News Release

FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, AUGUST 30, 2002
BEA 02-26

Personal Income, July 2002




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 02-26
Greg Key:                    606-5302  (Personal Outlays)
Recorded message:            606-5303


                      PERSONAL INCOME AND OUTLAYS:  JULY 2002

 Personal income increased $2.4 billion, or less than 0.1 percent, and disposable personal
income (DPI) increased $11.9 billion, or 0.2 percent, in July, according to the Bureau of Economic
Analysis.  Personal consumption expenditures (PCE) increased $70.7 billion, or 1.0 percent.  In
June, personal income increased $58.6 billion, or 0.7 percent, DPI increased $55.4 billion, or 0.7
percent, and PCE increased $36.4 billion, or 0.5 percent, based on revised estimates.


                                                                    2002
                                               Mar.       Apr.       May       June       July
                                                     (Percent change from preceding month)

Personal income, current dollars                0.3        0.4       0.4        0.7        0.0

Disposable personal income:
  Current dollars                               0.4        0.5       0.5        0.7        0.2
  Chained (1996) dollars                        0.1        0.1       0.5        0.6        0.0

Personal consumption expenditures:
  Current dollars                               0.3        0.5       0.0        0.5        1.0
  Chained (1996) dollars                        0.0        0.1       0.0        0.4        0.8


Wages and salaries

  Private wage and salary disbursements decreased $11.6 billion in July, in contrast to an
increase of $34.6 billion in June.  Goods-producing industries' payrolls decreased $4.2 billion, in
contrast to an increase of $6.1 billion; manufacturing payrolls decreased $3.7 billion, in contrast to
an increase of $3.9 billion.  Distributive industries' payrolls decreased $5.6 billion, in contrast to an
increase of $7.7 billion.  Service industries' payrolls decreased $1.9 billion, in contrast to an increase
of $20.8 billion.  Government wage and salary disbursements increased $0.9 billion, compared with
an increase of $3.3 billion.


Other personal income

  Proprietors' income increased $6.8 billion in July, in contrast to a decrease of $1.5 billion in
June.  Farm proprietors' income increased $4.5 billion, in contrast to a decrease of $1.8 billion.
Nonfarm proprietors' income increased $2.3 billion, compared with an increase of $0.3 billion.

  Transfer payments increased $5.7 billion in July, compared with an increase of $4.2 billion in
June.  Personal interest income decreased $0.7 billion, in contrast to an increase of $8.0 billion.
Personal dividend income increased $2.3 billion, compared with an increase of $2.4 billion.  Rental
income of persons decreased $5.6 billion, in contrast to an increase of $5.7 billion.

  Personal contributions for social insurance -- a subtraction in calculating personal income --
decreased $0.4 billion in July, in contrast to an increase of $2.6 billion in June.


Personal taxes and disposable personal income

  Personal tax and nontax payments decreased $9.5 billion in July, in contrast to an increase of
$3.2 billion in June.  Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $11.9 billion, or 0.2 percent, in July, compared with an increase of
$55.4 billion, or 0.7 percent, in June.


Personal outlays and personal saving

  Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- increased $69.8 billion in July, compared with an increase of $41.1 billion in June.
PCE increased $70.7 billion, compared with an increase of $36.4 billion.

  Personal saving -- DPI less personal outlays -- was $269.5 billion in July, compared with
$327.5 billion in June.  Personal saving as a percentage of disposable personal income was 3.4
percent in July, compared with 4.2 percent in June.


Real DPI and real PCE

  Real DPI -- DPI adjusted to remove price changes -- decreased less than 0.1 percent in July, in
contrast to an increase of 0.6 percent in June.

  Real PCE -- PCE adjusted to remove price changes -- increased 0.8 percent in July, compared
with an increase of 0.4 percent in June.  Purchases of durable goods increased 3.9 percent, compared
with an increase of 1.9 percent.  Purchases of motor vehicles and parts accounted for most of the
increases in July and June.  Purchases of nondurable goods increased 0.5 percent in July, compared
with an increase of 0.6 percent in June.  Purchases of services increased 0.3 percent, compared with
an increase of less than 0.1 percent.


Revisions

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



                                                    Change from preceding month
                                           May                                    June
                         Previous  Revised   Previous  Revised    Previous  Revised   Previous  Revised
                       (Billions of dollars)      (Percent)      (Billions of dollars)     (Percent)

Personal Income:
  Current dollars           39.4     36.0        0.4      0.4        57.0     58.6        0.6      0.7

Disposable personal income:
  Current dollars           40.9     38.0        0.5      0.5        55.0     55.4        0.7      0.7
  Chained (1996) dollars    40.8     36.7        0.6      0.5        43.6     42.9        0.6      0.6

Personal consumption expenditures:
  Current dollars           -2.3     -2.0        0.0      0.0        35.6     36.4        0.5      0.5
  Chained (1996) dollars     1.6      0.4        0.0      0.0        26.5     26.3        0.4      0.4


 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
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phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.



                             New Revision Schedule for Wages and Salaries

           In accordance with the new revision schedule announced last month, revised estimates for
wage and salary disbursements and related income-side components for January 2002 through July
2002 will be released along with preliminary estimates for August 2002 on September 30.  These
revisions will reflect the incorporation of newly available wage and salary tabulations of
employees covered by state unemployment insurance from the Bureau of Labor Statistics for the
first quarter of 2002.  Note that the incorporation of new source data for a given quarter usually
results in a revision to the level of an estimate not only for that quarter but also for subsequent
quarters.  The measures that will be revised beginning with January 2002 are personal income,
private wage and salary disbursements (including goods-producing, manufacturing, distributive,
and services), personal contributions for social insurance, personal tax and nontax payments,
disposable personal income (DPI), personal saving, real DPI, per capita DPI, per capita real DPI,
and personal saving as a percentage of DPI.



            Next release -- Personal Income and Outlays for August will be released on
                               September 30, 2002 at 8:30 A.M. EDT.



                                   Table 1.--Personal Income and Its Disposition (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 01     Jan 02     Feb 02     Mar 02   Apr 02/r/  May 02/r/  Jun 02/r/  Jul 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,730.9    8,774.9    8,815.6    8,840.8    8,875.7    8,911.7    8,970.3    8,972.7
  Wage and salary disbursements.....    4,948.6    4,949.6    4,965.8    4,980.3    4,977.7    4,995.0    5,032.9    5,022.2
    Private industries..............    4,120.8    4,113.4    4,124.9    4,136.2    4,131.9    4,147.0    4,181.6    4,170.0
      Goods-producing industries....    1,123.0    1,121.0    1,122.3    1,123.2    1,120.2    1,121.0    1,127.1    1,122.9
        Manufacturing...............      768.2      765.1      766.1      766.3      765.3      766.8      770.7      767.0
      Distributive industries.......    1,102.4    1,100.7    1,105.4    1,111.5    1,107.6    1,112.6    1,120.3    1,114.7
      Service industries............    1,895.4    1,891.6    1,897.2    1,901.5    1,904.1    1,913.4    1,934.2    1,932.3
    Government......................      827.8      836.3      840.9      844.1      845.7      848.0      851.3      852.2
  Other labor income................      577.9      586.1      590.7      595.5      599.8      603.9      608.5      612.6

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      736.8      743.3      750.0      751.9      751.6      745.8      744.3      751.1
    Farm............................       19.4       20.8       21.8       22.5       14.1        5.1        3.3        7.8
    Nonfarm.........................      717.4      722.4      728.2      729.4      737.5      740.7      741.0      743.3

  Rental income of persons with
   capital consumption adjustment...      137.3      139.4      141.3      143.2      148.8      154.4      160.1      154.5

  Personal dividend income..........      419.6      421.8      423.8      425.5      428.0      430.3      432.7      435.0

  Personal interest income..........    1,071.9    1,070.9    1,069.9    1,069.0    1,077.1    1,085.2    1,093.2    1,092.5

  Transfer payments to persons......    1,212.9    1,243.5    1,255.0    1,257.6    1,274.9    1,280.4    1,284.6    1,290.3
    Old-age, survivors, disability,
     and health insurance benefits..      678.2      688.7      693.2      688.6      695.1      696.3      697.4      699.3
    Government unemployment
     insurance benefits.............       42.3       48.1       52.6       56.2       63.3       65.3       65.5       65.6
    Other...........................      492.4      506.7      509.1      512.8      516.4      518.9      521.6      525.5

  Less: Personal contributions for
   social insurance.................      374.0      379.8      381.0      382.1      382.1      383.4      386.0      385.6

Less: Personal tax and nontax
 payments...........................    1,312.0    1,145.7    1,141.8    1,138.8    1,132.3    1,130.3    1,133.5    1,124.0

Equals: Disposable personal income..    7,418.9    7,629.2    7,673.7    7,702.0    7,743.4    7,781.4    7,836.8    7,848.7

Less: Personal outlays..............    7,325.1    7,355.7    7,408.9    7,424.3    7,465.5    7,468.2    7,509.3    7,579.1
  Personal consumption expenditures.    7,097.9    7,130.6    7,186.8    7,205.3    7,241.4    7,239.4    7,275.8    7,346.5
    Durable goods...................      856.2      853.6      863.5      859.8      868.5      845.3      858.4      890.1
    Nondurable goods................    2,050.7    2,074.1    2,089.1    2,092.1    2,110.6    2,101.6    2,115.7    2,128.0
    Services........................    4,191.0    4,202.8    4,234.2    4,253.4    4,262.3    4,292.5    4,301.6    4,328.5
  Interest paid by persons..........      196.7      193.7      190.6      187.6      192.3      197.1      201.8      200.9
  Personal transfer payments to the
   rest of the world (net)..........       30.6       31.5       31.5       31.5       31.7       31.7       31.7       31.7

Equals: Personal saving.............       93.8      273.5      264.8      277.7      277.9      313.2      327.5      269.5

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    6,761.9    6,941.0    6,968.1    6,978.1    6,987.8    7,024.5    7,067.4    7,066.9
    Per capita:
      Current dollars...............     25,801     26,509     26,641     26,714     26,830     26,935     27,099     27,109
      Chained (1996) dollars........     23,516     24,118     24,191     24,203     24,212     24,315     24,438     24,409
    Population (thousands)\2\.......    287,539    287,798    288,044    288,312    288,605    288,893    289,192    289,518

  Personal saving as a percentage
   of disposable personal income....        1.3        3.6        3.5        3.6        3.6        4.0        4.2        3.4
----------------------------------------------------------------------------------------------------------------------------
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.
   Estimates for January 1991 through June 2000 are interpolations between
   Bureau of Census population estimates for 1990 and for 2000; estimates for
   July 2000 forward are BEA extrapolations.  BEA will substitute monthly Bureau
   of Census population estimates for 1991 forward when they are released.


                             Table 2.--Personal Income and Its Disposition (Years and Quarters)
                            [Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                           2000       2001       I 01      II 01     III 01      IV 01       I 02    II 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,406.6    8,685.3    8,658.1    8,676.2    8,706.2    8,700.9    8,810.4    8,919.2

  Wage and salary disbursements.....    4,836.3    4,950.6    4,960.4    4,956.8    4,953.7    4,931.4    4,965.2    5,001.8
    Private industries..............    4,067.4    4,139.8    4,165.2    4,151.0    4,136.6    4,106.2    4,124.8    4,153.5
      Goods-producing industries....    1,163.7    1,142.4    1,156.3    1,150.0    1,140.0    1,123.3    1,122.2    1,122.8
        Manufacturing...............      829.4      789.4      807.2      797.1      783.4      769.9      765.8      767.6
      Distributive industries.......    1,094.8    1,109.2    1,115.0    1,112.3    1,110.8    1,098.6    1,105.9    1,113.5
      Service industries............    1,808.9    1,888.2    1,893.9    1,888.8    1,885.8    1,884.3    1,896.8    1,917.2
    Government......................      768.9      810.8      795.2      805.8      817.1      825.2      840.4      848.3
  Other labor income................      544.2      570.4      564.7      568.2      572.4      576.3      590.8      604.1

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      714.8      727.9      721.2      726.6      732.4      731.3      748.4      747.2
    Farm............................       22.6       19.0       19.3       18.4       19.3       19.2       21.7        7.5
    Nonfarm.........................      692.2      708.8      701.9      708.2      713.1      712.1      726.7      739.7

  Rental income of persons with
   capital consumption adjustment...      146.6      137.9      137.0      134.3      140.8      139.3      141.3      154.5

  Personal dividend income..........      375.7      409.2      402.5      406.0      411.0      417.3      423.7      430.3

  Personal interest income..........    1,077.0    1,091.3    1,108.4    1,097.2    1,086.4    1,072.9    1,069.9    1,085.2

  Transfer payments to persons......    1,070.3    1,170.4    1,135.0    1,159.1    1,182.5    1,205.0    1,252.0    1,280.0
    Old-age, survivors, disability,
     and health insurance benefits..      617.2      664.3      652.9      660.2      670.1      674.0      690.2      696.3
    Government unemployment
     insurance benefits.............       20.5       31.9       24.2       29.2       33.1       41.0       52.3       64.7
    Other...........................      432.5      474.2      457.9      469.7      479.3      490.0      509.5      519.0

  Less: Personal contributions for
   social insurance.................      358.4      372.3      371.1      372.2      373.1      372.7      380.9      383.8

Less: Personal tax and nontax
 payments...........................    1,286.4    1,292.1    1,340.6    1,336.1    1,181.9    1,309.7    1,142.1    1,132.0

Equals: Disposable personal income..    7,120.2    7,393.2    7,317.5    7,340.0    7,524.2    7,391.2    7,668.3    7,787.2

Less: Personal outlays..............    6,918.6    7,223.5    7,143.9    7,198.5    7,222.0    7,329.6    7,396.3    7,481.0
  Personal consumption expenditures.    6,683.7    6,987.0    6,904.7    6,959.8    6,983.7    7,099.9    7,174.2    7,252.2
    Durable goods...................      803.9      835.9      816.8      820.3      824.0      882.6      859.0      857.4
    Nondurable goods................    1,972.9    2,041.3    2,031.5    2,044.8    2,044.3    2,044.4    2,085.1    2,109.3
    Services........................    3,906.9    4,109.9    4,056.4    4,094.7    4,115.4    4,172.9    4,230.1    4,285.5
  Interest paid by persons..........      205.4      205.4      208.3      207.7      206.5      199.1      190.6      197.1
  Personal transfer payments to the
   rest of the world (net)..........       29.5       31.1       30.9       30.9       31.8       30.6       31.5       31.7

Equals: Personal saving.............      201.5      169.7      173.7      141.6      302.2       61.5      272.0      306.2

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    6,630.3    6,748.0    6,704.3    6,694.8    6,864.0    6,729.1    6,962.5    7,026.6
    Per capita:
      Current dollars...............     25,205     25,859     25,713     25,717     26,275     25,729     26,621     26,955
      Chained (1996) dollars........     23,471     23,602     23,558     23,456     23,970     23,424     24,171     24,322
    Population (thousands)\2\.......    282,489    285,908    284,582    285,418    286,360    287,272    288,051    288,897

  Personal saving as a percentage
   of disposable personal income....        2.8        2.3        2.4        1.9        4.0         .8        3.5        3.9
----------------------------------------------------------------------------------------------------------------------------
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 quarterly and
   annual estimates are averages of monthly population estimates.


                    Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 01     Jan 02     Feb 02     Mar 02   Apr 02/r/  May 02/r/  Jun 02/r/  Jul 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................       44.2       44.0       40.7       25.2       34.9       36.0       58.6        2.4

  Wage and salary disbursements.....       26.3        1.0       16.2       14.5       -2.6       17.3       37.9      -10.7
    Private industries..............       23.2       -7.4       11.5       11.3       -4.3       15.1       34.6      -11.6
      Goods-producing industries....        1.3       -2.0        1.3         .9       -3.0         .8        6.1       -4.2
        Manufacturing...............        -.4       -3.1        1.0         .2       -1.0        1.5        3.9       -3.7
      Distributive industries.......        6.3       -1.7        4.7        6.1       -3.9        5.0        7.7       -5.6
      Service industries............       15.6       -3.8        5.6        4.3        2.6        9.3       20.8       -1.9
    Government......................        3.2        8.5        4.6        3.2        1.6        2.3        3.3         .9
  Other labor income................        1.7        8.2        4.6        4.8        4.3        4.1        4.6        4.1

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        7.4        6.5        6.7        1.9        -.3       -5.8       -1.5        6.8
    Farm............................         .2        1.4        1.0         .7       -8.4       -9.0       -1.8        4.5
    Nonfarm.........................        7.2        5.0        5.8        1.2        8.1        3.2         .3        2.3

  Rental income of persons with
   capital consumption adjustment...       -2.3        2.1        1.9        1.9        5.6        5.6        5.7       -5.6

  Personal dividend income..........        2.4        2.2        2.0        1.7        2.5        2.3        2.4        2.3

  Personal interest income..........        -.3       -1.0       -1.0        -.9        8.1        8.1        8.0        -.7

  Transfer payments to persons......       11.0       30.6       11.5        2.6       17.3        5.5        4.2        5.7
    Old-age, survivors, disability,
     and health insurance benefits..        4.7       10.5        4.5       -4.6        6.5        1.2        1.1        1.9
    Government unemployment
     insurance benefits.............        3.3        5.8        4.5        3.6        7.1        2.0         .2         .1
   Other............................        3.0       14.3        2.4        3.7        3.6        2.5        2.7        3.9

  Less: Personal contributions for
   social insurance.................        1.9        5.8        1.2        1.1         .0        1.3        2.6        -.4

Less: Personal tax and nontax
 payments...........................        7.5     -166.3       -3.9       -3.0       -6.5       -2.0        3.2       -9.5

Equals: Disposable personal income..       36.7      210.3       44.5       28.3       41.4       38.0       55.4       11.9

Less: Personal outlays..............        8.2       30.6       53.2       15.4       41.2        2.7       41.1       69.8
  Personal consumption expenditures.       10.5       32.7       56.2       18.5       36.1       -2.0       36.4       70.7
    Durable goods...................      -22.2       -2.6        9.9       -3.7        8.7      -23.2       13.1       31.7
    Nondurable goods................       14.6       23.4       15.0        3.0       18.5       -9.0       14.1       12.3
    Services........................       18.2       11.8       31.4       19.2        8.9       30.2        9.1       26.9
  Interest paid by persons..........       -2.2       -3.0       -3.1       -3.0        4.7        4.8        4.7        -.9
  Personal transfer payments to the
   rest of the world (net)..........         .0         .9         .0         .0         .2         .0         .0         .0

Equals: Personal saving.............       28.5      179.7       -8.7       12.9         .2       35.3       14.3      -58.0

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........       43.2      179.1       27.1       10.0        9.7       36.7       42.9        -.5
----------------------------------------------------------------------------------------------------------------------------
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       I 01      II 01     III 01      IV 01       I 02    II 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      620.1      278.7       81.5       18.1       30.0       -5.3      109.5      108.8
  Wage and salary disbursements.....      365.9      114.3       42.6       -3.6       -3.1      -22.3       33.8       36.6
    Private industries..............      321.1       72.4       25.3      -14.2      -14.4      -30.4       18.6       28.7
      Goods-producing industries....       75.1      -21.3       -6.7       -6.3      -10.0      -16.7       -1.1         .6
        Manufacturing...............       47.4      -40.0      -13.1      -10.1      -13.7      -13.5       -4.1        1.8
      Distributive industries.......       74.0       14.4        5.2       -2.7       -1.5      -12.2        7.3        7.6
      Service industries............      172.0       79.3       26.9       -5.1       -3.0       -1.5       12.5       20.4
    Government......................       44.7       41.9       17.3       10.6       11.3        8.1       15.2        7.9
  Other labor income................       34.0       26.2        7.3        3.5        4.2        3.9       14.5       13.3

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       36.4       13.1        1.9        5.4        5.8       -1.1       17.1       -1.2
    Farm............................       -5.1       -3.6       -1.9        -.9         .9        -.1        2.5      -14.2
    Nonfarm.........................       41.5       16.6        3.8        6.3        4.9       -1.0       14.6       13.0

  Rental income of persons with
   capital consumption adjustment...       -2.5       -8.7       -6.5       -2.7        6.5       -1.5        2.0       13.2

  Personal dividend income..........       47.7       33.5        5.3        3.5        5.0        6.3        6.4        6.6

  Personal interest income..........      107.8       14.3       -1.9      -11.2      -10.8      -13.5       -3.0       15.3

  Transfer payments to persons......       51.8      100.1       40.8       24.1       23.4       22.5       47.0       28.0
    Old-age, survivors, disability,
     and health insurance benefits..       29.2       47.1       25.2        7.3        9.9        3.9       16.2        6.1
    Government unemployment
     insurance benefits.............         .2       11.4        2.2        5.0        3.9        7.9       11.3       12.4
   Other............................       22.3       41.7       13.4       11.8        9.6       10.7       19.5        9.5

  Less: Personal contributions for
   social insurance.................       21.0       13.9        8.0        1.1         .9        -.4        8.2        2.9

Less: Personal tax and nontax
 payments...........................      127.3        5.7       23.9       -4.5     -154.2      127.8     -167.6      -10.1

Equals: Disposable personal income..      492.8      273.0       57.7       22.5      184.2     -133.0      277.1      118.9

Less: Personal outlays..............      465.3      304.9       91.8       54.6       23.5      107.6       66.7       84.7
  Personal consumption expenditures.      437.2      303.3       96.7       55.1       23.9      116.2       74.3       78.0
    Durable goods...................       48.0       32.0       19.6        3.5        3.7       58.6      -23.6       -1.6
    Nondurable goods................      142.8       68.4       20.4       13.3        -.5         .1       40.7       24.2
    Services........................      246.4      203.0       56.7       38.3       20.7       57.5       57.2       55.4
  Interest paid by persons..........       25.9         .0       -4.9        -.6       -1.2       -7.4       -8.5        6.5
  Personal transfer payments to the
   rest of the world (net)..........        2.2        1.6         .0         .0         .9       -1.2         .9         .2

Equals: Personal saving.............       27.5      -31.8      -34.0      -32.1      160.6     -240.7      210.5       34.2

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      301.9      117.7       -1.9       -9.5      169.2     -134.9      233.4       64.1
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 01     Jan 02     Feb 02     Mar 02   Apr 02/r/  May 02/r/  Jun 02/r/  Jul 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................         .5         .5         .5         .3         .4         .4         .7         .0
  Wage and salary disbursements.....         .5         .0         .3         .3        -.1         .3         .8        -.2
  Other labor income................         .3        1.4         .8         .8         .7         .7         .8         .7
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        1.0         .9         .9         .3         .0        -.8        -.2         .9
  Rental income of persons with
   capital consumption adjustment...       -1.6        1.6        1.3        1.4        3.9        3.8        3.7       -3.5
  Personal dividend income..........         .6         .5         .5         .4         .6         .5         .5         .5
  Personal interest income..........         .0        -.1        -.1        -.1         .8         .7         .7        -.1
  Transfer payments to persons......         .9        2.5         .9         .2        1.4         .4         .3         .4
  Less: Personal contributions for
   social insurance.................         .5        1.5         .3         .3         .0         .3         .7        -.1

Less: Personal tax and nontax
 payments...........................         .6      -12.7        -.3        -.3        -.6        -.2         .3        -.8

Equals: Disposable personal income..         .5        2.8         .6         .4         .5         .5         .7         .2

Addenda:
  Personal consumption expenditures.         .1         .5         .8         .3         .5         .0         .5        1.0
    Durable goods...................       -2.5        -.3        1.2        -.4        1.0       -2.7        1.6        3.7
    Nondurable goods................         .7        1.1         .7         .1         .9        -.4         .7         .6
    Services........................         .4         .3         .7         .5         .2         .7         .2         .6

  Disposable personal income, based
   on chained (1996) dollars........         .6        2.6         .4         .1         .1         .5         .6         .0
----------------------------------------------------------------------------------------------------------------------------
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       I 01      II 01     III 01      IV 01       I 02    II 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        8.0        3.3        3.9         .8        1.4        -.2        5.1        5.0
  Wage and salary disbursements.....        8.2        2.4        3.5        -.3        -.3       -1.8        2.8        3.0
  Other labor income................        6.7        4.8        5.4        2.5        3.0        2.8       10.4        9.3
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        5.4        1.8        1.0        3.0        3.3        -.6        9.7        -.6
  Rental income of persons with
   capital consumption adjustment...       -1.7       -6.0      -16.9       -7.8       20.9       -4.3        5.9       42.7
  Personal dividend income..........       14.5        8.9        5.4        3.6        5.0        6.3        6.3        6.4
  Personal interest income..........       11.1        1.3        -.7       -4.0       -3.9       -4.9       -1.1        5.8
  Transfer payments to persons......        5.1        9.4       15.8        8.8        8.3        7.8       16.5        9.2
  Less: Personal contributions for
   social insurance.................        6.2        3.9        9.2        1.1        1.0        -.4        9.2        3.1

Less: Personal tax and nontax
 payments...........................       11.0         .4        7.4       -1.3      -38.8       50.8      -42.2       -3.5

Equals: Disposable personal income..        7.4        3.8        3.2        1.2       10.4       -6.9       15.9        6.3

Addenda:
  Personal consumption expenditures.        7.0        4.5        5.8        3.2        1.4        6.8        4.3        4.4
    Durable goods...................        6.4        4.0       10.2        1.7        1.8       31.6      -10.3        -.7
    Nondurable goods................        7.8        3.5        4.1        2.6        -.1         .0        8.2        4.7
    Services........................        6.7        5.2        5.8        3.8        2.0        5.7        5.6        5.3

  Disposable personal income, based
   on chained (1996) dollars........        4.8        1.8        -.1        -.6       10.5       -7.6       14.6        3.7
----------------------------------------------------------------------------------------------------------------------------
r Revised.


                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 01     Jan 02     Feb 02     Mar 02   Apr 02/r/  May 02/r/  Jun 02/r/  Jul 02/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,469.3    6,487.4    6,526.0    6,528.1    6,534.8    6,535.2    6,561.5    6,614.8
  Durable goods.....................      962.4      963.6      982.9      981.2      992.8      966.4      984.4    1,023.0
  Nondurable goods..................    1,904.4    1,920.5    1,926.1    1,917.5    1,915.6    1,919.5    1,930.7    1,940.6
  Services..........................    3,626.3    3,627.3    3,644.0    3,655.2    3,654.7    3,671.3    3,672.3    3,684.8
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...       19.0       18.1       38.6        2.1        6.7         .4       26.3       53.3
  Durable goods.....................      -24.7        1.2       19.3       -1.7       11.6      -26.4       18.0       38.6
  Nondurable goods..................       27.2       16.1        5.6       -8.6       -1.9        3.9       11.2        9.9
  Services..........................       11.6        1.0       16.7       11.2        -.5       16.6        1.0       12.5
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .3         .3         .6         .0         .1         .0         .4         .8
  Durable goods.....................       -2.5         .1        2.0        -.2        1.2       -2.7        1.9        3.9
  Nondurable goods..................        1.5         .8         .3        -.4        -.1         .2         .6         .5
  Services..........................         .3         .0         .5         .3         .0         .5         .0         .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]
----------------------------------------------------------------------------------------------------------------------------
                                           2000       2001       I 01      II 01     III 01      IV 01       I 02    II 02/r/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,223.9    6,377.2    6,326.0    6,348.0    6,370.9    6,464.0    6,513.8    6,543.8
  Durable goods.....................      878.9      931.9      900.6      912.4      922.6      992.0      975.9      981.2
  Nondurable goods..................    1,833.8    1,869.8    1,863.7    1,862.3    1,868.3    1,885.0    1,921.4    1,921.9
  Services..........................    3,524.5    3,594.9    3,576.3    3,589.3    3,597.5    3,616.6    3,642.2    3,666.1
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      259.4      153.3       37.2       22.0       22.9       93.1       49.8       30.0
  Durable goods.....................       66.4       53.0       24.1       11.8       10.2       69.4      -16.1        5.3
  Nondurable goods..................       68.7       36.0       10.6       -1.4        6.0       16.7       36.4         .5
  Services..........................      129.1       70.4        5.7       13.0        8.2       19.1       25.6       23.9
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                             chained (1996) dollars at annual rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        4.4        2.5        2.4        1.4        1.5        6.0        3.1        1.9
  Durable goods.....................        8.2        6.0       11.5        5.3        4.6       33.6       -6.3        2.2
  Nondurable goods..................        3.9        2.0        2.3        -.3        1.3        3.6        7.9         .1
  Services..........................        3.8        2.0         .6        1.5         .9        2.1        2.9        2.7
----------------------------------------------------------------------------------------------------------------------------
r Revised.


   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 01     Jan 02     Feb 02     Mar 02   Apr 02/r/  May 02/r/  Jun 02/r/  Jul 02/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     109.72     109.92     110.13     110.38     110.82     110.78     110.89     111.06
  Durable goods.....................      88.94      88.56      87.83      87.60      87.46      87.45      87.18      86.98
  Nondurable goods..................     107.67     107.99     108.46     109.10     110.17     109.49     109.58     109.65
  Services..........................     115.58     115.87     116.20     116.37     116.63     116.92     117.14     117.47
Addendum:
  Personal consumption expenditures
   less food and energy.............     109.60     109.72     109.97     110.03     110.27     110.33     110.44     110.60
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        -.1         .2         .2         .2         .4         .0         .1         .2
  Durable goods.....................         .0        -.4        -.8        -.3        -.2         .0        -.3        -.2
  Nondurable goods..................        -.7         .3         .4         .6        1.0        -.6         .1         .1
  Services..........................         .1         .3         .3         .1         .2         .3         .2         .3
Addendum:
  Personal consumption expenditures
   less food and energy.............         .0         .1         .2         .1         .2         .1         .1         .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.


              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 01     Jan 02     Feb 02     Mar 02   Apr 02/r/  May 02/r/  Jun 02/r/  Jul 02/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........         .7        3.5        4.0        4.0        4.2        5.1        5.7        4.0

Personal consumption expenditures...        2.5        2.4        3.2        3.3        3.2        2.9        3.2        3.8
  Durable goods.....................       10.0        7.9        8.5        8.7       10.0        6.3        6.4       10.5
  Nondurable goods..................        2.4        2.3        3.4        3.5        3.0        2.9        3.8        3.7
  Services..........................        1.1        1.4        2.0        2.1        1.9        2.2        2.3        2.5
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.


    Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
                                         Dec 01     Jan 02     Feb 02     Mar 02   Apr 02/r/  May 02/r/  Jun 02/r/  Jul 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures...        1.2         .8         .8        1.0        1.3        1.0        1.0        1.2
  Durable goods.....................       -2.1       -2.7       -3.1       -3.0       -3.0       -2.6       -2.8       -3.0
  Nondurable goods..................        -.8        -.8        -.7         .1         .6        -.4        -.4         .3
  Services..........................        2.9        2.4        2.4        2.4        2.5        2.4        2.5        2.4
Addendum:
  Personal consumption expenditures
   less food and energy.............        1.8        1.5        1.6        1.5        1.6        1.7        1.6        1.4
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.