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James E. Rankin: (202) 606-5301 (Personal Income) BEA 04-09
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: JANUARY 2004
Personal income increased $18.4 billion, or 0.2 percent, and disposable personal income (DPI)
increased $67.8 billion, or 0.8 percent, in January, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $32.1 billion, or 0.4 percent. In December,
personal income increased $29.6 billion, or 0.3 percent, DPI increased $27.4 billion, or 0.3 percent, and
PCE increased $42.9 billion, or 0.5 percent, based on revised estimates.
2003 2004
Sept. Oct. Nov. Dec. Jan.
(Percent change from preceding month)
Personal income, current dollars 0.3 0.3 0.4 0.3 0.2
Disposable personal income:
Current dollars -1.1 0.3 0.4 0.3 0.8
Chained (2000) dollars -1.2 0.3 0.5 0.1 0.5
Personal consumption expenditures:
Current dollars 0.0 0.0 0.6 0.5 0.4
Chained (2000) dollars -0.2 0.0 0.7 0.3 0.1
This release includes revised estimates of population, per capita disposable personal income (DPI),
and per capita real DPI. The revised population estimates reflect newly available estimates from the
Census Bureau for April 2000 through January 2004. The revised per capita estimates reflect the
revisions to the population estimates. Estimates for the complete revision period are available on BEA's
Web site at <www.bea.gov/bea/dn/nipaweb/SelectTable.asp?Selected=N#S2>.
The January change in disposable personal income (DPI) -- personal income less personal
current taxes -- was boosted by several special factors. The January change was boosted by a
large decrease in personal current taxes, reflecting a reduction in federal income taxes from a
downturn in net nonwithheld taxes and from indexation provisions of current tax law. In
addition, the January change was boosted by cost-of-living adjustments to several federal
transfer payment programs, by changes in the earned income credit program, and by pay raises
for federal civilian and military personnel. The January change was reduced by annual
adjustments to personal contributions for government social insurance and by lump-sum social
security benefit payments that had boosted December personal income. Excluding these special
factors, DPI increased $9.8 billion, or 0.1 percent, in January, after increasing $19.9 billion, or
0.2 percent, in December. These special factors are discussed more fully below.
Wages and salaries
Private wage and salary disbursements increased $20.8 billion in January, in contrast to a
decrease of $8.8 billion in December. Goods-producing industries' payrolls increased $5.3 billion,
in contrast to a decrease of $1.1 billion; manufacturing payrolls increased $3.5 billion, in contrast to
a decrease of $2.2 billion. Services-producing industries' payrolls increased $15.4 billion, in
contrast to a decrease of $7.6 billion.
Government wage and salary disbursements increased $5.9 billion in January, compared with
an increase of $1.9 billion in December. 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 $8.9 billion in January, in
contrast to a decrease of $0.5 billion in December. 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 decreased $5.7 billion in January, in contrast to an increase of $7.5 billion
in December. Farm proprietors' income decreased $7.0 billion, compared with a decrease of $0.2
billion. Nonfarm proprietors' income increased $1.4 billion, compared with an increase of $7.6
billion.
Personal current transfer receipts increased $1.1 billion in January, compared with an increase
of $14.3 billion in December. The January change in current transfer receipts reflected 2.1-percent
cost-of-living adjustments to social security benefits and to several other federal transfer payment
programs and changes in the earned income credit program; together, these changes added $16.0
billion to the January increase. The January change in transfer payments was reduced by lump-sum
social security benefits payments, which had added $7.5 billion to December transfer payments;
these benefit payments resulted 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 $0.5 billion, compared with an increase of $3.4 billion. Rental income of persons
decreased $3.6 billion, in contrast to an increase of $9.2 billion.
Contributions for government social insurance increased $14.7 billion in January, in contrast to
a decrease of $0.8 billion in December. 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 increases in unemployment insurance rates and 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 January personal contributions.
Personal current taxes and disposable personal income
Personal current taxes decreased $49.4 billion in January, in contrast to an increase of $2.2
billion in December. 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, based on federal budget projections for 2004. In addition, indexation
provisions of current tax law reduced withheld taxes by $4.0 billion.
Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $67.8 billion, or 0.8 percent, in January, compared with an increase of $27.4 billion, or 0.3
percent, in December.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal current transfer payments --
increased $31.8 billion in January, compared with an increase of $43.0 billion in December. PCE
increased $32.1 billion, compared with an increase of $42.9 billion.
Personal saving -- DPI less personal outlays -- was $154.6 billion in January, compared with
$118.6 billion in December. Personal saving as a percentage of disposable personal income was 1.8
percent in January, compared with 1.4 percent in December.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in January,
compared with an increase of 0.1 percent in December.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in January,
compared with an increase of 0.3 percent in December. Purchases of durable goods decreased 3.5
percent, in contrast to an increase of 2.0 percent. Purchases of motor vehicles and parts accounted
for most of the decrease in January and accounted for most of the increase in December. Purchases
of nondurable goods increased 0.8 percent in January, in contrast to a decrease of 0.1 percent in
December. Purchases of services increased 0.5 percent, compared with an increase of 0.2 percent.
Revisions
Estimates have been revised for October through December. Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
November and December -- revised and as published in last month's release -- are shown below.
Revisions for October were small.
Change from preceding month
November December
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 31.9 37.9 0.3 0.4 18.8 29.6 0.2 0.3
Disposable personal income:
Current dollars.......... 27.7 32.0 0.3 0.4 18.5 27.4 0.2 0.3
Chained (2000) dollars... 35.0 36.5 0.4 0.5 0.9 10.6 0.0 0.1
Personal consumption expenditures:
Current dollars.......... 42.0 48.2 0.5 0.6 35.3 42.9 0.4 0.5
Chained (2000) dollars... 48.0 51.6 0.6 0.7 17.8 25.9 0.2 0.3
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
(202) 606-5362 U.S. international transactions
Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- Personal Income and Outlays for February will be released on
March 26, 2004, at 8:30 A.M. EST.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,186.0 9,219.6 9,239.6 9,268.4 9,294.2 9,332.1 9,361.7 9,380.1
Compensation of employees, received...... 6,184.9 6,200.2 6,214.9 6,225.8 6,241.1 6,268.0 6,262.5 6,303.2
Wage and salary disbursements.......... 5,087.6 5,096.0 5,105.4 5,110.8 5,123.4 5,147.0 5,140.2 5,166.8
Private industries................... 4,183.9 4,196.3 4,204.9 4,211.1 4,222.9 4,246.5 4,237.7 4,258.5
Goods-producing industries......... 1,006.8 1,002.3 1,006.0 1,009.8 1,011.1 1,017.9 1,016.8 1,022.1
Manufacturing.................... 668.7 664.9 666.7 669.0 669.2 674.6 672.4 675.9
Services-producing industries...... 3,177.1 3,194.0 3,198.9 3,201.2 3,211.9 3,228.6 3,221.0 3,236.4
Trade, transportation, and
utilities....................... 860.9 864.0 866.9 867.4 872.9 873.2 871.0 876.5
Other services-producing
industries...................... 2,316.2 2,330.1 2,332.0 2,333.9 2,339.0 2,355.4 2,350.0 2,359.9
Government........................... 903.7 899.6 900.6 899.8 900.4 900.5 902.4 908.3
Supplements to wages and salaries...... 1,097.3 1,104.2 1,109.5 1,115.0 1,117.7 1,121.0 1,122.3 1,136.4
Employer contributions for employee
pension and insurance funds......... 719.6 725.9 730.7 735.6 737.5 739.4 741.2 746.3
Employer contributions for government
social insurance.................... 377.7 378.3 378.8 379.4 380.2 381.6 381.1 390.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 854.3 859.8 858.1 864.8 867.9 876.1 883.6 877.9
Farm................................... 23.8 22.5 21.4 20.5 22.6 23.9 23.7 16.7
Nonfarm................................ 830.5 837.2 836.7 844.3 845.3 852.2 859.8 861.2
Rental income of persons with capital
consumption adjustment.................. 146.2 151.4 157.0 162.6 171.9 181.0 190.2 186.6
Personal income receipts on assets....... 1,391.9 1,390.5 1,389.2 1,388.0 1,390.9 1,394.1 1,397.5 1,398.0
Personal interest income............... 964.3 960.7 957.1 953.4 954.0 954.7 955.4 953.2
Personal dividend income............... 427.6 429.8 432.2 434.6 436.9 439.4 442.1 444.8
Personal current transfer receipts....... 1,383.1 1,393.5 1,397.4 1,405.2 1,402.2 1,395.9 1,410.2 1,411.3
Government social benefits to persons.. 1,339.7 1,348.4 1,351.3 1,358.1 1,354.4 1,348.2 1,362.6 1,364.2
Old-age, survivors, disability, and
health insurance benefits........... 744.1 743.3 746.8 746.7 751.1 752.9 760.7 763.6
Government unemployment insurance
benefits............................ 60.0 59.3 57.3 59.2 58.4 53.0 55.1 47.1
Other................................ 535.7 545.7 547.2 552.2 544.9 542.2 546.8 553.6
Other current transfer receipts, from
business (net)........................ 43.4 45.1 46.1 47.1 47.8 47.7 47.6 47.1
Less: Contributions for government social
insurance............................... 774.4 775.8 777.0 778.1 779.8 783.0 782.2 796.9
Less: Personal current taxes............... 1,000.5 924.6 882.2 1,001.0 1,004.8 1,010.6 1,012.8 963.4
Equals: Disposable personal income......... 8,185.6 8,294.9 8,357.4 8,267.4 8,289.5 8,321.5 8,348.9 8,416.7
Less: Personal outlays..................... 8,005.8 8,072.4 8,142.2 8,140.8 8,139.0 8,187.3 8,230.3 8,262.1
Personal consumption expenditures........ 7,724.2 7,792.4 7,860.1 7,856.6 7,855.9 7,904.1 7,947.0 7,979.1
Durable goods.......................... 934.9 960.9 990.5 973.9 955.8 961.4 977.9 945.5
Nondurable goods....................... 2,186.4 2,209.7 2,239.6 2,240.7 2,246.4 2,267.0 2,270.5 2,304.3
Services............................... 4,602.8 4,621.8 4,630.0 4,642.0 4,653.7 4,675.7 4,698.6 4,729.2
Personal interest payments\1\............ 181.2 182.9 184.6 186.3 185.9 185.6 185.3 184.7
Personal current transfer payments....... 100.4 97.1 97.6 98.0 97.1 97.6 98.0 98.4
To government.......................... 62.9 63.3 63.7 64.1 64.4 64.9 65.3 65.7
To the rest of the world (net)......... 37.5 33.9 33.9 33.9 32.7 32.7 32.7 32.7
Equals: Personal saving.................... 179.8 222.5 215.2 126.6 150.5 134.2 118.6 154.6
Personal saving as a percentage of
disposable personal income.............. 2.2 2.7 2.6 1.5 1.8 1.6 1.4 1.8
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,780.6 7,874.4 7,920.7 7,821.7 7,844.1 7,880.6 7,891.2 7,929.1
Per capita:
Current dollars...................... 28,136 28,487 28,676 28,341 28,393 28,479 28,550 28,761
Chained (2000) dollars............... 26,744 27,043 27,177 26,814 26,867 26,970 26,985 27,095
Population (midperiod, thousands)\3\..... 290,929 291,179 291,446 291,709 291,958 292,197 292,427 292,644
-----------------------------------------------------------------------------------------------------------------------------------
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/r/ III 02 IV 02 I 03 II 03 III 03 IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,910.3 9,191.6 8,944.0 8,981.3 9,048.7 9,145.9 9,242.5 9,329.3
Compensation of employees, received...... 6,019.1 6,187.9 6,031.1 6,058.0 6,114.4 6,166.2 6,213.6 6,257.2
Wage and salary disbursements.......... 4,974.6 5,086.6 4,980.9 4,999.1 5,033.2 5,072.2 5,104.1 5,136.8
Private industries................... 4,114.7 4,188.9 4,117.7 4,125.4 4,143.3 4,172.7 4,204.1 4,235.7
Goods-producing industries......... 1,010.9 1,007.6 1,010.7 1,007.1 1,005.8 1,003.4 1,006.0 1,015.2
Manufacturing.................... 675.7 669.0 676.3 672.6 670.5 666.5 666.9 672.0
Services-producing industries...... 3,103.7 3,181.3 3,107.0 3,118.3 3,137.5 3,169.3 3,198.1 3,220.5
Trade, transportation, and
utilities....................... 844.7 863.2 847.6 847.6 855.0 859.5 866.1 872.4
Other services-producing
industries...................... 2,259.0 2,318.1 2,259.4 2,270.7 2,282.6 2,309.8 2,332.0 2,348.1
Government........................... 859.9 897.7 863.2 873.8 890.0 899.5 900.0 901.1
Supplements to wages and salaries...... 1,044.5 1,101.3 1,050.2 1,058.8 1,081.2 1,093.9 1,109.6 1,120.4
Employer contributions for employee
pension and insurance funds......... 680.4 723.4 685.2 692.1 706.3 717.3 730.7 739.4
Employer contributions for government
social insurance.................... 364.1 377.8 365.1 366.7 374.9 376.6 378.8 381.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 797.7 847.3 803.2 812.2 813.5 838.8 860.9 875.9
Farm................................... 14.3 19.5 13.5 16.3 13.0 20.0 21.5 23.4
Nonfarm................................ 783.4 827.8 789.7 795.9 800.5 818.8 839.4 852.4
Rental income of persons with capital
consumption adjustment.................. 173.0 163.7 172.7 159.0 163.2 153.4 157.0 181.0
Personal income receipts on assets....... 1,378.5 1,390.5 1,387.5 1,392.0 1,388.6 1,390.2 1,389.2 1,394.2
Personal interest income............... 982.4 961.8 985.3 981.2 970.6 964.9 957.0 954.7
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 1,377.2 1,301.6 1,315.6 1,337.6 1,369.7 1,398.7 1,402.8
Government social benefits to persons.. 1,249.5 1,331.3 1,259.4 1,274.6 1,292.4 1,325.3 1,352.6 1,355.1
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 55.5
Other................................ 485.8 532.1 488.4 499.8 508.2 527.1 548.4 544.6
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............................... 750.3 774.9 752.1 755.5 768.7 772.3 776.9 781.7
Less: Personal current taxes............... 1,053.1 988.7 1,053.0 1,045.6 1,009.4 1,000.2 936.0 1,009.4
Equals: Disposable personal income......... 7,857.2 8,202.9 7,891.0 7,935.6 8,039.2 8,145.8 8,306.6 8,320.0
Less: Personal outlays..................... 7,674.0 8,037.3 7,722.0 7,789.2 7,888.3 7,956.7 8,118.5 8,185.5
Personal consumption expenditures........ 7,385.3 7,753.2 7,428.2 7,501.2 7,600.7 7,673.6 7,836.3 7,902.3
Durable goods.......................... 911.3 941.1 913.6 907.3 898.2 926.2 975.1 965.1
Nondurable goods....................... 2,086.0 2,209.4 2,090.5 2,119.2 2,175.7 2,170.8 2,230.0 2,261.3
Services............................... 4,388.0 4,602.7 4,424.1 4,474.7 4,526.8 4,576.6 4,631.2 4,676.0
Personal interest payments\1\............ 194.7 184.9 196.2 187.7 186.2 183.2 184.6 185.6
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.................... 183.2 165.6 169.0 146.4 151.0 189.0 188.1 134.4
Personal saving as a percentage of
disposable personal income.............. 2.3 2.0 2.1 1.8 1.9 2.3 2.3 1.6
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,596.7 7,789.9 7,605.2 7,615.8 7,662.0 7,753.5 7,872.3 7,872.0
Per capita:
Current dollars...................... 27,259 28,180 27,342 27,425 27,720 28,022 28,501 28,474
Chained (2000) dollars............... 26,355 26,761 26,352 26,320 26,419 26,673 27,011 26,941
Population (midperiod, thousands)\3\..... 288,240 291,086 288,605 289,360 290,016 290,689 291,445 292,194
-----------------------------------------------------------------------------------------------------------------------------------
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 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 35.0 33.6 20.0 28.8 25.8 37.9 29.6 18.4
Compensation of employees, received...... 13.5 15.3 14.7 10.9 15.3 26.9 -5.5 40.7
Wage and salary disbursements.......... 10.2 8.4 9.4 5.4 12.6 23.6 -6.8 26.6
Private industries................... 5.2 12.4 8.6 6.2 11.8 23.6 -8.8 20.8
Goods-producing industries......... 3.4 -4.5 3.7 3.8 1.3 6.8 -1.1 5.3
Manufacturing.................... 2.1 -3.8 1.8 2.3 .2 5.4 -2.2 3.5
Services-producing industries...... 1.8 16.9 4.9 2.3 10.7 16.7 -7.6 15.4
Trade, transportation, and
utilities....................... .7 3.1 2.9 .5 5.5 .3 -2.2 5.5
Other services-producing
industries...................... 1.1 13.9 1.9 1.9 5.1 16.4 -5.4 9.9
Government........................... 5.0 -4.1 1.0 -.8 .6 .1 1.9 5.9
Supplements to wages and salaries...... 3.3 6.9 5.3 5.5 2.7 3.3 1.3 14.1
Employer contributions for employee
pension and insurance funds......... 2.0 6.3 4.8 4.9 1.9 1.9 1.8 5.1
Employer contributions for government
social insurance.................... 1.3 .6 .5 .6 .8 1.4 -.5 8.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 14.8 5.5 -1.7 6.7 3.1 8.2 7.5 -5.7
Farm................................... 3.8 -1.3 -1.1 -.9 2.1 1.3 -.2 -7.0
Nonfarm................................ 11.0 6.7 -.5 7.6 1.0 6.9 7.6 1.4
Rental income of persons with capital
consumption adjustment.................. -7.1 5.2 5.6 5.6 9.3 9.1 9.2 -3.6
Personal income receipts on assets....... 1.7 -1.4 -1.3 -1.2 2.9 3.2 3.4 .5
Personal interest income............... -.6 -3.6 -3.6 -3.7 .6 .7 .7 -2.2
Personal dividend income............... 2.3 2.2 2.4 2.4 2.3 2.5 2.7 2.7
Personal current transfer receipts....... 14.5 10.4 3.9 7.8 -3.0 -6.3 14.3 1.1
Government social benefits to persons.. 15.6 8.7 2.9 6.8 -3.7 -6.2 14.4 1.6
Old-age, survivors, disability, and
health insurance benefits........... .4 -.8 3.5 -.1 4.4 1.8 7.8 2.9
Government unemployment insurance
benefits............................ 6.6 -.7 -2.0 1.9 -.8 -5.4 2.1 -8.0
Other................................ 8.8 10.0 1.5 5.0 -7.3 -2.7 4.6 6.8
Other current transfer receipts, from
business (net)........................ -1.1 1.7 1.0 1.0 .7 -.1 -.1 -.5
Less: Contributions for government social
insurance............................... 2.3 1.4 1.2 1.1 1.7 3.2 -.8 14.7
Less: Personal current taxes............... .5 -75.9 -42.4 118.8 3.8 5.8 2.2 -49.4
Equals: Disposable personal income......... 34.6 109.3 62.5 -90.0 22.1 32.0 27.4 67.8
Less: Personal outlays..................... 49.0 66.6 69.8 -1.4 -1.8 48.3 43.0 31.8
Personal consumption expenditures........ 50.5 68.2 67.7 -3.5 -.7 48.2 42.9 32.1
Durable goods.......................... 8.4 26.0 29.6 -16.6 -18.1 5.6 16.5 -32.4
Nondurable goods....................... 22.1 23.3 29.9 1.1 5.7 20.6 3.5 33.8
Services............................... 20.0 19.0 8.2 12.0 11.7 22.0 22.9 30.6
Personal interest payments\1\............ -2.0 1.7 1.7 1.7 -.4 -.3 -.3 -.6
Personal current transfer payments....... .4 -3.3 .5 .4 -.9 .5 .4 .4
To government.......................... .4 .4 .4 .4 .3 .5 .4 .4
To the rest of the world (net)......... .0 -3.6 .0 .0 -1.2 .0 .0 .0
Equals: Personal saving.................... -14.4 42.7 -7.3 -88.6 23.9 -16.3 -15.6 36.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 17.3 93.8 46.3 -99.0 22.4 36.5 10.6 37.9
-----------------------------------------------------------------------------------------------------------------------------------
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/r/ III 02 IV 02 I 03 II 03 III 03 IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 197.2 281.3 31.8 37.3 67.4 97.2 96.6 86.8
Compensation of employees, received...... 78.7 168.8 16.3 26.9 56.4 51.8 47.4 43.6
Wage and salary disbursements.......... 31.7 112.0 7.8 18.2 34.1 39.0 31.9 32.7
Private industries................... -12.4 74.2 .6 7.7 17.9 29.4 31.4 31.6
Goods-producing industries......... -33.7 -3.3 -4.2 -3.6 -1.3 -2.4 2.6 9.2
Manufacturing.................... -33.4 -6.7 -3.8 -3.7 -2.1 -4.0 .4 5.1
Services-producing industries...... 21.2 77.6 4.9 11.3 19.2 31.8 28.8 22.4
Trade, transportation, and
utilities....................... -.2 18.5 2.9 .0 7.4 4.5 6.6 6.3
Other services-producing
industries...................... 21.4 59.1 2.0 11.3 11.9 27.2 22.2 16.1
Government........................... 44.1 37.8 7.2 10.6 16.2 9.5 .5 1.1
Supplements to wages and salaries...... 46.9 56.8 8.5 8.6 22.4 12.7 15.7 10.8
Employer contributions for employee
pension and insurance funds......... 37.8 43.0 7.3 6.9 14.2 11.0 13.4 8.7
Employer contributions for government
social insurance.................... 9.2 13.7 1.2 1.6 8.2 1.7 2.2 2.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 27.1 49.6 7.0 9.0 1.3 25.3 22.1 15.0
Farm................................... -10.7 5.2 -1.7 2.8 -3.3 7.0 1.5 1.9
Nonfarm................................ 37.8 44.4 8.8 6.2 4.6 18.3 20.6 13.0
Rental income of persons with capital
consumption adjustment.................. 9.9 -9.3 -11.7 -13.7 4.2 -9.8 3.6 24.0
Personal income receipts on assets....... 3.6 12.0 12.1 4.5 -3.4 1.6 -1.0 5.0
Personal interest income............... -21.3 -20.6 1.3 -4.1 -10.6 -5.7 -7.9 -2.3
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 85.0 10.5 14.0 22.0 32.1 29.0 4.1
Government social benefits to persons.. 106.9 81.8 11.5 15.2 17.8 32.9 27.3 2.5
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 -3.1
Other................................ 43.3 46.3 7.7 11.4 8.4 18.9 21.3 -3.8
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 24.6 2.5 3.4 13.2 3.6 4.6 4.8
Less: Personal current taxes............... -190.6 -64.4 9.3 -7.4 -36.2 -9.2 -64.2 73.4
Equals: Disposable personal income......... 387.8 345.7 22.4 44.6 103.6 106.6 160.8 13.4
Less: Personal outlays..................... 331.8 363.3 75.2 67.2 99.1 68.4 161.8 67.0
Personal consumption expenditures........ 339.9 367.9 72.7 73.0 99.5 72.9 162.7 66.0
Durable goods.......................... 29.4 29.8 4.3 -6.3 -9.1 28.0 48.9 -10.0
Nondurable goods....................... 72.4 123.4 8.0 28.7 56.5 -4.9 59.2 31.3
Services............................... 238.2 214.7 60.5 50.6 52.1 49.8 54.6 44.8
Personal interest payments\1\............ -14.4 -9.8 -2.7 -8.5 -1.5 -3.0 1.4 1.0
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 -17.6 -52.7 -22.6 4.6 38.0 -.9 -53.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 276.5 193.2 -16.3 10.6 46.2 91.5 118.8 -.3
-----------------------------------------------------------------------------------------------------------------------------------
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 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .4 .4 .2 .3 .3 .4 .3 .2
Compensation of employees, received...... .2 .2 .2 .2 .2 .4 -.1 .6
Wage and salary disbursements.......... .2 .2 .2 .1 .2 .5 -.1 .5
Supplements to wages and salaries...... .3 .6 .5 .5 .2 .3 .1 1.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1.8 .6 -.2 .8 .4 .9 .9 -.6
Rental income of persons with capital
consumption adjustment.................. -4.7 3.6 3.7 3.6 5.7 5.2 5.1 -1.9
Personal income receipts on assets....... .1 -.1 -.1 -.1 .2 .2 .2 .0
Personal interest income............... -.1 -.4 -.4 -.4 .1 .1 .1 -.2
Personal dividend income............... .5 .5 .6 .6 .5 .6 .6 .6
Personal current transfer receipts....... 1.1 .7 .3 .6 -.2 -.5 1.0 .1
Less: Contributions for government social
insurance............................... .3 .2 .2 .1 .2 .4 -.1 1.9
Less: Personal current taxes............... .0 -7.6 -4.6 13.5 .4 .6 .2 -4.9
Equals: Disposable personal income......... .4 1.3 .8 -1.1 .3 .4 .3 .8
Addenda:
Personal consumption expenditures........ .7 .9 .9 .0 .0 .6 .5 .4
Durable goods.......................... .9 2.8 3.1 -1.7 -1.9 .6 1.7 -3.3
Nondurable goods....................... 1.0 1.1 1.4 .1 .3 .9 .2 1.5
Services............................... .4 .4 .2 .3 .3 .5 .5 .7
Real disposable personal income.......... .2 1.2 .6 -1.2 .3 .5 .1 .5
-----------------------------------------------------------------------------------------------------------------------------------
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/r/ III 02 IV 02 I 03 II 03 III 03 IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 2.3 3.2 1.4 1.7 3.0 4.4 4.3 3.8
Compensation of employees, received...... 1.3 2.8 1.1 1.8 3.8 3.4 3.1 2.8
Wage and salary disbursements.......... .6 2.3 .6 1.5 2.8 3.1 2.5 2.6
Supplements to wages and salaries...... 4.7 5.4 3.3 3.3 8.7 4.8 5.8 3.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 3.5 6.2 3.6 4.6 .6 13.0 11.0 7.1
Rental income of persons with capital
consumption adjustment.................. 6.1 -5.4 -23.1 -28.2 11.1 -22.0 9.7 76.8
Personal income receipts on assets....... .3 .9 3.6 1.3 -1.0 .5 -.3 1.4
Personal interest income............... -2.1 -2.1 .5 -1.6 -4.2 -2.3 -3.2 -1.0
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 6.6 3.3 4.4 6.9 9.9 8.7 1.2
Less: Contributions for government social
insurance............................... 3.0 3.3 1.3 1.8 7.2 1.9 2.4 2.5
Less: Personal current taxes............... -15.3 -6.1 3.6 -2.8 -13.1 -3.6 -23.3 35.3
Equals: Disposable personal income......... 5.2 4.4 1.1 2.3 5.3 5.4 8.1 .6
Addenda:
Personal consumption expenditures........ 4.8 5.0 4.0 4.0 5.4 3.9 8.8 3.4
Durable goods.......................... 3.3 3.3 1.9 -2.7 -4.0 13.1 22.9 -4.1
Nondurable goods....................... 3.6 5.9 1.5 5.6 11.1 -.9 11.4 5.7
Services............................... 5.7 4.9 5.7 4.6 4.7 4.5 4.9 3.9
Real disposable personal income.......... 3.8 2.5 -.9 .6 2.4 4.9 6.3 .0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,342.1 7,397.3 7,449.4 7,433.1 7,433.8 7,485.4 7,511.3 7,516.8
Durable goods............................ 1,018.4 1,050.1 1,085.7 1,071.6 1,054.6 1,064.9 1,086.6 1,048.3
Nondurable goods......................... 2,111.7 2,128.4 2,143.8 2,130.7 2,143.7 2,171.0 2,169.7 2,186.9
Services................................. 4,219.8 4,230.5 4,236.3 4,244.8 4,247.1 4,262.3 4,270.7 4,290.9
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 33.4 55.2 52.1 -16.3 .7 51.6 25.9 5.5
Durable goods............................ 12.0 31.7 35.6 -14.1 -17.0 10.3 21.7 -38.3
Nondurable goods......................... 14.1 16.7 15.4 -13.1 13.0 27.3 -1.3 17.2
Services................................. 8.7 10.7 5.8 8.5 2.3 15.2 8.4 20.2
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .5 .8 .7 -.2 .0 .7 .3 .1
Durable goods............................ 1.2 3.1 3.4 -1.3 -1.6 1.0 2.0 -3.5
Nondurable goods......................... .7 .8 .7 -.6 .6 1.3 -.1 .8
Services................................. .2 .3 .1 .2 .1 .4 .2 .5
-----------------------------------------------------------------------------------------------------------------------------------
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 7,362.9 7,159.2 7,198.9 7,244.1 7,304.0 7,426.6 7,476.9
Durable goods............................ 957.2 1,027.0 963.1 963.8 965.0 1,005.1 1,069.1 1,068.7
Nondurable goods......................... 2,043.6 2,120.8 2,038.8 2,061.8 2,090.5 2,096.9 2,134.3 2,161.5
Services................................. 4,141.8 4,224.1 4,159.4 4,175.4 4,190.7 4,208.4 4,237.2 4,260.0
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 235.8 222.5 34.7 39.7 45.2 59.9 122.6 50.3
Durable goods............................ 58.1 69.8 11.7 .7 1.2 40.1 64.0 -.4
Nondurable goods......................... 60.3 77.2 1.0 23.0 28.7 6.4 37.4 27.2
Services................................. 119.4 82.3 22.4 16.0 15.3 17.7 28.8 22.8
----------------------------------------------------------------------------------------
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 2.7
Durable goods............................ 6.5 7.3 5.0 .3 .5 17.7 28.0 -.1
Nondurable goods......................... 3.0 3.8 .2 4.6 5.7 1.2 7.3 5.2
Services................................. 3.0 2.0 2.2 1.5 1.5 1.7 2.8 2.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 105.209 105.345 105.518 105.703 105.682 105.599 105.805 106.154
Durable goods............................ 91.803 91.508 91.232 90.881 90.627 90.273 89.994 90.189
Nondurable goods......................... 103.544 103.823 104.475 105.167 104.790 104.428 104.650 105.375
Services................................. 109.083 109.256 109.299 109.364 109.581 109.707 110.026 110.221
Addendum:
Personal consumption expenditures
excluding food and energy............... 104.830 104.964 104.950 104.939 105.073 105.097 105.259 105.359
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .2 .1 .2 .2 .0 -.1 .2 .3
Durable goods............................ -.3 -.3 -.3 -.4 -.3 -.4 -.3 .2
Nondurable goods......................... .3 .3 .6 .7 -.4 -.3 .2 .7
Services................................. .2 .2 .0 .1 .2 .1 .3 .2
Addendum:
Personal consumption expenditures
excluding food and energy............... .1 .1 .0 .0 .1 .0 .2 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.8 3.4 4.2 2.9 3.0 3.4 3.6 3.7
Personal consumption expenditures.......... 2.9 3.1 3.9 4.2 3.8 4.0 3.7 3.7
Durable goods............................ 7.4 8.2 11.3 13.6 12.2 11.6 8.9 8.7
Nondurable goods......................... 3.3 4.2 5.1 4.7 4.6 5.1 4.8 4.4
Services................................. 1.8 1.6 1.9 2.2 1.9 2.0 2.2 2.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jun 03 Jul 03 Aug 03 Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.8 1.7 1.7 1.7 1.6 1.4 1.3 1.5
Durable goods............................ -3.6 -3.7 -3.7 -4.1 -4.1 -4.2 -3.9 -3.3
Nondurable goods......................... 1.3 1.4 1.9 2.4 1.9 1.6 1.9 2.2
Services................................. 3.2 3.0 2.8 2.5 2.7 2.5 2.1 2.2
Addendum:
Personal consumption expenditures
less food and energy.................... 1.3 1.3 1.0 .8 1.0 .9 .7 .8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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