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James E. Rankin: (202) 606-5301 (Personal Income) BEA 04-05
Michael Armah: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: DECEMBER 2003
Personal income increased $18.8 billion, or 0.2 percent, and disposable personal income (DPI)
increased $18.5 billion, or 0.2 percent, in December, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $35.3 billion, or 0.4 percent. In November,
personal income increased $31.9 billion, or 0.3 percent, DPI increased $27.7 billion, or 0.3 percent,
and PCE increased $42.0 billion, or 0.5 percent, based on revised estimates.
2003
Aug. Sept. Oct. Nov. Dec.
(Percent change from preceding month)
Personal income, current dollars 0.2 0.3 0.2 0.3 0.2
Disposable personal income:
Current dollars 0.8 -1.1 0.2 0.3 0.2
Chained (2000) dollars 0.6 -1.2 0.2 0.4 0.0
Personal consumption expenditures:
Current dollars 0.9 0.0 0.0 0.5 0.4
Chained (2000) dollars 0.7 -0.2 0.0 0.6 0.2
Wages and salaries
Private wage and salary disbursements decreased $15.6 billion in December, in contrast to an
increase of $17.6 billion in November. Goods-producing industries' payrolls decreased $0.5 billion,
in contrast to an increase of $4.9 billion; manufacturing payrolls decreased $1.2 billion, in contrast
to an increase of $3.0 billion. Services-producing industries' payrolls decreased $15.3 billion, in
contrast to an increase of $12.8 billion. Government wage and salary disbursements increased $2.2
billion, compared with an increase of $0.6 billion.
Other personal income
Proprietors' income increased $8.1 billion in December, compared with an increase of $7.5
billion in November. Farm proprietors' income increased $3.0 billion, compared with an increase of
$1.5 billion. Nonfarm proprietors' income increased $5.1 billion, compared with an increase of $6.0
billion.
Personal current transfer receipts increased $11.0 billion in December, in contrast to a decrease
of $4.7 billion in November. The December increase in personal current transfer receipts reflected
retroactive social security benefit payments of $7.5 billion at an annual rate, resulting from a
recalculation of the earnings base underlying the benefits for recent retirees. Personal income
receipts on assets (personal interest income plus personal dividend income) increased $0.8 billion in
December, compared with an increase of $0.7 billion in November. Rental income of persons
increased $9.8 billion, compared with an increase of $9.5 billion.
Contributions for government social insurance -- a subtraction in calculating personal income --
decreased $2.2 billion in December, in contrast to an increase of $2.3 billion in November.
Personal current taxes and disposable personal income
Personal current taxes increased $0.4 billion in December, compared with an increase of $4.1
billion in November. Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $18.5 billion, or 0.2 percent, in December, compared with an increase of $27.7
billion, or 0.3 percent, in November.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments --
increased $35.2 billion in December, compared with an increase of $41.8 billion in November. PCE
increased $35.3 billion, compared with an increase of $42.0 billion.
Personal saving -- DPI less personal outlays -- was $111.3 billion in December, compared with
$128.0 billion in November. Personal saving as a percentage of disposable personal income was 1.3
percent in December, compared with 1.5 percent in November.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in
December, compared with an increase of 0.4 percent in November.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in December,
compared with an increase of 0.6 percent in November. Purchases of durable goods increased 2.1
percent, compared with an increase of 1.3 percent. Purchases of motor vehicles and parts accounted
for more than half of the increases in December and in November. Purchases of nondurable goods
decreased 0.2 percent in December, in contrast to an increase of 1.0 percent in November.
Purchases of services increased 0.1 percent, compared with an increase of 0.3 percent.
Revisions
Estimates have been revised for October and November. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for October
and November -- revised and as published in last month's release -- are shown below.
Change from preceding month
October November
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 22.4 16.7 0.2 0.2 44.0 31.9 0.5 0.3
Disposable personal income:
Current dollars.......... 21.8 16.3 0.3 0.2 39.2 27.7 0.5 0.3
Chained (2000) dollars... 23.2 16.8 0.3 0.2 46.8 35.0 0.6 0.4
Personal consumption expenditures:
Current dollars.......... 8.1 2.1 0.1 0.0 31.1 42.0 0.4 0.5
Chained (2000) dollars... 10.1 3.2 0.1 0.0 38.6 48.0 0.5 0.6
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 January will be released on
March 1, 2004, at 8:30 A.M. EST.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,151.0 9,186.0 9,219.6 9,239.6 9,268.4 9,285.1 9,317.0 9,335.8
Compensation of employees, received...... 6,171.4 6,184.9 6,200.2 6,214.9 6,225.8 6,238.4 6,259.5 6,246.4
Wage and salary disbursements.......... 5,077.4 5,087.6 5,096.0 5,105.4 5,110.8 5,120.9 5,139.2 5,125.7
Private industries................... 4,178.7 4,183.9 4,196.3 4,204.9 4,211.1 4,220.6 4,238.2 4,222.6
Goods-producing industries......... 1,003.4 1,006.8 1,002.3 1,006.0 1,009.8 1,011.2 1,016.1 1,015.6
Manufacturing.................... 666.6 668.7 664.9 666.7 669.0 669.2 672.2 671.0
Services-producing industries...... 3,175.3 3,177.1 3,194.0 3,198.9 3,201.2 3,209.4 3,222.2 3,206.9
Trade, transportation, and
utilities....................... 860.2 860.9 864.0 866.9 867.4 871.7 874.4 868.7
Other services-producing
industries...................... 2,315.1 2,316.2 2,330.1 2,332.0 2,333.9 2,337.7 2,347.8 2,338.3
Government........................... 898.7 903.7 899.6 900.6 899.8 900.3 900.9 903.1
Supplements to wages and salaries...... 1,094.0 1,097.3 1,104.2 1,109.5 1,115.0 1,117.5 1,120.4 1,120.7
Employer contributions for employee
pension and insurance funds......... 717.6 719.6 725.9 730.7 735.6 737.6 739.5 741.3
Employer contributions for government
social insurance.................... 376.4 377.7 378.3 378.8 379.4 379.9 380.8 379.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 839.5 854.3 859.8 858.1 864.8 865.0 872.5 880.6
Farm................................... 20.0 23.8 22.5 21.4 20.5 20.5 22.0 25.0
Nonfarm................................ 819.5 830.5 837.2 836.7 844.3 844.5 850.5 855.6
Rental income of persons with capital
consumption adjustment.................. 153.3 146.2 151.4 157.0 162.6 172.4 181.9 191.7
Personal income receipts on assets....... 1,390.2 1,391.9 1,390.5 1,389.2 1,388.0 1,388.4 1,389.1 1,389.9
Personal interest income............... 964.9 964.3 960.7 957.1 953.4 951.5 949.7 947.8
Personal dividend income............... 425.3 427.6 429.8 432.2 434.6 436.9 439.4 442.1
Personal current transfer receipts....... 1,368.6 1,383.1 1,393.5 1,397.4 1,405.2 1,400.3 1,395.6 1,406.6
Government social benefits to persons.. 1,324.1 1,339.7 1,348.4 1,351.3 1,358.1 1,352.5 1,347.9 1,359.0
Old-age, survivors, disability, and
health insurance benefits........... 743.7 744.1 743.3 746.8 746.7 749.0 751.4 759.8
Government unemployment insurance
benefits............................ 53.4 60.0 59.3 57.3 59.2 58.4 53.0 50.8
Other................................ 526.9 535.7 545.7 547.2 552.2 545.1 543.4 548.4
Other current transfer receipts, from
business (net)........................ 44.5 43.4 45.1 46.1 47.1 47.8 47.7 47.6
Less: Contributions for government social
insurance............................... 772.1 774.4 775.8 777.0 778.1 779.4 781.7 779.5
Less: Personal current taxes............... 1,000.0 1,000.5 924.6 882.2 1,001.0 1,001.4 1,005.5 1,005.9
Equals: Disposable personal income......... 8,151.0 8,185.6 8,294.9 8,357.4 8,267.4 8,283.7 8,311.4 8,329.9
Less: Personal outlays..................... 7,956.8 8,005.8 8,072.4 8,142.2 8,140.8 8,141.6 8,183.4 8,218.6
Personal consumption expenditures........ 7,673.7 7,724.2 7,792.4 7,860.1 7,856.6 7,858.7 7,900.7 7,936.0
Durable goods.......................... 926.5 934.9 960.9 990.5 973.9 955.8 965.1 982.5
Nondurable goods....................... 2,164.3 2,186.4 2,209.7 2,239.6 2,240.7 2,246.2 2,261.7 2,262.7
Services............................... 4,582.8 4,602.8 4,621.8 4,630.0 4,642.0 4,656.7 4,673.8 4,690.8
Personal interest payments\1\............ 183.2 181.2 182.9 184.6 186.3 185.7 185.1 184.5
Personal current transfer payments....... 100.0 100.4 97.1 97.6 98.0 97.2 97.6 98.1
To government.......................... 62.5 62.9 63.3 63.7 64.1 64.5 64.9 65.3
To the rest of the world (net)......... 37.5 37.5 33.9 33.9 33.9 32.7 32.7 32.7
Equals: Personal saving.................... 194.2 179.8 222.5 215.2 126.6 142.1 128.0 111.3
Personal saving as a percentage of
disposable personal income.............. 2.4 2.2 2.7 2.6 1.5 1.7 1.5 1.3
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,763.3 7,780.6 7,874.4 7,920.7 7,821.7 7,838.5 7,873.5 7,874.4
Per capita:
Current dollars...................... 27,990 28,082 28,431 28,617 28,281 28,311 28,381 28,420
Chained (2000) dollars............... 26,658 26,693 26,989 27,122 26,757 26,789 26,885 26,866
Population (midperiod, thousands)\3\..... 291,215 291,483 291,759 292,043 292,327 292,598 292,856 293,098
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 III 02 IV 02 I 03 II 03 III 03 IV 03
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,910.3 9,187.4 8,944.0 8,981.3 9,048.7 9,145.9 9,242.5 9,312.6
Compensation of employees, received...... 6,019.1 6,185.6 6,031.1 6,058.0 6,114.4 6,166.2 6,213.6 6,248.1
Wage and salary disbursements.......... 4,974.6 5,084.5 4,980.9 4,999.1 5,033.2 5,072.2 5,104.1 5,128.6
Private industries................... 4,114.7 4,186.8 4,117.7 4,125.4 4,143.3 4,172.7 4,204.1 4,227.1
Goods-producing industries......... 1,010.9 1,007.4 1,010.7 1,007.1 1,005.8 1,003.4 1,006.0 1,014.3
Manufacturing.................... 675.7 668.7 676.3 672.6 670.5 666.5 666.9 670.8
Services-producing industries...... 3,103.7 3,179.4 3,107.0 3,118.3 3,137.5 3,169.3 3,198.1 3,212.8
Trade, transportation, and
utilities....................... 844.7 863.0 847.6 847.6 855.0 859.5 866.1 871.6
Other services-producing
industries...................... 2,259.0 2,316.4 2,259.4 2,270.7 2,282.6 2,309.8 2,332.0 2,341.2
Government........................... 859.9 897.7 863.2 873.8 890.0 899.5 900.0 901.5
Supplements to wages and salaries...... 1,044.5 1,101.0 1,050.2 1,058.8 1,081.2 1,093.9 1,109.6 1,119.5
Employer contributions for employee
pension and insurance funds......... 680.4 723.5 685.2 692.1 706.3 717.3 730.7 739.5
Employer contributions for government
social insurance.................... 364.1 377.6 365.1 366.7 374.9 376.6 378.8 380.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 797.7 846.5 803.2 812.2 813.5 838.8 860.9 872.7
Farm................................... 14.3 19.2 13.5 16.3 13.0 20.0 21.5 22.5
Nonfarm................................ 783.4 827.2 789.7 795.9 800.5 818.8 839.4 850.2
Rental income of persons with capital
consumption adjustment.................. 173.0 163.9 172.7 159.0 163.2 153.4 157.0 182.0
Personal income receipts on assets....... 1,378.5 1,389.3 1,387.5 1,392.0 1,388.6 1,390.2 1,389.2 1,389.1
Personal interest income............... 982.4 960.6 985.3 981.2 970.6 964.9 957.0 949.7
Personal dividend income............... 396.2 428.7 402.2 410.8 418.0 425.3 432.2 439.5
Personal current transfer receipts....... 1,292.2 1,376.7 1,301.6 1,315.6 1,337.6 1,369.7 1,398.7 1,400.8
Government social benefits to persons.. 1,249.5 1,330.8 1,259.4 1,274.6 1,292.4 1,325.3 1,352.6 1,353.1
Old-age, survivors, disability, and
health insurance benefits........... 710.3 743.3 713.8 721.1 732.3 741.8 745.6 753.4
Government unemployment insurance
benefits............................ 53.4 55.2 57.3 53.8 51.9 56.3 58.6 54.1
Other................................ 485.8 532.3 488.4 499.8 508.2 527.1 548.4 545.7
Other current transfer receipts, from
business (net)........................ 42.6 45.9 42.1 41.0 45.3 44.5 46.1 47.7
Less: Contributions for government social
insurance............................... 750.3 774.5 752.1 755.5 768.7 772.3 776.9 780.2
Less: Personal current taxes............... 1,053.1 987.5 1,053.0 1,045.6 1,009.4 1,000.2 936.0 1,004.3
Equals: Disposable personal income......... 7,857.2 8,200.0 7,891.0 7,935.6 8,039.2 8,145.8 8,306.6 8,308.3
Less: Personal outlays..................... 7,674.0 8,036.2 7,722.0 7,789.2 7,888.3 7,956.7 8,118.5 8,181.2
Personal consumption expenditures........ 7,385.3 7,752.3 7,428.2 7,501.2 7,600.7 7,673.6 7,836.3 7,898.4
Durable goods.......................... 911.3 941.8 913.6 907.3 898.2 926.2 975.1 967.8
Nondurable goods....................... 2,086.0 2,208.3 2,090.5 2,119.2 2,175.7 2,170.8 2,230.0 2,256.9
Services............................... 4,388.0 4,602.1 4,424.1 4,474.7 4,526.8 4,576.6 4,631.2 4,673.8
Personal interest payments\1\............ 194.7 184.8 196.2 187.7 186.2 183.2 184.6 185.1
Personal current transfer payments....... 94.0 99.1 97.6 100.3 101.3 100.0 97.6 97.6
To government.......................... 58.6 63.1 59.1 60.1 61.3 62.5 63.7 64.9
To the rest of the world (net)......... 35.4 36.0 38.6 40.2 40.1 37.5 33.9 32.7
Equals: Personal saving.................... 183.2 163.8 169.0 146.4 151.0 189.0 188.1 127.2
Personal saving as a percentage of
disposable personal income.............. 2.3 2.0 2.1 1.8 1.9 2.3 2.3 1.5
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,596.7 7,787.4 7,605.2 7,615.8 7,662.0 7,753.5 7,872.3 7,862.1
Per capita:
Current dollars...................... 27,223 28,116 27,303 27,381 27,675 27,971 28,443 28,371
Chained (2000) dollars............... 26,320 26,701 26,314 26,278 26,376 26,624 26,956 26,847
Population (midperiod, thousands)\3\..... 288,627 291,652 289,019 289,818 290,492 291,221 292,043 292,851
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 50.2 35.0 33.6 20.0 28.8 16.7 31.9 18.8
Compensation of employees, received...... 29.3 13.5 15.3 14.7 10.9 12.6 21.1 -13.1
Wage and salary disbursements.......... 25.8 10.2 8.4 9.4 5.4 10.1 18.3 -13.5
Private industries................... 23.3 5.2 12.4 8.6 6.2 9.5 17.6 -15.6
Goods-producing industries......... 3.4 3.4 -4.5 3.7 3.8 1.4 4.9 -.5
Manufacturing.................... 2.4 2.1 -3.8 1.8 2.3 .2 3.0 -1.2
Services-producing industries...... 19.9 1.8 16.9 4.9 2.3 8.2 12.8 -15.3
Trade, transportation, and
utilities....................... 2.9 .7 3.1 2.9 .5 4.3 2.7 -5.7
Other services-producing
industries...................... 17.0 1.1 13.9 1.9 1.9 3.8 10.1 -9.5
Government........................... 2.5 5.0 -4.1 1.0 -.8 .5 .6 2.2
Supplements to wages and salaries...... 3.6 3.3 6.9 5.3 5.5 2.5 2.9 .3
Employer contributions for employee
pension and insurance funds......... 2.9 2.0 6.3 4.8 4.9 2.0 1.9 1.8
Employer contributions for government
social insurance.................... .7 1.3 .6 .5 .6 .5 .9 -1.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 16.9 14.8 5.5 -1.7 6.7 .2 7.5 8.1
Farm................................... 3.8 3.8 -1.3 -1.1 -.9 .0 1.5 3.0
Nonfarm................................ 13.1 11.0 6.7 -.5 7.6 .2 6.0 5.1
Rental income of persons with capital
consumption adjustment.................. -7.5 -7.1 5.2 5.6 5.6 9.8 9.5 9.8
Personal income receipts on assets....... 1.8 1.7 -1.4 -1.3 -1.2 .4 .7 .8
Personal interest income............... -.6 -.6 -3.6 -3.6 -3.7 -1.9 -1.8 -1.9
Personal dividend income............... 2.4 2.3 2.2 2.4 2.4 2.3 2.5 2.7
Personal current transfer receipts....... 11.2 14.5 10.4 3.9 7.8 -4.9 -4.7 11.0
Government social benefits to persons.. 12.2 15.6 8.7 2.9 6.8 -5.6 -4.6 11.1
Old-age, survivors, disability, and
health insurance benefits........... 6.1 .4 -.8 3.5 -.1 2.3 2.4 8.4
Government unemployment insurance
benefits............................ -2.1 6.6 -.7 -2.0 1.9 -.8 -5.4 -2.2
Other................................ 8.1 8.8 10.0 1.5 5.0 -7.1 -1.7 5.0
Other current transfer receipts, from
business (net)........................ -1.0 -1.1 1.7 1.0 1.0 .7 -.1 -.1
Less: Contributions for government social
insurance............................... 1.7 2.3 1.4 1.2 1.1 1.3 2.3 -2.2
Less: Personal current taxes............... .0 .5 -75.9 -42.4 118.8 .4 4.1 .4
Equals: Disposable personal income......... 50.2 34.6 109.3 62.5 -90.0 16.3 27.7 18.5
Less: Personal outlays..................... 49.1 49.0 66.6 69.8 -1.4 .8 41.8 35.2
Personal consumption expenditures........ 50.8 50.5 68.2 67.7 -3.5 2.1 42.0 35.3
Durable goods.......................... 9.5 8.4 26.0 29.6 -16.6 -18.1 9.3 17.4
Nondurable goods....................... 2.7 22.1 23.3 29.9 1.1 5.5 15.5 1.0
Services............................... 38.5 20.0 19.0 8.2 12.0 14.7 17.1 17.0
Personal interest payments\1\............ -2.0 -2.0 1.7 1.7 1.7 -.6 -.6 -.6
Personal current transfer payments....... .4 .4 -3.3 .5 .4 -.8 .4 .5
To government.......................... .4 .4 .4 .4 .4 .4 .4 .4
To the rest of the world (net)......... .0 .0 -3.6 .0 .0 -1.2 .0 .0
Equals: Personal saving.................... 1.1 -14.4 42.7 -7.3 -88.6 15.5 -14.1 -16.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 46.9 17.3 93.8 46.3 -99.0 16.8 35.0 .9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 III 02 IV 02 I 03 II 03 III 03 IV 03
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 197.2 277.1 31.8 37.3 67.4 97.2 96.6 70.1
Compensation of employees, received...... 78.7 166.5 16.3 26.9 56.4 51.8 47.4 34.5
Wage and salary disbursements.......... 31.7 109.9 7.8 18.2 34.1 39.0 31.9 24.5
Private industries................... -12.4 72.1 .6 7.7 17.9 29.4 31.4 23.0
Goods-producing industries......... -33.7 -3.5 -4.2 -3.6 -1.3 -2.4 2.6 8.3
Manufacturing.................... -33.4 -7.0 -3.8 -3.7 -2.1 -4.0 .4 3.9
Services-producing industries...... 21.2 75.7 4.9 11.3 19.2 31.8 28.8 14.7
Trade, transportation, and
utilities....................... -.2 18.3 2.9 .0 7.4 4.5 6.6 5.5
Other services-producing
industries...................... 21.4 57.4 2.0 11.3 11.9 27.2 22.2 9.2
Government........................... 44.1 37.8 7.2 10.6 16.2 9.5 .5 1.5
Supplements to wages and salaries...... 46.9 56.5 8.5 8.6 22.4 12.7 15.7 9.9
Employer contributions for employee
pension and insurance funds......... 37.8 43.1 7.3 6.9 14.2 11.0 13.4 8.8
Employer contributions for government
social insurance.................... 9.2 13.5 1.2 1.6 8.2 1.7 2.2 1.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 27.1 48.8 7.0 9.0 1.3 25.3 22.1 11.8
Farm................................... -10.7 4.9 -1.7 2.8 -3.3 7.0 1.5 1.0
Nonfarm................................ 37.8 43.8 8.8 6.2 4.6 18.3 20.6 10.8
Rental income of persons with capital
consumption adjustment.................. 9.9 -9.1 -11.7 -13.7 4.2 -9.8 3.6 25.0
Personal income receipts on assets....... 3.6 10.8 12.1 4.5 -3.4 1.6 -1.0 -.1
Personal interest income............... -21.3 -21.8 1.3 -4.1 -10.6 -5.7 -7.9 -7.3
Personal dividend income............... 25.0 32.5 10.8 8.6 7.2 7.3 6.9 7.3
Personal current transfer receipts....... 99.6 84.5 10.5 14.0 22.0 32.1 29.0 2.1
Government social benefits to persons.. 106.9 81.3 11.5 15.2 17.8 32.9 27.3 .5
Old-age, survivors, disability, and
health insurance benefits........... 41.9 33.0 6.8 7.3 11.2 9.5 3.8 7.8
Government unemployment insurance
benefits............................ 21.7 1.8 -2.9 -3.5 -1.9 4.4 2.3 -4.5
Other................................ 43.3 46.5 7.7 11.4 8.4 18.9 21.3 -2.7
Other current transfer receipts, from
business (net)........................ -7.3 3.3 -1.1 -1.1 4.3 -.8 1.6 1.6
Less: Contributions for government social
insurance............................... 21.8 24.2 2.5 3.4 13.2 3.6 4.6 3.3
Less: Personal current taxes............... -190.6 -65.6 9.3 -7.4 -36.2 -9.2 -64.2 68.3
Equals: Disposable personal income......... 387.8 342.8 22.4 44.6 103.6 106.6 160.8 1.7
Less: Personal outlays..................... 331.8 362.2 75.2 67.2 99.1 68.4 161.8 62.7
Personal consumption expenditures........ 339.9 367.0 72.7 73.0 99.5 72.9 162.7 62.1
Durable goods.......................... 29.4 30.5 4.3 -6.3 -9.1 28.0 48.9 -7.3
Nondurable goods....................... 72.4 122.3 8.0 28.7 56.5 -4.9 59.2 26.9
Services............................... 238.2 214.1 60.5 50.6 52.1 49.8 54.6 42.6
Personal interest payments\1\............ -14.4 -9.9 -2.7 -8.5 -1.5 -3.0 1.4 .5
Personal current transfer payments....... 6.3 5.1 5.1 2.7 1.0 -1.3 -2.4 .0
To government.......................... 4.0 4.5 1.1 1.0 1.2 1.2 1.2 1.2
To the rest of the world (net)......... 2.3 .6 4.1 1.6 -.1 -2.6 -3.6 -1.2
Equals: Personal saving.................... 56.0 -19.4 -52.7 -22.6 4.6 38.0 -.9 -60.9
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 276.5 190.7 -16.3 10.6 46.2 91.5 118.8 -10.2
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .6 .4 .4 .2 .3 .2 .3 .2
Compensation of employees, received...... .5 .2 .2 .2 .2 .2 .3 -.2
Wage and salary disbursements.......... .5 .2 .2 .2 .1 .2 .4 -.3
Supplements to wages and salaries...... .3 .3 .6 .5 .5 .2 .3 .0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 2.1 1.8 .6 -.2 .8 .0 .9 .9
Rental income of persons with capital
consumption adjustment.................. -4.6 -4.7 3.6 3.7 3.6 6.0 5.5 5.3
Personal income receipts on assets....... .1 .1 -.1 -.1 -.1 .0 .1 .1
Personal interest income............... -.1 -.1 -.4 -.4 -.4 -.2 -.2 -.2
Personal dividend income............... .6 .5 .5 .6 .6 .5 .6 .6
Personal current transfer receipts....... .8 1.1 .7 .3 .6 -.3 -.3 .8
Less: Contributions for government social
insurance............................... .2 .3 .2 .2 .1 .2 .3 -.3
Less: Personal current taxes............... .0 .0 -7.6 -4.6 13.5 .0 .4 .0
Equals: Disposable personal income......... .6 .4 1.3 .8 -1.1 .2 .3 .2
Addenda:
Personal consumption expenditures........ .7 .7 .9 .9 .0 .0 .5 .4
Durable goods.......................... 1.0 .9 2.8 3.1 -1.7 -1.9 1.0 1.8
Nondurable goods....................... .1 1.0 1.1 1.4 .1 .2 .7 .0
Services............................... .8 .4 .4 .2 .3 .3 .4 .4
Real disposable personal income.......... .6 .2 1.2 .6 -1.2 .2 .4 .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 III 02 IV 02 I 03 II 03 III 03 IV 03
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 2.3 3.1 1.4 1.7 3.0 4.4 4.3 3.1
Compensation of employees, received...... 1.3 2.8 1.1 1.8 3.8 3.4 3.1 2.2
Wage and salary disbursements.......... .6 2.2 .6 1.5 2.8 3.1 2.5 1.9
Supplements to wages and salaries...... 4.7 5.4 3.3 3.3 8.7 4.8 5.8 3.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 3.5 6.1 3.6 4.6 .6 13.0 11.0 5.6
Rental income of persons with capital
consumption adjustment.................. 6.1 -5.3 -23.1 -28.2 11.1 -22.0 9.7 80.6
Personal income receipts on assets....... .3 .8 3.6 1.3 -1.0 .5 -.3 .0
Personal interest income............... -2.1 -2.2 .5 -1.6 -4.2 -2.3 -3.2 -3.0
Personal dividend income............... 6.7 8.2 11.5 8.8 7.2 7.2 6.7 6.9
Personal current transfer receipts....... 8.4 6.5 3.3 4.4 6.9 9.9 8.7 .6
Less: Contributions for government social
insurance............................... 3.0 3.2 1.3 1.8 7.2 1.9 2.4 1.7
Less: Personal current taxes............... -15.3 -6.2 3.6 -2.8 -13.1 -3.6 -23.3 32.5
Equals: Disposable personal income......... 5.2 4.4 1.1 2.3 5.3 5.4 8.1 .1
Addenda:
Personal consumption expenditures........ 4.8 5.0 4.0 4.0 5.4 3.9 8.8 3.2
Durable goods.......................... 3.3 3.3 1.9 -2.7 -4.0 13.1 22.9 -3.0
Nondurable goods....................... 3.6 5.9 1.5 5.6 11.1 -.9 11.4 4.9
Services............................... 5.7 4.9 5.7 4.6 4.7 4.5 4.9 3.7
Real disposable personal income.......... 3.8 2.5 -.9 .6 2.4 4.9 6.3 -.5
-----------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,308.7 7,342.1 7,397.3 7,449.4 7,433.1 7,436.3 7,484.3 7,502.1
Durable goods............................ 1,006.4 1,018.4 1,050.1 1,085.7 1,071.6 1,054.6 1,068.7 1,090.8
Nondurable goods......................... 2,097.6 2,111.7 2,128.4 2,143.8 2,130.7 2,144.1 2,166.6 2,162.2
Services................................. 4,211.1 4,219.8 4,230.5 4,236.3 4,244.8 4,249.2 4,262.4 4,265.4
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 47.6 33.4 55.2 52.1 -16.3 3.2 48.0 17.8
Durable goods............................ 15.9 12.0 31.7 35.6 -14.1 -17.0 14.1 22.1
Nondurable goods......................... 16.3 14.1 16.7 15.4 -13.1 13.4 22.5 -4.4
Services................................. 17.0 8.7 10.7 5.8 8.5 4.4 13.2 3.0
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .7 .5 .8 .7 -.2 .0 .6 .2
Durable goods............................ 1.6 1.2 3.1 3.4 -1.3 -1.6 1.3 2.1
Nondurable goods......................... .8 .7 .8 .7 -.6 .6 1.0 -.2
Services................................. .4 .2 .3 .1 .2 .1 .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]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003 III 02 IV 02 I 03 II 03 III 03 IV 03
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,140.4 7,362.2 7,159.2 7,198.9 7,244.1 7,304.0 7,426.6 7,474.2
Durable goods............................ 957.2 1,027.6 963.1 963.8 965.0 1,005.1 1,069.1 1,071.4
Nondurable goods......................... 2,043.6 2,119.8 2,038.8 2,061.8 2,090.5 2,096.9 2,134.3 2,157.6
Services................................. 4,141.8 4,223.8 4,159.4 4,175.4 4,190.7 4,208.4 4,237.2 4,259.0
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 235.8 221.8 34.7 39.7 45.2 59.9 122.6 47.6
Durable goods............................ 58.1 70.4 11.7 .7 1.2 40.1 64.0 2.3
Nondurable goods......................... 60.3 76.2 1.0 23.0 28.7 6.4 37.4 23.3
Services................................. 119.4 82.0 22.4 16.0 15.3 17.7 28.8 21.8
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.4 3.1 2.0 2.2 2.5 3.3 6.9 2.6
Durable goods............................ 6.5 7.4 5.0 .3 .5 17.7 28.0 .9
Nondurable goods......................... 3.0 3.7 .2 4.6 5.7 1.2 7.3 4.4
Services................................. 3.0 2.0 2.2 1.5 1.5 1.7 2.8 2.1
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 104.998 105.209 105.345 105.518 105.703 105.684 105.567 105.788
Durable goods............................ 92.061 91.803 91.508 91.232 90.881 90.627 90.300 90.064
Nondurable goods......................... 103.185 103.544 103.823 104.475 105.167 104.765 104.395 104.649
Services................................. 108.834 109.083 109.256 109.299 109.364 109.597 109.660 109.981
Addendum:
Personal consumption expenditures
excluding food and energy............... 104.696 104.830 104.964 104.950 104.939 105.093 105.081 105.245
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .0 .2 .1 .2 .2 .0 -.1 .2
Durable goods............................ -.6 -.3 -.3 -.3 -.4 -.3 -.4 -.3
Nondurable goods......................... -.6 .3 .3 .6 .7 -.4 -.4 .2
Services................................. .4 .2 .2 .0 .1 .2 .1 .3
Addendum:
Personal consumption expenditures
excluding food and energy............... .2 .1 .1 .0 .0 .1 .0 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.8 1.8 3.4 4.2 2.9 3.0 3.3 3.4
Personal consumption expenditures.......... 2.8 2.9 3.1 3.9 4.2 3.9 4.0 3.6
Durable goods............................ 7.3 7.4 8.2 11.3 13.6 12.2 12.0 9.4
Nondurable goods......................... 3.3 3.3 4.2 5.1 4.7 4.6 4.9 4.5
Services................................. 1.7 1.8 1.6 1.9 2.2 1.9 2.0 2.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.7 1.8 1.7 1.7 1.7 1.6 1.3 1.3
Durable goods............................ -3.8 -3.6 -3.7 -3.7 -4.1 -4.1 -4.1 -3.9
Nondurable goods......................... 1.2 1.3 1.4 1.9 2.4 1.9 1.5 1.9
Services................................. 3.2 3.2 3.0 2.8 2.5 2.7 2.4 2.1
Addendum:
Personal consumption expenditures
less food and energy.................... 1.3 1.3 1.3 1.0 .8 1.0 .9 .7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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