skip to Main Content
BEA Logo
News
 
 


News Release: Personal Income and Outlays


The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
Many of the tables in our news releases are very wide. Printing tips are available.

FOR WIRE TRANSMISSION:  8:30 A.M. EST, FRIDAY, JANUARY 31, 2003

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


              PERSONAL INCOME AND OUTLAYS:  DECEMBER 2002

 Personal income increased $35.3 billion, or 0.4 percent, and disposable personal income (DPI)
increased $32.6 billion, or 0.4 percent, in December, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $66.3 billion, or 0.9 percent.  In November,
personal income increased $27.9 billion, or 0.3 percent, DPI increased $28.3 billion, or 0.4 percent, and
PCE increased $29.4 billion, or 0.4 percent, based on revised estimates.


                                                                    2002
                                       Aug.          Sept.          Oct.          Nov.           Dec.
                                                      (Percent change from preceding month)

Personal income, current dollars       0.3           0.3            0.3           0.3            0.4

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

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


Wages and salaries

 Private wage and salary disbursements increased $12.2 billion in December, compared with an
increase of $11.9 billion in November.  Goods-producing industries' payrolls increased $2.8 billion,
in contrast to a decrease of $1.7 billion; manufacturing payrolls increased $1.1 billion, in contrast to
a decrease of $2.0 billion.  Distributive industries' payrolls increased $4.0 billion, compared with an
increase of $1.1 billion.  Service industries' payrolls increased $5.4 billion, compared with an
increase of $12.4 billion.  Government wage and salary disbursements increased $2.6 billion,
compared with an increase of $2.2 billion.


Other personal income

 Proprietors' income increased $4.2 billion in December, compared with an increase of $1.3
billion in November.  Farm proprietors' income decreased $1.9 billion, compared with a decrease of
$1.6 billion.  Nonfarm proprietors' income increased $6.1 billion, compared with an increase of $3.0
billion.

 Transfer payments increased $10.4 billion in December, compared with an increase of $6.8
billion in November.  The December increase in transfer payments reflected, in part, retroactive
social security benefit payments of $6.0 billion at an annual rate, resulting from a recalculation of
the earnings base underlying the benefits for recent retirees.

 Personal interest income decreased $0.3 billion in December, the same decrease as in
November.  Personal dividend income increased $2.2 billion in December, the same increase as in
November.  Rental income of persons increased $0.4 billion in December, compared with an
increase of $0.6 billion in November.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $1.1 billion in December, the same increase as in November.


Personal taxes and disposable personal income

 Personal tax and nontax payments increased $2.7 billion in December, in contrast to a decrease
of $0.3 billion in November.  Disposable personal income (DPI) -- personal income less personal tax
and nontax payments -- increased $32.6 billion, or 0.4 percent, in December, compared with an
increase of $28.3 billion, or 0.4 percent, in November.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $63.9 billion in December, compared with an increase of $27.1 billion in
November.  PCE increased $66.3 billion, compared with an increase of $29.4 billion.

 Personal saving -- DPI less personal outlays -- was $324.9 billion in December, compared with
$356.1 billion in November.  Personal saving as a percentage of disposable personal income was 4.1
percent in December, compared with 4.5 percent in November.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in December,
compared with an increase of 0.3 percent in November.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.9 percent in December,
compared with an increase of 0.3 percent in November.  Purchases of durable goods increased 6.5
percent, compared with an increase of 1.3 percent.  Purchases of motor vehicles and parts accounted
for most of the December increase and accounted for about one-half of the November increase.
Purchases of nondurable goods increased 0.4 percent in December, the same increase as in
November.  Purchases of services decreased less than 0.1 percent in December, in contrast to an
increase of 0.1 percent in November.


Revisions

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



                                                       Change from preceding month
                                          October                                  November
                          Previous  Revised     Previous  Revised    Previous  Revised    Previous  Revised
                        (Billions of dollars)      (Percent)       (Billions of dollars)       (Percent)
Personal Income:
  Current dollars.........  26.5      29.0         0.3      0.3        29.6     27.9         0.3      0.3

Disposable personal income:
  Current dollars.........  28.5      29.2         0.4      0.4        28.5     28.3         0.4      0.4
  Chained (1996) dollars..  11.4      11.0         0.2      0.2        21.5     20.1         0.3      0.3

Personal consumption expenditures:
  Current dollars.........  27.3      24.9         0.4      0.3        38.5     29.4         0.5      0.4
  Chained (1996) dollars..  11.3       8.2         0.2      0.1        30.8     21.5         0.5      0.3


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

                             <www.bea.gov>

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

                          (202)  606-5306 Gross domestic product
                                 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 January will be released on
                   March 3, 2003, at 8:30 A.M. EST.



                                   Table 1.--Personal Income and Its Disposition (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         May 02     Jun 02     Jul 02     Aug 02     Sep 02   Oct 02/r/  Nov 02/r/  Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,904.9    8,971.7    8,965.0    8,992.9    9,022.2    9,051.2    9,079.1    9,114.4
  Wage and salary disbursements.....    4,989.0    5,034.0    5,016.7    5,045.7    5,068.5    5,082.4    5,096.5    5,111.3
    Private industries..............    4,140.7    4,183.1    4,163.1    4,188.0    4,208.6    4,219.0    4,230.9    4,243.1
      Goods-producing industries....    1,119.3    1,128.2    1,121.8    1,128.1    1,128.2    1,128.3    1,126.6    1,129.4
        Manufacturing...............      764.3      771.2      765.6      768.4      766.9      767.1      765.1      766.2
      Distributive industries.......    1,113.2    1,124.7    1,115.6    1,120.1    1,125.2    1,127.8    1,128.9    1,132.9
      Service industries............    1,908.2    1,930.2    1,925.7    1,939.7    1,955.1    1,963.0    1,975.4    1,980.8
    Government......................      848.3      851.0      853.6      857.7      860.0      863.4      865.6      868.2
  Other labor income................      603.9      608.5      613.0      617.5      622.1      626.5      630.8      635.5

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      746.0      745.1      755.0      757.4      763.8      770.6      771.9      776.1
    Farm............................        5.1        3.3        7.7       10.7       13.8       12.6       11.0        9.1
    Nonfarm.........................      740.9      741.7      747.4      746.7      750.0      757.9      760.9      767.0

  Rental income of persons with
   capital consumption adjustment...      153.5      158.7      152.4      144.1      135.9      136.2      136.8      137.2

  Personal dividend income..........      430.3      432.7      435.0      437.3      439.4      441.6      443.8      446.0

  Personal interest income..........    1,082.3    1,088.9    1,084.8    1,080.7    1,076.7    1,076.4    1,076.1    1,075.8

  Transfer payments to persons......    1,282.9    1,289.9    1,293.2    1,297.3    1,304.6    1,307.4    1,314.2    1,324.6
    Old-age, survivors, disability,
     and health insurance benefits..      696.3      697.4      699.2      701.9      704.6      703.1      708.3      715.3
    Government unemployment
     insurance benefits.............       67.7       70.8       68.1       66.9       67.8       66.0       63.8       63.1
    Other...........................      518.9      521.7      525.9      528.5      532.3      538.2      542.1      546.3

  Less: Personal contributions for
   social insurance.................      383.0      386.1      385.2      387.2      388.8      389.9      391.0      392.1

Less: Personal tax and nontax
 payments...........................    1,119.6    1,122.0    1,108.8    1,107.1    1,106.2    1,105.9    1,105.6    1,108.3

Equals: Disposable personal income..    7,785.3    7,849.7    7,856.2    7,885.8    7,916.0    7,945.2    7,973.5    8,006.1

Less: Personal outlays..............    7,467.9    7,501.8    7,579.9    7,601.6    7,567.5    7,590.3    7,617.4    7,681.3
  Personal consumption expenditures.    7,244.6    7,276.7    7,355.7    7,379.3    7,347.2    7,372.1    7,401.5    7,467.8
    Durable goods...................      845.2      857.4      901.6      919.0      872.8      853.2      861.2      913.4
    Nondurable goods................    2,101.9    2,111.7    2,117.8    2,117.3    2,115.6    2,137.6    2,146.6    2,151.9
    Services........................    4,297.4    4,307.6    4,336.3    4,343.0    4,358.8    4,381.3    4,393.7    4,402.5
  Interest paid by persons..........      191.3      193.2      191.3      189.3      187.4      185.1      182.7      180.3
  Personal transfer payments to the
   rest of the world (net)..........       31.9       31.9       32.9       32.9       32.9       33.1       33.1       33.1

Equals: Personal saving.............      317.5      347.9      276.3      284.2      348.4      354.9      356.1      324.9

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    7,024.4    7,073.9    7,070.1    7,080.7    7,093.7    7,104.7    7,124.8    7,151.9
    Per capita:
      Current dollars...............     27,120     27,324     27,324     27,403     27,484     27,562     27,640     27,733
      Chained (1996) dollars........     24,470     24,623     24,590     24,606     24,629     24,647     24,698     24,774
    Population (thousands)\2\.......    287,067    287,284    287,519    287,768    288,024    288,263    288,480    288,682

  Personal saving as a percentage
   of disposable personal income....        4.1        4.4        3.5        3.6        4.4        4.5        4.5        4.1
----------------------------------------------------------------------------------------------------------------------------
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     III 01      IV 01       I 02      II 02     III 02      IV 02
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,685.3    8,948.1    8,706.2    8,700.9    8,803.4    8,914.0    8,993.3    9,081.6

  Wage and salary disbursements.....    4,950.6    5,023.9    4,953.7    4,931.4    4,957.8    4,997.3    5,043.6    5,096.7
    Private industries..............    4,139.8    4,171.0    4,136.6    4,106.2    4,117.4    4,148.9    4,186.5    4,231.0
      Goods-producing industries....    1,142.4    1,123.1    1,140.0    1,123.3    1,116.9    1,121.3    1,126.0    1,128.1
        Manufacturing...............      789.4      764.5      783.4      769.9      759.4      765.3      767.0      766.1
      Distributive industries.......    1,109.2    1,118.9    1,110.8    1,098.6    1,110.1    1,115.3    1,120.3    1,129.9
      Service industries............    1,888.2    1,929.0    1,885.8    1,884.3    1,890.4    1,912.4    1,940.2    1,973.1
    Government......................      810.8      852.9      817.1      825.2      840.4      848.4      857.1      865.7
  Other labor income................      570.4      610.8      572.4      576.3      590.8      604.1      617.5      630.9

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      727.9      756.9      732.4      731.3      748.4      747.5      758.7      772.9
    Farm............................       19.0       12.7       19.3       19.2       21.7        7.5       10.7       10.9
    Nonfarm.........................      708.8      744.2      713.1      712.1      726.7      740.0      748.0      761.9

  Rental income of persons with
   capital consumption adjustment...      137.9      143.9      140.8      139.3      141.3      153.5      144.1      136.7

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

  Personal interest income..........    1,091.3    1,077.3    1,086.4    1,072.9    1,069.9    1,082.3    1,080.7    1,076.1

  Transfer payments to persons......    1,170.4    1,287.1    1,182.5    1,205.0    1,252.0    1,282.6    1,298.4    1,315.4
    Old-age, survivors, disability,
     and health insurance benefits..      664.3      699.3      670.1      674.0      690.2      696.3      701.9      708.9
    Government unemployment
     insurance benefits.............       31.9       62.9       33.1       41.0       52.3       67.3       67.6       64.3
    Other...........................      474.2      524.9      479.3      490.0      509.5      519.0      528.9      542.2

  Less: Personal contributions for
   social insurance.................      372.3      385.5      373.1      372.7      380.5      383.6      387.0      391.0

Less: Personal tax and nontax
 payments...........................    1,292.1    1,118.1    1,181.9    1,309.7    1,136.8    1,121.8    1,107.3    1,106.6

Equals: Disposable personal income..    7,393.2    7,830.0    7,524.2    7,391.2    7,666.7    7,792.2    7,886.0    7,975.0

Less: Personal outlays..............    7,223.5    7,521.7    7,222.0    7,329.6    7,396.3    7,477.9    7,583.0    7,629.6
  Personal consumption expenditures.    6,987.0    7,300.9    6,983.7    7,099.9    7,174.2    7,254.7    7,360.7    7,413.8
    Durable goods...................      835.9      872.4      824.0      882.6      859.0      856.9      897.8      876.0
    Nondurable goods................    2,041.3    2,113.9    2,044.3    2,044.4    2,085.1    2,108.2    2,116.9    2,145.4
    Services........................    4,109.9    4,314.5    4,115.4    4,172.9    4,230.1    4,289.5    4,346.0    4,392.5
  Interest paid by persons..........      205.4      188.5      206.5      199.1      190.6      191.3      189.3      182.7
  Personal transfer payments to the
   rest of the world (net)..........       31.1       32.4       31.8       30.6       31.5       31.9       32.9       33.1

Equals: Personal saving.............      169.7      308.2      302.2       61.5      270.4      314.3      303.0      345.3

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    6,748.0    7,049.2    6,864.0    6,729.1    6,961.0    7,027.2    7,081.6    7,127.2
    Per capita:
      Current dollars...............     25,957     27,239     26,387     25,853     26,759     27,144     27,404     27,645
      Chained (1996) dollars........     23,692     24,523     24,071     23,537     24,296     24,479     24,609     24,706
    Population (thousands)\2\.......    284,822    287,456    285,154    285,898    286,507    287,072    287,770    288,475

  Personal saving as a percentage
   of disposable personal income....        2.3        3.9        4.0         .8        3.5        4.0        3.8        4.3
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
                                         May 02     Jun 02     Jul 02     Aug 02     Sep 02    Oct 02/r/  Nov 02/r/   Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................       39.4       66.8       -6.7       27.9       29.3       29.0       27.9       35.3

  Wage and salary disbursements.....       20.2       45.0      -17.3       29.0       22.8       13.9       14.1       14.8
    Private industries..............       17.7       42.4      -20.0       24.9       20.6       10.4       11.9       12.2
      Goods-producing industries....        2.9        8.9       -6.4        6.3         .1         .1       -1.7        2.8
        Manufacturing...............        3.8        6.9       -5.6        2.8       -1.5         .2       -2.0        1.1
      Distributive industries.......        5.3       11.5       -9.1        4.5        5.1        2.6        1.1        4.0
      Service industries............        9.5       22.0       -4.5       14.0       15.4        7.9       12.4        5.4
    Government......................        2.5        2.7        2.6        4.1        2.3        3.4        2.2        2.6
  Other labor income................        4.1        4.6        4.5        4.5        4.6        4.4        4.3        4.7

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       -5.4        -.9        9.9        2.4        6.4        6.8        1.3        4.2
    Farm............................       -8.9       -1.8        4.4        3.0        3.1       -1.2       -1.6       -1.9
    Nonfarm.........................        3.5         .8        5.7        -.7        3.3        7.9        3.0        6.1

  Rental income of persons with
   capital consumption adjustment...        5.2        5.2       -6.3       -8.3       -8.2         .3         .6         .4

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

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

  Transfer payments to persons......        7.9        7.0        3.3        4.1        7.3        2.8        6.8       10.4
    Old-age, survivors, disability,
     and health insurance benefits..        1.2        1.1        1.8        2.7        2.7       -1.5        5.2        7.0
    Government unemployment
     insurance benefits.............        4.2        3.1       -2.7       -1.2         .9       -1.8       -2.2        -.7
   Other............................        2.5        2.8        4.2        2.6        3.8        5.9        3.9        4.2

  Less: Personal contributions for
   social insurance.................        1.4        3.1        -.9        2.0        1.6        1.1        1.1        1.1

Less: Personal tax and nontax
 payments...........................       -4.3        2.4      -13.2       -1.7        -.9        -.3        -.3        2.7

Equals: Disposable personal income..       43.7       64.4        6.5       29.6       30.2       29.2       28.3       32.6

Less: Personal outlays..............        3.8       33.9       78.1       21.7      -34.1       22.8       27.1       63.9
  Personal consumption expenditures.        1.9       32.1       79.0       23.6      -32.1       24.9       29.4       66.3
    Durable goods...................      -23.0       12.2       44.2       17.4      -46.2      -19.6        8.0       52.2
    Nondurable goods................       -9.0        9.8        6.1        -.5       -1.7       22.0        9.0        5.3
    Services........................       33.9       10.2       28.7        6.7       15.8       22.5       12.4        8.8
  Interest paid by persons..........        1.9        1.9       -1.9       -2.0       -1.9       -2.3       -2.4       -2.4
  Personal transfer payments to the
   rest of the world (net)..........         .0         .0        1.0         .0         .0         .2         .0         .0

Equals: Personal saving.............       40.0       30.4      -71.6        7.9       64.2        6.5        1.2      -31.2

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........       41.2       49.5       -3.8       10.6       13.0       11.0       20.1       27.1
----------------------------------------------------------------------------------------------------------------------------
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     III 01      IV 01       I 02      II 02     III 02      IV 02
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      278.7      262.8       30.0       -5.3      102.5      110.6       79.3       88.3
  Wage and salary disbursements.....      114.3       73.3       -3.1      -22.3       26.4       39.5       46.3       53.1
    Private industries..............       72.4       31.2      -14.4      -30.4       11.2       31.5       37.6       44.5
      Goods-producing industries....      -21.3      -19.3      -10.0      -16.7       -6.4        4.4        4.7        2.1
        Manufacturing...............      -40.0      -24.9      -13.7      -13.5      -10.5        5.9        1.7        -.9
      Distributive industries.......       14.4        9.7       -1.5      -12.2       11.5        5.2        5.0        9.6
      Service industries............       79.3       40.8       -3.0       -1.5        6.1       22.0       27.8       32.9
    Government......................       41.9       42.1       11.3        8.1       15.2        8.0        8.7        8.6
  Other labor income................       26.2       40.4        4.2        3.9       14.5       13.3       13.4       13.4

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       13.1       29.0        5.8       -1.1       17.1        -.9       11.2       14.2
    Farm............................       -3.6       -6.3         .9        -.1        2.5      -14.2        3.2         .2
    Nonfarm.........................       16.6       35.4        4.9       -1.0       14.6       13.3        8.0       13.9

  Rental income of persons with
   capital consumption adjustment...       -8.7        6.0        6.5       -1.5        2.0       12.2       -9.4       -7.4

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

  Personal interest income..........       14.3      -14.0      -10.8      -13.5       -3.0       12.4       -1.6       -4.6

  Transfer payments to persons......      100.1      116.7       23.4       22.5       47.0       30.6       15.8       17.0
    Old-age, survivors, disability,
     and health insurance benefits..       47.1       35.0        9.9        3.9       16.2        6.1        5.6        7.0
    Government unemployment
     insurance benefits.............       11.4       31.0        3.9        7.9       11.3       15.0         .3       -3.3
   Other............................       41.7       50.7        9.6       10.7       19.5        9.5        9.9       13.3

  Less: Personal contributions for
   social insurance.................       13.9       13.2         .9        -.4        7.8        3.1        3.4        4.0

Less: Personal tax and nontax
 payments...........................        5.7     -174.0     -154.2      127.8     -172.9      -15.0      -14.5        -.7

Equals: Disposable personal income..      273.0      436.8      184.2     -133.0      275.5      125.5       93.8       89.0

Less: Personal outlays..............      304.9      298.2       23.5      107.6       66.7       81.6      105.1       46.6
  Personal consumption expenditures.      303.3      313.9       23.9      116.2       74.3       80.5      106.0       53.1
    Durable goods...................       32.0       36.5        3.7       58.6      -23.6       -2.1       40.9      -21.8
    Nondurable goods................       68.4       72.6        -.5         .1       40.7       23.1        8.7       28.5
    Services........................      203.0      204.6       20.7       57.5       57.2       59.4       56.5       46.5
  Interest paid by persons..........         .0      -16.9       -1.2       -7.4       -8.5         .7       -2.0       -6.6
  Personal transfer payments to the
   rest of the world (net)..........        1.6        1.3         .9       -1.2         .9         .4        1.0         .2

Equals: Personal saving.............      -31.8      138.5      160.6     -240.7      208.9       43.9      -11.3       42.3

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      117.7      301.2      169.2     -134.9      231.9       66.2       54.4       45.6
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
                                         May 02     Jun 02     Jul 02     Aug 02     Sep 02     Oct 02/r/  Nov 02/r/  Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................         .4         .7        -.1         .3         .3         .3         .3         .4
  Wage and salary disbursements.....         .4         .9        -.3         .6         .5         .3         .3         .3
  Other labor income................         .7         .8         .7         .7         .7         .7         .7         .7
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        -.7        -.1        1.3         .3         .8         .9         .2         .5
  Rental income of persons with
   capital consumption adjustment...        3.5        3.4       -4.0       -5.4       -5.7         .2         .4         .3
  Personal dividend income..........         .5         .5         .5         .5         .5         .5         .5         .5
  Personal interest income..........         .6         .6        -.4        -.4        -.4         .0         .0         .0
  Transfer payments to persons......         .6         .5         .3         .3         .6         .2         .5         .8
  Less: Personal contributions for
   social insurance.................         .4         .8        -.2         .5         .4         .3         .3         .3

Less: Personal tax and nontax
 payments...........................        -.4         .2       -1.2        -.1        -.1         .0         .0         .2

Equals: Disposable personal income..         .6         .8         .1         .4         .4         .4         .4         .4

Addenda:
  Personal consumption expenditures.         .0         .4        1.1         .3        -.4         .3         .4         .9
    Durable goods...................       -2.7        1.4        5.2        1.9       -5.0       -2.2         .9        6.1
    Nondurable goods................        -.4         .5         .3         .0        -.1        1.0         .4         .2
    Services........................         .8         .2         .7         .2         .4         .5         .3         .2

  Disposable personal income, based
   on chained (1996) dollars........         .6         .7        -.1         .2         .2         .2         .3         .4
----------------------------------------------------------------------------------------------------------------------------
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     III 01      IV 01       I 02      II 02     III 02      IV 02
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        3.3        3.0        1.4        -.2        4.8        5.1        3.6        4.0
  Wage and salary disbursements.....        2.4        1.5        -.3       -1.8        2.2        3.2        3.8        4.3
  Other labor income................        4.8        7.1        3.0        2.8       10.4        9.3        9.2        9.0
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        1.8        4.0        3.3        -.6        9.7        -.5        6.2        7.7
  Rental income of persons with
   capital consumption adjustment...       -6.0        4.4       20.9       -4.3        5.9       39.3      -22.3      -19.0
  Personal dividend income..........        8.9        6.0        5.0        6.3        6.3        6.4        6.6        6.1
  Personal interest income..........        1.3       -1.3       -3.9       -4.9       -1.1        4.7        -.6       -1.7
  Transfer payments to persons......        9.4       10.0        8.3        7.8       16.5       10.1        5.0        5.3
  Less: Personal contributions for
   social insurance.................        3.9        3.6        1.0        -.4        8.6        3.3        3.7        4.1

Less: Personal tax and nontax
 payments...........................         .4      -13.5      -38.8       50.8      -43.3       -5.1       -5.1        -.3

Equals: Disposable personal income..        3.8        5.9       10.4       -6.9       15.8        6.7        4.9        4.6

Addenda:
  Personal consumption expenditures.        4.5        4.5        1.4        6.8        4.3        4.6        6.0        2.9
    Durable goods...................        4.0        4.4        1.8       31.6      -10.3        -.9       20.5       -9.4
    Nondurable goods................        3.5        3.6        -.1         .0        8.2        4.5        1.7        5.5
    Services........................        5.2        5.0        2.0        5.7        5.6        5.7        5.4        4.3

  Disposable personal income, based
   on chained (1996) dollars........        1.8        4.5       10.5       -7.6       14.5        3.9        3.1        2.6
----------------------------------------------------------------------------------------------------------------------------


                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         May 02     Jun 02     Jul 02     Aug 02     Sep 02   Oct 02/r/  Nov 02/r/  Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,536.6    6,557.5    6,619.7    6,625.9    6,584.0    6,592.2    6,613.7    6,671.1
  Durable goods.....................      966.3      983.2    1,036.4    1,057.3    1,003.5      982.5      995.7    1,060.6
  Nondurable goods..................    1,919.7    1,926.9    1,931.0    1,926.2    1,920.2    1,935.8    1,944.4    1,952.3
  Services..........................    3,672.4    3,672.9    3,688.5    3,683.4    3,689.0    3,697.5    3,700.1    3,699.7
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        3.4       20.9       62.2        6.2      -41.9        8.2       21.5       57.4
  Durable goods.....................      -26.2       16.9       53.2       20.9      -53.8      -21.0       13.2       64.9
  Nondurable goods..................        3.8        7.2        4.1       -4.8       -6.0       15.6        8.6        7.9
  Services..........................       19.2         .5       15.6       -5.1        5.6        8.5        2.6        -.4
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .1         .3         .9         .1        -.6         .1         .3         .9
  Durable goods.....................       -2.6        1.7        5.4        2.0       -5.1       -2.1        1.3        6.5
  Nondurable goods..................         .2         .4         .2        -.2        -.3         .8         .4         .4
  Services..........................         .5         .0         .4        -.1         .2         .2         .1         .0
----------------------------------------------------------------------------------------------------------------------------
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     III 01      IV 01       I 02      II 02     III 02      IV 02
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,377.2    6,573.0    6,370.9    6,464.0    6,513.8    6,542.4    6,609.9    6,625.7
  Durable goods.....................      931.9    1,000.5      922.6      992.0      975.9      980.7    1,032.4    1,012.9
  Nondurable goods..................    1,869.8    1,928.0    1,868.3    1,885.0    1,921.4    1,920.9    1,925.8    1,944.2
  Services..........................    3,594.9    3,673.6    3,597.5    3,616.6    3,642.2    3,666.2    3,687.0    3,699.1
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      153.3      195.8       22.9       93.1       49.8       28.6       67.5       15.8
  Durable goods.....................       53.0       68.6       10.2       69.4      -16.1        4.8       51.7      -19.5
  Nondurable goods..................       36.0       58.2        6.0       16.7       36.4        -.5        4.9       18.4
  Services..........................       70.4       78.7        8.2       19.1       25.6       24.0       20.8       12.1
                                    ----------------------------------------------------------------------------------------
                                                            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        1.0
  Durable goods.....................        6.0        7.4        4.6       33.6       -6.3        2.0       22.8       -7.3
  Nondurable goods..................        2.0        3.1        1.3        3.6        7.9        -.1        1.0        3.9
  Services..........................        2.0        2.2         .9        2.1        2.9        2.7        2.3        1.3
----------------------------------------------------------------------------------------------------------------------------


   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         May 02     Jun 02     Jul 02     Aug 02     Sep 02   Oct 02/r/  Nov 02/r/   Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     110.83     110.97     111.12     111.37     111.59     111.83     111.91     111.95
  Durable goods.....................      87.45      87.18      86.97      86.89      86.95      86.81      86.47      86.09
  Nondurable goods..................     109.49     109.59     109.67     109.92     110.17     110.42     110.40     110.22
  Services..........................     117.02     117.28     117.57     117.91     118.16     118.50     118.75     119.00
Addendum:
  Personal consumption expenditures
   less food and energy.............     110.40     110.54     110.66     110.94     111.12     111.26     111.34     111.38
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .0         .1         .1         .2         .2         .2         .1         .0
  Durable goods.....................         .0        -.3        -.2        -.1         .1        -.2        -.4        -.4
  Nondurable goods..................        -.6         .1         .1         .2         .2         .2         .0        -.2
  Services..........................         .3         .2         .2         .3         .2         .3         .2         .2
Addendum:
  Personal consumption expenditures
   less food and energy.............         .1         .1         .1         .2         .2         .1         .1         .0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.


              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                         May 02     Jun 02     Jul 02     Aug 02     Sep 02     Oct 02/r/  Nov 02/r/  Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........        5.1        5.8        4.0        2.4        3.1        5.9        6.0        5.8

Personal consumption expenditures...        2.9        3.1        3.9        3.7        3.7        1.9        2.5        3.1
  Durable goods.....................        6.3        6.3       11.9       13.4       10.4       -4.3         .9       10.2
  Nondurable goods..................        2.9        3.6        3.1        2.7        3.4        3.3        3.6        2.5
  Services..........................        2.3        2.3        2.6        2.2        2.6        2.5        2.4        2.0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.


    Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
                                         May 02     Jun 02     Jul 02     Aug 02     Sep 02     Oct 02/r/  Nov 02/r/  Dec 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures...        1.0        1.1        1.2        1.4        2.1        1.7        1.9        2.0
  Durable goods.....................       -2.6       -2.8       -3.0       -2.6       -2.3       -2.4       -2.8       -3.2
  Nondurable goods..................        -.4        -.4         .4         .9         .1        1.1        1.8        2.4
  Services..........................        2.5        2.6        2.5        2.6        4.0        2.9        2.9        3.0
Addendum:
  Personal consumption expenditures
   less food and energy.............        1.7        1.7        1.5        1.7        2.7        1.7        1.6        1.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.