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News Release: Personal Income and Outlays


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FOR WIRE TRANSMISSION:  8:30 A.M. EST, MONDAY, MARCH 3, 2003

James E. Rankin:       (202) 606-5301  (Personal Income) BEA 03-06
Greg Key:                    606-5302  (Personal Outlays)
Recorded message:            606-5303


                        PERSONAL INCOME AND OUTLAYS:  JANUARY 2003

 Personal income increased $24.1 billion, or 0.3 percent, and disposable personal income (DPI)
increased $24.1 billion, or 0.3 percent, in January, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $8.7 billion, or 0.1 percent.  In December, personal
income increased $31.6 billion, or 0.3 percent, DPI increased $29.6 billion, or 0.4 percent, and PCE
increased $73.1 billion, or 1.0 percent, based on revised estimates.
                                                                     2002                    2003

                                                     Sept.      Oct.      Nov.     Dec.      Jan.
                                                              (Percent change from preceding month)

Personal income, current dollars                      0.3        0.3      0.3      0.3       0.3

Disposable personal income:
  Current dollars                                     0.4        0.3      0.3      0.4       0.3
  Chained (1996) dollars                              0.2        0.2      0.3      0.3       0.2

Personal consumption expenditures:
  Current dollars                                    -0.4        0.3      0.4      1.0      -0.1
  Chained (1996) dollars                             -0.6        0.2      0.4      0.9      -0.3




 The January change in personal income was affected by several special factors.  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
social insurance and by lump-sum social security benefit payments that had boosted December
personal income.  Excluding these special factors, personal income increased $17.2 billion, or
0.2 percent, in January, after increasing $25.6 billion, or 0.3 percent, in December.  These
special factors are discussed more fully below.



Wages and salaries

 Private wage and salary disbursements decreased $0.8 billion in January, in contrast to an
increase of $9.9 billion in December.  Goods-producing industries' payrolls increased $0.1 billion,
compared with an increase of $2.3 billion; manufacturing payrolls increased $0.2 billion, compared
with an increase of $0.5 billion.  Distributive industries' payrolls decreased $7.2 billion, in contrast
to an increase of $1.9 billion.  Service industries' payrolls increased $6.2 billion, compared with an
increase of $5.7 billion.

 Government wage and salary disbursements increased $8.2 billion in January, compared with
an increase of $1.9 billion in December.  Pay raises for federal civilian and military personnel added
$5.4 billion to government payrolls in January.


Other personal income

 Proprietors' income increased $8.1 billion in January, compared with an increase of $4.3 billion
in December.  Farm proprietors' income increased $1.8 billion, in contrast to a decrease of $1.6
billion.  Nonfarm proprietors' income increased $6.4 billion, compared with an increase of $5.8
billion.

 Transfer payments increased $6.2 billion in January, compared with an increase of $11.8 billion
in December.  The January change in transfer payments reflected 1.4-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 $11.0 billion to the
January increase.  The January change in transfer payments was reduced by lump-sum social
security benefits payments, which had added $6.0 billion to December transfer payments; these
benefit payments resulted from a recalculation of the earnings base underlying the benefits for recent
retirees.

 Personal interest income decreased $1.6 billion in January, compared with a decrease of $0.3
billion in December.  Personal dividend income increased $2.6 billion, compared with an increase of
$2.2 billion.  Rental income of persons increased $0.8 billion, in contrast to a decrease of $1.8
billion.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $3.2 billion in January, compared with an increase of $0.9 billion in December.  The
January increase reflected an increase in the social security taxable wage base for employees and the
self-employed (from $84,900 to $87,000) and an increase in the monthly premium paid by
participants in the supplementary medical insurance program (Medicare B), which together added
$3.5 billion to January personal contributions.


Personal taxes and disposable personal income

 Personal tax and nontax payments was unchanged in January; personal tax and nontax
payments increased $2.0 billion in December.  Indexation provisions of current tax law reduced
federal income tax payments by $5.2 billion in January.

 Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $24.1 billion, or 0.3 percent, in January, compared with an increase of $29.6 billion, or 0.4
percent, in December.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- decreased $9.1 billion in January, in contrast to an increase of $70.9 billion in
December.  PCE decreased $8.7 billion, in contrast to an increase of $73.1 billion.

 Personal saving -- DPI less personal outlays -- was $342.0 billion in January, compared with
$308.8 billion in December.  Personal saving as a percentage of disposable personal income was 4.3
percent in January, compared with 3.9 percent in December.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in January,
compared with an increase of 0.3 percent in December.

 Real PCE -- PCE adjusted to remove price changes -- decreased 0.3 percent in January, in
contrast to an increase of 0.9 percent in December.  Purchases of durable goods decreased 5.4
percent, in contrast to an increase of 7.2 percent.  Purchases of motor vehicles and parts accounted
for most of the January decrease and most of the December increase.  Purchases of nondurable
goods increased 1.0 percent in January, compared with an increase of 0.5 percent in December.
Purchases of services increased 0.2 percent, in contrast to a decrease of 0.1 percent.


Revisions

 Estimates have been revised for October through December.  Changes in personal income,
current-dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) 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...........   27.9     27.0       0.3      0.3        35.3    31.6       0.4     0.3

Disposable personal income:
  Current dollars...........   28.3     27.0       0.4      0.3        32.6    29.6       0.4     0.4
  Chained (1996) dollars....   20.1     18.9       0.3      0.3        27.1    21.8       0.4     0.3

Personal consumption expenditures:
  Current dollars...........   29.4     32.9       0.4      0.4        66.3    73.1       0.9     1.0
  Chained (1996) dollars....   21.5     24.5       0.3      0.4        57.4    61.0       0.9     0.9





  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
                   606-5303   Personal income and outlays
                   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 28, 2003, at 8:30 A.M. EST.




                                   Table 1.--Personal Income and Its Disposition (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Jun 02     Jul 02     Aug 02     Sep 02   Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,971.7    8,965.0    8,992.9    9,022.2    9,049.3    9,076.3    9,107.9    9,132.0
  Wage and salary disbursements.....    5,034.0    5,016.7    5,045.7    5,068.5    5,081.3    5,097.0    5,108.8    5,116.2
    Private industries..............    4,183.1    4,163.1    4,188.0    4,208.6    4,218.0    4,231.4    4,241.3    4,240.5
      Goods-producing industries....    1,128.2    1,121.8    1,128.1    1,128.2    1,128.3    1,126.7    1,129.0    1,129.1
        Manufacturing...............      771.2      765.6      768.4      766.9      767.1      765.2      765.7      765.9
      Distributive industries.......    1,124.7    1,115.6    1,120.1    1,125.2    1,127.8    1,130.6    1,132.5    1,125.3
      Service industries............    1,930.2    1,925.7    1,939.7    1,955.1    1,962.0    1,974.1    1,979.8    1,986.0
    Government......................      851.0      853.6      857.7      860.0      863.3      865.6      867.5      875.7
  Other labor income................      608.5      613.0      617.5      622.1      625.9      630.1      634.5      638.3

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      745.1      755.0      757.4      763.8      769.9      770.3      774.6      782.7
    Farm............................        3.3        7.7       10.7       13.8       13.0       11.8       10.2       12.0
    Nonfarm.........................      741.7      747.4      746.7      750.0      756.9      758.5      764.3      770.7

  Rental income of persons with
   capital consumption adjustment...      158.7      152.4      144.1      135.9      134.1      132.5      130.7      131.5

  Personal dividend income..........      432.7      435.0      437.3      439.4      441.6      443.8      446.0      448.6

  Personal interest income..........    1,088.9    1,084.8    1,080.7    1,076.7    1,076.4    1,076.1    1,075.8    1,074.2

  Transfer payments to persons......    1,289.9    1,293.2    1,297.3    1,304.6    1,309.8    1,317.6    1,329.4    1,335.6
    Old-age, survivors, disability,
     and health insurance benefits..      697.4      699.2      701.9      704.6      704.5      710.3      717.6      717.9
    Government unemployment
     insurance benefits.............       70.8       68.1       66.9       67.8       66.0       63.3       63.2       60.8
    Other...........................      521.7      525.9      528.5      532.3      539.3      544.0      548.6      556.8

  Less: Personal contributions for
   social insurance.................      386.1      385.2      387.2      388.8      389.8      391.0      391.9      395.1

Less: Personal tax and nontax
 payments...........................    1,122.0    1,108.8    1,107.1    1,106.2    1,105.7    1,105.7    1,107.7    1,107.7

Equals: Disposable personal income..    7,849.7    7,856.2    7,885.8    7,916.0    7,943.6    7,970.6    8,000.2    8,024.3

Less: Personal outlays..............    7,501.8    7,579.9    7,601.6    7,567.5    7,589.8    7,620.5    7,691.4    7,682.3
  Personal consumption expenditures.    7,276.7    7,355.7    7,379.3    7,347.2    7,371.5    7,404.4    7,477.5    7,468.8
    Durable goods...................      857.4      901.6      919.0      872.8      847.8      856.8      914.8      862.5
    Nondurable goods................    2,111.7    2,117.8    2,117.3    2,115.6    2,138.1    2,150.8    2,160.0    2,188.1
    Services........................    4,307.6    4,336.3    4,343.0    4,358.8    4,385.6    4,396.7    4,402.7    4,418.2
  Interest paid by persons..........      193.2      191.3      189.3      187.4      185.2      183.0      180.8      180.3
  Personal transfer payments to the
   rest of the world (net)..........       31.9       32.9       32.9       32.9       33.1       33.1       33.1       33.1

Equals: Personal saving.............      347.9      276.3      284.2      348.4      353.8      350.0      308.8      342.0

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    7,073.9    7,070.1    7,080.7    7,093.7    7,109.4    7,128.3    7,150.1    7,161.3
    Per capita:
      Current dollars...............     27,324     27,324     27,403     27,484     27,557     27,630     27,713     27,779
      Chained (1996) dollars........     24,623     24,590     24,606     24,629     24,663     24,710     24,768     24,791
    Population (thousands)\2\.......    287,284    287,519    287,768    288,024    288,263    288,480    288,682    288,866

  Personal saving as a percentage
   of disposable personal income....        4.4        3.5        3.6        4.4        4.5        4.4        3.9        4.3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
2. 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 estimate is the average of the monthly estimates.


                             Table 2.--Personal Income and Its Disposition (Years and Quarters)
                            [Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2001    2002/r/     III 01      IV 01       I 02      II 02     III 02    IV 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,685.3    8,947.2    8,706.2    8,700.9    8,803.4    8,914.0    8,993.3    9,077.8

  Wage and salary disbursements.....    4,950.6    5,023.6    4,953.7    4,931.4    4,957.8    4,997.3    5,043.6    5,095.7
    Private industries..............    4,139.8    4,170.8    4,136.6    4,106.2    4,117.4    4,148.9    4,186.5    4,230.2
      Goods-producing industries....    1,142.4    1,123.1    1,140.0    1,123.3    1,116.9    1,121.3    1,126.0    1,128.0
        Manufacturing...............      789.4      764.4      783.4      769.9      759.4      765.3      767.0      766.0
      Distributive industries.......    1,109.2    1,119.0    1,110.8    1,098.6    1,110.1    1,115.3    1,120.3    1,130.3
      Service industries............    1,888.2    1,928.7    1,885.8    1,884.3    1,890.4    1,912.4    1,940.2    1,972.0
    Government......................      810.8      852.8      817.1      825.2      840.4      848.4      857.1      865.5
  Other labor income................      570.4      610.6      572.4      576.3      590.8      604.1      617.5      630.2

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      727.9      756.5      732.4      731.3      748.4      747.5      758.7      771.6
    Farm............................       19.0       12.9       19.3       19.2       21.7        7.5       10.7       11.7
    Nonfarm.........................      708.8      743.6      713.1      712.1      726.7      740.0      748.0      759.9

  Rental income of persons with
   capital consumption adjustment...      137.9      142.8      140.8      139.3      141.3      153.5      144.1      132.4

  Personal dividend income..........      409.2      433.8      411.0      417.3      423.7      430.3      437.3      443.8

  Personal interest income..........    1,091.3    1,077.2    1,086.4    1,072.9    1,069.9    1,082.3    1,080.7    1,076.1

  Transfer payments to persons......    1,170.4    1,288.0    1,182.5    1,205.0    1,252.0    1,282.6    1,298.4    1,318.9
    Old-age, survivors, disability,
     and health insurance benefits..      664.3      699.8      670.1      674.0      690.2      696.3      701.9      710.8
    Government unemployment
     insurance benefits.............       31.9       62.9       33.1       41.0       52.3       67.3       67.6       64.2
    Other...........................      474.2      525.3      479.3      490.0      509.5      519.0      528.9      543.9

  Less: Personal contributions for
   social insurance.................      372.3      385.5      373.1      372.7      380.5      383.6      387.0      390.9

Less: Personal tax and nontax
 payments...........................    1,292.1    1,118.1    1,181.9    1,309.7    1,136.8    1,121.8    1,107.3    1,106.4

Equals: Disposable personal income..    7,393.2    7,829.1    7,524.2    7,391.2    7,666.7    7,792.2    7,886.0    7,971.5

Less: Personal outlays..............    7,223.5    7,522.8    7,222.0    7,329.6    7,396.3    7,477.9    7,583.0    7,633.9
  Personal consumption expenditures.    6,987.0    7,301.9    6,983.7    7,099.9    7,174.2    7,254.7    7,360.7    7,417.8
    Durable goods...................      835.9      871.7      824.0      882.6      859.0      856.9      897.8      873.2
    Nondurable goods................    2,041.3    2,115.0    2,044.3    2,044.4    2,085.1    2,108.2    2,116.9    2,149.6
    Services........................    4,109.9    4,315.2    4,115.4    4,172.9    4,230.1    4,289.5    4,346.0    4,395.0
  Interest paid by persons..........      205.4      188.6      206.5      199.1      190.6      191.3      189.3      183.0
  Personal transfer payments to the
   rest of the world (net)..........       31.1       32.4       31.8       30.6       31.5       31.9       32.9       33.1

Equals: Personal saving.............      169.7      306.3      302.2       61.5      270.4      314.3      303.0      337.6

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    6,748.0    7,049.8    6,864.0    6,729.1    6,961.0    7,027.2    7,081.6    7,129.3
    Per capita:
      Current dollars...............     25,957     27,236     26,387     25,853     26,759     27,144     27,404     27,633
      Chained (1996) dollars........     23,692     24,525     24,071     23,537     24,296     24,479     24,609     24,714
    Population (thousands)\2\.......    284,822    287,456    285,154    285,898    286,507    287,072    287,770    288,475

  Personal saving as a percentage
   of disposable personal income....        2.3        3.9        4.0         .8        3.5        4.0        3.8        4.2
----------------------------------------------------------------------------------------------------------------------------
r Revised.
1. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The quarterly and
   annual estimates are averages of monthly population estimates.


                    Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Jun 02     Jul 02     Aug 02     Sep 02    Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................       66.8       -6.7       27.9       29.3       27.1       27.0       31.6       24.1

  Wage and salary disbursements.....       45.0      -17.3       29.0       22.8       12.8       15.7       11.8        7.4
    Private industries..............       42.4      -20.0       24.9       20.6        9.4       13.4        9.9        -.8
      Goods-producing industries....        8.9       -6.4        6.3         .1         .1       -1.6        2.3         .1
        Manufacturing...............        6.9       -5.6        2.8       -1.5         .2       -1.9         .5         .2
      Distributive industries.......       11.5       -9.1        4.5        5.1        2.6        2.8        1.9       -7.2
      Service industries............       22.0       -4.5       14.0       15.4        6.9       12.1        5.7        6.2
    Government......................        2.7        2.6        4.1        2.3        3.3        2.3        1.9        8.2
  Other labor income................        4.6        4.5        4.5        4.6        3.8        4.2        4.4        3.8

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        -.9        9.9        2.4        6.4        6.1         .4        4.3        8.1
    Farm............................       -1.8        4.4        3.0        3.1        -.8       -1.2       -1.6        1.8
    Nonfarm.........................         .8        5.7        -.7        3.3        6.9        1.6        5.8        6.4

  Rental income of persons with
   capital consumption adjustment...        5.2       -6.3       -8.3       -8.2       -1.8       -1.6       -1.8         .8

  Personal dividend income..........        2.4        2.3        2.3        2.1        2.2        2.2        2.2        2.6

  Personal interest income..........        6.6       -4.1       -4.1       -4.0        -.3        -.3        -.3       -1.6

  Transfer payments to persons......        7.0        3.3        4.1        7.3        5.2        7.8       11.8        6.2
    Old-age, survivors, disability,
     and health insurance benefits..        1.1        1.8        2.7        2.7        -.1        5.8        7.3         .3
    Government unemployment
     insurance benefits.............        3.1       -2.7       -1.2         .9       -1.8       -2.7        -.1       -2.4
   Other............................        2.8        4.2        2.6        3.8        7.0        4.7        4.6        8.2

  Less: Personal contributions for
   social insurance.................        3.1        -.9        2.0        1.6        1.0        1.2         .9        3.2

Less: Personal tax and nontax
 payments...........................        2.4      -13.2       -1.7        -.9        -.5         .0        2.0         .0

Equals: Disposable personal income..       64.4        6.5       29.6       30.2       27.6       27.0       29.6       24.1

Less: Personal outlays..............       33.9       78.1       21.7      -34.1       22.3       30.7       70.9       -9.1
  Personal consumption expenditures.       32.1       79.0       23.6      -32.1       24.3       32.9       73.1       -8.7
    Durable goods...................       12.2       44.2       17.4      -46.2      -25.0        9.0       58.0      -52.3
    Nondurable goods................        9.8        6.1        -.5       -1.7       22.5       12.7        9.2       28.1
    Services........................       10.2       28.7        6.7       15.8       26.8       11.1        6.0       15.5
  Interest paid by persons..........        1.9       -1.9       -2.0       -1.9       -2.2       -2.2       -2.2        -.5
  Personal transfer payments to the
   rest of the world (net)..........         .0        1.0         .0         .0         .2         .0         .0         .0

Equals: Personal saving.............       30.4      -71.6        7.9       64.2        5.4       -3.8      -41.2       33.2

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........       49.5       -3.8       10.6       13.0       15.7       18.9       21.8       11.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. 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]
----------------------------------------------------------------------------------------------------------------------------
                                           2001     2002/r/     III 01      IV 01       I 02      II 02     III 02    IV 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      278.7      261.9       30.0       -5.3      102.5      110.6       79.3       84.5
  Wage and salary disbursements.....      114.3       73.0       -3.1      -22.3       26.4       39.5       46.3       52.1
    Private industries..............       72.4       31.0      -14.4      -30.4       11.2       31.5       37.6       43.7
      Goods-producing industries....      -21.3      -19.3      -10.0      -16.7       -6.4        4.4        4.7        2.0
        Manufacturing...............      -40.0      -25.0      -13.7      -13.5      -10.5        5.9        1.7       -1.0
      Distributive industries.......       14.4        9.8       -1.5      -12.2       11.5        5.2        5.0       10.0
      Service industries............       79.3       40.5       -3.0       -1.5        6.1       22.0       27.8       31.8
    Government......................       41.9       42.0       11.3        8.1       15.2        8.0        8.7        8.4
  Other labor income................       26.2       40.2        4.2        3.9       14.5       13.3       13.4       12.7

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       13.1       28.6        5.8       -1.1       17.1        -.9       11.2       12.9
    Farm............................       -3.6       -6.1         .9        -.1        2.5      -14.2        3.2        1.0
    Nonfarm.........................       16.6       34.8        4.9       -1.0       14.6       13.3        8.0       11.9

  Rental income of persons with
   capital consumption adjustment...       -8.7        4.9        6.5       -1.5        2.0       12.2       -9.4      -11.7

  Personal dividend income..........       33.5       24.6        5.0        6.3        6.4        6.6        7.0        6.5

  Personal interest income..........       14.3      -14.1      -10.8      -13.5       -3.0       12.4       -1.6       -4.6

  Transfer payments to persons......      100.1      117.6       23.4       22.5       47.0       30.6       15.8       20.5
    Old-age, survivors, disability,
     and health insurance benefits..       47.1       35.5        9.9        3.9       16.2        6.1        5.6        8.9
    Government unemployment
     insurance benefits.............       11.4       31.0        3.9        7.9       11.3       15.0         .3       -3.4
   Other............................       41.7       51.1        9.6       10.7       19.5        9.5        9.9       15.0

  Less: Personal contributions for
   social insurance.................       13.9       13.2         .9        -.4        7.8        3.1        3.4        3.9

Less: Personal tax and nontax
 payments...........................        5.7     -174.0     -154.2      127.8     -172.9      -15.0      -14.5        -.9

Equals: Disposable personal income..      273.0      435.9      184.2     -133.0      275.5      125.5       93.8       85.5

Less: Personal outlays..............      304.9      299.3       23.5      107.6       66.7       81.6      105.1       50.9
  Personal consumption expenditures.      303.3      314.9       23.9      116.2       74.3       80.5      106.0       57.1
    Durable goods...................       32.0       35.8        3.7       58.6      -23.6       -2.1       40.9      -24.6
    Nondurable goods................       68.4       73.7        -.5         .1       40.7       23.1        8.7       32.7
    Services........................      203.0      205.3       20.7       57.5       57.2       59.4       56.5       49.0
  Interest paid by persons..........         .0      -16.8       -1.2       -7.4       -8.5         .7       -2.0       -6.3
  Personal transfer payments to the
   rest of the world (net)..........        1.6        1.3         .9       -1.2         .9         .4        1.0         .2

Equals: Personal saving.............      -31.8      136.6      160.6     -240.7      208.9       43.9      -11.3       34.6

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      117.7      301.8      169.2     -134.9      231.9       66.2       54.4       47.7
----------------------------------------------------------------------------------------------------------------------------
r Revised.
1. 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)
                                   [Percent; months seasonally adjusted at monthly rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Jun 02     Jul 02     Aug 02     Sep 02     Oct 02/r/   Nov 02/r/  Dec 02/r/ Jan 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................         .7        -.1         .3         .3         .3         .3         .3         .3
  Wage and salary disbursements.....         .9        -.3         .6         .5         .3         .3         .2         .1
  Other labor income................         .8         .7         .7         .7         .6         .7         .7         .6
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        -.1        1.3         .3         .8         .8         .1         .6        1.0
  Rental income of persons with
   capital consumption adjustment...        3.4       -4.0       -5.4       -5.7       -1.4       -1.2       -1.4         .6
  Personal dividend income..........         .5         .5         .5         .5         .5         .5         .5         .6
  Personal interest income..........         .6        -.4        -.4        -.4         .0         .0         .0        -.1
  Transfer payments to persons......         .5         .3         .3         .6         .4         .6         .9         .5
  Less: Personal contributions for
   social insurance.................         .8        -.2         .5         .4         .3         .3         .2         .8

Less: Personal tax and nontax
 payments...........................         .2       -1.2        -.1        -.1         .0         .0         .2         .0

Equals: Disposable personal income..         .8         .1         .4         .4         .3         .3         .4         .3

Addenda:
  Personal consumption expenditures.         .4        1.1         .3        -.4         .3         .4        1.0        -.1
    Durable goods...................        1.4        5.2        1.9       -5.0       -2.9        1.1        6.8       -5.7
    Nondurable goods................         .5         .3         .0        -.1        1.1         .6         .4        1.3
    Services........................         .2         .7         .2         .4         .6         .3         .1         .4

  Disposable personal income, based
   on chained (1996) dollars........         .7        -.1         .2         .2         .2         .3         .3         .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.


          Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                  [Percent; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2001      2002/r/     III 01      IV 01       I 02      II 02     III 02     IV 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        3.3        3.0        1.4        -.2        4.8        5.1        3.6        3.8
  Wage and salary disbursements.....        2.4        1.5        -.3       -1.8        2.2        3.2        3.8        4.2
  Other labor income................        4.8        7.1        3.0        2.8       10.4        9.3        9.2        8.5
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        1.8        3.9        3.3        -.6        9.7        -.5        6.2        6.9
  Rental income of persons with
   capital consumption adjustment...       -6.0        3.6       20.9       -4.3        5.9       39.3      -22.3      -28.8
  Personal dividend income..........        8.9        6.0        5.0        6.3        6.3        6.4        6.6        6.1
  Personal interest income..........        1.3       -1.3       -3.9       -4.9       -1.1        4.7        -.6       -1.7
  Transfer payments to persons......        9.4       10.0        8.3        7.8       16.5       10.1        5.0        6.5
  Less: Personal contributions for
   social insurance.................        3.9        3.6        1.0        -.4        8.6        3.3        3.7        4.0

Less: Personal tax and nontax
 payments...........................         .4      -13.5      -38.8       50.8      -43.3       -5.1       -5.1        -.4

Equals: Disposable personal income..        3.8        5.9       10.4       -6.9       15.8        6.7        4.9        4.4

Addenda:
  Personal consumption expenditures.        4.5        4.5        1.4        6.8        4.3        4.6        6.0        3.1
    Durable goods...................        4.0        4.3        1.8       31.6      -10.3        -.9       20.5      -10.5
    Nondurable goods................        3.5        3.6        -.1         .0        8.2        4.5        1.7        6.3
    Services........................        5.2        5.0        2.0        5.7        5.6        5.7        5.4        4.6

  Disposable personal income, based
   on chained (1996) dollars........        1.8        4.5       10.5       -7.6       14.5        3.9        3.1        2.7
----------------------------------------------------------------------------------------------------------------------------
r Revised.


                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         Jun 02     Jul 02     Aug 02     Sep 02   Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,557.5    6,619.7    6,625.9    6,584.0    6,597.4    6,621.9    6,682.9    6,665.6
  Durable goods.....................      983.2    1,036.4    1,057.3    1,003.5      976.7      990.7    1,061.7    1,004.4
  Nondurable goods..................    1,926.9    1,931.0    1,926.2    1,920.2    1,938.4    1,950.5    1,960.1    1,979.5
  Services..........................    3,672.9    3,688.5    3,683.4    3,689.0    3,704.2    3,705.8    3,702.8    3,709.8
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...       20.9       62.2        6.2      -41.9       13.4       24.5       61.0      -17.3
  Durable goods.....................       16.9       53.2       20.9      -53.8      -26.8       14.0       71.0      -57.3
  Nondurable goods..................        7.2        4.1       -4.8       -6.0       18.2       12.1        9.6       19.4
  Services..........................         .5       15.6       -5.1        5.6       15.2        1.6       -3.0        7.0
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .3         .9         .1        -.6         .2         .4         .9        -.3
  Durable goods.....................        1.7        5.4        2.0       -5.1       -2.7        1.4        7.2       -5.4
  Nondurable goods..................         .4         .2        -.2        -.3         .9         .6         .5        1.0
  Services..........................         .0         .4        -.1         .2         .4         .0        -.1         .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.


               Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                       [Quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2001    2002/r/     III 01      IV 01       I 02      II 02     III 02   IV 02/r/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,377.2    6,575.1    6,370.9    6,464.0    6,513.8    6,542.4    6,609.9    6,634.1
  Durable goods.....................      931.9      999.7      922.6      992.0      975.9      980.7    1,032.4    1,009.7
  Nondurable goods..................    1,869.8    1,929.4    1,868.3    1,885.0    1,921.4    1,920.9    1,925.8    1,949.7
  Services..........................    3,594.9    3,674.9    3,597.5    3,616.6    3,642.2    3,666.2    3,687.0    3,704.3
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      153.3      197.9       22.9       93.1       49.8       28.6       67.5       24.2
  Durable goods.....................       53.0       67.8       10.2       69.4      -16.1        4.8       51.7      -22.7
  Nondurable goods..................       36.0       59.6        6.0       16.7       36.4        -.5        4.9       23.9
  Services..........................       70.4       80.0        8.2       19.1       25.6       24.0       20.8       17.3
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                             chained (1996) dollars at annual rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        2.5        3.1        1.5        6.0        3.1        1.8        4.2        1.5
  Durable goods.....................        6.0        7.3        4.6       33.6       -6.3        2.0       22.8       -8.5
  Nondurable goods..................        2.0        3.2        1.3        3.6        7.9        -.1        1.0        5.1
  Services..........................        2.0        2.2         .9        2.1        2.9        2.7        2.3        1.9
----------------------------------------------------------------------------------------------------------------------------
r Revised.


   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         Jun 02     Jul 02     Aug 02     Sep 02   Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     110.97     111.12     111.37     111.59     111.74     111.82     111.89     112.05
  Durable goods.....................      87.18      86.97      86.89      86.95      86.78      86.46      86.14      85.84
  Nondurable goods..................     109.59     109.67     109.92     110.17     110.30     110.27     110.19     110.53
  Services..........................     117.28     117.57     117.91     118.16     118.40     118.65     118.90     119.10
Addendum:
  Personal consumption expenditures
   less food and energy.............     110.54     110.66     110.94     111.12     111.18     111.27     111.34     111.32
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .1         .1         .2         .2         .1         .1         .1         .1
  Durable goods.....................        -.3        -.2        -.1         .1        -.2        -.4        -.4        -.3
  Nondurable goods..................         .1         .1         .2         .2         .1         .0        -.1         .3
  Services..........................         .2         .2         .3         .2         .2         .2         .2         .2
Addendum:
  Personal consumption expenditures
   less food and energy.............         .1         .1         .2         .2         .1         .1         .1         .0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.


              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                         Jun 02     Jul 02     Aug 02     Sep 02     Oct 02/r/  Nov 02/r/  Dec 02/r/ Jan 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........        5.8        4.0        2.4        3.1        6.0        6.1        5.7        3.2

Personal consumption expenditures...        3.1        3.9        3.7        3.7        1.9        2.7        3.3        2.7
  Durable goods.....................        6.3       11.9       13.4       10.4       -4.9         .4       10.3        4.2
  Nondurable goods..................        3.6        3.1        2.7        3.4        3.5        3.9        2.9        3.1
  Services..........................        2.3        2.6        2.2        2.6        2.6        2.5        2.1        2.3
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.


    Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
                                         Jun 02     Jul 02     Aug 02     Sep 02     Oct 02/r/  Nov 02/r/  Dec 02/r/ Jan 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures...        1.1        1.2        1.4        2.1        1.6        1.8        2.0        1.9
  Durable goods.....................       -2.8       -3.0       -2.6       -2.3       -2.4       -2.8       -3.1       -3.1
  Nondurable goods..................        -.4         .4         .9         .1        1.0        1.7        2.3        2.4
  Services..........................        2.6        2.5        2.6        4.0        2.8        2.8        2.9        2.8
Addendum:
  Personal consumption expenditures
   less food and energy.............        1.7        1.5        1.7        2.7        1.7        1.5        1.6        1.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.