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James E. Rankin: (202) 606-5301 (Personal Income) BEA 03-53
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: NOVEMBER 2003
Personal income increased $44.0 billion, or 0.5 percent, and disposable personal income (DPI)
increased $39.2 billion, or 0.5 percent, in November, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $31.1 billion, or 0.4 percent. In October,
personal income increased $22.4 billion, or 0.2 percent, DPI increased $21.8 billion, or 0.3 percent,
and PCE increased $8.1 billion, or 0.1 percent, based on revised estimates.
2003
July Aug. Sept. Oct. Nov.
(Percent change from preceding month)
Personal income, current dollars 0.4 0.2 0.3 0.2 0.5
Disposable personal income:
Current dollars 1.3 0.8 -1.1 0.3 0.5
Chained (2000) dollars 1.2 0.6 -1.2 0.3 0.6
Personal consumption expenditures:
Current dollars 0.9 0.9 0.0 0.1 0.4
Chained (2000) dollars 0.8 0.7 -0.2 0.1 0.5
This release presents revised estimates of personal income and its disposition that reflect the
comprehensive revision of the national income and product accounts. Tables containing
historical data will be posted when they become available on BEA's Web site.
Wages and salaries
Private wage and salary disbursements increased $16.0 billion in November, compared with an
increase of $8.2 billion in October. Goods-producing industries' payrolls increased $3.6 billion,
compared with an increase of $1.2 billion; manufacturing payrolls increased $2.5 billion, compared
with an increase of less than $0.1 billion. Services-producing industries payrolls increased $12.4
billion, compared with an increase of $7.1 billion. Government wage and salary disbursements
increased $0.9 billion, compared with an increase of $0.8 billion.
Other personal income
Proprietors' income increased $15.1 billion in November, compared with an increase of $3.6
billion in October. Farm proprietors' income increased $7.5 billion, compared with an increase of
$6.2 billion. Nonfarm proprietors' income increased $7.5 billion, in contrast to a decrease of $2.6
billion.
Personal current transfer receipts decreased $1.8 billion in November, compared with a
decrease of $3.9 billion in October. Personal income receipts on assets (personal interest income
plus personal dividend income) increased $1.7 billion compared with an increase of $1.3 billion.
Rental income of persons increased $10.8 billion in November, the same increase as in October.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $2.2 billion in November, compared with an increase of $1.1 billion in October.
Personal current taxes and disposable personal income
Personal current taxes increased $4.9 billion in November, compared with an increase of $0.5
billion in October. Disposable personal income (DPI) -- personal income less personal current taxes
-- increased $39.2 billion, or 0.5 percent, in November, compared with an increase of $21.8 billion,
or 0.3 percent, in October.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments --
increased $31.0 billion in November, compared with an increase of $8.2 billion in October. PCE
increased $31.1 billion, compared with an increase of $8.1 billion.
Personal saving -- DPI less personal outlays -- was $148.4 billion in November, compared with
$140.3 billion in October. Personal saving as a percentage of disposable personal income was 1.8
percent in November, compared with 1.7 percent in October.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.6 percent in November,
compared with an increase of 0.3 percent in October.
Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in November,
compared with an increase of 0.1 percent in October. Purchases of durable goods increased 1.4
percent, in contrast to a decrease of 0.7 percent. Purchases of motor vehicles and parts accounted for
most of the increase in November and more than accounted for the decrease in October. Purchases
of nondurable goods increased 0.6 percent in November, compared with an increase of 0.5 percent in
October. Purchases of services increased 0.3 percent, compared with an increase of 0.1 percent.
Revisions
As part of the comprehensive revision of the national income and product accounts, estimates
have been revised from January 1959 through October 2003. Revised estimates for periods not
shown in this release will be posted on BEA's Web site as they become available. Changes in
personal income, current-dollar DPI, and current-dollar PCE for September and October -- revised
and as published in last month's release -- are shown below.
Change from preceding month
September October
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 28.6 28.8 0.3 0.3 35.1 22.4 0.4 0.2
Disposable personal income:
Current dollars.......... -80.9 -90.0 -1.0 -1.1 31.5 21.8 0.4 0.3
Chained (2000) dollars /1/ ... ... -1.2 -1.2 ... ... 0.4 0.3
Personal consumption expenditures:
Current dollars.......... -24.8 -3.5 -0.3 0.0 -1.1 8.1 0.0 0.1
Chained (2000) dollars /1/ ... ... -0.6 -0.2 ... ... 0.0 0.1
/1/ Not available because previous estimates were in chained (1996) dollars.
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 December will be released on
February 2, 2004, at 8:30 A.M. EST.
Release dates in 2004
December 2003.... February 2 April 2004..... May 28 August 2004..... September 30
January 2004..... March 1 May 2004....... June 28 September 2004.. November 1
February 2004.... March 26 June 2004...... August 3 October 2004.... December 1
March 2004....... April 30 July 2004...... August 30 November 2004... December 23
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 03 May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03 Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,100.8 9,151.0 9,186.0 9,219.6 9,239.6 9,268.4 9,290.8 9,334.8
Compensation of employees, received...... 6,142.1 6,171.4 6,184.9 6,200.2 6,214.9 6,225.8 6,237.5 6,258.1
Wage and salary disbursements.......... 5,051.6 5,077.4 5,087.6 5,096.0 5,105.4 5,110.8 5,119.9 5,136.8
Private industries................... 4,155.4 4,178.7 4,183.9 4,196.3 4,204.9 4,211.1 4,219.3 4,235.3
Goods-producing industries......... 1,000.0 1,003.4 1,006.8 1,002.3 1,006.0 1,009.8 1,011.0 1,014.6
Manufacturing.................... 664.2 666.6 668.7 664.9 666.7 669.0 669.0 671.5
Services-producing industries...... 3,155.4 3,175.3 3,177.1 3,194.0 3,198.9 3,201.2 3,208.3 3,220.7
Trade, transportation, and
utilities....................... 857.3 860.2 860.9 864.0 866.9 867.4 871.1 871.3
Other services-producing
industries...................... 2,298.1 2,315.1 2,316.2 2,330.1 2,332.0 2,333.9 2,337.2 2,349.3
Government........................... 896.2 898.7 903.7 899.6 900.6 899.8 900.6 901.5
Supplements to wages and salaries...... 1,090.4 1,094.0 1,097.3 1,104.2 1,109.5 1,115.0 1,117.7 1,121.3
Employer contributions for employee
pension and insurance funds......... 714.7 717.6 719.6 725.9 730.7 735.6 737.8 740.6
Employer contributions for government
social insurance.................... 375.7 376.4 377.7 378.3 378.8 379.4 379.8 380.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 822.6 839.5 854.3 859.8 858.1 864.8 868.4 883.5
Farm................................... 16.2 20.0 23.8 22.5 21.4 20.5 26.7 34.2
Nonfarm................................ 806.4 819.5 830.5 837.2 836.7 844.3 841.7 849.2
Rental income of persons with capital
consumption adjustment.................. 160.8 153.3 146.2 151.4 157.0 162.6 173.4 184.2
Personal income receipts on assets....... 1,388.4 1,390.2 1,391.9 1,390.5 1,389.2 1,388.0 1,389.3 1,391.0
Personal interest income............... 965.5 964.9 964.3 960.7 957.1 953.4 952.4 951.5
Personal dividend income............... 422.9 425.3 427.6 429.8 432.2 434.6 436.9 439.4
Personal current transfer receipts....... 1,357.4 1,368.6 1,383.1 1,393.5 1,397.4 1,405.2 1,401.3 1,399.5
Government social benefits to persons.. 1,311.9 1,324.1 1,339.7 1,348.4 1,351.3 1,358.1 1,353.5 1,351.8
Old-age, survivors, disability, and
health insurance benefits........... 737.6 743.7 744.1 743.3 746.8 746.7 747.6 748.6
Government unemployment insurance
benefits............................ 55.5 53.4 60.0 59.3 57.3 59.2 58.4 54.6
Other................................ 518.8 526.9 535.7 545.7 547.2 552.2 547.5 548.6
Other current transfer receipts, from
business (net)........................ 45.5 44.5 43.4 45.1 46.1 47.1 47.8 47.7
Less: Contributions for government social
insurance............................... 770.4 772.1 774.4 775.8 777.0 778.1 779.2 781.4
Less: Personal current taxes............... 1,000.0 1,000.0 1,000.5 924.6 882.2 1,001.0 1,001.5 1,006.4
Equals: Disposable personal income......... 8,100.8 8,151.0 8,185.6 8,294.9 8,357.4 8,267.4 8,289.2 8,328.4
Less: Personal outlays..................... 7,907.7 7,956.8 8,005.8 8,072.4 8,142.2 8,140.8 8,149.0 8,180.0
Personal consumption expenditures........ 7,622.9 7,673.7 7,724.2 7,792.4 7,860.1 7,856.6 7,864.7 7,895.8
Durable goods.......................... 917.0 926.5 934.9 960.9 990.5 973.9 964.2 974.5
Nondurable goods....................... 2,161.6 2,164.3 2,186.4 2,209.7 2,239.6 2,240.7 2,243.7 2,250.2
Services............................... 4,544.3 4,582.8 4,602.8 4,621.8 4,630.0 4,642.0 4,656.8 4,671.2
Personal interest payments\1\............ 185.2 183.2 181.2 182.9 184.6 186.3 185.8 185.4
Personal current transfer payments....... 99.6 100.0 100.4 97.1 97.6 98.0 98.4 98.8
To government.......................... 62.1 62.5 62.9 63.3 63.7 64.1 64.5 64.9
To the rest of the world (net)......... 37.5 37.5 37.5 33.9 33.9 33.9 33.9 33.9
Equals: Personal saving.................... 193.1 194.2 179.8 222.5 215.2 126.6 140.3 148.4
Personal saving as a percentage of
disposable personal income.............. 2.4 2.4 2.2 2.7 2.6 1.5 1.7 1.8
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,716.4 7,763.3 7,780.6 7,874.4 7,920.7 7,821.7 7,844.9 7,891.7
Per capita:
Current dollars...................... 27,841 27,990 28,082 28,431 28,617 28,281 28,330 28,439
Chained (2000) dollars............... 26,520 26,658 26,693 26,989 27,122 26,757 26,811 26,947
Population (midperiod, thousands)\3\..... 290,964 291,215 291,483 291,759 292,043 292,327 292,598 292,856
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. 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 and quarterly estimates are averages 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 II 02 III 02 IV 02 I 03 II 03 III 03
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,713.1 8,910.3 8,912.2 8,944.0 8,981.3 9,048.7 9,145.9 9,242.5
Compensation of employees, received...... 5,940.4 6,019.1 6,014.8 6,031.1 6,058.0 6,114.4 6,166.2 6,213.6
Wage and salary disbursements.......... 4,942.9 4,974.6 4,973.1 4,980.9 4,999.1 5,033.2 5,072.2 5,104.1
Private industries................... 4,127.1 4,114.7 4,117.1 4,117.7 4,125.4 4,143.3 4,172.7 4,204.1
Goods-producing industries......... 1,044.6 1,010.9 1,014.9 1,010.7 1,007.1 1,005.8 1,003.4 1,006.0
Manufacturing.................... 709.1 675.7 680.1 676.3 672.6 670.5 666.5 666.9
Services-producing industries...... 3,082.5 3,103.7 3,102.1 3,107.0 3,118.3 3,137.5 3,169.3 3,198.1
Trade, transportation, and
utilities....................... 844.9 844.7 844.7 847.6 847.6 855.0 859.5 866.1
Other services-producing
industries...................... 2,237.6 2,259.0 2,257.4 2,259.4 2,270.7 2,282.6 2,309.8 2,332.0
Government........................... 815.8 859.9 856.0 863.2 873.8 890.0 899.5 900.0
Supplements to wages and salaries...... 997.6 1,044.5 1,041.7 1,050.2 1,058.8 1,081.2 1,093.9 1,109.6
Employer contributions for employee
pension and insurance funds......... 642.6 680.4 677.9 685.2 692.1 706.3 717.3 730.7
Employer contributions for government
social insurance.................... 354.9 364.1 363.9 365.1 366.7 374.9 376.6 378.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 770.6 797.7 796.2 803.2 812.2 813.5 838.8 860.9
Farm................................... 25.0 14.3 15.2 13.5 16.3 13.0 20.0 21.5
Nonfarm................................ 745.6 783.4 780.9 789.7 795.9 800.5 818.8 839.4
Rental income of persons with capital
consumption adjustment.................. 163.1 173.0 184.4 172.7 159.0 163.2 153.4 157.0
Personal income receipts on assets....... 1,374.9 1,378.5 1,375.4 1,387.5 1,392.0 1,388.6 1,390.2 1,389.2
Personal interest income............... 1,003.7 982.4 984.0 985.3 981.2 970.6 964.9 957.0
Personal dividend income............... 371.2 396.2 391.4 402.2 410.8 418.0 425.3 432.2
Personal current transfer receipts....... 1,192.6 1,292.2 1,291.1 1,301.6 1,315.6 1,337.6 1,369.7 1,398.7
Government social benefits to persons.. 1,142.6 1,249.5 1,247.9 1,259.4 1,274.6 1,292.4 1,325.3 1,352.6
Old-age, survivors, disability, and
health insurance benefits........... 668.4 710.3 707.0 713.8 721.1 732.3 741.8 745.6
Government unemployment insurance
benefits............................ 31.7 53.4 60.2 57.3 53.8 51.9 56.3 58.6
Other................................ 442.5 485.8 480.7 488.4 499.8 508.2 527.1 548.4
Other current transfer receipts, from
business (net)........................ 49.9 42.6 43.2 42.1 41.0 45.3 44.5 46.1
Less: Contributions for government social
insurance............................... 728.5 750.3 749.6 752.1 755.5 768.7 772.3 776.9
Less: Personal current taxes............... 1,243.7 1,053.1 1,043.7 1,053.0 1,045.6 1,009.4 1,000.2 936.0
Equals: Disposable personal income......... 7,469.4 7,857.2 7,868.6 7,891.0 7,935.6 8,039.2 8,145.8 8,306.6
Less: Personal outlays..................... 7,342.2 7,674.0 7,646.8 7,722.0 7,789.2 7,888.3 7,956.7 8,118.5
Personal consumption expenditures........ 7,045.4 7,385.3 7,355.5 7,428.2 7,501.2 7,600.7 7,673.6 7,836.3
Durable goods.......................... 881.9 911.3 909.3 913.6 907.3 898.2 926.2 975.1
Nondurable goods....................... 2,013.6 2,086.0 2,082.5 2,090.5 2,119.2 2,175.7 2,170.8 2,230.0
Services............................... 4,149.8 4,388.0 4,363.6 4,424.1 4,474.7 4,526.8 4,576.6 4,631.2
Personal interest payments\1\............ 209.1 194.7 198.9 196.2 187.7 186.2 183.2 184.6
Personal current transfer payments....... 87.7 94.0 92.5 97.6 100.3 101.3 100.0 97.6
To government.......................... 54.6 58.6 58.0 59.1 60.1 61.3 62.5 63.7
To the rest of the world (net)......... 33.1 35.4 34.5 38.6 40.2 40.1 37.5 33.9
Equals: Personal saving.................... 127.2 183.2 221.7 169.0 146.4 151.0 189.0 188.1
Personal saving as a percentage of
disposable personal income.............. 1.7 2.3 2.8 2.1 1.8 1.9 2.3 2.3
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,320.2 7,596.7 7,621.5 7,605.2 7,615.8 7,662.0 7,753.5 7,872.3
Per capita:
Current dollars...................... 26,156 27,223 27,302 27,303 27,381 27,675 27,971 28,461
Chained (2000) dollars............... 25,633 26,320 26,445 26,314 26,278 26,376 26,624 26,973
Population (midperiod, thousands)\3\..... 285,574 288,627 288,202 289,019 289,818 290,492 291,221 292,043
-----------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
3. 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 and quarterly estimates are averages of the
monthly estimates.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 03 May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03 Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 14.2 50.2 35.0 33.6 20.0 28.8 22.4 44.0
Compensation of employees, received...... 5.9 29.3 13.5 15.3 14.7 10.9 11.7 20.6
Wage and salary disbursements.......... 4.1 25.8 10.2 8.4 9.4 5.4 9.1 16.9
Private industries................... 2.1 23.3 5.2 12.4 8.6 6.2 8.2 16.0
Goods-producing industries......... -5.4 3.4 3.4 -4.5 3.7 3.8 1.2 3.6
Manufacturing.................... -5.3 2.4 2.1 -3.8 1.8 2.3 .0 2.5
Services-producing industries...... 7.6 19.9 1.8 16.9 4.9 2.3 7.1 12.4
Trade, transportation, and
utilities....................... -1.4 2.9 .7 3.1 2.9 .5 3.7 .2
Other services-producing
industries...................... 8.9 17.0 1.1 13.9 1.9 1.9 3.3 12.1
Government........................... 2.0 2.5 5.0 -4.1 1.0 -.8 .8 .9
Supplements to wages and salaries...... 1.6 3.6 3.3 6.9 5.3 5.5 2.7 3.6
Employer contributions for employee
pension and insurance funds......... 1.6 2.9 2.0 6.3 4.8 4.9 2.2 2.8
Employer contributions for government
social insurance.................... .0 .7 1.3 .6 .5 .6 .4 .9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 4.6 16.9 14.8 5.5 -1.7 6.7 3.6 15.1
Farm................................... 2.0 3.8 3.8 -1.3 -1.1 -.9 6.2 7.5
Nonfarm................................ 2.5 13.1 11.0 6.7 -.5 7.6 -2.6 7.5
Rental income of persons with capital
consumption adjustment.................. -7.3 -7.5 -7.1 5.2 5.6 5.6 10.8 10.8
Personal income receipts on assets....... 1.3 1.8 1.7 -1.4 -1.3 -1.2 1.3 1.7
Personal interest income............... -1.2 -.6 -.6 -3.6 -3.6 -3.7 -1.0 -.9
Personal dividend income............... 2.5 2.4 2.3 2.2 2.4 2.4 2.3 2.5
Personal current transfer receipts....... 9.9 11.2 14.5 10.4 3.9 7.8 -3.9 -1.8
Government social benefits to persons.. 10.6 12.2 15.6 8.7 2.9 6.8 -4.6 -1.7
Old-age, survivors, disability, and
health insurance benefits........... 1.4 6.1 .4 -.8 3.5 -.1 .9 1.0
Government unemployment insurance
benefits............................ -.1 -2.1 6.6 -.7 -2.0 1.9 -.8 -3.8
Other................................ 9.4 8.1 8.8 10.0 1.5 5.0 -4.7 1.1
Other current transfer receipts, from
business (net)........................ -.7 -1.0 -1.1 1.7 1.0 1.0 .7 -.1
Less: Contributions for government social
insurance............................... .0 1.7 2.3 1.4 1.2 1.1 1.1 2.2
Less: Personal current taxes............... -3.9 .0 .5 -75.9 -42.4 118.8 .5 4.9
Equals: Disposable personal income......... 18.1 50.2 34.6 109.3 62.5 -90.0 21.8 39.2
Less: Personal outlays..................... -16.2 49.1 49.0 66.6 69.8 -1.4 8.2 31.0
Personal consumption expenditures........ -11.8 50.8 50.5 68.2 67.7 -3.5 8.1 31.1
Durable goods.......................... 12.0 9.5 8.4 26.0 29.6 -16.6 -9.7 10.3
Nondurable goods....................... -31.0 2.7 22.1 23.3 29.9 1.1 3.0 6.5
Services............................... 7.2 38.5 20.0 19.0 8.2 12.0 14.8 14.4
Personal interest payments\1\............ -2.3 -2.0 -2.0 1.7 1.7 1.7 -.5 -.4
Personal current transfer payments....... -2.1 .4 .4 -3.3 .5 .4 .4 .4
To government.......................... .4 .4 .4 .4 .4 .4 .4 .4
To the rest of the world (net)......... -2.6 .0 .0 -3.6 .0 .0 .0 .0
Equals: Personal saving.................... 34.3 1.1 -14.4 42.7 -7.3 -88.6 13.7 8.1
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 35.0 46.9 17.3 93.8 46.3 -99.0 23.2 46.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
1. Consists of nonmortgage interest paid by households.
2. 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 II 02 III 02 IV 02 I 03 II 03 III 03
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 283.4 197.2 108.6 31.8 37.3 67.4 97.2 96.6
Compensation of employees, received...... 157.7 78.7 42.4 16.3 26.9 56.4 51.8 47.5
Wage and salary disbursements.......... 113.7 31.7 28.0 7.8 18.2 34.1 39.0 31.9
Private industries................... 72.6 -12.4 18.6 .6 7.7 17.9 29.4 31.4
Goods-producing industries......... -21.9 -33.7 3.8 -4.2 -3.6 -1.3 -2.4 2.6
Manufacturing.................... -40.2 -33.4 6.2 -3.8 -3.7 -2.1 -4.0 .4
Services-producing industries...... 94.5 21.2 14.6 4.9 11.3 19.2 31.8 28.8
Trade, transportation, and
utilities....................... 18.4 -.2 5.8 2.9 .0 7.4 4.5 6.6
Other services-producing
industries...................... 76.1 21.4 8.9 2.0 11.3 11.9 27.2 22.2
Government........................... 41.1 44.1 9.4 7.2 10.6 16.2 9.5 .5
Supplements to wages and salaries...... 44.2 46.9 14.4 8.5 8.6 22.4 12.7 15.7
Employer contributions for employee
pension and insurance funds......... 32.7 37.8 11.3 7.3 6.9 14.2 11.0 13.4
Employer contributions for government
social insurance.................... 11.4 9.2 3.2 1.2 1.6 8.2 1.7 2.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 42.2 27.1 16.9 7.0 9.0 1.3 25.3 22.1
Farm................................... 2.3 -10.7 3.1 -1.7 2.8 -3.3 7.0 1.5
Nonfarm................................ 39.9 37.8 13.7 8.8 6.2 4.6 18.3 20.6
Rental income of persons with capital
consumption adjustment.................. 12.8 9.9 8.5 -11.7 -13.7 4.2 -9.8 3.6
Personal income receipts on assets....... -12.1 3.6 16.1 12.1 4.5 -3.4 1.6 -1.0
Personal interest income............... -7.3 -21.3 4.9 1.3 -4.1 -10.6 -5.7 -7.9
Personal dividend income............... -4.9 25.0 11.2 10.8 8.6 7.2 7.3 6.9
Personal current transfer receipts....... 108.6 99.6 30.6 10.5 14.0 22.0 32.1 29.0
Government social benefits to persons.. 101.0 106.9 31.7 11.5 15.2 17.8 32.9 27.3
Old-age, survivors, disability, and
health insurance benefits........... 47.6 41.9 7.6 6.8 7.3 11.2 9.5 3.8
Government unemployment insurance
benefits............................ 11.4 21.7 17.9 -2.9 -3.5 -1.9 4.4 2.3
Other................................ 42.0 43.3 6.1 7.7 11.4 8.4 18.9 21.3
Other current transfer receipts, from
business (net)........................ 7.5 -7.3 -1.1 -1.1 -1.1 4.3 -.8 1.6
Less: Contributions for government social
insurance............................... 25.8 21.8 5.9 2.5 3.4 13.2 3.6 4.6
Less: Personal current taxes............... 8.0 -190.6 -26.2 9.3 -7.4 -36.2 -9.2 -64.2
Equals: Disposable personal income......... 275.4 387.8 134.9 22.4 44.6 103.6 106.6 160.8
Less: Personal outlays..................... 316.6 331.8 108.7 75.2 67.2 99.1 68.4 161.8
Personal consumption expenditures........ 306.0 339.9 99.0 72.7 73.0 99.5 72.9 162.7
Durable goods.......................... 18.6 29.4 -5.6 4.3 -6.3 -9.1 28.0 48.9
Nondurable goods....................... 66.4 72.4 30.7 8.0 28.7 56.5 -4.9 59.2
Services............................... 221.0 238.2 73.9 60.5 50.6 52.1 49.8 54.6
Personal interest payments\1\............ 4.4 -14.4 2.8 -2.7 -8.5 -1.5 -3.0 1.4
Personal current transfer payments....... 6.2 6.3 7.0 5.1 2.7 1.0 -1.3 -2.4
To government.......................... 4.6 4.0 1.0 1.1 1.0 1.2 1.2 1.2
To the rest of the world (net)......... 1.6 2.3 6.0 4.1 1.6 -.1 -2.6 -3.6
Equals: Personal saving.................... -41.3 56.0 26.1 -52.7 -22.6 4.6 38.0 -1.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 126.2 276.5 76.7 -16.3 10.6 46.2 91.5 118.8
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1. Consists of nonmortgage interest paid by households.
2. 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)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 03 May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03 Nov 03/p/
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Personal income............................ .2 .6 .4 .4 .2 .3 .2 .5
Compensation of employees, received...... .1 .5 .2 .2 .2 .2 .2 .3
Wage and salary disbursements.......... .1 .5 .2 .2 .2 .1 .2 .3
Supplements to wages and salaries...... .2 .3 .3 .6 .5 .5 .2 .3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .6 2.1 1.8 .6 -.2 .8 .4 1.7
Rental income of persons with capital
consumption adjustment.................. -4.4 -4.6 -4.7 3.6 3.7 3.6 6.6 6.2
Personal income receipts on assets....... .1 .1 .1 -.1 -.1 -.1 .1 .1
Personal interest income............... -.1 -.1 -.1 -.4 -.4 -.4 -.1 -.1
Personal dividend income............... .6 .6 .5 .5 .6 .6 .5 .6
Personal current transfer receipts....... .7 .8 1.1 .7 .3 .6 -.3 -.1
Less: Contributions for government social
insurance............................... .0 .2 .3 .2 .2 .1 .1 .3
Less: Personal current taxes............... -.4 .0 .0 -7.6 -4.6 13.5 .0 .5
Equals: Disposable personal income......... .2 .6 .4 1.3 .8 -1.1 .3 .5
Addenda:
Personal consumption expenditures........ -.2 .7 .7 .9 .9 .0 .1 .4
Durable goods.......................... 1.3 1.0 .9 2.8 3.1 -1.7 -1.0 1.1
Nondurable goods....................... -1.4 .1 1.0 1.1 1.4 .1 .1 .3
Services............................... .2 .8 .4 .4 .2 .3 .3 .3
Real disposable personal income.......... .5 .6 .2 1.2 .6 -1.2 .3 .6
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p Preliminary.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Apr 03 May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03 Nov 03/p/
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----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,261.1 7,308.7 7,342.1 7,397.3 7,449.4 7,433.1 7,443.2 7,481.8
Durable goods............................ 990.5 1,006.4 1,018.4 1,050.1 1,085.7 1,071.6 1,064.5 1,079.8
Nondurable goods......................... 2,081.3 2,097.6 2,111.7 2,128.4 2,143.8 2,130.7 2,141.7 2,155.3
Services................................. 4,194.1 4,211.1 4,219.8 4,230.5 4,236.3 4,244.8 4,249.9 4,261.5
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Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 5.4 47.6 33.4 55.2 52.1 -16.3 10.1 38.6
Durable goods............................ 16.2 15.9 12.0 31.7 35.6 -14.1 -7.1 15.3
Nondurable goods......................... -10.6 16.3 14.1 16.7 15.4 -13.1 11.0 13.6
Services................................. 1.5 17.0 8.7 10.7 5.8 8.5 5.1 11.6
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .1 .7 .5 .8 .7 -.2 .1 .5
Durable goods............................ 1.7 1.6 1.2 3.1 3.4 -1.3 -.7 1.4
Nondurable goods......................... -.5 .8 .7 .8 .7 -.6 .5 .6
Services................................. .0 .4 .2 .3 .1 .2 .1 .3
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p Preliminary.
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2001 2002 II 02 III 02 IV 02 I 03 II 03 III 03
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 6,904.6 7,140.4 7,124.5 7,159.2 7,198.9 7,244.1 7,304.0 7,426.6
Durable goods............................ 899.1 957.2 951.4 963.1 963.8 965.0 1,005.1 1,069.1
Nondurable goods......................... 1,983.3 2,043.6 2,037.8 2,038.8 2,061.8 2,090.5 2,096.9 2,134.3
Services................................. 4,022.4 4,141.8 4,137.0 4,159.4 4,175.4 4,190.7 4,208.4 4,237.2
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 165.2 235.8 45.3 34.7 39.7 45.2 59.9 122.6
Durable goods............................ 35.8 58.1 1.1 11.7 .7 1.2 40.1 64.0
Nondurable goods......................... 36.1 60.3 1.9 1.0 23.0 28.7 6.4 37.4
Services................................. 93.6 119.4 41.7 22.4 16.0 15.3 17.7 28.8
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 2.5 3.4 2.6 2.0 2.2 2.5 3.3 6.9
Durable goods............................ 4.1 6.5 .5 5.0 .3 .5 17.7 28.0
Nondurable goods......................... 1.9 3.0 .4 .2 4.6 5.7 1.2 7.3
Services................................. 2.4 3.0 4.1 2.2 1.5 1.5 1.7 2.8
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Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Apr 03 May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03 Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 104.99 105.00 105.21 105.35 105.52 105.70 105.67 105.54
Durable goods............................ 92.58 92.06 91.80 91.51 91.23 90.88 90.58 90.24
Nondurable goods......................... 103.86 103.19 103.54 103.82 104.47 105.17 104.77 104.41
Services................................. 108.36 108.83 109.08 109.26 109.30 109.36 109.58 109.62
Addendum:
Personal consumption expenditures
excluding food and energy............... 104.51 104.70 104.83 104.96 104.95 104.94 105.07 105.04
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -.2 .0 .2 .1 .2 .2 .0 -.1
Durable goods............................ -.3 -.6 -.3 -.3 -.3 -.4 -.3 -.4
Nondurable goods......................... -.9 -.6 .3 .3 .6 .7 -.4 -.3
Services................................. .1 .4 .2 .2 .0 .1 .2 .0
Addendum:
Personal consumption expenditures
excluding food and energy............... .0 .2 .1 .1 .0 .0 .1 .0
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p Preliminary.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Apr 03 May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03 Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.6 1.8 1.8 3.4 4.2 2.9 3.1 3.6
Personal consumption expenditures.......... 1.9 2.8 2.9 3.1 3.9 4.2 4.0 4.0
Durable goods............................ 2.3 7.3 7.4 8.2 11.3 13.6 13.3 13.2
Nondurable goods......................... 2.0 3.3 3.3 4.2 5.1 4.7 4.5 4.3
Services................................. 1.7 1.7 1.8 1.6 1.9 2.2 2.0 2.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Apr 03 May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03 Nov 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.8 1.7 1.8 1.7 1.7 1.7 1.6 1.3
Durable goods............................ -3.3 -3.8 -3.7 -3.7 -3.7 -4.1 -4.2 -4.2
Nondurable goods......................... 1.5 1.2 1.3 1.4 1.9 2.4 1.9 1.6
Services................................. 3.0 3.2 3.2 3.0 2.8 2.5 2.7 2.4
Addendum:
Personal consumption expenditures
less food and energy.................... 1.2 1.3 1.3 1.3 1.0 .8 1.0 .8
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p Preliminary.
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