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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. EDT, FRIDAY, MAY 28, 2004

James E. Rankin:     (202) 606-5301  (Personal Income)                BEA 04-23
Clint McCully:       (202) 606-5302  (Personal Outlays)
Recorded message:    (202) 606-5303


               PERSONAL INCOME AND OUTLAYS:  APRIL 2004

 Personal income increased $54.6 billion, or 0.6 percent, and disposable personal income (DPI) increased
$46.9 billion, or 0.5 percent, in April, according to the Bureau of Economic Analysis.  Personal consumption
expenditures (PCE) increased $28.1 billion, or 0.3 percent.  In March, personal income increased $41.2
billion, or 0.4 percent, DPI increased $37.1 billion, or 0.4 percent, and PCE increased $43.6 billion, or 0.5
percent, based on revised estimates.

                                     2003                  2004
                                     Dec.          Jan.          Feb.          Mar.          Apr.
                                                (Percent change from preceding month)

Personal income, current dollars     0.4           0.5           0.5           0.4           0.6
Disposable personal income:
  Current dollars                    0.4           1.0           0.5           0.4           0.5
  Chained (2000) dollars             0.2           0.6           0.3           0.2           0.4
Personal consumption expenditures:
  Current dollars                    0.7           0.5           0.4           0.5           0.3
  Chained (2000) dollars             0.5           0.1           0.2           0.3           0.2


       As announced last month, this release includes revised estimates of wages and salaries for the fourth
quarter of 2003.  These revisions incorporate newly available wage and salary tabulations of employees
covered by state unemployment insurance for the fourth quarter from the Bureau of Labor Statistics.  The
accelerated schedule reflects the more timely availability of the BLS tabulations.

Wages and salaries

 Private wage and salary disbursements increased $22.3 billion in April, compared with an
increase of $13.8 billion in March.  Goods-producing industries' payrolls increased $3.9 billion,
compared with an increase of $4.5 billion; manufacturing payrolls increased $2.3 billion,
compared with an increase of $0.8 billion.  Services-producing industries' payrolls increased
$18.3 billion, compared with an increase of $9.4 billion.  Government wage and salary
disbursements increased $5.4 billion, compared with an increase of $3.3 billion.
                                   
Other personal income

 Supplements to wages and salaries increased $6.8 billion in April, compared with an increase
of $11.4 billion in March.  Proprietors' income increased $11.9 billion, compared with an
increase of $15.8 billion.  Farm proprietors' income increased $2.0 billion, compared with an
increase of $0.3 billion.  Nonfarm proprietors' income increased $9.9 billion, compared with an
increase of $15.5 billion.

 Rental income of persons decreased $1.0 billion in April, compared with a decrease of $2.9
billion in March.  Personal income receipts on assets (personal interest income plus personal
dividend income) increased $7.0 billion, compared with an increase of $0.1 billion.  Personal
current transfer receipts increased $5.3 billion, compared with an increase of $1.8 billion.

 Contributions for government social insurance -- a subtraction in calculating personal
income -- increased $3.2 billion in April, compared with an increase of $2.1 billion in March.

Personal current taxes and disposable personal income

 Personal current taxes increased $7.7 billion in April, compared with an increase of $4.1
billion in March.  Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $46.9 billion, or 0.5 percent, in April, compared with an increase of
$37.1 billion, or 0.4 percent, in March.

Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal current transfer payments
increased $30.3 billion in April, compared with an increase of $42.2 billion in March.  PCE
increased $28.1 billion, compared with an increase of $43.6 billion.

 Personal saving -- DPI less personal outlays -- was $203.5 billion in April, compared with
$186.8 billion in March.  Personal saving as a percentage of disposable personal income was 2.4
percent in April, compared with 2.2 percent in March.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in April, compared
with an increase of 0.2 percent in March.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in April,
compared with an increase of 0.3 percent in March.  Purchases of durable goods increased 0.8
percent, compared with an increase of 0.9 percent.  Purchases of motor vehicles and parts
accounted for the April increase.  Purchases of nondurable goods decreased 0.2 percent in April,
in contrast to an increase of 0.1 percent in March.  Purchases of services increased 0.3 percent,
compared with an increase of 0.2 percent.

Revisions

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

 For October through December, 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
                                        February                                    March
                          Previous Revised  Previous Revised          Previous Revised  Previous Revised
                       (Billions of dollars)    (Percent)           (Billions of dollars)    (Percent)
Personal Income:
  Current dollars.......... 45.7     47.8      0.5     0.5              38.3     41.2      0.4      0.4

Disposable personal income:
  Current dollars.......... 40.0     42.2      0.5     0.5              34.6     37.1      0.4      0.4
  Chained (2000) dollars... 21.7     24.3      0.3     0.3               9.9     12.4      0.1      0.2

Personal consumption expenditures:
  Current dollars.........  33.0     30.8      0.4     0.4              33.0     43.6      0.4      0.5
  Chained (2000) dollars..  16.0     14.4      0.2     0.2               9.5     19.8      0.1      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
                                (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.

                                   Annual Revision of the National Income and Product Accounts

         As part of the annual revision of the national income and product accounts, revised estimates of
personal income and outlays covering January 2001 through May 2004 will be released along with
preliminary estimates for June 2004 on August 3.  An article describing the revision will appear in the
August 2004 issue of the Survey of Current Business.


Next release -- Personal Income and Outlays for May will be released on
                   June 28, 2004, at 8:30 A.M. EDT.



                                       Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,287.6    9,332.9    9,386.9    9,423.3    9,472.7    9,520.5    9,561.7    9,616.3

  Compensation of employees, received......    6,247.8    6,277.6    6,315.2    6,313.2    6,372.3    6,411.8    6,440.4    6,474.8

    Wage and salary disbursements..........    5,131.4    5,156.4    5,189.2    5,184.3    5,223.2    5,250.4    5,267.6    5,295.3
      Private industries...................    4,231.6    4,255.9    4,288.7    4,281.7    4,314.8    4,339.5    4,353.3    4,375.6
        Goods-producing industries.........    1,011.1    1,019.3    1,030.1    1,030.6    1,038.7    1,043.5    1,048.0    1,051.9
          Manufacturing....................      669.7      674.9      683.6      684.1      688.3      691.8      692.6      694.9
        Services-producing industries......    3,220.5    3,236.6    3,258.6    3,251.2    3,276.2    3,295.9    3,305.3    3,323.6
          Trade, transportation, and
           utilities.......................      867.4      874.9      878.3      873.5      882.0      887.3      890.5      893.6
          Other services-producing
           industries......................    2,353.1    2,361.7    2,380.3    2,377.7    2,394.2    2,408.6    2,414.8    2,430.0
      Government...........................      899.8      900.4      900.5      902.6      908.3      911.0      914.3      919.7

    Supplements to wages and salaries......    1,116.5    1,121.3    1,126.0    1,128.9    1,149.2    1,161.4    1,172.8    1,179.6
      Employer contributions for employee
       pension and insurance funds.........      735.6      738.7      741.3      744.4      754.8      765.0      775.3      780.6
      Employer contributions for government
       social insurance....................      380.8      382.6      384.7      384.5      394.3      396.4      397.5      399.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      864.8      867.4      873.9      881.6      884.1      891.1      906.9      918.8
    Farm...................................       20.5       22.5       23.9       23.7       18.9       18.7       19.0       21.0
    Nonfarm................................      844.3      844.9      850.1      857.9      865.2      872.4      887.9      897.8

  Rental income of persons with capital
   consumption adjustment..................      162.6      172.9      182.9      193.1      190.4      187.8      184.9      183.9

  Personal income receipts on assets.......    1,388.0    1,396.4    1,405.1    1,414.0    1,413.9    1,413.9    1,414.0    1,421.0
    Personal interest income...............      953.4      959.5      965.7      971.9      969.1      966.4      963.6      967.8
    Personal dividend income...............      434.6      436.9      439.4      442.1      444.8      447.6      450.4      453.2

  Personal current transfer receipts.......    1,405.2    1,403.0    1,398.6    1,409.8    1,416.8    1,425.1    1,426.9    1,432.2
    Government social benefits to persons..    1,358.1    1,355.2    1,350.9    1,362.2    1,369.4    1,377.4    1,378.9    1,383.8
      Old-age, survivors, disability, and
       health insurance benefits...........      746.7      751.1      752.9      760.7      763.5      774.7      776.5      781.2
      Government unemployment insurance
       benefits............................       59.2       58.4       53.0       55.3       50.4       44.9       41.7       38.8
      Other................................      552.2      545.7      544.9      546.2      555.4      557.8      560.7      563.8
    Other current transfer receipts, from
     business (net)........................       47.1       47.8       47.7       47.6       47.5       47.7       47.9       48.4

  Less: Contributions for government social
   insurance...............................      780.9      784.4      788.9      788.4      804.9      809.2      811.3      814.5

Less: Personal current taxes...............    1,004.5    1,011.6    1,019.3    1,022.2      986.1      991.7      995.8    1,003.5

Equals: Disposable personal income.........    8,283.0    8,321.3    8,367.6    8,401.1    8,486.6    8,528.8    8,565.9    8,612.8

Less: Personal outlays.....................    8,140.8    8,153.0    8,206.2    8,266.4    8,307.4    8,336.9    8,379.1    8,409.4

  Personal consumption expenditures........    7,856.6    7,864.7    7,916.8    7,975.9    8,018.0    8,048.8    8,092.4    8,120.5
    Durable goods..........................      973.9      956.0      961.2      983.7      949.1      954.8      963.9      971.4
    Nondurable goods.......................    2,240.7    2,246.3    2,266.9    2,273.4    2,314.7    2,325.0    2,346.4    2,344.1
    Services...............................    4,642.0    4,662.3    4,688.7    4,718.8    4,754.2    4,769.0    4,782.1    4,805.0
  Personal interest payments\1\............      186.3      187.0      187.6      188.3      186.4      184.6      182.7      184.5
  Personal current transfer payments.......       98.0      101.4      101.8      102.3      103.0      103.5      103.9      104.4
    To government..........................       64.1       64.4       64.9       65.3       65.7       66.1       66.6       67.0
    To the rest of the world (net).........       33.9       37.0       37.0       37.0       37.4       37.4       37.4       37.4

Equals: Personal saving....................      142.2      168.3      161.3      134.6      179.2      191.9      186.8      203.5

  Personal saving as a percentage of
   disposable personal income..............        1.7        2.0        1.9        1.6        2.1        2.3        2.2        2.4

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,836.5    7,870.5    7,916.3    7,931.6    7,981.8    8,006.1    8,018.5    8,052.0
    Per capita:
      Current dollars......................     28,395     28,502     28,637     28,730     29,001     29,125     29,230     29,367
      Chained (2000) dollars...............     26,864     26,958     27,092     27,124     27,276     27,340     27,362     27,455
  Population (midperiod, thousands)\3\.....    291,709    291,958    292,197    292,427    292,630    292,838    293,055    293,281
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth 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/    IV 02       I 03      II 03     III 03     IV 03/r/   I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    8,910.3    9,208.0    8,981.3    9,048.7    9,145.9    9,256.3    9,381.0    9,518.3

  Compensation of employees, received......    6,019.1    6,203.0    6,058.0    6,114.4    6,166.2    6,229.4    6,302.0    6,408.2

    Wage and salary disbursements..........    4,974.6    5,100.2    4,999.1    5,033.2    5,072.2    5,118.8    5,176.6    5,247.1
      Private industries...................    4,114.7    4,202.6    4,125.4    4,143.3    4,172.7    4,218.8    4,275.5    4,335.9
        Goods-producing industries.........    1,010.9    1,010.8    1,007.1    1,005.8    1,003.4    1,007.3    1,026.7    1,043.4
          Manufacturing....................      675.7      671.4      672.6      670.5      666.5      667.6      680.9      690.9
        Services-producing industries......    3,103.7    3,191.8    3,118.3    3,137.5    3,169.3    3,211.5    3,248.8    3,292.5
          Trade, transportation, and
           utilities.......................      844.7      863.9      847.6      855.0      859.5      865.4      875.6      886.6
          Other services-producing
           industries......................    2,259.0    2,327.9    2,270.7    2,282.6    2,309.8    2,346.1    2,373.2    2,405.9
      Government...........................      859.9      897.7      873.8      890.0      899.5      900.0      901.2      911.2

    Supplements to wages and salaries......    1,044.5    1,102.8    1,058.8    1,081.2    1,093.9    1,110.6    1,125.4    1,161.1
      Employer contributions for employee
       pension and insurance funds.........      680.4      724.0      692.1      706.3      717.3      730.7      741.5      765.0
      Employer contributions for government
       social insurance....................      364.1      378.8      366.7      374.9      376.6      379.9      383.9      396.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      797.7      846.9      812.2      813.5      838.8      860.9      874.3      894.0
    Farm...................................       14.3       19.5       16.3       13.0       20.0       21.5       23.3       18.9
    Nonfarm................................      783.4      827.4      795.9      800.5      818.8      839.4      850.9      875.2

  Rental income of persons with capital
   consumption adjustment..................      173.0      164.2      159.0      163.2      153.4      157.0      183.0      187.7

  Personal income receipts on assets.......    1,378.5    1,393.3    1,392.0    1,388.6    1,390.2    1,389.2    1,405.2    1,413.9
    Personal interest income...............      982.4      964.6      981.2      970.6      964.9      957.0      965.7      966.4
    Personal dividend income...............      396.2      428.7      410.8      418.0      425.3      432.2      439.5      447.6

  Personal current transfer receipts.......    1,292.2    1,377.5    1,315.6    1,337.6    1,369.7    1,398.7    1,403.8    1,422.9
    Government social benefits to persons..    1,249.5    1,331.6    1,274.6    1,292.4    1,325.3    1,352.6    1,356.1    1,375.2
      Old-age, survivors, disability, and
       health insurance benefits...........      710.3      743.7      721.1      732.3      741.8      745.6      754.9      771.6
      Government unemployment insurance
       benefits............................       53.4       55.6       53.8       51.9       56.3       58.6       55.6       45.6
      Other................................      485.8      532.3      499.8      508.2      527.1      548.4      545.6      558.0
    Other current transfer receipts, from
     business (net)........................       42.6       45.9       41.0       45.3       44.5       46.1       47.7       47.7

  Less: Contributions for government social
   insurance...............................      750.3      776.8      755.5      768.7      772.3      779.0      787.2      808.5

Less: Personal current taxes...............    1,053.1      991.4    1,045.6    1,009.4    1,000.2      938.5    1,017.7      991.2

Equals: Disposable personal income.........    7,857.2    8,216.5    7,935.6    8,039.2    8,145.8    8,317.8    8,363.3    8,527.1

Less: Personal outlays.....................    7,674.0    8,043.0    7,789.2    7,888.3    7,956.7    8,118.5    8,208.6    8,341.1

  Personal consumption expenditures........    7,385.3    7,757.4    7,501.2    7,600.7    7,673.6    7,836.3    7,919.1    8,053.1
    Durable goods..........................      911.3      941.6      907.3      898.2      926.2      975.1      967.0      955.9
    Nondurable goods.......................    2,086.0    2,209.7    2,119.2    2,175.7    2,170.8    2,230.0    2,262.2    2,328.7
    Services...............................    4,388.0    4,606.2    4,474.7    4,526.8    4,576.6    4,631.2    4,689.9    4,768.5
  Personal interest payments\1\............      194.7      185.4      187.7      186.2      183.2      184.6      187.6      184.6
  Personal current transfer payments.......       94.0      100.2      100.3      101.3      100.0       97.6      101.9      103.5
    To government..........................       58.6       63.1       60.1       61.3       62.5       63.7       64.9       66.1
    To the rest of the world (net).........       35.4       37.1       40.2       40.1       37.5       33.9       37.0       37.4

Equals: Personal saving....................      183.2      173.5      146.4      151.0      189.0      199.3      154.7      186.0

  Personal saving as a percentage of
   disposable personal income..............        2.3        2.1        1.8        1.9        2.3        2.4        1.9        2.2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,596.7    7,801.1    7,615.8    7,662.0    7,753.5    7,882.9    7,906.1    8,002.2
    Per capita:
      Current dollars......................     27,259     28,227     27,425     27,720     28,022     28,540     28,623     29,119
      Chained (2000) dollars...............     26,355     26,800     26,320     26,419     26,673     27,048     27,058     27,326
  Population (midperiod, thousands)\3\.....    288,240    291,085    289,360    290,016    290,689    291,445    292,190    292,841
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       33.0       45.3       54.0       36.4       49.4       47.8       41.2       54.6

  Compensation of employees, received......       15.8       29.8       37.6       -2.0       59.1       39.5       28.6       34.4

    Wage and salary disbursements..........       10.0       25.0       32.8       -4.9       38.9       27.2       17.2       27.7
      Private industries...................       10.8       24.3       32.8       -7.0       33.1       24.7       13.8       22.3
        Goods-producing industries.........        4.1        8.2       10.8         .5        8.1        4.8        4.5        3.9
          Manufacturing....................        2.5        5.2        8.7         .5        4.2        3.5         .8        2.3
        Services-producing industries......        6.6       16.1       22.0       -7.4       25.0       19.7        9.4       18.3
          Trade, transportation, and
           utilities.......................         .9        7.5        3.4       -4.8        8.5        5.3        3.2        3.1
          Other services-producing
           industries......................        5.8        8.6       18.6       -2.6       16.5       14.4        6.2       15.2
      Government...........................        -.8         .6         .1        2.1        5.7        2.7        3.3        5.4

    Supplements to wages and salaries......        5.9        4.8        4.7        2.9       20.3       12.2       11.4        6.8
      Employer contributions for employee
       pension and insurance funds.........        4.9        3.1        2.6        3.1       10.4       10.2       10.3        5.3
      Employer contributions for government
       social insurance....................         .8        1.8        2.1        -.2        9.8        2.1        1.1        1.5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        6.7        2.6        6.5        7.7        2.5        7.0       15.8       11.9
    Farm...................................        -.9        2.0        1.4        -.2       -4.8        -.2         .3        2.0
    Nonfarm................................        7.6         .6        5.2        7.8        7.3        7.2       15.5        9.9

  Rental income of persons with capital
   consumption adjustment..................        5.6       10.3       10.0       10.2       -2.7       -2.6       -2.9       -1.0

  Personal income receipts on assets.......       -1.2        8.4        8.7        8.9        -.1         .0         .1        7.0
    Personal interest income...............       -3.7        6.1        6.2        6.2       -2.8       -2.7       -2.8        4.2
    Personal dividend income...............        2.4        2.3        2.5        2.7        2.7        2.8        2.8        2.8

  Personal current transfer receipts.......        7.8       -2.2       -4.4       11.2        7.0        8.3        1.8        5.3
    Government social benefits to persons..        6.8       -2.9       -4.3       11.3        7.2        8.0        1.5        4.9
      Old-age, survivors, disability, and
       health insurance benefits...........        -.1        4.4        1.8        7.8        2.8       11.2        1.8        4.7
      Government unemployment insurance
       benefits............................        1.9        -.8       -5.4        2.3       -4.9       -5.5       -3.2       -2.9
      Other................................        5.0       -6.5        -.8        1.3        9.2        2.4        2.9        3.1
    Other current transfer receipts, from
     business (net)........................        1.0         .7        -.1        -.1        -.1         .2         .2         .5

  Less: Contributions for government social
   insurance...............................        1.7        3.5        4.5        -.5       16.5        4.3        2.1        3.2

Less: Personal current taxes...............      119.5        7.1        7.7        2.9      -36.1        5.6        4.1        7.7

Equals: Disposable personal income.........      -86.6       38.3       46.3       33.5       85.5       42.2       37.1       46.9

Less: Personal outlays.....................       -1.4       12.2       53.2       60.2       41.0       29.5       42.2       30.3

  Personal consumption expenditures........       -3.5        8.1       52.1       59.1       42.1       30.8       43.6       28.1
    Durable goods..........................      -16.6      -17.9        5.2       22.5      -34.6        5.7        9.1        7.5
    Nondurable goods.......................        1.1        5.6       20.6        6.5       41.3       10.3       21.4       -2.3
    Services...............................       12.0       20.3       26.4       30.1       35.4       14.8       13.1       22.9
  Personal interest payments\1\............        1.7         .7         .6         .7       -1.9       -1.8       -1.9        1.8
  Personal current transfer payments.......         .4        3.4         .4         .5         .7         .5         .4         .5
    To government..........................         .4         .3         .5         .4         .4         .4         .5         .4
    To the rest of the world (net).........         .0        3.1         .0         .0         .4         .0         .0         .0

Equals: Personal saving....................      -85.1       26.1       -7.0      -26.7       44.6       12.7       -5.1       16.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      -95.7       34.0       45.8       15.3       50.2       24.3       12.4       33.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth 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/     IV 02       I 03      II 03     III 03    IV 03/r/    I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      197.2      297.7       37.3       67.4       97.2      110.4      124.7      137.3

  Compensation of employees, received......       78.7      183.9       26.9       56.4       51.8       63.2       72.6      106.2

    Wage and salary disbursements..........       31.7      125.6       18.2       34.1       39.0       46.6       57.8       70.5
      Private industries...................      -12.4       87.9        7.7       17.9       29.4       46.1       56.7       60.4
        Goods-producing industries.........      -33.7        -.1       -3.6       -1.3       -2.4        3.9       19.4       16.7
          Manufacturing....................      -33.4       -4.3       -3.7       -2.1       -4.0        1.1       13.3       10.0
        Services-producing industries......       21.2       88.1       11.3       19.2       31.8       42.2       37.3       43.7
          Trade, transportation, and
           utilities.......................        -.2       19.2         .0        7.4        4.5        5.9       10.2       11.0
          Other services-producing
           industries......................       21.4       68.9       11.3       11.9       27.2       36.3       27.1       32.7
      Government...........................       44.1       37.8       10.6       16.2        9.5         .5        1.2       10.0

    Supplements to wages and salaries......       46.9       58.3        8.6       22.4       12.7       16.7       14.8       35.7
      Employer contributions for employee
       pension and insurance funds.........       37.8       43.6        6.9       14.2       11.0       13.4       10.8       23.5
      Employer contributions for government
       social insurance....................        9.2       14.7        1.6        8.2        1.7        3.3        4.0       12.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       27.1       49.2        9.0        1.3       25.3       22.1       13.4       19.7
    Farm...................................      -10.7        5.2        2.8       -3.3        7.0        1.5        1.8       -4.4
    Nonfarm................................       37.8       44.0        6.2        4.6       18.3       20.6       11.5       24.3

  Rental income of persons with capital
   consumption adjustment..................        9.9       -8.8      -13.7        4.2       -9.8        3.6       26.0        4.7

  Personal income receipts on assets.......        3.6       14.8        4.5       -3.4        1.6       -1.0       16.0        8.7
    Personal interest income...............      -21.3      -17.8       -4.1      -10.6       -5.7       -7.9        8.7         .7
    Personal dividend income...............       25.0       32.5        8.6        7.2        7.3        6.9        7.3        8.1

  Personal current transfer receipts.......       99.6       85.3       14.0       22.0       32.1       29.0        5.1       19.1
    Government social benefits to persons..      106.9       82.1       15.2       17.8       32.9       27.3        3.5       19.1
      Old-age, survivors, disability, and
       health insurance benefits...........       41.9       33.4        7.3       11.2        9.5        3.8        9.3       16.7
      Government unemployment insurance
       benefits............................       21.7        2.2       -3.5       -1.9        4.4        2.3       -3.0      -10.0
      Other................................       43.3       46.5       11.4        8.4       18.9       21.3       -2.8       12.4
    Other current transfer receipts, from
     business (net)........................       -7.3        3.3       -1.1        4.3        -.8        1.6        1.6         .0

  Less: Contributions for government social
   insurance...............................       21.8       26.5        3.4       13.2        3.6        6.7        8.2       21.3

Less: Personal current taxes...............     -190.6      -61.7       -7.4      -36.2       -9.2      -61.7       79.2      -26.5

Equals: Disposable personal income.........      387.8      359.3       44.6      103.6      106.6      172.0       45.5      163.8

Less: Personal outlays.....................      331.8      369.0       67.2       99.1       68.4      161.8       90.1      132.5

  Personal consumption expenditures........      339.9      372.1       73.0       99.5       72.9      162.7       82.8      134.0
    Durable goods..........................       29.4       30.3       -6.3       -9.1       28.0       48.9       -8.1      -11.1
    Nondurable goods.......................       72.4      123.7       28.7       56.5       -4.9       59.2       32.2       66.5
    Services...............................      238.2      218.2       50.6       52.1       49.8       54.6       58.7       78.6
  Personal interest payments\1\............      -14.4       -9.3       -8.5       -1.5       -3.0        1.4        3.0       -3.0
  Personal current transfer payments.......        6.3        6.2        2.7        1.0       -1.3       -2.4        4.3        1.6
    To government..........................        4.0        4.5        1.0        1.2        1.2        1.2        1.2        1.2
    To the rest of the world (net).........        2.3        1.7        1.6        -.1       -2.6       -3.6        3.1         .4

Equals: Personal saving....................       56.0       -9.7      -22.6        4.6       38.0       10.3      -44.6       31.3

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      276.5      204.4       10.6       46.2       91.5      129.4       23.2       96.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth 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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Sep 03   Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .4         .5         .6         .4         .5         .5         .4         .6
  Compensation of employees, received......         .3         .5         .6         .0         .9         .6         .4         .5
    Wage and salary disbursements..........         .2         .5         .6        -.1         .7         .5         .3         .5
    Supplements to wages and salaries......         .5         .4         .4         .3        1.8        1.1        1.0         .6
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .8         .3         .8         .9         .3         .8        1.8        1.3
  Rental income of persons with capital
   consumption adjustment..................        3.6        6.3        5.8        5.6       -1.4       -1.4       -1.5        -.5
  Personal income receipts on assets.......        -.1         .6         .6         .6         .0         .0         .0         .5
    Personal interest income...............        -.4         .6         .6         .6        -.3        -.3        -.3         .4
    Personal dividend income...............         .6         .5         .6         .6         .6         .6         .6         .6
  Personal current transfer receipts.......         .6        -.2        -.3         .8         .5         .6         .1         .4

  Less: Contributions for government social
   insurance...............................         .2         .4         .6        -.1        2.1         .5         .3         .4

Less: Personal current taxes...............       13.5         .7         .8         .3       -3.5         .6         .4         .8

Equals: Disposable personal income.........       -1.0         .5         .6         .4        1.0         .5         .4         .5

Addenda:
  Personal consumption expenditures........         .0         .1         .7         .7         .5         .4         .5         .3
    Durable goods..........................       -1.7       -1.8         .5        2.3       -3.5         .6        1.0         .8
    Nondurable goods.......................         .1         .3         .9         .3        1.8         .4         .9        -.1
    Services...............................         .3         .4         .6         .6         .8         .3         .3         .5

  Real disposable personal income..........       -1.2         .4         .6         .2         .6         .3         .2         .4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth 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/      IV 02       I 03      II 03     III 03    IV 03/r/   I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        2.3        3.3        1.7        3.0        4.4        4.9        5.5        6.0
  Compensation of employees, received......        1.3        3.1        1.8        3.8        3.4        4.2        4.7        6.9
    Wage and salary disbursements..........         .6        2.5        1.5        2.8        3.1        3.7        4.6        5.6
    Supplements to wages and salaries......        4.7        5.6        3.3        8.7        4.8        6.2        5.4       13.3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        3.5        6.2        4.6         .6       13.0       11.0        6.4        9.3
  Rental income of persons with capital
   consumption adjustment..................        6.1       -5.1      -28.2       11.1      -22.0        9.7       84.6       10.7
  Personal income receipts on assets.......         .3        1.1        1.3       -1.0         .5        -.3        4.7        2.5
    Personal interest income...............       -2.1       -1.8       -1.6       -4.2       -2.3       -3.2        3.7         .3
    Personal dividend income...............        6.7        8.2        8.8        7.2        7.2        6.7        6.9        7.6
  Personal current transfer receipts.......        8.4        6.6        4.4        6.9        9.9        8.7        1.5        5.6

  Less: Contributions for government social
   insurance...............................        3.0        3.5        1.8        7.2        1.9        3.5        4.3       11.2

Less: Personal current taxes...............      -15.3       -5.9       -2.8      -13.1       -3.6      -22.5       38.3      -10.0

Equals: Disposable personal income.........        5.2        4.6        2.3        5.3        5.4        8.7        2.2        8.1

Addenda:
  Personal consumption expenditures........        4.8        5.0        4.0        5.4        3.9        8.8        4.3        6.9
    Durable goods..........................        3.3        3.3       -2.7       -4.0       13.1       22.9       -3.3       -4.5
    Nondurable goods.......................        3.6        5.9        5.6       11.1        -.9       11.4        5.9       12.3
    Services...............................        5.7        5.0        4.6        4.7        4.5        4.9        5.2        6.9

  Real disposable personal income..........        3.8        2.7         .6        2.4        4.9        6.8        1.2        4.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth quarter of 2003.



                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Sep 03     Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,433.1    7,438.6    7,489.8    7,530.2    7,541.1    7,555.5    7,575.3    7,591.7
  Durable goods............................    1,071.6    1,054.9    1,064.7    1,093.0    1,052.0    1,058.3    1,067.9    1,076.1
  Nondurable goods.........................    2,130.7    2,143.8    2,170.9    2,172.6    2,196.4    2,196.4    2,199.3    2,195.3
  Services.................................    4,244.8    4,251.4    4,266.9    4,280.9    4,302.2    4,311.0    4,319.4    4,332.4
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      -16.3        5.5       51.2       40.4       10.9       14.4       19.8       16.4
  Durable goods............................      -14.1      -16.7        9.8       28.3      -41.0        6.3        9.6        8.2
  Nondurable goods.........................      -13.1       13.1       27.1        1.7       23.8         .0        2.9       -4.0
  Services.................................        8.5        6.6       15.5       14.0       21.3        8.8        8.4       13.0
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        -.2         .1         .7         .5         .1         .2         .3         .2
  Durable goods............................       -1.3       -1.6         .9        2.7       -3.8         .6         .9         .8
  Nondurable goods.........................        -.6         .6        1.3         .1        1.1         .0         .1        -.2
  Services.................................         .2         .2         .4         .3         .5         .2         .2         .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      IV 02       I 03      II 03     III 03      IV 03     I 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,140.4    7,365.2    7,198.9    7,244.1    7,304.0    7,426.6    7,486.2    7,557.3
  Durable goods............................      957.2    1,027.5      963.8      965.0    1,005.1    1,069.1    1,070.8    1,059.4
  Nondurable goods.........................    2,043.6    2,121.0    2,061.8    2,090.5    2,096.9    2,134.3    2,162.4    2,197.4
  Services.................................    4,141.8    4,225.7    4,175.4    4,190.7    4,208.4    4,237.2    4,266.4    4,310.9
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      235.8      224.8       39.7       45.2       59.9      122.6       59.6       71.1
  Durable goods............................       58.1       70.3         .7        1.2       40.1       64.0        1.7      -11.4
  Nondurable goods.........................       60.3       77.4       23.0       28.7        6.4       37.4       28.1       35.0
  Services.................................      119.4       83.9       16.0       15.3       17.7       28.8       29.2       44.5
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                    chained (2000) dollars at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.4        3.1        2.2        2.5        3.3        6.9        3.2        3.9
  Durable goods............................        6.5        7.4         .3         .5       17.7       28.0         .7       -4.2
  Nondurable goods.........................        3.0        3.8        4.6        5.7        1.2        7.3        5.4        6.6
  Services.................................        3.0        2.0        1.5        1.5        1.7        2.8        2.8        4.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.



      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Sep 03     Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    105.703    105.733    105.705    105.924    106.328    106.533    106.832    106.970
  Durable goods............................     90.881     90.626     90.273     89.995     90.215     90.216     90.264     90.267
  Nondurable goods.........................    105.167    104.786    104.424    104.645    105.389    105.858    106.694    106.780
  Services.................................    109.364    109.672    109.895    110.238    110.514    110.633    110.719    110.918
Addendum:
  Personal consumption expenditures
   excluding food and energy...............    104.939    105.136    105.228    105.406    105.588    105.689    105.866    105.992
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .2         .0         .0         .2         .4         .2         .3         .1
  Durable goods............................        -.4        -.3        -.4        -.3         .2         .0         .1         .0
  Nondurable goods.........................         .7        -.4        -.3         .2         .7         .4         .8         .1
  Services.................................         .1         .3         .2         .3         .3         .1         .1         .2
Addendum:
  Personal consumption expenditures
   excluding food and energy...............         .0         .2         .1         .2         .2         .1         .2         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Sep 03    Oct 03/r/  Nov 03/r/  Dec 03/r/  Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        3.1        3.4        3.9        4.1        4.4        4.6        4.4        4.3

Personal consumption expenditures..........        4.2        3.9        4.1        4.0        4.1        4.5        4.4        4.6
  Durable goods............................       13.6       12.3       11.6        9.6        9.1       10.7        9.6        8.6
  Nondurable goods.........................        4.7        4.6        5.1        5.0        4.8        5.4        5.1        5.5
  Services.................................        2.2        2.0        2.1        2.4        2.7        2.9        3.0        3.3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the fourth quarter of 2003.



              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Sep 03     Oct 03     Nov 03     Dec 03    Jan 04/r/  Feb 04/r/  Mar 04/r/  Apr 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.7        1.7        1.5        1.4        1.7        1.5        1.5        1.9
  Durable goods............................       -4.1       -4.1       -4.2       -3.9       -3.3       -3.0       -2.8       -2.5
  Nondurable goods.........................        2.4        1.9        1.6        1.9        2.2        1.5        1.8        2.8
  Services.................................        2.5        2.8        2.6        2.3        2.5        2.4        2.3        2.4
Addendum:
  Personal consumption expenditures
   less food and energy....................         .8        1.1        1.0         .8        1.1        1.2        1.3        1.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.