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James E. Rankin: (202) 606-5301 (Personal Income) BEA 03-43
Greg Key: (202) 606-5302 (Personal Outlays)
Recorded message: (202) 606-5303
PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2003
Personal income increased $27.1 billion, or 0.3 percent, and disposable personal income (DPI)
decreased $82.6 billion, or 1.0 percent, in September, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $26.5 billion, or 0.3 percent. In August, personal
income increased $29.2 billion, or 0.3 percent, DPI increased $79.5 billion, or 1.0 percent, and PCE
increased $82.7 billion, or 1.1 percent, based on revised estimates.
2003
May June July Aug. Sept.
(Percent change from preceding month)
Personal income, current dollars 0.4 0.4 0.3 0.3 0.3
Disposable personal income:
Current dollars 0.4 0.4 1.6 1.0 -1.0
Chained (1996) dollars 0.5 0.2 1.4 0.7 -1.2
Personal consumption expenditures:
Current dollars 0.5 0.7 1.0 1.1 -0.3
Chained (1996) dollars 0.6 0.5 0.8 0.8 -0.6
The Bureau of Economic Analysis plans to release the results of its 12th comprehensive (or
benchmark) revision of the national income and product accounts (NIPAs) on December 10, 2003. An
article in the June 2003 issue of the Survey of Current Business discussed the changes in definitions and
concepts that will be implemented in the revision; an article in the August 2003 issue described changes
in presentation, including new and redesigned tables, and an article in the September 2003 issue
described changes in statistical methods. Information is available on BEA's Web site:
<www.bea.gov/national/cr2003content.htm>
The decrease in September disposable personal income (DPI) -- personal income less
personal tax and nontax payments -- reflected a winding down of advance refund checks sent to
taxpayers as part of the Jobs and Growth Tax Relief Reconciliation Act of 2003. The impact of
the tax law changes is discussed more fully below.
Wages and salaries
Private wage and salary disbursements increased $6.2 billion in September, compared with an
increase of $12.3 billion in August. Goods-producing industries' payrolls increased $2.9 billion,
compared with an increase of $2.3 billion; manufacturing payrolls increased $1.3 billion, compared
with an increase of $0.4 billion. Distributive industries' payrolls decreased $0.8 billion, in contrast
to an increase of $4.5 billion. Service industries' payrolls increased $4.1 billion, compared with an
increase of $5.5 billion. Government wage and salary disbursements decreased $0.6 billion, in
contrast to an increase of $0.4 billion.
Other personal income
Proprietors' income increased $6.3 billion in September, compared with an increase of $4.0
billion in August. Farm proprietors' income increased $0.5 billion, compared with an increase of
$2.1 billion. Nonfarm proprietors' income increased $5.7 billion, compared with an increase of $1.9
billion.
Transfer payments increased $8.0 billion in September, compared with an increase of $5.3
billion in August. Personal interest income decreased $2.1 billion in September, the same decrease
as in August. Personal dividend income increased $2.6 billion in September, the same increase as in
August. Rental income of persons increased $6.0 billion in September, compared with an increase
of $6.1 billion in August.
Personal contributions for social insurance -- a subtraction in calculating personal income --
increased $0.6 billion in September, compared with an increase of $1.1 billion in August.
Personal taxes and disposable personal income
Personal tax and nontax payments increased $109.7 billion in September, in contrast to
decreases of $50.3 billion in August and of $106.6 billion in July. Changes in federal income taxes
accounted for the increase in September and the decreases in August and in July. Provisions of the
Jobs and Growth Tax Relief Reconciliation Act of 2003 reduced the levels of withheld taxes by
$45.8 billion at an annual rate ($3.8 billion at a monthly rate) in September, in August, and in July.
The reduction in withheld taxes reflected new marginal tax rates, an expansion of the 10-percent tax
bracket, and an acceleration in "marriage penalty" relief. In addition, the level of federal
nonwithheld taxes (payments of estimated taxes plus final settlements less refunds) was reduced by
$2.0 billion at an annual rate ($0.2 billion at a monthly rate) in September, $109.5 billion at an
annual rate ($9.1 billion at a monthly rate) in August and $55.5 billion at an annual rate ($4.6 billion
at a monthly rate) in July. The reductions in nonwithheld taxes reflected the pattern of advance
payments of the child tax credit that were paid in September, in August, and in July.
Disposable personal income (DPI) -- personal income less personal tax and nontax payments --
decreased $82.6 billion, or 1.0 percent, in September, in contrast to an increase of $79.5 billion, or
1.0 percent, in August.
Personal outlays and personal saving
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of
the world (net) -- decreased $23.5 billion in September, in contrast to an increase of $85.7 billion in
August. PCE decreased $26.5 billion, in contrast to an increase of $82.7 billion.
Personal saving -- DPI less personal outlays -- was $235.2 billion in September, compared with
$294.3 billion in August. Personal saving as a percentage of disposable personal income was 2.9
percent in September, compared with 3.5 percent in August.
Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- decreased 1.2 percent in September, in
contrast to an increase of 0.7 percent in August.
Real PCE -- PCE adjusted to remove price changes -- decreased 0.6 percent in September, in
contrast to an increase of 0.8 percent in August. Purchases of durable goods decreased 4.6 percent,
in contrast to an increase of 4.0 percent. Purchases of motor vehicles and parts accounted for most
of the decrease in September and most of the increase in August. Purchases of nondurable goods
decreased 0.4 percent in September, in contrast to an increase of 0.8 percent in August. Purchases of
services increased 0.2 percent, compared with an increase of 0.1 percent.
Revisions
Estimates have been revised for July and August. Changes in personal income, current-dollar
and chained (1996) dollar DPI, and current-dollar and chained (1996) dollar PCE for July and
August -- revised and as published in last month's release -- are shown below.
Change from preceding month
July August
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars......... 24.2 25.6 0.3 0.3 21.7 29.2 0.2 0.3
Disposable personal income:
Current dollars......... 125.4 132.3 1.5 1.6 73.6 79.5 0.9 1.0
Chained (1996) dollars.. 95.6 102.1 1.3 1.4 45.1 50.0 0.6 0.7
Personal consumption expenditures:
Current dollars......... 71.8 74.0 0.9 1.0 59.8 82.7 0.8 1.1
Chained (1996) dollars.. 49.2 51.6 0.7 0.8 34.2 54.0 0.5 0.8
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
(202) 606-5362 U.S. international transactions
Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- Personal Income and Outlays for October will be released on
November 26, at 8:30 A.M. EST.
Table 1.--Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
Feb 03 Mar 03 Apr 03 May 03 Jun 03 Jul 03/r/ Aug 03/r/ Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 9,080.2 9,102.0 9,119.8 9,155.4 9,192.9 9,218.5 9,247.7 9,274.8
Wage and salary disbursements..... 5,057.2 5,064.9 5,064.3 5,077.6 5,095.6 5,097.3 5,110.0 5,115.6
Private industries.............. 4,175.0 4,179.9 4,177.3 4,188.2 4,201.1 4,206.9 4,219.2 4,225.4
Goods-producing industries.... 1,106.0 1,107.5 1,105.7 1,108.5 1,112.6 1,109.4 1,111.7 1,114.6
Manufacturing............... 751.2 750.6 746.5 746.8 748.8 745.8 746.2 747.5
Distributive industries....... 1,123.2 1,122.4 1,122.3 1,123.8 1,127.5 1,129.7 1,134.2 1,133.4
Service industries............ 1,945.8 1,950.0 1,949.3 1,955.9 1,961.0 1,967.8 1,973.3 1,977.4
Government...................... 882.2 885.0 886.9 889.4 894.5 890.4 890.8 890.2
Other labor income................ 639.4 641.1 642.8 645.2 646.9 648.0 649.7 651.1
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 782.3 787.7 794.7 803.5 815.3 828.8 832.8 839.1
Farm............................ 14.4 15.9 15.8 15.1 15.2 19.1 21.2 21.7
Nonfarm......................... 767.9 771.7 778.9 788.4 800.1 809.7 811.6 817.3
Rental income of persons with
capital consumption adjustment... 126.9 126.2 121.3 115.2 109.4 115.0 121.1 127.1
Personal dividend income.......... 451.2 453.7 456.4 459.1 461.5 463.9 466.5 469.1
Personal interest income.......... 1,075.8 1,072.2 1,076.8 1,081.5 1,086.1 1,084.1 1,082.0 1,079.9
Transfer payments to persons...... 1,339.6 1,348.9 1,356.3 1,367.2 1,373.2 1,377.0 1,382.3 1,390.3
Old-age, survivors, disability,
and health insurance benefits.. 722.4 727.1 729.6 737.3 738.5 740.0 745.8 748.8
Government unemployment
insurance benefits............. 61.5 63.6 64.8 65.7 67.5 67.2 66.1 66.9
Other........................... 555.7 558.1 561.9 564.2 567.2 569.7 570.4 574.7
Less: Personal contributions for
social insurance................. 392.1 392.7 392.9 393.9 395.2 395.6 396.7 397.3
Less: Personal tax and nontax
payments........................... 1,074.4 1,078.9 1,079.4 1,082.3 1,086.2 979.6 929.3 1,039.0
Equals: Disposable personal income.. 8,005.8 8,023.1 8,040.4 8,073.2 8,106.6 8,238.9 8,318.4 8,235.8
Less: Personal outlays.............. 7,705.4 7,769.8 7,772.4 7,807.7 7,860.9 7,938.4 8,024.1 8,000.6
Personal consumption expenditures. 7,490.3 7,553.9 7,557.0 7,592.6 7,646.2 7,720.2 7,802.9 7,776.4
Durable goods................... 845.7 871.7 894.4 899.5 907.7 939.4 975.5 926.0
Nondurable goods................ 2,203.7 2,223.3 2,193.3 2,197.1 2,219.5 2,242.8 2,274.3 2,280.3
Services........................ 4,441.0 4,458.9 4,469.4 4,496.0 4,519.0 4,538.0 4,553.2 4,570.1
Interest paid by persons.......... 181.7 182.5 182.2 181.9 181.5 184.5 187.4 190.5
Personal transfer payments to the
rest of the world (net).......... 33.4 33.4 33.2 33.2 33.2 33.7 33.7 33.7
Equals: Personal saving............. 300.4 253.3 268.0 265.5 245.7 300.5 294.3 235.2
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 7,107.6 7,097.6 7,126.3 7,162.1 7,175.5 7,277.6 7,327.6 7,236.9
Per capita:
Current dollars............... 27,692 27,729 27,766 27,855 27,945 28,374 28,620 28,308
Chained (1996) dollars........ 24,585 24,531 24,609 24,712 24,735 25,063 25,211 24,874
Population (thousands)\2\....... 289,098 289,335 289,579 289,828 290,096 290,370 290,653 290,936
Personal saving as a percentage
of disposable personal income.... 3.8 3.2 3.3 3.3 3.0 3.6 3.5 2.9
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Equals disposable personal income deflated by the implicit price deflator for
personal consumption expenditures.
2. Population is the total population of the United States, including the Armed
Forces overseas and the institutionalized population. The monthly estimate
is the average of estimates for the first of the month and the first of the
following month; the annual estimate is the average of the monthly estimates.
Table 2.--Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 II 02 III 02 IV 02 I 03 II 03 III 03
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 8,685.3 8,922.2 8,914.0 8,958.9 9,012.5 9,080.2 9,156.0 9,247.0
Wage and salary disbursements..... 4,950.6 4,996.4 4,997.3 5,007.4 5,023.1 5,053.8 5,079.2 5,107.7
Private industries.............. 4,139.8 4,143.6 4,148.9 4,150.3 4,157.7 4,172.8 4,188.9 4,217.2
Goods-producing industries.... 1,142.4 1,115.7 1,121.3 1,115.2 1,109.3 1,106.2 1,109.0 1,111.9
Manufacturing............... 789.4 758.7 765.3 757.9 752.0 750.6 747.4 746.5
Distributive industries....... 1,109.2 1,114.4 1,115.3 1,117.8 1,114.6 1,121.8 1,124.5 1,132.4
Service industries............ 1,888.2 1,913.5 1,912.4 1,917.3 1,933.9 1,944.8 1,955.4 1,972.9
Government...................... 810.8 852.8 848.4 857.1 865.4 881.0 890.3 890.5
Other labor income................ 570.4 610.6 604.1 617.5 630.2 639.2 645.0 649.6
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 727.9 756.5 747.5 758.7 771.6 784.4 804.5 833.6
Farm............................ 19.0 12.9 7.5 10.7 11.7 14.2 15.4 20.7
Nonfarm......................... 708.8 743.7 740.0 748.0 759.9 770.2 789.1 812.9
Rental income of persons with
capital consumption adjustment... 137.9 142.4 153.5 144.1 130.6 126.9 115.3 121.1
Personal dividend income.......... 409.2 433.8 430.3 437.3 443.8 451.2 459.0 466.5
Personal interest income.......... 1,091.3 1,078.5 1,082.3 1,080.7 1,080.9 1,075.8 1,081.5 1,082.0
Transfer payments to persons...... 1,170.4 1,288.0 1,282.6 1,298.4 1,319.1 1,340.8 1,365.6 1,383.2
Old-age, survivors, disability,
and health insurance benefits.. 664.3 699.8 696.3 701.9 710.8 722.6 735.1 744.9
Government unemployment
insurance benefits............. 31.9 62.9 67.3 67.6 64.2 62.0 66.0 66.7
Other........................... 474.2 525.4 519.0 528.9 544.1 556.2 564.4 571.6
Less: Personal contributions for
social insurance................. 372.3 384.0 383.6 385.3 386.8 391.9 394.0 396.5
Less: Personal tax and nontax
payments........................... 1,292.1 1,111.9 1,121.8 1,099.0 1,090.1 1,073.6 1,082.6 982.6
Equals: Disposable personal income.. 7,393.2 7,810.3 7,792.2 7,859.9 7,922.5 8,006.6 8,073.4 8,264.4
Less: Personal outlays.............. 7,223.5 7,524.5 7,477.9 7,583.0 7,640.7 7,727.6 7,813.7 7,987.7
Personal consumption expenditures. 6,987.0 7,303.7 7,254.7 7,360.7 7,425.4 7,512.5 7,598.6 7,766.5
Durable goods................... 835.9 871.9 856.9 897.8 873.9 861.2 900.5 947.0
Nondurable goods................ 2,041.3 2,115.0 2,108.2 2,116.9 2,150.0 2,206.8 2,203.3 2,265.8
Services........................ 4,109.9 4,316.8 4,289.5 4,346.0 4,401.5 4,444.6 4,494.8 4,553.8
Interest paid by persons.......... 205.4 188.4 191.3 189.3 182.5 181.7 181.9 187.5
Personal transfer payments to the
rest of the world (net).......... 31.1 32.3 31.9 32.9 32.8 33.4 33.2 33.7
Equals: Personal saving............. 169.7 285.8 314.3 276.9 281.8 278.9 259.7 276.7
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars\1\.............. 6,748.0 7,032.2 7,027.2 7,058.1 7,082.3 7,109.6 7,154.7 7,280.6
Per capita:
Current dollars............... 25,957 27,170 27,144 27,313 27,463 27,694 27,855 28,434
Chained (1996) dollars........ 23,692 24,463 24,479 24,527 24,551 24,591 24,685 25,049
Population (thousands)\2\....... 284,822 287,456 287,072 287,770 288,475 289,109 289,834 290,653
Personal saving as a percentage
of disposable personal income.... 2.3 3.7 4.0 3.5 3.6 3.5 3.2 3.3
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
Feb 03 Mar 03 Apr 03 May 03 Jun 03 Jul 03/r/ Aug 03/r/ Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 21.9 21.8 17.8 35.6 37.5 25.6 29.2 27.1
Wage and salary disbursements..... 17.8 7.7 -.6 13.3 18.0 1.7 12.7 5.6
Private industries.............. 11.4 4.9 -2.6 10.9 12.9 5.8 12.3 6.2
Goods-producing industries.... .8 1.5 -1.8 2.8 4.1 -3.2 2.3 2.9
Manufacturing............... 1.1 -.6 -4.1 .3 2.0 -3.0 .4 1.3
Distributive industries....... 3.4 -.8 -.1 1.5 3.7 2.2 4.5 -.8
Service industries............ 7.2 4.2 -.7 6.6 5.1 6.8 5.5 4.1
Government...................... 6.4 2.8 1.9 2.5 5.1 -4.1 .4 -.6
Other labor income................ 2.4 1.7 1.7 2.4 1.7 1.1 1.7 1.4
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... -1.0 5.4 7.0 8.8 11.8 13.5 4.0 6.3
Farm............................ 2.1 1.5 -.1 -.7 .1 3.9 2.1 .5
Nonfarm......................... -3.1 3.8 7.2 9.5 11.7 9.6 1.9 5.7
Rental income of persons with
capital consumption adjustment... -.6 -.7 -4.9 -6.1 -5.8 5.6 6.1 6.0
Personal dividend income.......... 2.6 2.5 2.7 2.7 2.4 2.4 2.6 2.6
Personal interest income.......... -3.6 -3.6 4.6 4.7 4.6 -2.0 -2.1 -2.1
Transfer payments to persons...... 5.7 9.3 7.4 10.9 6.0 3.8 5.3 8.0
Old-age, survivors, disability,
and health insurance benefits.. 4.2 4.7 2.5 7.7 1.2 1.5 5.8 3.0
Government unemployment
insurance benefits............. .6 2.1 1.2 .9 1.8 -.3 -1.1 .8
Other............................ .9 2.4 3.8 2.3 3.0 2.5 .7 4.3
Less: Personal contributions for
social insurance................. 1.3 .6 .2 1.0 1.3 .4 1.1 .6
Less: Personal tax and nontax
payments........................... 6.9 4.5 .5 2.9 3.9 -106.6 -50.3 109.7
Equals: Disposable personal income.. 15.0 17.3 17.3 32.8 33.4 132.3 79.5 -82.6
Less: Personal outlays.............. -2.3 64.4 2.6 35.3 53.2 77.5 85.7 -23.5
Personal consumption expenditures. -3.1 63.6 3.1 35.6 53.6 74.0 82.7 -26.5
Durable goods................... -20.6 26.0 22.7 5.1 8.2 31.7 36.1 -49.5
Nondurable goods................ 10.4 19.6 -30.0 3.8 22.4 23.3 31.5 6.0
Services........................ 7.2 17.9 10.5 26.6 23.0 19.0 15.2 16.9
Interest paid by persons.......... .8 .8 -.3 -.3 -.4 3.0 2.9 3.1
Personal transfer payments to the
rest of the world (net).......... .0 .0 -.2 .0 .0 .5 .0 .0
Equals: Personal saving............. 17.3 -47.1 14.7 -2.5 -19.8 54.8 -6.2 -59.1
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ -16.1 -10.0 28.7 35.8 13.4 102.1 50.0 -90.7
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 II 02 III 02 IV 02 I 03 II 03 III 03
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 278.7 236.9 110.6 44.9 53.6 67.7 75.8 91.0
Wage and salary disbursements..... 114.3 45.8 39.5 10.1 15.7 30.7 25.4 28.5
Private industries.............. 72.4 3.8 31.5 1.4 7.4 15.1 16.1 28.3
Goods-producing industries.... -21.3 -26.7 4.4 -6.1 -5.9 -3.1 2.8 2.9
Manufacturing............... -40.0 -30.7 5.9 -7.4 -5.9 -1.4 -3.2 -.9
Distributive industries....... 14.4 5.2 5.2 2.5 -3.2 7.2 2.7 7.9
Service industries............ 79.3 25.3 22.0 4.9 16.6 10.9 10.6 17.5
Government...................... 41.9 42.0 8.0 8.7 8.3 15.6 9.3 .2
Other labor income................ 26.2 40.2 13.3 13.4 12.7 9.0 5.8 4.6
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 13.1 28.6 -.9 11.2 12.9 12.8 20.1 29.1
Farm............................ -3.6 -6.1 -14.2 3.2 1.0 2.5 1.2 5.3
Nonfarm......................... 16.6 34.9 13.3 8.0 11.9 10.3 18.9 23.8
Rental income of persons with
capital consumption adjustment... -8.7 4.5 12.2 -9.4 -13.5 -3.7 -11.6 5.8
Personal dividend income.......... 33.5 24.6 6.6 7.0 6.5 7.4 7.8 7.5
Personal interest income.......... 14.3 -12.8 12.4 -1.6 .2 -5.1 5.7 .5
Transfer payments to persons...... 100.1 117.6 30.6 15.8 20.7 21.7 24.8 17.6
Old-age, survivors, disability,
and health insurance benefits.. 47.1 35.5 6.1 5.6 8.9 11.8 12.5 9.8
Government unemployment
insurance benefits............. 11.4 31.0 15.0 .3 -3.4 -2.2 4.0 .7
Other............................ 41.7 51.2 9.5 9.9 15.2 12.1 8.2 7.2
Less: Personal contributions for
social insurance................. 13.9 11.7 3.1 1.7 1.5 5.1 2.1 2.5
Less: Personal tax and nontax
payments........................... 5.7 -180.2 -15.0 -22.8 -8.9 -16.5 9.0 -100.0
Equals: Disposable personal income.. 273.0 417.1 125.5 67.7 62.6 84.1 66.8 191.0
Less: Personal outlays.............. 304.9 301.0 81.6 105.1 57.7 86.9 86.1 174.0
Personal consumption expenditures. 303.3 316.7 80.5 106.0 64.7 87.1 86.1 167.9
Durable goods................... 32.0 36.0 -2.1 40.9 -23.9 -12.7 39.3 46.5
Nondurable goods................ 68.4 73.7 23.1 8.7 33.1 56.8 -3.5 62.5
Services........................ 203.0 206.9 59.4 56.5 55.5 43.1 50.2 59.0
Interest paid by persons.......... .0 -17.0 .7 -2.0 -6.8 -.8 .2 5.6
Personal transfer payments to the
rest of the world (net).......... 1.6 1.2 .4 1.0 -.1 .6 -.2 .5
Equals: Personal saving............. -31.8 116.1 43.9 -37.4 4.9 -2.9 -19.2 17.0
Addendum:
Disposable personal income:
Chained (1996) dollars\1\........ 117.7 284.2 66.2 30.9 24.2 27.3 45.1 125.9
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
Feb 03 Mar 03 Apr 03 May 03 Jun 03 Jul 03/r/ Aug 03/r/ Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... .2 .2 .2 .4 .4 .3 .3 .3
Wage and salary disbursements..... .4 .2 .0 .3 .4 .0 .2 .1
Other labor income................ .4 .3 .3 .4 .3 .2 .3 .2
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... -.1 .7 .9 1.1 1.5 1.7 .5 .7
Rental income of persons with
capital consumption adjustment... -.5 -.6 -3.9 -5.1 -5.0 5.2 5.2 4.9
Personal dividend income.......... .6 .6 .6 .6 .5 .5 .6 .6
Personal interest income.......... -.3 -.3 .4 .4 .4 -.2 -.2 -.2
Transfer payments to persons...... .4 .7 .5 .8 .4 .3 .4 .6
Less: Personal contributions for
social insurance................. .3 .2 .0 .3 .3 .1 .3 .2
Less: Personal tax and nontax
payments........................... .6 .4 .0 .3 .4 -9.8 -5.1 11.8
Equals: Disposable personal income.. .2 .2 .2 .4 .4 1.6 1.0 -1.0
Addenda:
Personal consumption expenditures. .0 .8 .0 .5 .7 1.0 1.1 -.3
Durable goods................... -2.4 3.1 2.6 .6 .9 3.5 3.8 -5.1
Nondurable goods................ .5 .9 -1.4 .2 1.0 1.0 1.4 .3
Services........................ .2 .4 .2 .6 .5 .4 .3 .4
Disposable personal income, based
on chained (1996) dollars........ -.2 -.1 .4 .5 .2 1.4 .7 -1.2
----------------------------------------------------------------------------------------------------------------------------
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]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 II 02 III 02 IV 02 I 03 II 03 III 03
----------------------------------------------------------------------------------------------------------------------------
Personal income..................... 3.3 2.7 5.1 2.0 2.4 3.0 3.4 4.0
Wage and salary disbursements..... 2.4 .9 3.2 .8 1.3 2.5 2.0 2.3
Other labor income................ 4.8 7.1 9.3 9.2 8.4 5.8 3.7 2.9
Proprietors' income with
inventory valuation and capital
consumption adjustments.......... 1.8 3.9 -.5 6.2 6.9 6.8 10.6 15.3
Rental income of persons with
capital consumption adjustment... -6.0 3.3 39.3 -22.3 -32.7 -10.8 -31.9 21.6
Personal dividend income.......... 8.9 6.0 6.4 6.6 6.1 6.8 7.2 6.7
Personal interest income.......... 1.3 -1.2 4.7 -.6 .1 -1.9 2.1 .2
Transfer payments to persons...... 9.4 10.0 10.1 5.0 6.5 6.7 7.6 5.3
Less: Personal contributions for
social insurance................. 3.9 3.2 3.3 1.8 1.5 5.4 2.2 2.6
Less: Personal tax and nontax
payments........................... .4 -13.9 -5.1 -7.9 -3.2 -5.9 3.4 -32.1
Equals: Disposable personal income.. 3.8 5.6 6.7 3.5 3.2 4.3 3.4 9.8
Addenda:
Personal consumption expenditures. 4.5 4.5 4.6 6.0 3.6 4.8 4.7 9.1
Durable goods................... 4.0 4.3 -.9 20.5 -10.2 -5.7 19.6 22.3
Nondurable goods................ 3.5 3.6 4.5 1.7 6.4 11.0 -.6 11.8
Services........................ 5.2 5.0 5.7 5.4 5.2 4.0 4.6 5.4
Disposable personal income, based
on chained (1996) dollars........ 1.8 4.2 3.9 1.8 1.4 1.6 2.6 7.2
----------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
[Months seasonally adjusted at annual rates except as noted]
----------------------------------------------------------------------------------------------------------------------------
Feb 03 Mar 03 Apr 03 May 03 Jun 03 Jul 03/r/ Aug 03/r/ Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,649.9 6,682.5 6,697.9 6,735.8 6,767.9 6,819.5 6,873.5 6,833.2
Durable goods..................... 987.6 1,019.8 1,049.0 1,061.2 1,074.2 1,114.5 1,159.6 1,105.8
Nondurable goods.................. 1,972.0 1,980.4 1,970.6 1,986.2 1,999.8 2,015.6 2,031.6 2,023.9
Services.......................... 3,714.2 3,714.2 3,716.8 3,729.3 3,737.8 3,743.4 3,747.8 3,754.4
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... -30.4 32.6 15.4 37.9 32.1 51.6 54.0 -40.3
Durable goods..................... -21.1 32.2 29.2 12.2 13.0 40.3 45.1 -53.8
Nondurable goods.................. -12.4 8.4 -9.8 15.6 13.6 15.8 16.0 -7.7
Services.......................... -2.0 .0 2.6 12.5 8.5 5.6 4.4 6.6
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... -.5 .5 .2 .6 .5 .8 .8 -.6
Durable goods..................... -2.1 3.3 2.9 1.2 1.2 3.8 4.0 -4.6
Nondurable goods.................. -.6 .4 -.5 .8 .7 .8 .8 -.4
Services.......................... -.1 .0 .1 .3 .2 .1 .1 .2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
2001 2002 II 02 III 02 IV 02 I 03 II 03 III 03
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 6,377.2 6,576.0 6,542.4 6,609.9 6,637.9 6,670.9 6,733.9 6,842.1
Durable goods..................... 931.9 999.9 980.7 1,032.4 1,010.6 1,005.4 1,061.5 1,126.6
Nondurable goods.................. 1,869.8 1,929.5 1,920.9 1,925.8 1,950.0 1,978.9 1,985.6 2,023.7
Services.......................... 3,594.9 3,675.6 3,666.2 3,687.0 3,707.0 3,714.9 3,728.0 3,748.5
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures... 153.3 198.8 28.6 67.5 28.0 33.0 63.0 108.2
Durable goods..................... 53.0 68.0 4.8 51.7 -21.8 -5.2 56.1 65.1
Nondurable goods.................. 36.0 59.7 -.5 4.9 24.2 28.9 6.7 38.1
Services.......................... 70.4 80.7 24.0 20.8 20.0 7.9 13.1 20.5
----------------------------------------------------------------------------------------
Percent change from preceding period in
chained (1996) dollars at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... 2.5 3.1 1.8 4.2 1.7 2.0 3.8 6.6
Durable goods..................... 6.0 7.3 2.0 22.8 -8.2 -2.0 24.3 26.9
Nondurable goods.................. 2.0 3.2 -.1 1.0 5.1 6.1 1.4 7.9
Services.......................... 2.0 2.2 2.7 2.3 2.2 .9 1.4 2.2
----------------------------------------------------------------------------------------------------------------------------
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
----------------------------------------------------------------------------------------------------------------------------
Feb 03 Mar 03 Apr 03 May 03 Jun 03 Jul 03/r/ Aug 03/r/ Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (1996=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures... 112.64 113.04 112.83 112.72 112.98 113.21 113.52 113.80
Durable goods..................... 85.60 85.46 85.24 84.74 84.47 84.27 84.11 83.72
Nondurable goods.................. 111.74 112.26 111.29 110.61 110.98 111.27 111.94 112.66
Services.......................... 119.57 120.05 120.25 120.56 120.90 121.23 121.49 121.73
Addendum:
Personal consumption expenditures
less food and energy............. 111.52 111.64 111.75 111.80 111.98 112.23 112.37 112.46
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures... .4 .4 -.2 -.1 .2 .2 .3 .2
Durable goods..................... -.3 -.2 -.3 -.6 -.3 -.2 -.2 -.5
Nondurable goods.................. 1.1 .5 -.9 -.6 .3 .3 .6 .6
Services.......................... .2 .4 .2 .3 .3 .3 .2 .2
Addendum:
Personal consumption expenditures
less food and energy............. .0 .1 .1 .0 .2 .2 .1 .1
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 10.--Percent Change From Month One Year Ago in Chained (1996) Dollars for Selected Series
----------------------------------------------------------------------------------------------------------------------------
Feb 03 Mar 03 Apr 03 May 03 Jun 03 Jul 03/r/ Aug 03/r/ Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
Disposable personal income.......... 2.0 1.7 2.1 2.0 1.4 3.2 3.8 2.4
Personal consumption expenditures... 1.9 2.4 2.5 3.0 3.2 3.0 3.7 3.8
Durable goods..................... .5 3.9 5.7 9.8 9.3 7.5 9.7 10.2
Nondurable goods.................. 2.4 3.3 2.9 3.5 3.8 4.4 5.5 5.4
Services.......................... 1.9 1.6 1.7 1.5 1.8 1.5 1.7 1.8
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
Table 11.--Percent Change From Month One Year Ago in Chain-Type Price Indexes for Personal Consumption Expenditures
----------------------------------------------------------------------------------------------------------------------------
Feb 03 Mar 03 Apr 03 May 03 Jun 03 Jul 03/r/ Aug 03/r/ Sep 03/p/
----------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures... 2.3 2.4 1.8 1.7 1.8 1.9 1.9 2.0
Durable goods..................... -2.5 -2.4 -2.5 -3.1 -3.1 -3.1 -3.2 -3.7
Nondurable goods.................. 3.0 2.9 1.0 1.0 1.3 1.5 1.8 2.3
Services.......................... 2.9 3.2 3.0 3.0 3.1 3.1 3.0 3.0
Addendum:
Personal consumption expenditures
less food and energy............. 1.4 1.5 1.3 1.3 1.3 1.4 1.3 1.2
----------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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