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News Release: Personal Income and Outlays


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FOR WIRE TRANSMISSION:  8:30 A.M. EST, FRIDAY, MARCH 28, 2003

James E. Rankin:       (202) 606-5301  (Personal Income)        BEA 03-10
Greg Key:                    606-5302  (Personal Outlays)
Recorded message:            606-5303


                    PERSONAL INCOME AND OUTLAYS:  FEBRUARY 2003

 Personal income increased $24.9 billion, or 0.3 percent, and disposable personal income (DPI)
increased $18.8 billion, or 0.2 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $1.5 billion, or less than 0.1 percent.  In January,
personal income increased $32.3 billion, or 0.4 percent, DPI increased $29.8 billion, or 0.4 percent, and
PCE decreased $3.5 billion, or less than 0.1 percent, based on revised estimates.

                                                            2002                          2003

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

Personal income, current dollars                  0.3         0.3        0.3        0.4         0.3

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

Personal consumption expenditures:
  Current dollars                                 0.4         0.5        1.1        0.0         0.0
  Chained (1996) dollars                          0.2         0.4        1.0       -0.2        -0.4


       This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for social insurance for July through September (third quarter).


Wages and salaries

 Private wage and salary disbursements increased $8.4 billion in February, compared with an
increase of $10.1 billion in January.  Goods-producing industries' payrolls decreased $2.1 billion, in
contrast to an increase of $2.7 billion; manufacturing payrolls increased $0.1 billion, compared with
an increase of $1.7 billion.  Distributive industries' payrolls decreased $0.2 billion, compared with a
decrease of $0.1 billion.  Service industries' payrolls increased $10.9 billion, compared with an
increase of $7.4 billion.

 Government wage and salary disbursements increased $6.5 billion in February, compared with an
increase of $8.3 billion in January.  A pay raise for federal civilian personnel added $1.3 billion to the
change in government payrolls in February; pay raises for federal and military personnel added $5.4
billion to government payrolls in January.


Other personal income

 Proprietors' income increased $2.9 billion in February, compared with an increase of $7.3 billion
in January.  Farm proprietors' income increased $2.7 billion, compared with an increase of $1.7
billion.  Nonfarm proprietors' income increased $0.2 billion, compared with an increase of $5.6
billion.

 Transfer payments increased $6.1 billion in February, compared with an increase of $7.6 billion
in January.  Personal interest income decreased $2.4 billion, compared with a decrease of $2.5 billion.
Personal dividend income increased $2.6 billion, the same increase as in January.  Rental income of
persons decreased $1.2 billion in February, compared with a decrease of $1.1 billion in January.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.3 billion in February, compared with an increase of $3.9 billion in January.  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 increased $6.0 billion in February, compared with an increase
of $2.6 billion in January.  The January change reflected indexation provisions of current tax law,
which reduced federal income tax payments by $5.2 billion.  Disposable personal income (DPI) --
personal income less personal tax and nontax payments -- increased $18.8 billion, or 0.2 percent, in
February, compared with an increase of $29.8 billion, or 0.4 percent, in January.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $2.3 billion in February, in contrast to a decrease of $2.6 billion in
January.  PCE increased $1.5 billion, in contrast to a decrease of $3.5 billion.

 Personal saving -- DPI less personal outlays -- was $317.5 billion in February, compared with
$301.0 billion in January.  Personal saving as a percentage of disposable personal income was 4.0
percent in February, compared with 3.8 percent in January.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- decreased 0.2 percent in February, in
contrast to an increase of 0.2 percent in January.

 Real PCE -- PCE adjusted to remove price changes -- decreased 0.4 percent in February,
compared with a decrease of 0.2 percent in January.  Purchases of durable goods decreased 1.9
percent, compared with a decrease of 4.6 percent.  Purchases of motor vehicles and parts accounted
for most of the decreases in February and in January.  Purchases of nondurable goods decreased 1.1
percent in February, in contrast to an increase of 1.0 percent in January.  Purchases of services
increased 0.2 percent, compared with an increase of 0.1 percent.


Revisions

 Estimates for personal income and DPI have been revised for July through January; estimates for
PCE have been revised for October through January.  Changes in personal income, current-dollar and
chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for December and
January -- revised and as published in last month's release -- are shown below.

 For July through September, the revisions to wages and salaries reflect 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 social insurance reflected the
revisions to wages and salaries.



                                                       Change from preceding month
                                          December                                 January
                            Previous  Revised  Previous  Revised    Previous  Revised  Previous Revised
                          (Billions of dollars)    (Percent)      (Billions of dollars)   (Percent)

Personal Income:
  Current dollars...........   31.6     31.6      0.3      0.3        24.1     32.3       0.3     0.4

Disposable personal income:
  Current dollars...........   29.6     30.0      0.4      0.4        24.1     29.8       0.3     0.4
  Chained (1996) dollars....   21.8     20.6      0.3      0.3        11.2     14.3       0.2     0.2

Personal consumption expenditures:
  Current dollars...........   73.1     80.5      1.0      1.1        -8.7     -3.5      -0.1     0.0
  Chained (1996) dollars....   61.0     66.1      0.9      1.0       -17.3    -14.6      -0.3    -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
                                 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 March will be released on
                   April 28, 2003, at 8:30 A.M. EDT.



                                   Table 1.--Personal Income and Its Disposition (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                       Jul 02/r/  Aug 02/r/  Sep 02/r/  Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/r/  Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,934.8    8,958.7    8,983.1    9,010.2    9,038.9    9,070.5    9,102.8    9,127.7
  Wage and salary disbursements.....    4,985.0    5,009.8    5,027.4    5,038.8    5,054.2    5,064.3    5,082.7    5,097.6
    Private industries..............    4,131.4    4,152.1    4,167.4    4,175.4    4,188.6    4,197.0    4,207.1    4,215.5
      Goods-producing industries....    1,111.4    1,117.0    1,117.3    1,117.3    1,115.8    1,117.9    1,120.6    1,118.5
        Manufacturing...............      756.8      759.1      757.8      758.0      756.1      756.6      758.3      758.4
      Distributive industries.......    1,111.3    1,118.4    1,123.7    1,125.3    1,128.1    1,129.4    1,129.3    1,129.1
      Service industries............    1,908.7    1,916.7    1,926.4    1,932.9    1,944.8    1,949.7    1,957.1    1,968.0
    Government......................      853.6      857.7      860.0      863.3      865.6      867.3      875.6      882.1
  Other labor income................      613.0      617.5      622.1      625.9      630.1      634.4      638.3      640.6

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      755.0      757.4      763.8      769.7      770.4      774.6      781.9      784.8
    Farm............................        7.7       10.7       13.8       13.0       11.8       10.2       11.9       14.6
    Nonfarm.........................      747.4      746.7      750.0      756.7      758.6      764.4      770.0      770.2

  Rental income of persons with
   capital consumption adjustment...      152.4      144.1      135.9      133.2      130.6      127.9      126.8      125.6

  Personal dividend income..........      435.0      437.3      439.4      441.6      443.8      446.0      448.6      451.2

  Personal interest income..........    1,084.8    1,080.7    1,076.7    1,078.8    1,080.9    1,083.1    1,080.6    1,078.2

  Transfer payments to persons......    1,293.2    1,297.3    1,304.6    1,309.9    1,317.6    1,329.8    1,337.4    1,343.5
    Old-age, survivors, disability,
     and health insurance benefits..      699.2      701.9      704.6      704.5      710.3      717.6      719.0      721.9
    Government unemployment
     insurance benefits.............       68.1       66.9       67.8       66.0       63.3       63.3       60.9       60.9
    Other...........................      525.9      528.5      532.3      539.4      544.0      548.9      557.4      560.7

  Less: Personal contributions for
   social insurance.................      383.7      385.4      386.7      387.6      388.8      389.6      393.5      393.8

Less: Personal tax and nontax
 payments...........................    1,101.4    1,098.8    1,096.8    1,096.2    1,096.2    1,097.8    1,100.4    1,106.4

Equals: Disposable personal income..    7,833.4    7,859.9    7,886.4    7,914.0    7,942.7    7,972.7    8,002.5    8,021.3

Less: Personal outlays..............    7,579.9    7,601.6    7,567.5    7,592.0    7,626.0    7,704.1    7,701.5    7,703.8
  Personal consumption expenditures.    7,355.7    7,379.3    7,347.2    7,374.3    7,410.7    7,491.2    7,487.7    7,489.2
    Durable goods...................      901.6      919.0      872.8      848.1      857.7      915.9      870.9      851.6
    Nondurable goods................    2,117.8    2,117.3    2,115.6    2,137.5    2,150.2    2,162.1    2,189.5    2,189.0
    Services........................    4,336.3    4,343.0    4,358.8    4,388.6    4,402.7    4,413.2    4,427.3    4,448.5
  Interest paid by persons..........      191.3      189.3      187.4      185.0      182.5      180.1      181.0      181.9
  Personal transfer payments to the
   rest of the world (net)..........       32.9       32.9       32.9       32.8       32.8       32.8       32.8       32.8

Equals: Personal saving.............      253.5      258.3      318.8      322.0      316.7      268.6      301.0      317.5

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    7,049.5    7,057.4    7,067.2    7,079.8    7,100.9    7,121.5    7,135.8    7,120.4
    Per capita:
      Current dollars...............     27,245     27,313     27,381     27,454     27,533     27,618     27,703     27,752
      Chained (1996) dollars........     24,518     24,525     24,537     24,560     24,615     24,669     24,703     24,635
    Population (thousands)\2\.......    287,519    287,768    288,024    288,263    288,480    288,682    288,866    289,035

  Personal saving as a percentage
   of disposable personal income....        3.2        3.3        4.0        4.1        4.0        3.4        3.8        4.0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2002.
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/r/  IV 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,685.3    8,929.1    8,706.2    8,700.9    8,803.4    8,914.0    8,958.9    9,039.9

  Wage and salary disbursements.....    4,950.6    5,003.7    4,953.7    4,931.4    4,957.8    4,997.3    5,007.4    5,052.4
    Private industries..............    4,139.8    4,150.9    4,136.6    4,106.2    4,117.4    4,148.9    4,150.3    4,187.0
      Goods-producing industries....    1,142.4    1,117.6    1,140.0    1,123.3    1,116.9    1,121.3    1,115.2    1,117.0
        Manufacturing...............      789.4      759.9      783.4      769.9      759.4      765.3      757.9      756.9
      Distributive industries.......    1,109.2    1,117.7    1,110.8    1,098.6    1,110.1    1,115.3    1,117.8    1,127.6
      Service industries............    1,888.2    1,915.6    1,885.8    1,884.3    1,890.4    1,912.4    1,917.3    1,942.4
    Government......................      810.8      852.8      817.1      825.2      840.4      848.4      857.1      865.4
  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      743.7      713.1      712.1      726.7      740.0      748.0      759.9

  Rental income of persons with
   capital consumption adjustment...      137.9      142.4      140.8      139.3      141.3      153.5      144.1      130.6

  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    1,078.5    1,086.4    1,072.9    1,069.9    1,082.3    1,080.7    1,080.9

  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    1,319.1
    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      525.4      479.3      490.0      509.5      519.0      528.9      544.1

  Less: Personal contributions for
   social insurance.................      372.3      384.5      373.1      372.7      380.5      383.6      385.3      388.7

Less: Personal tax and nontax
 payments...........................    1,292.1    1,113.6    1,181.9    1,309.7    1,136.8    1,121.8    1,099.0    1,096.8

Equals: Disposable personal income..    7,393.2    7,815.5    7,524.2    7,391.2    7,666.7    7,792.2    7,859.9    7,943.2

Less: Personal outlays..............    7,223.5    7,524.5    7,222.0    7,329.6    7,396.3    7,477.9    7,583.0    7,640.7
  Personal consumption expenditures.    6,987.0    7,303.7    6,983.7    7,099.9    7,174.2    7,254.7    7,360.7    7,425.4
    Durable goods...................      835.9      871.9      824.0      882.6      859.0      856.9      897.8      873.9
    Nondurable goods................    2,041.3    2,115.0    2,044.3    2,044.4    2,085.1    2,108.2    2,116.9    2,150.0
    Services........................    4,109.9    4,316.8    4,115.4    4,172.9    4,230.1    4,289.5    4,346.0    4,401.5
  Interest paid by persons..........      205.4      188.4      206.5      199.1      190.6      191.3      189.3      182.5
  Personal transfer payments to the
   rest of the world (net)..........       31.1       32.3       31.8       30.6       31.5       31.9       32.9       32.8

Equals: Personal saving.............      169.7      291.0      302.2       61.5      270.4      314.3      276.9      302.5

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    6,748.0    7,036.8    6,864.0    6,729.1    6,961.0    7,027.2    7,058.1    7,100.8
    Per capita:
      Current dollars...............     25,957     27,188     26,387     25,853     26,759     27,144     27,313     27,535
      Chained (1996) dollars........     23,692     24,479     24,071     23,537     24,296     24,479     24,527     24,615
    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        3.7        4.0         .8        3.5        4.0        3.5        3.8
----------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction

   of revised wage and salary estimates for the third quarter of 2002.
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]
----------------------------------------------------------------------------------------------------------------------------
                                        Jul 02/r/  Aug 02/r/  Sep 02/r/  Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/r/  Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      -36.9       23.9       24.4       27.1       28.7       31.6       32.3       24.9

  Wage and salary disbursements.....      -49.0       24.8       17.6       11.4       15.4       10.1       18.4       14.9
    Private industries..............      -51.7       20.7       15.3        8.0       13.2        8.4       10.1        8.4
      Goods-producing industries....      -16.8        5.6         .3         .0       -1.5        2.1        2.7       -2.1
        Manufacturing...............      -14.4        2.3       -1.3         .2       -1.9         .5        1.7         .1
      Distributive industries.......      -13.4        7.1        5.3        1.6        2.8        1.3        -.1        -.2
      Service industries............      -21.5        8.0        9.7        6.5       11.9        4.9        7.4       10.9
    Government......................        2.6        4.1        2.3        3.3        2.3        1.7        8.3        6.5
  Other labor income................        4.5        4.5        4.6        3.8        4.2        4.3        3.9        2.3

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        9.9        2.4        6.4        5.9         .7        4.2        7.3        2.9
    Farm............................        4.4        3.0        3.1        -.8       -1.2       -1.6        1.7        2.7
    Nonfarm.........................        5.7        -.7        3.3        6.7        1.9        5.8        5.6         .2

  Rental income of persons with
   capital consumption adjustment...       -6.3       -8.3       -8.2       -2.7       -2.6       -2.7       -1.1       -1.2

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

  Personal interest income..........       -4.1       -4.1       -4.0        2.1        2.1        2.2       -2.5       -2.4

  Transfer payments to persons......        3.3        4.1        7.3        5.3        7.7       12.2        7.6        6.1
    Old-age, survivors, disability,
     and health insurance benefits..        1.8        2.7        2.7        -.1        5.8        7.3        1.4        2.9
    Government unemployment
     insurance benefits.............       -2.7       -1.2         .9       -1.8       -2.7         .0       -2.4         .0
   Other............................        4.2        2.6        3.8        7.1        4.6        4.9        8.5        3.3

  Less: Personal contributions for
   social insurance.................       -2.4        1.7        1.3         .9        1.2         .8        3.9         .3

Less: Personal tax and nontax
 payments...........................      -20.6       -2.6       -2.0        -.6         .0        1.6        2.6        6.0

Equals: Disposable personal income..      -16.3       26.5       26.5       27.6       28.7       30.0       29.8       18.8

Less: Personal outlays..............       78.1       21.7      -34.1       24.5       34.0       78.1       -2.6        2.3
  Personal consumption expenditures.       79.0       23.6      -32.1       27.1       36.4       80.5       -3.5        1.5
    Durable goods...................       44.2       17.4      -46.2      -24.7        9.6       58.2      -45.0      -19.3
    Nondurable goods................        6.1        -.5       -1.7       21.9       12.7       11.9       27.4        -.5
    Services........................       28.7        6.7       15.8       29.8       14.1       10.5       14.1       21.2
  Interest paid by persons..........       -1.9       -2.0       -1.9       -2.4       -2.5       -2.4         .9         .9
  Personal transfer payments to the
   rest of the world (net)..........        1.0         .0         .0        -.1         .0         .0         .0         .0

Equals: Personal saving.............      -94.4        4.8       60.5        3.2       -5.3      -48.1       32.4       16.5

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      -24.4        7.9        9.8       12.6       21.1       20.6       14.3      -15.4
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2002.
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/r/  IV 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      278.7      243.8       30.0       -5.3      102.5      110.6       44.9       81.0
  Wage and salary disbursements.....      114.3       53.1       -3.1      -22.3       26.4       39.5       10.1       45.0
    Private industries..............       72.4       11.1      -14.4      -30.4       11.2       31.5        1.4       36.7
      Goods-producing industries....      -21.3      -24.8      -10.0      -16.7       -6.4        4.4       -6.1        1.8
        Manufacturing...............      -40.0      -29.5      -13.7      -13.5      -10.5        5.9       -7.4       -1.0
      Distributive industries.......       14.4        8.5       -1.5      -12.2       11.5        5.2        2.5        9.8
      Service industries............       79.3       27.4       -3.0       -1.5        6.1       22.0        4.9       25.1
    Government......................       41.9       42.0       11.3        8.1       15.2        8.0        8.7        8.3
  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       34.9        4.9       -1.0       14.6       13.3        8.0       11.9

  Rental income of persons with
   capital consumption adjustment...       -8.7        4.5        6.5       -1.5        2.0       12.2       -9.4      -13.5

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

  Personal interest income..........       14.3      -12.8      -10.8      -13.5       -3.0       12.4       -1.6         .2

  Transfer payments to persons......      100.1      117.6       23.4       22.5       47.0       30.6       15.8       20.7
    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       51.2        9.6       10.7       19.5        9.5        9.9       15.2

  Less: Personal contributions for
   social insurance.................       13.9       12.2         .9        -.4        7.8        3.1        1.7        3.4

Less: Personal tax and nontax
 payments...........................        5.7     -178.5     -154.2      127.8     -172.9      -15.0      -22.8       -2.2

Equals: Disposable personal income..      273.0      422.3      184.2     -133.0      275.5      125.5       67.7       83.3

Less: Personal outlays..............      304.9      301.0       23.5      107.6       66.7       81.6      105.1       57.7
  Personal consumption expenditures.      303.3      316.7       23.9      116.2       74.3       80.5      106.0       64.7
    Durable goods...................       32.0       36.0        3.7       58.6      -23.6       -2.1       40.9      -23.9
    Nondurable goods................       68.4       73.7        -.5         .1       40.7       23.1        8.7       33.1
    Services........................      203.0      206.9       20.7       57.5       57.2       59.4       56.5       55.5
  Interest paid by persons..........         .0      -17.0       -1.2       -7.4       -8.5         .7       -2.0       -6.8
  Personal transfer payments to the
   rest of the world (net)..........        1.6        1.2         .9       -1.2         .9         .4        1.0        -.1

Equals: Personal saving.............      -31.8      121.3      160.6     -240.7      208.9       43.9      -37.4       25.6

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      117.7      288.8      169.2     -134.9      231.9       66.2       30.9       42.7
----------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2002.
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]
----------------------------------------------------------------------------------------------------------------------------
                                         Jul 02/r/  Aug 02/r/  Sep 02/r/  Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/r/  Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        -.4         .3         .3         .3         .3         .3         .4         .3
  Wage and salary disbursements.....       -1.0         .5         .4         .2         .3         .2         .4         .3
  Other labor income................         .7         .7         .7         .6         .7         .7         .6         .4
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        1.3         .3         .8         .8         .1         .5         .9         .4
  Rental income of persons with
   capital consumption adjustment...       -4.0       -5.4       -5.7       -2.0       -1.9       -2.1        -.8        -.9
  Personal dividend income..........         .5         .5         .5         .5         .5         .5         .6         .6
  Personal interest income..........        -.4        -.4        -.4         .2         .2         .2        -.2        -.2
  Transfer payments to persons......         .3         .3         .6         .4         .6         .9         .6         .5
  Less: Personal contributions for
   social insurance.................        -.6         .5         .3         .2         .3         .2        1.0         .1

Less: Personal tax and nontax
 payments...........................       -1.8        -.2        -.2        -.1         .0         .1         .2         .5

Equals: Disposable personal income..        -.2         .3         .3         .4         .4         .4         .4         .2

Addenda:
  Personal consumption expenditures.        1.1         .3        -.4         .4         .5        1.1         .0         .0
    Durable goods...................        5.2        1.9       -5.0       -2.8        1.1        6.8       -4.9       -2.2
    Nondurable goods................         .3         .0        -.1        1.0         .6         .6        1.3         .0
    Services........................         .7         .2         .4         .7         .3         .2         .3         .5

  Disposable personal income, based
   on chained (1996) dollars........        -.3         .1         .1         .2         .3         .3         .2        -.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2002.



          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/r/   IV 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        3.3        2.8        1.4        -.2        4.8        5.1        2.0        3.7
  Wage and salary disbursements.....        2.4        1.1        -.3       -1.8        2.2        3.2         .8        3.6
  Other labor income................        4.8        7.1        3.0        2.8       10.4        9.3        9.2        8.4
  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        3.3       20.9       -4.3        5.9       39.3      -22.3      -32.7
  Personal dividend income..........        8.9        6.0        5.0        6.3        6.3        6.4        6.6        6.1
  Personal interest income..........        1.3       -1.2       -3.9       -4.9       -1.1        4.7        -.6         .1
  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        3.3        1.0        -.4        8.6        3.3        1.8        3.6

Less: Personal tax and nontax
 payments...........................         .4      -13.8      -38.8       50.8      -43.3       -5.1       -7.9        -.8

Equals: Disposable personal income..        3.8        5.7       10.4       -6.9       15.8        6.7        3.5        4.3

Addenda:
  Personal consumption expenditures.        4.5        4.5        1.4        6.8        4.3        4.6        6.0        3.6
    Durable goods...................        4.0        4.3        1.8       31.6      -10.3        -.9       20.5      -10.2
    Nondurable goods................        3.5        3.6        -.1         .0        8.2        4.5        1.7        6.4
    Services........................        5.2        5.0        2.0        5.7        5.6        5.7        5.4        5.2

  Disposable personal income, based
   on chained (1996) dollars........        1.8        4.3       10.5       -7.6       14.5        3.9        1.8        2.4
----------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2002.



                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         Jul 02     Aug 02     Sep 02   Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/r/  Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,619.7    6,625.9    6,584.0    6,596.9    6,625.3    6,691.4    6,676.8    6,648.1
  Durable goods.....................    1,036.4    1,057.3    1,003.5      977.0      991.7    1,062.9    1,014.2      994.7
  Nondurable goods..................    1,931.0    1,926.2    1,920.2    1,937.9    1,950.0    1,962.0    1,980.8    1,958.9
  Services..........................    3,688.5    3,683.4    3,689.0    3,704.0    3,708.7    3,708.1    3,712.2    3,719.5
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...       62.2        6.2      -41.9       12.9       28.4       66.1      -14.6      -28.7
  Durable goods.....................       53.2       20.9      -53.8      -26.5       14.7       71.2      -48.7      -19.5
  Nondurable goods..................        4.1       -4.8       -6.0       17.7       12.1       12.0       18.8      -21.9
  Services..........................       15.6       -5.1        5.6       15.0        4.7        -.6        4.1        7.3
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .9         .1        -.6         .2         .4        1.0        -.2        -.4
  Durable goods.....................        5.4        2.0       -5.1       -2.6        1.5        7.2       -4.6       -1.9
  Nondurable goods..................         .2        -.2        -.3         .9         .6         .6        1.0       -1.1
  Services..........................         .4        -.1         .2         .4         .1         .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    6,576.0    6,370.9    6,464.0    6,513.8    6,542.4    6,609.9    6,637.9
  Durable goods.....................      931.9      999.9      922.6      992.0      975.9      980.7    1,032.4    1,010.6
  Nondurable goods..................    1,869.8    1,929.5    1,868.3    1,885.0    1,921.4    1,920.9    1,925.8    1,950.0
  Services..........................    3,594.9    3,675.6    3,597.5    3,616.6    3,642.2    3,666.2    3,687.0    3,707.0
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      153.3      198.8       22.9       93.1       49.8       28.6       67.5       28.0
  Durable goods.....................       53.0       68.0       10.2       69.4      -16.1        4.8       51.7      -21.8
  Nondurable goods..................       36.0       59.7        6.0       16.7       36.4        -.5        4.9       24.2
  Services..........................       70.4       80.7        8.2       19.1       25.6       24.0       20.8       20.0
                                    ----------------------------------------------------------------------------------------
                                                            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        1.7
  Durable goods.....................        6.0        7.3        4.6       33.6       -6.3        2.0       22.8       -8.2
  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        2.2
----------------------------------------------------------------------------------------------------------------------------
r Revised.



   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         Jul 02     Aug 02     Sep 02   Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/r/  Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     111.12     111.37     111.59     111.79     111.86     111.95     112.15     112.65
  Durable goods.....................      86.97      86.89      86.95      86.77      86.46      86.14      85.84      85.59
  Nondurable goods..................     109.67     109.92     110.17     110.30     110.27     110.19     110.54     111.74
  Services..........................     117.57     117.91     118.16     118.49     118.71     119.02     119.26     119.60
Addendum:
  Personal consumption expenditures
   less food and energy.............     110.66     110.94     111.12     111.24     111.32     111.42     111.43     111.53
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .1         .2         .2         .2         .1         .1         .2         .5
  Durable goods.....................        -.2        -.1         .1        -.2        -.4        -.4        -.3        -.3
  Nondurable goods..................         .1         .2         .2         .1         .0        -.1         .3        1.1
  Services..........................         .2         .3         .2         .3         .2         .3         .2         .3
Addendum:
  Personal consumption expenditures
   less food and energy.............         .1         .2         .2         .1         .1         .1         .0         .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                        Jul 02/r/  Aug 02/r/  Sep 02/r/  Oct 02/r/  Nov 02/r/  Dec 02/r/  Jan 03/r/  Feb 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........        3.7        2.0        2.7        5.6        5.7        5.3        2.8        2.2

Personal consumption expenditures...        3.9        3.7        3.7        1.9        2.7        3.4        2.9        1.9
  Durable goods.....................       11.9       13.4       10.4       -4.8         .5       10.4        5.2        1.2
  Nondurable goods..................        3.1        2.7        3.4        3.4        3.9        3.0        3.1        1.7
  Services..........................        2.6        2.2        2.6        2.6        2.6        2.3        2.3        2.1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2002.



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