News Release

FOR WIRE TRANSMISSION: 10:00 A.M. EST, FRIDAY, DECEMBER 21, 2001
BEA 01-42

Personal Income, November 2001




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

James E. Rankin:       (202) 606-5301  (Personal Income)                             BEA 01-42
Greg Key:                    606-5302  (Personal Outlays)
Recorded message:            606-5303


                        PERSONAL INCOME AND OUTLAYS:  NOVEMBER 2001

 Personal income decreased $5.6 billion, or 0.1 percent, and disposable personal income (DPI)
decreased $0.4 billion, or less than 0.1 percent, in November, according to the Bureau of Economic
Analysis.  Personal consumption expenditures (PCE) decreased $52.8 billion, or 0.7 percent.  In
October, personal income decreased $9.4 billion, or 0.1 percent, DPI decreased $134.7 billion, or 1.8
percent, and PCE increased $205.6 billion, or 2.9 percent, based on revised estimates.


                                                                      2001
                                              July        Aug.        Sept.        Oct.        Nov.
                                                      (Percent change from preceding month)
Personal income, current dollars              0.4         0.1         -0.1        -0.1        -0.1

Disposable personal income:
  Current dollars                             1.7         1.9         -1.2        -1.8         0.0
  Chained (1996) dollars                      1.8         1.9         -0.7        -2.4         0.1

Personal consumption expenditures:
  Current dollars                             0.3         0.1         -1.7         2.9        -0.7
  Chained (1996) dollars                      0.3         0.1         -1.2         2.3        -0.6





Wages and salaries

 Private wage and salary disbursements decreased $1.6 billion in November, compared with a
decrease of $16.3 billion in October.  Goods-producing industries' payrolls decreased $5.2 billion,
compared with a decrease of $9.5 billion; manufacturing payrolls decreased $7.2 billion, compared
with a decrease of $8.0 billion.  Distributive industries' payrolls decreased $0.8 billion, compared
with a decrease of $0.6 billion.  Service industries' payrolls increased $4.5 billion, in contrast to a
decrease of $6.4 billion.  Government wage and salary disbursements increased $2.3 billion,
compared with an increase of $3.9 billion.



Other personal income

 Proprietors' income decreased $4.7 billion in November, compared with a decrease of $4.4
billion in October.  Farm proprietors' income decreased $6.7 billion, compared with a decrease of
$6.4 billion.  Nonfarm proprietors' income increased $2.1 billion, compared with an increase of $1.9
billion.

 Transfer payments increased $2.2 billion in November, compared with an increase of $8.9
billion in October.  Personal interest income decreased $8.6 billion, compared with a decrease of
$7.2 billion.  Personal dividend income increased $2.5 billion, compared with an increase of $2.8
billion.  Rental income of persons increased $0.8 billion in November, the same increase as in
October.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
decreased $0.3 billion in November, compared with a decrease of $1.2 billion in October.



Personal taxes and disposable personal income

 Personal tax and nontax payments decreased $5.2 billion in November, in contrast to an
increase of $125.3 billion in October.  The monthly changes in personal tax and nontax payments
reflected the pattern of advance refund checks sent to taxpayers.  These refunds reduced personal
taxes $5.0 billion in November (at an annual rate), $2.5 billion in October, and $131.2 billion in
September.

 Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
decreased $0.4 billion, or less than 0.1 percent, in November, compared with a decrease of $134.7
billion, or 1.8 percent, in October.  The large decrease in October DPI mainly reflected the drop-off
in advance refund checks in October.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- decreased $52.1 billion in November, in contrast to an increase of $206.1 billion in
October.  PCE decreased $52.8 billion, in contrast to an increase of $205.6 billion.

 Personal saving -- DPI less personal outlays -- was $64.4 billion in November, compared with
$12.5 billion in October.  Personal saving as a percentage of disposable personal income was 0.9
percent in November, compared with 0.2 percent in October.



Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in November, in
contrast to a decrease of 2.4 percent in October.  The increase in real DPI in November, in contrast
to the decrease in current-dollar DPI, reflected a slight decrease in the PCE implicit price deflator.

 Real PCE -- PCE adjusted to remove price changes -- decreased 0.6 percent in November, in
contrast to an increase of 2.3 percent in October.  Motor vehicles more than accounted for the
November decrease and accounted for most of the October increase.  Purchases of durable goods
decreased 5.7 percent in November, in contrast to an increase of 14.8 percent in October.  Purchases
of nondurable goods decreased less than 0.1 percent, in contrast to an increase of 1.0 percent.
Purchases of services increased 0.2 percent, compared with an increase of 0.5 percent.



Revisions

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


                                                       Change from preceding month
                                             September                              October
                               Previous Revised   Previous Revised    Previous Revised   Previous Revised
                                  (Dollars)          (Percent)            (Dollars)          (Percent)
Personal Income:
  Current dollars............    -2.0    -4.9       0.0     -0.1        -3.2    -9.4       0.0     -0.1

Disposable personal income:
  Current dollars............   -89.5   -91.4      -1.2     -1.2      -128.4  -134.7      -1.7     -1.8
  Chained (1996) dollars.....   -42.8   -49.7      -0.6     -0.7      -164.9  -166.9      -2.4     -2.4

Personal consumption expenditures:
  Current dollars............  -118.2  -120.3      -1.7     -1.7       203.6   205.6       2.9      2.9
  Chained (1996) dollars.....   -72.0   -78.5      -1.1     -1.2       140.9   146.3       2.2      2.3




 BEA's major national, international, regional, and industry estimates; the Survey of Current
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 STAT-USA maintains an Internet site that contains BEA estimates, the Survey of Current
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 Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:

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

    Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
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phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.


                                    *          *          *


             Next release -- Personal Income and Outlays for December will be released on
                                     January 31, at 8:30 A.M. EST.



Release dates in 2002

December 2001.....   January 31     April 2002.....   May 28        August 2002......   September 30
January 2002......   March 1        May 2002.......   June 28       September 2002...   November 1
February 2002.....   March 29       June 2002......   August 2      October 2002.....   November 27
March 2002........   April 29       July 2002......   August 30     November 2002....   December 23






                                                   Table 1.-Personal Income
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           1999       2000     Jun 01   Jul 01/r/  Aug 01/r/  Sep 01/r/  Oct 01/r/  Nov 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    7,777.3    8,319.2    8,737.6    8,768.5    8,775.9    8,771.0    8,761.6    8,756.0

  Wage and salary disbursements.....    4,472.2    4,837.2    5,115.0    5,124.5    5,123.8    5,122.0    5,109.6    5,110.3
    Private industries..............    3,747.9    4,068.8    4,311.3    4,316.2    4,311.9    4,304.8    4,288.5    4,286.9
      Goods-producing industries....    1,088.7    1,163.7    1,201.7    1,201.4    1,197.2    1,193.9    1,184.4    1,179.2
        Manufacturing...............      782.0      830.1      845.5      845.7      841.0      836.7      828.7      821.5
      Distributive industries.......    1,021.0    1,095.6    1,152.4    1,152.2    1,149.5    1,142.6    1,142.0    1,141.2
      Service industries............    1,638.2    1,809.5    1,957.2    1,962.6    1,965.2    1,968.4    1,962.0    1,966.5
    Government......................      724.3      768.4      803.7      808.3      811.9      817.2      821.1      823.4

  Other labor income................      509.7      534.2      553.3      554.4      555.3      556.5      557.4      558.4

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      672.0      715.0      750.1      751.9      757.7      748.6      744.2      739.5
    Farm............................       26.6       30.6       28.3       29.7       32.4       34.7       28.3       21.6
    Nonfarm.........................      645.4      684.4      721.8      722.3      725.4      713.9      715.8      717.9

  Rental income of persons with
   capital consumption adjustment...      147.7      141.6      138.6      142.3      144.4      145.2      146.0      146.8

  Personal dividend income..........      343.1      379.2      414.3      416.9      420.1      423.0      425.8      428.3

  Personal interest income..........      950.0    1,000.6      997.2      994.3      991.5      988.6      981.4      972.8

  Transfer payments to persons......    1,019.6    1,069.1    1,143.6    1,158.8    1,157.3    1,160.9    1,169.8    1,172.0
    Old-age, survivors, disability,
     and health insurance benefits..      588.0      617.3      660.8      672.6      669.2      670.8      673.3      676.1
    Government unemployment
     insurance benefits.............       20.3       20.3       23.0       23.3       24.0       24.3       24.7       25.0
      Other.........................      411.2      431.5      459.9      462.9      464.2      465.8      471.8      471.0

  Less: Personal contributions for
   social insurance.................      337.1      357.7      374.5      374.7      374.2      373.7      372.5      372.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

Source: U.S. Department of Commerce, Bureau of Economic Analysis.

                                        Table 2.-The Disposition of Personal Income
                                                   [Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
                                           1999       2000     Jun 01   Jul 01/r/  Aug 01/r/  Sep 01/r/  Oct 01/r/  Nov 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    7,777.3    8,319.2    8,737.6    8,768.5    8,775.9    8,771.0    8,761.6    8,756.0

Less: Personal tax and nontax
 payments...........................    1,159.2    1,288.2    1,356.4    1,258.9    1,120.5    1,207.0    1,332.3    1,327.1

Equals: Disposable personal income..    6,618.0    7,031.0    7,381.2    7,509.6    7,655.4    7,564.0    7,429.3    7,428.9

Less: Personal outlays..............    6,457.2    6,963.3    7,309.7    7,329.4    7,333.1    7,210.6    7,416.7    7,364.6

  Personal consumption expenditures.    6,250.2    6,728.4    7,072.8    7,093.6    7,099.7    6,979.4    7,185.0    7,132.2
  Interest paid by persons..........      179.7      205.3      206.2      203.9      201.5      199.2      199.8      200.4
  Personal transfer payments to the
   rest of the world (net)..........       27.2       29.6       30.8       31.9       31.9       31.9       31.9       31.9

Equals: Personal saving.............      160.9       67.7       71.4      180.2      322.3      353.4       12.5       64.4

Addenda:
  Disposable personal income:
    Chained (1996) dollars\1\.......    6,320.0    6,539.2    6,727.4    6,845.4    6,978.6    6,928.9    6,762.0    6,768.5
    Per capita:
      Current dollars...............     23,708     24,889     25,835     26,255     26,733     26,384     25,886     25,860
      Chained (1996) dollars........     22,641     23,148     23,546     23,932     24,370     24,169     23,561     23,561
    Population (thousands)\2\.......    279,144    282,489    285,710    286,032    286,362    286,687    286,999    287,277

  Personal saving as a percentage
   of disposable personal income....        2.4        1.0        1.0        2.4        4.2        4.7         .2         .9
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price
 deflator for personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population.  The monthly estimate is
the average of estimates for the first of the month and the first of the
following month; the annual estimate is the average of the monthly estimates.
Beginning with January 1991, first-of-the-month estimates are derived by BEA
and are consistent with the 2000 Census of Population.  BEA will substitute
Bureau of Census population estimates for 1991 forward when they are released
in early 2002.

Source: U.S. Department of Commerce, Bureau of Economic Analysis.

                          Table 3.-Personal Income and Its Disposition, Change from Preceding Period
                                                   [Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------
                                           1999       2000     Jun 01    Jul 01/r/  Aug 01/r/  Sep 01/r/  Oct 01/r/  Nov 01/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      351.3      541.9       28.3       30.9        7.4       -4.9       -9.4       -5.6

  Wage and salary disbursements.....      279.4      365.0       23.3        9.5        -.7       -1.8      -12.4         .7
    Private industries..............      247.8      320.9       18.6        4.9       -4.3       -7.1      -16.3       -1.6
      Goods-producing industries....       50.2       75.0       -1.8        -.3       -4.2       -3.3       -9.5       -5.2
        Manufacturing...............       25.4       48.1       -2.7         .2       -4.7       -4.3       -8.0       -7.2
      Distributive industries.......       72.1       74.6        7.2        -.2       -2.7       -6.9        -.6        -.8
      Service industries............      125.5      171.3       13.2        5.4        2.6        3.2       -6.4        4.5
    Government......................       31.6       44.1        4.7        4.6        3.6        5.3        3.9        2.3

  Other labor income................       19.1       24.5        1.3        1.1         .9        1.2         .9        1.0

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       48.2       43.0        4.1        1.8        5.8       -9.1       -4.4       -4.7
    Farm............................        1.0        4.0        -.5        1.4        2.7        2.3       -6.4       -6.7
    Nonfarm.........................       47.2       39.0        4.7         .5        3.1      -11.5        1.9        2.1

  Rental income of persons with
   capital consumption adjustment...        9.1       -6.1       -1.7        3.7        2.1         .8         .8         .8

  Personal dividend income..........       -5.2       36.1        2.4        2.6        3.2        2.9        2.8        2.5

  Personal interest income..........      -14.4       50.6       -3.5       -2.9       -2.8       -2.9       -7.2       -8.6

  Transfer payments to persons......       35.9       49.5        3.3       15.2       -1.5        3.6        8.9        2.2
    Old-age, survivors, disability,
     and health insurance benefits..        9.9       29.3         .1       11.8       -3.4        1.6        2.5        2.8
    Government unemployment
     insurance benefits.............         .8         .0        -.1         .3         .7         .3         .4         .3
     Other..........................       25.1       20.3        3.5        3.0        1.3        1.6        6.0        -.8

  Less: Personal contributions for
   social insurance.................       20.8       20.6        1.0         .2        -.5        -.5       -1.2        -.3

Less: Personal tax and nontax
 payments...........................       88.8      129.0        7.4      -97.5     -138.4       86.5      125.3       -5.2

Equals: Disposable personal income..      262.4      413.0       20.9      128.4      145.8      -91.4     -134.7        -.4

Less: Personal outlays..............      403.1      506.1       28.9       19.7        3.7     -122.5      206.1      -52.1

  Personal consumption expenditures.      394.2      478.2       29.1       20.8        6.1     -120.3      205.6      -52.8
  Interest paid by persons..........        6.0       25.6        -.1       -2.3       -2.4       -2.3         .6         .6
  Personal transfer payments to the
   rest of the world (net)..........        2.9        2.4         .0        1.1         .0         .0         .0         .0

Equals: Personal saving.............     -140.6      -93.2       -8.1      108.8      142.1       31.1     -340.9       51.9

Addendum:
  Disposable personal income:
   chained (1996) dollars\1\........      151.4      219.2        9.7      118.0      133.2      -49.7     -166.9        6.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price
 deflator for personal consumption expenditures.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.

                             Table 4-Personal Consumption Expenditures by Major Type of Product
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           1999       2000     Jun 01   Jul 01/r/  Aug 01/r/  Sep 01/r/  Oct 01/r/  Nov 01/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                                  Billions of current dollars
                                    ----------------------------------------------------------------------------------------

Personal consumption expenditures...    6,250.2    6,728.4    7,072.8    7,093.6    7,099.7    6,979.4    7,185.0    7,132.2
  Durable goods.....................      760.9      819.6      856.4      853.0      848.5      820.4      942.7      889.3
  Nondurable goods..................    1,831.3    1,989.6    2,064.0    2,063.3    2,063.8    2,045.5    2,049.6    2,034.4
  Services..........................    3,658.0    3,919.2    4,152.3    4,177.3    4,187.4    4,113.6    4,192.7    4,208.6
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------

Personal consumption expenditures...    5,968.4    6,257.8    6,446.3    6,466.2    6,471.9    6,393.4    6,539.7    6,498.1
  Durable goods.....................      817.8      895.5      952.9      949.8      949.3      921.5    1,058.1      997.9
  Nondurable goods..................    1,766.4    1,849.9    1,878.8    1,890.4    1,896.4    1,859.2    1,877.0    1,876.4
  Services..........................    3,393.2    3,527.7    3,635.8    3,646.2    3,646.5    3,628.6    3,645.1    3,652.7
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100)
                                    ----------------------------------------------------------------------------------------

Personal consumption expenditures...     104.72     107.52     109.73     109.71     109.71     109.17     109.88     109.77
  Durable goods.....................      93.04      91.53      89.88      89.82      89.39      89.04      89.10      89.12
  Nondurable goods..................     103.67     107.55     109.86     109.15     108.83     110.02     109.20     108.42
  Services..........................     107.80     111.10     114.22     114.58     114.85     113.38     115.03     115.23
Addendum:
  Personal consumption expenditures
     less food and energy...........     104.99     107.02     108.58     108.90     108.95     108.08     109.26     109.42
                                    ----------------------------------------------------------------------------------------
                                                                  Change from preceding period
                                    ----------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                                  Billions of current dollars
                                    ----------------------------------------------------------------------------------------

Personal consumption expenditures...      394.2      478.2       29.1       20.8        6.1     -120.3      205.6      -52.8
  Durable goods.....................       67.7       58.7       18.8       -3.4       -4.5      -28.1      122.3      -53.4
  Nondurable goods..................      122.8      158.3       -3.6        -.7         .5      -18.3        4.1      -15.2
  Services..........................      203.7      261.2       13.8       25.0       10.1      -73.8       79.1       15.9
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------

Personal consumption expenditures...      284.7      289.4       17.5       19.9        5.7      -78.5      146.3      -41.6
  Durable goods.....................       91.1       77.7       21.6       -3.1        -.5      -27.8      136.6      -60.2
  Nondurable goods..................       80.0       83.5       -3.3       11.6        6.0      -37.2       17.8        -.6
  Services..........................      119.8      134.5        3.1       10.4         .3      -17.9       16.5        7.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

Source: U.S. Department of Commerce, Bureau of Economic Analysis.

                              Table 5.-Percent Change From Preceding Period in Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                           1999       2000     Jun 01   Jul 01/r/  Aug 01/r/  Sep 01/r/  Oct 01/r/  Nov 01/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                                    Based on current dollars
                                    ----------------------------------------------------------------------------------------

Personal income.....................        4.7        7.0         .3         .4         .1        -.1        -.1        -.1

Disposable personal income..........        4.1        6.2         .3        1.7        1.9       -1.2       -1.8         .0
Personal consumption expenditures...        6.7        7.7         .4         .3         .1       -1.7        2.9        -.7
  Durable goods.....................        9.8        7.7        2.2        -.4        -.5       -3.3       14.9       -5.7
  Nondurable goods..................        7.2        8.6        -.2         .0         .0        -.9         .2        -.7
  Services..........................        5.9        7.1         .3         .6         .2       -1.8        1.9         .4
                                    ----------------------------------------------------------------------------------------
                                                                Based on chained (1996) dollars
                                    ----------------------------------------------------------------------------------------

Disposable personal income..........        2.5        3.5         .1        1.8        1.9        -.7       -2.4         .1

Personal consumption expenditures...        5.0        4.8         .3         .3         .1       -1.2        2.3        -.6
  Durable goods.....................       12.5        9.5        2.3        -.3        -.1       -2.9       14.8       -5.7
  Nondurable goods..................        4.7        4.7        -.2         .6         .3       -2.0        1.0         .0
  Services..........................        3.7        4.0         .1         .3         .0        -.5         .5         .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

Source: U.S. Department of Commerce, Bureau of Economic Analysis.