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James E. Rankin: (202) 606-5301 (Personal Income) BEA 04-14
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: FEBRUARY 2004
Personal income increased $34.1 billion, or 0.4 percent, and disposable personal income (DPI)
increased $30.2 billion, or 0.4 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $17.3 billion, or 0.2 percent. In January, personal
income increased $28.4 billion, or 0.3 percent, DPI increased $77.3 billion, or 0.9 percent, and PCE
increased $39.5 billion, or 0.5 percent, based on revised estimates.
2003 2004
Oct. Nov. Dec. Jan. Feb.
(Percent change from preceding month)
Personal income, current dollars 0.4 0.5 0.3 0.3 0.4
Disposable personal income:
Current dollars 0.4 0.5 0.4 0.9 0.4
Chained (2000) dollars 0.3 0.5 0.2 0.6 0.2
Personal consumption expenditures:
Current dollars 0.1 0.7 0.7 0.5 0.2
Chained (2000) dollars 0.1 0.7 0.5 0.2 0.0
This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for July through September 2003 (third quarter).
Wages and salaries
Private wage and salary disbursements increased $21.0 billion in February, compared with an
increase of $29.3 billion in January. Goods-producing industries' payrolls increased $3.6 billion,
compared with an increase of $7.3 billion; manufacturing payrolls increased $3.2 billion, compared
with an increase of $4.0 billion. Services-producing industries' payrolls increased $17.4 billion,
compared with $22.0 billion.
Government wage and salary disbursements increased $2.5 billion in February, compared with an
increase of $6.1 billion in January. Pay raises for federal civilian personnel added an additional $0.8
billion to the change in government payrolls in February; pay raises for federal civilian and military
personnel added $4.8 billion to government payrolls in January.
Other personal income
Employer contributions for government social insurance increased $1.8 billion in February,
compared with an increase of $9.4 billion in January. The January increase reflected an increase in
the tax rate paid by employers to state unemployment insurance funds and an increase in the social
security taxable wage base (from $87,000 to $87,900); together, these changes added $7.2 billion to
the January increase. (Changes in employer contributions for government social insurance do not
change personal income, because employer contributions for government social insurance are also
included in total contributions for government social insurance, which is a subtraction in the
calculation of personal income.)
Proprietors' income increased $5.5 billion in February, in contrast to a decrease of $6.5 billion in
January. Farm proprietors' income decreased $2.8 billion, compared with a decrease of $3.8 billion.
Nonfarm proprietors' income increased $8.3 billion, in contrast to a decrease of $2.7 billion.
Rental income of persons decreased $6.4 billion in February, compared with a decrease of $6.5
billion in January. Personal income receipts on assets (personal interest income plus personal
dividend income) decreased $1.4 billion in February, the same decrease as in January. Personal
current transfer receipts increased $4.8 billion in February, compared with an increase of $4.0 billion
in January.
Contributions for government social insurance increased $3.7 billion in February, compared with
an increase of $15.8 billion in January. The January increase reflected increases in both employer and
personal contributions for government social insurance. As noted above, employer contributions were
boosted $7.2 billion by an increase in the tax rate paid by employers to state unemployment insurance
funds and an increase in the social security taxable wage base in January. The January increase in
personal contributions for government social insurance reflected an increase in the monthly premium
paid by participants in the supplementary medical insurance program (Medicare B) and the increase in
the social security taxable wage base; together, these changes added $3.8 billion to the January
increase in personal contributions.
Personal current taxes and disposable personal income
Personal current taxes increased $3.9 billion in February, in contrast to a decrease of $48.8
billion in January. A reduction in federal income taxes accounted for most of the January decrease.
Net nonwithheld taxes (payments of estimated taxes plus final settlements less refunds) was reduced
by $44.5 billion in January, based on federal budget projections for 2004. In addition, indexation
provisions of current tax law reduced withheld taxes by $4.0 billion in January.
Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $30.2 billion, or 0.4 percent, in February, compared with an increase of $77.3 billion, or 0.9
percent, in January.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal current transfer payments
increased $18.4 billion in February, compared with an increase of $40.4 billion in January. PCE
increased $17.3 billion, compared with an increase of $39.5 billion.
Personal saving -- DPI less personal outlays -- was $165.3 billion in February, compared with
$153.5 billion in January. Personal saving as a percentage of disposable personal income was 1.9
percent in February, compared with 1.8 percent in January.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in February, compared
with an increase of 0.6 percent in January.
Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in February,
compared with an increase of 0.2 percent in January. Purchases of durable goods decreased 0.2
percent, compared with a decrease of 3.4 percent. Purchases of motor vehicles and parts more than
accounted for the February decrease and accounted for most of the January decrease. Purchases of
nondurable goods decreased 0.4 percent in February, in contrast to an increase of 1.1 percent in
January. Purchases of services increased 0.3 percent, compared with an increase of 0.5 percent.
Revisions
Estimates for personal income and DPI have been revised for July through January; estimates for
PCE have been revised for October through January. Changes in personal income, current-dollar and
chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for December and
January -- revised and as published in last month's release -- are shown below.
For July through September, 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 government social insurance
reflected the revisions to wages and salaries.
Change from preceding month
December January
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 29.6 32.6 0.3 0.3 18.4 28.4 0.2 0.3
Disposable personal income:
Current dollars.......... 27.4 30.4 0.3 0.4 67.8 77.3 0.8 0.9
Chained (2000) dollars... 10.6 12.5 0.1 0.2 37.9 45.9 0.5 0.6
Personal consumption expenditures:
Current dollars.......... 42.9 59.1 0.5 0.7 32.1 39.5 0.4 0.5
Chained (2000) dollars... 25.9 40.4 0.3 0.5 5.5 11.6 0.1 0.2
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 March will be released on
April 30, 2004, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 03/r/ Aug 03/r/ Sep 03/r/ Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/r/ Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,226.7 9,254.6 9,287.6 9,322.3 9,368.5 9,401.1 9,429.5 9,463.6
Compensation of employees, received...... 6,208.4 6,232.0 6,247.8 6,265.3 6,294.1 6,287.7 6,342.4 6,377.5
Wage and salary disbursements.......... 5,103.6 5,121.4 5,131.4 5,144.9 5,169.5 5,160.5 5,196.0 5,219.5
Private industries................... 4,204.0 4,220.8 4,231.6 4,244.5 4,269.0 4,258.0 4,287.3 4,308.3
Goods-producing industries......... 1,003.9 1,007.0 1,011.1 1,012.3 1,019.1 1,017.6 1,024.9 1,028.5
Manufacturing.................... 665.9 667.2 669.7 669.9 675.3 674.1 678.1 681.3
Services-producing industries...... 3,200.1 3,213.9 3,220.5 3,232.2 3,249.9 3,240.4 3,262.4 3,279.8
Trade, transportation, and
utilities....................... 862.3 866.5 867.4 873.4 874.8 870.7 877.7 880.7
Other services-producing
industries...................... 2,337.8 2,347.3 2,353.1 2,358.7 2,375.1 2,369.7 2,384.6 2,399.1
Government........................... 899.6 900.6 899.8 900.4 900.5 902.6 908.7 911.2
Supplements to wages and salaries...... 1,104.8 1,110.6 1,116.5 1,120.4 1,124.6 1,127.1 1,146.4 1,158.0
Employer contributions for employee
pension and insurance funds......... 725.9 730.7 735.6 738.7 741.3 744.4 754.3 764.1
Employer contributions for government
social insurance.................... 378.9 380.0 380.8 381.7 383.3 382.7 392.1 393.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 859.8 858.1 864.8 867.4 873.9 881.6 875.1 880.6
Farm................................... 22.5 21.4 20.5 22.5 23.9 23.7 19.9 17.1
Nonfarm................................ 837.2 836.7 844.3 844.9 850.1 857.9 855.2 863.5
Rental income of persons with capital
consumption adjustment.................. 151.4 157.0 162.6 172.9 182.9 193.1 186.6 180.2
Personal income receipts on assets....... 1,390.5 1,389.2 1,388.0 1,396.4 1,405.1 1,414.0 1,412.6 1,411.2
Personal interest income............... 960.7 957.1 953.4 959.5 965.7 971.9 967.8 963.7
Personal dividend income............... 429.8 432.2 434.6 436.9 439.4 442.1 444.8 447.6
Personal current transfer receipts....... 1,393.5 1,397.4 1,405.2 1,403.0 1,398.6 1,409.8 1,413.8 1,418.6
Government social benefits to persons.. 1,348.4 1,351.3 1,358.1 1,355.2 1,350.9 1,362.2 1,366.7 1,372.0
Old-age, survivors, disability, and
health insurance benefits........... 743.3 746.8 746.7 751.1 752.9 760.7 763.5 774.9
Government unemployment insurance
benefits............................ 59.3 57.3 59.2 58.4 53.0 55.3 47.0 37.5
Other................................ 545.7 547.2 552.2 545.7 544.9 546.2 556.2 559.6
Other current transfer receipts, from
business (net)........................ 45.1 46.1 47.1 47.8 47.7 47.6 47.1 46.6
Less: Contributions for government social
insurance............................... 776.8 779.2 780.9 782.8 786.1 785.1 800.9 804.6
Less: Personal current taxes............... 925.9 885.0 1,004.5 1,009.6 1,015.9 1,018.0 969.2 973.1
Equals: Disposable personal income......... 8,300.8 8,369.6 8,283.0 8,312.6 8,352.6 8,383.0 8,460.3 8,490.5
Less: Personal outlays..................... 8,072.4 8,142.2 8,140.8 8,153.0 8,206.2 8,266.4 8,306.8 8,325.2
Personal consumption expenditures........ 7,792.4 7,860.1 7,856.6 7,864.7 7,916.8 7,975.9 8,015.4 8,032.7
Durable goods.......................... 960.9 990.5 973.9 956.0 961.2 983.7 952.2 949.9
Nondurable goods....................... 2,209.7 2,239.6 2,240.7 2,246.3 2,266.9 2,273.4 2,314.4 2,316.1
Services............................... 4,621.8 4,630.0 4,642.0 4,662.3 4,688.7 4,718.8 4,748.7 4,766.7
Personal interest payments\1\............ 182.9 184.6 186.3 187.0 187.6 188.3 188.8 189.3
Personal current transfer payments....... 97.1 97.6 98.0 101.4 101.8 102.3 102.7 103.1
To government.......................... 63.3 63.7 64.1 64.4 64.9 65.3 65.7 66.1
To the rest of the world (net)......... 33.9 33.9 33.9 37.0 37.0 37.0 37.0 37.0
Equals: Personal saving.................... 228.4 227.3 142.2 159.6 146.4 116.6 153.5 165.3
Personal saving as a percentage of
disposable personal income.............. 2.8 2.7 1.7 1.9 1.8 1.4 1.8 1.9
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,879.9 7,932.2 7,836.5 7,862.3 7,902.1 7,914.6 7,960.5 7,972.9
Per capita:
Current dollars...................... 28,507 28,717 28,395 28,472 28,586 28,667 28,910 28,993
Chained (2000) dollars............... 27,062 27,217 26,864 26,930 27,044 27,065 27,202 27,225
Population (midperiod, thousands)\3\..... 291,179 291,446 291,709 291,958 292,197 292,427 292,644 292,848
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2003.
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/r/ III 02 IV 02 I 03 II 03 III 03/r/ IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,910.3 9,203.7 8,944.0 8,981.3 9,048.7 9,145.9 9,256.3 9,363.9
Compensation of employees, received...... 6,019.1 6,198.1 6,031.1 6,058.0 6,114.4 6,166.2 6,229.4 6,282.4
Wage and salary disbursements.......... 4,974.6 5,095.6 4,980.9 4,999.1 5,033.2 5,072.2 5,118.8 5,158.3
Private industries................... 4,114.7 4,198.0 4,117.7 4,125.4 4,143.3 4,172.7 4,218.8 4,257.2
Goods-producing industries......... 1,010.9 1,008.2 1,010.7 1,007.1 1,005.8 1,003.4 1,007.3 1,016.4
Manufacturing.................... 675.7 669.4 676.3 672.6 670.5 666.5 667.6 673.1
Services-producing industries...... 3,103.7 3,189.8 3,107.0 3,118.3 3,137.5 3,169.3 3,211.5 3,240.8
Trade, transportation, and
utilities....................... 844.7 863.2 847.6 847.6 855.0 859.5 865.4 873.0
Other services-producing
industries...................... 2,259.0 2,326.6 2,259.4 2,270.7 2,282.6 2,309.8 2,346.1 2,367.9
Government........................... 859.9 897.7 863.2 873.8 890.0 899.5 900.0 901.2
Supplements to wages and salaries...... 1,044.5 1,102.4 1,050.2 1,058.8 1,081.2 1,093.9 1,110.6 1,124.0
Employer contributions for employee
pension and insurance funds......... 680.4 724.0 685.2 692.1 706.3 717.3 730.7 741.5
Employer contributions for government
social insurance.................... 364.1 378.5 365.1 366.7 374.9 376.6 379.9 382.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 797.7 846.9 803.2 812.2 813.5 838.8 860.9 874.3
Farm................................... 14.3 19.5 13.5 16.3 13.0 20.0 21.5 23.3
Nonfarm................................ 783.4 827.4 789.7 795.9 800.5 818.8 839.4 850.9
Rental income of persons with capital
consumption adjustment.................. 173.0 164.2 172.7 159.0 163.2 153.4 157.0 183.0
Personal income receipts on assets....... 1,378.5 1,393.3 1,387.5 1,392.0 1,388.6 1,390.2 1,389.2 1,405.2
Personal interest income............... 982.4 964.6 985.3 981.2 970.6 964.9 957.0 965.7
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 1,377.5 1,301.6 1,315.6 1,337.6 1,369.7 1,398.7 1,403.8
Government social benefits to persons.. 1,249.5 1,331.6 1,259.4 1,274.6 1,292.4 1,325.3 1,352.6 1,356.1
Old-age, survivors, disability, and
health insurance benefits........... 710.3 743.7 713.8 721.1 732.3 741.8 745.6 754.9
Government unemployment insurance
benefits............................ 53.4 55.6 57.3 53.8 51.9 56.3 58.6 55.6
Other................................ 485.8 532.3 488.4 499.8 508.2 527.1 548.4 545.6
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............................... 750.3 776.2 752.1 755.5 768.7 772.3 779.0 784.7
Less: Personal current taxes............... 1,053.1 990.6 1,053.0 1,045.6 1,009.4 1,000.2 938.5 1,014.5
Equals: Disposable personal income......... 7,857.2 8,213.1 7,891.0 7,935.6 8,039.2 8,145.8 8,317.8 8,349.4
Less: Personal outlays..................... 7,674.0 8,043.0 7,722.0 7,789.2 7,888.3 7,956.7 8,118.5 8,208.6
Personal consumption expenditures........ 7,385.3 7,757.4 7,428.2 7,501.2 7,600.7 7,673.6 7,836.3 7,919.1
Durable goods.......................... 911.3 941.6 913.6 907.3 898.2 926.2 975.1 967.0
Nondurable goods....................... 2,086.0 2,209.7 2,090.5 2,119.2 2,175.7 2,170.8 2,230.0 2,262.2
Services............................... 4,388.0 4,606.2 4,424.1 4,474.7 4,526.8 4,576.6 4,631.2 4,689.9
Personal interest payments\1\............ 194.7 185.4 196.2 187.7 186.2 183.2 184.6 187.6
Personal current transfer payments....... 94.0 100.2 97.6 100.3 101.3 100.0 97.6 101.9
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 37.1 38.6 40.2 40.1 37.5 33.9 37.0
Equals: Personal saving.................... 183.2 170.0 169.0 146.4 151.0 189.0 199.3 140.8
Personal saving as a percentage of
disposable personal income.............. 2.3 2.1 2.1 1.8 1.9 2.3 2.4 1.7
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,596.7 7,797.8 7,605.2 7,615.8 7,662.0 7,753.5 7,882.9 7,893.0
Per capita:
Current dollars...................... 27,259 28,215 27,342 27,425 27,720 28,022 28,540 28,575
Chained (2000) dollars............... 26,355 26,789 26,352 26,320 26,419 26,673 27,048 27,013
Population (midperiod, thousands)\3\..... 288,240 291,086 288,605 289,360 290,016 290,689 291,445 292,194
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2003.
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]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 03/r/ Aug 03/r/ Sep 03/r/ Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/r/ Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 40.7 27.9 33.0 34.7 46.2 32.6 28.4 34.1
Compensation of employees, received...... 23.5 23.6 15.8 17.5 28.8 -6.4 54.7 35.1
Wage and salary disbursements.......... 16.0 17.8 10.0 13.5 24.6 -9.0 35.5 23.5
Private industries................... 20.1 16.8 10.8 12.9 24.5 -11.0 29.3 21.0
Goods-producing industries......... -2.9 3.1 4.1 1.2 6.8 -1.5 7.3 3.6
Manufacturing.................... -2.8 1.3 2.5 .2 5.4 -1.2 4.0 3.2
Services-producing industries...... 23.0 13.8 6.6 11.7 17.7 -9.5 22.0 17.4
Trade, transportation, and
utilities....................... 1.4 4.2 .9 6.0 1.4 -4.1 7.0 3.0
Other services-producing
industries...................... 21.6 9.5 5.8 5.6 16.4 -5.4 14.9 14.5
Government........................... -4.1 1.0 -.8 .6 .1 2.1 6.1 2.5
Supplements to wages and salaries...... 7.5 5.8 5.9 3.9 4.2 2.5 19.3 11.6
Employer contributions for employee
pension and insurance funds......... 6.3 4.8 4.9 3.1 2.6 3.1 9.9 9.8
Employer contributions for government
social insurance.................... 1.2 1.1 .8 .9 1.6 -.6 9.4 1.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 5.5 -1.7 6.7 2.6 6.5 7.7 -6.5 5.5
Farm................................... -1.3 -1.1 -.9 2.0 1.4 -.2 -3.8 -2.8
Nonfarm................................ 6.7 -.5 7.6 .6 5.2 7.8 -2.7 8.3
Rental income of persons with capital
consumption adjustment.................. 5.2 5.6 5.6 10.3 10.0 10.2 -6.5 -6.4
Personal income receipts on assets....... -1.4 -1.3 -1.2 8.4 8.7 8.9 -1.4 -1.4
Personal interest income............... -3.6 -3.6 -3.7 6.1 6.2 6.2 -4.1 -4.1
Personal dividend income............... 2.2 2.4 2.4 2.3 2.5 2.7 2.7 2.8
Personal current transfer receipts....... 10.4 3.9 7.8 -2.2 -4.4 11.2 4.0 4.8
Government social benefits to persons.. 8.7 2.9 6.8 -2.9 -4.3 11.3 4.5 5.3
Old-age, survivors, disability, and
health insurance benefits........... -.8 3.5 -.1 4.4 1.8 7.8 2.8 11.4
Government unemployment insurance
benefits............................ -.7 -2.0 1.9 -.8 -5.4 2.3 -8.3 -9.5
Other................................ 10.0 1.5 5.0 -6.5 -.8 1.3 10.0 3.4
Other current transfer receipts, from
business (net)........................ 1.7 1.0 1.0 .7 -.1 -.1 -.5 -.5
Less: Contributions for government social
insurance............................... 2.4 2.4 1.7 1.9 3.3 -1.0 15.8 3.7
Less: Personal current taxes............... -74.6 -40.9 119.5 5.1 6.3 2.1 -48.8 3.9
Equals: Disposable personal income......... 115.2 68.8 -86.6 29.6 40.0 30.4 77.3 30.2
Less: Personal outlays..................... 66.6 69.8 -1.4 12.2 53.2 60.2 40.4 18.4
Personal consumption expenditures........ 68.2 67.7 -3.5 8.1 52.1 59.1 39.5 17.3
Durable goods.......................... 26.0 29.6 -16.6 -17.9 5.2 22.5 -31.5 -2.3
Nondurable goods....................... 23.3 29.9 1.1 5.6 20.6 6.5 41.0 1.7
Services............................... 19.0 8.2 12.0 20.3 26.4 30.1 29.9 18.0
Personal interest payments\1\............ 1.7 1.7 1.7 .7 .6 .7 .5 .5
Personal current transfer payments....... -3.3 .5 .4 3.4 .4 .5 .4 .4
To government.......................... .4 .4 .4 .3 .5 .4 .4 .4
To the rest of the world (net)......... -3.6 .0 .0 3.1 .0 .0 .0 .0
Equals: Personal saving.................... 48.6 -1.1 -85.1 17.4 -13.2 -29.8 36.9 11.8
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 99.3 52.3 -95.7 25.8 39.8 12.5 45.9 12.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2003.
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/r/ III 02 IV 02 I 03 II 03 III 03/r/ IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 197.2 293.4 31.8 37.3 67.4 97.2 110.4 107.6
Compensation of employees, received...... 78.7 179.0 16.3 26.9 56.4 51.8 63.2 53.0
Wage and salary disbursements.......... 31.7 121.0 7.8 18.2 34.1 39.0 46.6 39.5
Private industries................... -12.4 83.3 .6 7.7 17.9 29.4 46.1 38.4
Goods-producing industries......... -33.7 -2.7 -4.2 -3.6 -1.3 -2.4 3.9 9.1
Manufacturing.................... -33.4 -6.3 -3.8 -3.7 -2.1 -4.0 1.1 5.5
Services-producing industries...... 21.2 86.1 4.9 11.3 19.2 31.8 42.2 29.3
Trade, transportation, and
utilities....................... -.2 18.5 2.9 .0 7.4 4.5 5.9 7.6
Other services-producing
industries...................... 21.4 67.6 2.0 11.3 11.9 27.2 36.3 21.8
Government........................... 44.1 37.8 7.2 10.6 16.2 9.5 .5 1.2
Supplements to wages and salaries...... 46.9 57.9 8.5 8.6 22.4 12.7 16.7 13.4
Employer contributions for employee
pension and insurance funds......... 37.8 43.6 7.3 6.9 14.2 11.0 13.4 10.8
Employer contributions for government
social insurance.................... 9.2 14.4 1.2 1.6 8.2 1.7 3.3 2.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 27.1 49.2 7.0 9.0 1.3 25.3 22.1 13.4
Farm................................... -10.7 5.2 -1.7 2.8 -3.3 7.0 1.5 1.8
Nonfarm................................ 37.8 44.0 8.8 6.2 4.6 18.3 20.6 11.5
Rental income of persons with capital
consumption adjustment.................. 9.9 -8.8 -11.7 -13.7 4.2 -9.8 3.6 26.0
Personal income receipts on assets....... 3.6 14.8 12.1 4.5 -3.4 1.6 -1.0 16.0
Personal interest income............... -21.3 -17.8 1.3 -4.1 -10.6 -5.7 -7.9 8.7
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 85.3 10.5 14.0 22.0 32.1 29.0 5.1
Government social benefits to persons.. 106.9 82.1 11.5 15.2 17.8 32.9 27.3 3.5
Old-age, survivors, disability, and
health insurance benefits........... 41.9 33.4 6.8 7.3 11.2 9.5 3.8 9.3
Government unemployment insurance
benefits............................ 21.7 2.2 -2.9 -3.5 -1.9 4.4 2.3 -3.0
Other................................ 43.3 46.5 7.7 11.4 8.4 18.9 21.3 -2.8
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 25.9 2.5 3.4 13.2 3.6 6.7 5.7
Less: Personal current taxes............... -190.6 -62.5 9.3 -7.4 -36.2 -9.2 -61.7 76.0
Equals: Disposable personal income......... 387.8 355.9 22.4 44.6 103.6 106.6 172.0 31.6
Less: Personal outlays..................... 331.8 369.0 75.2 67.2 99.1 68.4 161.8 90.1
Personal consumption expenditures........ 339.9 372.1 72.7 73.0 99.5 72.9 162.7 82.8
Durable goods.......................... 29.4 30.3 4.3 -6.3 -9.1 28.0 48.9 -8.1
Nondurable goods....................... 72.4 123.7 8.0 28.7 56.5 -4.9 59.2 32.2
Services............................... 238.2 218.2 60.5 50.6 52.1 49.8 54.6 58.7
Personal interest payments\1\............ -14.4 -9.3 -2.7 -8.5 -1.5 -3.0 1.4 3.0
Personal current transfer payments....... 6.3 6.2 5.1 2.7 1.0 -1.3 -2.4 4.3
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 1.7 4.1 1.6 -.1 -2.6 -3.6 3.1
Equals: Personal saving.................... 56.0 -13.2 -52.7 -22.6 4.6 38.0 10.3 -58.5
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 276.5 201.1 -16.3 10.6 46.2 91.5 129.4 10.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2003.
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]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 03/r/ Aug 03/r/ Sep 03/r/ Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/r/ Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .4 .3 .4 .4 .5 .3 .3 .4
Compensation of employees, received...... .4 .4 .3 .3 .5 -.1 .9 .6
Wage and salary disbursements.......... .3 .3 .2 .3 .5 -.2 .7 .5
Supplements to wages and salaries...... .7 .5 .5 .4 .4 .2 1.7 1.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .6 -.2 .8 .3 .8 .9 -.7 .6
Rental income of persons with capital
consumption adjustment.................. 3.6 3.7 3.6 6.3 5.8 5.6 -3.4 -3.4
Personal income receipts on assets....... -.1 -.1 -.1 .6 .6 .6 -.1 -.1
Personal interest income............... -.4 -.4 -.4 .6 .6 .6 -.4 -.4
Personal dividend income............... .5 .6 .6 .5 .6 .6 .6 .6
Personal current transfer receipts....... .7 .3 .6 -.2 -.3 .8 .3 .3
Less: Contributions for government social
insurance............................... .3 .3 .2 .2 .4 -.1 2.0 .5
Less: Personal current taxes............... -7.5 -4.4 13.5 .5 .6 .2 -4.8 .4
Equals: Disposable personal income......... 1.4 .8 -1.0 .4 .5 .4 .9 .4
Addenda:
Personal consumption expenditures........ .9 .9 .0 .1 .7 .7 .5 .2
Durable goods.......................... 2.8 3.1 -1.7 -1.8 .5 2.3 -3.2 -.2
Nondurable goods....................... 1.1 1.4 .1 .3 .9 .3 1.8 .1
Services............................... .4 .2 .3 .4 .6 .6 .6 .4
Real disposable personal income.......... 1.3 .7 -1.2 .3 .5 .2 .6 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2003.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2002 2003/r/ III 02 IV 02 I 03 II 03 III 03/r/ IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 2.3 3.3 1.4 1.7 3.0 4.4 4.9 4.7
Compensation of employees, received...... 1.3 3.0 1.1 1.8 3.8 3.4 4.2 3.4
Wage and salary disbursements.......... .6 2.4 .6 1.5 2.8 3.1 3.7 3.1
Supplements to wages and salaries...... 4.7 5.5 3.3 3.3 8.7 4.8 6.2 4.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 3.5 6.2 3.6 4.6 .6 13.0 11.0 6.4
Rental income of persons with capital
consumption adjustment.................. 6.1 -5.1 -23.1 -28.2 11.1 -22.0 9.7 84.6
Personal income receipts on assets....... .3 1.1 3.6 1.3 -1.0 .5 -.3 4.7
Personal interest income............... -2.1 -1.8 .5 -1.6 -4.2 -2.3 -3.2 3.7
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 6.6 3.3 4.4 6.9 9.9 8.7 1.5
Less: Contributions for government social
insurance............................... 3.0 3.5 1.3 1.8 7.2 1.9 3.5 3.0
Less: Personal current taxes............... -15.3 -5.9 3.6 -2.8 -13.1 -3.6 -22.5 36.6
Equals: Disposable personal income......... 5.2 4.5 1.1 2.3 5.3 5.4 8.7 1.5
Addenda:
Personal consumption expenditures........ 4.8 5.0 4.0 4.0 5.4 3.9 8.8 4.3
Durable goods.......................... 3.3 3.3 1.9 -2.7 -4.0 13.1 22.9 -3.3
Nondurable goods....................... 3.6 5.9 1.5 5.6 11.1 -.9 11.4 5.9
Services............................... 5.7 5.0 5.7 4.6 4.7 4.5 4.9 5.2
Real disposable personal income.......... 3.8 2.6 -.9 .6 2.4 4.9 6.8 .5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2003.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/r/ Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,397.3 7,449.4 7,433.1 7,438.6 7,489.8 7,530.2 7,541.8 7,543.0
Durable goods............................ 1,050.1 1,085.7 1,071.6 1,054.9 1,064.7 1,093.0 1,055.6 1,053.1
Nondurable goods......................... 2,128.4 2,143.8 2,130.7 2,143.8 2,170.9 2,172.6 2,196.1 2,188.1
Services................................. 4,230.5 4,236.3 4,244.8 4,251.4 4,266.9 4,280.9 4,300.2 4,311.2
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 55.2 52.1 -16.3 5.5 51.2 40.4 11.6 1.2
Durable goods............................ 31.7 35.6 -14.1 -16.7 9.8 28.3 -37.4 -2.5
Nondurable goods......................... 16.7 15.4 -13.1 13.1 27.1 1.7 23.5 -8.0
Services................................. 10.7 5.8 8.5 6.6 15.5 14.0 19.3 11.0
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .8 .7 -.2 .1 .7 .5 .2 .0
Durable goods............................ 3.1 3.4 -1.3 -1.6 .9 2.7 -3.4 -.2
Nondurable goods......................... .8 .7 -.6 .6 1.3 .1 1.1 -.4
Services................................. .3 .1 .2 .2 .4 .3 .5 .3
-----------------------------------------------------------------------------------------------------------------------------------
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/r/ III 02 IV 02 I 03 II 03 III 03 IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,140.4 7,365.2 7,159.2 7,198.9 7,244.1 7,304.0 7,426.6 7,486.2
Durable goods............................ 957.2 1,027.5 963.1 963.8 965.0 1,005.1 1,069.1 1,070.8
Nondurable goods......................... 2,043.6 2,121.0 2,038.8 2,061.8 2,090.5 2,096.9 2,134.3 2,162.4
Services................................. 4,141.8 4,225.7 4,159.4 4,175.4 4,190.7 4,208.4 4,237.2 4,266.4
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 235.8 224.8 34.7 39.7 45.2 59.9 122.6 59.6
Durable goods............................ 58.1 70.3 11.7 .7 1.2 40.1 64.0 1.7
Nondurable goods......................... 60.3 77.4 1.0 23.0 28.7 6.4 37.4 28.1
Services................................. 119.4 83.9 22.4 16.0 15.3 17.7 28.8 29.2
----------------------------------------------------------------------------------------
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 3.2
Durable goods............................ 6.5 7.4 5.0 .3 .5 17.7 28.0 .7
Nondurable goods......................... 3.0 3.8 .2 4.6 5.7 1.2 7.3 5.4
Services................................. 3.0 2.0 2.2 1.5 1.5 1.7 2.8 2.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/r/ Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 105.345 105.518 105.703 105.733 105.705 105.924 106.283 106.496
Durable goods............................ 91.508 91.232 90.881 90.626 90.273 89.995 90.200 90.200
Nondurable goods......................... 103.823 104.475 105.167 104.786 104.424 104.645 105.388 105.854
Services................................. 109.256 109.299 109.364 109.672 109.895 110.238 110.439 110.575
Addendum:
Personal consumption expenditures
excluding food and energy............... 104.964 104.950 104.939 105.136 105.228 105.406 105.530 105.639
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .1 .2 .2 .0 .0 .2 .3 .2
Durable goods............................ -.3 -.3 -.4 -.3 -.4 -.3 .2 .0
Nondurable goods......................... .3 .6 .7 -.4 -.3 .2 .7 .4
Services................................. .2 .0 .1 .3 .2 .3 .2 .1
Addendum:
Personal consumption expenditures
excluding food and energy............... .1 .0 .0 .2 .1 .2 .1 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jul 03/r/ Aug 03/r/ Sep 03/r/ Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/r/ Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 3.5 4.4 3.1 3.3 3.7 3.9 4.1 4.1
Personal consumption expenditures.......... 3.1 3.9 4.2 3.9 4.1 4.0 4.1 4.3
Durable goods............................ 8.2 11.3 13.6 12.3 11.6 9.6 9.4 10.1
Nondurable goods......................... 4.2 5.1 4.7 4.6 5.1 5.0 4.8 5.0
Services................................. 1.6 1.9 2.2 2.0 2.1 2.4 2.7 2.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the third quarter of 2003.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/r/ Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.7 1.7 1.7 1.7 1.5 1.4 1.6 1.5
Durable goods............................ -3.7 -3.7 -4.1 -4.1 -4.2 -3.9 -3.3 -3.1
Nondurable goods......................... 1.4 1.9 2.4 1.9 1.6 1.9 2.2 1.5
Services................................. 3.0 2.8 2.5 2.8 2.6 2.3 2.4 2.4
Addendum:
Personal consumption expenditures
less food and energy.................... 1.3 1.0 .8 1.1 1.0 .8 1.0 1.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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