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News Release: Personal Income and Outlays


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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, APRIL 28, 2003

James E. Rankin:       (202) 606-5301  (Personal Income)              BEA 03-14
Greg Key:              (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303


                  PERSONAL INCOME AND OUTLAYS:  MARCH 2003

 Personal income increased $35.5 billion, or 0.4 percent, and disposable personal income (DPI)
increased $26.5 billion, or 0.3 percent, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $30.7 billion, or 0.4 percent.  In February, personal
income increased $19.5 billion, or 0.2 percent, DPI increased $13.3 billion, or 0.2 percent, and PCE
increased $9.2 billion, or 0.1 percent, based on revised estimates.

                                               2002                              2003

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

Personal income, current dollars         0.3            0.3          0.4          0.2         0.4

Disposable personal income:
  Current dollars                        0.4            0.4          0.4          0.2         0.3
  Chained (1996) dollars                 0.3            0.3          0.2         -0.3         0.0

Personal consumption expenditures:
  Current dollars                        0.5            1.1         -0.1          0.1         0.4
  Chained (1996) dollars                 0.4            1.0         -0.3         -0.4         0.1



       As announced in the November 2002 issue of the Survey of Current Business, the Bureau of
Economic Analysis plans to release the results of its 12th comprehensive (or benchmark) revision of the
national income and product accounts (NIPA's) on December 10, 2003.  The annual revision of the
NIPA's that would normally take place this summer will instead be combined with the upcoming
comprehensive revision.  Beginning with the June 2003 issue of the Survey, a series of articles will be
presented that discuss the revision.


Wages and salaries

 Private wage and salary disbursements increased $22.1 billion in March, compared with an
increase of $8.4 billion in February.  Goods-producing industries' payrolls increased $3.6 billion, in
contrast to a decrease of $2.1 billion; manufacturing payrolls increased $0.1 billion, in contrast to a
decrease of $0.4 billion.  Distributive industries' payrolls increased $3.3 billion, in contrast to a
decrease of $2.3 billion.  Service industries' payrolls increased $15.2 billion, compared with an
increase of $12.8 billion.  Government wage and salary disbursements increased $2.9 billion,
compared with an increase of $6.4 billion.


Other personal income

 Proprietors' income increased $4.7 billion in March, compared with an increase of $1.0 billion
in February.  Farm proprietors' income decreased $0.4 billion, in contrast to an increase of $3.2
billion.  Nonfarm proprietors' income increased $5.1 billion, in contrast to a decrease of $2.2 billion.

 Transfer payments increased $8.5 billion in March, compared with an increase of $5.3 billion in
February.  Personal interest income decreased $4.2 billion, compared with a decrease of $4.3 billion.
Personal dividend income increased $2.5 billion, compared with an increase of $2.6 billion.  Rental
income of persons decreased $1.1 billion, compared with a decrease of $1.0 billion.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.8 billion in March, compared with an increase of $1.1 billion in February.


Personal taxes and disposable personal income

 Personal tax and nontax payments increased $8.9 billion in March, compared with an increase
of $6.2 billion in February.  Disposable personal income (DPI) -- personal income less personal tax
and nontax payments -- increased $26.5 billion, or 0.3 percent, in March, compared with an increase
of $13.3 billion, or 0.2 percent, in February.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $33.7 billion in March, compared with an increase of $12.3 billion in
February.  PCE increased $30.7 billion, compared with an increase of $9.2 billion.

 Personal saving -- DPI less personal outlays -- was $293.0 billion in March, compared with
$300.3 billion in February.  Personal saving as a percentage of disposable personal income was 3.6
percent in March, compared with 3.7 percent in February.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- decreased less than 0.1 percent in March,
compared with a decrease of 0.3 percent in February.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in March, in
contrast to a decrease of 0.4 percent in February.  Purchases of durable goods increased 1.6 percent,
in contrast to a decrease of 1.5 percent.  Purchases of motor vehicles and parts accounted for about
one-half of the March increase and most of the February decrease.  Purchases of nondurable goods
decreased 0.2 percent in March, compared with a decrease of 0.7 percent in February.  Purchases of
services decreased 0.1 percent, in contrast to an increase of less than 0.1 percent.


Revisions

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



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

Personal Income:
  Current dollars...........   32.3     32.5       0.4      0.4        24.9      19.5      0.3      0.2

Disposable personal income:
  Current dollars...........   29.8     29.2       0.4      0.4        18.8      13.3      0.2      0.2
  Chained (1996) dollars....   14.3     12.6       0.2      0.2       -15.4     -21.9     -0.2     -0.3

Personal consumption expenditures:
  Current dollars...........   -3.5     -4.8       0.0     -0.1         1.5       9.2      0.0      0.1
  Chained (1996) dollars....  -14.6    -16.9      -0.2     -0.3       -28.7     -23.4     -0.4     -0.4


  BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:

                             <www.bea.gov>

 Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:

                                (202)  606-5306   Gross domestic product
                                (202)  606-5303   Personal income and outlays
                                (202)  606-5362   U.S. international transactions

    Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
monthly journal.  Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office.  Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.


                        *          *          *


Next release -- Personal Income and Outlays for April will be released on
                    May 30, 2003, at 8:30 A.M. EDT.



                                   Table 1.--Personal Income and Its Disposition (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Aug 02     Sep 02     Oct 02     Nov 02     Dec 02   Jan 03/r/  Feb 03/r/  Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,958.7    8,983.1    9,010.2    9,038.9    9,070.5    9,103.0    9,122.5    9,158.0
  Wage and salary disbursements.....    5,009.8    5,027.4    5,038.8    5,054.2    5,064.3    5,086.7    5,101.5    5,126.5
    Private industries..............    4,152.1    4,167.4    4,175.4    4,188.6    4,197.0    4,211.2    4,219.6    4,241.7
      Goods-producing industries....    1,117.0    1,117.3    1,117.3    1,115.8    1,117.9    1,121.0    1,118.9    1,122.5
        Manufacturing...............      759.1      757.8      758.0      756.1      756.6      758.5      758.1      758.2
      Distributive industries.......    1,118.4    1,123.7    1,125.3    1,128.1    1,129.4    1,129.8    1,127.5    1,130.8
      Service industries............    1,916.7    1,926.4    1,932.9    1,944.8    1,949.7    1,960.4    1,973.2    1,988.4
    Government......................      857.7      860.0      863.3      865.6      867.3      875.5      881.9      884.8
  Other labor income................      617.5      622.1      625.9      630.1      634.4      637.0      639.3      641.1

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      757.4      763.8      769.7      770.4      774.6      783.6      784.6      789.3
    Farm............................       10.7       13.8       13.0       11.8       10.2       12.4       15.6       15.2
    Nonfarm.........................      746.7      750.0      756.7      758.6      764.4      771.2      769.0      774.1

  Rental income of persons with
   capital consumption adjustment...      144.1      135.9      133.2      130.6      127.9      127.1      126.1      125.0

  Personal dividend income..........      437.3      439.4      441.6      443.8      446.0      448.6      451.2      453.7

  Personal interest income..........    1,080.7    1,076.7    1,078.8    1,080.9    1,083.1    1,078.8    1,074.5    1,070.3

  Transfer payments to persons......    1,297.3    1,304.6    1,309.9    1,317.6    1,329.8    1,335.1    1,340.4    1,348.9
    Old-age, survivors, disability,
     and health insurance benefits..      701.9      704.6      704.5      710.3      717.6      719.3      723.3      727.2
    Government unemployment
     insurance benefits.............       66.9       67.8       66.0       63.3       63.3       60.9       61.6       63.9
    Other...........................      528.5      532.3      539.4      544.0      548.9      554.9      555.5      557.8

  Less: Personal contributions for
   social insurance.................      385.4      386.7      387.6      388.8      389.6      393.9      395.0      396.8

Less: Personal tax and nontax
 payments...........................    1,098.8    1,096.8    1,096.2    1,096.2    1,097.8    1,101.1    1,107.3    1,116.2

Equals: Disposable personal income..    7,859.9    7,886.4    7,914.0    7,942.7    7,972.7    8,001.9    8,015.2    8,041.7

Less: Personal outlays..............    7,601.6    7,567.5    7,592.0    7,626.0    7,704.1    7,702.7    7,715.0    7,748.7
  Personal consumption expenditures.    7,379.3    7,347.2    7,374.3    7,410.7    7,491.2    7,486.4    7,495.6    7,526.3
    Durable goods...................      919.0      872.8      848.1      857.7      915.9      869.6      853.8      866.2
    Nondurable goods................    2,117.3    2,115.6    2,137.5    2,150.2    2,162.1    2,188.8    2,197.9    2,203.1
    Services........................    4,343.0    4,358.8    4,388.6    4,402.7    4,413.2    4,427.9    4,443.9    4,456.9
  Interest paid by persons..........      189.3      187.4      185.0      182.5      180.1      183.2      186.3      189.3
  Personal transfer payments to the
   rest of the world (net)..........       32.9       32.9       32.8       32.8       32.8       33.1       33.1       33.1

Equals: Personal saving.............      258.3      318.8      322.0      316.7      268.6      299.3      300.3      293.0

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    7,057.4    7,067.2    7,079.8    7,100.9    7,121.5    7,134.1    7,112.2    7,111.8
    Per capita:
      Current dollars...............     27,313     27,381     27,454     27,533     27,618     27,701     27,731     27,805
      Chained (1996) dollars........     24,525     24,537     24,560     24,615     24,669     24,697     24,607     24,590
    Population (thousands)\2\.......    287,768    288,024    288,263    288,480    288,682    288,866    289,035    289,218

  Personal saving as a percentage
   of disposable personal income....        3.3        4.0        4.1        4.0        3.4        3.7        3.7        3.6
----------------------------------------------------------------------------------------------------------------------------
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      IV 01       I 02      II 02     III 02      IV 02       I 03
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,685.3    8,929.1    8,700.9    8,803.4    8,914.0    8,958.9    9,039.9    9,127.8

  Wage and salary disbursements.....    4,950.6    5,003.7    4,931.4    4,957.8    4,997.3    5,007.4    5,052.4    5,104.9
    Private industries..............    4,139.8    4,150.9    4,106.2    4,117.4    4,148.9    4,150.3    4,187.0    4,224.2
      Goods-producing industries....    1,142.4    1,117.6    1,123.3    1,116.9    1,121.3    1,115.2    1,117.0    1,120.8
        Manufacturing...............      789.4      759.9      769.9      759.4      765.3      757.9      756.9      758.3
      Distributive industries.......    1,109.2    1,117.7    1,098.6    1,110.1    1,115.3    1,117.8    1,127.6    1,129.4
      Service industries............    1,888.2    1,915.6    1,884.3    1,890.4    1,912.4    1,917.3    1,942.4    1,974.0
    Government......................      810.8      852.8      825.2      840.4      848.4      857.1      865.4      880.7
  Other labor income................      570.4      610.6      576.3      590.8      604.1      617.5      630.2      639.1

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      727.9      756.5      731.3      748.4      747.5      758.7      771.6      785.8
    Farm............................       19.0       12.9       19.2       21.7        7.5       10.7       11.7       14.4
    Nonfarm.........................      708.8      743.7      712.1      726.7      740.0      748.0      759.9      771.4

  Rental income of persons with
   capital consumption adjustment...      137.9      142.4      139.3      141.3      153.5      144.1      130.6      126.1

  Personal dividend income..........      409.2      433.8      417.3      423.7      430.3      437.3      443.8      451.2

  Personal interest income..........    1,091.3    1,078.5    1,072.9    1,069.9    1,082.3    1,080.7    1,080.9    1,074.5

  Transfer payments to persons......    1,170.4    1,288.0    1,205.0    1,252.0    1,282.6    1,298.4    1,319.1    1,341.4
    Old-age, survivors, disability,
     and health insurance benefits..      664.3      699.8      674.0      690.2      696.3      701.9      710.8      723.3
    Government unemployment
     insurance benefits.............       31.9       62.9       41.0       52.3       67.3       67.6       64.2       62.1
    Other...........................      474.2      525.4      490.0      509.5      519.0      528.9      544.1      556.0

  Less: Personal contributions for
   social insurance.................      372.3      384.5      372.7      380.5      383.6      385.3      388.7      395.2

Less: Personal tax and nontax
 payments...........................    1,292.1    1,113.6    1,309.7    1,136.8    1,121.8    1,099.0    1,096.8    1,108.2

Equals: Disposable personal income..    7,393.2    7,815.5    7,391.2    7,666.7    7,792.2    7,859.9    7,943.2    8,019.6

Less: Personal outlays..............    7,223.5    7,524.5    7,329.6    7,396.3    7,477.9    7,583.0    7,640.7    7,722.1
  Personal consumption expenditures.    6,987.0    7,303.7    7,099.9    7,174.2    7,254.7    7,360.7    7,425.4    7,502.8
    Durable goods...................      835.9      871.9      882.6      859.0      856.9      897.8      873.9      863.2
    Nondurable goods................    2,041.3    2,115.0    2,044.4    2,085.1    2,108.2    2,116.9    2,150.0    2,196.6
    Services........................    4,109.9    4,316.8    4,172.9    4,230.1    4,289.5    4,346.0    4,401.5    4,442.9
  Interest paid by persons..........      205.4      188.4      199.1      190.6      191.3      189.3      182.5      186.3
  Personal transfer payments to the
   rest of the world (net)..........       31.1       32.3       30.6       31.5       31.9       32.9       32.8       33.1

Equals: Personal saving.............      169.7      291.0       61.5      270.4      314.3      276.9      302.5      297.5

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    6,748.0    7,036.8    6,729.1    6,961.0    7,027.2    7,058.1    7,100.8    7,119.4
    Per capita:
      Current dollars...............     25,957     27,188     25,853     26,759     27,144     27,313     27,535     27,746
      Chained (1996) dollars........     23,692     24,479     23,537     24,296     24,479     24,527     24,615     24,631
    Population (thousands)\2\.......    284,822    287,456    285,898    286,507    287,072    287,770    288,475    289,040

  Personal saving as a percentage
   of disposable personal income....        2.3        3.7         .8        3.5        4.0        3.5        3.8        3.7
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
                                         Aug 02     Sep 02     Oct 02     Nov 02     Dec 02    Jan 03/r/  Feb 03/r/  Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................       23.9       24.4       27.1       28.7       31.6       32.5       19.5       35.5

  Wage and salary disbursements.....       24.8       17.6       11.4       15.4       10.1       22.4       14.8       25.0
    Private industries..............       20.7       15.3        8.0       13.2        8.4       14.2        8.4       22.1
      Goods-producing industries....        5.6         .3         .0       -1.5        2.1        3.1       -2.1        3.6
        Manufacturing...............        2.3       -1.3         .2       -1.9         .5        1.9        -.4         .1
      Distributive industries.......        7.1        5.3        1.6        2.8        1.3         .4       -2.3        3.3
      Service industries............        8.0        9.7        6.5       11.9        4.9       10.7       12.8       15.2
    Government......................        4.1        2.3        3.3        2.3        1.7        8.2        6.4        2.9
  Other labor income................        4.5        4.6        3.8        4.2        4.3        2.6        2.3        1.8

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        2.4        6.4        5.9         .7        4.2        9.0        1.0        4.7
    Farm............................        3.0        3.1        -.8       -1.2       -1.6        2.2        3.2        -.4
    Nonfarm.........................        -.7        3.3        6.7        1.9        5.8        6.8       -2.2        5.1

  Rental income of persons with
   capital consumption adjustment...       -8.3       -8.2       -2.7       -2.6       -2.7        -.8       -1.0       -1.1

  Personal dividend income..........        2.3        2.1        2.2        2.2        2.2        2.6        2.6        2.5

  Personal interest income..........       -4.1       -4.0        2.1        2.1        2.2       -4.3       -4.3       -4.2

  Transfer payments to persons......        4.1        7.3        5.3        7.7       12.2        5.3        5.3        8.5
    Old-age, survivors, disability,
     and health insurance benefits..        2.7        2.7        -.1        5.8        7.3        1.7        4.0        3.9
    Government unemployment
     insurance benefits.............       -1.2         .9       -1.8       -2.7         .0       -2.4         .7        2.3
   Other............................        2.6        3.8        7.1        4.6        4.9        6.0         .6        2.3

  Less: Personal contributions for
   social insurance.................        1.7        1.3         .9        1.2         .8        4.3        1.1        1.8

Less: Personal tax and nontax
 payments...........................       -2.6       -2.0        -.6         .0        1.6        3.3        6.2        8.9

Equals: Disposable personal income..       26.5       26.5       27.6       28.7       30.0       29.2       13.3       26.5

Less: Personal outlays..............       21.7      -34.1       24.5       34.0       78.1       -1.4       12.3       33.7
  Personal consumption expenditures.       23.6      -32.1       27.1       36.4       80.5       -4.8        9.2       30.7
    Durable goods...................       17.4      -46.2      -24.7        9.6       58.2      -46.3      -15.8       12.4
    Nondurable goods................        -.5       -1.7       21.9       12.7       11.9       26.7        9.1        5.2
    Services........................        6.7       15.8       29.8       14.1       10.5       14.7       16.0       13.0
  Interest paid by persons..........       -2.0       -1.9       -2.4       -2.5       -2.4        3.1        3.1        3.0
  Personal transfer payments to the
   rest of the world (net)..........         .0         .0        -.1         .0         .0         .3         .0         .0

Equals: Personal saving.............        4.8       60.5        3.2       -5.3      -48.1       30.7        1.0       -7.3

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........        7.9        9.8       12.6       21.1       20.6       12.6      -21.9        -.4
----------------------------------------------------------------------------------------------------------------------------
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      IV 01       I 02      II 02     III 02      IV 02       I 03
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      278.7      243.8       -5.3      102.5      110.6       44.9       81.0       87.9
  Wage and salary disbursements.....      114.3       53.1      -22.3       26.4       39.5       10.1       45.0       52.5
    Private industries..............       72.4       11.1      -30.4       11.2       31.5        1.4       36.7       37.2
      Goods-producing industries....      -21.3      -24.8      -16.7       -6.4        4.4       -6.1        1.8        3.8
        Manufacturing...............      -40.0      -29.5      -13.5      -10.5        5.9       -7.4       -1.0        1.4
      Distributive industries.......       14.4        8.5      -12.2       11.5        5.2        2.5        9.8        1.8
      Service industries............       79.3       27.4       -1.5        6.1       22.0        4.9       25.1       31.6
    Government......................       41.9       42.0        8.1       15.2        8.0        8.7        8.3       15.3
  Other labor income................       26.2       40.2        3.9       14.5       13.3       13.4       12.7        8.9

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       13.1       28.6       -1.1       17.1        -.9       11.2       12.9       14.2
    Farm............................       -3.6       -6.1        -.1        2.5      -14.2        3.2        1.0        2.7
    Nonfarm.........................       16.6       34.9       -1.0       14.6       13.3        8.0       11.9       11.5

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

  Personal dividend income..........       33.5       24.6        6.3        6.4        6.6        7.0        6.5        7.4

  Personal interest income..........       14.3      -12.8      -13.5       -3.0       12.4       -1.6         .2       -6.4

  Transfer payments to persons......      100.1      117.6       22.5       47.0       30.6       15.8       20.7       22.3
    Old-age, survivors, disability,
     and health insurance benefits..       47.1       35.5        3.9       16.2        6.1        5.6        8.9       12.5
    Government unemployment
     insurance benefits.............       11.4       31.0        7.9       11.3       15.0         .3       -3.4       -2.1
   Other............................       41.7       51.2       10.7       19.5        9.5        9.9       15.2       11.9

  Less: Personal contributions for
   social insurance.................       13.9       12.2        -.4        7.8        3.1        1.7        3.4        6.5

Less: Personal tax and nontax
 payments...........................        5.7     -178.5      127.8     -172.9      -15.0      -22.8       -2.2       11.4

Equals: Disposable personal income..      273.0      422.3     -133.0      275.5      125.5       67.7       83.3       76.4

Less: Personal outlays..............      304.9      301.0      107.6       66.7       81.6      105.1       57.7       81.4
  Personal consumption expenditures.      303.3      316.7      116.2       74.3       80.5      106.0       64.7       77.4
    Durable goods...................       32.0       36.0       58.6      -23.6       -2.1       40.9      -23.9      -10.7
    Nondurable goods................       68.4       73.7         .1       40.7       23.1        8.7       33.1       46.6
    Services........................      203.0      206.9       57.5       57.2       59.4       56.5       55.5       41.4
  Interest paid by persons..........         .0      -17.0       -7.4       -8.5         .7       -2.0       -6.8        3.8
  Personal transfer payments to the
   rest of the world (net)..........        1.6        1.2       -1.2         .9         .4        1.0        -.1         .3

Equals: Personal saving.............      -31.8      121.3     -240.7      208.9       43.9      -37.4       25.6       -5.0

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      117.7      288.8     -134.9      231.9       66.2       30.9       42.7       18.6
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
                                         Aug 02     Sep 02     Oct 02     Nov 02     Dec 02     Jan 03/r/  Feb 03/r/  Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................         .3         .3         .3         .3         .3         .4         .2         .4
  Wage and salary disbursements.....         .5         .4         .2         .3         .2         .4         .3         .5
  Other labor income................         .7         .7         .6         .7         .7         .4         .4         .3
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........         .3         .8         .8         .1         .5        1.2         .1         .6
  Rental income of persons with
   capital consumption adjustment...       -5.4       -5.7       -2.0       -1.9       -2.1        -.6        -.8        -.9
  Personal dividend income..........         .5         .5         .5         .5         .5         .6         .6         .6
  Personal interest income..........        -.4        -.4         .2         .2         .2        -.4        -.4        -.4
  Transfer payments to persons......         .3         .6         .4         .6         .9         .4         .4         .6
  Less: Personal contributions for
   social insurance.................         .5         .3         .2         .3         .2        1.1         .3         .4

Less: Personal tax and nontax
 payments...........................        -.2        -.2        -.1         .0         .1         .3         .6         .8

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

Addenda:
  Personal consumption expenditures.         .3        -.4         .4         .5        1.1        -.1         .1         .4
    Durable goods...................        1.9       -5.0       -2.8        1.1        6.8       -5.1       -1.8        1.5
    Nondurable goods................         .0        -.1        1.0         .6         .6        1.2         .4         .2
    Services........................         .2         .4         .7         .3         .2         .3         .4         .3

  Disposable personal income, based
   on chained (1996) dollars........         .1         .1         .2         .3         .3         .2        -.3         .0
----------------------------------------------------------------------------------------------------------------------------
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      IV 01       I 02      II 02     III 02      IV 02       I 03
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        3.3        2.8        -.2        4.8        5.1        2.0        3.7        3.9
  Wage and salary disbursements.....        2.4        1.1       -1.8        2.2        3.2         .8        3.6        4.2
  Other labor income................        4.8        7.1        2.8       10.4        9.3        9.2        8.4        5.8
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        1.8        3.9        -.6        9.7        -.5        6.2        6.9        7.6
  Rental income of persons with
   capital consumption adjustment...       -6.0        3.3       -4.3        5.9       39.3      -22.3      -32.7      -13.1
  Personal dividend income..........        8.9        6.0        6.3        6.3        6.4        6.6        6.1        6.8
  Personal interest income..........        1.3       -1.2       -4.9       -1.1        4.7        -.6         .1       -2.4
  Transfer payments to persons......        9.4       10.0        7.8       16.5       10.1        5.0        6.5        6.9
  Less: Personal contributions for
   social insurance.................        3.9        3.3        -.4        8.6        3.3        1.8        3.6        6.9

Less: Personal tax and nontax
 payments...........................         .4      -13.8       50.8      -43.3       -5.1       -7.9        -.8        4.2

Equals: Disposable personal income..        3.8        5.7       -6.9       15.8        6.7        3.5        4.3        3.9

Addenda:
  Personal consumption expenditures.        4.5        4.5        6.8        4.3        4.6        6.0        3.6        4.2
    Durable goods...................        4.0        4.3       31.6      -10.3        -.9       20.5      -10.2       -4.8
    Nondurable goods................        3.5        3.6         .0        8.2        4.5        1.7        6.4        9.0
    Services........................        5.2        5.0        5.7        5.6        5.7        5.4        5.2        3.8

  Disposable personal income, based
   on chained (1996) dollars........        1.8        4.3       -7.6       14.5        3.9        1.8        2.4        1.1
----------------------------------------------------------------------------------------------------------------------------



                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         Aug 02     Sep 02     Oct 02     Nov 02     Dec 02   Jan 03/r/  Feb 03/r/  Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,625.9    6,584.0    6,596.9    6,625.3    6,691.4    6,674.5    6,651.1    6,656.0
  Durable goods.....................    1,057.3    1,003.5      977.0      991.7    1,062.9    1,012.5      997.1    1,013.4
  Nondurable goods..................    1,926.2    1,920.2    1,937.9    1,950.0    1,962.0    1,980.3    1,966.9    1,962.6
  Services..........................    3,683.4    3,689.0    3,704.0    3,708.7    3,708.1    3,711.8    3,713.2    3,710.3
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        6.2      -41.9       12.9       28.4       66.1      -16.9      -23.4        4.9
  Durable goods.....................       20.9      -53.8      -26.5       14.7       71.2      -50.4      -15.4       16.3
  Nondurable goods..................       -4.8       -6.0       17.7       12.1       12.0       18.3      -13.4       -4.3
  Services..........................       -5.1        5.6       15.0        4.7        -.6        3.7        1.4       -2.9
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .1        -.6         .2         .4        1.0        -.3        -.4         .1
  Durable goods.....................        2.0       -5.1       -2.6        1.5        7.2       -4.7       -1.5        1.6
  Nondurable goods..................        -.2        -.3         .9         .6         .6         .9        -.7        -.2
  Services..........................        -.1         .2         .4         .1         .0         .1         .0        -.1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



               Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                       [Quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2001       2002      IV 01       I 02      II 02     III 02      IV 02       I 03
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,377.2    6,576.0    6,464.0    6,513.8    6,542.4    6,609.9    6,637.9    6,660.5
  Durable goods.....................      931.9      999.9      992.0      975.9      980.7    1,032.4    1,010.6    1,007.7
  Nondurable goods..................    1,869.8    1,929.5    1,885.0    1,921.4    1,920.9    1,925.8    1,950.0    1,969.9
  Services..........................    3,594.9    3,675.6    3,616.6    3,642.2    3,666.2    3,687.0    3,707.0    3,711.8
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      153.3      198.8       93.1       49.8       28.6       67.5       28.0       22.6
  Durable goods.....................       53.0       68.0       69.4      -16.1        4.8       51.7      -21.8       -2.9
  Nondurable goods..................       36.0       59.7       16.7       36.4        -.5        4.9       24.2       19.9
  Services..........................       70.4       80.7       19.1       25.6       24.0       20.8       20.0        4.8
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                             chained (1996) dollars at annual rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        2.5        3.1        6.0        3.1        1.8        4.2        1.7        1.4
  Durable goods.....................        6.0        7.3       33.6       -6.3        2.0       22.8       -8.2       -1.1
  Nondurable goods..................        2.0        3.2        3.6        7.9        -.1        1.0        5.1        4.2
  Services..........................        2.0        2.2        2.1        2.9        2.7        2.3        2.2         .5
----------------------------------------------------------------------------------------------------------------------------



   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         Aug 02     Sep 02     Oct 02     Nov 02     Dec 02   Jan 03/r/  Feb 03/r/  Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     111.37     111.59     111.79     111.86     111.95     112.16     112.70     113.08
  Durable goods.....................      86.89      86.95      86.77      86.46      86.14      85.86      85.60      85.46
  Nondurable goods..................     109.92     110.17     110.30     110.27     110.19     110.53     111.74     112.25
  Services..........................     117.91     118.16     118.49     118.71     119.02     119.30     119.68     120.12
Addendum:
  Personal consumption expenditures
   less food and energy.............     110.94     111.12     111.24     111.32     111.42     111.45     111.60     111.69
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .2         .2         .2         .1         .1         .2         .5         .3
  Durable goods.....................        -.1         .1        -.2        -.4        -.4        -.3        -.3        -.2
  Nondurable goods..................         .2         .2         .1         .0        -.1         .3        1.1         .5
  Services..........................         .3         .2         .3         .2         .3         .2         .3         .4
Addendum:
  Personal consumption expenditures
   less food and energy.............         .2         .2         .1         .1         .1         .0         .1         .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                         Aug 02     Sep 02     Oct 02     Nov 02     Dec 02     Jan 03/r/  Feb 03/r/  Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........        2.0        2.7        5.6        5.7        5.3        2.8        2.1        1.9

Personal consumption expenditures...        3.7        3.7        1.9        2.7        3.4        2.9        1.9        2.0
  Durable goods.....................       13.4       10.4       -4.8         .5       10.4        5.1        1.5        3.3
  Nondurable goods..................        2.7        3.4        3.4        3.9        3.0        3.1        2.1        2.3
  Services..........................        2.2        2.6        2.6        2.6        2.3        2.3        1.9        1.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



    Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
                                         Aug 02     Sep 02     Oct 02     Nov 02     Dec 02     Jan 03/r/  Feb 03/r/  Mar 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures...        1.4        2.1        1.7        1.8        2.0        2.0        2.3        2.4
  Durable goods.....................       -2.6       -2.3       -2.4       -2.8       -3.1       -3.0       -2.5       -2.4
  Nondurable goods..................         .9         .1        1.0        1.7        2.3        2.3        3.0        2.9
  Services..........................        2.6        4.0        2.9        2.8        3.0        3.0        3.0        3.2
Addendum:
  Personal consumption expenditures
   less food and energy.............        1.7        2.7        1.7        1.6        1.7        1.6        1.5        1.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.