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James E. Rankin: (202) 606-5301 (Personal Income) BEA 03-30
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: JUNE 2003
Personal income increased $29.3 billion, or 0.3 percent, and disposable personal income (DPI)
increased $26.2 billion, or 0.3 percent, in June, according to the Bureau of Economic Analysis. Personal
consumption expenditures (PCE) increased $22.6 billion, or 0.3 percent. In May, personal income
increased $29.9 billion, or 0.3 percent, DPI increased $27.9 billion, or 0.3 percent, and PCE increased
$30.7 billion, or 0.4 percent, based on revised estimates.
2003
Feb. Mar. Apr. May June
(Percent change from preceding month)
Personal income, current dollars 0.3 0.3 0.2 0.3 0.3
Disposable personal income:
Current dollars 0.2 0.2 0.3 0.3 0.3
Chained (1996) dollars -0.2 -0.1 0.4 0.4 0.1
Personal consumption expenditures:
Current dollars 0.0 0.8 0.1 0.4 0.3
Chained (1996) dollars -0.5 0.5 0.3 0.5 0.1
The Bureau of Economic Analysis plans to release the results of its 12th comprehensive (or
benchmark) revision of the national income and product accounts (NIPA's) on December 10, 2003. The
annual revision of the NIPA's that would normally take 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 discusses the changes in definitions and concepts that will be implemented in the revision.
Future articles will discuss changes in presentation and in statistical methods.
Wages and salaries
Private wage and salary disbursements increased $9.9 billion in June, compared with an
increase of $7.1 billion in May. Goods-producing industries' payrolls increased $1.6 billion,
compared with an increase of $3.1 billion; manufacturing payrolls increased $0.1 billion, compared
with an increase of $0.5 billion. Distributive industries' payrolls increased $1.9 billion, compared
with an increase of $0.9 billion. Service industries' payrolls increased $6.4 billion, compared with
an increase of $3.2 billion. Government wage and salary disbursements increased $5.0 billion,
compared with an increase of $2.5 billion.
Other personal income
Proprietors' income increased $6.4 billion in June, the same increase as in May. Farm
proprietors' income decreased $0.2 billion in June, compared with a decrease of $0.8 billion in May.
Nonfarm proprietors' income increased $6.7 billion, compared with an increase of $7.2 billion.
Transfer payments increased $5.4 billion in June, compared with an increase of $10.5 billion in
May. Personal interest income increased $4.7 billion in June, the same increase as in May. Personal
dividend income increased $2.4 billion, compared with an increase of $2.7 billion. Rental income of
persons decreased $5.2 billion, compared with a decrease of $5.6 billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.1 billion in June, compared with an increase of $0.7 billion in May.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $3.2 billion in June, compared with an increase of
$2.0 billion in May. Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $26.2 billion, or 0.3 percent, in June, compared with an increase of
$27.9 billion, or 0.3 percent, in May.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $25.5 billion in June, compared with an increase of $33.5 billion in May.
PCE increased $22.6 billion, compared with an increase of $30.7 billion.
Personal saving -- DPI less personal outlays -- was $269.2 billion in June, compared with
$268.5 billion in May. Personal saving as a percentage of disposable personal income was 3.3
percent in June, the same as in May.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in June, compared
with an increase of 0.4 percent in May.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in June, compared
with an increase of 0.5 percent in May. Purchases of durable goods increased 0.7 percent, compared
with an increase of 1.0 percent. Purchases of nondurable goods increased 0.1 percent, compared
with an increase of 0.6 percent. Purchases of services decreased 0.1 percent, in contrast to an
increase of 0.3 percent.
Revisions
Estimates have been revised for April and May. Changes in personal income, current-dollar
and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for April and May
-- revised and as published in last month's release -- are shown below.
Change from preceding month
April May
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 17.4 20.3 0.2 0.2 27.1 29.9 0.3 0.3
Disposable personal income:
Current dollars.......... 15.0 20.3 0.2 0.3 22.5 27.9 0.3 0.3
Chained (1996) dollars... 26.8 30.9 0.4 0.4 28.1 30.3 0.4 0.4
Personal consumption expenditures:
Current dollars.......... 10.3 9.3 0.1 0.1 11.0 30.7 0.1 0.4
Chained (1996) dollars... 21.8 20.4 0.3 0.3 17.5 32.4 0.3 0.5
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(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 July will be released on
August 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]
----------------------------------------------------------------------------------------------------------------------------
Nov 02 Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 9,007.1 9,047.4 9,069.1 9,096.0 9,119.2 9,139.5 9,169.4 9,198.7
Wage and salary disbursements..... 5,020.1 5,039.5 5,050.9 5,074.1 5,083.4 5,082.5 5,092.1 5,107.0
Private industries.............. 4,154.5 4,172.2 4,175.1 4,191.9 4,198.4 4,195.6 4,202.7 4,212.6
Goods-producing industries.... 1,107.1 1,110.0 1,109.5 1,111.0 1,113.5 1,111.6 1,114.7 1,116.3
Manufacturing............... 750.4 751.8 751.3 752.7 752.9 748.8 749.3 749.4
Distributive industries....... 1,114.6 1,116.7 1,114.5 1,117.8 1,118.5 1,118.3 1,119.2 1,121.1
Service industries............ 1,932.8 1,945.5 1,951.1 1,963.1 1,966.4 1,965.6 1,968.8 1,975.2
Government...................... 865.6 867.3 875.8 882.2 885.0 886.9 889.4 894.4
Other labor income................ 630.1 634.4 637.0 639.4 641.1 642.8 645.2 646.9
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 770.4 774.6 783.3 782.3 787.7 797.1 803.5 809.9
Farm............................ 11.8 10.2 12.3 14.4 15.9 15.8 15.0 14.8
Nonfarm......................... 758.6 764.4 771.0 767.9 771.7 781.3 788.5 795.2
Rental income of persons with
capital consumption adjustment... 130.6 127.9 127.5 126.9 126.2 121.8 116.2 111.0
Personal dividend income.......... 443.8 446.0 448.6 451.2 453.7 456.4 459.1 461.5
Personal interest income.......... 1,080.9 1,083.1 1,079.4 1,075.8 1,072.2 1,076.9 1,081.6 1,086.3
Transfer payments to persons...... 1,317.6 1,329.8 1,333.9 1,339.6 1,348.9 1,356.0 1,366.5 1,371.9
Old-age, survivors, disability,
and health insurance benefits.. 710.3 717.6 718.2 722.4 727.1 729.6 737.3 738.5
Government unemployment
insurance benefits............. 63.3 63.3 60.9 61.5 63.6 64.8 65.7 67.8
Other........................... 544.0 548.9 554.8 555.7 558.1 561.6 563.4 565.5
Less: Personal contributions for
social insurance................. 386.6 388.0 391.6 393.2 394.0 394.1 394.8 395.9
Less: Personal tax and nontax
payments........................... 1,088.5 1,092.2 1,070.1 1,078.3 1,083.1 1,083.1 1,085.1 1,088.3
Equals: Disposable personal income.. 7,918.6 7,955.2 7,998.9 8,017.7 8,036.1 8,056.4 8,084.3 8,110.5
Less: Personal outlays.............. 7,626.0 7,704.1 7,707.7 7,705.4 7,769.8 7,782.3 7,815.8 7,841.3
Personal consumption expenditures. 7,410.7 7,491.2 7,493.4 7,490.3 7,553.9 7,563.2 7,593.9 7,616.5
Durable goods................... 857.7 915.9 866.3 845.7 871.7 894.1 897.3 901.2
Nondurable goods................ 2,150.2 2,162.1 2,193.3 2,203.7 2,223.3 2,193.5 2,193.2 2,202.4
Services........................ 4,402.7 4,413.2 4,433.8 4,441.0 4,458.9 4,475.6 4,503.3 4,512.9
Interest paid by persons.......... 182.5 180.1 180.9 181.7 182.5 185.4 188.3 191.2
Personal transfer payments to the
rest of the world (net).......... 32.8 32.8 33.4 33.4 33.4 33.6 33.6 33.6
Equals: Personal saving............. 292.7 251.1 291.2 312.3 266.4 274.1 268.5 269.2
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 7,079.4 7,105.9 7,131.0 7,118.2 7,109.1 7,140.0 7,170.3 7,177.0
Per capita:
Current dollars............... 27,450 27,557 27,688 27,733 27,774 27,821 27,893 27,958
Chained (1996) dollars........ 24,540 24,615 24,684 24,622 24,571 24,656 24,740 24,740
Population (thousands)\2\....... 288,480 288,682 288,893 289,098 289,335 289,579 289,830 290,100
Personal saving as a percentage
of disposable personal income.... 3.7 3.2 3.6 3.9 3.3 3.4 3.3 3.3
----------------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,685.3 8,922.2 8,803.4 8,914.0 8,958.9 9,012.5 9,094.8 9,169.2
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 5,093.9
Private industries.............. 4,139.8 4,143.6 4,117.4 4,148.9 4,150.3 4,157.7 4,188.5 4,203.6
Goods-producing industries.... 1,142.4 1,115.7 1,116.9 1,121.3 1,115.2 1,109.3 1,111.3 1,114.2
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 1,119.5
Service industries............ 1,888.2 1,913.5 1,890.4 1,912.4 1,917.3 1,933.9 1,960.2 1,969.9
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.......... 727.9 756.5 748.4 747.5 758.7 771.6 784.4 803.5
Farm............................ 19.0 12.9 21.7 7.5 10.7 11.7 14.2 15.2
Nonfarm......................... 708.8 743.7 726.7 740.0 748.0 759.9 770.2 788.3
Rental income of persons with
capital consumption adjustment... 137.9 142.4 141.3 153.5 144.1 130.6 126.9 116.4
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 1,364.8
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 66.1
Other........................... 474.2 525.4 509.5 519.0 528.9 544.1 556.2 563.5
Less: Personal contributions for
social insurance................. 372.3 384.0 380.5 383.6 385.3 386.8 392.9 394.9
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 1,085.5
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 8,083.7
Less: Personal outlays.............. 7,223.5 7,524.5 7,396.3 7,477.9 7,583.0 7,640.7 7,727.6 7,813.1
Personal consumption expenditures. 6,987.0 7,303.7 7,174.2 7,254.7 7,360.7 7,425.4 7,512.5 7,591.2
Durable goods................... 835.9 871.9 859.0 856.9 897.8 873.9 861.2 897.5
Nondurable goods................ 2,041.3 2,115.0 2,085.1 2,108.2 2,116.9 2,150.0 2,206.8 2,196.4
Services........................ 4,109.9 4,316.8 4,230.1 4,289.5 4,346.0 4,401.5 4,444.6 4,497.3
Interest paid by persons.......... 205.4 188.4 190.6 191.3 189.3 182.5 181.7 188.3
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............. 169.7 285.8 270.4 314.3 276.9 281.8 290.0 270.6
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 7,162.4
Per capita:
Current dollars............... 25,957 27,170 26,759 27,144 27,313 27,463 27,732 27,891
Chained (1996) dollars........ 23,692 24,463 24,296 24,479 24,527 24,551 24,625 24,712
Population (thousands)\2\....... 284,822 287,456 286,507 287,072 287,770 288,475 289,109 289,836
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
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
Nov 02 Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 24.0 40.3 21.7 26.9 23.2 20.3 29.9 29.3
Wage and salary disbursements..... 10.4 19.4 11.4 23.2 9.3 -.9 9.6 14.9
Private industries.............. 8.1 17.7 2.9 16.8 6.5 -2.8 7.1 9.9
Goods-producing industries.... -3.6 2.9 -.5 1.5 2.5 -1.9 3.1 1.6
Manufacturing............... -3.4 1.4 -.5 1.4 .2 -4.1 .5 .1
Distributive industries....... 2.1 2.1 -2.2 3.3 .7 -.2 .9 1.9
Service industries............ 9.5 12.7 5.6 12.0 3.3 -.8 3.2 6.4
Government...................... 2.3 1.7 8.5 6.4 2.8 1.9 2.5 5.0
Other labor income................ 4.2 4.3 2.6 2.4 1.7 1.7 2.4 1.7
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... .7 4.2 8.7 -1.0 5.4 9.4 6.4 6.4
Farm............................ -1.2 -1.6 2.1 2.1 1.5 -.1 -.8 -.2
Nonfarm......................... 1.9 5.8 6.6 -3.1 3.8 9.6 7.2 6.7
Rental income of persons with
capital consumption adjustment... -2.6 -2.7 -.4 -.6 -.7 -4.4 -5.6 -5.2
Personal dividend income.......... 2.2 2.2 2.6 2.6 2.5 2.7 2.7 2.4
Personal interest income.......... 2.1 2.2 -3.7 -3.6 -3.6 4.7 4.7 4.7
Transfer payments to persons...... 7.7 12.2 4.1 5.7 9.3 7.1 10.5 5.4
Old-age, survivors, disability,
and health insurance benefits.. 5.8 7.3 .6 4.2 4.7 2.5 7.7 1.2
Government unemployment
insurance benefits............. -2.7 .0 -2.4 .6 2.1 1.2 .9 2.1
Other............................ 4.6 4.9 5.9 .9 2.4 3.5 1.8 2.1
Less: Personal contributions for
social insurance................. .9 1.4 3.6 1.6 .8 .1 .7 1.1
Less: Personal tax and nontax
payments........................... -1.1 3.7 -22.1 8.2 4.8 .0 2.0 3.2
Equals: Disposable personal income.. 25.0 36.6 43.7 18.8 18.4 20.3 27.9 26.2
Less: Personal outlays.............. 34.0 78.1 3.6 -2.3 64.4 12.5 33.5 25.5
Personal consumption expenditures. 36.4 80.5 2.2 -3.1 63.6 9.3 30.7 22.6
Durable goods................... 9.6 58.2 -49.6 -20.6 26.0 22.4 3.2 3.9
Nondurable goods................ 12.7 11.9 31.2 10.4 19.6 -29.8 -.3 9.2
Services........................ 14.1 10.5 20.6 7.2 17.9 16.7 27.7 9.6
Interest paid by persons.......... -2.5 -2.4 .8 .8 .8 2.9 2.9 2.9
Personal transfer payments to the
rest of the world (net).......... .0 .0 .6 .0 .0 .2 .0 .0
Equals: Personal saving............. -8.8 -41.6 40.1 21.1 -45.9 7.7 -5.6 .7
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 17.9 26.5 25.1 -12.8 -9.1 30.9 30.3 6.7
----------------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 278.7 236.9 102.5 110.6 44.9 53.6 82.3 74.4
Wage and salary disbursements..... 114.3 45.8 26.4 39.5 10.1 15.7 46.4 24.4
Private industries.............. 72.4 3.8 11.2 31.5 1.4 7.4 30.8 15.1
Goods-producing industries.... -21.3 -26.7 -6.4 4.4 -6.1 -5.9 2.0 2.9
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 2.6
Service industries............ 79.3 25.3 6.1 22.0 4.9 16.6 26.3 9.7
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 19.1
Farm............................ -3.6 -6.1 2.5 -14.2 3.2 1.0 2.5 1.0
Nonfarm......................... 16.6 34.9 14.6 13.3 8.0 11.9 10.3 18.1
Rental income of persons with
capital consumption adjustment... -8.7 4.5 2.0 12.2 -9.4 -13.5 -3.7 -10.5
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 24.0
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 4.1
Other............................ 41.7 51.2 19.5 9.5 9.9 15.2 12.1 7.3
Less: Personal contributions for
social insurance................. 13.9 11.7 7.8 3.1 1.7 1.5 6.1 2.0
Less: Personal tax and nontax
payments........................... 5.7 -180.2 -172.9 -15.0 -22.8 -8.9 -12.9 8.3
Equals: Disposable personal income.. 273.0 417.1 275.5 125.5 67.7 62.6 95.1 66.1
Less: Personal outlays.............. 304.9 301.0 66.7 81.6 105.1 57.7 86.9 85.5
Personal consumption expenditures. 303.3 316.7 74.3 80.5 106.0 64.7 87.1 78.7
Durable goods................... 32.0 36.0 -23.6 -2.1 40.9 -23.9 -12.7 36.3
Nondurable goods................ 68.4 73.7 40.7 23.1 8.7 33.1 56.8 -10.4
Services........................ 203.0 206.9 57.2 59.4 56.5 55.5 43.1 52.7
Interest paid by persons.......... .0 -17.0 -8.5 .7 -2.0 -6.8 -.8 6.6
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 -19.4
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 117.7 284.2 231.9 66.2 30.9 24.2 37.1 43.0
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
Nov 02 Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... .3 .4 .2 .3 .3 .2 .3 .3
Wage and salary disbursements..... .2 .4 .2 .5 .2 .0 .2 .3
Other labor income................ .7 .7 .4 .4 .3 .3 .4 .3
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... .1 .5 1.1 -.1 .7 1.2 .8 .8
Rental income of persons with
capital consumption adjustment... -1.9 -2.1 -.3 -.5 -.6 -3.5 -4.6 -4.5
Personal dividend income.......... .5 .5 .6 .6 .6 .6 .6 .5
Personal interest income.......... .2 .2 -.3 -.3 -.3 .4 .4 .4
Transfer payments to persons...... .6 .9 .3 .4 .7 .5 .8 .4
Less: Personal contributions for
social insurance................. .2 .4 .9 .4 .2 .0 .2 .3
Less: Personal tax and nontax
payments........................... -.1 .3 -2.0 .8 .4 .0 .2 .3
Equals: Disposable personal income.. .3 .5 .5 .2 .2 .3 .3 .3
Addenda:
Personal consumption expenditures. .5 1.1 .0 .0 .8 .1 .4 .3
Durable goods................... 1.1 6.8 -5.4 -2.4 3.1 2.6 .4 .4
Nondurable goods................ .6 .6 1.4 .5 .9 -1.3 .0 .4
Services........................ .3 .2 .5 .2 .4 .4 .6 .2
Disposable personal income, based
on chained (1996) dollars........ .3 .4 .4 -.2 -.1 .4 .4 .1
----------------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 3.3 2.7 4.8 5.1 2.0 2.4 3.7 3.3
Wage and salary disbursements..... 2.4 .9 2.2 3.2 .8 1.3 3.7 1.9
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 10.1
Rental income of persons with
capital consumption adjustment... -6.0 3.3 5.9 39.3 -22.3 -32.7 -10.8 -29.3
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 7.4
Less: Personal contributions for
social insurance................. 3.9 3.2 8.6 3.3 1.8 1.5 6.5 2.1
Less: Personal tax and nontax
payments........................... .4 -13.9 -43.3 -5.1 -7.9 -3.2 -4.7 3.1
Equals: Disposable personal income.. 3.8 5.6 15.8 6.7 3.5 3.2 4.9 3.3
Addenda:
Personal consumption expenditures. 4.5 4.5 4.3 4.6 6.0 3.6 4.8 4.3
Durable goods................... 4.0 4.3 -10.3 -.9 20.5 -10.2 -5.7 18.0
Nondurable goods................ 3.5 3.6 8.2 4.5 1.7 6.4 11.0 -1.9
Services........................ 5.2 5.0 5.6 5.7 5.4 5.2 4.0 4.8
Disposable personal income, based
on chained (1996) dollars........ 1.8 4.2 14.5 3.9 1.8 1.4 2.1 2.4
----------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
Nov 02 Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,625.3 6,691.4 6,680.3 6,649.9 6,682.5 6,702.9 6,735.3 6,739.9
Durable goods..................... 991.7 1,062.9 1,008.7 987.6 1,019.8 1,048.6 1,058.6 1,066.6
Nondurable goods.................. 1,950.0 1,962.0 1,984.4 1,972.0 1,980.4 1,970.8 1,982.6 1,984.2
Services.......................... 3,708.7 3,708.1 3,716.2 3,714.2 3,714.2 3,721.6 3,734.0 3,731.3
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 28.4 66.1 -11.1 -30.4 32.6 20.4 32.4 4.6
Durable goods..................... 14.7 71.2 -54.2 -21.1 32.2 28.8 10.0 8.0
Nondurable goods.................. 12.1 12.0 22.4 -12.4 8.4 -9.6 11.8 1.6
Services.......................... 4.7 -.6 8.1 -2.0 .0 7.4 12.4 -2.7
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .4 1.0 -.2 -.5 .5 .3 .5 .1
Durable goods..................... 1.5 7.2 -5.1 -2.1 3.3 2.8 1.0 .7
Nondurable goods.................. .6 .6 1.1 -.6 .4 -.5 .6 .1
Services.......................... .1 .0 .2 -.1 .0 .2 .3 -.1
----------------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
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 6,726.0
Durable goods..................... 931.9 999.9 975.9 980.7 1,032.4 1,010.6 1,005.4 1,057.9
Nondurable goods.................. 1,869.8 1,929.5 1,921.4 1,920.9 1,925.8 1,950.0 1,978.9 1,979.2
Services.......................... 3,594.9 3,675.6 3,642.2 3,666.2 3,687.0 3,707.0 3,714.9 3,729.0
----------------------------------------------------------------------------------------
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 55.1
Durable goods..................... 53.0 68.0 -16.1 4.8 51.7 -21.8 -5.2 52.5
Nondurable goods.................. 36.0 59.7 36.4 -.5 4.9 24.2 28.9 .3
Services.......................... 70.4 80.7 25.6 24.0 20.8 20.0 7.9 14.1
----------------------------------------------------------------------------------------
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 3.3
Durable goods..................... 6.0 7.3 -6.3 2.0 22.8 -8.2 -2.0 22.6
Nondurable goods.................. 2.0 3.2 7.9 -.1 1.0 5.1 6.1 .1
Services.......................... 2.0 2.2 2.9 2.7 2.3 2.2 .9 1.5
----------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
Nov 02 Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures... 111.86 111.95 112.17 112.64 113.04 112.84 112.75 113.01
Durable goods..................... 86.46 86.14 85.86 85.60 85.46 85.24 84.74 84.47
Nondurable goods.................. 110.27 110.19 110.53 111.74 112.26 111.30 110.62 110.99
Services.......................... 118.71 119.02 119.31 119.57 120.05 120.26 120.60 120.95
Addendum:
Personal consumption expenditures
less food and energy............. 111.32 111.42 111.47 111.52 111.64 111.76 111.83 112.01
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .1 .1 .2 .4 .4 -.2 -.1 .2
Durable goods..................... -.4 -.4 -.3 -.3 -.2 -.3 -.6 -.3
Nondurable goods.................. .0 -.1 .3 1.1 .5 -.9 -.6 .3
Services.......................... .2 .3 .2 .2 .4 .2 .3 .3
Addendum:
Personal consumption expenditures
less food and energy............. .1 .1 .0 .0 .1 .1 .1 .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
Nov 02 Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income.......... 5.4 5.1 2.8 2.2 1.9 2.2 2.1 1.5
Personal consumption expenditures... 2.7 3.4 3.0 1.9 2.4 2.6 3.0 2.8
Durable goods..................... .5 10.4 4.7 .5 3.9 5.7 9.6 8.5
Nondurable goods.................. 3.9 3.0 3.3 2.4 3.3 2.9 3.3 3.0
Services.......................... 2.6 2.3 2.5 1.9 1.6 1.9 1.7 1.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
Nov 02 Dec 02 Jan 03 Feb 03 Mar 03 Apr 03/r/ May 03/r/ Jun 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures... 1.8 2.0 2.1 2.3 2.4 1.8 1.7 1.8
Durable goods..................... -2.8 -3.1 -3.1 -2.5 -2.4 -2.5 -3.1 -3.1
Nondurable goods.................. 1.7 2.3 2.3 3.0 2.9 1.0 1.0 1.3
Services.......................... 2.8 3.0 3.0 2.9 3.2 3.0 3.1 3.1
Addendum:
Personal consumption expenditures
less food and energy............. 1.6 1.7 1.6 1.4 1.5 1.3 1.3 1.3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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