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James E. Rankin: (202) 606-5301 (Personal Income) BEA 04-19
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: MARCH 2004
Personal income increased $38.3 billion, or 0.4 percent, and disposable personal income (DPI)
increased $34.6 billion, or 0.4 percent, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $33.0 billion, or 0.4 percent. In February, personal
income increased $45.7 billion, or 0.5 percent, DPI increased $40.0 billion, or 0.5 percent, and PCE
increased $33.0 billion, or 0.4 percent, based on revised estimates.
2003 2004
Nov. Dec. Jan. Feb. Mar.
(Percent change from preceding month)
Personal income, current dollars 0.5 0.3 0.5 0.5 0.4
Disposable personal income:
Current dollars 0.5 0.4 1.0 0.5 0.4
Chained (2000) dollars 0.5 0.2 0.6 0.3 0.1
Personal consumption expenditures:
Current dollars 0.7 0.7 0.6 0.4 0.4
Chained (2000) dollars 0.7 0.5 0.2 0.2 0.1
Beginning on May 27, 2004, BEA will accelerate by one month revisions to the estimates of wages
and salaries for the prior quarter. The revised estimates will be released along with the "preliminary"
GDP estimates instead of the "final" estimates. These revisions incorporate wage and salary tabulations
of employees covered by state unemployment insurance from the Bureau of Labor Statistics (BLS). The
accelerated schedule reflects the more timely availability of the BLS tabulations.
Wages and salaries
Private wage and salary disbursements increased $10.4 billion in March, compared with an
increase of $23.0 billion in February. Goods-producing industries' payrolls increased $3.9 billion,
compared with an increase of $5.2 billion; manufacturing payrolls decreased $0.1 billion, in contrast
to an increase of $3.6 billion. Services-producing industries' payrolls increased $6.5 billion,
compared with an increase of $17.8 billion. Government wage and salary disbursements increased
$2.5 billion, compared with an increase of $2.7 billion.
Other personal income
Supplements to wages and salaries increased $10.7 billion in March, compared with an increase
of $12.1 billion in February. Proprietors' income increased $16.8 billion, compared with an increase
of $5.6 billion. Farm proprietors' income increased $1.5 billion, in contrast to a decrease of $0.6
billion. Nonfarm proprietors' income increased $15.3 billion, compared with an increase of $6.2
billion.
Rental income of persons decreased $2.5 billion in March, compared with a decrease of $2.3
billion in February. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $0.1 billion in March; personal income receipts on assets was
unchanged in February. Personal current transfer receipts increased $1.5 billion in March, compared
with an increase of $8.7 billion in February.
Contributions for government social insurance -- a subtraction in calculating personal income --
increased $1.5 billion in March, compared with an increase of $3.9 of billion in February.
Personal current taxes and disposable personal income
Personal current taxes increased $3.7 billion in March, compared with an increase of $5.7
billion in February. Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $34.6 billion, or 0.4 percent, in March, compared with an increase of
$40.0 billion, or 0.5 percent, in February.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal current transfer payments
increased $31.6 billion in March, the same increase as in February. PCE increased $33.0 billion, the
same increase as in February.
Personal saving -- DPI less personal outlays -- was $166.2 billion in March, compared with
$163.2 billion in February. Personal saving as a percentage of disposable personal income was 1.9
percent in March, the same percentage as in February.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in March, compared
with an increase of 0.3 percent in February.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in March,
compared with an increase of 0.2 percent in February. Purchases of durable goods increased 0.3
percent, compared with an increase of 0.7 percent. Purchases of nondurable goods increased less
than 0.1 percent, in contrast to a decrease of less than 0.1 percent. Purchases of services increased
0.1 percent, compared with an increase of 0.2 percent.
Revisions
Estimates have been revised for January and February. Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for January
and February -- revised and as published in last month's release -- are shown below.
Change from preceding month
January February
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 28.4 48.5 0.3 0.5 34.1 45.7 0.4 0.5
Disposable personal income:
Current dollars.......... 77.3 83.6 0.9 1.0 30.2 40.0 0.4 0.5
Chained (2000) dollars... 45.9 44.7 0.6 0.6 12.4 21.7 0.2 0.3
Personal consumption expenditures:
Current dollars.......... 39.5 46.5 0.5 0.6 17.3 33.0 0.2 0.4
Chained (2000) dollars... 11.6 11.5 0.2 0.2 1.2 16.0 0.0 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.
Annual Revision of the National Income and Product Accounts
As part of the annual revision of the national income and product accounts, revised estimates of
personal income and outlays covering January 2001 through May 2004 will be released along with
preliminary estimates for June 2004 on August 3. An article describing the revision will appear in the
August 2004 issue of the Survey of Current Business.
Next release -- Personal Income and Outlays for April will be released on
May 28, 2004, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 03 Sep 03 Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,254.6 9,287.6 9,322.3 9,368.5 9,401.1 9,449.6 9,495.3 9,533.6
Compensation of employees, received...... 6,232.0 6,247.8 6,265.3 6,294.1 6,287.7 6,344.6 6,382.3 6,406.0
Wage and salary disbursements.......... 5,121.4 5,131.4 5,144.9 5,169.5 5,160.5 5,197.2 5,222.9 5,235.9
Private industries................... 4,220.8 4,231.6 4,244.5 4,269.0 4,258.0 4,288.9 4,311.9 4,322.3
Goods-producing industries......... 1,007.0 1,011.1 1,012.3 1,019.1 1,017.6 1,025.6 1,030.8 1,034.7
Manufacturing.................... 667.2 669.7 669.9 675.3 674.1 678.3 681.9 681.8
Services-producing industries...... 3,213.9 3,220.5 3,232.2 3,249.9 3,240.4 3,263.3 3,281.1 3,287.6
Trade, transportation, and
utilities....................... 866.5 867.4 873.4 874.8 870.7 878.1 882.1 883.8
Other services-producing
industries...................... 2,347.3 2,353.1 2,358.7 2,375.1 2,369.7 2,385.1 2,399.1 2,403.9
Government........................... 900.6 899.8 900.4 900.5 902.6 908.3 911.0 913.5
Supplements to wages and salaries...... 1,110.6 1,116.5 1,120.4 1,124.6 1,127.1 1,147.3 1,159.4 1,170.1
Employer contributions for employee
pension and insurance funds......... 730.7 735.6 738.7 741.3 744.4 754.8 764.9 775.1
Employer contributions for government
social insurance.................... 380.0 380.8 381.7 383.3 382.7 392.5 394.4 395.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 858.1 864.8 867.4 873.9 881.6 885.0 890.6 907.4
Farm................................... 21.4 20.5 22.5 23.9 23.7 20.7 20.1 21.6
Nonfarm................................ 836.7 844.3 844.9 850.1 857.9 864.3 870.5 885.8
Rental income of persons with capital
consumption adjustment.................. 157.0 162.6 172.9 182.9 193.1 190.7 188.4 185.9
Personal income receipts on assets....... 1,389.2 1,388.0 1,396.4 1,405.1 1,414.0 1,413.9 1,413.9 1,414.0
Personal interest income............... 957.1 953.4 959.5 965.7 971.9 969.1 966.4 963.6
Personal dividend income............... 432.2 434.6 436.9 439.4 442.1 444.8 447.6 450.4
Personal current transfer receipts....... 1,397.4 1,405.2 1,403.0 1,398.6 1,409.8 1,416.8 1,425.5 1,427.0
Government social benefits to persons.. 1,351.3 1,358.1 1,355.2 1,350.9 1,362.2 1,369.3 1,377.8 1,379.1
Old-age, survivors, disability, and
health insurance benefits........... 746.8 746.7 751.1 752.9 760.7 763.5 774.9 776.5
Government unemployment insurance
benefits............................ 57.3 59.2 58.4 53.0 55.3 50.4 45.1 42.1
Other................................ 547.2 552.2 545.7 544.9 546.2 555.4 557.8 560.5
Other current transfer receipts, from
business (net)........................ 46.1 47.1 47.8 47.7 47.6 47.5 47.7 47.9
Less: Contributions for government social
insurance............................... 779.2 780.9 782.8 786.1 785.1 801.4 805.3 806.8
Less: Personal current taxes............... 885.0 1,004.5 1,009.6 1,015.9 1,018.0 983.0 988.7 992.4
Equals: Disposable personal income......... 8,369.6 8,283.0 8,312.6 8,352.6 8,383.0 8,466.6 8,506.6 8,541.2
Less: Personal outlays..................... 8,142.2 8,140.8 8,153.0 8,206.2 8,266.4 8,311.9 8,343.5 8,375.1
Personal consumption expenditures........ 7,860.1 7,856.6 7,864.7 7,916.8 7,975.9 8,022.4 8,055.4 8,088.4
Durable goods.......................... 990.5 973.9 956.0 961.2 983.7 949.3 955.6 959.3
Nondurable goods....................... 2,239.6 2,240.7 2,246.3 2,266.9 2,273.4 2,314.9 2,324.4 2,343.9
Services............................... 4,630.0 4,642.0 4,662.3 4,688.7 4,718.8 4,758.1 4,775.3 4,785.3
Personal interest payments\1\............ 184.6 186.3 187.0 187.6 188.3 186.4 184.5 182.6
Personal current transfer payments....... 97.6 98.0 101.4 101.8 102.3 103.1 103.6 104.0
To government.......................... 63.7 64.1 64.4 64.9 65.3 65.7 66.1 66.6
To the rest of the world (net)......... 33.9 33.9 37.0 37.0 37.0 37.5 37.5 37.5
Equals: Personal saving.................... 227.3 142.2 159.6 146.4 116.6 154.7 163.2 166.2
Personal saving as a percentage of
disposable personal income.............. 2.7 1.7 1.9 1.8 1.4 1.8 1.9 1.9
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,932.2 7,836.5 7,862.3 7,902.1 7,914.6 7,959.3 7,981.0 7,990.9
Per capita:
Current dollars...................... 28,717 28,395 28,472 28,586 28,667 28,931 29,048 29,145
Chained (2000) dollars............... 27,217 26,864 26,930 27,044 27,065 27,198 27,253 27,267
Population (midperiod, thousands)\3\..... 291,446 291,709 291,958 292,197 292,427 292,644 292,848 293,057
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 02 I 03 II 03 III 03 IV 03 I 04
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,910.3 9,203.7 8,981.3 9,048.7 9,145.9 9,256.3 9,363.9 9,492.8
Compensation of employees, received...... 6,019.1 6,198.1 6,058.0 6,114.4 6,166.2 6,229.4 6,282.4 6,377.6
Wage and salary disbursements.......... 4,974.6 5,095.6 4,999.1 5,033.2 5,072.2 5,118.8 5,158.3 5,218.7
Private industries................... 4,114.7 4,198.0 4,125.4 4,143.3 4,172.7 4,218.8 4,257.2 4,307.7
Goods-producing industries......... 1,010.9 1,008.2 1,007.1 1,005.8 1,003.4 1,007.3 1,016.4 1,030.4
Manufacturing.................... 675.7 669.4 672.6 670.5 666.5 667.6 673.1 680.7
Services-producing industries...... 3,103.7 3,189.8 3,118.3 3,137.5 3,169.3 3,211.5 3,240.8 3,277.3
Trade, transportation, and
utilities....................... 844.7 863.2 847.6 855.0 859.5 865.4 873.0 881.3
Other services-producing
industries...................... 2,259.0 2,326.6 2,270.7 2,282.6 2,309.8 2,346.1 2,367.9 2,396.0
Government........................... 859.9 897.7 873.8 890.0 899.5 900.0 901.2 911.0
Supplements to wages and salaries...... 1,044.5 1,102.4 1,058.8 1,081.2 1,093.9 1,110.6 1,124.0 1,158.9
Employer contributions for employee
pension and insurance funds......... 680.4 724.0 692.1 706.3 717.3 730.7 741.5 765.0
Employer contributions for government
social insurance.................... 364.1 378.5 366.7 374.9 376.6 379.9 382.6 394.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 797.7 846.9 812.2 813.5 838.8 860.9 874.3 894.3
Farm................................... 14.3 19.5 16.3 13.0 20.0 21.5 23.3 20.8
Nonfarm................................ 783.4 827.4 795.9 800.5 818.8 839.4 850.9 873.5
Rental income of persons with capital
consumption adjustment.................. 173.0 164.2 159.0 163.2 153.4 157.0 183.0 188.4
Personal income receipts on assets....... 1,378.5 1,393.3 1,392.0 1,388.6 1,390.2 1,389.2 1,405.2 1,413.9
Personal interest income............... 982.4 964.6 981.2 970.6 964.9 957.0 965.7 966.4
Personal dividend income............... 396.2 428.7 410.8 418.0 425.3 432.2 439.5 447.6
Personal current transfer receipts....... 1,292.2 1,377.5 1,315.6 1,337.6 1,369.7 1,398.7 1,403.8 1,423.1
Government social benefits to persons.. 1,249.5 1,331.6 1,274.6 1,292.4 1,325.3 1,352.6 1,356.1 1,375.4
Old-age, survivors, disability, and
health insurance benefits........... 710.3 743.7 721.1 732.3 741.8 745.6 754.9 771.7
Government unemployment insurance
benefits............................ 53.4 55.6 53.8 51.9 56.3 58.6 55.6 45.9
Other................................ 485.8 532.3 499.8 508.2 527.1 548.4 545.6 557.9
Other current transfer receipts, from
business (net)........................ 42.6 45.9 41.0 45.3 44.5 46.1 47.7 47.7
Less: Contributions for government social
insurance............................... 750.3 776.2 755.5 768.7 772.3 779.0 784.7 804.5
Less: Personal current taxes............... 1,053.1 990.6 1,045.6 1,009.4 1,000.2 938.5 1,014.5 988.0
Equals: Disposable personal income......... 7,857.2 8,213.1 7,935.6 8,039.2 8,145.8 8,317.8 8,349.4 8,504.8
Less: Personal outlays..................... 7,674.0 8,043.0 7,789.2 7,888.3 7,956.7 8,118.5 8,208.6 8,343.5
Personal consumption expenditures........ 7,385.3 7,757.4 7,501.2 7,600.7 7,673.6 7,836.3 7,919.1 8,055.4
Durable goods.......................... 911.3 941.6 907.3 898.2 926.2 975.1 967.0 954.7
Nondurable goods....................... 2,086.0 2,209.7 2,119.2 2,175.7 2,170.8 2,230.0 2,262.2 2,327.8
Services............................... 4,388.0 4,606.2 4,474.7 4,526.8 4,576.6 4,631.2 4,689.9 4,772.9
Personal interest payments\1\............ 194.7 185.4 187.7 186.2 183.2 184.6 187.6 184.5
Personal current transfer payments....... 94.0 100.2 100.3 101.3 100.0 97.6 101.9 103.6
To government.......................... 58.6 63.1 60.1 61.3 62.5 63.7 64.9 66.1
To the rest of the world (net)......... 35.4 37.1 40.2 40.1 37.5 33.9 37.0 37.5
Equals: Personal saving.................... 183.2 170.0 146.4 151.0 189.0 199.3 140.8 161.4
Personal saving as a percentage of
disposable personal income.............. 2.3 2.1 1.8 1.9 2.3 2.4 1.7 1.9
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,596.7 7,797.8 7,615.8 7,662.0 7,753.5 7,882.9 7,893.0 7,977.1
Per capita:
Current dollars...................... 27,259 28,215 27,425 27,720 28,022 28,540 28,575 29,042
Chained (2000) dollars............... 26,355 26,789 26,320 26,419 26,673 27,048 27,013 27,240
Population (midperiod, thousands)\3\..... 288,240 291,086 289,360 290,016 290,689 291,445 292,194 292,850
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 03 Sep 03 Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 27.9 33.0 34.7 46.2 32.6 48.5 45.7 38.3
Compensation of employees, received...... 23.6 15.8 17.5 28.8 -6.4 56.9 37.7 23.7
Wage and salary disbursements.......... 17.8 10.0 13.5 24.6 -9.0 36.7 25.7 13.0
Private industries................... 16.8 10.8 12.9 24.5 -11.0 30.9 23.0 10.4
Goods-producing industries......... 3.1 4.1 1.2 6.8 -1.5 8.0 5.2 3.9
Manufacturing.................... 1.3 2.5 .2 5.4 -1.2 4.2 3.6 -.1
Services-producing industries...... 13.8 6.6 11.7 17.7 -9.5 22.9 17.8 6.5
Trade, transportation, and
utilities....................... 4.2 .9 6.0 1.4 -4.1 7.4 4.0 1.7
Other services-producing
industries...................... 9.5 5.8 5.6 16.4 -5.4 15.4 14.0 4.8
Government........................... 1.0 -.8 .6 .1 2.1 5.7 2.7 2.5
Supplements to wages and salaries...... 5.8 5.9 3.9 4.2 2.5 20.2 12.1 10.7
Employer contributions for employee
pension and insurance funds......... 4.8 4.9 3.1 2.6 3.1 10.4 10.1 10.2
Employer contributions for government
social insurance.................... 1.1 .8 .9 1.6 -.6 9.8 1.9 .6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -1.7 6.7 2.6 6.5 7.7 3.4 5.6 16.8
Farm................................... -1.1 -.9 2.0 1.4 -.2 -3.0 -.6 1.5
Nonfarm................................ -.5 7.6 .6 5.2 7.8 6.4 6.2 15.3
Rental income of persons with capital
consumption adjustment.................. 5.6 5.6 10.3 10.0 10.2 -2.4 -2.3 -2.5
Personal income receipts on assets....... -1.3 -1.2 8.4 8.7 8.9 -.1 .0 .1
Personal interest income............... -3.6 -3.7 6.1 6.2 6.2 -2.8 -2.7 -2.8
Personal dividend income............... 2.4 2.4 2.3 2.5 2.7 2.7 2.8 2.8
Personal current transfer receipts....... 3.9 7.8 -2.2 -4.4 11.2 7.0 8.7 1.5
Government social benefits to persons.. 2.9 6.8 -2.9 -4.3 11.3 7.1 8.5 1.3
Old-age, survivors, disability, and
health insurance benefits........... 3.5 -.1 4.4 1.8 7.8 2.8 11.4 1.6
Government unemployment insurance
benefits............................ -2.0 1.9 -.8 -5.4 2.3 -4.9 -5.3 -3.0
Other................................ 1.5 5.0 -6.5 -.8 1.3 9.2 2.4 2.7
Other current transfer receipts, from
business (net)........................ 1.0 1.0 .7 -.1 -.1 -.1 .2 .2
Less: Contributions for government social
insurance............................... 2.4 1.7 1.9 3.3 -1.0 16.3 3.9 1.5
Less: Personal current taxes............... -40.9 119.5 5.1 6.3 2.1 -35.0 5.7 3.7
Equals: Disposable personal income......... 68.8 -86.6 29.6 40.0 30.4 83.6 40.0 34.6
Less: Personal outlays..................... 69.8 -1.4 12.2 53.2 60.2 45.5 31.6 31.6
Personal consumption expenditures........ 67.7 -3.5 8.1 52.1 59.1 46.5 33.0 33.0
Durable goods.......................... 29.6 -16.6 -17.9 5.2 22.5 -34.4 6.3 3.7
Nondurable goods....................... 29.9 1.1 5.6 20.6 6.5 41.5 9.5 19.5
Services............................... 8.2 12.0 20.3 26.4 30.1 39.3 17.2 10.0
Personal interest payments\1\............ 1.7 1.7 .7 .6 .7 -1.9 -1.9 -1.9
Personal current transfer payments....... .5 .4 3.4 .4 .5 .8 .5 .4
To government.......................... .4 .4 .3 .5 .4 .4 .4 .5
To the rest of the world (net)......... .0 .0 3.1 .0 .0 .5 .0 .0
Equals: Personal saving.................... -1.1 -85.1 17.4 -13.2 -29.8 38.1 8.5 3.0
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 52.3 -95.7 25.8 39.8 12.5 44.7 21.7 9.9
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 02 I 03 II 03 III 03 IV 03 I 04
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 197.2 293.4 37.3 67.4 97.2 110.4 107.6 128.9
Compensation of employees, received...... 78.7 179.0 26.9 56.4 51.8 63.2 53.0 95.2
Wage and salary disbursements.......... 31.7 121.0 18.2 34.1 39.0 46.6 39.5 60.4
Private industries................... -12.4 83.3 7.7 17.9 29.4 46.1 38.4 50.5
Goods-producing industries......... -33.7 -2.7 -3.6 -1.3 -2.4 3.9 9.1 14.0
Manufacturing.................... -33.4 -6.3 -3.7 -2.1 -4.0 1.1 5.5 7.6
Services-producing industries...... 21.2 86.1 11.3 19.2 31.8 42.2 29.3 36.5
Trade, transportation, and
utilities....................... -.2 18.5 .0 7.4 4.5 5.9 7.6 8.3
Other services-producing
industries...................... 21.4 67.6 11.3 11.9 27.2 36.3 21.8 28.1
Government........................... 44.1 37.8 10.6 16.2 9.5 .5 1.2 9.8
Supplements to wages and salaries...... 46.9 57.9 8.6 22.4 12.7 16.7 13.4 34.9
Employer contributions for employee
pension and insurance funds......... 37.8 43.6 6.9 14.2 11.0 13.4 10.8 23.5
Employer contributions for government
social insurance.................... 9.2 14.4 1.6 8.2 1.7 3.3 2.7 11.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 27.1 49.2 9.0 1.3 25.3 22.1 13.4 20.0
Farm................................... -10.7 5.2 2.8 -3.3 7.0 1.5 1.8 -2.5
Nonfarm................................ 37.8 44.0 6.2 4.6 18.3 20.6 11.5 22.6
Rental income of persons with capital
consumption adjustment.................. 9.9 -8.8 -13.7 4.2 -9.8 3.6 26.0 5.4
Personal income receipts on assets....... 3.6 14.8 4.5 -3.4 1.6 -1.0 16.0 8.7
Personal interest income............... -21.3 -17.8 -4.1 -10.6 -5.7 -7.9 8.7 .7
Personal dividend income............... 25.0 32.5 8.6 7.2 7.3 6.9 7.3 8.1
Personal current transfer receipts....... 99.6 85.3 14.0 22.0 32.1 29.0 5.1 19.3
Government social benefits to persons.. 106.9 82.1 15.2 17.8 32.9 27.3 3.5 19.3
Old-age, survivors, disability, and
health insurance benefits........... 41.9 33.4 7.3 11.2 9.5 3.8 9.3 16.8
Government unemployment insurance
benefits............................ 21.7 2.2 -3.5 -1.9 4.4 2.3 -3.0 -9.7
Other................................ 43.3 46.5 11.4 8.4 18.9 21.3 -2.8 12.3
Other current transfer receipts, from
business (net)........................ -7.3 3.3 -1.1 4.3 -.8 1.6 1.6 .0
Less: Contributions for government social
insurance............................... 21.8 25.9 3.4 13.2 3.6 6.7 5.7 19.8
Less: Personal current taxes............... -190.6 -62.5 -7.4 -36.2 -9.2 -61.7 76.0 -26.5
Equals: Disposable personal income......... 387.8 355.9 44.6 103.6 106.6 172.0 31.6 155.4
Less: Personal outlays..................... 331.8 369.0 67.2 99.1 68.4 161.8 90.1 134.9
Personal consumption expenditures........ 339.9 372.1 73.0 99.5 72.9 162.7 82.8 136.3
Durable goods.......................... 29.4 30.3 -6.3 -9.1 28.0 48.9 -8.1 -12.3
Nondurable goods....................... 72.4 123.7 28.7 56.5 -4.9 59.2 32.2 65.6
Services............................... 238.2 218.2 50.6 52.1 49.8 54.6 58.7 83.0
Personal interest payments\1\............ -14.4 -9.3 -8.5 -1.5 -3.0 1.4 3.0 -3.1
Personal current transfer payments....... 6.3 6.2 2.7 1.0 -1.3 -2.4 4.3 1.7
To government.......................... 4.0 4.5 1.0 1.2 1.2 1.2 1.2 1.2
To the rest of the world (net)......... 2.3 1.7 1.6 -.1 -2.6 -3.6 3.1 .5
Equals: Personal saving.................... 56.0 -13.2 -22.6 4.6 38.0 10.3 -58.5 20.6
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 276.5 201.1 10.6 46.2 91.5 129.4 10.1 84.1
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 03 Sep 03 Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .3 .4 .4 .5 .3 .5 .5 .4
Compensation of employees, received...... .4 .3 .3 .5 -.1 .9 .6 .4
Wage and salary disbursements.......... .3 .2 .3 .5 -.2 .7 .5 .2
Supplements to wages and salaries...... .5 .5 .4 .4 .2 1.8 1.0 .9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -.2 .8 .3 .8 .9 .4 .6 1.9
Rental income of persons with capital
consumption adjustment.................. 3.7 3.6 6.3 5.8 5.6 -1.2 -1.2 -1.3
Personal income receipts on assets....... -.1 -.1 .6 .6 .6 .0 .0 .0
Personal interest income............... -.4 -.4 .6 .6 .6 -.3 -.3 -.3
Personal dividend income............... .6 .6 .5 .6 .6 .6 .6 .6
Personal current transfer receipts....... .3 .6 -.2 -.3 .8 .5 .6 .1
Less: Contributions for government social
insurance............................... .3 .2 .2 .4 -.1 2.1 .5 .2
Less: Personal current taxes............... -4.4 13.5 .5 .6 .2 -3.4 .6 .4
Equals: Disposable personal income......... .8 -1.0 .4 .5 .4 1.0 .5 .4
Addenda:
Personal consumption expenditures........ .9 .0 .1 .7 .7 .6 .4 .4
Durable goods.......................... 3.1 -1.7 -1.8 .5 2.3 -3.5 .7 .4
Nondurable goods....................... 1.4 .1 .3 .9 .3 1.8 .4 .8
Services............................... .2 .3 .4 .6 .6 .8 .4 .2
Real disposable personal income.......... .7 -1.2 .3 .5 .2 .6 .3 .1
-----------------------------------------------------------------------------------------------------------------------------------
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 IV 02 I 03 II 03 III 03 IV 03 I 04
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 2.3 3.3 1.7 3.0 4.4 4.9 4.7 5.6
Compensation of employees, received...... 1.3 3.0 1.8 3.8 3.4 4.2 3.4 6.2
Wage and salary disbursements.......... .6 2.4 1.5 2.8 3.1 3.7 3.1 4.8
Supplements to wages and salaries...... 4.7 5.5 3.3 8.7 4.8 6.2 4.9 13.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 3.5 6.2 4.6 .6 13.0 11.0 6.4 9.5
Rental income of persons with capital
consumption adjustment.................. 6.1 -5.1 -28.2 11.1 -22.0 9.7 84.6 12.3
Personal income receipts on assets....... .3 1.1 1.3 -1.0 .5 -.3 4.7 2.5
Personal interest income............... -2.1 -1.8 -1.6 -4.2 -2.3 -3.2 3.7 .3
Personal dividend income............... 6.7 8.2 8.8 7.2 7.2 6.7 6.9 7.6
Personal current transfer receipts....... 8.4 6.6 4.4 6.9 9.9 8.7 1.5 5.6
Less: Contributions for government social
insurance............................... 3.0 3.5 1.8 7.2 1.9 3.5 3.0 10.5
Less: Personal current taxes............... -15.3 -5.9 -2.8 -13.1 -3.6 -22.5 36.6 -10.0
Equals: Disposable personal income......... 5.2 4.5 2.3 5.3 5.4 8.7 1.5 7.7
Addenda:
Personal consumption expenditures........ 4.8 5.0 4.0 5.4 3.9 8.8 4.3 7.1
Durable goods.......................... 3.3 3.3 -2.7 -4.0 13.1 22.9 -3.3 -5.0
Nondurable goods....................... 3.6 5.9 5.6 11.1 -.9 11.4 5.9 12.1
Services............................... 5.7 5.0 4.6 4.7 4.5 4.9 5.2 7.3
Real disposable personal income.......... 3.8 2.6 .6 2.4 4.9 6.8 .5 4.3
-----------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 03 Sep 03 Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,449.4 7,433.1 7,438.6 7,489.8 7,530.2 7,541.7 7,557.7 7,567.2
Durable goods............................ 1,085.7 1,071.6 1,054.9 1,064.7 1,093.0 1,052.3 1,059.3 1,062.7
Nondurable goods......................... 2,143.8 2,130.7 2,143.8 2,170.9 2,172.6 2,196.7 2,195.9 2,196.9
Services................................. 4,236.3 4,244.8 4,251.4 4,266.9 4,280.9 4,302.4 4,312.8 4,318.2
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 52.1 -16.3 5.5 51.2 40.4 11.5 16.0 9.5
Durable goods............................ 35.6 -14.1 -16.7 9.8 28.3 -40.7 7.0 3.4
Nondurable goods......................... 15.4 -13.1 13.1 27.1 1.7 24.1 -.8 1.0
Services................................. 5.8 8.5 6.6 15.5 14.0 21.5 10.4 5.4
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .7 -.2 .1 .7 .5 .2 .2 .1
Durable goods............................ 3.4 -1.3 -1.6 .9 2.7 -3.7 .7 .3
Nondurable goods......................... .7 -.6 .6 1.3 .1 1.1 .0 .0
Services................................. .1 .2 .2 .4 .3 .5 .2 .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 IV 02 I 03 II 03 III 03 IV 03 I 04
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,140.4 7,365.2 7,198.9 7,244.1 7,304.0 7,426.6 7,486.2 7,555.6
Durable goods............................ 957.2 1,027.5 963.8 965.0 1,005.1 1,069.1 1,070.8 1,058.1
Nondurable goods......................... 2,043.6 2,121.0 2,061.8 2,090.5 2,096.9 2,134.3 2,162.4 2,196.5
Services................................. 4,141.8 4,225.7 4,175.4 4,190.7 4,208.4 4,237.2 4,266.4 4,311.1
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 235.8 224.8 39.7 45.2 59.9 122.6 59.6 69.4
Durable goods............................ 58.1 70.3 .7 1.2 40.1 64.0 1.7 -12.7
Nondurable goods......................... 60.3 77.4 23.0 28.7 6.4 37.4 28.1 34.1
Services................................. 119.4 83.9 16.0 15.3 17.7 28.8 29.2 44.7
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 3.4 3.1 2.2 2.5 3.3 6.9 3.2 3.8
Durable goods............................ 6.5 7.4 .3 .5 17.7 28.0 .7 -4.7
Nondurable goods......................... 3.0 3.8 4.6 5.7 1.2 7.3 5.4 6.4
Services................................. 3.0 2.0 1.5 1.5 1.7 2.8 2.8 4.3
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Aug 03 Sep 03 Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 105.518 105.703 105.733 105.705 105.924 106.378 106.590 106.892
Durable goods............................ 91.232 90.881 90.626 90.273 89.995 90.214 90.216 90.265
Nondurable goods......................... 104.475 105.167 104.786 104.424 104.645 105.389 105.858 106.696
Services................................. 109.299 109.364 109.672 109.895 110.238 110.601 110.733 110.823
Addendum:
Personal consumption expenditures
excluding food and energy............... 104.950 104.939 105.136 105.228 105.406 105.649 105.758 105.939
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .2 .2 .0 .0 .2 .4 .2 .3
Durable goods............................ -.3 -.4 -.3 -.4 -.3 .2 .0 .1
Nondurable goods......................... .6 .7 -.4 -.3 .2 .7 .4 .8
Services................................. .0 .1 .3 .2 .3 .3 .1 .1
Addendum:
Personal consumption expenditures
excluding food and energy............... .0 .0 .2 .1 .2 .2 .1 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Aug 03 Sep 03 Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 4.4 3.1 3.3 3.7 3.9 4.1 4.2 4.0
Personal consumption expenditures.......... 3.9 4.2 3.9 4.1 4.0 4.1 4.5 4.3
Durable goods............................ 11.3 13.6 12.3 11.6 9.6 9.1 10.8 9.1
Nondurable goods......................... 5.1 4.7 4.6 5.1 5.0 4.8 5.4 5.0
Services................................. 1.9 2.2 2.0 2.1 2.4 2.7 2.9 3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Aug 03 Sep 03 Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.7 1.7 1.7 1.5 1.4 1.7 1.5 1.6
Durable goods............................ -3.7 -4.1 -4.1 -4.2 -3.9 -3.3 -3.0 -2.8
Nondurable goods......................... 1.9 2.4 1.9 1.6 1.9 2.2 1.5 1.8
Services................................. 2.8 2.5 2.8 2.6 2.3 2.5 2.5 2.4
Addendum:
Personal consumption expenditures
less food and energy.................... 1.0 .8 1.1 1.0 .8 1.1 1.2 1.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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