News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, APRIL 30, 2004
BEA 04-19

Personal Income and Outlays, March 2004



The entire release is available in PDF format. The tables in this release are available in an XLS spreadsheet.
Also available: a brief summary of highlights.

     
James E. Rankin:       (202) 606-5301  (Personal Income)              BEA 04-19
Greg Key:              (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303


               PERSONAL INCOME AND OUTLAYS:  MARCH 2004

 Personal income increased $38.3 billion, or 0.4 percent, and disposable personal income (DPI)
increased $34.6 billion, or 0.4 percent, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $33.0 billion, or 0.4 percent.  In February, personal
income increased $45.7 billion, or 0.5 percent, DPI increased $40.0 billion, or 0.5 percent, and PCE
increased $33.0 billion, or 0.4 percent, based on revised estimates.

                                             2003                               2004
                                       Nov.          Dec.          Jan.         Feb.        Mar.
                                                  (Percent change from preceding month)

Personal income, current dollars       0.5           0.3           0.5          0.5         0.4

Disposable personal income:
  Current dollars                      0.5           0.4           1.0          0.5         0.4
  Chained (2000) dollars               0.5           0.2           0.6          0.3         0.1

Personal consumption expenditures:
  Current dollars                      0.7           0.7           0.6          0.4         0.4
  Chained (2000) dollars               0.7           0.5           0.2          0.2         0.1


       Beginning on May 27, 2004, BEA will accelerate by one month revisions to the estimates of wages
and salaries for the prior quarter.  The revised estimates will be released along with the "preliminary"
GDP estimates instead of the "final" estimates.  These revisions incorporate wage and salary tabulations
of employees covered by state unemployment insurance from the Bureau of Labor Statistics (BLS).  The
accelerated schedule reflects the more timely availability of the BLS tabulations.


Wages and salaries

 Private wage and salary disbursements increased $10.4 billion in March, compared with an
increase of $23.0 billion in February.  Goods-producing industries' payrolls increased $3.9 billion,
compared with an increase of $5.2 billion; manufacturing payrolls decreased $0.1 billion, in contrast
to an increase of $3.6 billion.  Services-producing industries' payrolls increased $6.5 billion,
compared with an increase of $17.8 billion.  Government wage and salary disbursements increased
$2.5 billion, compared with an increase of $2.7 billion.


Other personal income

 Supplements to wages and salaries increased $10.7 billion in March, compared with an increase
of $12.1 billion in February.  Proprietors' income increased $16.8 billion, compared with an increase
of $5.6 billion.  Farm proprietors' income increased $1.5 billion, in contrast to a decrease of $0.6
billion.  Nonfarm proprietors' income increased $15.3 billion, compared with an increase of $6.2
billion.

 Rental income of persons decreased $2.5 billion in March, compared with a decrease of $2.3
billion in February.  Personal income receipts on assets (personal interest income plus personal
dividend income) increased $0.1 billion in March; personal income receipts on assets was
unchanged in February.  Personal current transfer receipts increased $1.5 billion in March, compared
with an increase of $8.7 billion in February.

 Contributions for government social insurance -- a subtraction in calculating personal income --
increased $1.5 billion in March, compared with an increase of $3.9 of billion in February.


Personal current taxes and disposable personal income

 Personal current taxes increased $3.7 billion in March, compared with an increase of $5.7
billion in February.  Disposable personal income (DPI) -- personal income less personal tax and
nontax payments -- increased $34.6 billion, or 0.4 percent, in March, compared with an increase of
$40.0 billion, or 0.5 percent, in February.


Personal outlays and personal saving

 Personal outlays -- PCE, interest paid by persons, and personal current transfer payments
increased $31.6 billion in March, the same increase as in February.  PCE increased $33.0 billion, the
same increase as in February.

 Personal saving -- DPI less personal outlays -- was $166.2 billion in March, compared with
$163.2 billion in February.  Personal saving as a percentage of disposable personal income was 1.9
percent in March, the same percentage as in February.


Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in March, compared
with an increase of 0.3 percent in February.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in March,
compared with an increase of 0.2 percent in February.  Purchases of durable goods increased 0.3
percent, compared with an increase of 0.7 percent.  Purchases of nondurable goods increased less
than 0.1 percent, in contrast to a decrease of less than 0.1 percent.  Purchases of services increased
0.1 percent, compared with an increase of 0.2 percent.


Revisions

 Estimates have been revised for January and February.  Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for January
and February -- revised and as published in last month's release -- are shown below.

                                                    Change from preceding month
                                        January                                     February
                          Previous Revised  Previous Revised           Previous Revised  Previous Revised
                       (Billions of dollars)   (Percent)            (Billions of dollars)    (Percent)

Personal Income:
  Current dollars.......... 28.4    48.5       0.3     0.5               34.1     45.7      0.4     0.5

Disposable personal income:
  Current dollars.......... 77.3    83.6       0.9     1.0               30.2     40.0      0.4     0.5
  Chained (2000) dollars... 45.9    44.7       0.6     0.6               12.4     21.7      0.2     0.3

Personal consumption expenditures:
  Current dollars.......... 39.5    46.5       0.5     0.6               17.3     33.0      0.2     0.4
  Chained (2000) dollars... 11.6    11.5       0.2     0.2                1.2     16.0      0.0     0.2


   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.


                    Annual Revision of the National Income and Product Accounts

         As part of the annual revision of the national income and product accounts, revised estimates of
personal income and outlays covering January 2001 through May 2004 will be released along with
preliminary estimates for June 2004 on August 3.  An article describing the revision will appear in the
August 2004 issue of the Survey of Current Business.


Next release -- Personal Income and Outlays for April will be released on
                    May 28, 2004, at 8:30 A.M. EDT.


                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 03     Sep 03     Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,254.6    9,287.6    9,322.3    9,368.5    9,401.1    9,449.6    9,495.3    9,533.6

  Compensation of employees, received......    6,232.0    6,247.8    6,265.3    6,294.1    6,287.7    6,344.6    6,382.3    6,406.0

    Wage and salary disbursements..........    5,121.4    5,131.4    5,144.9    5,169.5    5,160.5    5,197.2    5,222.9    5,235.9
      Private industries...................    4,220.8    4,231.6    4,244.5    4,269.0    4,258.0    4,288.9    4,311.9    4,322.3
        Goods-producing industries.........    1,007.0    1,011.1    1,012.3    1,019.1    1,017.6    1,025.6    1,030.8    1,034.7
          Manufacturing....................      667.2      669.7      669.9      675.3      674.1      678.3      681.9      681.8
        Services-producing industries......    3,213.9    3,220.5    3,232.2    3,249.9    3,240.4    3,263.3    3,281.1    3,287.6
          Trade, transportation, and
           utilities.......................      866.5      867.4      873.4      874.8      870.7      878.1      882.1      883.8
          Other services-producing
           industries......................    2,347.3    2,353.1    2,358.7    2,375.1    2,369.7    2,385.1    2,399.1    2,403.9
      Government...........................      900.6      899.8      900.4      900.5      902.6      908.3      911.0      913.5

    Supplements to wages and salaries......    1,110.6    1,116.5    1,120.4    1,124.6    1,127.1    1,147.3    1,159.4    1,170.1
      Employer contributions for employee
       pension and insurance funds.........      730.7      735.6      738.7      741.3      744.4      754.8      764.9      775.1
      Employer contributions for government
       social insurance....................      380.0      380.8      381.7      383.3      382.7      392.5      394.4      395.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      858.1      864.8      867.4      873.9      881.6      885.0      890.6      907.4
    Farm...................................       21.4       20.5       22.5       23.9       23.7       20.7       20.1       21.6
    Nonfarm................................      836.7      844.3      844.9      850.1      857.9      864.3      870.5      885.8

  Rental income of persons with capital
   consumption adjustment..................      157.0      162.6      172.9      182.9      193.1      190.7      188.4      185.9

  Personal income receipts on assets.......    1,389.2    1,388.0    1,396.4    1,405.1    1,414.0    1,413.9    1,413.9    1,414.0
    Personal interest income...............      957.1      953.4      959.5      965.7      971.9      969.1      966.4      963.6
    Personal dividend income...............      432.2      434.6      436.9      439.4      442.1      444.8      447.6      450.4

  Personal current transfer receipts.......    1,397.4    1,405.2    1,403.0    1,398.6    1,409.8    1,416.8    1,425.5    1,427.0
    Government social benefits to persons..    1,351.3    1,358.1    1,355.2    1,350.9    1,362.2    1,369.3    1,377.8    1,379.1
      Old-age, survivors, disability, and
       health insurance benefits...........      746.8      746.7      751.1      752.9      760.7      763.5      774.9      776.5
      Government unemployment insurance
       benefits............................       57.3       59.2       58.4       53.0       55.3       50.4       45.1       42.1
      Other................................      547.2      552.2      545.7      544.9      546.2      555.4      557.8      560.5
    Other current transfer receipts, from
     business (net)........................       46.1       47.1       47.8       47.7       47.6       47.5       47.7       47.9

  Less: Contributions for government social
   insurance...............................      779.2      780.9      782.8      786.1      785.1      801.4      805.3      806.8

Less: Personal current taxes...............      885.0    1,004.5    1,009.6    1,015.9    1,018.0      983.0      988.7      992.4

Equals: Disposable personal income.........    8,369.6    8,283.0    8,312.6    8,352.6    8,383.0    8,466.6    8,506.6    8,541.2

Less: Personal outlays.....................    8,142.2    8,140.8    8,153.0    8,206.2    8,266.4    8,311.9    8,343.5    8,375.1

  Personal consumption expenditures........    7,860.1    7,856.6    7,864.7    7,916.8    7,975.9    8,022.4    8,055.4    8,088.4
    Durable goods..........................      990.5      973.9      956.0      961.2      983.7      949.3      955.6      959.3
    Nondurable goods.......................    2,239.6    2,240.7    2,246.3    2,266.9    2,273.4    2,314.9    2,324.4    2,343.9
    Services...............................    4,630.0    4,642.0    4,662.3    4,688.7    4,718.8    4,758.1    4,775.3    4,785.3
  Personal interest payments\1\............      184.6      186.3      187.0      187.6      188.3      186.4      184.5      182.6
  Personal current transfer payments.......       97.6       98.0      101.4      101.8      102.3      103.1      103.6      104.0
    To government..........................       63.7       64.1       64.4       64.9       65.3       65.7       66.1       66.6
    To the rest of the world (net).........       33.9       33.9       37.0       37.0       37.0       37.5       37.5       37.5

Equals: Personal saving....................      227.3      142.2      159.6      146.4      116.6      154.7      163.2      166.2

  Personal saving as a percentage of
   disposable personal income..............        2.7        1.7        1.9        1.8        1.4        1.8        1.9        1.9

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,932.2    7,836.5    7,862.3    7,902.1    7,914.6    7,959.3    7,981.0    7,990.9
    Per capita:
      Current dollars......................     28,717     28,395     28,472     28,586     28,667     28,931     29,048     29,145
      Chained (2000) dollars...............     27,217     26,864     26,930     27,044     27,065     27,198     27,253     27,267
  Population (midperiod, thousands)\3\.....    291,446    291,709    291,958    292,197    292,427    292,644    292,848    293,057
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. 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 and quarterly estimates are averages of the
   monthly estimates.



                                Table 2.--Personal Income and Its Disposition (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003      IV 02       I 03      II 03     III 03      IV 03       I 04
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    8,910.3    9,203.7    8,981.3    9,048.7    9,145.9    9,256.3    9,363.9    9,492.8

  Compensation of employees, received......    6,019.1    6,198.1    6,058.0    6,114.4    6,166.2    6,229.4    6,282.4    6,377.6

    Wage and salary disbursements..........    4,974.6    5,095.6    4,999.1    5,033.2    5,072.2    5,118.8    5,158.3    5,218.7
      Private industries...................    4,114.7    4,198.0    4,125.4    4,143.3    4,172.7    4,218.8    4,257.2    4,307.7
        Goods-producing industries.........    1,010.9    1,008.2    1,007.1    1,005.8    1,003.4    1,007.3    1,016.4    1,030.4
          Manufacturing....................      675.7      669.4      672.6      670.5      666.5      667.6      673.1      680.7
        Services-producing industries......    3,103.7    3,189.8    3,118.3    3,137.5    3,169.3    3,211.5    3,240.8    3,277.3
          Trade, transportation, and
           utilities.......................      844.7      863.2      847.6      855.0      859.5      865.4      873.0      881.3
          Other services-producing
           industries......................    2,259.0    2,326.6    2,270.7    2,282.6    2,309.8    2,346.1    2,367.9    2,396.0
      Government...........................      859.9      897.7      873.8      890.0      899.5      900.0      901.2      911.0

    Supplements to wages and salaries......    1,044.5    1,102.4    1,058.8    1,081.2    1,093.9    1,110.6    1,124.0    1,158.9
      Employer contributions for employee
       pension and insurance funds.........      680.4      724.0      692.1      706.3      717.3      730.7      741.5      765.0
      Employer contributions for government
       social insurance....................      364.1      378.5      366.7      374.9      376.6      379.9      382.6      394.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      797.7      846.9      812.2      813.5      838.8      860.9      874.3      894.3
    Farm...................................       14.3       19.5       16.3       13.0       20.0       21.5       23.3       20.8
    Nonfarm................................      783.4      827.4      795.9      800.5      818.8      839.4      850.9      873.5

  Rental income of persons with capital
   consumption adjustment..................      173.0      164.2      159.0      163.2      153.4      157.0      183.0      188.4

  Personal income receipts on assets.......    1,378.5    1,393.3    1,392.0    1,388.6    1,390.2    1,389.2    1,405.2    1,413.9
    Personal interest income...............      982.4      964.6      981.2      970.6      964.9      957.0      965.7      966.4
    Personal dividend income...............      396.2      428.7      410.8      418.0      425.3      432.2      439.5      447.6

  Personal current transfer receipts.......    1,292.2    1,377.5    1,315.6    1,337.6    1,369.7    1,398.7    1,403.8    1,423.1
    Government social benefits to persons..    1,249.5    1,331.6    1,274.6    1,292.4    1,325.3    1,352.6    1,356.1    1,375.4
      Old-age, survivors, disability, and
       health insurance benefits...........      710.3      743.7      721.1      732.3      741.8      745.6      754.9      771.7
      Government unemployment insurance
       benefits............................       53.4       55.6       53.8       51.9       56.3       58.6       55.6       45.9
      Other................................      485.8      532.3      499.8      508.2      527.1      548.4      545.6      557.9
    Other current transfer receipts, from
     business (net)........................       42.6       45.9       41.0       45.3       44.5       46.1       47.7       47.7

  Less: Contributions for government social
   insurance...............................      750.3      776.2      755.5      768.7      772.3      779.0      784.7      804.5

Less: Personal current taxes...............    1,053.1      990.6    1,045.6    1,009.4    1,000.2      938.5    1,014.5      988.0

Equals: Disposable personal income.........    7,857.2    8,213.1    7,935.6    8,039.2    8,145.8    8,317.8    8,349.4    8,504.8

Less: Personal outlays.....................    7,674.0    8,043.0    7,789.2    7,888.3    7,956.7    8,118.5    8,208.6    8,343.5

  Personal consumption expenditures........    7,385.3    7,757.4    7,501.2    7,600.7    7,673.6    7,836.3    7,919.1    8,055.4
    Durable goods..........................      911.3      941.6      907.3      898.2      926.2      975.1      967.0      954.7
    Nondurable goods.......................    2,086.0    2,209.7    2,119.2    2,175.7    2,170.8    2,230.0    2,262.2    2,327.8
    Services...............................    4,388.0    4,606.2    4,474.7    4,526.8    4,576.6    4,631.2    4,689.9    4,772.9
  Personal interest payments\1\............      194.7      185.4      187.7      186.2      183.2      184.6      187.6      184.5
  Personal current transfer payments.......       94.0      100.2      100.3      101.3      100.0       97.6      101.9      103.6
    To government..........................       58.6       63.1       60.1       61.3       62.5       63.7       64.9       66.1
    To the rest of the world (net).........       35.4       37.1       40.2       40.1       37.5       33.9       37.0       37.5

Equals: Personal saving....................      183.2      170.0      146.4      151.0      189.0      199.3      140.8      161.4

  Personal saving as a percentage of
   disposable personal income..............        2.3        2.1        1.8        1.9        2.3        2.4        1.7        1.9

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,596.7    7,797.8    7,615.8    7,662.0    7,753.5    7,882.9    7,893.0    7,977.1
    Per capita:
      Current dollars......................     27,259     28,215     27,425     27,720     28,022     28,540     28,575     29,042
      Chained (2000) dollars...............     26,355     26,789     26,320     26,419     26,673     27,048     27,013     27,240
  Population (midperiod, thousands)\3\.....    288,240    291,086    289,360    290,016    290,689    291,445    292,194    292,850
-----------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. 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 and quarterly estimates are averages of the
   monthly estimates.



                       Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 03     Sep 03     Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       27.9       33.0       34.7       46.2       32.6       48.5       45.7       38.3

  Compensation of employees, received......       23.6       15.8       17.5       28.8       -6.4       56.9       37.7       23.7

    Wage and salary disbursements..........       17.8       10.0       13.5       24.6       -9.0       36.7       25.7       13.0
      Private industries...................       16.8       10.8       12.9       24.5      -11.0       30.9       23.0       10.4
        Goods-producing industries.........        3.1        4.1        1.2        6.8       -1.5        8.0        5.2        3.9
          Manufacturing....................        1.3        2.5         .2        5.4       -1.2        4.2        3.6        -.1
        Services-producing industries......       13.8        6.6       11.7       17.7       -9.5       22.9       17.8        6.5
          Trade, transportation, and
           utilities.......................        4.2         .9        6.0        1.4       -4.1        7.4        4.0        1.7
          Other services-producing
           industries......................        9.5        5.8        5.6       16.4       -5.4       15.4       14.0        4.8
      Government...........................        1.0        -.8         .6         .1        2.1        5.7        2.7        2.5

    Supplements to wages and salaries......        5.8        5.9        3.9        4.2        2.5       20.2       12.1       10.7
      Employer contributions for employee
       pension and insurance funds.........        4.8        4.9        3.1        2.6        3.1       10.4       10.1       10.2
      Employer contributions for government
       social insurance....................        1.1         .8         .9        1.6        -.6        9.8        1.9         .6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       -1.7        6.7        2.6        6.5        7.7        3.4        5.6       16.8
    Farm...................................       -1.1        -.9        2.0        1.4        -.2       -3.0        -.6        1.5
    Nonfarm................................        -.5        7.6         .6        5.2        7.8        6.4        6.2       15.3

  Rental income of persons with capital
   consumption adjustment..................        5.6        5.6       10.3       10.0       10.2       -2.4       -2.3       -2.5

  Personal income receipts on assets.......       -1.3       -1.2        8.4        8.7        8.9        -.1         .0         .1
    Personal interest income...............       -3.6       -3.7        6.1        6.2        6.2       -2.8       -2.7       -2.8
    Personal dividend income...............        2.4        2.4        2.3        2.5        2.7        2.7        2.8        2.8

  Personal current transfer receipts.......        3.9        7.8       -2.2       -4.4       11.2        7.0        8.7        1.5
    Government social benefits to persons..        2.9        6.8       -2.9       -4.3       11.3        7.1        8.5        1.3
      Old-age, survivors, disability, and
       health insurance benefits...........        3.5        -.1        4.4        1.8        7.8        2.8       11.4        1.6
      Government unemployment insurance
       benefits............................       -2.0        1.9        -.8       -5.4        2.3       -4.9       -5.3       -3.0
      Other................................        1.5        5.0       -6.5        -.8        1.3        9.2        2.4        2.7
    Other current transfer receipts, from
     business (net)........................        1.0        1.0         .7        -.1        -.1        -.1         .2         .2

  Less: Contributions for government social
   insurance...............................        2.4        1.7        1.9        3.3       -1.0       16.3        3.9        1.5

Less: Personal current taxes...............      -40.9      119.5        5.1        6.3        2.1      -35.0        5.7        3.7

Equals: Disposable personal income.........       68.8      -86.6       29.6       40.0       30.4       83.6       40.0       34.6

Less: Personal outlays.....................       69.8       -1.4       12.2       53.2       60.2       45.5       31.6       31.6

  Personal consumption expenditures........       67.7       -3.5        8.1       52.1       59.1       46.5       33.0       33.0
    Durable goods..........................       29.6      -16.6      -17.9        5.2       22.5      -34.4        6.3        3.7
    Nondurable goods.......................       29.9        1.1        5.6       20.6        6.5       41.5        9.5       19.5
    Services...............................        8.2       12.0       20.3       26.4       30.1       39.3       17.2       10.0
  Personal interest payments\1\............        1.7        1.7         .7         .6         .7       -1.9       -1.9       -1.9
  Personal current transfer payments.......         .5         .4        3.4         .4         .5         .8         .5         .4
    To government..........................         .4         .4         .3         .5         .4         .4         .4         .5
    To the rest of the world (net).........         .0         .0        3.1         .0         .0         .5         .0         .0

Equals: Personal saving....................       -1.1      -85.1       17.4      -13.2      -29.8       38.1        8.5        3.0

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       52.3      -95.7       25.8       39.8       12.5       44.7       21.7        9.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Consists of nonmortgage interest paid by households.
2. 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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003      IV 02       I 03      II 03     III 03      IV 03       I 04
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      197.2      293.4       37.3       67.4       97.2      110.4      107.6      128.9

  Compensation of employees, received......       78.7      179.0       26.9       56.4       51.8       63.2       53.0       95.2

    Wage and salary disbursements..........       31.7      121.0       18.2       34.1       39.0       46.6       39.5       60.4
      Private industries...................      -12.4       83.3        7.7       17.9       29.4       46.1       38.4       50.5
        Goods-producing industries.........      -33.7       -2.7       -3.6       -1.3       -2.4        3.9        9.1       14.0
          Manufacturing....................      -33.4       -6.3       -3.7       -2.1       -4.0        1.1        5.5        7.6
        Services-producing industries......       21.2       86.1       11.3       19.2       31.8       42.2       29.3       36.5
          Trade, transportation, and
           utilities.......................        -.2       18.5         .0        7.4        4.5        5.9        7.6        8.3
          Other services-producing
           industries......................       21.4       67.6       11.3       11.9       27.2       36.3       21.8       28.1
      Government...........................       44.1       37.8       10.6       16.2        9.5         .5        1.2        9.8

    Supplements to wages and salaries......       46.9       57.9        8.6       22.4       12.7       16.7       13.4       34.9
      Employer contributions for employee
       pension and insurance funds.........       37.8       43.6        6.9       14.2       11.0       13.4       10.8       23.5
      Employer contributions for government
       social insurance....................        9.2       14.4        1.6        8.2        1.7        3.3        2.7       11.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       27.1       49.2        9.0        1.3       25.3       22.1       13.4       20.0
    Farm...................................      -10.7        5.2        2.8       -3.3        7.0        1.5        1.8       -2.5
    Nonfarm................................       37.8       44.0        6.2        4.6       18.3       20.6       11.5       22.6

  Rental income of persons with capital
   consumption adjustment..................        9.9       -8.8      -13.7        4.2       -9.8        3.6       26.0        5.4

  Personal income receipts on assets.......        3.6       14.8        4.5       -3.4        1.6       -1.0       16.0        8.7
    Personal interest income...............      -21.3      -17.8       -4.1      -10.6       -5.7       -7.9        8.7         .7
    Personal dividend income...............       25.0       32.5        8.6        7.2        7.3        6.9        7.3        8.1

  Personal current transfer receipts.......       99.6       85.3       14.0       22.0       32.1       29.0        5.1       19.3
    Government social benefits to persons..      106.9       82.1       15.2       17.8       32.9       27.3        3.5       19.3
      Old-age, survivors, disability, and
       health insurance benefits...........       41.9       33.4        7.3       11.2        9.5        3.8        9.3       16.8
      Government unemployment insurance
       benefits............................       21.7        2.2       -3.5       -1.9        4.4        2.3       -3.0       -9.7
      Other................................       43.3       46.5       11.4        8.4       18.9       21.3       -2.8       12.3
    Other current transfer receipts, from
     business (net)........................       -7.3        3.3       -1.1        4.3        -.8        1.6        1.6         .0

  Less: Contributions for government social
   insurance...............................       21.8       25.9        3.4       13.2        3.6        6.7        5.7       19.8

Less: Personal current taxes...............     -190.6      -62.5       -7.4      -36.2       -9.2      -61.7       76.0      -26.5

Equals: Disposable personal income.........      387.8      355.9       44.6      103.6      106.6      172.0       31.6      155.4

Less: Personal outlays.....................      331.8      369.0       67.2       99.1       68.4      161.8       90.1      134.9

  Personal consumption expenditures........      339.9      372.1       73.0       99.5       72.9      162.7       82.8      136.3
    Durable goods..........................       29.4       30.3       -6.3       -9.1       28.0       48.9       -8.1      -12.3
    Nondurable goods.......................       72.4      123.7       28.7       56.5       -4.9       59.2       32.2       65.6
    Services...............................      238.2      218.2       50.6       52.1       49.8       54.6       58.7       83.0
  Personal interest payments\1\............      -14.4       -9.3       -8.5       -1.5       -3.0        1.4        3.0       -3.1
  Personal current transfer payments.......        6.3        6.2        2.7        1.0       -1.3       -2.4        4.3        1.7
    To government..........................        4.0        4.5        1.0        1.2        1.2        1.2        1.2        1.2
    To the rest of the world (net).........        2.3        1.7        1.6        -.1       -2.6       -3.6        3.1         .5

Equals: Personal saving....................       56.0      -13.2      -22.6        4.6       38.0       10.3      -58.5       20.6

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      276.5      201.1       10.6       46.2       91.5      129.4       10.1       84.1
-----------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. 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)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 03     Sep 03     Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .3         .4         .4         .5         .3         .5         .5         .4
  Compensation of employees, received......         .4         .3         .3         .5        -.1         .9         .6         .4
    Wage and salary disbursements..........         .3         .2         .3         .5        -.2         .7         .5         .2
    Supplements to wages and salaries......         .5         .5         .4         .4         .2        1.8        1.0         .9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        -.2         .8         .3         .8         .9         .4         .6        1.9
  Rental income of persons with capital
   consumption adjustment..................        3.7        3.6        6.3        5.8        5.6       -1.2       -1.2       -1.3
  Personal income receipts on assets.......        -.1        -.1         .6         .6         .6         .0         .0         .0
    Personal interest income...............        -.4        -.4         .6         .6         .6        -.3        -.3        -.3
    Personal dividend income...............         .6         .6         .5         .6         .6         .6         .6         .6
  Personal current transfer receipts.......         .3         .6        -.2        -.3         .8         .5         .6         .1

  Less: Contributions for government social
   insurance...............................         .3         .2         .2         .4        -.1        2.1         .5         .2

Less: Personal current taxes...............       -4.4       13.5         .5         .6         .2       -3.4         .6         .4

Equals: Disposable personal income.........         .8       -1.0         .4         .5         .4        1.0         .5         .4

Addenda:
  Personal consumption expenditures........         .9         .0         .1         .7         .7         .6         .4         .4
    Durable goods..........................        3.1       -1.7       -1.8         .5        2.3       -3.5         .7         .4
    Nondurable goods.......................        1.4         .1         .3         .9         .3        1.8         .4         .8
    Services...............................         .2         .3         .4         .6         .6         .8         .4         .2

  Real disposable personal income..........         .7       -1.2         .3         .5         .2         .6         .3         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003      IV 02       I 03      II 03     III 03      IV 03       I 04
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        2.3        3.3        1.7        3.0        4.4        4.9        4.7        5.6
  Compensation of employees, received......        1.3        3.0        1.8        3.8        3.4        4.2        3.4        6.2
    Wage and salary disbursements..........         .6        2.4        1.5        2.8        3.1        3.7        3.1        4.8
    Supplements to wages and salaries......        4.7        5.5        3.3        8.7        4.8        6.2        4.9       13.0
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        3.5        6.2        4.6         .6       13.0       11.0        6.4        9.5
  Rental income of persons with capital
   consumption adjustment..................        6.1       -5.1      -28.2       11.1      -22.0        9.7       84.6       12.3
  Personal income receipts on assets.......         .3        1.1        1.3       -1.0         .5        -.3        4.7        2.5
    Personal interest income...............       -2.1       -1.8       -1.6       -4.2       -2.3       -3.2        3.7         .3
    Personal dividend income...............        6.7        8.2        8.8        7.2        7.2        6.7        6.9        7.6
  Personal current transfer receipts.......        8.4        6.6        4.4        6.9        9.9        8.7        1.5        5.6

  Less: Contributions for government social
   insurance...............................        3.0        3.5        1.8        7.2        1.9        3.5        3.0       10.5

Less: Personal current taxes...............      -15.3       -5.9       -2.8      -13.1       -3.6      -22.5       36.6      -10.0

Equals: Disposable personal income.........        5.2        4.5        2.3        5.3        5.4        8.7        1.5        7.7

Addenda:
  Personal consumption expenditures........        4.8        5.0        4.0        5.4        3.9        8.8        4.3        7.1
    Durable goods..........................        3.3        3.3       -2.7       -4.0       13.1       22.9       -3.3       -5.0
    Nondurable goods.......................        3.6        5.9        5.6       11.1        -.9       11.4        5.9       12.1
    Services...............................        5.7        5.0        4.6        4.7        4.5        4.9        5.2        7.3

  Real disposable personal income..........        3.8        2.6         .6        2.4        4.9        6.8         .5        4.3
-----------------------------------------------------------------------------------------------------------------------------------



                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 03     Sep 03     Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,449.4    7,433.1    7,438.6    7,489.8    7,530.2    7,541.7    7,557.7    7,567.2
  Durable goods............................    1,085.7    1,071.6    1,054.9    1,064.7    1,093.0    1,052.3    1,059.3    1,062.7
  Nondurable goods.........................    2,143.8    2,130.7    2,143.8    2,170.9    2,172.6    2,196.7    2,195.9    2,196.9
  Services.................................    4,236.3    4,244.8    4,251.4    4,266.9    4,280.9    4,302.4    4,312.8    4,318.2
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       52.1      -16.3        5.5       51.2       40.4       11.5       16.0        9.5
  Durable goods............................       35.6      -14.1      -16.7        9.8       28.3      -40.7        7.0        3.4
  Nondurable goods.........................       15.4      -13.1       13.1       27.1        1.7       24.1        -.8        1.0
  Services.................................        5.8        8.5        6.6       15.5       14.0       21.5       10.4        5.4
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .7        -.2         .1         .7         .5         .2         .2         .1
  Durable goods............................        3.4       -1.3       -1.6         .9        2.7       -3.7         .7         .3
  Nondurable goods.........................         .7        -.6         .6        1.3         .1        1.1         .0         .0
  Services.................................         .1         .2         .2         .4         .3         .5         .2         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003      IV 02       I 03      II 03     III 03      IV 03       I 04
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,140.4    7,365.2    7,198.9    7,244.1    7,304.0    7,426.6    7,486.2    7,555.6
  Durable goods............................      957.2    1,027.5      963.8      965.0    1,005.1    1,069.1    1,070.8    1,058.1
  Nondurable goods.........................    2,043.6    2,121.0    2,061.8    2,090.5    2,096.9    2,134.3    2,162.4    2,196.5
  Services.................................    4,141.8    4,225.7    4,175.4    4,190.7    4,208.4    4,237.2    4,266.4    4,311.1
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      235.8      224.8       39.7       45.2       59.9      122.6       59.6       69.4
  Durable goods............................       58.1       70.3         .7        1.2       40.1       64.0        1.7      -12.7
  Nondurable goods.........................       60.3       77.4       23.0       28.7        6.4       37.4       28.1       34.1
  Services.................................      119.4       83.9       16.0       15.3       17.7       28.8       29.2       44.7
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                    chained (2000) dollars at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.4        3.1        2.2        2.5        3.3        6.9        3.2        3.8
  Durable goods............................        6.5        7.4         .3         .5       17.7       28.0         .7       -4.7
  Nondurable goods.........................        3.0        3.8        4.6        5.7        1.2        7.3        5.4        6.4
  Services.................................        3.0        2.0        1.5        1.5        1.7        2.8        2.8        4.3
-----------------------------------------------------------------------------------------------------------------------------------



      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 03     Sep 03     Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    105.518    105.703    105.733    105.705    105.924    106.378    106.590    106.892
  Durable goods............................     91.232     90.881     90.626     90.273     89.995     90.214     90.216     90.265
  Nondurable goods.........................    104.475    105.167    104.786    104.424    104.645    105.389    105.858    106.696
  Services.................................    109.299    109.364    109.672    109.895    110.238    110.601    110.733    110.823
Addendum:
  Personal consumption expenditures
   excluding food and energy...............    104.950    104.939    105.136    105.228    105.406    105.649    105.758    105.939
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .2         .2         .0         .0         .2         .4         .2         .3
  Durable goods............................        -.3        -.4        -.3        -.4        -.3         .2         .0         .1
  Nondurable goods.........................         .6         .7        -.4        -.3         .2         .7         .4         .8
  Services.................................         .0         .1         .3         .2         .3         .3         .1         .1
Addendum:
  Personal consumption expenditures
   excluding food and energy...............         .0         .0         .2         .1         .2         .2         .1         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 03     Sep 03     Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        4.4        3.1        3.3        3.7        3.9        4.1        4.2        4.0

Personal consumption expenditures..........        3.9        4.2        3.9        4.1        4.0        4.1        4.5        4.3
  Durable goods............................       11.3       13.6       12.3       11.6        9.6        9.1       10.8        9.1
  Nondurable goods.........................        5.1        4.7        4.6        5.1        5.0        4.8        5.4        5.0
  Services.................................        1.9        2.2        2.0        2.1        2.4        2.7        2.9        3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.



              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 03     Sep 03     Oct 03     Nov 03     Dec 03   Jan 04/r/  Feb 04/r/  Mar 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.7        1.7        1.7        1.5        1.4        1.7        1.5        1.6
  Durable goods............................       -3.7       -4.1       -4.1       -4.2       -3.9       -3.3       -3.0       -2.8
  Nondurable goods.........................        1.9        2.4        1.9        1.6        1.9        2.2        1.5        1.8
  Services.................................        2.8        2.5        2.8        2.6        2.3        2.5        2.5        2.4
Addendum:
  Personal consumption expenditures
   less food and energy....................        1.0         .8        1.1        1.0         .8        1.1        1.2        1.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.