News Release

FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, JUNE 28, 2002
BEA 02-20

Personal Income, May 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 02-20
Greg Key:                  606-5302  (Personal Outlays)
Recorded message:          606-5303


                        PERSONAL INCOME AND OUTLAYS:  MAY 2002

 Personal income increased $23.1 billion, or 0.3 percent, and disposable personal income (DPI)
increased $19.7 billion, or 0.3 percent, in May, according to the Bureau of Economic Analysis.  Personal
consumption expenditures (PCE) decreased $4.2 billion, or 0.1 percent.  In April, personal income
increased $20.7 billion, or 0.2 percent, DPI increased $22.7 billion, or 0.3 percent, and PCE increased
$40.1 billion, or 0.6 percent, based on revised estimates.

                                                                           2002
                                                    Jan.        Feb.        Mar.        Apr.        May
                                                            (Percent change from preceding month)
Personal income, current dollars                    0.6         0.5         0.4         0.2         0.3

Disposable personal income:
  Current dollars                                   2.8         0.7         0.5         0.3         0.3
  Chained (1996) dollars                            2.6         0.5         0.2        -0.1         0.3

Personal consumption expenditures:
  Current dollars                                   0.4         0.8         0.4         0.6        -0.1
  Chained (1996) dollars                            0.3         0.6         0.1         0.1         0.0



Wages and salaries

 Private wage and salary disbursements increased $17.9 billion in May, in contrast to a decrease
of $1.6 billion in April.  Goods-producing industries' payrolls increased $1.2 billion, in contrast to a
decrease of $3.5 billion; manufacturing payrolls increased $2.0 billion, in contrast to a decrease of
$1.2 billion.  Distributive industries' payrolls increased $4.0 billion, in contrast to a decrease of $0.7
billion.  Service industries' payrolls increased $12.7 billion, compared with an increase of $2.6
billion.  Government wage and salary disbursements increased $1.9 billion, compared with an
increase of $1.6 billion.


Other personal income

 Proprietors' income decreased $9.7 billion in May, compared with a decrease of $1.1 billion in
April.  Farm proprietors' income decreased $8.9 billion, compared with a decrease of $8.2 billion.
Nonfarm proprietors' income decreased $0.8 billion, in contrast to an increase of $7.1 billion.

 Transfer payments increased $4.5 billion in May, compared with an increase of $12.1 billion in
April.  Personal interest income decreased $0.1 billion, compared with a decrease of less than $0.1
billion.  Personal dividend income increased $2.5 billion, compared with an increase of $2.8 billion.
Rental income of persons increased $3.2 billion, compared with an increase of $3.4 billion.

 Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.9 billion in May, in contrast to a decrease of $0.4 billion in April.


Personal taxes and disposable personal income

 Personal tax and nontax payments increased $3.3 billion in May, in contrast to a decrease of
$2.0 billion in April.  Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $19.7 billion, or 0.3 percent, in May, compared with an increase of
$22.7 billion, or 0.3 percent, in April.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- decreased $2.5 billion in May, in contrast to an increase of $41.9 billion in April.
PCE decreased $4.2 billion, in contrast to an increase of $40.1 billion.

 Personal saving -- DPI less personal outlays -- was $240.6 billion in May, compared with
$218.4 billion in April.  Personal saving as a percentage of disposable personal income was 3.1
percent in May, compared with 2.8 percent in April.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in May, in contrast
to a decrease of 0.1 percent in April.

 Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in May,
compared with an increase of 0.1 percent in April.  The small increase in real PCE in May, in
contrast to the decrease in current-dollar PCE, reflected a slight decrease in the PCE implicit price
deflator.  Purchases of durable goods decreased 2.4 percent in May, in contrast to an increase of 0.5
percent in April.  Purchases of motor vehicles and parts more than accounted for the decrease in
May.  Purchases of nondurable goods decreased less than 0.1 percent in May, in contrast to an
increase of 0.1 percent in April.  Purchases of services increased 0.6 percent, compared with an
increase of 0.1 percent.


Revisions

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


                                                       Change from preceding month
                                                March                               April
                                  Previous Revised  Previous Revised   Previous Revised  Previous Revised
                               (Billions of dollars)  (Percent)     (Billions of dollars)   (Percent)
Personal Income:
 Current dollars..........         33.9     39.4      0.4      0.4       22.5     20.7      0.3     0.2

Disposable personal income:
 Current dollars..........         34.9     39.3      0.5      0.5       23.4     22.7      0.3     0.3
 Chained (1996) dollars...         12.5     15.2      0.2      0.2       -5.2     -8.4     -0.1    -0.1

Personal consumption expenditures:
 Current dollars..........         23.5     25.6      0.3      0.4       38.8     40.1      0.5     0.6
 Chained (1996) dollars...          3.3      3.9      0.0      0.1       10.2      9.1      0.2     0.1




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




                    Annual Revision of Personal Income and Outlays

    As part of the annual revision of the national income and product accounts, revised estimates
of personal income and outlays for January 1999 through May 2002 will be released along with
preliminary estimates for June 2002 on August 2.  Features of this revision include the
incorporation of a new price index for brokerage services and the adoption of a new revision
schedule for wages and salaries that permits the incorporation of more comprehensive quarterly
source data on a more timely basis.  The population and per capita estimates for January 1991
through May 2002 will also be revised to reflect newly available population estimates from the
Census Bureau that are consistent with the 2000 population count.  Information about the revision
will be available in the August 2 news release and in an article describing the revision, which will
appear in the August 2002 issue of the Survey of Current Business.



Next release -- Personal Income and Outlays for June will be released on
                     Friday, August 2, 2002, at 8:30 A.M. EDT.



                                   Table 1.--Personal Income and Its Disposition (Months)
                             [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 01     Nov 01     Dec 01   Jan 02/r/  Feb 02/r/  Mar 02/r/  Apr 02/r/  May 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,759.6    8,757.2    8,784.8    8,840.7    8,889.0    8,928.4    8,949.1    8,972.2
  Wage and salary disbursements.....    5,110.6    5,112.8    5,136.8    5,141.8    5,155.9    5,170.7    5,170.7    5,190.5
    Private industries..............    4,289.7    4,289.8    4,311.1    4,307.8    4,317.4    4,329.1    4,327.5    4,345.4
      Goods-producing industries....    1,184.9    1,179.1    1,179.3    1,176.8    1,178.1    1,179.0    1,175.5    1,176.7
        Manufacturing...............      829.1      821.9      820.7      817.2      818.2      818.3      817.1      819.1
      Distributive industries.......    1,142.6    1,143.3    1,149.8    1,151.1    1,153.9    1,160.3    1,159.6    1,163.6
      Service industries............    1,962.2    1,967.4    1,982.0    1,979.9    1,985.4    1,989.8    1,992.4    2,005.1
    Government......................      820.9      822.9      825.7      834.0      838.5      841.6      843.2      845.1
  Other labor income................      557.4      558.5      559.5      564.0      567.6      571.5      574.9      578.4

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      743.9      739.1      739.3      750.2      759.5      767.2      766.1      756.4
    Farm............................       26.9       19.5       12.4       18.3       23.5       28.5       20.3       11.4
    Nonfarm.........................      717.0      719.6      726.9      731.9      736.1      738.7      745.8      745.0

  Rental income of persons with
   capital consumption adjustment...      146.3      147.7      149.2      153.4      159.0      164.3      167.7      170.9

  Personal dividend income..........      425.8      428.3      431.0      433.6      435.8      437.6      440.4      442.9

  Personal interest income..........      979.7      970.9      962.0      967.3      972.6      977.8      977.8      977.7

  Transfer payments to persons......    1,168.7    1,172.2    1,180.5    1,209.6    1,218.1    1,219.0    1,231.1    1,235.6
    Old-age, survivors, disability,
     and health insurance benefits..      671.7      674.6      679.2      693.1      699.2      695.3      702.6      703.7
    Government unemployment
     insurance benefits.............       24.7       25.1       25.8       26.8       26.7       27.7       29.4       30.7
    Other...........................      472.3      472.4      475.4      489.7      492.1      496.0      499.1      501.2

  Less: Personal contributions for
   social insurance.................      372.6      372.4      373.5      379.2      379.4      379.9      379.5      380.4

Less: Personal tax and nontax
 payments...........................    1,332.4    1,327.5    1,338.1    1,187.0    1,184.9    1,185.0    1,183.0    1,186.3

Equals: Disposable personal income..    7,427.2    7,429.6    7,446.7    7,653.7    7,704.1    7,743.4    7,766.1    7,785.8

Less: Personal outlays..............    7,418.0    7,397.5    7,404.2    7,431.8    7,484.7    7,505.8    7,547.7    7,545.2
  Personal consumption expenditures.    7,188.3    7,168.9    7,177.4    7,208.4    7,265.8    7,291.4    7,331.5    7,327.3
    Durable goods...................      941.2      910.4      877.9      870.2      882.3      881.3      884.7      863.5
    Nondurable goods................    2,051.0    2,045.9    2,063.7    2,084.7    2,098.6    2,103.0    2,124.8    2,110.7
    Services........................    4,196.1    4,212.7    4,235.8    4,253.5    4,284.9    4,307.1    4,322.1    4,353.1
  Interest paid by persons..........      197.7      196.7      194.9      190.4      185.9      181.4      183.2      184.9
  Personal transfer payments to the
   rest of the world (net)..........       31.9       31.9       31.9       33.0       33.0       33.0       33.0       33.0

Equals: Personal saving.............        9.2       32.1       42.5      221.9      219.4      237.6      218.4      240.6

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    6,759.8    6,768.1    6,793.5    6,971.0    7,004.2    7,019.4    7,011.0    7,035.2
    Per capita:
      Current dollars...............     25,879     25,862     25,898     26,594     26,746     26,858     26,909     26,951
      Chained (1996) dollars........     23,553     23,560     23,626     24,222     24,316     24,347     24,293     24,352
    Population (thousands)\2\.......    286,999    287,277    287,539    287,798    288,044    288,312    288,605    288,893

  Personal saving as a percentage
   of disposable personal income....         .1         .4         .6        2.9        2.8        3.1        2.8        3.1
----------------------------------------------------------------------------------------------------------------------------
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      IV 00       I 01      II 01     III 01      IV 01    I 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................    8,319.2    8,723.5    8,519.6    8,640.2    8,714.6    8,771.8    8,767.2    8,886.0

  Wage and salary disbursements.....    4,837.2    5,098.2    4,973.2    5,049.4    5,099.8    5,123.4    5,120.0    5,156.1
    Private industries..............    4,068.8    4,292.2    4,196.6    4,260.6    4,300.2    4,311.0    4,296.9    4,318.1
      Goods-producing industries....    1,163.7    1,197.3    1,195.5    1,206.3    1,204.4    1,197.5    1,181.1    1,178.0
        Manufacturing...............      830.1      842.1      852.2      853.3      850.2      841.1      823.9      817.9
      Distributive industries.......    1,095.6    1,145.5    1,125.9    1,140.3    1,148.2    1,148.1    1,145.2    1,155.1
      Service industries............    1,809.5    1,949.4    1,875.2    1,914.0    1,947.6    1,965.4    1,970.6    1,985.1
    Government......................      768.4      806.0      776.6      788.8      799.6      812.5      823.2      838.0
  Other labor income................      534.2      553.8      544.9      549.3      552.2      555.4      558.5      567.7

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........      715.0      743.5      725.2      735.2      745.3      752.7      740.8      759.0
    Farm............................       30.6       27.6       31.7       29.8       28.7       32.3       19.6       23.4
    Nonfarm.........................      684.4      715.9      693.5      705.4      716.6      720.5      721.2      735.6

  Rental income of persons with
   capital consumption adjustment...      141.6      142.6      141.7      139.6      139.0      144.0      147.7      158.9

  Personal dividend income..........      379.2      416.3      396.6      404.8      411.9      420.0      428.4      435.7

  Personal interest income..........    1,000.6      993.6    1,013.1    1,010.9    1,001.0      991.5      970.9      972.6

  Transfer payments to persons......    1,069.1    1,148.8    1,089.0    1,123.1    1,139.4    1,159.0    1,173.8    1,215.5
    Old-age, survivors, disability,
     and health insurance benefits..      617.3      664.4      626.5      651.4      660.1      670.8      675.2      695.9
    Government unemployment
     insurance benefits.............       20.3       23.7       22.1       22.7       23.1       23.9       25.2       27.1
    Other...........................      431.5      460.7      432.8      440.6      456.2      464.3      473.4      492.6

  Less: Personal contributions for
   social insurance.................      357.7      373.3      364.1      372.1      374.0      374.2      372.8      379.5

Less: Personal tax and nontax
 payments...........................    1,288.2    1,306.2    1,329.8    1,345.2    1,351.4    1,195.5    1,332.7    1,185.6

Equals: Disposable personal income..    7,031.0    7,417.3    7,189.8    7,295.0    7,363.2    7,576.4    7,434.5    7,700.4

Less: Personal outlays..............    6,963.3    7,298.9    7,115.1    7,216.2    7,281.7    7,291.0    7,406.6    7,474.1
  Personal consumption expenditures.    6,728.4    7,064.5    6,871.4    6,977.6    7,044.6    7,057.6    7,178.2    7,255.2
    Durable goods...................      819.6      858.3      818.7      838.1      844.7      840.6      909.8      877.9
    Nondurable goods................    1,989.6    2,055.1    2,025.1    2,047.1    2,062.3    2,057.5    2,053.5    2,095.4
    Services........................    3,919.2    4,151.1    4,027.5    4,092.4    4,137.6    4,159.4    4,214.9    4,281.8
  Interest paid by persons..........      205.3      203.2      212.9      208.5      206.3      201.5      196.4      185.9
  Personal transfer payments to the
   rest of the world (net)..........       29.6       31.2       30.8       30.1       30.8       31.9       31.9       33.0

Equals: Personal saving.............       67.7      118.4       74.7       78.8       81.5      285.3       27.9      226.3

Addenda:
  Disposable personal income:
    Total, billions of chained
     (1996) dollars\1\..............    6,539.2    6,772.4    6,634.9    6,679.0    6,719.2    6,917.5    6,773.8    6,998.1
    Per capita:
      Current dollars...............     24,889     25,943     25,331     25,634     25,798     26,457     25,880     26,733
      Chained (1996) dollars........     23,148     23,687     23,376     23,470     23,541     24,157     23,580     24,295
    Population (thousands)\2\.......    282,489    285,908    283,838    284,582    285,418    286,360    287,272    288,051

  Personal saving as a percentage
   of disposable personal income....        1.0        1.6        1.0        1.1        1.1        3.8         .4        2.9
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 01     Nov 01     Dec 01   Jan 02/r/  Feb 02/r/  Mar 02/r/  Apr 02/r/  May 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      -11.4       -2.4       27.6       55.9       48.3       39.4       20.7       23.1

  Wage and salary disbursements.....      -11.4        2.2       24.0        5.0       14.1       14.8         .0       19.8
    Private industries..............      -15.1         .1       21.3       -3.3        9.6       11.7       -1.6       17.9
      Goods-producing industries....       -9.0       -5.8         .2       -2.5        1.3         .9       -3.5        1.2
        Manufacturing...............       -7.6       -7.2       -1.2       -3.5        1.0         .1       -1.2        2.0
      Distributive industries.......         .0         .7        6.5        1.3        2.8        6.4        -.7        4.0
      Service industries............       -6.2        5.2       14.6       -2.1        5.5        4.4        2.6       12.7
    Government......................        3.7        2.0        2.8        8.3        4.5        3.1        1.6        1.9
  Other labor income................         .9        1.1        1.0        4.5        3.6        3.9        3.4        3.5

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       -4.7       -4.8         .2       10.9        9.3        7.7       -1.1       -9.7
    Farm............................       -7.8       -7.4       -7.1        5.9        5.2        5.0       -8.2       -8.9
    Nonfarm.........................        3.1        2.6        7.3        5.0        4.2        2.6        7.1        -.8

  Rental income of persons with
   capital consumption adjustment...        1.1        1.4        1.5        4.2        5.6        5.3        3.4        3.2

  Personal dividend income..........        2.8        2.5        2.7        2.6        2.2        1.8        2.8        2.5

  Personal interest income..........       -8.9       -8.8       -8.9        5.3        5.3        5.2         .0        -.1

  Transfer payments to persons......        7.8        3.5        8.3       29.1        8.5         .9       12.1        4.5
    Old-age, survivors, disability,
     and health insurance benefits..         .9        2.9        4.6       13.9        6.1       -3.9        7.3        1.1
    Government unemployment
     insurance benefits.............         .4         .4         .7        1.0        -.1        1.0        1.7        1.3
   Other............................        6.5         .1        3.0       14.3        2.4        3.9        3.1        2.1

  Less: Personal contributions for
   social insurance.................       -1.1        -.2        1.1        5.7         .2         .5        -.4         .9

Less: Personal tax and nontax
 payments...........................      125.4       -4.9       10.6     -151.1       -2.1         .1       -2.0        3.3

Equals: Disposable personal income..     -136.8        2.4       17.1      207.0       50.4       39.3       22.7       19.7

Less: Personal outlays..............      207.4      -20.5        6.7       27.6       52.9       21.1       41.9       -2.5
  Personal consumption expenditures.      208.9      -19.4        8.5       31.0       57.4       25.6       40.1       -4.2
    Durable goods...................      120.8      -30.8      -32.5       -7.7       12.1       -1.0        3.4      -21.2
    Nondurable goods................        5.5       -5.1       17.8       21.0       13.9        4.4       21.8      -14.1
    Services........................       82.5       16.6       23.1       17.7       31.4       22.2       15.0       31.0
  Interest paid by persons..........       -1.5       -1.0       -1.8       -4.5       -4.5       -4.5        1.8        1.7
  Personal transfer payments to the
   rest of the world (net)..........         .0         .0         .0        1.1         .0         .0         .0         .0

Equals: Personal saving.............     -344.2       22.9       10.4      179.4       -2.5       18.2      -19.2       22.2

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........     -169.1        8.3       25.4      177.5       33.2       15.2       -8.4       24.2
----------------------------------------------------------------------------------------------------------------------------
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      IV 00       I 01      II 01     III 01      IV 01    I 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................      541.9      404.3      138.1      120.6       74.4       57.2       -4.6      118.8
  Wage and salary disbursements.....      365.0      261.0       97.4       76.2       50.4       23.6       -3.4       36.1
    Private industries..............      320.9      223.4       93.4       64.0       39.6       10.8      -14.1       21.2
      Goods-producing industries....       75.0       33.6       22.3       10.8       -1.9       -6.9      -16.4       -3.1
        Manufacturing...............       48.1       12.0       14.2        1.1       -3.1       -9.1      -17.2       -6.0
      Distributive industries.......       74.6       49.9       23.5       14.4        7.9        -.1       -2.9        9.9
      Service industries............      171.3      139.9       47.6       38.8       33.6       17.8        5.2       14.5
    Government......................       44.1       37.6        4.0       12.2       10.8       12.9       10.7       14.8
  Other labor income................       24.5       19.6        7.0        4.4        2.9        3.2        3.1        9.2

  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........       43.0       28.5        5.9       10.0       10.1        7.4      -11.9       18.2
    Farm............................        4.0       -3.0         .1       -1.9       -1.1        3.6      -12.7        3.8
    Nonfarm.........................       39.0       31.5        5.9       11.9       11.2        3.9         .7       14.4

  Rental income of persons with
   capital consumption adjustment...       -6.1        1.0        3.4       -2.1        -.6        5.0        3.7       11.2

  Personal dividend income..........       36.1       37.1       10.8        8.2        7.1        8.1        8.4        7.3

  Personal interest income..........       50.6       -7.0        3.9       -2.2       -9.9       -9.5      -20.6        1.7

  Transfer payments to persons......       49.5       79.7       14.4       34.1       16.3       19.6       14.8       41.7
    Old-age, survivors, disability,
     and health insurance benefits..       29.3       47.1        5.6       24.9        8.7       10.7        4.4       20.7
    Government unemployment
     insurance benefits.............         .0        3.4        2.0         .6         .4         .8        1.3        1.9
   Other............................       20.3       29.2        5.7        7.8       15.6        8.1        9.1       19.2

  Less: Personal contributions for
   social insurance.................       20.6       15.6        4.7        8.0        1.9         .2       -1.4        6.7

Less: Personal tax and nontax
 payments...........................      129.0       18.0       29.6       15.4        6.2     -155.9      137.2     -147.1

Equals: Disposable personal income..      413.0      386.3      108.5      105.2       68.2      213.2     -141.9      265.9

Less: Personal outlays..............      506.1      335.6       88.2      101.1       65.5        9.3      115.6       67.5
  Personal consumption expenditures.      478.2      336.1       85.9      106.2       67.0       13.0      120.6       77.0
    Durable goods...................       58.7       38.7       -6.7       19.4        6.6       -4.1       69.2      -31.9
    Nondurable goods................      158.3       65.5       12.7       22.0       15.2       -4.8       -4.0       41.9
    Services........................      261.2      231.9       79.8       64.9       45.2       21.8       55.5       66.9
  Interest paid by persons..........       25.6       -2.1        1.6       -4.4       -2.2       -4.8       -5.1      -10.5
  Personal transfer payments to the
   rest of the world (net)..........        2.4        1.6         .7        -.7         .7        1.1         .0        1.1

Equals: Personal saving.............      -93.2       50.7       20.2        4.1        2.7      203.8     -257.4      198.4

Addendum:
  Disposable personal income:
   Chained (1996) dollars\1\........      219.2      233.2       68.4       44.1       40.2      198.3     -143.7      224.3
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 01     Nov 01     Dec 01   Jan 02/r/  Feb 02/r/  Mar 02/r/  Apr 02/r/  May 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        -.1         .0         .3         .6         .5         .4         .2         .3
  Wage and salary disbursements.....        -.2         .0         .5         .1         .3         .3         .0         .4
  Other labor income................         .2         .2         .2         .8         .6         .7         .6         .6
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        -.6        -.6         .0        1.5        1.2        1.0        -.1       -1.3
  Rental income of persons with
   capital consumption adjustment...         .7        1.0        1.0        2.9        3.6        3.4        2.0        1.9
  Personal dividend income..........         .6         .6         .6         .6         .5         .4         .6         .6
  Personal interest income..........        -.9        -.9        -.9         .6         .5         .5         .0         .0
  Transfer payments to persons......         .7         .3         .7        2.5         .7         .1        1.0         .4
  Less: Personal contributions for
   social insurance.................        -.3        -.1         .3        1.5         .0         .1        -.1         .2

Less: Personal tax and nontax
 payments...........................       10.4        -.4         .8      -11.3        -.2         .0        -.2         .3

Equals: Disposable personal income..       -1.8         .0         .2        2.8         .7         .5         .3         .3

Addenda:
  Personal consumption expenditures.        3.0        -.3         .1         .4         .8         .4         .6        -.1
    Durable goods...................       14.7       -3.3       -3.6        -.9        1.4        -.1         .4       -2.4
    Nondurable goods................         .3        -.3         .9        1.0         .7         .2        1.0        -.7
    Services........................        2.0         .4         .5         .4         .7         .5         .3         .7

  Disposable personal income, based
   on chained (1996) dollars........       -2.4         .1         .4        2.6         .5         .2        -.1         .3
----------------------------------------------------------------------------------------------------------------------------
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      IV 00       I 01      II 01     III 01      IV 01    I 02/r/
----------------------------------------------------------------------------------------------------------------------------
Personal income.....................        7.0        4.9        6.8        5.8        3.5        2.7        -.2        5.5
  Wage and salary disbursements.....        8.2        5.4        8.2        6.3        4.0        1.9        -.3        2.9
  Other labor income................        4.8        3.7        5.3        3.2        2.2        2.3        2.2        6.8
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments..........        6.4        4.0        3.3        5.6        5.6        4.0       -6.2       10.2
  Rental income of persons with
   capital consumption adjustment...       -4.1         .7       10.2       -5.8       -1.8       15.1       10.8       33.9
  Personal dividend income..........       10.5        9.8       11.7        8.5        7.2        8.1        8.2        7.0
  Personal interest income..........        5.3        -.7        1.6        -.9       -3.8       -3.8       -8.1         .7
  Transfer payments to persons......        4.9        7.5        5.5       13.1        5.9        7.1        5.2       15.0
  Less: Personal contributions for
   social insurance.................        6.1        4.4        5.3        9.0        2.1         .3       -1.5        7.4

Less: Personal tax and nontax
 payments...........................       11.1        1.4        9.4        4.7        1.9      -38.8       54.4      -37.4

Equals: Disposable personal income..        6.2        5.5        6.3        6.0        3.8       12.1       -7.3       15.1

Addenda:
  Personal consumption expenditures.        7.7        5.0        5.2        6.3        3.9         .7        7.0        4.4
    Durable goods...................        7.7        4.7       -3.2        9.8        3.2       -1.9       37.2      -13.3
    Nondurable goods................        8.6        3.3        2.6        4.4        3.0        -.9        -.8        8.4
    Services........................        7.1        5.9        8.3        6.6        4.5        2.1        5.4        6.5

  Disposable personal income, based
   on chained (1996) dollars........        3.5        3.6        4.2        2.7        2.4       12.3       -8.1       13.9
----------------------------------------------------------------------------------------------------------------------------
r Revised.


                     Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                [Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 01     Nov 01     Dec 01   Jan 02/r/  Feb 02/r/  Mar 02/r/  Apr 02/r/  May 02/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,542.4    6,530.6    6,547.8    6,565.4    6,605.7    6,609.6    6,618.7    6,620.9
  Durable goods.....................    1,056.8    1,021.9      986.3      981.7    1,003.6    1,005.2    1,010.7      986.6
  Nondurable goods..................    1,878.1    1,886.2    1,916.6    1,930.4    1,935.0    1,928.1    1,929.2    1,928.5
  Services..........................    3,647.7    3,655.7    3,671.1    3,678.1    3,695.4    3,704.4    3,707.8    3,728.6
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      149.0      -11.8       17.2       17.6       40.3        3.9        9.1        2.2
  Durable goods.....................      135.3      -34.9      -35.6       -4.6       21.9        1.6        5.5      -24.1
  Nondurable goods..................       18.9        8.1       30.4       13.8        4.6       -6.9        1.1        -.7
  Services..........................       19.1        8.0       15.4        7.0       17.3        9.0        3.4       20.8
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                            chained (1996) dollars at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        2.3        -.2         .3         .3         .6         .1         .1         .0
  Durable goods.....................       14.7       -3.3       -3.5        -.5        2.2         .2         .5       -2.4
  Nondurable goods..................        1.0         .4        1.6         .7         .2        -.4         .1         .0
  Services..........................         .5         .2         .4         .2         .5         .2         .1         .6
----------------------------------------------------------------------------------------------------------------------------
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      IV 00       I 01      II 01     III 01      IV 01    I 02/r/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                               Billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...    6,257.8    6,450.3    6,341.1    6,388.5    6,428.4    6,443.9    6,540.3    6,593.5
  Durable goods.....................      895.5      955.6      899.4      922.4      938.1      940.2    1,021.7      996.8
  Nondurable goods..................    1,849.9    1,883.3    1,866.8    1,878.0    1,879.4    1,882.0    1,893.6    1,931.1
  Services..........................    3,527.7    3,633.4    3,588.8    3,605.1    3,629.8    3,640.4    3,658.2    3,692.6
                                    ----------------------------------------------------------------------------------------
                                                                Change from preceding period in
                                                               billions of chained (1996) dollars
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...      289.4      192.5       49.0       47.4       39.9       15.5       96.4       53.2
  Durable goods.....................       77.7       60.1       -4.7       23.0       15.7        2.1       81.5      -24.9
  Nondurable goods..................       83.5       33.4        2.7       11.2        1.4        2.6       11.6       37.5
  Services..........................      134.5      105.7       48.6       16.3       24.7       10.6       17.8       34.4
                                    ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in
                                                             chained (1996) dollars at annual rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...        4.8        3.1        3.1        3.0        2.5        1.0        6.1        3.3
  Durable goods.....................        9.5        6.7       -2.1       10.6        7.0         .9       39.4       -9.4
  Nondurable goods..................        4.7        1.8         .6        2.4         .3         .6        2.5        8.2
  Services..........................        4.0        3.0        5.6        1.8        2.8        1.2        2.0        3.8
----------------------------------------------------------------------------------------------------------------------------
r Revised.


   Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 01     Nov 01     Dec 01   Jan 02/r/  Feb 02/r/  Mar 02/r/  Apr 02/r/  May 02/p/
----------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------
                                                              Chain-type price indexes (1996=100),
                                                                      seasonally adjusted
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...     109.88     109.78     109.62     109.80     110.00     110.32     110.78     110.68
  Durable goods.....................      89.07      89.09      89.01      88.64      87.91      87.67      87.53      87.51
  Nondurable goods..................     109.21     108.47     107.67     108.00     108.46     109.08     110.14     109.46
  Services..........................     115.05     115.25     115.39     115.66     115.97     116.28     116.58     116.76
Addendum:
  Personal consumption expenditures
   less food and energy.............     109.25     109.44     109.43     109.53     109.76     109.92     110.19     110.17
                                    ----------------------------------------------------------------------------------------
                                                              Percent change from preceding period
                                                               in price indexes at monthly rates
                                    ----------------------------------------------------------------------------------------
Personal consumption expenditures...         .6        -.1        -.1         .2         .2         .3         .4        -.1
  Durable goods.....................         .0         .0        -.1        -.4        -.8        -.3        -.2         .0
  Nondurable goods..................        -.7        -.7        -.7         .3         .4         .6        1.0        -.6
  Services..........................        1.5         .2         .1         .2         .3         .3         .3         .2
Addendum:
  Personal consumption expenditures
   less food and energy.............        1.1         .2         .0         .1         .2         .1         .2         .0
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.


              Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 01     Nov 01     Dec 01   Jan 02/r/  Feb 02/r/  Mar 02/r/  Apr 02/r/  May 02/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income..........        2.2        2.1        1.9        4.7        5.0        4.7        4.4        4.7

Personal consumption expenditures...        3.5        3.0        3.0        2.9        3.5        3.3        3.3        3.0
  Durable goods.....................       16.6       13.6       10.5        7.6        8.0        8.6        8.7        5.9
  Nondurable goods..................         .5        1.2        2.6        2.1        3.2        3.2        2.8        2.5
  Services..........................        2.3        1.8        1.7        2.4        2.7        2.2        2.4        2.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.


    Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
                                         Oct 01     Nov 01     Dec 01   Jan 02/r/  Feb 02/r/  Mar 02/r/  Apr 02/r/  May 02/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures...        1.5        1.3        1.1         .7         .6         .9        1.2        1.0
  Durable goods.....................       -2.1       -2.1       -2.2       -2.8       -3.2       -3.2       -3.1       -2.7
  Nondurable goods..................         .7        -.1        -.7        -.7        -.7         .1         .6        -.4
  Services..........................        2.7        2.7        2.6        2.1        2.1        2.3        2.4        2.5
Addendum:
  Personal consumption expenditures
   less food and energy.............        1.6        1.6        1.6        1.3        1.3        1.4        1.5        1.6
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.