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James E. Rankin: (202) 606-5301 (Personal Income) BEA 04-23
Clint McCully: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: APRIL 2004
Personal income increased $54.6 billion, or 0.6 percent, and disposable personal income (DPI) increased
$46.9 billion, or 0.5 percent, in April, according to the Bureau of Economic Analysis. Personal consumption
expenditures (PCE) increased $28.1 billion, or 0.3 percent. In March, personal income increased $41.2
billion, or 0.4 percent, DPI increased $37.1 billion, or 0.4 percent, and PCE increased $43.6 billion, or 0.5
percent, based on revised estimates.
2003 2004
Dec. Jan. Feb. Mar. Apr.
(Percent change from preceding month)
Personal income, current dollars 0.4 0.5 0.5 0.4 0.6
Disposable personal income:
Current dollars 0.4 1.0 0.5 0.4 0.5
Chained (2000) dollars 0.2 0.6 0.3 0.2 0.4
Personal consumption expenditures:
Current dollars 0.7 0.5 0.4 0.5 0.3
Chained (2000) dollars 0.5 0.1 0.2 0.3 0.2
As announced last month, this release includes revised estimates of wages and salaries for the fourth
quarter of 2003. These revisions incorporate newly available wage and salary tabulations of employees
covered by state unemployment insurance for the fourth quarter from the Bureau of Labor Statistics. The
accelerated schedule reflects the more timely availability of the BLS tabulations.
Wages and salaries
Private wage and salary disbursements increased $22.3 billion in April, compared with an
increase of $13.8 billion in March. Goods-producing industries' payrolls increased $3.9 billion,
compared with an increase of $4.5 billion; manufacturing payrolls increased $2.3 billion,
compared with an increase of $0.8 billion. Services-producing industries' payrolls increased
$18.3 billion, compared with an increase of $9.4 billion. Government wage and salary
disbursements increased $5.4 billion, compared with an increase of $3.3 billion.
Other personal income
Supplements to wages and salaries increased $6.8 billion in April, compared with an increase
of $11.4 billion in March. Proprietors' income increased $11.9 billion, compared with an
increase of $15.8 billion. Farm proprietors' income increased $2.0 billion, compared with an
increase of $0.3 billion. Nonfarm proprietors' income increased $9.9 billion, compared with an
increase of $15.5 billion.
Rental income of persons decreased $1.0 billion in April, compared with a decrease of $2.9
billion in March. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $7.0 billion, compared with an increase of $0.1 billion. Personal
current transfer receipts increased $5.3 billion, compared with an increase of $1.8 billion.
Contributions for government social insurance -- a subtraction in calculating personal
income -- increased $3.2 billion in April, compared with an increase of $2.1 billion in March.
Personal current taxes and disposable personal income
Personal current taxes increased $7.7 billion in April, compared with an increase of $4.1
billion in March. Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $46.9 billion, or 0.5 percent, in April, compared with an increase of
$37.1 billion, or 0.4 percent, in March.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal current transfer payments
increased $30.3 billion in April, compared with an increase of $42.2 billion in March. PCE
increased $28.1 billion, compared with an increase of $43.6 billion.
Personal saving -- DPI less personal outlays -- was $203.5 billion in April, compared with
$186.8 billion in March. Personal saving as a percentage of disposable personal income was 2.4
percent in April, compared with 2.2 percent in March.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in April, compared
with an increase of 0.2 percent in March.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in April,
compared with an increase of 0.3 percent in March. Purchases of durable goods increased 0.8
percent, compared with an increase of 0.9 percent. Purchases of motor vehicles and parts
accounted for the April increase. Purchases of nondurable goods decreased 0.2 percent in April,
in contrast to an increase of 0.1 percent in March. Purchases of services increased 0.3 percent,
compared with an increase of 0.2 percent.
Revisions
Estimates for personal income and DPI have been revised for October through March;
estimates for PCE have been revised for January through March. Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE
for February and March -- revised and as published in last month's release -- are shown below.
For October through December, 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
February March
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars.......... 45.7 47.8 0.5 0.5 38.3 41.2 0.4 0.4
Disposable personal income:
Current dollars.......... 40.0 42.2 0.5 0.5 34.6 37.1 0.4 0.4
Chained (2000) dollars... 21.7 24.3 0.3 0.3 9.9 12.4 0.1 0.2
Personal consumption expenditures:
Current dollars......... 33.0 30.8 0.4 0.4 33.0 43.6 0.4 0.5
Chained (2000) dollars.. 16.0 14.4 0.2 0.2 9.5 19.8 0.1 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.
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 May will be released on
June 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]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,287.6 9,332.9 9,386.9 9,423.3 9,472.7 9,520.5 9,561.7 9,616.3
Compensation of employees, received...... 6,247.8 6,277.6 6,315.2 6,313.2 6,372.3 6,411.8 6,440.4 6,474.8
Wage and salary disbursements.......... 5,131.4 5,156.4 5,189.2 5,184.3 5,223.2 5,250.4 5,267.6 5,295.3
Private industries................... 4,231.6 4,255.9 4,288.7 4,281.7 4,314.8 4,339.5 4,353.3 4,375.6
Goods-producing industries......... 1,011.1 1,019.3 1,030.1 1,030.6 1,038.7 1,043.5 1,048.0 1,051.9
Manufacturing.................... 669.7 674.9 683.6 684.1 688.3 691.8 692.6 694.9
Services-producing industries...... 3,220.5 3,236.6 3,258.6 3,251.2 3,276.2 3,295.9 3,305.3 3,323.6
Trade, transportation, and
utilities....................... 867.4 874.9 878.3 873.5 882.0 887.3 890.5 893.6
Other services-producing
industries...................... 2,353.1 2,361.7 2,380.3 2,377.7 2,394.2 2,408.6 2,414.8 2,430.0
Government........................... 899.8 900.4 900.5 902.6 908.3 911.0 914.3 919.7
Supplements to wages and salaries...... 1,116.5 1,121.3 1,126.0 1,128.9 1,149.2 1,161.4 1,172.8 1,179.6
Employer contributions for employee
pension and insurance funds......... 735.6 738.7 741.3 744.4 754.8 765.0 775.3 780.6
Employer contributions for government
social insurance.................... 380.8 382.6 384.7 384.5 394.3 396.4 397.5 399.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 864.8 867.4 873.9 881.6 884.1 891.1 906.9 918.8
Farm................................... 20.5 22.5 23.9 23.7 18.9 18.7 19.0 21.0
Nonfarm................................ 844.3 844.9 850.1 857.9 865.2 872.4 887.9 897.8
Rental income of persons with capital
consumption adjustment.................. 162.6 172.9 182.9 193.1 190.4 187.8 184.9 183.9
Personal income receipts on assets....... 1,388.0 1,396.4 1,405.1 1,414.0 1,413.9 1,413.9 1,414.0 1,421.0
Personal interest income............... 953.4 959.5 965.7 971.9 969.1 966.4 963.6 967.8
Personal dividend income............... 434.6 436.9 439.4 442.1 444.8 447.6 450.4 453.2
Personal current transfer receipts....... 1,405.2 1,403.0 1,398.6 1,409.8 1,416.8 1,425.1 1,426.9 1,432.2
Government social benefits to persons.. 1,358.1 1,355.2 1,350.9 1,362.2 1,369.4 1,377.4 1,378.9 1,383.8
Old-age, survivors, disability, and
health insurance benefits........... 746.7 751.1 752.9 760.7 763.5 774.7 776.5 781.2
Government unemployment insurance
benefits............................ 59.2 58.4 53.0 55.3 50.4 44.9 41.7 38.8
Other................................ 552.2 545.7 544.9 546.2 555.4 557.8 560.7 563.8
Other current transfer receipts, from
business (net)........................ 47.1 47.8 47.7 47.6 47.5 47.7 47.9 48.4
Less: Contributions for government social
insurance............................... 780.9 784.4 788.9 788.4 804.9 809.2 811.3 814.5
Less: Personal current taxes............... 1,004.5 1,011.6 1,019.3 1,022.2 986.1 991.7 995.8 1,003.5
Equals: Disposable personal income......... 8,283.0 8,321.3 8,367.6 8,401.1 8,486.6 8,528.8 8,565.9 8,612.8
Less: Personal outlays..................... 8,140.8 8,153.0 8,206.2 8,266.4 8,307.4 8,336.9 8,379.1 8,409.4
Personal consumption expenditures........ 7,856.6 7,864.7 7,916.8 7,975.9 8,018.0 8,048.8 8,092.4 8,120.5
Durable goods.......................... 973.9 956.0 961.2 983.7 949.1 954.8 963.9 971.4
Nondurable goods....................... 2,240.7 2,246.3 2,266.9 2,273.4 2,314.7 2,325.0 2,346.4 2,344.1
Services............................... 4,642.0 4,662.3 4,688.7 4,718.8 4,754.2 4,769.0 4,782.1 4,805.0
Personal interest payments\1\............ 186.3 187.0 187.6 188.3 186.4 184.6 182.7 184.5
Personal current transfer payments....... 98.0 101.4 101.8 102.3 103.0 103.5 103.9 104.4
To government.......................... 64.1 64.4 64.9 65.3 65.7 66.1 66.6 67.0
To the rest of the world (net)......... 33.9 37.0 37.0 37.0 37.4 37.4 37.4 37.4
Equals: Personal saving.................... 142.2 168.3 161.3 134.6 179.2 191.9 186.8 203.5
Personal saving as a percentage of
disposable personal income.............. 1.7 2.0 1.9 1.6 2.1 2.3 2.2 2.4
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,836.5 7,870.5 7,916.3 7,931.6 7,981.8 8,006.1 8,018.5 8,052.0
Per capita:
Current dollars...................... 28,395 28,502 28,637 28,730 29,001 29,125 29,230 29,367
Chained (2000) dollars............... 26,864 26,958 27,092 27,124 27,276 27,340 27,362 27,455
Population (midperiod, thousands)\3\..... 291,709 291,958 292,197 292,427 292,630 292,838 293,055 293,281
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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/ IV 02 I 03 II 03 III 03 IV 03/r/ I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,910.3 9,208.0 8,981.3 9,048.7 9,145.9 9,256.3 9,381.0 9,518.3
Compensation of employees, received...... 6,019.1 6,203.0 6,058.0 6,114.4 6,166.2 6,229.4 6,302.0 6,408.2
Wage and salary disbursements.......... 4,974.6 5,100.2 4,999.1 5,033.2 5,072.2 5,118.8 5,176.6 5,247.1
Private industries................... 4,114.7 4,202.6 4,125.4 4,143.3 4,172.7 4,218.8 4,275.5 4,335.9
Goods-producing industries......... 1,010.9 1,010.8 1,007.1 1,005.8 1,003.4 1,007.3 1,026.7 1,043.4
Manufacturing.................... 675.7 671.4 672.6 670.5 666.5 667.6 680.9 690.9
Services-producing industries...... 3,103.7 3,191.8 3,118.3 3,137.5 3,169.3 3,211.5 3,248.8 3,292.5
Trade, transportation, and
utilities....................... 844.7 863.9 847.6 855.0 859.5 865.4 875.6 886.6
Other services-producing
industries...................... 2,259.0 2,327.9 2,270.7 2,282.6 2,309.8 2,346.1 2,373.2 2,405.9
Government........................... 859.9 897.7 873.8 890.0 899.5 900.0 901.2 911.2
Supplements to wages and salaries...... 1,044.5 1,102.8 1,058.8 1,081.2 1,093.9 1,110.6 1,125.4 1,161.1
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.................... 364.1 378.8 366.7 374.9 376.6 379.9 383.9 396.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 797.7 846.9 812.2 813.5 838.8 860.9 874.3 894.0
Farm................................... 14.3 19.5 16.3 13.0 20.0 21.5 23.3 18.9
Nonfarm................................ 783.4 827.4 795.9 800.5 818.8 839.4 850.9 875.2
Rental income of persons with capital
consumption adjustment.................. 173.0 164.2 159.0 163.2 153.4 157.0 183.0 187.7
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 1,422.9
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 1,375.2
Old-age, survivors, disability, and
health insurance benefits........... 710.3 743.7 721.1 732.3 741.8 745.6 754.9 771.6
Government unemployment insurance
benefits............................ 53.4 55.6 53.8 51.9 56.3 58.6 55.6 45.6
Other................................ 485.8 532.3 499.8 508.2 527.1 548.4 545.6 558.0
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............................... 750.3 776.8 755.5 768.7 772.3 779.0 787.2 808.5
Less: Personal current taxes............... 1,053.1 991.4 1,045.6 1,009.4 1,000.2 938.5 1,017.7 991.2
Equals: Disposable personal income......... 7,857.2 8,216.5 7,935.6 8,039.2 8,145.8 8,317.8 8,363.3 8,527.1
Less: Personal outlays..................... 7,674.0 8,043.0 7,789.2 7,888.3 7,956.7 8,118.5 8,208.6 8,341.1
Personal consumption expenditures........ 7,385.3 7,757.4 7,501.2 7,600.7 7,673.6 7,836.3 7,919.1 8,053.1
Durable goods.......................... 911.3 941.6 907.3 898.2 926.2 975.1 967.0 955.9
Nondurable goods....................... 2,086.0 2,209.7 2,119.2 2,175.7 2,170.8 2,230.0 2,262.2 2,328.7
Services............................... 4,388.0 4,606.2 4,474.7 4,526.8 4,576.6 4,631.2 4,689.9 4,768.5
Personal interest payments\1\............ 194.7 185.4 187.7 186.2 183.2 184.6 187.6 184.6
Personal current transfer payments....... 94.0 100.2 100.3 101.3 100.0 97.6 101.9 103.5
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 37.4
Equals: Personal saving.................... 183.2 173.5 146.4 151.0 189.0 199.3 154.7 186.0
Personal saving as a percentage of
disposable personal income.............. 2.3 2.1 1.8 1.9 2.3 2.4 1.9 2.2
Addenda:
Disposable personal income:
Total, billions of chained (2000)
dollars\2\............................ 7,596.7 7,801.1 7,615.8 7,662.0 7,753.5 7,882.9 7,906.1 8,002.2
Per capita:
Current dollars...................... 27,259 28,227 27,425 27,720 28,022 28,540 28,623 29,119
Chained (2000) dollars............... 26,355 26,800 26,320 26,419 26,673 27,048 27,058 27,326
Population (midperiod, thousands)\3\..... 288,240 291,085 289,360 290,016 290,689 291,445 292,190 292,841
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 33.0 45.3 54.0 36.4 49.4 47.8 41.2 54.6
Compensation of employees, received...... 15.8 29.8 37.6 -2.0 59.1 39.5 28.6 34.4
Wage and salary disbursements.......... 10.0 25.0 32.8 -4.9 38.9 27.2 17.2 27.7
Private industries................... 10.8 24.3 32.8 -7.0 33.1 24.7 13.8 22.3
Goods-producing industries......... 4.1 8.2 10.8 .5 8.1 4.8 4.5 3.9
Manufacturing.................... 2.5 5.2 8.7 .5 4.2 3.5 .8 2.3
Services-producing industries...... 6.6 16.1 22.0 -7.4 25.0 19.7 9.4 18.3
Trade, transportation, and
utilities....................... .9 7.5 3.4 -4.8 8.5 5.3 3.2 3.1
Other services-producing
industries...................... 5.8 8.6 18.6 -2.6 16.5 14.4 6.2 15.2
Government........................... -.8 .6 .1 2.1 5.7 2.7 3.3 5.4
Supplements to wages and salaries...... 5.9 4.8 4.7 2.9 20.3 12.2 11.4 6.8
Employer contributions for employee
pension and insurance funds......... 4.9 3.1 2.6 3.1 10.4 10.2 10.3 5.3
Employer contributions for government
social insurance.................... .8 1.8 2.1 -.2 9.8 2.1 1.1 1.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.7 2.6 6.5 7.7 2.5 7.0 15.8 11.9
Farm................................... -.9 2.0 1.4 -.2 -4.8 -.2 .3 2.0
Nonfarm................................ 7.6 .6 5.2 7.8 7.3 7.2 15.5 9.9
Rental income of persons with capital
consumption adjustment.................. 5.6 10.3 10.0 10.2 -2.7 -2.6 -2.9 -1.0
Personal income receipts on assets....... -1.2 8.4 8.7 8.9 -.1 .0 .1 7.0
Personal interest income............... -3.7 6.1 6.2 6.2 -2.8 -2.7 -2.8 4.2
Personal dividend income............... 2.4 2.3 2.5 2.7 2.7 2.8 2.8 2.8
Personal current transfer receipts....... 7.8 -2.2 -4.4 11.2 7.0 8.3 1.8 5.3
Government social benefits to persons.. 6.8 -2.9 -4.3 11.3 7.2 8.0 1.5 4.9
Old-age, survivors, disability, and
health insurance benefits........... -.1 4.4 1.8 7.8 2.8 11.2 1.8 4.7
Government unemployment insurance
benefits............................ 1.9 -.8 -5.4 2.3 -4.9 -5.5 -3.2 -2.9
Other................................ 5.0 -6.5 -.8 1.3 9.2 2.4 2.9 3.1
Other current transfer receipts, from
business (net)........................ 1.0 .7 -.1 -.1 -.1 .2 .2 .5
Less: Contributions for government social
insurance............................... 1.7 3.5 4.5 -.5 16.5 4.3 2.1 3.2
Less: Personal current taxes............... 119.5 7.1 7.7 2.9 -36.1 5.6 4.1 7.7
Equals: Disposable personal income......... -86.6 38.3 46.3 33.5 85.5 42.2 37.1 46.9
Less: Personal outlays..................... -1.4 12.2 53.2 60.2 41.0 29.5 42.2 30.3
Personal consumption expenditures........ -3.5 8.1 52.1 59.1 42.1 30.8 43.6 28.1
Durable goods.......................... -16.6 -17.9 5.2 22.5 -34.6 5.7 9.1 7.5
Nondurable goods....................... 1.1 5.6 20.6 6.5 41.3 10.3 21.4 -2.3
Services............................... 12.0 20.3 26.4 30.1 35.4 14.8 13.1 22.9
Personal interest payments\1\............ 1.7 .7 .6 .7 -1.9 -1.8 -1.9 1.8
Personal current transfer payments....... .4 3.4 .4 .5 .7 .5 .4 .5
To government.......................... .4 .3 .5 .4 .4 .4 .5 .4
To the rest of the world (net)......... .0 3.1 .0 .0 .4 .0 .0 .0
Equals: Personal saving.................... -85.1 26.1 -7.0 -26.7 44.6 12.7 -5.1 16.7
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ -95.7 34.0 45.8 15.3 50.2 24.3 12.4 33.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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/ IV 02 I 03 II 03 III 03 IV 03/r/ I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 197.2 297.7 37.3 67.4 97.2 110.4 124.7 137.3
Compensation of employees, received...... 78.7 183.9 26.9 56.4 51.8 63.2 72.6 106.2
Wage and salary disbursements.......... 31.7 125.6 18.2 34.1 39.0 46.6 57.8 70.5
Private industries................... -12.4 87.9 7.7 17.9 29.4 46.1 56.7 60.4
Goods-producing industries......... -33.7 -.1 -3.6 -1.3 -2.4 3.9 19.4 16.7
Manufacturing.................... -33.4 -4.3 -3.7 -2.1 -4.0 1.1 13.3 10.0
Services-producing industries...... 21.2 88.1 11.3 19.2 31.8 42.2 37.3 43.7
Trade, transportation, and
utilities....................... -.2 19.2 .0 7.4 4.5 5.9 10.2 11.0
Other services-producing
industries...................... 21.4 68.9 11.3 11.9 27.2 36.3 27.1 32.7
Government........................... 44.1 37.8 10.6 16.2 9.5 .5 1.2 10.0
Supplements to wages and salaries...... 46.9 58.3 8.6 22.4 12.7 16.7 14.8 35.7
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 14.7 1.6 8.2 1.7 3.3 4.0 12.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 27.1 49.2 9.0 1.3 25.3 22.1 13.4 19.7
Farm................................... -10.7 5.2 2.8 -3.3 7.0 1.5 1.8 -4.4
Nonfarm................................ 37.8 44.0 6.2 4.6 18.3 20.6 11.5 24.3
Rental income of persons with capital
consumption adjustment.................. 9.9 -8.8 -13.7 4.2 -9.8 3.6 26.0 4.7
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 19.1
Government social benefits to persons.. 106.9 82.1 15.2 17.8 32.9 27.3 3.5 19.1
Old-age, survivors, disability, and
health insurance benefits........... 41.9 33.4 7.3 11.2 9.5 3.8 9.3 16.7
Government unemployment insurance
benefits............................ 21.7 2.2 -3.5 -1.9 4.4 2.3 -3.0 -10.0
Other................................ 43.3 46.5 11.4 8.4 18.9 21.3 -2.8 12.4
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 26.5 3.4 13.2 3.6 6.7 8.2 21.3
Less: Personal current taxes............... -190.6 -61.7 -7.4 -36.2 -9.2 -61.7 79.2 -26.5
Equals: Disposable personal income......... 387.8 359.3 44.6 103.6 106.6 172.0 45.5 163.8
Less: Personal outlays..................... 331.8 369.0 67.2 99.1 68.4 161.8 90.1 132.5
Personal consumption expenditures........ 339.9 372.1 73.0 99.5 72.9 162.7 82.8 134.0
Durable goods.......................... 29.4 30.3 -6.3 -9.1 28.0 48.9 -8.1 -11.1
Nondurable goods....................... 72.4 123.7 28.7 56.5 -4.9 59.2 32.2 66.5
Services............................... 238.2 218.2 50.6 52.1 49.8 54.6 58.7 78.6
Personal interest payments\1\............ -14.4 -9.3 -8.5 -1.5 -3.0 1.4 3.0 -3.0
Personal current transfer payments....... 6.3 6.2 2.7 1.0 -1.3 -2.4 4.3 1.6
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 .4
Equals: Personal saving.................... 56.0 -9.7 -22.6 4.6 38.0 10.3 -44.6 31.3
Addendum:
Real disposable personal income, billions
of chained (2000) dollars\2\............ 276.5 204.4 10.6 46.2 91.5 129.4 23.2 96.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ .4 .5 .6 .4 .5 .5 .4 .6
Compensation of employees, received...... .3 .5 .6 .0 .9 .6 .4 .5
Wage and salary disbursements.......... .2 .5 .6 -.1 .7 .5 .3 .5
Supplements to wages and salaries...... .5 .4 .4 .3 1.8 1.1 1.0 .6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .8 .3 .8 .9 .3 .8 1.8 1.3
Rental income of persons with capital
consumption adjustment.................. 3.6 6.3 5.8 5.6 -1.4 -1.4 -1.5 -.5
Personal income receipts on assets....... -.1 .6 .6 .6 .0 .0 .0 .5
Personal interest income............... -.4 .6 .6 .6 -.3 -.3 -.3 .4
Personal dividend income............... .6 .5 .6 .6 .6 .6 .6 .6
Personal current transfer receipts....... .6 -.2 -.3 .8 .5 .6 .1 .4
Less: Contributions for government social
insurance............................... .2 .4 .6 -.1 2.1 .5 .3 .4
Less: Personal current taxes............... 13.5 .7 .8 .3 -3.5 .6 .4 .8
Equals: Disposable personal income......... -1.0 .5 .6 .4 1.0 .5 .4 .5
Addenda:
Personal consumption expenditures........ .0 .1 .7 .7 .5 .4 .5 .3
Durable goods.......................... -1.7 -1.8 .5 2.3 -3.5 .6 1.0 .8
Nondurable goods....................... .1 .3 .9 .3 1.8 .4 .9 -.1
Services............................... .3 .4 .6 .6 .8 .3 .3 .5
Real disposable personal income.......... -1.2 .4 .6 .2 .6 .3 .2 .4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth 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/ IV 02 I 03 II 03 III 03 IV 03/r/ I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 2.3 3.3 1.7 3.0 4.4 4.9 5.5 6.0
Compensation of employees, received...... 1.3 3.1 1.8 3.8 3.4 4.2 4.7 6.9
Wage and salary disbursements.......... .6 2.5 1.5 2.8 3.1 3.7 4.6 5.6
Supplements to wages and salaries...... 4.7 5.6 3.3 8.7 4.8 6.2 5.4 13.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 3.5 6.2 4.6 .6 13.0 11.0 6.4 9.3
Rental income of persons with capital
consumption adjustment.................. 6.1 -5.1 -28.2 11.1 -22.0 9.7 84.6 10.7
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 4.3 11.2
Less: Personal current taxes............... -15.3 -5.9 -2.8 -13.1 -3.6 -22.5 38.3 -10.0
Equals: Disposable personal income......... 5.2 4.6 2.3 5.3 5.4 8.7 2.2 8.1
Addenda:
Personal consumption expenditures........ 4.8 5.0 4.0 5.4 3.9 8.8 4.3 6.9
Durable goods.......................... 3.3 3.3 -2.7 -4.0 13.1 22.9 -3.3 -4.5
Nondurable goods....................... 3.6 5.9 5.6 11.1 -.9 11.4 5.9 12.3
Services............................... 5.7 5.0 4.6 4.7 4.5 4.9 5.2 6.9
Real disposable personal income.......... 3.8 2.7 .6 2.4 4.9 6.8 1.2 4.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2003.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
Sep 03 Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,433.1 7,438.6 7,489.8 7,530.2 7,541.1 7,555.5 7,575.3 7,591.7
Durable goods............................ 1,071.6 1,054.9 1,064.7 1,093.0 1,052.0 1,058.3 1,067.9 1,076.1
Nondurable goods......................... 2,130.7 2,143.8 2,170.9 2,172.6 2,196.4 2,196.4 2,199.3 2,195.3
Services................................. 4,244.8 4,251.4 4,266.9 4,280.9 4,302.2 4,311.0 4,319.4 4,332.4
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -16.3 5.5 51.2 40.4 10.9 14.4 19.8 16.4
Durable goods............................ -14.1 -16.7 9.8 28.3 -41.0 6.3 9.6 8.2
Nondurable goods......................... -13.1 13.1 27.1 1.7 23.8 .0 2.9 -4.0
Services................................. 8.5 6.6 15.5 14.0 21.3 8.8 8.4 13.0
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (2000) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -.2 .1 .7 .5 .1 .2 .3 .2
Durable goods............................ -1.3 -1.6 .9 2.7 -3.8 .6 .9 .8
Nondurable goods......................... -.6 .6 1.3 .1 1.1 .0 .1 -.2
Services................................. .2 .2 .4 .3 .5 .2 .2 .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 IV 02 I 03 II 03 III 03 IV 03 I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
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 7,557.3
Durable goods............................ 957.2 1,027.5 963.8 965.0 1,005.1 1,069.1 1,070.8 1,059.4
Nondurable goods......................... 2,043.6 2,121.0 2,061.8 2,090.5 2,096.9 2,134.3 2,162.4 2,197.4
Services................................. 4,141.8 4,225.7 4,175.4 4,190.7 4,208.4 4,237.2 4,266.4 4,310.9
----------------------------------------------------------------------------------------
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 71.1
Durable goods............................ 58.1 70.3 .7 1.2 40.1 64.0 1.7 -11.4
Nondurable goods......................... 60.3 77.4 23.0 28.7 6.4 37.4 28.1 35.0
Services................................. 119.4 83.9 16.0 15.3 17.7 28.8 29.2 44.5
----------------------------------------------------------------------------------------
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 3.9
Durable goods............................ 6.5 7.4 .3 .5 17.7 28.0 .7 -4.2
Nondurable goods......................... 3.0 3.8 4.6 5.7 1.2 7.3 5.4 6.6
Services................................. 3.0 2.0 1.5 1.5 1.7 2.8 2.8 4.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Sep 03 Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2000=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 105.703 105.733 105.705 105.924 106.328 106.533 106.832 106.970
Durable goods............................ 90.881 90.626 90.273 89.995 90.215 90.216 90.264 90.267
Nondurable goods......................... 105.167 104.786 104.424 104.645 105.389 105.858 106.694 106.780
Services................................. 109.364 109.672 109.895 110.238 110.514 110.633 110.719 110.918
Addendum:
Personal consumption expenditures
excluding food and energy............... 104.939 105.136 105.228 105.406 105.588 105.689 105.866 105.992
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .2 .0 .0 .2 .4 .2 .3 .1
Durable goods............................ -.4 -.3 -.4 -.3 .2 .0 .1 .0
Nondurable goods......................... .7 -.4 -.3 .2 .7 .4 .8 .1
Services................................. .1 .3 .2 .3 .3 .1 .1 .2
Addendum:
Personal consumption expenditures
excluding food and energy............... .0 .2 .1 .2 .2 .1 .2 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Sep 03 Oct 03/r/ Nov 03/r/ Dec 03/r/ Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 3.1 3.4 3.9 4.1 4.4 4.6 4.4 4.3
Personal consumption expenditures.......... 4.2 3.9 4.1 4.0 4.1 4.5 4.4 4.6
Durable goods............................ 13.6 12.3 11.6 9.6 9.1 10.7 9.6 8.6
Nondurable goods......................... 4.7 4.6 5.1 5.0 4.8 5.4 5.1 5.5
Services................................. 2.2 2.0 2.1 2.4 2.7 2.9 3.0 3.3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised. Revisions include changes to series affected by the introduction
of revised wage and salary estimates for the fourth quarter of 2003.
Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Sep 03 Oct 03 Nov 03 Dec 03 Jan 04/r/ Feb 04/r/ Mar 04/r/ Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 1.7 1.7 1.5 1.4 1.7 1.5 1.5 1.9
Durable goods............................ -4.1 -4.1 -4.2 -3.9 -3.3 -3.0 -2.8 -2.5
Nondurable goods......................... 2.4 1.9 1.6 1.9 2.2 1.5 1.8 2.8
Services................................. 2.5 2.8 2.6 2.3 2.5 2.4 2.3 2.4
Addendum:
Personal consumption expenditures
less food and energy.................... .8 1.1 1.0 .8 1.1 1.2 1.3 1.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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