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News Release: Personal Income and Outlays

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.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, SEPTEMBER 30, 2004

James E. Rankin:    (202)    606-5301  (Personal Income) BEA 04-46
Greg Key:           (202)    606-5302  (Personal Outlays)
Recorded message:   (202)    606-5303


               PERSONAL INCOME AND OUTLAYS:  AUGUST 2004

Personal income increased $35.1 billion, or 0.4 percent, and disposable personal income (DPI)
increased $31.1 billion, or 0.4 percent, in August, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased less than $0.1 billion, or less than 0.1 percent.
In July, personal income increased $19.9 billion, or 0.2 percent, DPI increased $15.0 billion, or 0.2
percent, and PCE increased $90.2 billion, or 1.1 percent, based on revised estimates.


                                                           2004
                                          Apr.      May      June      July      Aug.
                                             (Percent change from preceding month)
Personal income, current dollars           0.6      0.5       0.2       0.2       0.4

Disposable personal income:
  Current dollars                          0.5      0.5       0.2       0.2       0.4
  Chained (2000) dollars                   0.4      0.1       0.0       0.2       0.4

Personal consumption expenditures:
  Current dollars                          0.1      1.0      -0.3       1.1       0.0
  Chained (2000) dollars                   0.0      0.6      -0.6       1.1       0.0


The August estimate of personal income reflects the effects of Hurricane Charley, which
hit the southeastern part of the United States in the middle of the month.  BEA made largely
offsetting adjustments to several components of personal income.  Rental income of persons
and proprietors' income were reduced by about $11 billion (annual rate) to reflect uninsured
losses of residential and business property.  "Other current transfer receipts from business
(net)" was boosted by about $12 billion (annual rate) to reflect net insurance settlements
(actual losses less expected losses) paid to persons.  Because other effects of the hurricane
were embedded in BEA's source data and could not be separately identified, BEA did not
attempt to quantify their impact.

For more information on how disasters are treated in the national accounts, see the discussion
on BEA's Web site at <http://www.bea.gov/bea/faq/national/disasters.htm>.








                        Wages and salaries

Private wage and salary disbursements increased $18.8 billion in August, compared with an
increase of $28.0 billion in July.  Goods-producing industries' payrolls increased $7.3 billion,
compared with an increase of $2.5 billion; manufacturing payrolls increased $5.7 billion, compared
with an increase of $1.5 billion.  Services-producing industries' payrolls increased $11.4 billion,
compared with an increase of $25.6 billion.  Government wage and salary disbursements increased
$2.9 billion, compared with an increase of $2.1 billion.

                        Other personal income

Supplements to wages and salaries increased $5.0 billion in August, compared with an increase
of $5.6 billion in July.

Proprietors' income decreased $2.2 billion in August, compared with a decrease of $6.6 billion
in July.  Farm proprietors' income decreased $3.5 billion, compared with a decrease of $7.5 billion.
Nonfarm proprietors' income increased $1.3 billion, compared with an increase of $0.9 billion.

Rental income of persons decreased $11.7 billion in August, compared with a decrease of $1.3
billion in July.  In August, rental income was reduced $10.4 billion at an annual rate to reflect
uninsured losses of residential property from Hurricane Charley.

Personal income receipts on assets (personal interest income plus personal dividend income)
increased $3.9 billion, compared with an increase of $4.0 billion.

Personal current transfer receipts increased $21.7 billion in August, in contrast to a decrease of
$7.7 billion in July.  In August, personal current transfer receipts was boosted $12.6 billion at an
annual rate to reflect an increase in net insurance settlements (actual losses less expected losses) paid
to persons for damage to insured property from Hurricane Charley.  The July decrease reflected a
reduction in the federal matching rate for Medicaid reimbursements, which had been boosted
temporarily by the Jobs and Growth Tax Relief Reconciliation of 2003.

Contributions for government social insurance -- a subtraction in calculating personal income --
increased $3.2 billion in August, compared with an increase of $4.1 billion in July.

        Personal current taxes and disposable personal income

Personal current taxes increased $4.1 billion in August, compared with an increase of $5.0
billion in July.  Disposable personal income (DPI) -- personal income less personal current taxes --
increased $31.1 billion, or 0.4 percent, in August, compared with an increase of $15.0 billion, or 0.2
                          percent, in July.

                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $0.1 billion in August, compared with an increase of $90.2 billion in July.  PCE increased
less than $0.1 billion, compared with an increase of $90.2 billion.

Personal saving -- DPI less personal outlays -- was $77.3 billion in August, compared with
$46.3 billion in July.  Personal saving as a percentage of disposable personal income was 0.9 percent
in August, compared with 0.5 percent in July.

                        Real DPI and real PCE

Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in August, compared
              with an increase of 0.2 percent in July.

Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in August,
compared with an increase of 1.1 percent in July.  Purchases of durable goods decreased 1.1 percent,
in contrast to an increase of 6.6 percent.  Purchases of motor vehicles and parts more than accounted
for the August decrease and accounted for most of the July increase.  Purchases of nondurable goods
increased 0.2 percent in August, compared with an increase of 0.8 percent in July.  Purchases of
services increased 0.1 percent, compared with an increase of 0.3 percent.

                              Revisions

Estimates have been revised for April through July.  Changes in personal income, current-dollar
and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for June and July
-- revised and as published in last month's release -- are shown below.  Revisions for April and May
were small.


                                                            Change from preceding month
                                                June                                             July

                                  Previous   Revised     Previous   Revised     Previous   Revised    Previous   Revised
                                 (Billions of dollars)        (Percent)            (Billions of dollars)        (Percent)


Personal Income:
  Current dollars..............     22.1         23.6         0.2       0.2          11.0      19.9       0.1        0.2

Disposable personal income:
  Current dollars..............     19.9         21.0         0.2       0.2           7.9      15.0       0.1        0.2
  Chained (2000) dollars.......     -1.3          0.5         0.0       0.0          10.9      17.2       0.1        0.2

Personal consumption expenditures:
  Current dollars..............    -15.3        -26.5        -0.2      -0.3          65.6      90.2       0.8        1.1
  Chained (2000) dollars.......    -33.0        -42.7        -0.4      -0.6          64.2      86.7       0.8        1.1



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
      (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 September will be released on
November 1, 2004, at 8:30 A.M. EST.


                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jan 04     Feb 04    Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/   Jul 04/r/  Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,404.1    9,445.9    9,484.9    9,542.3    9,592.1    9,615.7    9,635.6    9,670.7

  Compensation of employees, received......    6,461.1    6,490.3    6,512.4    6,544.3    6,579.6    6,584.4    6,620.0    6,646.7

    Wage and salary disbursements..........    5,221.4    5,241.3    5,254.8    5,282.6    5,312.5    5,313.6    5,343.7    5,365.5
      Private industries...................    4,306.7    4,324.0    4,334.8    4,357.4    4,390.5    4,390.4    4,418.4    4,437.2
        Goods-producing industries.........    1,019.8    1,018.2    1,018.9    1,022.8    1,030.7    1,030.4    1,032.9    1,040.2
          Manufacturing....................      671.9      669.9      668.0      670.4      676.0      675.7      677.2      682.9
        Services-producing industries......    3,286.9    3,305.8    3,316.0    3,334.7    3,359.8    3,360.0    3,385.6    3,397.0
          Trade, transportation, and
           utilities.......................      871.2      872.5      873.4      876.8      881.0      881.1      887.0      888.2
          Other services-producing
           industries......................    2,415.6    2,433.2    2,442.6    2,457.9    2,478.8    2,478.9    2,498.5    2,508.9
      Government...........................      914.7      917.3      920.0      925.2      922.0      923.2      925.3      928.2

    Supplements to wages and salaries......    1,239.8    1,249.0    1,257.6    1,261.7    1,267.1    1,270.7    1,276.3    1,281.3
      Employer contributions for employee
       pension and insurance funds.........      848.7      856.5      864.4      867.0      870.2      873.9      877.6      881.1
      Employer contributions for government
       social insurance....................      391.0      392.5      393.3      394.6      396.9      396.8      398.7      400.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      862.9      870.0      883.5      893.5      901.2      909.4      902.8      900.6
    Farm...................................       18.5       17.8       17.5       18.3       19.0       19.5       12.0        8.5
    Nonfarm................................      844.3      852.2      866.0      875.3      882.2      889.9      890.8      892.1

  Rental income of persons with capital
   consumption adjustment..................      174.1      172.6      171.8      172.0      172.8      172.9      171.6      159.9

  Personal income receipts on assets.......    1,335.5    1,337.0    1,338.8    1,345.4    1,352.2    1,359.4    1,363.4    1,367.3
    Personal interest income...............      937.6      936.2      934.8      938.2      941.7      945.1      945.6      946.0
    Personal dividend income...............      397.9      400.8      404.0      407.1      410.6      414.3      417.8      421.3

  Personal current transfer receipts.......    1,371.7    1,380.5    1,384.7    1,396.6    1,400.6    1,404.1    1,396.4    1,418.1
    Government social benefits to persons..    1,342.4    1,351.2    1,355.3    1,367.3    1,371.3    1,374.8    1,367.2    1,376.4
      Old-age, survivors, disability, and
       health insurance benefits...........      754.2      764.6      767.3      772.7      774.7      774.6      777.4      784.5
      Government unemployment insurance
       benefits............................       46.1       40.7       37.5       34.5       33.3       32.6       32.0       32.6
      Other................................      542.0      545.9      550.5      560.1      563.2      567.5      557.8      559.3
    Other current transfer receipts, from
     business (net)........................       29.3       29.3       29.4       29.3       29.3       29.3       29.2       41.7

  Less: Contributions for government social
   insurance...............................      801.1      804.4      806.3      809.5      814.3      814.6      818.7      821.9

Less: Personal current taxes...............    1,003.3    1,006.9    1,009.6    1,023.2    1,030.6    1,033.1    1,038.1    1,042.2

Equals: Disposable personal income.........    8,400.8    8,439.0    8,475.3    8,519.1    8,561.5    8,582.5    8,597.5    8,628.6

Less: Personal outlays.....................    8,309.4    8,358.9    8,386.6    8,400.4    8,484.6    8,461.0    8,551.2    8,551.3

  Personal consumption expenditures........    8,015.5    8,067.5    8,097.7    8,108.3    8,189.8    8,163.3    8,253.5    8,253.5
    Durable goods..........................      964.7      979.0      985.3      967.9      999.8      958.7    1,018.0    1,002.1
    Nondurable goods.......................    2,299.9    2,312.1    2,337.7    2,333.2    2,364.6    2,365.8    2,374.0    2,378.2
    Services...............................    4,750.8    4,776.4    4,774.7    4,807.2    4,825.4    4,838.8    4,861.5    4,873.3
  Personal interest payments\1\............      184.2      181.1      178.1      180.3      182.6      184.9      184.4      183.9
  Personal current transfer payments.......      109.7      110.3      110.8      111.7      112.2      112.8      113.3      113.9
    To government..........................       68.1       68.6       69.1       69.6       70.2       70.7       71.2       71.8
    To the rest of the world (net).........       41.7       41.7       41.7       42.1       42.1       42.1       42.1       42.1

Equals: Personal saving....................       91.4       80.1       88.7      118.7       76.9      121.6       46.3       77.3

  Personal saving as a percentage of
   disposable personal income..............        1.1         .9        1.0        1.4         .9        1.4         .5         .9

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,883.6    7,899.0    7,908.4    7,937.9    7,947.4    7,947.9    7,965.1    7,994.0
    Per capita:
      Current dollars......................     28,708     28,818     28,921     29,049     29,170     29,218     29,244     29,322
      Chained (2000) dollars...............     26,940     26,974     26,986     27,067     27,078     27,057     27,093     27,166
  Population (midperiod, thousands)\3\.....    292,630    292,836    293,049    293,270    293,501    293,743    293,996    294,264
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
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       I 03       II 03      III 03     IV 03      I 04      II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    8,878.9    9,161.8    9,002.2    9,105.7    9,209.3    9,330.0    9,445.0    9,583.4

  Compensation of employees, received......    6,069.5    6,289.0    6,177.7    6,247.0    6,324.7    6,406.7    6,487.9    6,569.4

    Wage and salary disbursements..........    4,976.3    5,103.6    5,023.3    5,073.3    5,128.6    5,188.9    5,239.2    5,302.9
      Private industries...................    4,113.7    4,205.6    4,135.6    4,175.6    4,227.5    4,283.9    4,321.8    4,379.4
        Goods-producing industries.........    1,010.2    1,007.7      999.5      999.7    1,005.8    1,025.6    1,019.0    1,028.0
          Manufacturing....................      675.2      668.8      665.7      663.4      665.9      680.1      669.9      674.0
        Services-producing industries......    3,103.5    3,198.0    3,136.0    3,175.9    3,221.6    3,258.3    3,302.9    3,351.5
          Trade, transportation, and
           utilities.......................      843.6      858.6      848.6      852.9      860.7      872.0      872.4      879.6
          Other services-producing
           industries......................    2,259.9    2,339.4    2,287.4    2,322.9    2,360.9    2,386.4    2,430.5    2,471.9
      Government...........................      862.6      897.9      887.8      897.8      901.1      905.0      917.3      923.5

    Supplements to wages and salaries......    1,093.2    1,185.5    1,154.3    1,173.7    1,196.1    1,217.8    1,248.8    1,266.5
      Employer contributions for employee
       pension and insurance funds.........      729.6      808.9      782.7      799.0      817.9      835.9      856.5      870.4
      Employer contributions for government
       social insurance....................      363.6      376.6      371.6      374.6      378.2      381.9      392.3      396.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      769.6      834.1      794.0      825.7      852.0      864.7      872.1      901.4
    Farm...................................        9.7       21.8       13.8       24.1       24.8       24.7       17.9       18.9
    Nonfarm................................      759.9      812.3      780.2      801.6      827.2      840.0      854.2      882.5

  Rental income of persons with capital
   consumption adjustment..................      170.9      153.8      155.5      144.1      148.8      167.1      172.8      172.6

  Personal income receipts on assets.......    1,334.6    1,322.7    1,325.9    1,324.7    1,314.4    1,325.8    1,337.1    1,352.3
    Personal interest income...............      946.7      929.9      932.4      932.4      922.8      932.0      936.2      941.7
    Personal dividend income...............      387.9      392.8      393.5      392.3      391.6      393.8      400.9      410.6

  Personal current transfer receipts.......    1,282.7    1,335.4    1,311.4    1,333.1    1,346.2    1,350.7    1,379.0    1,400.4
    Government social benefits to persons..    1,248.9    1,306.4    1,282.2    1,304.1    1,317.4    1,322.0    1,349.6    1,371.1
      Old-age, survivors, disability, and
       health insurance benefits...........      708.3      733.8      722.8      731.1      736.6      744.9      762.1      774.0
      Government unemployment insurance
       benefits............................       53.2       52.8       50.4       54.8       54.3       51.6       41.4       33.5
      Other................................      487.5      519.8      509.0      518.3      526.5      525.5      546.1      563.6
    Other current transfer receipts, from
     business (net)........................       33.7       28.9       29.2       29.0       28.9       28.8       29.3       29.3

  Less: Contributions for government social
   insurance...............................      748.3      773.2      762.4      768.9      776.7      785.0      803.9      812.8

Less: Personal current taxes...............    1,051.2    1,001.9    1,025.7    1,030.7      941.7    1,009.4    1,006.6    1,029.0

Equals: Disposable personal income.........    7,827.7    8,159.9    7,976.5    8,075.0    8,267.6    8,320.5    8,438.4    8,554.4

Less: Personal outlays.....................    7,668.5    8,049.3    7,897.0    7,982.9    8,107.8    8,209.4    8,351.6    8,448.7

  Personal consumption expenditures........    7,376.1    7,760.9    7,609.8    7,696.3    7,822.5    7,914.9    8,060.2    8,153.8
    Durable goods..........................      916.2      950.7      912.1      946.8      972.7      971.1      976.3      975.5
    Nondurable goods.......................    2,080.1    2,200.1    2,167.5    2,163.6    2,219.2    2,250.1    2,316.6    2,354.6
    Services...............................    4,379.8    4,610.1    4,530.2    4,585.9    4,630.6    4,693.6    4,767.3    4,823.8
  Personal interest payments\1\............      197.2      185.3      187.1      184.8      183.3      185.9      181.1      182.6
  Personal current transfer payments.......       95.3      103.1      100.0      101.8      102.1      108.6      110.3      112.2
    To government..........................       59.5       64.9       62.8       64.2       65.6       67.0       68.6       70.2
    To the rest of the world (net).........       35.7       38.2       37.2       37.6       36.5       41.6       41.7       42.1

Equals: Personal saving....................      159.2      110.6       79.5       92.1      159.8      111.1       86.8      105.7

  Personal saving as a percentage of
   disposable personal income..............        2.0        1.4        1.0        1.1        1.9        1.3        1.0        1.2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,559.5    7,733.8    7,591.2    7,671.1    7,822.9    7,849.6    7,897.0    7,944.3
    Per capita:
      Current dollars......................     27,157     28,033     27,504     27,779     28,368     28,476     28,816     29,146
      Chained (2000) dollars...............     26,227     26,569     26,175     26,389     26,842     26,865     26,967     27,067
  Population (midperiod, thousands)\3\.....    288,240    291,085    290,016    290,689    291,445    292,190    292,838    293,505
-----------------------------------------------------------------------------------------------------------------------------------
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 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                              Jan 04     Feb 04    Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/   Jul 04/r/  Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       28.8       41.8       39.0       57.4       49.8       23.6       19.9       35.1

  Compensation of employees, received......       39.9       29.2       22.1       31.9       35.3        4.8       35.6       26.7

    Wage and salary disbursements..........       24.1       19.9       13.5       27.8       29.9        1.1       30.1       21.8
      Private industries...................       18.0       17.3       10.8       22.6       33.1        -.1       28.0       18.8
        Goods-producing industries.........       -8.9       -1.6         .7        3.9        7.9        -.3        2.5        7.3
          Manufacturing....................      -10.8       -2.0       -1.9        2.4        5.6        -.3        1.5        5.7
        Services-producing industries......       26.9       18.9       10.2       18.7       25.1         .2       25.6       11.4
          Trade, transportation, and
           utilities.......................        1.2        1.3         .9        3.4        4.2         .1        5.9        1.2
          Other services-producing
           industries......................       25.7       17.6        9.4       15.3       20.9         .1       19.6       10.4
      Government...........................        6.1        2.6        2.7        5.2       -3.2        1.2        2.1        2.9

    Supplements to wages and salaries......       15.9        9.2        8.6        4.1        5.4        3.6        5.6        5.0
      Employer contributions for employee
       pension and insurance funds.........        7.1        7.8        7.9        2.6        3.2        3.7        3.7        3.5
      Employer contributions for government
       social insurance....................        8.7        1.5         .8        1.3        2.3        -.1        1.9        1.5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       -7.2        7.1       13.5       10.0        7.7        8.2       -6.6       -2.2
    Farm...................................       -6.0        -.7        -.3         .8         .7         .5       -7.5       -3.5
    Nonfarm................................       -1.4        7.9       13.8        9.3        6.9        7.7         .9        1.3

  Rental income of persons with capital
   consumption adjustment..................       -1.6       -1.5        -.8         .2         .8         .1       -1.3      -11.7

  Personal income receipts on assets.......        1.1        1.5        1.8        6.6        6.8        7.2        4.0        3.9
    Personal interest income...............       -1.4       -1.4       -1.4        3.4        3.5        3.4         .5         .4
    Personal dividend income...............        2.6        2.9        3.2        3.1        3.5        3.7        3.5        3.5

  Personal current transfer receipts.......       11.5        8.8        4.2       11.9        4.0        3.5       -7.7       21.7
    Government social benefits to persons..       10.9        8.8        4.1       12.0        4.0        3.5       -7.6        9.2
      Old-age, survivors, disability, and
       health insurance benefits...........        3.0       10.4        2.7        5.4        2.0        -.1        2.8        7.1
      Government unemployment insurance
       benefits............................       -4.8       -5.4       -3.2       -3.0       -1.2        -.7        -.6         .6
      Other................................       12.6        3.9        4.6        9.6        3.1        4.3       -9.7        1.5
    Other current transfer receipts, from
     business (net)........................         .5         .0         .1        -.1         .0         .0        -.1       12.5

  Less: Contributions for government social
   insurance...............................       14.8        3.3        1.9        3.2        4.8         .3        4.1        3.2

Less: Personal current taxes...............       -7.5        3.6        2.7       13.6        7.4        2.5        5.0        4.1

Equals: Disposable personal income.........       36.3       38.2       36.3       43.8       42.4       21.0       15.0       31.1

Less: Personal outlays.....................       43.3       49.5       27.7       13.8       84.2      -23.6       90.2         .1

  Personal consumption expenditures........       45.8       52.0       30.2       10.6       81.5      -26.5       90.2         .0
    Durable goods..........................      -29.7       14.3        6.3      -17.4       31.9      -41.1       59.3      -15.9
    Nondurable goods.......................       43.3       12.2       25.6       -4.5       31.4        1.2        8.2        4.2
    Services...............................       32.1       25.6       -1.7       32.5       18.2       13.4       22.7       11.8
  Personal interest payments\1\............       -3.1       -3.1       -3.0        2.2        2.3        2.3        -.5        -.5
  Personal current transfer payments.......         .6         .6         .5         .9         .5         .6         .5         .6
    To government..........................         .6         .5         .5         .5         .6         .5         .5         .6
    To the rest of the world (net).........         .1         .0         .0         .4         .0         .0         .0         .0

Equals: Personal saving....................       -7.0      -11.3        8.6       30.0      -41.8       44.7      -75.3       31.0

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............        3.5       15.4        9.4       29.5        9.5         .5       17.2       28.9
-----------------------------------------------------------------------------------------------------------------------------------
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       I 03      II 03     III 03      IV 03      I 04     II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      154.8      282.9       83.0      103.5      103.6      120.7      115.0      138.4

  Compensation of employees, received......      127.4      219.5       64.3       69.3       77.7       82.0       81.2       81.5

    Wage and salary disbursements..........       33.5      127.3       36.0       50.0       55.3       60.3       50.3       63.7
      Private industries...................      -13.2       91.9       21.5       40.0       51.9       56.4       37.9       57.6
        Goods-producing industries.........      -34.1       -2.5       -1.1         .2        6.1       19.8       -6.6        9.0
          Manufacturing....................      -33.6       -6.4       -2.1       -2.3        2.5       14.2      -10.2        4.1
        Services-producing industries......       20.9       94.5       22.5       39.9       45.7       36.7       44.6       48.6
          Trade, transportation, and
           utilities.......................       -1.0       15.0        4.7        4.3        7.8       11.3         .4        7.2
          Other services-producing
           industries......................       21.9       79.5       17.9       35.5       38.0       25.5       44.1       41.4
      Government...........................       46.7       35.3       14.6       10.0        3.3        3.9       12.3        6.2

    Supplements to wages and salaries......       93.9       92.3       28.3       19.4       22.4       21.7       31.0       17.7
      Employer contributions for employee
       pension and insurance funds.........       86.9       79.3       20.7       16.3       18.9       18.0       20.6       13.9
      Employer contributions for government
       social insurance....................        7.0       13.0        7.6        3.0        3.6        3.7       10.4        3.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       -2.3       64.5       17.3       31.7       26.3       12.7        7.4       29.3
    Farm...................................      -10.0       12.1        5.0       10.3         .7        -.1       -6.8        1.0
    Nonfarm................................        7.7       52.4       12.3       21.4       25.6       12.8       14.2       28.3

  Rental income of persons with capital
   consumption adjustment..................        3.5      -17.1        1.7      -11.4        4.7       18.3        5.7        -.2

  Personal income receipts on assets.......      -45.4      -11.9        -.8       -1.2      -10.3       11.4       11.3       15.2
    Personal interest income...............      -64.3      -16.8         .3         .0       -9.6        9.2        4.2        5.5
    Personal dividend income...............       18.9        4.9       -1.1       -1.2        -.7        2.2        7.1        9.7

  Personal current transfer receipts.......       88.8       52.7       13.3       21.7       13.1        4.5       28.3       21.4
    Government social benefits to persons..      105.0       57.5       12.9       21.9       13.3        4.6       27.6       21.5
      Old-age, survivors, disability, and
       health insurance benefits...........       39.8       25.5        6.4        8.3        5.5        8.3       17.2       11.9
      Government unemployment insurance
       benefits............................       21.5        -.4       -3.0        4.4        -.5       -2.7      -10.2       -7.9
      Other................................       43.8       32.3        9.6        9.3        8.2       -1.0       20.6       17.5
    Other current transfer receipts, from
     business (net)........................      -16.3       -4.8         .3        -.2        -.1        -.1         .5         .0

  Less: Contributions for government social
   insurance...............................       17.2       24.9       12.8        6.5        7.8        8.3       18.9        8.9

Less: Personal current taxes...............     -186.1      -49.3      -14.6        5.0      -89.0       67.7       -2.8       22.4

Equals: Disposable personal income.........      340.9      332.2       97.7       98.5      192.6       52.9      117.9      116.0

Less: Personal outlays.....................      314.0      380.8      109.4       85.9      124.9      101.6      142.2       97.1

  Personal consumption expenditures........      321.1      384.8      109.8       86.5      126.2       92.4      145.3       93.6
    Durable goods..........................       32.5       34.5       -8.7       34.7       25.9       -1.6        5.2        -.8
    Nondurable goods.......................       63.0      120.0       52.9       -3.9       55.6       30.9       66.5       38.0
    Services...............................      225.5      230.3       65.5       55.7       44.7       63.0       73.7       56.5
  Personal interest payments\1\............      -15.0      -11.9       -1.7       -2.3       -1.5        2.6       -4.8        1.5
  Personal current transfer payments.......        8.1        7.8        1.3        1.8         .3        6.5        1.7        1.9
    To government..........................        5.3        5.4        1.3        1.4        1.4        1.4        1.6        1.6
    To the rest of the world (net).........        2.7        2.5         .0         .4       -1.1        5.1         .1         .4

Equals: Personal saving....................       26.9      -48.6      -11.7       12.6       67.7      -48.7      -24.3       18.9

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      226.2      174.3       33.2       79.9      151.8       26.7       47.4       47.3
-----------------------------------------------------------------------------------------------------------------------------------
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 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                 Jan 04     Feb 04    Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/   Jul 04/r/  Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .3         .4         .4         .6         .5         .2         .2         .4
  Compensation of employees, received......         .6         .5         .3         .5         .5         .1         .5         .4
    Wage and salary disbursements..........         .5         .4         .3         .5         .6         .0         .6         .4
    Supplements to wages and salaries......        1.3         .7         .7         .3         .4         .3         .4         .4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        -.8         .8        1.6        1.1         .9         .9        -.7        -.2
  Rental income of persons with capital
   consumption adjustment..................        -.9        -.9        -.4         .1         .5         .1        -.8       -6.8
  Personal income receipts on assets.......         .1         .1         .1         .5         .5         .5         .3         .3
    Personal interest income...............        -.1        -.2        -.2         .4         .4         .4         .0         .0
    Personal dividend income...............         .6         .7         .8         .8         .8         .9         .9         .8
  Personal current transfer receipts.......         .8         .6         .3         .9         .3         .2        -.5        1.6

  Less: Contributions for government social
   insurance...............................        1.9         .4         .2         .4         .6         .0         .5         .4

Less: Personal current taxes...............        -.7         .4         .3        1.3         .7         .2         .5         .4

Equals: Disposable personal income.........         .4         .5         .4         .5         .5         .2         .2         .4

Addenda:
  Personal consumption expenditures........         .6         .6         .4         .1        1.0        -.3        1.1         .0
    Durable goods..........................       -3.0        1.5         .6       -1.8        3.3       -4.1        6.2       -1.6
    Nondurable goods.......................        1.9         .5        1.1        -.2        1.3         .1         .3         .2
    Services...............................         .7         .5         .0         .7         .4         .3         .5         .2

  Real disposable personal income..........         .0         .2         .1         .4         .1         .0         .2         .4
-----------------------------------------------------------------------------------------------------------------------------------
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       I 03      II 03     III 03      IV 03      I 04      II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        1.8        3.2        3.8        4.7        4.6        5.3        5.0        6.0
  Compensation of employees, received......        2.1        3.6        4.3        4.6        5.1        5.3        5.2        5.1
    Wage and salary disbursements..........         .7        2.6        2.9        4.0        4.4        4.8        3.9        5.0
    Supplements to wages and salaries......        9.4        8.4       10.4        6.9        7.9        7.5       10.6        5.8
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        -.3        8.4        9.2       16.9       13.4        6.1        3.5       14.1
  Rental income of persons with capital
   consumption adjustment..................        2.1      -10.0        4.5      -26.3       13.6       59.0       14.6        -.6
  Personal income receipts on assets.......       -3.3        -.9        -.2        -.4       -3.1        3.5        3.5        4.6
    Personal interest income...............       -6.4       -1.8         .2         .0       -4.1        4.1        1.8        2.4
    Personal dividend income...............        5.1        1.3       -1.1       -1.3        -.7        2.2        7.4       10.1
  Personal current transfer receipts.......        7.4        4.1        4.2        6.8        4.0        1.3        8.6        6.4

  Less: Contributions for government social
   insurance...............................        2.3        3.3        7.0        3.4        4.1        4.3       10.0        4.5

Less: Personal current taxes...............      -15.0       -4.7       -5.5        2.0      -30.3       32.0       -1.1        9.2

Equals: Disposable personal income.........        4.6        4.2        5.1        5.0        9.9        2.6        5.8        5.6

Addenda:
  Personal consumption expenditures........        4.6        5.2        6.0        4.6        6.7        4.8        7.5        4.7
    Durable goods..........................        3.7        3.8       -3.7       16.1       11.4        -.6        2.2        -.4
    Nondurable goods.......................        3.1        5.8       10.4        -.7       10.7        5.7       12.3        6.7
    Services...............................        5.4        5.3        6.0        5.0        4.0        5.6        6.4        4.8

  Real disposable personal income..........        3.1        2.3        1.8        4.3        8.2        1.4        2.4        2.4
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.


                   Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                               Jan 04     Feb 04    Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/   Jul 04/r/  Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,522.0    7,551.2    7,556.0    7,555.2    7,602.4    7,559.7    7,646.4    7,646.6
  Durable goods............................    1,063.0    1,078.7    1,084.8    1,065.8    1,101.2    1,057.1    1,126.6    1,114.6
  Nondurable goods.........................    2,183.7    2,185.5    2,192.7    2,186.9    2,192.3    2,184.9    2,201.3    2,205.8
  Services.................................    4,285.1    4,298.7    4,291.4    4,311.7    4,323.3    4,324.9    4,336.6    4,342.0
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       13.9       29.2        4.8        -.8       47.2      -42.7       86.7         .2
  Durable goods............................      -35.3       15.7        6.1      -19.0       35.4      -44.1       69.5      -12.0
  Nondurable goods.........................       26.2        1.8        7.2       -5.8        5.4       -7.4       16.4        4.5
  Services.................................       17.3       13.6       -7.3       20.3       11.6        1.6       11.7        5.4
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .2         .4         .1         .0         .6        -.6        1.1         .0
  Durable goods............................       -3.2        1.5         .6       -1.8        3.3       -4.0        6.6       -1.1
  Nondurable goods.........................        1.2         .1         .3        -.3         .2        -.3         .8         .2
  Services.................................         .4         .3        -.2         .5         .3         .0         .3         .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       I 03      II 03     III 03      IV 03     I 04     II 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,123.4    7,355.6    7,242.2    7,311.4    7,401.7    7,466.8    7,543.0    7,572.4
  Durable goods............................      959.6    1,030.6      973.2    1,020.0    1,059.6    1,069.7    1,075.5    1,074.7
  Nondurable goods.........................    2,037.4    2,112.4    2,082.0    2,090.1    2,125.3    2,152.0    2,187.3    2,188.0
  Services.................................    4,128.6    4,220.3    4,188.7    4,207.7    4,227.9    4,256.7    4,291.7    4,320.0
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      213.0      232.2       47.6       69.2       90.3       65.1       76.2       29.4
  Durable goods............................       58.9       71.0        -.2       46.8       39.6       10.1        5.8        -.8
  Nondurable goods.........................       50.7       75.0       25.2        8.1       35.2       26.7       35.3         .7
  Services.................................      105.4       91.7       21.8       19.0       20.2       28.8       35.0       28.3
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                    chained (2000) dollars at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.1        3.3        2.7        3.9        5.0        3.6        4.1        1.6
  Durable goods............................        6.5        7.4        -.1       20.6       16.5        3.9        2.2        -.3
  Nondurable goods.........................        2.6        3.7        5.0        1.6        6.9        5.1        6.7         .1
  Services.................................        2.6        2.2        2.1        1.8        1.9        2.8        3.3        2.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
              Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jan 04     Feb 04    Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/   Jul 04/r/  Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    106.566    106.841    107.174    107.326    107.732    107.989    107.944    107.942
  Durable goods............................     90.717     90.717     90.788     90.778     90.753     90.645     90.320     89.867
  Nondurable goods.........................    105.328    105.797    106.618    106.693    107.868    108.286    107.851    107.817
  Services.................................    110.872    111.117    111.266    111.496    111.619    111.885    112.108    112.239
Addendum:
  Personal consumption expenditures
   excluding food and energy...............    105.885    106.068    106.291    106.435    106.508    106.625    106.660    106.649
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .4         .3         .3         .1         .4         .2         .0         .0
  Durable goods............................         .2         .0         .1         .0         .0        -.1        -.4        -.5
  Nondurable goods.........................         .7         .4         .8         .1        1.1         .4        -.4         .0
  Services.................................         .3         .2         .1         .2         .1         .2         .2         .1
Addendum:
  Personal consumption expenditures
   excluding food and energy...............         .2         .2         .2         .1         .1         .1         .0         .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                 Jan 04     Feb 04    Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/   Jul 04/r/  Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        4.0        4.1        4.0        4.0        3.5        3.2        1.9        1.6

Personal consumption expenditures..........        4.0        4.4        4.0        3.6        4.1        3.0        3.7        2.9
  Durable goods............................        9.6       12.5        9.4        5.0        8.0        3.2        8.1        3.6
  Nondurable goods.........................        5.3        5.0        4.9        5.0        5.3        3.8        4.0        3.1
  Services.................................        2.3        2.5        2.5        2.7        2.7        2.6        2.6        2.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                 Jan 04     Feb 04    Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/   Jul 04/r/  Aug 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.8        1.7        1.7        2.0        2.4        2.5        2.4        2.1
  Durable goods............................       -3.4       -3.1       -2.9       -2.7       -2.1       -1.9       -1.9       -2.1
  Nondurable goods.........................        2.0        1.5        1.7        2.7        4.5        4.7        4.0        3.2
  Services.................................        2.7        2.8        2.6        2.6        2.3        2.4        2.5        2.5
Addendum:
  Personal consumption expenditures
   less food and energy....................        1.2        1.4        1.5        1.6        1.5        1.5        1.4        1.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.