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James E. Rankin: (202) 606-5301 (Personal Income) BEA 03-33
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: JULY 2003
Personal income increased $19.4 billion, or 0.2 percent, and disposable personal income (DPI)
increased $120.3 billion, or 1.5 percent, in July, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $59.7 billion, or 0.8 percent. In June, personal
income increased $33.7 billion, or 0.4 percent, DPI increased $30.6 billion, or 0.4 percent, and PCE
increased $44.5 billion, or 0.6 percent, based on revised estimates.
2003
Mar. Apr. May June July
(Percent change from preceding month)
Personal income, current dollars 0.3 0.2 0.4 0.4 0.2
Disposable personal income:
Current dollars 0.2 0.2 0.4 0.4 1.5
Chained (1996) dollars -0.1 0.4 0.5 0.2 1.3
Personal consumption expenditures:
Current dollars 0.8 0.0 0.5 0.6 0.8
Chained (1996) dollars 0.5 0.3 0.6 0.4 0.6
The Bureau of Economic Analysis plans to release the results of its 12th comprehensive (or
benchmark) revision of the national income and product accounts (NIPAs) on December 10, 2003. The
annual revision of the NIPAs that would normally have taken place this summer will instead be combined
with the upcoming comprehensive revision. An article in the June 2003 issue of the Survey of Current
Business discussed the changes in definitions and concepts that will be implemented in the revision; an
article in the August 2003 issue described changes in presentation, including new and redesigned tables,
and an article in the September 2003 issue will describe changes in statistical methods.
The July change in disposable personal income (DPI) -- personal income less personal tax
and nontax payments -- was boosted as a result of provisions of the Jobs and Growth Tax Relief
Reconciliation Act of 2003, which impacted personal tax and nontax payments. Excluding this
special factor, disposable personal income increased $19.0 billion, or 0.2 percent, in July, after
increasing $30.6 billion, or 0.4 percent, in June. This special factor is discussed more fully
below.
Wages and salaries
Private wage and salary disbursements increased $3.1 billion in July, compared with an
increase of $9.2 billion in June. Goods-producing industries' payrolls decreased $2.8 billion, in
contrast to an increase of $2.4 billion; manufacturing payrolls decreased $2.5 billion, in contrast to
an increase of $0.4 billion. Distributive industries' payrolls decreased $0.2 billion, in contrast to an
increase of $2.0 billion. Service industries' payrolls increased $6.0 billion, compared with an
increase of $4.8 billion.
Government wage and salary disbursements decreased $3.5 billion in July, in contrast to an
increase of $5.0 billion in June. Payments for a retroactive pay raise added $4.7 billion to federal
civilian government payrolls in June.
Other personal income
Proprietors' income increased $9.0 billion in July, compared with an increase of $11.4 billion in
June. Farm proprietors' income decreased $0.1 billion, in contrast to an increase of $0.1 billion.
Nonfarm proprietors' income increased $9.3 billion, compared with an increase of $11.2 billion.
Transfer payments increased $1.9 billion in July, compared with an increase of $5.8 billion in
June. Personal interest income increased $0.1 billion, compared with an increase of $4.7 billion.
Personal dividend income increased $2.4 billion in July, the same increase as in June. Rental
income of persons increased $5.8 billion, in contrast to a decrease of $5.4 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.2 billion in July, compared with an increase of $1.0 billion in June.
Personal taxes and disposable personal income
Personal tax and nontax payments decreased $100.9 billion in July, in contrast to an increase of
$3.1 billion in June. A reduction in federal income taxes accounted for the July decrease.
Provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 reduced withheld taxes by
$45.8 billion at an annual rate ($3.8 billion at a monthly rate) as a result of new marginal tax rates,
the expansion of the 10-percent tax bracket, and an acceleration in "marriage penalty" relief.
Federal nonwithheld taxes (payments of estimated taxes plus final settlements less refunds) were
reduced by $55.5 billion at an annual rate ($4.6 billion at a monthly rate) because of advance
payments of the child tax credit that began being mailed out July 25, 2003.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $59.3 billion in July, compared with an increase of $47.7 billion in June.
PCE increased $59.7 billion, compared with an increase of $44.5 billion.
Personal saving -- DPI less personal outlays -- was $315.5 billion in July, compared with
$254.4 billion in June. Personal saving as a percentage of disposable personal income was 3.8
percent in July, compared with 3.1 percent in June.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 1.3 percent in July, compared
with an increase of 0.2 percent in June.
Real PCE -- PCE adjusted to remove price changes -- increased 0.6 percent in July, compared
with an increase of 0.4 percent in June. Purchases of durable goods increased 2.4 percent, compared
with an increase of 1.3 percent. Purchases of motor vehicles and parts accounted for most of the
July increase. Purchases of nondurable goods increased 0.6 percent in July, compared with an
increase of 0.5 percent in June. Purchases of services increased 0.2 percent, compared with an
increase of 0.1 percent.
Revisions
Estimates have been revised for April through June. Changes in personal income, current-
dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for May and
June -- revised and as published in last month's release -- are shown below. The upward revision to
June personal consumption expenditures primarily reflected a large upward revision to the retail
sales source data used to derive these estimates. Revisions for April were small.
Change from preceding month
May June
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 29.9 35.6 0.3 0.4 29.3 33.7 0.3 0.4
Disposable personal income:
Current dollars.......... 27.9 32.8 0.3 0.4 26.2 30.6 0.3 0.4
Chained (1996) dollars... 30.3 35.7 0.4 0.5 6.7 11.6 0.1 0.2
Personal consumption expenditures:
Current dollars.......... 30.7 35.9 0.4 0.5 22.6 44.5 0.3 0.6
Chained (1996) dollars... 32.4 38.1 0.5 0.6 4.6 24.9 0.1 0.4
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
(202) 606-5362 U.S. international transactions
Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- Personal Income and Outlays for August will be released on
September 29, 2003, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/r/ Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 9,047.4 9,069.1 9,096.0 9,119.2 9,137.3 9,172.9 9,206.6 9,226.0
Wage and salary disbursements..... 5,039.5 5,050.9 5,074.1 5,083.4 5,082.5 5,095.7 5,109.9 5,109.4
Private industries.............. 4,172.2 4,175.1 4,191.9 4,198.4 4,195.6 4,206.3 4,215.5 4,218.6
Goods-producing industries.... 1,110.0 1,109.5 1,111.0 1,113.5 1,111.7 1,114.5 1,116.9 1,114.1
Manufacturing............... 751.8 751.3 752.7 752.9 748.9 749.1 749.5 747.0
Distributive industries....... 1,116.7 1,114.5 1,117.8 1,118.5 1,118.3 1,119.7 1,121.7 1,121.5
Service industries............ 1,945.5 1,951.1 1,963.1 1,966.4 1,965.6 1,972.1 1,976.9 1,982.9
Government...................... 867.3 875.8 882.2 885.0 886.9 889.4 894.4 890.9
Other labor income................ 634.4 637.0 639.4 641.1 642.8 645.2 646.9 647.8
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 774.6 783.3 782.3 787.7 794.7 803.2 814.6 823.6
Farm............................ 10.2 12.3 14.4 15.9 16.1 15.5 15.6 15.5
Nonfarm......................... 764.4 771.0 767.9 771.7 778.7 787.7 798.9 808.2
Rental income of persons with
capital consumption adjustment... 127.9 127.5 126.9 126.2 121.7 116.0 110.6 116.4
Personal dividend income.......... 446.0 448.6 451.2 453.7 456.4 459.1 461.5 463.9
Personal interest income.......... 1,083.1 1,079.4 1,075.8 1,072.2 1,076.9 1,081.6 1,086.3 1,086.4
Transfer payments to persons...... 1,329.8 1,333.9 1,339.6 1,348.9 1,356.3 1,367.1 1,372.9 1,374.8
Old-age, survivors, disability,
and health insurance benefits.. 717.6 718.2 722.4 727.1 729.6 737.3 738.5 740.0
Government unemployment
insurance benefits............. 63.3 60.9 61.5 63.6 64.8 65.7 67.5 67.2
Other........................... 548.9 554.8 555.7 558.1 561.9 564.1 566.8 567.5
Less: Personal contributions for
social insurance................. 388.0 391.6 393.2 394.0 394.1 395.1 396.1 396.3
Less: Personal tax and nontax
payments........................... 1,092.2 1,070.1 1,078.3 1,083.1 1,083.1 1,085.9 1,089.0 988.1
Equals: Disposable personal income.. 7,955.2 7,998.9 8,017.7 8,036.1 8,054.2 8,087.0 8,117.6 8,237.9
Less: Personal outlays.............. 7,704.1 7,707.7 7,705.4 7,769.8 7,776.2 7,815.4 7,863.1 7,922.4
Personal consumption expenditures. 7,491.2 7,493.4 7,490.3 7,553.9 7,556.8 7,592.7 7,637.2 7,696.9
Durable goods................... 915.9 866.3 845.7 871.7 894.1 899.0 907.8 927.1
Nondurable goods................ 2,162.1 2,193.3 2,203.7 2,223.3 2,193.4 2,197.5 2,215.5 2,234.3
Services........................ 4,413.2 4,433.8 4,441.0 4,458.9 4,469.3 4,496.2 4,513.9 4,535.4
Interest paid by persons.......... 180.1 180.9 181.7 182.5 185.8 189.0 192.3 191.9
Personal transfer payments to the
rest of the world (net).......... 32.8 33.4 33.4 33.4 33.6 33.6 33.6 33.6
Equals: Personal saving............. 251.1 291.2 312.3 266.4 278.0 271.6 254.4 315.5
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 7,105.9 7,131.0 7,118.2 7,109.1 7,140.6 7,176.3 7,187.9 7,279.8
Per capita:
Current dollars............... 27,557 27,688 27,733 27,774 27,813 27,903 27,982 28,370
Chained (1996) dollars........ 24,615 24,684 24,622 24,571 24,658 24,760 24,778 25,071
Population (thousands)\2\....... 288,682 288,893 289,098 289,335 289,579 289,828 290,096 290,370
Personal saving as a percentage
of disposable personal income.... 3.2 3.6 3.9 3.3 3.5 3.4 3.1 3.8
----------------------------------------------------------------------------------------------------------------------------
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 I 02 II 02 III 02 IV 02 I 03 II 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,685.3 8,922.2 8,803.4 8,914.0 8,958.9 9,012.5 9,094.8 9,172.3
Wage and salary disbursements..... 4,950.6 4,996.4 4,957.8 4,997.3 5,007.4 5,023.1 5,069.5 5,096.0
Private industries.............. 4,139.8 4,143.6 4,117.4 4,148.9 4,150.3 4,157.7 4,188.5 4,205.8
Goods-producing industries.... 1,142.4 1,115.7 1,116.9 1,121.3 1,115.2 1,109.3 1,111.3 1,114.3
Manufacturing............... 789.4 758.7 759.4 765.3 757.9 752.0 752.3 749.2
Distributive industries....... 1,109.2 1,114.4 1,110.1 1,115.3 1,117.8 1,114.6 1,116.9 1,119.9
Service industries............ 1,888.2 1,913.5 1,890.4 1,912.4 1,917.3 1,933.9 1,960.2 1,971.5
Government...................... 810.8 852.8 840.4 848.4 857.1 865.4 881.0 890.3
Other labor income................ 570.4 610.6 590.8 604.1 617.5 630.2 639.2 645.0
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 727.9 756.5 748.4 747.5 758.7 771.6 784.4 804.2
Farm............................ 19.0 12.9 21.7 7.5 10.7 11.7 14.2 15.7
Nonfarm......................... 708.8 743.7 726.7 740.0 748.0 759.9 770.2 788.4
Rental income of persons with
capital consumption adjustment... 137.9 142.4 141.3 153.5 144.1 130.6 126.9 116.1
Personal dividend income.......... 409.2 433.8 423.7 430.3 437.3 443.8 451.2 459.0
Personal interest income.......... 1,091.3 1,078.5 1,069.9 1,082.3 1,080.7 1,080.9 1,075.8 1,081.6
Transfer payments to persons...... 1,170.4 1,288.0 1,252.0 1,282.6 1,298.4 1,319.1 1,340.8 1,365.4
Old-age, survivors, disability,
and health insurance benefits.. 664.3 699.8 690.2 696.3 701.9 710.8 722.6 735.1
Government unemployment
insurance benefits............. 31.9 62.9 52.3 67.3 67.6 64.2 62.0 66.0
Other........................... 474.2 525.4 509.5 519.0 528.9 544.1 556.2 564.3
Less: Personal contributions for
social insurance................. 372.3 384.0 380.5 383.6 385.3 386.8 392.9 395.1
Less: Personal tax and nontax
payments........................... 1,292.1 1,111.9 1,136.8 1,121.8 1,099.0 1,090.1 1,077.2 1,086.0
Equals: Disposable personal income.. 7,393.2 7,810.3 7,666.7 7,792.2 7,859.9 7,922.5 8,017.6 8,086.2
Less: Personal outlays.............. 7,223.5 7,524.5 7,396.3 7,477.9 7,583.0 7,640.7 7,727.6 7,818.2
Personal consumption expenditures. 6,987.0 7,303.7 7,174.2 7,254.7 7,360.7 7,425.4 7,512.5 7,595.6
Durable goods................... 835.9 871.9 859.0 856.9 897.8 873.9 861.2 900.3
Nondurable goods................ 2,041.3 2,115.0 2,085.1 2,108.2 2,116.9 2,150.0 2,206.8 2,202.2
Services........................ 4,109.9 4,316.8 4,230.1 4,289.5 4,346.0 4,401.5 4,444.6 4,493.1
Interest paid by persons.......... 205.4 188.4 190.6 191.3 189.3 182.5 181.7 189.0
Personal transfer payments to the
rest of the world (net).......... 31.1 32.3 31.5 31.9 32.9 32.8 33.4 33.6
Equals: Personal saving............. 169.7 285.8 270.4 314.3 276.9 281.8 290.0 268.0
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 6,748.0 7,032.2 6,961.0 7,027.2 7,058.1 7,082.3 7,119.4 7,168.2
Per capita:
Current dollars............... 25,957 27,170 26,759 27,144 27,313 27,463 27,732 27,900
Chained (1996) dollars........ 23,692 24,463 24,296 24,479 24,527 24,551 24,625 24,732
Population (thousands)\2\....... 284,822 287,456 286,507 287,072 287,770 288,475 289,109 289,834
Personal saving as a percentage
of disposable personal income.... 2.3 3.7 3.5 4.0 3.5 3.6 3.6 3.3
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/r/ Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 40.3 21.7 26.9 23.2 18.1 35.6 33.7 19.4
Wage and salary disbursements..... 19.4 11.4 23.2 9.3 -.9 13.2 14.2 -.5
Private industries.............. 17.7 2.9 16.8 6.5 -2.8 10.7 9.2 3.1
Goods-producing industries.... 2.9 -.5 1.5 2.5 -1.8 2.8 2.4 -2.8
Manufacturing............... 1.4 -.5 1.4 .2 -4.0 .2 .4 -2.5
Distributive industries....... 2.1 -2.2 3.3 .7 -.2 1.4 2.0 -.2
Service industries............ 12.7 5.6 12.0 3.3 -.8 6.5 4.8 6.0
Government...................... 1.7 8.5 6.4 2.8 1.9 2.5 5.0 -3.5
Other labor income................ 4.3 2.6 2.4 1.7 1.7 2.4 1.7 .9
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 4.2 8.7 -1.0 5.4 7.0 8.5 11.4 9.0
Farm............................ -1.6 2.1 2.1 1.5 .2 -.6 .1 -.1
Nonfarm......................... 5.8 6.6 -3.1 3.8 7.0 9.0 11.2 9.3
Rental income of persons with
capital consumption adjustment... -2.7 -.4 -.6 -.7 -4.5 -5.7 -5.4 5.8
Personal dividend income.......... 2.2 2.6 2.6 2.5 2.7 2.7 2.4 2.4
Personal interest income.......... 2.2 -3.7 -3.6 -3.6 4.7 4.7 4.7 .1
Transfer payments to persons...... 12.2 4.1 5.7 9.3 7.4 10.8 5.8 1.9
Old-age, survivors, disability,
and health insurance benefits.. 7.3 .6 4.2 4.7 2.5 7.7 1.2 1.5
Government unemployment
insurance benefits............. .0 -2.4 .6 2.1 1.2 .9 1.8 -.3
Other............................ 4.9 5.9 .9 2.4 3.8 2.2 2.7 .7
Less: Personal contributions for
social insurance................. 1.4 3.6 1.6 .8 .1 1.0 1.0 .2
Less: Personal tax and nontax
payments........................... 3.7 -22.1 8.2 4.8 .0 2.8 3.1 -100.9
Equals: Disposable personal income.. 36.6 43.7 18.8 18.4 18.1 32.8 30.6 120.3
Less: Personal outlays.............. 78.1 3.6 -2.3 64.4 6.4 39.2 47.7 59.3
Personal consumption expenditures. 80.5 2.2 -3.1 63.6 2.9 35.9 44.5 59.7
Durable goods................... 58.2 -49.6 -20.6 26.0 22.4 4.9 8.8 19.3
Nondurable goods................ 11.9 31.2 10.4 19.6 -29.9 4.1 18.0 18.8
Services........................ 10.5 20.6 7.2 17.9 10.4 26.9 17.7 21.5
Interest paid by persons.......... -2.4 .8 .8 .8 3.3 3.2 3.3 -.4
Personal transfer payments to the
rest of the world (net).......... .0 .6 .0 .0 .2 .0 .0 .0
Equals: Personal saving............. -41.6 40.1 21.1 -45.9 11.6 -6.4 -17.2 61.1
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 26.5 25.1 -12.8 -9.1 31.5 35.7 11.6 91.9
----------------------------------------------------------------------------------------------------------------------------
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 I 02 II 02 III 02 IV 02 I 03 II 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 278.7 236.9 102.5 110.6 44.9 53.6 82.3 77.5
Wage and salary disbursements..... 114.3 45.8 26.4 39.5 10.1 15.7 46.4 26.5
Private industries.............. 72.4 3.8 11.2 31.5 1.4 7.4 30.8 17.3
Goods-producing industries.... -21.3 -26.7 -6.4 4.4 -6.1 -5.9 2.0 3.0
Manufacturing............... -40.0 -30.7 -10.5 5.9 -7.4 -5.9 .3 -3.1
Distributive industries....... 14.4 5.2 11.5 5.2 2.5 -3.2 2.3 3.0
Service industries............ 79.3 25.3 6.1 22.0 4.9 16.6 26.3 11.3
Government...................... 41.9 42.0 15.2 8.0 8.7 8.3 15.6 9.3
Other labor income................ 26.2 40.2 14.5 13.3 13.4 12.7 9.0 5.8
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 13.1 28.6 17.1 -.9 11.2 12.9 12.8 19.8
Farm............................ -3.6 -6.1 2.5 -14.2 3.2 1.0 2.5 1.5
Nonfarm......................... 16.6 34.9 14.6 13.3 8.0 11.9 10.3 18.2
Rental income of persons with
capital consumption adjustment... -8.7 4.5 2.0 12.2 -9.4 -13.5 -3.7 -10.8
Personal dividend income.......... 33.5 24.6 6.4 6.6 7.0 6.5 7.4 7.8
Personal interest income.......... 14.3 -12.8 -3.0 12.4 -1.6 .2 -5.1 5.8
Transfer payments to persons...... 100.1 117.6 47.0 30.6 15.8 20.7 21.7 24.6
Old-age, survivors, disability,
and health insurance benefits.. 47.1 35.5 16.2 6.1 5.6 8.9 11.8 12.5
Government unemployment
insurance benefits............. 11.4 31.0 11.3 15.0 .3 -3.4 -2.2 4.0
Other............................ 41.7 51.2 19.5 9.5 9.9 15.2 12.1 8.1
Less: Personal contributions for
social insurance................. 13.9 11.7 7.8 3.1 1.7 1.5 6.1 2.2
Less: Personal tax and nontax
payments........................... 5.7 -180.2 -172.9 -15.0 -22.8 -8.9 -12.9 8.8
Equals: Disposable personal income.. 273.0 417.1 275.5 125.5 67.7 62.6 95.1 68.6
Less: Personal outlays.............. 304.9 301.0 66.7 81.6 105.1 57.7 86.9 90.6
Personal consumption expenditures. 303.3 316.7 74.3 80.5 106.0 64.7 87.1 83.1
Durable goods................... 32.0 36.0 -23.6 -2.1 40.9 -23.9 -12.7 39.1
Nondurable goods................ 68.4 73.7 40.7 23.1 8.7 33.1 56.8 -4.6
Services........................ 203.0 206.9 57.2 59.4 56.5 55.5 43.1 48.5
Interest paid by persons.......... .0 -17.0 -8.5 .7 -2.0 -6.8 -.8 7.3
Personal transfer payments to the
rest of the world (net).......... 1.6 1.2 .9 .4 1.0 -.1 .6 .2
Equals: Personal saving............. -31.8 116.1 208.9 43.9 -37.4 4.9 8.2 -22.0
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 117.7 284.2 231.9 66.2 30.9 24.2 37.1 48.8
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/r/ Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... .4 .2 .3 .3 .2 .4 .4 .2
Wage and salary disbursements..... .4 .2 .5 .2 .0 .3 .3 .0
Other labor income................ .7 .4 .4 .3 .3 .4 .3 .1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... .5 1.1 -.1 .7 .9 1.1 1.4 1.1
Rental income of persons with
capital consumption adjustment... -2.1 -.3 -.5 -.6 -3.6 -4.7 -4.6 5.2
Personal dividend income.......... .5 .6 .6 .6 .6 .6 .5 .5
Personal interest income.......... .2 -.3 -.3 -.3 .4 .4 .4 .0
Transfer payments to persons...... .9 .3 .4 .7 .5 .8 .4 .1
Less: Personal contributions for
social insurance................. .4 .9 .4 .2 .0 .3 .3 .1
Less: Personal tax and nontax
payments........................... .3 -2.0 .8 .4 .0 .3 .3 -9.3
Equals: Disposable personal income.. .5 .5 .2 .2 .2 .4 .4 1.5
Addenda:
Personal consumption expenditures. 1.1 .0 .0 .8 .0 .5 .6 .8
Durable goods................... 6.8 -5.4 -2.4 3.1 2.6 .5 1.0 2.1
Nondurable goods................ .6 1.4 .5 .9 -1.3 .2 .8 .8
Services........................ .2 .5 .2 .4 .2 .6 .4 .5
Disposable personal income, based
on chained (1996) dollars........ .4 .4 -.2 -.1 .4 .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]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 I 02 II 02 III 02 IV 02 I 03 II 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 3.3 2.7 4.8 5.1 2.0 2.4 3.7 3.5
Wage and salary disbursements..... 2.4 .9 2.2 3.2 .8 1.3 3.7 2.1
Other labor income................ 4.8 7.1 10.4 9.3 9.2 8.4 5.8 3.7
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 1.8 3.9 9.7 -.5 6.2 6.9 6.8 10.5
Rental income of persons with
capital consumption adjustment... -6.0 3.3 5.9 39.3 -22.3 -32.7 -10.8 -29.9
Personal dividend income.......... 8.9 6.0 6.3 6.4 6.6 6.1 6.8 7.2
Personal interest income.......... 1.3 -1.2 -1.1 4.7 -.6 .1 -1.9 2.2
Transfer payments to persons...... 9.4 10.0 16.5 10.1 5.0 6.5 6.7 7.6
Less: Personal contributions for
social insurance................. 3.9 3.2 8.6 3.3 1.8 1.5 6.5 2.2
Less: Personal tax and nontax
payments........................... .4 -13.9 -43.3 -5.1 -7.9 -3.2 -4.7 3.3
Equals: Disposable personal income.. 3.8 5.6 15.8 6.7 3.5 3.2 4.9 3.5
Addenda:
Personal consumption expenditures. 4.5 4.5 4.3 4.6 6.0 3.6 4.8 4.5
Durable goods................... 4.0 4.3 -10.3 -.9 20.5 -10.2 -5.7 19.4
Nondurable goods................ 3.5 3.6 8.2 4.5 1.7 6.4 11.0 -.8
Services........................ 5.2 5.0 5.6 5.7 5.4 5.2 4.0 4.4
Disposable personal income, based
on chained (1996) dollars........ 1.8 4.2 14.5 3.9 1.8 1.4 2.1 2.8
----------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/r/ Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,691.4 6,680.3 6,649.9 6,682.5 6,699.6 6,737.7 6,762.6 6,801.7
Durable goods..................... 1,062.9 1,008.7 987.6 1,019.8 1,048.6 1,060.5 1,074.3 1,099.7
Nondurable goods.................. 1,962.0 1,984.4 1,972.0 1,980.4 1,970.8 1,986.6 1,996.1 2,008.1
Services.......................... 3,708.1 3,716.2 3,714.2 3,714.2 3,718.5 3,731.2 3,736.1 3,743.9
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 66.1 -11.1 -30.4 32.6 17.1 38.1 24.9 39.1
Durable goods..................... 71.2 -54.2 -21.1 32.2 28.8 11.9 13.8 25.4
Nondurable goods.................. 12.0 22.4 -12.4 8.4 -9.6 15.8 9.5 12.0
Services.......................... -.6 8.1 -2.0 .0 4.3 12.7 4.9 7.8
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... 1.0 -.2 -.5 .5 .3 .6 .4 .6
Durable goods..................... 7.2 -5.1 -2.1 3.3 2.8 1.1 1.3 2.4
Nondurable goods.................. .6 1.1 -.6 .4 -.5 .8 .5 .6
Services.......................... .0 .2 -.1 .0 .1 .3 .1 .2
----------------------------------------------------------------------------------------------------------------------------
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 I 02 II 02 III 02 IV 02 I 03 II 03/r/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,377.2 6,576.0 6,513.8 6,542.4 6,609.9 6,637.9 6,670.9 6,733.3
Durable goods..................... 931.9 999.9 975.9 980.7 1,032.4 1,010.6 1,005.4 1,061.2
Nondurable goods.................. 1,869.8 1,929.5 1,921.4 1,920.9 1,925.8 1,950.0 1,978.9 1,984.5
Services.......................... 3,594.9 3,675.6 3,642.2 3,666.2 3,687.0 3,707.0 3,714.9 3,728.6
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 153.3 198.8 49.8 28.6 67.5 28.0 33.0 62.4
Durable goods..................... 53.0 68.0 -16.1 4.8 51.7 -21.8 -5.2 55.8
Nondurable goods.................. 36.0 59.7 36.4 -.5 4.9 24.2 28.9 5.6
Services.......................... 70.4 80.7 25.6 24.0 20.8 20.0 7.9 13.7
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... 2.5 3.1 3.1 1.8 4.2 1.7 2.0 3.8
Durable goods..................... 6.0 7.3 -6.3 2.0 22.8 -8.2 -2.0 24.1
Nondurable goods.................. 2.0 3.2 7.9 -.1 1.0 5.1 6.1 1.1
Services.......................... 2.0 2.2 2.9 2.7 2.3 2.2 .9 1.5
----------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/r/ Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures... 111.95 112.17 112.64 113.04 112.80 112.69 112.94 113.16
Durable goods..................... 86.14 85.86 85.60 85.46 85.24 84.74 84.47 84.28
Nondurable goods.................. 110.19 110.53 111.74 112.26 111.30 110.62 110.99 111.26
Services.......................... 119.02 119.31 119.57 120.05 120.19 120.51 120.82 121.14
Addendum:
Personal consumption expenditures
less food and energy............. 111.42 111.47 111.52 111.64 111.71 111.76 111.92 112.17
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .1 .2 .4 .4 -.2 -.1 .2 .2
Durable goods..................... -.4 -.3 -.3 -.2 -.3 -.6 -.3 -.2
Nondurable goods.................. -.1 .3 1.1 .5 -.9 -.6 .3 .2
Services.......................... .3 .2 .2 .4 .1 .3 .3 .3
Addendum:
Personal consumption expenditures
less food and energy............. .1 .0 .0 .1 .1 .0 .1 .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/r/ Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income.......... 5.1 2.8 2.2 1.9 2.3 2.2 1.6 3.3
Personal consumption expenditures... 3.4 3.0 1.9 2.4 2.5 3.1 3.1 2.7
Durable goods..................... 10.4 4.7 .5 3.9 5.7 9.8 9.3 6.1
Nondurable goods.................. 3.0 3.3 2.4 3.3 2.9 3.5 3.6 4.0
Services.......................... 2.3 2.5 1.9 1.6 1.8 1.6 1.7 1.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/r/ Jul 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures... 2.0 2.1 2.3 2.4 1.7 1.7 1.8 1.8
Durable goods..................... -3.1 -3.1 -2.5 -2.4 -2.5 -3.1 -3.1 -3.1
Nondurable goods.................. 2.3 2.3 3.0 2.9 1.0 1.0 1.3 1.5
Services.......................... 3.0 3.0 2.9 3.2 3.0 3.0 3.0 3.0
Addendum:
Personal consumption expenditures
less food and energy............. 1.7 1.6 1.4 1.5 1.3 1.2 1.2 1.4
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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