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News Release: Personal Income and Outlays

The entire release is available in PDF format. The tables in this release are available in an XLS spreadsheet.
Also available: a brief summary of highlights.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, MARCH 26, 2004

James E. Rankin:       (202) 606-5301  (Personal Income)                                   BEA 04-14
Greg Key:                    606-5302  (Personal Outlays)
Recorded message:            606-5303


              PERSONAL INCOME AND OUTLAYS:  FEBRUARY 2004

 Personal income increased $34.1 billion, or 0.4 percent, and disposable personal income (DPI)
increased $30.2 billion, or 0.4 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $17.3 billion, or 0.2 percent.  In January, personal
income increased $28.4 billion, or 0.3 percent, DPI increased $77.3 billion, or 0.9 percent, and PCE
increased $39.5 billion, or 0.5 percent, based on revised estimates.

                                                          2003                          2004
                                            Oct.          Nov.        Dec.        Jan.        Feb.
                                                     (Percent change from preceding month)

Personal income, current dollars             0.4           0.5         0.3         0.3         0.4

Disposable personal income:
  Current dollars                            0.4           0.5         0.4         0.9         0.4
  Chained (2000) dollars                     0.3           0.5         0.2         0.6         0.2

Personal consumption expenditures:
  Current dollars                            0.1           0.7         0.7         0.5         0.2
  Chained (2000) dollars                     0.1           0.7         0.5         0.2         0.0


       This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for July through September 2003 (third quarter).


Wages and salaries

 Private wage and salary disbursements increased $21.0 billion in February, compared with an
increase of $29.3 billion in January.  Goods-producing industries' payrolls increased $3.6 billion,
compared with an increase of $7.3 billion; manufacturing payrolls increased $3.2 billion, compared
with an increase of $4.0 billion.  Services-producing industries' payrolls increased $17.4 billion,
compared with $22.0 billion.

 Government wage and salary disbursements increased $2.5 billion in February, compared with an
increase of $6.1 billion in January.  Pay raises for federal civilian personnel added an additional $0.8
billion to the change in government payrolls in February; pay raises for federal civilian and military
personnel added $4.8 billion to government payrolls in January.


Other personal income

 Employer contributions for government social insurance increased $1.8 billion in February,
compared with an increase of $9.4 billion in January.  The January increase reflected an increase in
the tax rate paid by employers to state unemployment insurance funds and an increase in the social
security taxable wage base (from $87,000 to $87,900); together, these changes added $7.2 billion to
the January increase.  (Changes in employer contributions for government social insurance do not
change personal income, because employer contributions for government social insurance are also
included in total contributions for government social insurance, which is a subtraction in the
calculation of personal income.)

 Proprietors' income increased $5.5 billion in February, in contrast to a decrease of $6.5 billion in
January.  Farm proprietors' income decreased $2.8 billion, compared with a decrease of $3.8 billion.
Nonfarm proprietors' income increased $8.3 billion, in contrast to a decrease of $2.7 billion.

 Rental income of persons decreased $6.4 billion in February, compared with a decrease of $6.5
billion in January.  Personal income receipts on assets (personal interest income plus personal
dividend income) decreased $1.4 billion in February, the same decrease as in January.  Personal
current transfer receipts increased $4.8 billion in February, compared with an increase of $4.0 billion
in January.

 Contributions for government social insurance increased $3.7 billion in February, compared with
an increase of $15.8 billion in January.  The January increase reflected increases in both employer and
personal contributions for government social insurance.  As noted above, employer contributions were
boosted $7.2 billion by an increase in the tax rate paid by employers to state unemployment insurance
funds and an increase in the social security taxable wage base in January.  The January increase in
personal contributions for government social insurance reflected an increase in the monthly premium
paid by participants in the supplementary medical insurance program (Medicare B) and the increase in
the social security taxable wage base; together, these changes added $3.8 billion to the January
increase in personal contributions.


Personal current taxes and disposable personal income

 Personal current taxes increased $3.9 billion in February, in contrast to a decrease of $48.8
billion in January.  A reduction in federal income taxes accounted for most of the January decrease.
Net nonwithheld taxes (payments of estimated taxes plus final settlements less refunds) was reduced
by $44.5 billion in January, based on federal budget projections for 2004.  In addition, indexation
provisions of current tax law reduced withheld taxes by $4.0 billion in January.

 Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $30.2 billion, or 0.4 percent, in February, compared with an increase of $77.3 billion, or 0.9
percent, in January.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal current transfer payments
increased $18.4 billion in February, compared with an increase of $40.4 billion in January.  PCE
increased $17.3 billion, compared with an increase of $39.5 billion.

 Personal saving -- DPI less personal outlays -- was $165.3 billion in February, compared with
$153.5 billion in January.  Personal saving as a percentage of disposable personal income was 1.9
percent in February, compared with 1.8 percent in January.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in February, compared
with an increase of 0.6 percent in January.

 Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in February,
compared with an increase of 0.2 percent in January.  Purchases of durable goods decreased 0.2
percent, compared with a decrease of 3.4 percent.  Purchases of motor vehicles and parts more than
accounted for the February decrease and accounted for most of the January decrease.  Purchases of
nondurable goods decreased 0.4 percent in February, in contrast to an increase of 1.1 percent in
January.  Purchases of services increased 0.3 percent, compared with an increase of 0.5 percent.


Revisions

 Estimates for personal income and DPI have been revised for July through January; estimates for
PCE have been revised for October through January.  Changes in personal income, current-dollar and
chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for December and
January -- revised and as published in last month's release -- are shown below.

 For July through September, the revisions to wages and salaries reflected the incorporation of the
most recently available BLS tabulations of private wages and salaries from the state unemployment
insurance program.  Revisions to personal taxes and to contributions for government social insurance
reflected the revisions to wages and salaries.

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

Personal Income:
  Current dollars..........  29.6    32.6       0.3     0.3              18.4     28.4      0.2     0.3

Disposable personal income:
  Current dollars..........  27.4    30.4       0.3     0.4              67.8     77.3      0.8     0.9
  Chained (2000) dollars...  10.6    12.5       0.1     0.2              37.9     45.9      0.5     0.6

Personal consumption expenditures:
  Current dollars..........  42.9    59.1       0.5     0.7              32.1     39.5      0.4     0.5
  Chained (2000) dollars...  25.9    40.4       0.3     0.5               5.5     11.6      0.1     0.2


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

                             <www.bea.gov>

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

                                (202)  606-5306   Gross domestic product
                                (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 March will be released on
                   April 30, 2004, at 8:30 A.M. EDT.


                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                              Jul 03/r/  Aug 03/r/  Sep 03/r/  Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/r/  Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,226.7    9,254.6    9,287.6    9,322.3    9,368.5    9,401.1    9,429.5    9,463.6

  Compensation of employees, received......    6,208.4    6,232.0    6,247.8    6,265.3    6,294.1    6,287.7    6,342.4    6,377.5

    Wage and salary disbursements..........    5,103.6    5,121.4    5,131.4    5,144.9    5,169.5    5,160.5    5,196.0    5,219.5
      Private industries...................    4,204.0    4,220.8    4,231.6    4,244.5    4,269.0    4,258.0    4,287.3    4,308.3
        Goods-producing industries.........    1,003.9    1,007.0    1,011.1    1,012.3    1,019.1    1,017.6    1,024.9    1,028.5
          Manufacturing....................      665.9      667.2      669.7      669.9      675.3      674.1      678.1      681.3
        Services-producing industries......    3,200.1    3,213.9    3,220.5    3,232.2    3,249.9    3,240.4    3,262.4    3,279.8
          Trade, transportation, and
           utilities.......................      862.3      866.5      867.4      873.4      874.8      870.7      877.7      880.7
          Other services-producing
           industries......................    2,337.8    2,347.3    2,353.1    2,358.7    2,375.1    2,369.7    2,384.6    2,399.1
      Government...........................      899.6      900.6      899.8      900.4      900.5      902.6      908.7      911.2

    Supplements to wages and salaries......    1,104.8    1,110.6    1,116.5    1,120.4    1,124.6    1,127.1    1,146.4    1,158.0
      Employer contributions for employee
       pension and insurance funds.........      725.9      730.7      735.6      738.7      741.3      744.4      754.3      764.1
      Employer contributions for government
       social insurance....................      378.9      380.0      380.8      381.7      383.3      382.7      392.1      393.9

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      859.8      858.1      864.8      867.4      873.9      881.6      875.1      880.6
    Farm...................................       22.5       21.4       20.5       22.5       23.9       23.7       19.9       17.1
    Nonfarm................................      837.2      836.7      844.3      844.9      850.1      857.9      855.2      863.5

  Rental income of persons with capital
   consumption adjustment..................      151.4      157.0      162.6      172.9      182.9      193.1      186.6      180.2

  Personal income receipts on assets.......    1,390.5    1,389.2    1,388.0    1,396.4    1,405.1    1,414.0    1,412.6    1,411.2
    Personal interest income...............      960.7      957.1      953.4      959.5      965.7      971.9      967.8      963.7
    Personal dividend income...............      429.8      432.2      434.6      436.9      439.4      442.1      444.8      447.6

  Personal current transfer receipts.......    1,393.5    1,397.4    1,405.2    1,403.0    1,398.6    1,409.8    1,413.8    1,418.6
    Government social benefits to persons..    1,348.4    1,351.3    1,358.1    1,355.2    1,350.9    1,362.2    1,366.7    1,372.0
      Old-age, survivors, disability, and
       health insurance benefits...........      743.3      746.8      746.7      751.1      752.9      760.7      763.5      774.9
      Government unemployment insurance
       benefits............................       59.3       57.3       59.2       58.4       53.0       55.3       47.0       37.5
      Other................................      545.7      547.2      552.2      545.7      544.9      546.2      556.2      559.6
    Other current transfer receipts, from
     business (net)........................       45.1       46.1       47.1       47.8       47.7       47.6       47.1       46.6

  Less: Contributions for government social
   insurance...............................      776.8      779.2      780.9      782.8      786.1      785.1      800.9      804.6

Less: Personal current taxes...............      925.9      885.0    1,004.5    1,009.6    1,015.9    1,018.0      969.2      973.1

Equals: Disposable personal income.........    8,300.8    8,369.6    8,283.0    8,312.6    8,352.6    8,383.0    8,460.3    8,490.5

Less: Personal outlays.....................    8,072.4    8,142.2    8,140.8    8,153.0    8,206.2    8,266.4    8,306.8    8,325.2

  Personal consumption expenditures........    7,792.4    7,860.1    7,856.6    7,864.7    7,916.8    7,975.9    8,015.4    8,032.7
    Durable goods..........................      960.9      990.5      973.9      956.0      961.2      983.7      952.2      949.9
    Nondurable goods.......................    2,209.7    2,239.6    2,240.7    2,246.3    2,266.9    2,273.4    2,314.4    2,316.1
    Services...............................    4,621.8    4,630.0    4,642.0    4,662.3    4,688.7    4,718.8    4,748.7    4,766.7
  Personal interest payments\1\............      182.9      184.6      186.3      187.0      187.6      188.3      188.8      189.3
  Personal current transfer payments.......       97.1       97.6       98.0      101.4      101.8      102.3      102.7      103.1
    To government..........................       63.3       63.7       64.1       64.4       64.9       65.3       65.7       66.1
    To the rest of the world (net).........       33.9       33.9       33.9       37.0       37.0       37.0       37.0       37.0

Equals: Personal saving....................      228.4      227.3      142.2      159.6      146.4      116.6      153.5      165.3

  Personal saving as a percentage of
   disposable personal income..............        2.8        2.7        1.7        1.9        1.8        1.4        1.8        1.9

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,879.9    7,932.2    7,836.5    7,862.3    7,902.1    7,914.6    7,960.5    7,972.9
    Per capita:
      Current dollars......................     28,507     28,717     28,395     28,472     28,586     28,667     28,910     28,993
      Chained (2000) dollars...............     27,062     27,217     26,864     26,930     27,044     27,065     27,202     27,225
  Population (midperiod, thousands)\3\.....    291,179    291,446    291,709    291,958    292,197    292,427    292,644    292,848
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2003.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.



                                Table 2.--Personal Income and Its Disposition (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002    2003/r/     III 02      IV 02       I 03      II 03   III 03/r/  IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    8,910.3    9,203.7    8,944.0    8,981.3    9,048.7    9,145.9    9,256.3    9,363.9

  Compensation of employees, received......    6,019.1    6,198.1    6,031.1    6,058.0    6,114.4    6,166.2    6,229.4    6,282.4

    Wage and salary disbursements..........    4,974.6    5,095.6    4,980.9    4,999.1    5,033.2    5,072.2    5,118.8    5,158.3
      Private industries...................    4,114.7    4,198.0    4,117.7    4,125.4    4,143.3    4,172.7    4,218.8    4,257.2
        Goods-producing industries.........    1,010.9    1,008.2    1,010.7    1,007.1    1,005.8    1,003.4    1,007.3    1,016.4
          Manufacturing....................      675.7      669.4      676.3      672.6      670.5      666.5      667.6      673.1
        Services-producing industries......    3,103.7    3,189.8    3,107.0    3,118.3    3,137.5    3,169.3    3,211.5    3,240.8
          Trade, transportation, and
           utilities.......................      844.7      863.2      847.6      847.6      855.0      859.5      865.4      873.0
          Other services-producing
           industries......................    2,259.0    2,326.6    2,259.4    2,270.7    2,282.6    2,309.8    2,346.1    2,367.9
      Government...........................      859.9      897.7      863.2      873.8      890.0      899.5      900.0      901.2

    Supplements to wages and salaries......    1,044.5    1,102.4    1,050.2    1,058.8    1,081.2    1,093.9    1,110.6    1,124.0
      Employer contributions for employee
       pension and insurance funds.........      680.4      724.0      685.2      692.1      706.3      717.3      730.7      741.5
      Employer contributions for government
       social insurance....................      364.1      378.5      365.1      366.7      374.9      376.6      379.9      382.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      797.7      846.9      803.2      812.2      813.5      838.8      860.9      874.3
    Farm...................................       14.3       19.5       13.5       16.3       13.0       20.0       21.5       23.3
    Nonfarm................................      783.4      827.4      789.7      795.9      800.5      818.8      839.4      850.9

  Rental income of persons with capital
   consumption adjustment..................      173.0      164.2      172.7      159.0      163.2      153.4      157.0      183.0

  Personal income receipts on assets.......    1,378.5    1,393.3    1,387.5    1,392.0    1,388.6    1,390.2    1,389.2    1,405.2
    Personal interest income...............      982.4      964.6      985.3      981.2      970.6      964.9      957.0      965.7
    Personal dividend income...............      396.2      428.7      402.2      410.8      418.0      425.3      432.2      439.5

  Personal current transfer receipts.......    1,292.2    1,377.5    1,301.6    1,315.6    1,337.6    1,369.7    1,398.7    1,403.8
    Government social benefits to persons..    1,249.5    1,331.6    1,259.4    1,274.6    1,292.4    1,325.3    1,352.6    1,356.1
      Old-age, survivors, disability, and
       health insurance benefits...........      710.3      743.7      713.8      721.1      732.3      741.8      745.6      754.9
      Government unemployment insurance
       benefits............................       53.4       55.6       57.3       53.8       51.9       56.3       58.6       55.6
      Other................................      485.8      532.3      488.4      499.8      508.2      527.1      548.4      545.6
    Other current transfer receipts, from
     business (net)........................       42.6       45.9       42.1       41.0       45.3       44.5       46.1       47.7

  Less: Contributions for government social
   insurance...............................      750.3      776.2      752.1      755.5      768.7      772.3      779.0      784.7

Less: Personal current taxes...............    1,053.1      990.6    1,053.0    1,045.6    1,009.4    1,000.2      938.5    1,014.5

Equals: Disposable personal income.........    7,857.2    8,213.1    7,891.0    7,935.6    8,039.2    8,145.8    8,317.8    8,349.4

Less: Personal outlays.....................    7,674.0    8,043.0    7,722.0    7,789.2    7,888.3    7,956.7    8,118.5    8,208.6

  Personal consumption expenditures........    7,385.3    7,757.4    7,428.2    7,501.2    7,600.7    7,673.6    7,836.3    7,919.1
    Durable goods..........................      911.3      941.6      913.6      907.3      898.2      926.2      975.1      967.0
    Nondurable goods.......................    2,086.0    2,209.7    2,090.5    2,119.2    2,175.7    2,170.8    2,230.0    2,262.2
    Services...............................    4,388.0    4,606.2    4,424.1    4,474.7    4,526.8    4,576.6    4,631.2    4,689.9
  Personal interest payments\1\............      194.7      185.4      196.2      187.7      186.2      183.2      184.6      187.6
  Personal current transfer payments.......       94.0      100.2       97.6      100.3      101.3      100.0       97.6      101.9
    To government..........................       58.6       63.1       59.1       60.1       61.3       62.5       63.7       64.9
    To the rest of the world (net).........       35.4       37.1       38.6       40.2       40.1       37.5       33.9       37.0

Equals: Personal saving....................      183.2      170.0      169.0      146.4      151.0      189.0      199.3      140.8

  Personal saving as a percentage of
   disposable personal income..............        2.3        2.1        2.1        1.8        1.9        2.3        2.4        1.7

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,596.7    7,797.8    7,605.2    7,615.8    7,662.0    7,753.5    7,882.9    7,893.0
    Per capita:
      Current dollars......................     27,259     28,215     27,342     27,425     27,720     28,022     28,540     28,575
      Chained (2000) dollars...............     26,355     26,789     26,352     26,320     26,419     26,673     27,048     27,013
  Population (midperiod, thousands)\3\.....    288,240    291,086    288,605    289,360    290,016    290,689    291,445    292,194
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2003.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.



                       Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                               Jul 03/r/  Aug 03/r/  Sep 03/r/  Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/r/  Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       40.7       27.9       33.0       34.7       46.2       32.6       28.4       34.1

  Compensation of employees, received......       23.5       23.6       15.8       17.5       28.8       -6.4       54.7       35.1

    Wage and salary disbursements..........       16.0       17.8       10.0       13.5       24.6       -9.0       35.5       23.5
      Private industries...................       20.1       16.8       10.8       12.9       24.5      -11.0       29.3       21.0
        Goods-producing industries.........       -2.9        3.1        4.1        1.2        6.8       -1.5        7.3        3.6
          Manufacturing....................       -2.8        1.3        2.5         .2        5.4       -1.2        4.0        3.2
        Services-producing industries......       23.0       13.8        6.6       11.7       17.7       -9.5       22.0       17.4
          Trade, transportation, and
           utilities.......................        1.4        4.2         .9        6.0        1.4       -4.1        7.0        3.0
          Other services-producing
           industries......................       21.6        9.5        5.8        5.6       16.4       -5.4       14.9       14.5
      Government...........................       -4.1        1.0        -.8         .6         .1        2.1        6.1        2.5

    Supplements to wages and salaries......        7.5        5.8        5.9        3.9        4.2        2.5       19.3       11.6
      Employer contributions for employee
       pension and insurance funds.........        6.3        4.8        4.9        3.1        2.6        3.1        9.9        9.8
      Employer contributions for government
       social insurance....................        1.2        1.1         .8         .9        1.6        -.6        9.4        1.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        5.5       -1.7        6.7        2.6        6.5        7.7       -6.5        5.5
    Farm...................................       -1.3       -1.1        -.9        2.0        1.4        -.2       -3.8       -2.8
    Nonfarm................................        6.7        -.5        7.6         .6        5.2        7.8       -2.7        8.3

  Rental income of persons with capital
   consumption adjustment..................        5.2        5.6        5.6       10.3       10.0       10.2       -6.5       -6.4

  Personal income receipts on assets.......       -1.4       -1.3       -1.2        8.4        8.7        8.9       -1.4       -1.4
    Personal interest income...............       -3.6       -3.6       -3.7        6.1        6.2        6.2       -4.1       -4.1
    Personal dividend income...............        2.2        2.4        2.4        2.3        2.5        2.7        2.7        2.8

  Personal current transfer receipts.......       10.4        3.9        7.8       -2.2       -4.4       11.2        4.0        4.8
    Government social benefits to persons..        8.7        2.9        6.8       -2.9       -4.3       11.3        4.5        5.3
      Old-age, survivors, disability, and
       health insurance benefits...........        -.8        3.5        -.1        4.4        1.8        7.8        2.8       11.4
      Government unemployment insurance
       benefits............................        -.7       -2.0        1.9        -.8       -5.4        2.3       -8.3       -9.5
      Other................................       10.0        1.5        5.0       -6.5        -.8        1.3       10.0        3.4
    Other current transfer receipts, from
     business (net)........................        1.7        1.0        1.0         .7        -.1        -.1        -.5        -.5

  Less: Contributions for government social
   insurance...............................        2.4        2.4        1.7        1.9        3.3       -1.0       15.8        3.7

Less: Personal current taxes...............      -74.6      -40.9      119.5        5.1        6.3        2.1      -48.8        3.9

Equals: Disposable personal income.........      115.2       68.8      -86.6       29.6       40.0       30.4       77.3       30.2

Less: Personal outlays.....................       66.6       69.8       -1.4       12.2       53.2       60.2       40.4       18.4

  Personal consumption expenditures........       68.2       67.7       -3.5        8.1       52.1       59.1       39.5       17.3
    Durable goods..........................       26.0       29.6      -16.6      -17.9        5.2       22.5      -31.5       -2.3
    Nondurable goods.......................       23.3       29.9        1.1        5.6       20.6        6.5       41.0        1.7
    Services...............................       19.0        8.2       12.0       20.3       26.4       30.1       29.9       18.0
  Personal interest payments\1\............        1.7        1.7        1.7         .7         .6         .7         .5         .5
  Personal current transfer payments.......       -3.3         .5         .4        3.4         .4         .5         .4         .4
    To government..........................         .4         .4         .4         .3         .5         .4         .4         .4
    To the rest of the world (net).........       -3.6         .0         .0        3.1         .0         .0         .0         .0

Equals: Personal saving....................       48.6       -1.1      -85.1       17.4      -13.2      -29.8       36.9       11.8

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       99.3       52.3      -95.7       25.8       39.8       12.5       45.9       12.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2003.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.



                 Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002     2003/r/     III 02      IV 02       I 03      II 03   III 03/r/  IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      197.2      293.4       31.8       37.3       67.4       97.2      110.4      107.6

  Compensation of employees, received......       78.7      179.0       16.3       26.9       56.4       51.8       63.2       53.0

    Wage and salary disbursements..........       31.7      121.0        7.8       18.2       34.1       39.0       46.6       39.5
      Private industries...................      -12.4       83.3         .6        7.7       17.9       29.4       46.1       38.4
        Goods-producing industries.........      -33.7       -2.7       -4.2       -3.6       -1.3       -2.4        3.9        9.1
          Manufacturing....................      -33.4       -6.3       -3.8       -3.7       -2.1       -4.0        1.1        5.5
        Services-producing industries......       21.2       86.1        4.9       11.3       19.2       31.8       42.2       29.3
          Trade, transportation, and
           utilities.......................        -.2       18.5        2.9         .0        7.4        4.5        5.9        7.6
          Other services-producing
           industries......................       21.4       67.6        2.0       11.3       11.9       27.2       36.3       21.8
      Government...........................       44.1       37.8        7.2       10.6       16.2        9.5         .5        1.2

    Supplements to wages and salaries......       46.9       57.9        8.5        8.6       22.4       12.7       16.7       13.4
      Employer contributions for employee
       pension and insurance funds.........       37.8       43.6        7.3        6.9       14.2       11.0       13.4       10.8
      Employer contributions for government
       social insurance....................        9.2       14.4        1.2        1.6        8.2        1.7        3.3        2.7

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       27.1       49.2        7.0        9.0        1.3       25.3       22.1       13.4
    Farm...................................      -10.7        5.2       -1.7        2.8       -3.3        7.0        1.5        1.8
    Nonfarm................................       37.8       44.0        8.8        6.2        4.6       18.3       20.6       11.5

  Rental income of persons with capital
   consumption adjustment..................        9.9       -8.8      -11.7      -13.7        4.2       -9.8        3.6       26.0

  Personal income receipts on assets.......        3.6       14.8       12.1        4.5       -3.4        1.6       -1.0       16.0
    Personal interest income...............      -21.3      -17.8        1.3       -4.1      -10.6       -5.7       -7.9        8.7
    Personal dividend income...............       25.0       32.5       10.8        8.6        7.2        7.3        6.9        7.3

  Personal current transfer receipts.......       99.6       85.3       10.5       14.0       22.0       32.1       29.0        5.1
    Government social benefits to persons..      106.9       82.1       11.5       15.2       17.8       32.9       27.3        3.5
      Old-age, survivors, disability, and
       health insurance benefits...........       41.9       33.4        6.8        7.3       11.2        9.5        3.8        9.3
      Government unemployment insurance
       benefits............................       21.7        2.2       -2.9       -3.5       -1.9        4.4        2.3       -3.0
      Other................................       43.3       46.5        7.7       11.4        8.4       18.9       21.3       -2.8
    Other current transfer receipts, from
     business (net)........................       -7.3        3.3       -1.1       -1.1        4.3        -.8        1.6        1.6

  Less: Contributions for government social
   insurance...............................       21.8       25.9        2.5        3.4       13.2        3.6        6.7        5.7

Less: Personal current taxes...............     -190.6      -62.5        9.3       -7.4      -36.2       -9.2      -61.7       76.0

Equals: Disposable personal income.........      387.8      355.9       22.4       44.6      103.6      106.6      172.0       31.6

Less: Personal outlays.....................      331.8      369.0       75.2       67.2       99.1       68.4      161.8       90.1

  Personal consumption expenditures........      339.9      372.1       72.7       73.0       99.5       72.9      162.7       82.8
    Durable goods..........................       29.4       30.3        4.3       -6.3       -9.1       28.0       48.9       -8.1
    Nondurable goods.......................       72.4      123.7        8.0       28.7       56.5       -4.9       59.2       32.2
    Services...............................      238.2      218.2       60.5       50.6       52.1       49.8       54.6       58.7
  Personal interest payments\1\............      -14.4       -9.3       -2.7       -8.5       -1.5       -3.0        1.4        3.0
  Personal current transfer payments.......        6.3        6.2        5.1        2.7        1.0       -1.3       -2.4        4.3
    To government..........................        4.0        4.5        1.1        1.0        1.2        1.2        1.2        1.2
    To the rest of the world (net).........        2.3        1.7        4.1        1.6        -.1       -2.6       -3.6        3.1

Equals: Personal saving....................       56.0      -13.2      -52.7      -22.6        4.6       38.0       10.3      -58.5

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      276.5      201.1      -16.3       10.6       46.2       91.5      129.4       10.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2003.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.



                   Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 03/r/  Aug 03/r/  Sep 03/r/  Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/r/  Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .4         .3         .4         .4         .5         .3         .3         .4
  Compensation of employees, received......         .4         .4         .3         .3         .5        -.1         .9         .6
    Wage and salary disbursements..........         .3         .3         .2         .3         .5        -.2         .7         .5
    Supplements to wages and salaries......         .7         .5         .5         .4         .4         .2        1.7        1.0
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .6        -.2         .8         .3         .8         .9        -.7         .6
  Rental income of persons with capital
   consumption adjustment..................        3.6        3.7        3.6        6.3        5.8        5.6       -3.4       -3.4
  Personal income receipts on assets.......        -.1        -.1        -.1         .6         .6         .6        -.1        -.1
    Personal interest income...............        -.4        -.4        -.4         .6         .6         .6        -.4        -.4
    Personal dividend income...............         .5         .6         .6         .5         .6         .6         .6         .6
  Personal current transfer receipts.......         .7         .3         .6        -.2        -.3         .8         .3         .3

  Less: Contributions for government social
   insurance...............................         .3         .3         .2         .2         .4        -.1        2.0         .5

Less: Personal current taxes...............       -7.5       -4.4       13.5         .5         .6         .2       -4.8         .4

Equals: Disposable personal income.........        1.4         .8       -1.0         .4         .5         .4         .9         .4

Addenda:
  Personal consumption expenditures........         .9         .9         .0         .1         .7         .7         .5         .2
    Durable goods..........................        2.8        3.1       -1.7       -1.8         .5        2.3       -3.2        -.2
    Nondurable goods.......................        1.1        1.4         .1         .3         .9         .3        1.8         .1
    Services...............................         .4         .2         .3         .4         .6         .6         .6         .4

  Real disposable personal income..........        1.3         .7       -1.2         .3         .5         .2         .6         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2003.



             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002      2003/r/    III 02      IV 02       I 03      II 03    III 03/r/  IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        2.3        3.3        1.4        1.7        3.0        4.4        4.9        4.7
  Compensation of employees, received......        1.3        3.0        1.1        1.8        3.8        3.4        4.2        3.4
    Wage and salary disbursements..........         .6        2.4         .6        1.5        2.8        3.1        3.7        3.1
    Supplements to wages and salaries......        4.7        5.5        3.3        3.3        8.7        4.8        6.2        4.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        3.5        6.2        3.6        4.6         .6       13.0       11.0        6.4
  Rental income of persons with capital
   consumption adjustment..................        6.1       -5.1      -23.1      -28.2       11.1      -22.0        9.7       84.6
  Personal income receipts on assets.......         .3        1.1        3.6        1.3       -1.0         .5        -.3        4.7
    Personal interest income...............       -2.1       -1.8         .5       -1.6       -4.2       -2.3       -3.2        3.7
    Personal dividend income...............        6.7        8.2       11.5        8.8        7.2        7.2        6.7        6.9
  Personal current transfer receipts.......        8.4        6.6        3.3        4.4        6.9        9.9        8.7        1.5

  Less: Contributions for government social
   insurance...............................        3.0        3.5        1.3        1.8        7.2        1.9        3.5        3.0

Less: Personal current taxes...............      -15.3       -5.9        3.6       -2.8      -13.1       -3.6      -22.5       36.6

Equals: Disposable personal income.........        5.2        4.5        1.1        2.3        5.3        5.4        8.7        1.5

Addenda:
  Personal consumption expenditures........        4.8        5.0        4.0        4.0        5.4        3.9        8.8        4.3
    Durable goods..........................        3.3        3.3        1.9       -2.7       -4.0       13.1       22.9       -3.3
    Nondurable goods.......................        3.6        5.9        1.5        5.6       11.1        -.9       11.4        5.9
    Services...............................        5.7        5.0        5.7        4.6        4.7        4.5        4.9        5.2

  Real disposable personal income..........        3.8        2.6        -.9         .6        2.4        4.9        6.8         .5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2003.



                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/r/  Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,397.3    7,449.4    7,433.1    7,438.6    7,489.8    7,530.2    7,541.8    7,543.0
  Durable goods............................    1,050.1    1,085.7    1,071.6    1,054.9    1,064.7    1,093.0    1,055.6    1,053.1
  Nondurable goods.........................    2,128.4    2,143.8    2,130.7    2,143.8    2,170.9    2,172.6    2,196.1    2,188.1
  Services.................................    4,230.5    4,236.3    4,244.8    4,251.4    4,266.9    4,280.9    4,300.2    4,311.2
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       55.2       52.1      -16.3        5.5       51.2       40.4       11.6        1.2
  Durable goods............................       31.7       35.6      -14.1      -16.7        9.8       28.3      -37.4       -2.5
  Nondurable goods.........................       16.7       15.4      -13.1       13.1       27.1        1.7       23.5       -8.0
  Services.................................       10.7        5.8        8.5        6.6       15.5       14.0       19.3       11.0
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .8         .7        -.2         .1         .7         .5         .2         .0
  Durable goods............................        3.1        3.4       -1.3       -1.6         .9        2.7       -3.4        -.2
  Nondurable goods.........................         .8         .7        -.6         .6        1.3         .1        1.1        -.4
  Services.................................         .3         .1         .2         .2         .4         .3         .5         .3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002    2003/r/     III 02      IV 02       I 03      II 03     III 03   IV 03/r/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,140.4    7,365.2    7,159.2    7,198.9    7,244.1    7,304.0    7,426.6    7,486.2
  Durable goods............................      957.2    1,027.5      963.1      963.8      965.0    1,005.1    1,069.1    1,070.8
  Nondurable goods.........................    2,043.6    2,121.0    2,038.8    2,061.8    2,090.5    2,096.9    2,134.3    2,162.4
  Services.................................    4,141.8    4,225.7    4,159.4    4,175.4    4,190.7    4,208.4    4,237.2    4,266.4
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      235.8      224.8       34.7       39.7       45.2       59.9      122.6       59.6
  Durable goods............................       58.1       70.3       11.7         .7        1.2       40.1       64.0        1.7
  Nondurable goods.........................       60.3       77.4        1.0       23.0       28.7        6.4       37.4       28.1
  Services.................................      119.4       83.9       22.4       16.0       15.3       17.7       28.8       29.2
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                    chained (2000) dollars at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.4        3.1        2.0        2.2        2.5        3.3        6.9        3.2
  Durable goods............................        6.5        7.4        5.0         .3         .5       17.7       28.0         .7
  Nondurable goods.........................        3.0        3.8         .2        4.6        5.7        1.2        7.3        5.4
  Services.................................        3.0        2.0        2.2        1.5        1.5        1.7        2.8        2.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.



      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/r/  Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    105.345    105.518    105.703    105.733    105.705    105.924    106.283    106.496
  Durable goods............................     91.508     91.232     90.881     90.626     90.273     89.995     90.200     90.200
  Nondurable goods.........................    103.823    104.475    105.167    104.786    104.424    104.645    105.388    105.854
  Services.................................    109.256    109.299    109.364    109.672    109.895    110.238    110.439    110.575
Addendum:
  Personal consumption expenditures
   excluding food and energy...............    104.964    104.950    104.939    105.136    105.228    105.406    105.530    105.639
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .1         .2         .2         .0         .0         .2         .3         .2
  Durable goods............................        -.3        -.3        -.4        -.3        -.4        -.3         .2         .0
  Nondurable goods.........................         .3         .6         .7        -.4        -.3         .2         .7         .4
  Services.................................         .2         .0         .1         .3         .2         .3         .2         .1
Addendum:
  Personal consumption expenditures
   excluding food and energy...............         .1         .0         .0         .2         .1         .2         .1         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 03/r/  Aug 03/r/  Sep 03/r/  Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/r/  Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        3.5        4.4        3.1        3.3        3.7        3.9        4.1        4.1

Personal consumption expenditures..........        3.1        3.9        4.2        3.9        4.1        4.0        4.1        4.3
  Durable goods............................        8.2       11.3       13.6       12.3       11.6        9.6        9.4       10.1
  Nondurable goods.........................        4.2        5.1        4.7        4.6        5.1        5.0        4.8        5.0
  Services.................................        1.6        1.9        2.2        2.0        2.1        2.4        2.7        2.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the third quarter of 2003.



              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 03     Aug 03     Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/r/  Feb 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.7        1.7        1.7        1.7        1.5        1.4        1.6        1.5
  Durable goods............................       -3.7       -3.7       -4.1       -4.1       -4.2       -3.9       -3.3       -3.1
  Nondurable goods.........................        1.4        1.9        2.4        1.9        1.6        1.9        2.2        1.5
  Services.................................        3.0        2.8        2.5        2.8        2.6        2.3        2.4        2.4
Addendum:
  Personal consumption expenditures
   less food and energy....................        1.3        1.0         .8        1.1        1.0         .8        1.0        1.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.