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Mollie Knight: (202) 606-5301 (Personal Income) BEA 02-09
Greg Key: 606-5302 (Personal Outlays)
Recorded message: 606-5303
PERSONAL INCOME AND OUTLAYS: FEBRUARY 2002
Personal income increased $49.9 billion, or 0.6 percent, and disposable personal income (DPI)
increased $49.5 billion, or 0.7 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $44.6 billion, or 0.6 percent. In January, personal
income increased $44.7 billion, or 0.5 percent, DPI increased $137.7 billion, or 1.8 percent, and PCE
increased $32.5 billion, or 0.5 percent, based on revised estimates.
2001 2002
Oct. Nov. Dec. Jan. Feb.
(Percent change from preceding month)
Personal income, current dollars -0.1 0.0 0.3 0.5 0.6
Disposable personal income:
Current dollars -1.8 0.0 0.2 1.8 0.7
Chained (1996) dollars -2.4 0.1 0.4 1.7 0.6
Personal consumption expenditures:
Current dollars 3.0 -0.3 0.1 0.5 0.6
Chained (1996) dollars 2.3 -0.2 0.3 0.3 0.5
Wages and salaries
Private wage and salary disbursements increased $15.8 billion in February, in contrast to a
decrease of $9.5 billion in January. Goods-producing industries' payrolls increased $0.6 billion, in
contrast to a decrease of $4.2 billion; manufacturing payrolls decreased $0.8 billion, compared with
a decrease of $2.0 billion. Distributive industries' payrolls increased $10.7 billion, in contrast to a
decrease of $4.3 billion. Service industries' payrolls increased $4.6 billion, in contrast to a decrease
of $1.0 billion.
Government wage and salary disbursements increased $4.2 billion in February, compared with
an increase of $7.7 billion in January. Pay raises for federal civilian and military personnel added an
additional $1.8 billion to the change in government payrolls in February, compared with an
additional $7.2 billion to the change in January.
Other personal income
Proprietors' income increased $7.9 billion in February, compared with an increase of $9.5
billion in January. Farm proprietors' income increased $4.7 billion, compared with an increase of
$4.8 billion. Nonfarm proprietors' income increased $3.2 billion, compared with an increase of $4.7
billion.
Transfer payments increased $6.8 billion in February, compared with an increase of $27.7
billion in January. The January increase in transfer payments reflected 2.6-percent cost-of-living
adjustments to social security benefits and to several other federal transfer payment programs, as
well as changes in the earned income tax and child tax credit programs; together, these changes
accounted for $21.1 billion of the January increase.
Personal interest income increased $2.2 billion in February, compared with an increase of $2.3
billion in January. Personal dividend income increased $2.2 billion, compared with an increase of
$2.6 billion. Rental income of persons increased $7.7 billion, compared with an increase of $5.2
billion.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.6 billion in February, compared with an increase of $5.3 billion in January. The
January increase reflected the effect of an increase in the social security taxable wage base for
employees and the self-employed (from $80,400 to $84,900) and the effect of an increase in the
monthly premium paid by participants in the supplementary medical insurance program (Medicare
B), which together added $4.7 billion to January personal contributions.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $0.5 billion in February, in contrast to a decrease
of $93.1 billion in January. A reduction in federal income taxes accounted for most of the January
decrease. Provisions of the Economic Growth and Tax Relief and Reconciliation Act of 2001
reduced withheld taxes by $39.4 billion as a result of the new 10-percent tax bracket. Indexation
provisions of current tax law reduced withheld taxes by $4.0 billion. In addition, net nonwithheld
taxes (payments of estimated taxes plus final settlements less refunds) were reduced by $42.6 billion
based on federal budget projections for 2002.
Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
increased $49.5 billion, or 0.7 percent, in February, compared with an increase of $137.7 billion, or
1.8 percent, in January.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $44.9 billion in February, compared with an increase of $32.7 billion in
January. PCE increased $44.6 billion, compared with an increase of $32.5 billion.
Personal saving -- DPI less personal outlays -- was $152.1 billion in February, compared with
$147.5 billion in January. Personal saving as a percentage of disposable personal income was 2.0
percent in February, compared with 1.9 percent in January.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.6 percent in February,
compared with an increase of 1.7 percent in January.
Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in February,
compared with an increase of 0.3 percent in January. Purchases of durable goods increased 2.5
percent, in contrast to a decrease of 0.4 percent. Purchases of motor vehicles and parts accounted for
most of the February increase and more than accounted for the January decrease. Purchases of
nondurable goods decreased 0.1 percent in February, in contrast to an increase of 0.8 percent in
January. Purchases of services increased 0.4 percent, compared with an increase of 0.2 percent.
Revisions
Estimates have been revised for October through January. Changes in personal income,
current-dollar and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for
December and January -- revised and as published in last month's release -- are shown below.
Revisions for October and November were small.
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.......... 26.8 27.6 0.3 0.3 35.1 44.7 0.4 0.5
Disposable personal income:
Current dollars.......... 16.3 17.1 0.2 0.2 118.3 137.7 1.6 1.8
Chained (1996) dollars... 25.3 25.4 0.4 0.4 99.0 115.7 1.5 1.7
Personal consumption expenditures:
Current dollars.......... 3.1 8.5 0.0 0.1 27.7 32.5 0.4 0.5
Chained (1996) dollars... 12.9 17.2 0.2 0.3 16.7 20.2 0.3 0.3
* * *
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
606-5303 Personal income and outlays
606-5362 U.S. international transactions
Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- Personal Income and Outlays for March will be released on
April 29, 2002, at 8:30 A.M. EDT.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/r/ Feb 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,768.5 8,775.9 8,771.0 8,759.6 8,757.2 8,784.8 8,829.5 8,879.4
Wage and salary disbursements..... 5,124.5 5,123.8 5,122.0 5,110.6 5,112.8 5,136.8 5,135.0 5,155.0
Private industries.............. 4,316.2 4,311.9 4,304.8 4,289.7 4,289.8 4,311.1 4,301.6 4,317.4
Goods-producing industries.... 1,201.4 1,197.2 1,193.9 1,184.9 1,179.1 1,179.3 1,175.1 1,175.7
Manufacturing............... 845.7 841.0 836.7 829.1 821.9 820.7 818.7 817.9
Distributive industries....... 1,152.2 1,149.5 1,142.6 1,142.6 1,143.3 1,149.8 1,145.5 1,156.2
Service industries............ 1,962.6 1,965.2 1,968.4 1,962.2 1,967.4 1,982.0 1,981.0 1,985.6
Government...................... 808.3 811.9 817.2 820.9 822.9 825.7 833.4 837.6
Other labor income................ 554.4 555.3 556.5 557.4 558.5 559.5 564.1 567.7
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 751.9 757.7 748.6 743.9 739.1 739.3 748.8 756.7
Farm............................ 29.7 32.4 34.7 26.9 19.5 12.4 17.2 21.9
Nonfarm......................... 722.3 725.4 713.9 717.0 719.6 726.9 731.6 734.8
Rental income of persons with
capital consumption adjustment... 142.3 144.4 145.2 146.3 147.7 149.2 154.4 162.1
Personal dividend income.......... 416.9 420.1 423.0 425.8 428.3 431.0 433.6 435.8
Personal interest income.......... 994.3 991.5 988.6 979.7 970.9 962.0 964.3 966.5
Transfer payments to persons...... 1,158.8 1,157.3 1,160.9 1,168.7 1,172.2 1,180.5 1,208.2 1,215.0
Old-age, survivors, disability,
and health insurance benefits.. 672.6 669.2 670.8 671.7 674.6 679.2 691.9 696.6
Government unemployment
insurance benefits............. 23.3 24.0 24.3 24.7 25.1 25.8 27.0 26.8
Other........................... 462.9 464.2 465.8 472.3 472.4 475.4 489.3 491.5
Less: Personal contributions for
social insurance................. 374.7 374.2 373.7 372.6 372.4 373.5 378.8 379.4
Less: Personal tax and nontax
payments........................... 1,258.9 1,120.5 1,207.0 1,332.4 1,327.5 1,338.1 1,245.0 1,245.5
Equals: Disposable personal income.. 7,509.6 7,655.4 7,564.0 7,427.2 7,429.6 7,446.7 7,584.4 7,633.9
Less: Personal outlays.............. 7,329.4 7,333.1 7,210.6 7,418.0 7,397.5 7,404.2 7,436.9 7,481.8
Personal consumption expenditures. 7,093.6 7,099.7 6,979.4 7,188.3 7,168.9 7,177.4 7,209.9 7,254.5
Durable goods................... 853.0 848.5 820.4 941.2 910.4 877.9 871.3 885.9
Nondurable goods................ 2,063.3 2,063.8 2,045.5 2,051.0 2,045.9 2,063.7 2,086.9 2,093.4
Services........................ 4,177.3 4,187.4 4,113.6 4,196.1 4,212.7 4,235.8 4,251.8 4,275.3
Interest paid by persons.......... 203.9 201.5 199.2 197.7 196.7 194.9 195.1 195.4
Personal transfer payments to the
rest of the world (net).......... 31.9 31.9 31.9 31.9 31.9 31.9 31.9 31.9
Equals: Personal saving............. 180.2 322.3 353.4 9.2 32.1 42.5 147.5 152.1
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 6,845.4 6,978.6 6,928.9 6,759.8 6,768.1 6,793.5 6,909.2 6,948.2
Per capita:
Current dollars............... 26,255 26,733 26,384 25,879 25,862 25,898 26,353 26,503
Chained (1996) dollars........ 23,932 24,370 24,169 23,553 23,560 23,626 24,007 24,122
Population (thousands)\2\....... 286,032 286,362 286,687 286,999 287,277 287,539 287,798 288,044
Personal saving as a percentage
of disposable personal income.... 2.4 4.2 4.7 .1 .4 .6 1.9 2.0
----------------------------------------------------------------------------------------------------------------------------
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.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2000 2001/r/ III 00 IV 00 I 01 II 01 III 01 IV 01/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,319.2 8,723.5 8,381.5 8,519.6 8,640.2 8,714.6 8,771.8 8,767.2
Wage and salary disbursements..... 4,837.2 5,098.2 4,875.8 4,973.2 5,049.4 5,099.8 5,123.4 5,120.0
Private industries.............. 4,068.8 4,292.2 4,103.2 4,196.6 4,260.6 4,300.2 4,311.0 4,296.9
Goods-producing industries.... 1,163.7 1,197.3 1,173.2 1,195.5 1,206.3 1,204.4 1,197.5 1,181.1
Manufacturing............... 830.1 842.1 838.0 852.2 853.3 850.2 841.1 823.9
Distributive industries....... 1,095.6 1,145.5 1,102.4 1,125.9 1,140.3 1,148.2 1,148.1 1,145.2
Service industries............ 1,809.5 1,949.4 1,827.6 1,875.2 1,914.0 1,947.6 1,965.4 1,970.6
Government...................... 768.4 806.0 772.6 776.6 788.8 799.6 812.5 823.2
Other labor income................ 534.2 553.8 537.9 544.9 549.3 552.2 555.4 558.5
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 715.0 743.5 719.3 725.2 735.2 745.3 752.7 740.8
Farm............................ 30.6 27.6 31.6 31.7 29.8 28.7 32.3 19.6
Nonfarm......................... 684.4 715.9 687.6 693.5 705.4 716.6 720.5 721.2
Rental income of persons with
capital consumption adjustment... 141.6 142.6 138.3 141.7 139.6 139.0 144.0 147.7
Personal dividend income.......... 379.2 416.3 385.8 396.6 404.8 411.9 420.0 428.4
Personal interest income.......... 1,000.6 993.6 1,009.2 1,013.1 1,010.9 1,001.0 991.5 970.9
Transfer payments to persons...... 1,069.1 1,148.8 1,074.6 1,089.0 1,123.1 1,139.4 1,159.0 1,173.8
Old-age, survivors, disability,
and health insurance benefits.. 617.3 664.4 620.9 626.5 651.4 660.1 670.8 675.2
Government unemployment
insurance benefits............. 20.3 23.7 20.1 22.1 22.7 23.1 23.9 25.2
Other........................... 431.5 460.7 427.1 432.8 440.6 456.2 464.3 473.4
Less: Personal contributions for
social insurance................. 357.7 373.3 359.4 364.1 372.1 374.0 374.2 372.8
Less: Personal tax and nontax
payments........................... 1,288.2 1,306.2 1,300.2 1,329.8 1,345.2 1,351.4 1,195.5 1,332.7
Equals: Disposable personal income.. 7,031.0 7,417.3 7,081.3 7,189.8 7,295.0 7,363.2 7,576.4 7,434.5
Less: Personal outlays.............. 6,963.3 7,298.9 7,026.9 7,115.1 7,216.2 7,281.7 7,291.0 7,406.6
Personal consumption expenditures. 6,728.4 7,064.5 6,785.5 6,871.4 6,977.6 7,044.6 7,057.6 7,178.2
Durable goods................... 819.6 858.3 825.4 818.7 838.1 844.7 840.6 909.8
Nondurable goods................ 1,989.6 2,055.1 2,012.4 2,025.1 2,047.1 2,062.3 2,057.5 2,053.5
Services........................ 3,919.2 4,151.1 3,947.7 4,027.5 4,092.4 4,137.6 4,159.4 4,214.9
Interest paid by persons.......... 205.3 203.2 211.3 212.9 208.5 206.3 201.5 196.4
Personal transfer payments to the
rest of the world (net).......... 29.6 31.2 30.1 30.8 30.1 30.8 31.9 31.9
Equals: Personal saving............. 67.7 118.4 54.5 74.7 78.8 81.5 285.3 27.9
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 6,539.2 6,772.4 6,566.5 6,634.9 6,679.0 6,719.2 6,917.5 6,773.8
Per capita:
Current dollars............... 24,889 25,942 25,029 25,331 25,634 25,798 26,457 25,880
Chained (1996) dollars........ 23,148 23,687 23,209 23,376 23,470 23,541 24,157 23,580
Population (thousands)\2\....... 282,489 285,908 282,923 283,838 284,582 285,418 286,360 287,272
Personal saving as a percentage
of disposable personal income.... 1.0 1.6 .8 1.0 1.1 1.1 3.8 .4
----------------------------------------------------------------------------------------------------------------------------
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.
Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/r/ Feb 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 30.9 7.4 -4.9 -11.4 -2.4 27.6 44.7 49.9
Wage and salary disbursements..... 9.5 -.7 -1.8 -11.4 2.2 24.0 -1.8 20.0
Private industries.............. 4.9 -4.3 -7.1 -15.1 .1 21.3 -9.5 15.8
Goods-producing industries.... -.3 -4.2 -3.3 -9.0 -5.8 .2 -4.2 .6
Manufacturing............... .2 -4.7 -4.3 -7.6 -7.2 -1.2 -2.0 -.8
Distributive industries....... -.2 -2.7 -6.9 .0 .7 6.5 -4.3 10.7
Service industries............ 5.4 2.6 3.2 -6.2 5.2 14.6 -1.0 4.6
Government...................... 4.6 3.6 5.3 3.7 2.0 2.8 7.7 4.2
Other labor income................ 1.1 .9 1.2 .9 1.1 1.0 4.6 3.6
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 1.8 5.8 -9.1 -4.7 -4.8 .2 9.5 7.9
Farm............................ 1.4 2.7 2.3 -7.8 -7.4 -7.1 4.8 4.7
Nonfarm......................... .5 3.1 -11.5 3.1 2.6 7.3 4.7 3.2
Rental income of persons with
capital consumption adjustment... 3.7 2.1 .8 1.1 1.4 1.5 5.2 7.7
Personal dividend income.......... 2.6 3.2 2.9 2.8 2.5 2.7 2.6 2.2
Personal interest income.......... -2.9 -2.8 -2.9 -8.9 -8.8 -8.9 2.3 2.2
Transfer payments to persons...... 15.2 -1.5 3.6 7.8 3.5 8.3 27.7 6.8
Old-age, survivors, disability,
and health insurance benefits.. 11.8 -3.4 1.6 .9 2.9 4.6 12.7 4.7
Government unemployment
insurance benefits............. .3 .7 .3 .4 .4 .7 1.2 -.2
Other............................ 3.0 1.3 1.6 6.5 .1 3.0 13.9 2.2
Less: Personal contributions for
social insurance................. .2 -.5 -.5 -1.1 -.2 1.1 5.3 .6
Less: Personal tax and nontax
payments........................... -97.5 -138.4 86.5 125.4 -4.9 10.6 -93.1 .5
Equals: Disposable personal income.. 128.4 145.8 -91.4 -136.8 2.4 17.1 137.7 49.5
Less: Personal outlays.............. 19.7 3.7 -122.5 207.4 -20.5 6.7 32.7 44.9
Personal consumption expenditures. 20.8 6.1 -120.3 208.9 -19.4 8.5 32.5 44.6
Durable goods................... -3.4 -4.5 -28.1 120.8 -30.8 -32.5 -6.6 14.6
Nondurable goods................ -.7 .5 -18.3 5.5 -5.1 17.8 23.2 6.5
Services........................ 25.0 10.1 -73.8 82.5 16.6 23.1 16.0 23.5
Interest paid by persons.......... -2.3 -2.4 -2.3 -1.5 -1.0 -1.8 .2 .3
Personal transfer payments to the
rest of the world (net).......... 1.1 .0 .0 .0 .0 .0 .0 .0
Equals: Personal saving............. 108.8 142.1 31.1 -344.2 22.9 10.4 105.0 4.6
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 118.0 133.2 -49.7 -169.1 8.3 25.4 115.7 39.0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2000 2001/r/ III 00 IV 00 I 01 II 01 III 01 IV 01/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 541.9 404.3 110.5 138.1 120.6 74.4 57.2 -4.6
Wage and salary disbursements..... 365.0 261.0 77.8 97.4 76.2 50.4 23.6 -3.4
Private industries.............. 320.9 223.4 73.5 93.4 64.0 39.6 10.8 -14.1
Goods-producing industries.... 75.0 33.6 21.4 22.3 10.8 -1.9 -6.9 -16.4
Manufacturing............... 48.1 12.0 16.0 14.2 1.1 -3.1 -9.1 -17.2
Distributive industries....... 74.6 49.9 16.3 23.5 14.4 7.9 -.1 -2.9
Service industries............ 171.3 139.9 35.9 47.6 38.8 33.6 17.8 5.2
Government...................... 44.1 37.6 4.3 4.0 12.2 10.8 12.9 10.7
Other labor income................ 24.5 19.6 7.8 7.0 4.4 2.9 3.2 3.1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 43.0 28.5 1.4 5.9 10.0 10.1 7.4 -11.9
Farm............................ 4.0 -3.0 -.9 .1 -1.9 -1.1 3.6 -12.7
Nonfarm......................... 39.0 31.5 2.2 5.9 11.9 11.2 3.9 .7
Rental income of persons with
capital consumption adjustment... -6.1 1.0 -3.1 3.4 -2.1 -.6 5.0 3.7
Personal dividend income.......... 36.1 37.1 12.5 10.8 8.2 7.1 8.1 8.4
Personal interest income.......... 50.6 -7.0 9.3 3.9 -2.2 -9.9 -9.5 -20.6
Transfer payments to persons...... 49.5 79.7 8.3 14.4 34.1 16.3 19.6 14.8
Old-age, survivors, disability,
and health insurance benefits.. 29.3 47.1 2.3 5.6 24.9 8.7 10.7 4.4
Government unemployment
insurance benefits............. .0 3.4 .7 2.0 .6 .4 .8 1.3
Other............................ 20.3 29.2 4.6 5.7 7.8 15.6 8.1 9.1
Less: Personal contributions for
social insurance................. 20.6 15.6 3.6 4.7 8.0 1.9 .2 -1.4
Less: Personal tax and nontax
payments........................... 129.0 18.0 22.9 29.6 15.4 6.2 -155.9 137.2
Equals: Disposable personal income.. 413.0 386.3 87.6 108.5 105.2 68.2 213.2 -141.9
Less: Personal outlays.............. 506.1 335.6 121.3 88.2 101.1 65.5 9.3 115.6
Personal consumption expenditures. 478.2 336.1 110.6 85.9 106.2 67.0 13.0 120.6
Durable goods................... 58.7 38.7 11.6 -6.7 19.4 6.6 -4.1 69.2
Nondurable goods................ 158.3 65.5 34.1 12.7 22.0 15.2 -4.8 -4.0
Services........................ 261.2 231.9 64.9 79.8 64.9 45.2 21.8 55.5
Interest paid by persons.......... 25.6 -2.1 9.5 1.6 -4.4 -2.2 -4.8 -5.1
Personal transfer payments to the
rest of the world (net).......... 2.4 1.6 1.1 .7 -.7 .7 1.1 .0
Equals: Personal saving............. -93.2 50.7 -33.6 20.2 4.1 2.7 203.8 -257.4
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 219.2 233.2 42.8 68.4 44.1 40.2 198.3 -143.7
----------------------------------------------------------------------------------------------------------------------------
r Revised.
1. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
[Percent; months seasonally adjusted at monthly rates]
----------------------------------------------------------------------------------------------------------------------------
Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/r/ Feb 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... .4 .1 -.1 -.1 .0 .3 .5 .6
Wage and salary disbursements..... .2 .0 .0 -.2 .0 .5 .0 .4
Other labor income................ .2 .2 .2 .2 .2 .2 .8 .6
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... .2 .8 -1.2 -.6 -.6 .0 1.3 1.1
Rental income of persons with
capital consumption adjustment... 2.7 1.4 .6 .7 1.0 1.0 3.5 5.0
Personal dividend income.......... .6 .8 .7 .6 .6 .6 .6 .5
Personal interest income.......... -.3 -.3 -.3 -.9 -.9 -.9 .2 .2
Transfer payments to persons...... 1.3 -.1 .3 .7 .3 .7 2.3 .6
Less: Personal contributions for
social insurance................. .1 -.1 -.1 -.3 -.1 .3 1.4 .1
Less: Personal tax and nontax
payments........................... -7.2 -11.0 7.7 10.4 -.4 .8 -7.0 .0
Equals: Disposable personal income.. 1.7 1.9 -1.2 -1.8 .0 .2 1.8 .7
Addenda:
Personal consumption expenditures. .3 .1 -1.7 3.0 -.3 .1 .5 .6
Durable goods................... -.4 -.5 -3.3 14.7 -3.3 -3.6 -.8 1.7
Nondurable goods................ .0 .0 -.9 .3 -.3 .9 1.1 .3
Services........................ .6 .2 -1.8 2.0 .4 .5 .4 .6
Disposable personal income, based
on chained (1996) dollars........ 1.8 1.9 -.7 -2.4 .1 .4 1.7 .6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Percent; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2000 2001/r/ III 00 IV 00 I 01 II 01 III 01 IV 01/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 7.0 4.9 5.5 6.8 5.8 3.5 2.7 -.2
Wage and salary disbursements..... 8.2 5.4 6.6 8.2 6.3 4.0 1.9 -.3
Other labor income................ 4.8 3.7 6.0 5.3 3.2 2.2 2.3 2.2
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 6.4 4.0 .8 3.3 5.6 5.6 4.0 -6.2
Rental income of persons with
capital consumption adjustment... -4.1 .7 -8.3 10.2 -5.8 -1.8 15.1 10.8
Personal dividend income.......... 10.5 9.8 14.1 11.7 8.5 7.2 8.1 8.2
Personal interest income.......... 5.3 -.7 3.8 1.6 -.9 -3.8 -3.8 -8.1
Transfer payments to persons...... 4.9 7.5 3.2 5.5 13.1 5.9 7.1 5.2
Less: Personal contributions for
social insurance................. 6.1 4.4 4.1 5.3 9.0 2.1 .3 -1.5
Less: Personal tax and nontax
payments........................... 11.1 1.4 7.4 9.4 4.7 1.9 -38.8 54.4
Equals: Disposable personal income.. 6.2 5.5 5.1 6.3 6.0 3.8 12.1 -7.3
Addenda:
Personal consumption expenditures. 7.7 5.0 6.8 5.2 6.3 3.9 .7 7.0
Durable goods................... 7.7 4.7 5.8 -3.2 9.8 3.2 -1.9 37.2
Nondurable goods................ 8.6 3.3 7.1 2.6 4.4 3.0 -.9 -.8
Services........................ 7.1 5.9 6.9 8.3 6.6 4.5 2.1 5.4
Disposable personal income, based
on chained (1996) dollars........ 3.5 3.6 2.6 4.2 2.7 2.4 12.3 -8.1
----------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/r/ Feb 02/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,466.2 6,471.9 6,393.4 6,542.4 6,530.6 6,547.8 6,568.0 6,603.0
Durable goods..................... 949.8 949.3 921.5 1,056.8 1,021.9 986.3 982.7 1,007.6
Nondurable goods.................. 1,890.4 1,896.4 1,859.2 1,878.1 1,886.2 1,916.6 1,932.4 1,930.2
Services.......................... 3,646.2 3,646.5 3,628.6 3,647.7 3,655.7 3,671.1 3,678.2 3,694.6
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 19.9 5.7 -78.5 149.0 -11.8 17.2 20.2 35.0
Durable goods..................... -3.1 -.5 -27.8 135.3 -34.9 -35.6 -3.6 24.9
Nondurable goods.................. 11.6 6.0 -37.2 18.9 8.1 30.4 15.8 -2.2
Services.......................... 10.4 .3 -17.9 19.1 8.0 15.4 7.1 16.4
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .3 .1 -1.2 2.3 -.2 .3 .3 .5
Durable goods..................... -.3 -.1 -2.9 14.7 -3.3 -3.5 -.4 2.5
Nondurable goods.................. .6 .3 -2.0 1.0 .4 1.6 .8 -.1
Services.......................... .3 .0 -.5 .5 .2 .4 .2 .4
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2000 2001/r/ III 00 IV 00 I 01 II 01 III 01 IV 01/r/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,257.8 6,450.3 6,292.1 6,341.1 6,388.5 6,428.4 6,443.9 6,540.3
Durable goods..................... 895.5 955.6 904.1 899.4 922.4 938.1 940.2 1,021.7
Nondurable goods.................. 1,849.9 1,883.3 1,864.1 1,866.8 1,878.0 1,879.4 1,882.0 1,893.6
Services.......................... 3,527.7 3,633.4 3,540.2 3,588.8 3,605.1 3,629.8 3,640.4 3,658.2
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 289.4 192.5 65.8 49.0 47.4 39.9 15.5 96.4
Durable goods..................... 77.7 60.1 17.6 -4.7 23.0 15.7 2.1 81.5
Nondurable goods.................. 83.5 33.4 19.2 2.7 11.2 1.4 2.6 11.6
Services.......................... 134.5 105.7 30.6 48.6 16.3 24.7 10.6 17.8
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... 4.8 3.1 4.3 3.1 3.0 2.5 1.0 6.1
Durable goods..................... 9.5 6.7 8.2 -2.1 10.6 7.0 .9 39.4
Nondurable goods.................. 4.7 1.8 4.2 .6 2.4 .3 .6 2.5
Services.......................... 4.0 3.0 3.5 5.6 1.8 2.8 1.2 2.0
----------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/r/ Feb 02/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures... 109.71 109.71 109.17 109.88 109.78 109.62 109.78 109.87
Durable goods..................... 89.82 89.39 89.04 89.07 89.09 89.01 88.66 87.92
Nondurable goods.................. 109.15 108.83 110.02 109.21 108.47 107.67 107.99 108.46
Services.......................... 114.58 114.85 113.38 115.05 115.25 115.39 115.60 115.73
Addendum:
Personal consumption expenditures
less food and energy............. 108.90 108.95 108.08 109.25 109.44 109.43 109.51 109.61
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .0 .0 -.5 .6 -.1 -.1 .1 .1
Durable goods..................... -.1 -.5 -.4 .0 .0 -.1 -.4 -.8
Nondurable goods.................. -.7 -.3 1.1 -.7 -.7 -.7 .3 .4
Services.......................... .3 .2 -1.3 1.5 .2 .1 .2 .1
Addendum:
Personal consumption expenditures
less food and energy............. .3 .0 -.8 1.1 .2 .0 .1 .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/r/ Feb 02/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income.......... 4.5 6.2 5.3 2.2 2.1 1.9 3.8 4.1
Personal consumption expenditures... 3.2 2.9 1.1 3.5 3.0 3.0 2.9 3.4
Durable goods..................... 6.7 5.6 -.2 16.6 13.6 10.5 7.7 8.4
Nondurable goods.................. 1.7 1.7 -.5 .5 1.2 2.6 2.2 3.0
Services.......................... 3.4 3.0 2.1 2.3 1.8 1.7 2.4 2.7
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
Jul 01 Aug 01 Sep 01 Oct 01/r/ Nov 01/r/ Dec 01/r/ Jan 02/r/ Feb 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures... 1.8 1.9 1.0 1.5 1.3 1.1 .6 .5
Durable goods..................... -1.8 -2.0 -2.4 -2.1 -2.1 -2.2 -2.8 -3.2
Nondurable goods.................. 1.2 1.2 1.4 .7 -.1 -.7 -.7 -.7
Services.......................... 3.0 3.0 1.5 2.7 2.7 2.6 2.0 1.9
Addendum:
Personal consumption expenditures
less food and energy............. 1.7 1.6 .6 1.6 1.6 1.6 1.2 1.1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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