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James E. Rankin: (202) 606-5301 (Personal Income) BEA 03-25
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: MAY 2003
Personal income increased $27.1 billion, or 0.3 percent, and disposable personal income (DPI)
increased $22.5 billion, or 0.3 percent, in May, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $11.0 billion, or 0.1 percent. In April, personal
income increased $17.4 billion, or 0.2 percent, DPI increased $15.0 billion, or 0.2 percent, and PCE
increased $10.3 billion, or 0.1 percent, based on revised estimates.
2003
Jan. Feb. Mar. Apr. May
(Percent change from preceding month)
Personal income, current dollars 0.2 0.3 0.3 0.2 0.3
Disposable personal income:
Current dollars 0.5 0.2 0.2 0.2 0.3
Chained (1996) dollars 0.4 -0.2 -0.1 0.4 0.4
Personal consumption expenditures:
Current dollars 0.0 0.0 0.8 0.1 0.1
Chained (1996) dollars -0.2 -0.5 0.5 0.3 0.3
This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for social insurance for October through December 2002 (fourth quarter).
Wages and salaries
Private wage and salary disbursements increased $6.9 billion in May, in contrast to a decrease
of $2.7 billion in April. Goods-producing industries' payrolls increased $3.1 billion, in contrast to a
decrease of $2.6 billion; manufacturing payrolls increased $0.4 billion, in contrast to a decrease of
$4.4 billion. Distributive industries' payrolls increased $1.9 billion, compared with an increase of
$0.2 billion. Service industries' payrolls increased $2.0 billion, in contrast to a decrease of $0.4
billion. Government wage and salary disbursements increased $0.7 billion, compared with an
increase of $2.7 billion.
Other personal income
Proprietors' income increased $7.6 billion in May, compared with an increase of $8.8 billion in
April. Farm proprietors' income increased $1.2 billion, compared with an increase of $0.6 billion.
Nonfarm proprietors' income increased $6.4 billion, compared with an increase of $8.3 billion.
Transfer payments increased $10.5 billion in May, compared with an increase of $5.7 billion in
April. Personal interest income increased $4.2 billion in May, the same increase as in April.
Personal dividend income increased $2.7 billion in May, the same increase as in April. Rental
income of persons decreased $6.9 billion in May, compared with a decrease of $5.7 billion in April.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.7 billion in May, compared with an increase of $0.1 billion in April.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $4.7 billion in May, compared with an increase of
$2.4 billion in April. Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $22.5 billion, or 0.3 percent, in May, compared with an increase of
15.0 billion, or 0.2 percent, in April.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $10.6 billion in May, compared with an increase of $9.8 billion in April.
PCE increased $11.0 billion, compared with an increase of $10.3 billion.
Personal saving -- DPI less personal outlays -- was $283.4 billion in May, compared with
$271.5 billion in April. Personal saving as a percentage of disposable personal income was 3.5
percent in May, compared with 3.4 percent in April.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in May, the same
increase as in April. In each month, the larger increase in real DPI than in current-dollar DPI
reflected a decrease in the PCE implicit price deflator, which is used to deflate DPI. The decreases
in the PCE implicit price deflator were mostly accounted for by large decreases in energy prices.
Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in May, the same
increase as in April. Purchases of durable goods decreased 0.1 percent in May, in contrast to an
increase of 3.0 percent in April. Purchases of motor vehicles and parts more than accounted for the
May decrease and accounted for most of the April increase. Purchases of nondurable goods
increased 0.5 percent in May, in contrast to a decrease of 0.5 percent in April. Purchases of services
increased 0.2 percent in May, the same increase as in April.
Revisions
Estimates for personal income and DPI have been revised for October 2002 through April
2003; estimates for PCE have been revised for January through April 2003. Changes in personal
income, current-dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar
PCE for March and April -- revised and as published in last month's release -- are shown below.
For October through December 2002, the revisions to wages and salaries reflected the
incorporation of the most recently available BLS tabulations of private wages and salaries from the
state unemployment insurance program. Revisions to personal taxes and to contributions for social
insurance reflected the revisions to wages and salaries.
Change from preceding month
March April
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars........... 37.6 23.2 0.4 0.3 4.0 17.4 0.0 0.2
Disposable personal income:
Current dollars........... 28.6 18.4 0.4 0.2 4.4 15.0 0.1 0.2
Chained (1996) dollars.... 0.4 -9.1 0.0 -0.1 19.6 26.8 0.3 0.4
Personal consumption expenditures:
Current dollars........... 63.3 63.6 0.8 0.8 -7.5 10.3 -0.1 0.1
Chained (1996) dollars.... 32.7 32.6 0.5 0.5 8.1 21.8 0.1 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
(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.
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.
Next release -- Personal Income and Outlays for June will be released on
August 1, 2003, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Oct 02/r/ Nov 02/r/ Dec 02/r/ Jan 03/r/ Feb 03/r/ Mar 03/r/ Apr 03/r/ May 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,983.1 9,007.1 9,047.4 9,069.1 9,096.0 9,119.2 9,136.6 9,163.7
Wage and salary disbursements..... 5,009.7 5,020.1 5,039.5 5,050.9 5,074.1 5,083.4 5,083.4 5,091.0
Private industries.............. 4,146.4 4,154.5 4,172.2 4,175.1 4,191.9 4,198.4 4,195.7 4,202.6
Goods-producing industries.... 1,110.7 1,107.1 1,110.0 1,109.5 1,111.0 1,113.5 1,110.9 1,114.0
Manufacturing............... 753.8 750.4 751.8 751.3 752.7 752.9 748.5 748.9
Distributive industries....... 1,112.5 1,114.6 1,116.7 1,114.5 1,117.8 1,118.5 1,118.7 1,120.6
Service industries............ 1,923.3 1,932.8 1,945.5 1,951.1 1,963.1 1,966.4 1,966.0 1,968.0
Government...................... 863.3 865.6 867.3 875.8 882.2 885.0 887.7 888.4
Other labor income................ 625.9 630.1 634.4 637.0 639.4 641.1 642.9 645.0
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 769.7 770.4 774.6 783.3 782.3 787.7 796.5 804.1
Farm............................ 13.0 11.8 10.2 12.3 14.4 15.9 16.5 17.7
Nonfarm......................... 756.7 758.6 764.4 771.0 767.9 771.7 780.0 786.4
Rental income of persons with
capital consumption adjustment... 133.2 130.6 127.9 127.5 126.9 126.2 120.5 113.6
Personal dividend income.......... 441.6 443.8 446.0 448.6 451.2 453.7 456.4 459.1
Personal interest income.......... 1,078.8 1,080.9 1,083.1 1,079.4 1,075.8 1,072.2 1,076.4 1,080.6
Transfer payments to persons...... 1,309.9 1,317.6 1,329.8 1,333.9 1,339.6 1,348.9 1,354.6 1,365.1
Old-age, survivors, disability,
and health insurance benefits.. 704.5 710.3 717.6 718.2 722.4 727.1 728.8 735.7
Government unemployment
insurance benefits............. 66.0 63.3 63.3 60.9 61.5 63.6 64.8 65.8
Other........................... 539.4 544.0 548.9 554.8 555.7 558.1 561.1 563.6
Less: Personal contributions for
social insurance................. 385.7 386.6 388.0 391.6 393.2 394.0 394.1 394.8
Less: Personal tax and nontax
payments........................... 1,089.6 1,088.5 1,092.2 1,070.1 1,078.3 1,083.1 1,085.5 1,090.2
Equals: Disposable personal income.. 7,893.6 7,918.6 7,955.2 7,998.9 8,017.7 8,036.1 8,051.1 8,073.6
Less: Personal outlays.............. 7,592.0 7,626.0 7,704.1 7,707.7 7,705.4 7,769.8 7,779.6 7,790.2
Personal consumption expenditures. 7,374.3 7,410.7 7,491.2 7,493.4 7,490.3 7,553.9 7,564.2 7,575.2
Durable goods................... 848.1 857.7 915.9 866.3 845.7 871.7 895.2 889.1
Nondurable goods................ 2,137.5 2,150.2 2,162.1 2,193.3 2,203.7 2,223.3 2,194.6 2,191.4
Services........................ 4,388.6 4,402.7 4,413.2 4,433.8 4,441.0 4,458.9 4,474.4 4,494.7
Interest paid by persons.......... 185.0 182.5 180.1 180.9 181.7 182.5 182.0 181.6
Personal transfer payments to the
rest of the world (net).......... 32.8 32.8 32.8 33.4 33.4 33.4 33.4 33.4
Equals: Personal saving............. 301.5 292.7 251.1 291.2 312.3 266.4 271.5 283.4
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 7,061.5 7,079.4 7,105.9 7,131.0 7,118.2 7,109.1 7,135.9 7,164.0
Per capita:
Current dollars............... 27,383 27,450 27,557 27,688 27,733 27,774 27,803 27,856
Chained (1996) dollars........ 24,497 24,540 24,615 24,684 24,622 24,571 24,642 24,718
Population (thousands)\2\....... 288,263 288,480 288,682 288,893 289,098 289,335 289,579 289,830
Personal saving as a percentage
of disposable personal income.... 3.8 3.7 3.2 3.6 3.9 3.3 3.4 3.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2002.
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/r/ IV 01 I 02 II 02 III 02 IV 02/r/ I 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,685.3 8,922.2 8,700.9 8,803.4 8,914.0 8,958.9 9,012.5 9,094.8
Wage and salary disbursements..... 4,950.6 4,996.4 4,931.4 4,957.8 4,997.3 5,007.4 5,023.1 5,069.5
Private industries.............. 4,139.8 4,143.6 4,106.2 4,117.4 4,148.9 4,150.3 4,157.7 4,188.5
Goods-producing industries.... 1,142.4 1,115.7 1,123.3 1,116.9 1,121.3 1,115.2 1,109.3 1,111.3
Manufacturing............... 789.4 758.7 769.9 759.4 765.3 757.9 752.0 752.3
Distributive industries....... 1,109.2 1,114.4 1,098.6 1,110.1 1,115.3 1,117.8 1,114.6 1,116.9
Service industries............ 1,888.2 1,913.5 1,884.3 1,890.4 1,912.4 1,917.3 1,933.9 1,960.2
Government...................... 810.8 852.8 825.2 840.4 848.4 857.1 865.4 881.0
Other labor income................ 570.4 610.6 576.3 590.8 604.1 617.5 630.2 639.2
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 727.9 756.5 731.3 748.4 747.5 758.7 771.6 784.4
Farm............................ 19.0 12.9 19.2 21.7 7.5 10.7 11.7 14.2
Nonfarm......................... 708.8 743.7 712.1 726.7 740.0 748.0 759.9 770.2
Rental income of persons with
capital consumption adjustment... 137.9 142.4 139.3 141.3 153.5 144.1 130.6 126.9
Personal dividend income.......... 409.2 433.8 417.3 423.7 430.3 437.3 443.8 451.2
Personal interest income.......... 1,091.3 1,078.5 1,072.9 1,069.9 1,082.3 1,080.7 1,080.9 1,075.8
Transfer payments to persons...... 1,170.4 1,288.0 1,205.0 1,252.0 1,282.6 1,298.4 1,319.1 1,340.8
Old-age, survivors, disability,
and health insurance benefits.. 664.3 699.8 674.0 690.2 696.3 701.9 710.8 722.6
Government unemployment
insurance benefits............. 31.9 62.9 41.0 52.3 67.3 67.6 64.2 62.0
Other........................... 474.2 525.4 490.0 509.5 519.0 528.9 544.1 556.2
Less: Personal contributions for
social insurance................. 372.3 384.0 372.7 380.5 383.6 385.3 386.8 392.9
Less: Personal tax and nontax
payments........................... 1,292.1 1,111.9 1,309.7 1,136.8 1,121.8 1,099.0 1,090.1 1,077.2
Equals: Disposable personal income.. 7,393.2 7,810.3 7,391.2 7,666.7 7,792.2 7,859.9 7,922.5 8,017.6
Less: Personal outlays.............. 7,223.5 7,524.5 7,329.6 7,396.3 7,477.9 7,583.0 7,640.7 7,727.6
Personal consumption expenditures. 6,987.0 7,303.7 7,099.9 7,174.2 7,254.7 7,360.7 7,425.4 7,512.5
Durable goods................... 835.9 871.9 882.6 859.0 856.9 897.8 873.9 861.2
Nondurable goods................ 2,041.3 2,115.0 2,044.4 2,085.1 2,108.2 2,116.9 2,150.0 2,206.8
Services........................ 4,109.9 4,316.8 4,172.9 4,230.1 4,289.5 4,346.0 4,401.5 4,444.6
Interest paid by persons.......... 205.4 188.4 199.1 190.6 191.3 189.3 182.5 181.7
Personal transfer payments to the
rest of the world (net).......... 31.1 32.3 30.6 31.5 31.9 32.9 32.8 33.4
Equals: Personal saving............. 169.7 285.8 61.5 270.4 314.3 276.9 281.8 290.0
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 6,748.0 7,032.2 6,729.1 6,961.0 7,027.2 7,058.1 7,082.3 7,119.4
Per capita:
Current dollars............... 25,957 27,170 25,853 26,759 27,144 27,313 27,463 27,732
Chained (1996) dollars........ 23,692 24,463 23,537 24,296 24,479 24,527 24,551 24,625
Population (thousands)\2\....... 284,822 287,456 285,898 286,507 287,072 287,770 288,475 289,109
Personal saving as a percentage
of disposable personal income.... 2.3 3.7 .8 3.5 4.0 3.5 3.6 3.6
----------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2002.
1. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The quarterly and
annual estimates are averages of monthly population estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Oct 02/r/ Nov 02/r/ Dec 02/r/ Jan 03/r/ Feb 03/r/ Mar 03/r/ Apr 03/r/ May 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... .0 24.0 40.3 21.7 26.9 23.2 17.4 27.1
Wage and salary disbursements..... -17.7 10.4 19.4 11.4 23.2 9.3 .0 7.6
Private industries.............. -21.0 8.1 17.7 2.9 16.8 6.5 -2.7 6.9
Goods-producing industries.... -6.6 -3.6 2.9 -.5 1.5 2.5 -2.6 3.1
Manufacturing............... -4.0 -3.4 1.4 -.5 1.4 .2 -4.4 .4
Distributive industries....... -11.2 2.1 2.1 -2.2 3.3 .7 .2 1.9
Service industries............ -3.1 9.5 12.7 5.6 12.0 3.3 -.4 2.0
Government...................... 3.3 2.3 1.7 8.5 6.4 2.8 2.7 .7
Other labor income................ 3.8 4.2 4.3 2.6 2.4 1.7 1.8 2.1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 5.9 .7 4.2 8.7 -1.0 5.4 8.8 7.6
Farm............................ -.8 -1.2 -1.6 2.1 2.1 1.5 .6 1.2
Nonfarm......................... 6.7 1.9 5.8 6.6 -3.1 3.8 8.3 6.4
Rental income of persons with
capital consumption adjustment... -2.7 -2.6 -2.7 -.4 -.6 -.7 -5.7 -6.9
Personal dividend income.......... 2.2 2.2 2.2 2.6 2.6 2.5 2.7 2.7
Personal interest income.......... 2.1 2.1 2.2 -3.7 -3.6 -3.6 4.2 4.2
Transfer payments to persons...... 5.3 7.7 12.2 4.1 5.7 9.3 5.7 10.5
Old-age, survivors, disability,
and health insurance benefits.. -.1 5.8 7.3 .6 4.2 4.7 1.7 6.9
Government unemployment
insurance benefits............. -1.8 -2.7 .0 -2.4 .6 2.1 1.2 1.0
Other............................ 7.1 4.6 4.9 5.9 .9 2.4 3.0 2.5
Less: Personal contributions for
social insurance................. -1.0 .9 1.4 3.6 1.6 .8 .1 .7
Less: Personal tax and nontax
payments........................... -7.2 -1.1 3.7 -22.1 8.2 4.8 2.4 4.7
Equals: Disposable personal income.. 7.2 25.0 36.6 43.7 18.8 18.4 15.0 22.5
Less: Personal outlays.............. 24.5 34.0 78.1 3.6 -2.3 64.4 9.8 10.6
Personal consumption expenditures. 27.1 36.4 80.5 2.2 -3.1 63.6 10.3 11.0
Durable goods................... -24.7 9.6 58.2 -49.6 -20.6 26.0 23.5 -6.1
Nondurable goods................ 21.9 12.7 11.9 31.2 10.4 19.6 -28.7 -3.2
Services........................ 29.8 14.1 10.5 20.6 7.2 17.9 15.5 20.3
Interest paid by persons.......... -2.4 -2.5 -2.4 .8 .8 .8 -.5 -.4
Personal transfer payments to the
rest of the world (net).......... -.1 .0 .0 .6 .0 .0 .0 .0
Equals: Personal saving............. -17.3 -8.8 -41.6 40.1 21.1 -45.9 5.1 11.9
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ -5.7 17.9 26.5 25.1 -12.8 -9.1 26.8 28.1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2002.
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/r/ IV 01 I 02 II 02 III 02 IV 02/r/ I 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 278.7 236.9 -5.3 102.5 110.6 44.9 53.6 82.3
Wage and salary disbursements..... 114.3 45.8 -22.3 26.4 39.5 10.1 15.7 46.4
Private industries.............. 72.4 3.8 -30.4 11.2 31.5 1.4 7.4 30.8
Goods-producing industries.... -21.3 -26.7 -16.7 -6.4 4.4 -6.1 -5.9 2.0
Manufacturing............... -40.0 -30.7 -13.5 -10.5 5.9 -7.4 -5.9 .3
Distributive industries....... 14.4 5.2 -12.2 11.5 5.2 2.5 -3.2 2.3
Service industries............ 79.3 25.3 -1.5 6.1 22.0 4.9 16.6 26.3
Government...................... 41.9 42.0 8.1 15.2 8.0 8.7 8.3 15.6
Other labor income................ 26.2 40.2 3.9 14.5 13.3 13.4 12.7 9.0
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 13.1 28.6 -1.1 17.1 -.9 11.2 12.9 12.8
Farm............................ -3.6 -6.1 -.1 2.5 -14.2 3.2 1.0 2.5
Nonfarm......................... 16.6 34.9 -1.0 14.6 13.3 8.0 11.9 10.3
Rental income of persons with
capital consumption adjustment... -8.7 4.5 -1.5 2.0 12.2 -9.4 -13.5 -3.7
Personal dividend income.......... 33.5 24.6 6.3 6.4 6.6 7.0 6.5 7.4
Personal interest income.......... 14.3 -12.8 -13.5 -3.0 12.4 -1.6 .2 -5.1
Transfer payments to persons...... 100.1 117.6 22.5 47.0 30.6 15.8 20.7 21.7
Old-age, survivors, disability,
and health insurance benefits.. 47.1 35.5 3.9 16.2 6.1 5.6 8.9 11.8
Government unemployment
insurance benefits............. 11.4 31.0 7.9 11.3 15.0 .3 -3.4 -2.2
Other............................ 41.7 51.2 10.7 19.5 9.5 9.9 15.2 12.1
Less: Personal contributions for
social insurance................. 13.9 11.7 -.4 7.8 3.1 1.7 1.5 6.1
Less: Personal tax and nontax
payments........................... 5.7 -180.2 127.8 -172.9 -15.0 -22.8 -8.9 -12.9
Equals: Disposable personal income.. 273.0 417.1 -133.0 275.5 125.5 67.7 62.6 95.1
Less: Personal outlays.............. 304.9 301.0 107.6 66.7 81.6 105.1 57.7 86.9
Personal consumption expenditures. 303.3 316.7 116.2 74.3 80.5 106.0 64.7 87.1
Durable goods................... 32.0 36.0 58.6 -23.6 -2.1 40.9 -23.9 -12.7
Nondurable goods................ 68.4 73.7 .1 40.7 23.1 8.7 33.1 56.8
Services........................ 203.0 206.9 57.5 57.2 59.4 56.5 55.5 43.1
Interest paid by persons.......... .0 -17.0 -7.4 -8.5 .7 -2.0 -6.8 -.8
Personal transfer payments to the
rest of the world (net).......... 1.6 1.2 -1.2 .9 .4 1.0 -.1 .6
Equals: Personal saving............. -31.8 116.1 -240.7 208.9 43.9 -37.4 4.9 8.2
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 117.7 284.2 -134.9 231.9 66.2 30.9 24.2 37.1
----------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2002.
1. Equals disposable personal income deflated by the implicit price deflator
for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Percent; months seasonally adjusted at monthly rates]
----------------------------------------------------------------------------------------------------------------------------
Oct 02/r/ Nov 02/r/ Dec 02/r/ Jan 03/r/ Feb 03/r/ Mar 03/r/ Apr 03/r/ May 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... .0 .3 .4 .2 .3 .3 .2 .3
Wage and salary disbursements..... -.4 .2 .4 .2 .5 .2 .0 .2
Other labor income................ .6 .7 .7 .4 .4 .3 .3 .3
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... .8 .1 .5 1.1 -.1 .7 1.1 1.0
Rental income of persons with
capital consumption adjustment... -2.0 -1.9 -2.1 -.3 -.5 -.6 -4.5 -5.7
Personal dividend income.......... .5 .5 .5 .6 .6 .6 .6 .6
Personal interest income.......... .2 .2 .2 -.3 -.3 -.3 .4 .4
Transfer payments to persons...... .4 .6 .9 .3 .4 .7 .4 .8
Less: Personal contributions for
social insurance................. -.3 .2 .4 .9 .4 .2 .0 .2
Less: Personal tax and nontax
payments........................... -.7 -.1 .3 -2.0 .8 .4 .2 .4
Equals: Disposable personal income.. .1 .3 .5 .5 .2 .2 .2 .3
Addenda:
Personal consumption expenditures. .4 .5 1.1 .0 .0 .8 .1 .1
Durable goods................... -2.8 1.1 6.8 -5.4 -2.4 3.1 2.7 -.7
Nondurable goods................ 1.0 .6 .6 1.4 .5 .9 -1.3 -.1
Services........................ .7 .3 .2 .5 .2 .4 .3 .5
Disposable personal income, based
on chained (1996) dollars........ -.1 .3 .4 .4 -.2 -.1 .4 .4
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2002.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Percent; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002/r/ IV 01 I 02 II 02 III 02 IV 02/r/ I 03/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 3.3 2.7 -.2 4.8 5.1 2.0 2.4 3.7
Wage and salary disbursements..... 2.4 .9 -1.8 2.2 3.2 .8 1.3 3.7
Other labor income................ 4.8 7.1 2.8 10.4 9.3 9.2 8.4 5.8
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 1.8 3.9 -.6 9.7 -.5 6.2 6.9 6.8
Rental income of persons with
capital consumption adjustment... -6.0 3.3 -4.3 5.9 39.3 -22.3 -32.7 -10.8
Personal dividend income.......... 8.9 6.0 6.3 6.3 6.4 6.6 6.1 6.8
Personal interest income.......... 1.3 -1.2 -4.9 -1.1 4.7 -.6 .1 -1.9
Transfer payments to persons...... 9.4 10.0 7.8 16.5 10.1 5.0 6.5 6.7
Less: Personal contributions for
social insurance................. 3.9 3.2 -.4 8.6 3.3 1.8 1.5 6.5
Less: Personal tax and nontax
payments........................... .4 -13.9 50.8 -43.3 -5.1 -7.9 -3.2 -4.7
Equals: Disposable personal income.. 3.8 5.6 -6.9 15.8 6.7 3.5 3.2 4.9
Addenda:
Personal consumption expenditures. 4.5 4.5 6.8 4.3 4.6 6.0 3.6 4.8
Durable goods................... 4.0 4.3 31.6 -10.3 -.9 20.5 -10.2 -5.7
Nondurable goods................ 3.5 3.6 .0 8.2 4.5 1.7 6.4 11.0
Services........................ 5.2 5.0 5.7 5.6 5.7 5.4 5.2 4.0
Disposable personal income, based
on chained (1996) dollars........ 1.8 4.2 -7.6 14.5 3.9 1.8 1.4 2.1
----------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2002.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
Oct 02 Nov 02 Dec 02 Jan 03/r/ Feb 03/r/ Mar 03/r/ Apr 03/r/ May 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,596.9 6,625.3 6,691.4 6,680.3 6,649.9 6,682.5 6,704.3 6,721.8
Durable goods..................... 977.0 991.7 1,062.9 1,008.7 987.6 1,019.8 1,049.9 1,049.0
Nondurable goods.................. 1,937.9 1,950.0 1,962.0 1,984.4 1,972.0 1,980.4 1,971.4 1,980.6
Services.......................... 3,704.0 3,708.7 3,708.1 3,716.2 3,714.2 3,714.2 3,721.6 3,730.1
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 12.9 28.4 66.1 -11.1 -30.4 32.6 21.8 17.5
Durable goods..................... -26.5 14.7 71.2 -54.2 -21.1 32.2 30.1 -.9
Nondurable goods.................. 17.7 12.1 12.0 22.4 -12.4 8.4 -9.0 9.2
Services.......................... 15.0 4.7 -.6 8.1 -2.0 .0 7.4 8.5
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .2 .4 1.0 -.2 -.5 .5 .3 .3
Durable goods..................... -2.6 1.5 7.2 -5.1 -2.1 3.3 3.0 -.1
Nondurable goods.................. .9 .6 .6 1.1 -.6 .4 -.5 .5
Services.......................... .4 .1 .0 .2 -.1 .0 .2 .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 IV 01 I 02 II 02 III 02 IV 02 I 03/r/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,377.2 6,576.0 6,464.0 6,513.8 6,542.4 6,609.9 6,637.9 6,670.9
Durable goods..................... 931.9 999.9 992.0 975.9 980.7 1,032.4 1,010.6 1,005.4
Nondurable goods.................. 1,869.8 1,929.5 1,885.0 1,921.4 1,920.9 1,925.8 1,950.0 1,978.9
Services.......................... 3,594.9 3,675.6 3,616.6 3,642.2 3,666.2 3,687.0 3,707.0 3,714.9
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 153.3 198.8 93.1 49.8 28.6 67.5 28.0 33.0
Durable goods..................... 53.0 68.0 69.4 -16.1 4.8 51.7 -21.8 -5.2
Nondurable goods.................. 36.0 59.7 16.7 36.4 -.5 4.9 24.2 28.9
Services.......................... 70.4 80.7 19.1 25.6 24.0 20.8 20.0 7.9
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... 2.5 3.1 6.0 3.1 1.8 4.2 1.7 2.0
Durable goods..................... 6.0 7.3 33.6 -6.3 2.0 22.8 -8.2 -2.0
Nondurable goods.................. 2.0 3.2 3.6 7.9 -.1 1.0 5.1 6.1
Services.......................... 2.0 2.2 2.1 2.9 2.7 2.3 2.2 .9
----------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
Oct 02 Nov 02 Dec 02 Jan 03/r/ Feb 03/r/ Mar 03/r/ Apr 03/r/ May 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures... 111.79 111.86 111.95 112.17 112.64 113.04 112.83 112.70
Durable goods..................... 86.77 86.46 86.14 85.86 85.60 85.46 85.24 84.74
Nondurable goods.................. 110.30 110.27 110.19 110.53 111.74 112.26 111.32 110.64
Services.......................... 118.49 118.71 119.02 119.31 119.57 120.05 120.23 120.50
Addendum:
Personal consumption expenditures
less food and energy............. 111.24 111.32 111.42 111.47 111.52 111.64 111.73 111.75
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .2 .1 .1 .2 .4 .4 -.2 -.1
Durable goods..................... -.2 -.4 -.4 -.3 -.3 -.2 -.3 -.6
Nondurable goods.................. .1 .0 -.1 .3 1.1 .5 -.8 -.6
Services.......................... .3 .2 .3 .2 .2 .4 .1 .2
Addendum:
Personal consumption expenditures
less food and energy............. .1 .1 .1 .0 .0 .1 .1 .0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
Oct 02/r/ Nov 02/r/ Dec 02/r/ Jan 03/r/ Feb 03/r/ Mar 03/r/ Apr 03/r/ May 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income.......... 5.3 5.4 5.1 2.8 2.2 1.9 2.2 2.0
Personal consumption expenditures... 1.9 2.7 3.4 3.0 1.9 2.4 2.6 2.8
Durable goods..................... -4.8 .5 10.4 4.7 .5 3.9 5.8 8.6
Nondurable goods.................. 3.4 3.9 3.0 3.3 2.4 3.3 2.9 3.2
Services.......................... 2.6 2.6 2.3 2.5 1.9 1.6 1.9 1.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2002.
Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
Oct 02 Nov 02 Dec 02 Jan 03/r/ Feb 03/r/ Mar 03/r/ Apr 03/r/ May 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures... 1.7 1.8 2.0 2.1 2.3 2.4 1.8 1.7
Durable goods..................... -2.4 -2.8 -3.1 -3.1 -2.5 -2.4 -2.5 -3.1
Nondurable goods.................. 1.0 1.7 2.3 2.3 3.0 2.9 1.0 1.0
Services.......................... 2.9 2.8 3.0 3.0 2.9 3.2 3.0 3.0
Addendum:
Personal consumption expenditures
less food and energy............. 1.7 1.6 1.7 1.6 1.4 1.5 1.3 1.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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