ .7 .8 .7 .7 .7 .7 .7 .7
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... -.7 -.1 1.3 .3 .8 .9 .2 .5
Rental income of persons with
capital consumption adjustment... 3.5 3.4 -4.0 -5.4 -5.7 .2 .4 .3
Personal dividend income.......... .5 .5 .5 .5 .5 .5 .5 .5
Personal interest income.......... .6 .6 -.4 -.4 -.4 .0 .0 .0
Transfer payments to persons...... .6 .5 .3 .3 .6 .2 .5 .8
Less: Personal contributions for
social insurance................. .4 .8 -.2 .5 .4 .3 .3 .3
Less: Personal tax and nontax
payments........................... -.4 .2 -1.2 -.1 -.1 .0 .0 .2
Equals: Disposable personal income.. .6 .8 .1 .4 .4 .4 .4 .4
Addenda:
Personal consumption expenditures. .0 .4 1.1 .3 -.4 .3 .4 .9
Durable goods................... -2.7 1.4 5.2 1.9 -5.0 -2.2 .9 6.1
Nondurable goods................ -.4 .5 .3 .0 -.1 1.0 .4 .2
Services........................ .8 .2 .7 .2 .4 .5 .3 .2
Disposable personal income, based
on chained (1996) dollars........ .6 .7 -.1 .2 .2 .2 .3 .4
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Percent; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 III 01 IV 01 I 02 II 02 III 02 IV 02
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 3.3 3.0 1.4 -.2 4.8 5.1 3.6 4.0
Wage and salary disbursements..... 2.4 1.5 -.3 -1.8 2.2 3.2 3.8 4.3
Other labor income................ 4.8 7.1 3.0 2.8 10.4 9.3 9.2 9.0
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 1.8 4.0 3.3 -.6 9.7 -.5 6.2 7.7
Rental income of persons with
capital consumption adjustment... -6.0 4.4 20.9 -4.3 5.9 39.3 -22.3 -19.0
Personal dividend income.......... 8.9 6.0 5.0 6.3 6.3 6.4 6.6 6.1
Personal interest income.......... 1.3 -1.3 -3.9 -4.9 -1.1 4.7 -.6 -1.7
Transfer payments to persons...... 9.4 10.0 8.3 7.8 16.5 10.1 5.0 5.3
Less: Personal contributions for
social insurance................. 3.9 3.6 1.0 -.4 8.6 3.3 3.7 4.1
Less: Personal tax and nontax
payments........................... .4 -13.5 -38.8 50.8 -43.3 -5.1 -5.1 -.3
Equals: Disposable personal income.. 3.8 5.9 10.4 -6.9 15.8 6.7 4.9 4.6
Addenda:
Personal consumption expenditures. 4.5 4.5 1.4 6.8 4.3 4.6 6.0 2.9
Durable goods................... 4.0 4.4 1.8 31.6 -10.3 -.9 20.5 -9.4
Nondurable goods................ 3.5 3.6 -.1 .0 8.2 4.5 1.7 5.5
Services........................ 5.2 5.0 2.0 5.7 5.6 5.7 5.4 4.3
Disposable personal income, based
on chained (1996) dollars........ 1.8 4.5 10.5 -7.6 14.5 3.9 3.1 2.6
----------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
May 02 Jun 02 Jul 02 Aug 02 Sep 02 Oct 02/r/ Nov 02/r/ Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,536.6 6,557.5 6,619.7 6,625.9 6,584.0 6,592.2 6,613.7 6,671.1
Durable goods..................... 966.3 983.2 1,036.4 1,057.3 1,003.5 982.5 995.7 1,060.6
Nondurable goods.................. 1,919.7 1,926.9 1,931.0 1,926.2 1,920.2 1,935.8 1,944.4 1,952.3
Services.......................... 3,672.4 3,672.9 3,688.5 3,683.4 3,689.0 3,697.5 3,700.1 3,699.7
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 3.4 20.9 62.2 6.2 -41.9 8.2 21.5 57.4
Durable goods..................... -26.2 16.9 53.2 20.9 -53.8 -21.0 13.2 64.9
Nondurable goods.................. 3.8 7.2 4.1 -4.8 -6.0 15.6 8.6 7.9
Services.......................... 19.2 .5 15.6 -5.1 5.6 8.5 2.6 -.4
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .1 .3 .9 .1 -.6 .1 .3 .9
Durable goods..................... -2.6 1.7 5.4 2.0 -5.1 -2.1 1.3 6.5
Nondurable goods.................. .2 .4 .2 -.2 -.3 .8 .4 .4
Services.......................... .5 .0 .4 -.1 .2 .2 .1 .0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 III 01 IV 01 I 02 II 02 III 02 IV 02
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,377.2 6,573.0 6,370.9 6,464.0 6,513.8 6,542.4 6,609.9 6,625.7
Durable goods..................... 931.9 1,000.5 922.6 992.0 975.9 980.7 1,032.4 1,012.9
Nondurable goods.................. 1,869.8 1,928.0 1,868.3 1,885.0 1,921.4 1,920.9 1,925.8 1,944.2
Services.......................... 3,594.9 3,673.6 3,597.5 3,616.6 3,642.2 3,666.2 3,687.0 3,699.1
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 153.3 195.8 22.9 93.1 49.8 28.6 67.5 15.8
Durable goods..................... 53.0 68.6 10.2 69.4 -16.1 4.8 51.7 -19.5
Nondurable goods.................. 36.0 58.2 6.0 16.7 36.4 -.5 4.9 18.4
Services.......................... 70.4 78.7 8.2 19.1 25.6 24.0 20.8 12.1
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... 2.5 3.1 1.5 6.0 3.1 1.8 4.2 1.0
Durable goods..................... 6.0 7.4 4.6 33.6 -6.3 2.0 22.8 -7.3
Nondurable goods.................. 2.0 3.1 1.3 3.6 7.9 -.1 1.0 3.9
Services.......................... 2.0 2.2 .9 2.1 2.9 2.7 2.3 1.3
----------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
May 02 Jun 02 Jul 02 Aug 02 Sep 02 Oct 02/r/ Nov 02/r/ Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures... 110.83 110.97 111.12 111.37 111.59 111.83 111.91 111.95
Durable goods..................... 87.45 87.18 86.97 86.89 86.95 86.81 86.47 86.09
Nondurable goods.................. 109.49 109.59 109.67 109.92 110.17 110.42 110.40 110.22
Services.......................... 117.02 117.28 117.57 117.91 118.16 118.50 118.75 119.00
Addendum:
Personal consumption expenditures
less food and energy............. 110.40 110.54 110.66 110.94 111.12 111.26 111.34 111.38
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .0 .1 .1 .2 .2 .2 .1 .0
Durable goods..................... .0 -.3 -.2 -.1 .1 -.2 -.4 -.4
Nondurable goods.................. -.6 .1 .1 .2 .2 .2 .0 -.2
Services.......................... .3 .2 .2 .3 .2 .3 .2 .2
Addendum:
Personal consumption expenditures
less food and energy............. .1 .1 .1 .2 .2 .1 .1 .0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
May 02 Jun 02 Jul 02 Aug 02 Sep 02 Oct 02/r/ Nov 02/r/ Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income.......... 5.1 5.8 4.0 2.4 3.1 5.9 6.0 5.8
Personal consumption expenditures... 2.9 3.1 3.9 3.7 3.7 1.9 2.5 3.1
Durable goods..................... 6.3 6.3 11.9 13.4 10.4 -4.3 .9 10.2
Nondurable goods.................. 2.9 3.6 3.1 2.7 3.4 3.3 3.6 2.5
Services.......................... 2.3 2.3 2.6 2.2 2.6 2.5 2.4 2.0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
May 02 Jun 02 Jul 02 Aug 02 Sep 02 Oct 02/r/ Nov 02/r/ Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures... 1.0 1.1 1.2 1.4 2.1 1.7 1.9 2.0
Durable goods..................... -2.6 -2.8 -3.0 -2.6 -2.3 -2.4 -2.8 -3.2
Nondurable goods.................. -.4 -.4 .4 .9 .1 1.1 1.8 2.4
Services.......................... 2.5 2.6 2.5 2.6 4.0 2.9 2.9 3.0
Addendum:
Personal consumption expenditures
less food and energy............. 1.7 1.7 1.5 1.7 2.7 1.7 1.6 1.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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