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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. EST, MONDAY, NOVEMBER 1, 2004

 James E. Rankin:     (202)   606-5301     (Personal Income)BEA 04-49
        Greg Key:     (202)   606-5302     (Personal Outlays)
Recorded message:     (202)   606-5303


             PERSONAL INCOME AND OUTLAYS:  SEPTEMBER 2004

    Personal income increased $15.1 billion, or 0.2 percent, and disposable personal income
(DPI) increased $9.0 billion, or 0.1 percent, in September, according to the Bureau of Economic
Analysis.  Personal consumption expenditures (PCE) increased $49.8 billion, or 0.6 percent.  In
August, personal income increased $25.3 billion, or 0.3 percent, DPI increased $20.0 billion, or
0.2 percent, and PCE decreased $6.4 billion, or 0.1 percent, based on revised estimates.


                                                           2004
                                          May      June      July      Aug.      Sep.
                                             (Percent change from preceding month)
Personal income, current dollars          0.5       0.2       0.2       0.3       0.2

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

Personal consumption expenditures:
Current dollars                           1.0      -0.3       1.2      -0.1       0.6
Chained (2000) dollars                    0.6      -0.6       1.2      -0.1       0.5


         The September and August estimates of personal income reflect the effects of
Hurricanes Charley, Frances, Ivan, and Jeanne, which hit the southeastern part of the United
States during these months.  BEA made largely offsetting adjustments to several components
of personal income.  Rental income of persons and proprietors' income were reduced by
$40.5 billion (annual rate) in September and $13.6 billion (annual rate) in August to reflect
uninsured losses of residential and business property.  "Other current transfer receipts from
business (net)" was boosted by $33.0 billion (annual rate) in September and $13.6 (annual
rate) billion in August to reflect net insurance settlements (actual losses less expected losses)
paid to persons.  Because other effects of the hurricanes 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 $18.3 billion in September, compared with
an increase of $14.8 billion in August.  Goods-producing industries' payrolls increased $3.2
billion, compared with an increase of $6.5 billion; manufacturing payrolls increased $1.9 billion,
compared with an increase of $4.8 billion.  Services-producing industries' payrolls increased
$15.0 billion, compared with an increase of $8.3 billion.  Government wage and salary
disbursements increased $2.1 billion in September, the same increase as in August.

                        Other personal income

    Supplements to wages and salaries increased $5.1 billion in September, the same increase as
                             in August.

    Proprietors' income decreased $3.7 billion in September, compared with a decrease of $1.2
billion in August.  Farm proprietors' income decreased $2.2 billion, compared with a decrease of
$3.0 billion.  Nonfarm proprietors' income decreased $1.5 billion, in contrast to an increase of
$1.8 billion.  Nonfarm proprietors' income was reduced $3.7 billion (at an annual rate) in
September and $1.4 billion (at an annual rate) in August to reflect uninsured losses of business
property from the impacts of Hurricanes Charley, Frances, Ivan, and Jeanne.

    Rental income of persons decreased $27.7 billion in September, compared with a decrease of
$15.4 billion in August.  Rental income was reduced $36.8 billion (at an annual rate) in September
and $12.2 billion (at an annual rate) in August to reflect uninsured losses of residential property
                 from the impacts of the hurricanes.

    Personal income receipts on assets (personal interest income plus personal dividend income)
increased $3.6 billion in September, compared with an increase of $3.4 billion in August.

    Personal current transfer receipts increased $20.5 billion in September, compared with an
increase of $19.1 billion in August.  Personal current transfer receipts was boosted $33.0 billion
(at an annual rate) in September and $13.6 billion (at an annual rate) in August to reflect increases
in net insurance settlements (actual losses less expected losses) paid to persons for damage to
        insured property from the impacts of the hurricanes.

    Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $3.0 billion in September, compared with an increase of $2.7 billion in August.

        Personal current taxes and disposable personal income

    Personal current taxes increased $6.1 billion in September, compared with an increase of
$5.2 billion in August.  Disposable personal income (DPI) -- personal income less personal
current taxes -- increased $9.0 billion, or 0.1 percent, in September, compared with an increase of
              $20.0 billion, or 0.2 percent, in August.

                Personal outlays and personal saving

    Personal outlays -- PCE, personal interest payments, and personal current transfer
payments -- increased $52.1 billion in September, in contrast to a decrease of $4.2 billion in
August.  PCE increased $49.8 billion, in contrast to a decrease of $6.4 billion.

    Personal saving -- DPI less personal outlays -- was $14.3 billion in September, compared
with $57.4 billion in August.  Personal saving as a percentage of disposable personal income was
   0.2 percent in September, compared with 0.7 percent in August.

                        Real DPI and real PCE

    Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in
   September, compared with an increase of 0.2 percent in August.

    Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in September, in
contrast to a decrease of 0.1 percent in August.  Purchases of durable goods increased 1.5 percent,
in contrast to a decrease of 1.5 percent.  Purchases of motor vehicles and parts accounted for
about one-half of the September increase and accounted for most of the August decrease.
Purchases of nondurable goods increased 0.4 percent in September, compared with an increase of
0.2 percent in August.  Purchases of services increased 0.4 percent, compared with an increase of
                            0.1 percent.

                              Revisions

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


                                                            Change from preceding
                                                July                                             August

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


Personal Income:
    Current dollars...........      19.9         17.2        0.2         0.2        35.1       25.3         0.4          0.3

Disposable personal income:
    Current dollars...........      15.0          8.6        0.2         0.1        31.1       20.0         0.4          0.2
    Chained (2000) dollars....      17.2         11.1        0.2         0.1        28.9       18.0         0.4          0.2

Personal consumption expenditures:
    Current dollars...........      90.2         94.1        1.1         1.2         0.0       -6.4         0.0         -0.1
    Chained (2000) dollars....      86.7         90.2        1.1         1.2         0.2       -6.5         0.0         -0.1


                                       BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:

                             <www.bea.gov>

    Summary BEA estimates are available on recorded messages at the time of public release at
the following telephone numbers:

                                (202)  606-5306   Gross domestic product
                                (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.




        Beginning with the personal income release on December 1, 2004, supplemental information on
personal consumption expenditures (PCE) prices will be added to two tables.  In tables 9 and 11, "market-
based PCE" and "market-based PCE excluding food and energy" will be shown as addenda items.  For
several months, BEA has made the market-based indexes available at the time of the personal income news
release.  For more information on the market-based PCE measures, see the discussion under FAQs on
BEA's Web site: .




                        *          *          *


Next release -- Personal Income and Outlays for October will be released on
                  December 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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Feb 04     Mar 04     Apr 04     May 04    Jun 04    Jul 04/r/   Aug 04/r/  Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,445.9    9,484.9    9,542.3    9,592.1    9,615.7    9,632.9    9,658.2    9,673.3

  Compensation of employees, received......    6,490.3    6,512.4    6,544.3    6,579.6    6,584.4    6,618.7    6,640.8    6,666.1

    Wage and salary disbursements..........    5,241.3    5,254.8    5,282.6    5,312.5    5,313.6    5,342.7    5,359.6    5,379.9
      Private industries...................    4,324.0    4,334.8    4,357.4    4,390.5    4,390.4    4,416.9    4,431.7    4,450.0
        Goods-producing industries.........    1,018.2    1,018.9    1,022.8    1,030.7    1,030.4    1,032.6    1,039.1    1,042.3
          Manufacturing....................      669.9      668.0      670.4      676.0      675.7      676.8      681.6      683.5
        Services-producing industries......    3,305.8    3,316.0    3,334.7    3,359.8    3,360.0    3,384.3    3,392.6    3,407.6
          Trade, transportation, and
           utilities.......................      872.5      873.4      876.8      881.0      881.1      887.7      888.3      893.9
          Other services-producing
           industries......................    2,433.2    2,442.6    2,457.9    2,478.8    2,478.9    2,496.6    2,504.3    2,513.8
      Government...........................      917.3      920.0      925.2      922.0      923.2      925.8      927.9      930.0

    Supplements to wages and salaries......    1,249.0    1,257.6    1,261.7    1,267.1    1,270.7    1,276.0    1,281.1    1,286.2
      Employer contributions for employee
       pension and insurance funds.........      856.5      864.4      867.0      870.2      873.9      877.4      881.3      885.1
      Employer contributions for government
       social insurance....................      392.5      393.3      394.6      396.9      396.8      398.6      399.8      401.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      870.0      883.5      893.5      901.2      909.4      905.2      904.0      900.3
    Farm...................................       17.8       17.5       18.3       19.0       19.5       13.4       10.4        8.2
    Nonfarm................................      852.2      866.0      875.3      882.2      889.9      891.8      893.6      892.1

  Rental income of persons with capital
   consumption adjustment..................      172.6      171.8      172.0      172.8      172.9      170.3      154.9      127.2

  Personal income receipts on assets.......    1,337.0    1,338.8    1,345.4    1,352.2    1,359.4    1,362.9    1,366.3    1,369.9
    Personal interest income...............      936.2      934.8      938.2      941.7      945.1      945.1      945.0      945.0
    Personal dividend income...............      400.8      404.0      407.1      410.6      414.3      417.8      421.3      424.9

  Personal current transfer receipts.......    1,380.5    1,384.7    1,396.6    1,400.6    1,404.1    1,394.3    1,413.4    1,433.9
    Government social benefits to persons..    1,351.2    1,355.3    1,367.3    1,371.3    1,374.8    1,365.0    1,370.6    1,371.6
      Old-age, survivors, disability, and
       health insurance benefits...........      764.6      767.3      772.7      774.7      774.6      777.4      781.7      785.7
      Government unemployment insurance
       benefits............................       40.7       37.5       34.5       33.3       32.6       32.0       32.6       32.5
      Other................................      545.9      550.5      560.1      563.2      567.5      555.6      556.3      553.4
    Other current transfer receipts, from
     business (net)........................       29.3       29.4       29.3       29.3       29.3       29.2       42.8       62.3

  Less: Contributions for government social
   insurance...............................      804.4      806.3      809.5      814.3      814.6      818.5      821.2      824.2

Less: Personal current taxes...............    1,006.9    1,009.6    1,023.2    1,030.6    1,033.1    1,041.9    1,047.1    1,053.2

Equals: Disposable personal income.........    8,439.0    8,475.3    8,519.1    8,561.5    8,582.5    8,591.1    8,611.1    8,620.1

Less: Personal outlays.....................    8,358.9    8,386.6    8,400.4    8,484.6    8,461.0    8,557.9    8,553.7    8,605.8

  Personal consumption expenditures........    8,067.5    8,097.7    8,108.3    8,189.8    8,163.3    8,257.4    8,251.0    8,300.8
    Durable goods..........................      979.0      985.3      967.9      999.8      958.7    1,014.1      994.0    1,010.1
    Nondurable goods.......................    2,312.1    2,337.7    2,333.2    2,364.6    2,365.8    2,375.9    2,379.9    2,392.9
    Services...............................    4,776.4    4,774.7    4,807.2    4,825.4    4,838.8    4,867.4    4,877.1    4,897.8
  Personal interest payments\1\............      181.1      178.1      180.3      182.6      184.9      186.6      188.4      190.1
  Personal current transfer payments.......      110.3      110.8      111.7      112.2      112.8      113.8      114.4      114.9
    To government..........................       68.6       69.1       69.6       70.2       70.7       71.2       71.7       72.2
    To the rest of the world (net).........       41.7       41.7       42.1       42.1       42.1       42.7       42.7       42.7

Equals: Personal saving....................       80.1       88.7      118.7       76.9      121.6       33.2       57.4       14.3

  Personal saving as a percentage of
   disposable personal income..............         .9        1.0        1.4         .9        1.4         .4         .7         .2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,899.0    7,908.4    7,937.9    7,947.4    7,947.9    7,959.0    7,977.0    7,978.9
    Per capita:
      Current dollars......................     28,818     28,921     29,049     29,170     29,218     29,222     29,263     29,268
      Chained (2000) dollars...............     26,974     26,986     27,067     27,078     27,057     27,072     27,108     27,090
  Population (midperiod, thousands)\3\.....    292,836    293,049    293,270    293,501    293,743    293,994    294,263    294,528
-----------------------------------------------------------------------------------------------------------------------------------
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      II 03     III 03      IV 03      I 04      II 04     III 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    8,878.9    9,161.8    9,105.7    9,209.3    9,330.0    9,445.0    9,583.4    9,654.8

  Compensation of employees, received......    6,069.5    6,289.0    6,247.0    6,324.7    6,406.7    6,487.9    6,569.4    6,641.9

    Wage and salary disbursements..........    4,976.3    5,103.6    5,073.3    5,128.6    5,188.9    5,239.2    5,302.9    5,360.7
      Private industries...................    4,113.7    4,205.6    4,175.6    4,227.5    4,283.9    4,321.8    4,379.4    4,432.8
        Goods-producing industries.........    1,010.2    1,007.7      999.7    1,005.8    1,025.6    1,019.0    1,028.0    1,038.0
          Manufacturing....................      675.2      668.8      663.4      665.9      680.1      669.9      674.0      680.7
        Services-producing industries......    3,103.5    3,198.0    3,175.9    3,221.6    3,258.3    3,302.9    3,351.5    3,394.8
          Trade, transportation, and
           utilities.......................      843.6      858.6      852.9      860.7      872.0      872.4      879.6      890.0
          Other services-producing
           industries......................    2,259.9    2,339.4    2,322.9    2,360.9    2,386.4    2,430.5    2,471.9    2,504.9
      Government...........................      862.6      897.9      897.8      901.1      905.0      917.3      923.5      927.9

    Supplements to wages and salaries......    1,093.2    1,185.5    1,173.7    1,196.1    1,217.8    1,248.8    1,266.5    1,281.1
      Employer contributions for employee
       pension and insurance funds.........      729.6      808.9      799.0      817.9      835.9      856.5      870.4      881.3
      Employer contributions for government
       social insurance....................      363.6      376.6      374.6      378.2      381.9      392.3      396.1      399.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      769.6      834.1      825.7      852.0      864.7      872.1      901.4      903.2
    Farm...................................        9.7       21.8       24.1       24.8       24.7       17.9       18.9       10.7
    Nonfarm................................      759.9      812.3      801.6      827.2      840.0      854.2      882.5      892.5

  Rental income of persons with capital
   consumption adjustment..................      170.9      153.8      144.1      148.8      167.1      172.8      172.6      150.8

  Personal income receipts on assets.......    1,334.6    1,322.7    1,324.7    1,314.4    1,325.8    1,337.1    1,352.3    1,366.4
    Personal interest income...............      946.7      929.9      932.4      922.8      932.0      936.2      941.7      945.0
    Personal dividend income...............      387.9      392.8      392.3      391.6      393.8      400.9      410.6      421.3

  Personal current transfer receipts.......    1,282.7    1,335.4    1,333.1    1,346.2    1,350.7    1,379.0    1,400.4    1,413.9
    Government social benefits to persons..    1,248.9    1,306.4    1,304.1    1,317.4    1,322.0    1,349.6    1,371.1    1,369.1
      Old-age, survivors, disability, and
       health insurance benefits...........      708.3      733.8      731.1      736.6      744.9      762.1      774.0      781.6
      Government unemployment insurance
       benefits............................       53.2       52.8       54.8       54.3       51.6       41.4       33.5       32.4
      Other................................      487.5      519.8      518.3      526.5      525.5      546.1      563.6      555.1
    Other current transfer receipts, from
     business (net)........................       33.7       28.9       29.0       28.9       28.8       29.3       29.3       44.8

  Less: Contributions for government social
   insurance...............................      748.3      773.2      768.9      776.7      785.0      803.9      812.8      821.3

Less: Personal current taxes...............    1,051.2    1,001.9    1,030.7      941.7    1,009.4    1,006.6    1,029.0    1,047.4

Equals: Disposable personal income.........    7,827.7    8,159.9    8,075.0    8,267.6    8,320.5    8,438.4    8,554.4    8,607.4

Less: Personal outlays.....................    7,668.5    8,049.3    7,982.9    8,107.8    8,209.4    8,351.6    8,448.7    8,572.5

  Personal consumption expenditures........    7,376.1    7,760.9    7,696.3    7,822.5    7,914.9    8,060.2    8,153.8    8,269.7
    Durable goods..........................      916.2      950.7      946.8      972.7      971.1      976.3      975.5    1,006.1
    Nondurable goods.......................    2,080.1    2,200.1    2,163.6    2,219.2    2,250.1    2,316.6    2,354.6    2,382.9
    Services...............................    4,379.8    4,610.1    4,585.9    4,630.6    4,693.6    4,767.3    4,823.8    4,880.7
  Personal interest payments\1\............      197.2      185.3      184.8      183.3      185.9      181.1      182.6      188.4
  Personal current transfer payments.......       95.3      103.1      101.8      102.1      108.6      110.3      112.2      114.4
    To government..........................       59.5       64.9       64.2       65.6       67.0       68.6       70.2       71.7
    To the rest of the world (net).........       35.7       38.2       37.6       36.5       41.6       41.7       42.1       42.7

Equals: Personal saving....................      159.2      110.6       92.1      159.8      111.1       86.8      105.7       35.0

  Personal saving as a percentage of
   disposable personal income..............        2.0        1.4        1.1        1.9        1.3        1.0        1.2         .4

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,559.5    7,733.8    7,671.1    7,822.9    7,849.6    7,897.0    7,944.3    7,971.6
    Per capita:
      Current dollars......................     27,157     28,033     27,779     28,368     28,476     28,816     29,146     29,251
      Chained (2000) dollars...............     26,227     26,569     26,389     26,842     26,865     26,967     27,067     27,090
  Population (midperiod, thousands)\3\.....    288,240    291,085    290,689    291,445    292,190    292,838    293,505    294,262
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Feb 04     Mar 04     Apr 04     May 04    Jun 04    Jul 04/r/   Aug 04/r/  Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       41.8       39.0       57.4       49.8       23.6       17.2       25.3       15.1

  Compensation of employees, received......       29.2       22.1       31.9       35.3        4.8       34.3       22.1       25.3

    Wage and salary disbursements..........       19.9       13.5       27.8       29.9        1.1       29.1       16.9       20.3
      Private industries...................       17.3       10.8       22.6       33.1        -.1       26.5       14.8       18.3
        Goods-producing industries.........       -1.6         .7        3.9        7.9        -.3        2.2        6.5        3.2
          Manufacturing....................       -2.0       -1.9        2.4        5.6        -.3        1.1        4.8        1.9
        Services-producing industries......       18.9       10.2       18.7       25.1         .2       24.3        8.3       15.0
          Trade, transportation, and
           utilities.......................        1.3         .9        3.4        4.2         .1        6.6         .6        5.6
          Other services-producing
           industries......................       17.6        9.4       15.3       20.9         .1       17.7        7.7        9.5
      Government...........................        2.6        2.7        5.2       -3.2        1.2        2.6        2.1        2.1

    Supplements to wages and salaries......        9.2        8.6        4.1        5.4        3.6        5.3        5.1        5.1
      Employer contributions for employee
       pension and insurance funds.........        7.8        7.9        2.6        3.2        3.7        3.5        3.9        3.8
      Employer contributions for government
       social insurance....................        1.5         .8        1.3        2.3        -.1        1.8        1.2        1.3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        7.1       13.5       10.0        7.7        8.2       -4.2       -1.2       -3.7
    Farm...................................        -.7        -.3         .8         .7         .5       -6.1       -3.0       -2.2
    Nonfarm................................        7.9       13.8        9.3        6.9        7.7        1.9        1.8       -1.5

  Rental income of persons with capital
   consumption adjustment..................       -1.5        -.8         .2         .8         .1       -2.6      -15.4      -27.7

  Personal income receipts on assets.......        1.5        1.8        6.6        6.8        7.2        3.5        3.4        3.6
    Personal interest income...............       -1.4       -1.4        3.4        3.5        3.4         .0        -.1         .0
    Personal dividend income...............        2.9        3.2        3.1        3.5        3.7        3.5        3.5        3.6

  Personal current transfer receipts.......        8.8        4.2       11.9        4.0        3.5       -9.8       19.1       20.5
    Government social benefits to persons..        8.8        4.1       12.0        4.0        3.5       -9.8        5.6        1.0
      Old-age, survivors, disability, and
       health insurance benefits...........       10.4        2.7        5.4        2.0        -.1        2.8        4.3        4.0
      Government unemployment insurance
       benefits............................       -5.4       -3.2       -3.0       -1.2        -.7        -.6         .6        -.1
      Other................................        3.9        4.6        9.6        3.1        4.3      -11.9         .7       -2.9
    Other current transfer receipts, from
     business (net)........................         .0         .1        -.1         .0         .0        -.1       13.6       19.5

  Less: Contributions for government social
   insurance...............................        3.3        1.9        3.2        4.8         .3        3.9        2.7        3.0

Less: Personal current taxes...............        3.6        2.7       13.6        7.4        2.5        8.8        5.2        6.1

Equals: Disposable personal income.........       38.2       36.3       43.8       42.4       21.0        8.6       20.0        9.0

Less: Personal outlays.....................       49.5       27.7       13.8       84.2      -23.6       96.9       -4.2       52.1

  Personal consumption expenditures........       52.0       30.2       10.6       81.5      -26.5       94.1       -6.4       49.8
    Durable goods..........................       14.3        6.3      -17.4       31.9      -41.1       55.4      -20.1       16.1
    Nondurable goods.......................       12.2       25.6       -4.5       31.4        1.2       10.1        4.0       13.0
    Services...............................       25.6       -1.7       32.5       18.2       13.4       28.6        9.7       20.7
  Personal interest payments\1\............       -3.1       -3.0        2.2        2.3        2.3        1.7        1.8        1.7
  Personal current transfer payments.......         .6         .5         .9         .5         .6        1.0         .6         .5
    To government..........................         .5         .5         .5         .6         .5         .5         .5         .5
    To the rest of the world (net).........         .0         .0         .4         .0         .0         .6         .0         .0

Equals: Personal saving....................      -11.3        8.6       30.0      -41.8       44.7      -88.4       24.2      -43.1

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       15.4        9.4       29.5        9.5         .5       11.1       18.0        1.9
-----------------------------------------------------------------------------------------------------------------------------------
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      II 03     III 03      IV 03       I 04       II 04     III 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      154.8      282.9      103.5      103.6      120.7      115.0      138.4       71.4

  Compensation of employees, received......      127.4      219.5       69.3       77.7       82.0       81.2       81.5       72.5

    Wage and salary disbursements..........       33.5      127.3       50.0       55.3       60.3       50.3       63.7       57.8
      Private industries...................      -13.2       91.9       40.0       51.9       56.4       37.9       57.6       53.4
        Goods-producing industries.........      -34.1       -2.5         .2        6.1       19.8       -6.6        9.0       10.0
          Manufacturing....................      -33.6       -6.4       -2.3        2.5       14.2      -10.2        4.1        6.7
        Services-producing industries......       20.9       94.5       39.9       45.7       36.7       44.6       48.6       43.3
          Trade, transportation, and
           utilities.......................       -1.0       15.0        4.3        7.8       11.3         .4        7.2       10.4
          Other services-producing
           industries......................       21.9       79.5       35.5       38.0       25.5       44.1       41.4       33.0
      Government...........................       46.7       35.3       10.0        3.3        3.9       12.3        6.2        4.4

    Supplements to wages and salaries......       93.9       92.3       19.4       22.4       21.7       31.0       17.7       14.6
      Employer contributions for employee
       pension and insurance funds.........       86.9       79.3       16.3       18.9       18.0       20.6       13.9       10.9
      Employer contributions for government
       social insurance....................        7.0       13.0        3.0        3.6        3.7       10.4        3.8        3.7

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       -2.3       64.5       31.7       26.3       12.7        7.4       29.3        1.8
    Farm...................................      -10.0       12.1       10.3         .7        -.1       -6.8        1.0       -8.2
    Nonfarm................................        7.7       52.4       21.4       25.6       12.8       14.2       28.3       10.0

  Rental income of persons with capital
   consumption adjustment..................        3.5      -17.1      -11.4        4.7       18.3        5.7        -.2      -21.8

  Personal income receipts on assets.......      -45.4      -11.9       -1.2      -10.3       11.4       11.3       15.2       14.1
    Personal interest income...............      -64.3      -16.8         .0       -9.6        9.2        4.2        5.5        3.3
    Personal dividend income...............       18.9        4.9       -1.2        -.7        2.2        7.1        9.7       10.7

  Personal current transfer receipts.......       88.8       52.7       21.7       13.1        4.5       28.3       21.4       13.5
    Government social benefits to persons..      105.0       57.5       21.9       13.3        4.6       27.6       21.5       -2.0
      Old-age, survivors, disability, and
       health insurance benefits...........       39.8       25.5        8.3        5.5        8.3       17.2       11.9        7.6
      Government unemployment insurance
       benefits............................       21.5        -.4        4.4        -.5       -2.7      -10.2       -7.9       -1.1
      Other................................       43.8       32.3        9.3        8.2       -1.0       20.6       17.5       -8.5
    Other current transfer receipts, from
     business (net)........................      -16.3       -4.8        -.2        -.1        -.1         .5         .0       15.5

  Less: Contributions for government social
   insurance...............................       17.2       24.9        6.5        7.8        8.3       18.9        8.9        8.5

Less: Personal current taxes...............     -186.1      -49.3        5.0      -89.0       67.7       -2.8       22.4       18.4

Equals: Disposable personal income.........      340.9      332.2       98.5      192.6       52.9      117.9      116.0       53.0

Less: Personal outlays.....................      314.0      380.8       85.9      124.9      101.6      142.2       97.1      123.8

  Personal consumption expenditures........      321.1      384.8       86.5      126.2       92.4      145.3       93.6      115.9
    Durable goods..........................       32.5       34.5       34.7       25.9       -1.6        5.2        -.8       30.6
    Nondurable goods.......................       63.0      120.0       -3.9       55.6       30.9       66.5       38.0       28.3
    Services...............................      225.5      230.3       55.7       44.7       63.0       73.7       56.5       56.9
  Personal interest payments\1\............      -15.0      -11.9       -2.3       -1.5        2.6       -4.8        1.5        5.8
  Personal current transfer payments.......        8.1        7.8        1.8         .3        6.5        1.7        1.9        2.2
    To government..........................        5.3        5.4        1.4        1.4        1.4        1.6        1.6        1.5
    To the rest of the world (net).........        2.7        2.5         .4       -1.1        5.1         .1         .4         .6

Equals: Personal saving....................       26.9      -48.6       12.6       67.7      -48.7      -24.3       18.9      -70.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      226.2      174.3       79.9      151.8       26.7       47.4       47.3       27.3
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Feb 04     Mar 04     Apr 04     May 04    Jun 04    Jul 04/r/   Aug 04/r/  Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .4         .4         .6         .5         .2         .2         .3         .2
  Compensation of employees, received......         .5         .3         .5         .5         .1         .5         .3         .4
    Wage and salary disbursements..........         .4         .3         .5         .6         .0         .5         .3         .4
    Supplements to wages and salaries......         .7         .7         .3         .4         .3         .4         .4         .4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .8        1.6        1.1         .9         .9        -.5        -.1        -.4
  Rental income of persons with capital
   consumption adjustment..................        -.9        -.4         .1         .5         .1       -1.5       -9.1      -17.9
  Personal income receipts on assets.......         .1         .1         .5         .5         .5         .3         .3         .3
    Personal interest income...............        -.2        -.2         .4         .4         .4         .0         .0         .0
    Personal dividend income...............         .7         .8         .8         .8         .9         .9         .8         .9
  Personal current transfer receipts.......         .6         .3         .9         .3         .2        -.7        1.4        1.4

  Less: Contributions for government social
   insurance...............................         .4         .2         .4         .6         .0         .5         .3         .4

Less: Personal current taxes...............         .4         .3        1.3         .7         .2         .8         .5         .6

Equals: Disposable personal income.........         .5         .4         .5         .5         .2         .1         .2         .1

Addenda:
  Personal consumption expenditures........         .6         .4         .1        1.0        -.3        1.2        -.1         .6
    Durable goods..........................        1.5         .6       -1.8        3.3       -4.1        5.8       -2.0        1.6
    Nondurable goods.......................         .5        1.1        -.2        1.3         .1         .4         .2         .5
    Services...............................         .5         .0         .7         .4         .3         .6         .2         .4

  Real disposable personal income..........         .2         .1         .4         .1         .0         .1         .2         .0
-----------------------------------------------------------------------------------------------------------------------------------
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      II 03     III 03      IV 03      I 04      II 04     III 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        1.8        3.2        4.7        4.6        5.3        5.0        6.0        3.0
  Compensation of employees, received......        2.1        3.6        4.6        5.1        5.3        5.2        5.1        4.5
    Wage and salary disbursements..........         .7        2.6        4.0        4.4        4.8        3.9        5.0        4.4
    Supplements to wages and salaries......        9.4        8.4        6.9        7.9        7.5       10.6        5.8        4.7
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        -.3        8.4       16.9       13.4        6.1        3.5       14.1         .8
  Rental income of persons with capital
   consumption adjustment..................        2.1      -10.0      -26.3       13.6       59.0       14.6        -.6      -41.6
  Personal income receipts on assets.......       -3.3        -.9        -.4       -3.1        3.5        3.5        4.6        4.2
    Personal interest income...............       -6.4       -1.8         .0       -4.1        4.1        1.8        2.4        1.4
    Personal dividend income...............        5.1        1.3       -1.3        -.7        2.2        7.4       10.1       10.8
  Personal current transfer receipts.......        7.4        4.1        6.8        4.0        1.3        8.6        6.4        3.9

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

Less: Personal current taxes...............      -15.0       -4.7        2.0      -30.3       32.0       -1.1        9.2        7.4

Equals: Disposable personal income.........        4.6        4.2        5.0        9.9        2.6        5.8        5.6        2.5

Addenda:
  Personal consumption expenditures........        4.6        5.2        4.6        6.7        4.8        7.5        4.7        5.8
    Durable goods..........................        3.7        3.8       16.1       11.4        -.6        2.2        -.4       13.2
    Nondurable goods.......................        3.1        5.8        -.7       10.7        5.7       12.3        6.7        4.9
    Services...............................        5.4        5.3        5.0        4.0        5.6        6.4        4.8        4.8

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

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Feb 04     Mar 04     Apr 04     May 04    Jun 04    Jul 04/r/   Aug 04/r/  Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,551.2    7,556.0    7,555.2    7,602.4    7,559.7    7,649.9    7,643.4    7,683.3
  Durable goods............................    1,078.7    1,084.8    1,065.8    1,101.2    1,057.1    1,122.7    1,106.1    1,123.0
  Nondurable goods.........................    2,185.5    2,192.7    2,186.9    2,192.3    2,184.9    2,203.2    2,207.6    2,217.0
  Services.................................    4,298.7    4,291.4    4,311.7    4,323.3    4,324.9    4,341.3    4,344.1    4,359.9
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       29.2        4.8        -.8       47.2      -42.7       90.2       -6.5       39.9
  Durable goods............................       15.7        6.1      -19.0       35.4      -44.1       65.6      -16.6       16.9
  Nondurable goods.........................        1.8        7.2       -5.8        5.4       -7.4       18.3        4.4        9.4
  Services.................................       13.6       -7.3       20.3       11.6        1.6       16.4        2.8       15.8
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .4         .1         .0         .6        -.6        1.2        -.1         .5
  Durable goods............................        1.5         .6       -1.8        3.3       -4.0        6.2       -1.5        1.5
  Nondurable goods.........................         .1         .3        -.3         .2        -.3         .8         .2         .4
  Services.................................         .3        -.2         .5         .3         .0         .4         .1         .4
-----------------------------------------------------------------------------------------------------------------------------------
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      II 03     III 03      IV 03      I 04      II 04     III 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,123.4    7,355.6    7,311.4    7,401.7    7,466.8    7,543.0    7,572.4    7,658.9
  Durable goods............................      959.6    1,030.6    1,020.0    1,059.6    1,069.7    1,075.5    1,074.7    1,117.3
  Nondurable goods.........................    2,037.4    2,112.4    2,090.1    2,125.3    2,152.0    2,187.3    2,188.0    2,209.3
  Services.................................    4,128.6    4,220.3    4,207.7    4,227.9    4,256.7    4,291.7    4,320.0    4,348.4
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      213.0      232.2       69.2       90.3       65.1       76.2       29.4       86.5
  Durable goods............................       58.9       71.0       46.8       39.6       10.1        5.8        -.8       42.6
  Nondurable goods.........................       50.7       75.0        8.1       35.2       26.7       35.3         .7       21.3
  Services.................................      105.4       91.7       19.0       20.2       28.8       35.0       28.3       28.4
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                    chained (2000) dollars at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.1        3.3        3.9        5.0        3.6        4.1        1.6        4.6
  Durable goods............................        6.5        7.4       20.6       16.5        3.9        2.2        -.3       16.8
  Nondurable goods.........................        2.6        3.7        1.6        6.9        5.1        6.7         .1        3.9
  Services.................................        2.6        2.2        1.8        1.9        2.8        3.3        2.7        2.7
-----------------------------------------------------------------------------------------------------------------------------------

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Feb 04     Mar 04     Apr 04     May 04    Jun 04    Jul 04/r/   Aug 04/r/  Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    106.841    107.174    107.326    107.732    107.989    107.946    107.954    108.041
  Durable goods............................     90.717     90.788     90.778     90.753     90.645     90.290     89.821     89.904
  Nondurable goods.........................    105.797    106.618    106.693    107.868    108.286    107.847    107.812    107.940
  Services.................................    111.117    111.266    111.496    111.619    111.885    112.121    112.274    112.340
Addendum:
  Personal consumption expenditures
   excluding food and energy...............    106.068    106.291    106.435    106.508    106.625    106.665    106.668    106.782
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .3         .3         .1         .4         .2         .0         .0         .1
  Durable goods............................         .0         .1         .0         .0        -.1        -.4        -.5         .1
  Nondurable goods.........................         .4         .8         .1        1.1         .4        -.4         .0         .1
  Services.................................         .2         .1         .2         .1         .2         .2         .1         .1
Addendum:
  Personal consumption expenditures
   excluding food and energy...............         .2         .2         .1         .1         .1         .0         .0         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Feb 04     Mar 04     Apr 04     May 04    Jun 04    Jul 04/r/   Aug 04/r/  Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        4.1        4.0        4.0        3.5        3.2        1.9        1.3        2.5

Personal consumption expenditures..........        4.4        4.0        3.6        4.1        3.0        3.7        2.9        3.8
  Durable goods............................       12.5        9.4        5.0        8.0        3.2        7.7        2.8        5.9
  Nondurable goods.........................        5.0        4.9        5.0        5.3        3.8        4.1        3.2        4.5
  Services.................................        2.5        2.5        2.7        2.7        2.6        2.8        2.7        3.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

      Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Feb 04     Mar 04     Apr 04     May 04    Jun 04    Jul 04/r/   Aug 04/r/  Sep 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.7        1.7        2.0        2.4        2.5        2.4        2.1        2.0
  Durable goods............................       -3.1       -2.9       -2.7       -2.1       -1.9       -2.0       -2.2       -1.6
  Nondurable goods.........................        1.5        1.7        2.7        4.5        4.7        4.0        3.2        2.7
  Services.................................        2.8        2.6        2.6        2.3        2.4        2.5        2.5        2.4
Addendum:
  Personal consumption expenditures
   less food and energy....................        1.4        1.5        1.6        1.5        1.5        1.4        1.4        1.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.