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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, THURSDAY, DECEMBER 23, 2004

                  James E. Rankin:  (202)  606-5301   (Personal Income) BEA 04-62
                  Michael Armah:    (202)  606-5302  (Personal Outlays)
                  Recorded message: (202)  606-5303


              PERSONAL INCOME AND OUTLAYS:  NOVEMBER 2004

    Personal income increased $30.4 billion, or 0.3 percent, and disposable personal income
(DPI) increased $26.5 billion, or 0.3 percent, in November, according to the Bureau of Economic
Analysis.  Personal consumption expenditures (PCE) increased $13.5 billion, or 0.2 percent.  In
October, personal income increased $62.6 billion, or 0.6 percent, DPI increased $54.4 billion, or
0.6 percent, and PCE increased $66.5 billion, or 0.8 percent, based on revised estimates.




                                                       2004
                                         July     Aug.     Sept.     Oct.     Nov.
                                            (Percent change from preceding month)
Personal income, current dollars          0.2      0.4      0.2       0.6      0.3

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

Personal consumption expenditures:
Current dollars                           1.2      0.1      0.6       0.8      0.2
Chained (2000) dollars                    1.2      0.0      0.5       0.4      0.0

                         Wages and salaries

    Private wage and salary disbursements increased $10.3 billion in November, compared with
an increase of $29.7 billion in October.  Goods-producing industries' payrolls increased $2.3
billion, compared with an increase of $3.6 billion; manufacturing payrolls increased $0.7 billion,
in contrast to a decrease of $0.5 billion.  Services-producing industries' payrolls increased $7.9
billion, compared with an increase of $26.3 billion.  Government wage and salary disbursements
 increased $1.9 billion, compared with an increase of $1.5 billion.

                         Other personal income

    Supplements to wages and salaries increased $4.1 billion in November, compared with an
                increase of $5.2 billion in October.

    Proprietors' income increased $3.8 billion in November, compared with an increase of $16.2
billion in October.  Farm proprietors' income increased $0.5 billion, compared with an increase of
$2.7 billion.  Nonfarm proprietors' income increased $3.3 billion, compared with an increase of
$13.5 billion. Changes in nonfarm proprietors' income reflected the impact of Hurricanes
Frances, Ivan, and Jeanne, which had subtracted $8.9 billion (at an annual rate) in September.

    Rental income of persons decreased $3.2 billion in November, in contrast to an increase of
$27.7 billion.  Changes in rental income reflected the impact of Hurricanes Frances, Ivan,
and Jeanne, which had subtracted $30.3 billion (at an annual rate) in September.

    Personal income receipts on assets (personal interest income plus personal dividend income)
increased $7.1 billion in November, compared with an increase of $7.4 billion in October.

    Personal current transfer receipts increased $7.8 billion in November, in contrast to a
decrease of $20.9 billion in October.  Changes in personal current transfer receipts reflected the
impact of Hurricanes Frances, Ivan, and Jeanne, which had added $27.5 billion (at an
                     annual rate) in September.

    Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $1.4 billion in November, compared with an increase of $4.4 billion in October.

        Personal current taxes and disposable personal income

    Personal current taxes increased $3.9 billion in November, compared with an increase of
$8.2 billion in October.  Disposable personal income (DPI) -- personal income less personal
current taxes -- increased $26.5 billion, or 0.3 percent, in November, compared with an increase
            of $54.4 billion, or 0.6 percent, in October.

                Personal outlays and personal saving

    Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $14.5 billion in November, compared with an increase of $67.6 billion in October.  PCE
increased $13.5 billion, compared with an increase of $66.5 billion.

    Personal saving -- DPI less personal outlays -- was $22.2 billion in November, compared
with $10.2 billion in October.  Personal saving as a percentage of disposable personal income was
   0.3 percent in November, compared with 0.1 percent in October.

                        Real DPI and real PCE

    Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in November, the
                    same increase as in October.

    Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in
November, compared with an increase of 0.4 percent in October.  Purchases of durable goods
decreased 2.4 percent, in contrast to an increase of 0.7 percent.  Purchases of motor vehicles and
parts more than accounted for the November decrease and accounted for most of the October
increase.  Purchases of nondurable goods increased 0.4 percent in November, the same increase as
in October.  Purchases of services increased 0.3 percent in November, compared with an increase
                     of 0.4 percent in October.

                              Revisions

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



                                                    Change from preceding month
                                      September                               October

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

 Personal Income:
Current dollars..........   19.1      21.0         0.2      0.2          61.7     62.6        0.6       0.6

Disposable personal income:
Current dollars..........   14.0      16.6         0.2      0.2          53.6     54.4        0.6       0.6
Chained (2000) dollars...    6.7       7.1         0.1      0.1          17.4     18.9        0.2       0.2

Personal consumption expenditures:
Current dollars..........   51.4      52.6         0.6      0.6          61.2     66.5        0.7       0.8
Chained (2000) dollars...   41.5      40.8         0.5      0.5          25.7     31.2        0.3       0.4


                                   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 December will be released on
                  January 31, 2005, at 8:30 A.M. EST.



Release dates in 2005
December 2004....    January 31   April 2005....   May 27        August 2005.........    September 30
January 2005.......  February 28  May 2005.....    June 30       September 2005...   October 31
February 2005.....   March 31     June 2005.....   August 2      October 2005....... December 1
March 2005.........  April 29     July 2005......  September 1   November 2005...    December 22



                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 04     May 04    Jun 04    Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/r/  Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,550.0    9,603.8    9,624.2    9,642.6    9,679.7    9,700.7    9,763.3    9,793.7

  Compensation of employees, received......    6,553.0    6,593.0    6,594.1    6,630.4    6,657.5    6,684.2    6,720.8    6,737.0

    Wage and salary disbursements..........    5,290.8    5,325.0    5,322.7    5,353.6    5,375.1    5,396.5    5,427.7    5,439.9
      Private industries...................    4,365.6    4,403.0    4,399.5    4,427.8    4,446.4    4,466.3    4,496.0    4,506.3
        Goods-producing industries.........    1,028.2    1,038.7    1,037.9    1,040.0    1,047.6    1,051.4    1,055.0    1,057.3
          Manufacturing....................      675.3      683.5      682.6      683.7      689.1      690.8      690.3      691.0
        Services-producing industries......    3,337.4    3,364.3    3,361.6    3,387.8    3,398.8    3,414.8    3,441.1    3,449.0
          Trade, transportation, and
           utilities.......................      883.1      888.3      887.1      895.7      897.3      903.8      907.1      907.5
          Other services-producing
           industries......................    2,454.3    2,475.9    2,474.5    2,492.1    2,501.5    2,511.1    2,534.0    2,541.5
      Government...........................      925.2      922.0      923.2      925.8      928.7      930.2      931.7      933.6

    Supplements to wages and salaries......    1,262.2    1,268.0    1,271.4    1,276.9    1,282.4    1,287.8    1,293.0    1,297.1
      Employer contributions for employee
       pension and insurance funds.........      867.0      870.2      873.9      877.5      881.6      885.7      888.9      892.3
      Employer contributions for government
       social insurance....................      395.2      397.8      397.4      399.3      400.8      402.1      404.1      404.7

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      893.5      901.2      909.4      905.6      904.9      898.1      914.3      918.1
    Farm...................................       18.3       19.0       19.5       15.0       13.6       12.3       15.0       15.5
    Nonfarm................................      875.3      882.2      889.9      890.6      891.3      885.8      899.3      902.6

  Rental income of persons with capital
   consumption adjustment..................      172.0      172.8      172.9      170.5      156.8      134.2      161.9      158.7

  Personal income receipts on assets.......    1,345.4    1,352.2    1,359.4    1,363.6    1,367.8    1,372.1    1,379.5    1,386.6
    Personal interest income...............      938.2      941.7      945.1      945.8      946.5      947.2      950.9      954.7
    Personal dividend income...............      407.1      410.6      414.3      417.8      421.3      424.9      428.5      431.9

  Personal current transfer receipts.......    1,396.6    1,400.6    1,404.1    1,392.4    1,415.7    1,438.1    1,417.2    1,425.0
    Government social benefits to persons..    1,367.3    1,371.3    1,374.8    1,363.1    1,372.9    1,381.3    1,388.0    1,395.8
      Old-age, survivors, disability, and
       health insurance benefits...........      772.7      774.7      774.6      778.0      782.3      786.9      790.8      794.5
      Government unemployment insurance
       benefits............................       34.5       33.3       32.6       32.0       32.6       32.5       31.3       30.9
      Other................................      560.1      563.2      567.5      553.2      558.0      561.9      565.9      570.4
    Other current transfer receipts, from
     business (net)........................       29.3       29.3       29.3       29.2       42.8       56.8       29.2       29.2

  Less: Contributions for government social
   insurance...............................      810.5      815.9      815.7      819.9      823.1      826.0      830.4      831.8

Less: Personal current taxes...............    1,024.5    1,032.6    1,034.6    1,039.3    1,043.6    1,048.1    1,056.3    1,060.2

Equals: Disposable personal income.........    8,525.4    8,571.2    8,589.6    8,603.3    8,636.0    8,652.6    8,707.0    8,733.5

Less: Personal outlays.....................    8,400.4    8,484.6    8,461.0    8,561.9    8,573.2    8,629.2    8,696.8    8,711.3

  Personal consumption expenditures........    8,108.3    8,189.8    8,163.3    8,259.7    8,267.6    8,320.2    8,386.7    8,400.2
    Durable goods..........................      967.9      999.8      958.7    1,016.0      996.5    1,008.4    1,017.0      992.7
    Nondurable goods.......................    2,333.2    2,364.6    2,365.8    2,375.6    2,384.0    2,402.1    2,440.5    2,450.6
    Services...............................    4,807.2    4,825.4    4,838.8    4,868.1    4,887.0    4,909.7    4,929.2    4,956.9
  Personal interest payments\1\............      180.3      182.6      184.9      187.8      190.6      193.5      194.0      194.5
  Personal current transfer payments.......      111.7      112.2      112.8      114.5      115.0      115.6      116.1      116.7
    To government..........................       69.6       70.2       70.7       71.2       71.8       72.4       72.9       73.5
    To the rest of the world (net).........       42.1       42.1       42.1       43.2       43.2       43.2       43.2       43.2

Equals: Personal saving....................      125.1       86.6      128.6       41.4       62.9       23.4       10.2       22.2

  Personal saving as a percentage of
   disposable personal income..............        1.5        1.0        1.5         .5         .7         .3         .1         .3

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,943.8    7,956.4    7,954.5    7,970.5    7,996.4    8,003.5    8,022.4    8,035.9
    Per capita:
      Current dollars......................     29,070     29,203     29,242     29,264     29,349     29,379     29,538     29,604
      Chained (2000) dollars...............     27,087     27,108     27,080     27,111     27,175     27,174     27,215     27,239
  Population (midperiod, thousands)\3\.....    293,270    293,501    293,742    293,992    294,258    294,523    294,774    295,013
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                Table 2.--Personal Income and Its Disposition (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003      II 03     III 03      IV 03      I 04     II 04    III 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    8,878.9    9,161.8    9,105.7    9,209.3    9,330.0    9,445.0    9,592.7    9,674.3

  Compensation of employees, received......    6,069.5    6,289.0    6,247.0    6,324.7    6,406.7    6,487.9    6,580.0    6,657.4

    Wage and salary disbursements..........    4,976.3    5,103.6    5,073.3    5,128.6    5,188.9    5,239.2    5,312.8    5,375.0
      Private industries...................    4,113.7    4,205.6    4,175.6    4,227.5    4,283.9    4,321.8    4,389.3    4,446.8
        Goods-producing industries.........    1,010.2    1,007.7      999.7    1,005.8    1,025.6    1,019.0    1,034.9    1,046.3
          Manufacturing....................      675.2      668.8      663.4      665.9      680.1      669.9      680.5      687.9
        Services-producing industries......    3,103.5    3,198.0    3,175.9    3,221.6    3,258.3    3,302.9    3,354.4    3,400.5
          Trade, transportation, and
           utilities.......................      843.6      858.6      852.9      860.7      872.0      872.4      886.2      898.9
          Other services-producing
           industries......................    2,259.9    2,339.4    2,322.9    2,360.9    2,386.4    2,430.5    2,468.3    2,501.6
      Government...........................      862.6      897.9      897.8      901.1      905.0      917.3      923.5      928.2

    Supplements to wages and salaries......    1,093.2    1,185.5    1,173.7    1,196.1    1,217.8    1,248.8    1,267.2    1,282.3
      Employer contributions for employee
       pension and insurance funds.........      729.6      808.9      799.0      817.9      835.9      856.5      870.4      881.6
      Employer contributions for government
       social insurance....................      363.6      376.6      374.6      378.2      381.9      392.3      396.8      400.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      769.6      834.1      825.7      852.0      864.7      872.1      901.4      902.9
    Farm...................................        9.7       21.8       24.1       24.8       24.7       17.9       18.9       13.6
    Nonfarm................................      759.9      812.3      801.6      827.2      840.0      854.2      882.5      889.3

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

  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    1,367.8
    Personal interest income...............      946.7      929.9      932.4      922.8      932.0      936.2      941.7      946.5
    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    1,415.4
    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    1,372.5
      Old-age, survivors, disability, and
       health insurance benefits...........      708.3      733.8      731.1      736.6      744.9      762.1      774.0      782.4
      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      557.7
    Other current transfer receipts, from
     business (net)........................       33.7       28.9       29.0       28.9       28.8       29.3       29.3       42.9

  Less: Contributions for government social
   insurance...............................      748.3      773.2      768.9      776.7      785.0      803.9      814.0      823.0

Less: Personal current taxes...............    1,051.2    1,001.9    1,030.7      941.7    1,009.4    1,006.6    1,030.6    1,043.7

Equals: Disposable personal income.........    7,827.7    8,159.9    8,075.0    8,267.6    8,320.5    8,438.4    8,562.1    8,630.7

Less: Personal outlays.....................    7,668.5    8,049.3    7,982.9    8,107.8    8,209.4    8,351.6    8,448.7    8,588.1

  Personal consumption expenditures........    7,376.1    7,760.9    7,696.3    7,822.5    7,914.9    8,060.2    8,153.8    8,282.5
    Durable goods..........................      916.2      950.7      946.8      972.7      971.1      976.3      975.5    1,007.0
    Nondurable goods.......................    2,080.1    2,200.1    2,163.6    2,219.2    2,250.1    2,316.6    2,354.6    2,387.2
    Services...............................    4,379.8    4,610.1    4,585.9    4,630.6    4,693.6    4,767.3    4,823.8    4,888.2
  Personal interest payments\1\............      197.2      185.3      184.8      183.3      185.9      181.1      182.6      190.6
  Personal current transfer payments.......       95.3      103.1      101.8      102.1      108.6      110.3      112.2      115.0
    To government..........................       59.5       64.9       64.2       65.6       67.0       68.6       70.2       71.8
    To the rest of the world (net).........       35.7       38.2       37.6       36.5       41.6       41.7       42.1       43.2

Equals: Personal saving....................      159.2      110.6       92.1      159.8      111.1       86.8      113.4       42.6

  Personal saving as a percentage of
   disposable personal income..............        2.0        1.4        1.1        1.9        1.3        1.0        1.3         .5

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    7,951.5    7,990.2
    Per capita:
      Current dollars......................     27,157     28,033     27,779     28,368     28,476     28,816     29,172     29,330
      Chained (2000) dollars...............     26,227     26,569     26,389     26,842     26,865     26,967     27,092     27,154
  Population (midperiod, thousands)\3\.....    288,240    291,085    290,689    291,445    292,190    292,838    293,504    294,258
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 04     May 04    Jun 04    Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/r/  Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       65.1       53.8       20.4       18.4       37.1       21.0       62.6       30.4

  Compensation of employees, received......       40.6       40.0        1.1       36.3       27.1       26.7       36.6       16.2

    Wage and salary disbursements..........       36.0       34.2       -2.3       30.9       21.5       21.4       31.2       12.2
      Private industries...................       30.8       37.4       -3.5       28.3       18.6       19.9       29.7       10.3
        Goods-producing industries.........        9.3       10.5        -.8        2.1        7.6        3.8        3.6        2.3
          Manufacturing....................        7.3        8.2        -.9        1.1        5.4        1.7        -.5         .7
        Services-producing industries......       21.4       26.9       -2.7       26.2       11.0       16.0       26.3        7.9
          Trade, transportation, and
           utilities.......................        9.7        5.2       -1.2        8.6        1.6        6.5        3.3         .4
          Other services-producing
           industries......................       11.7       21.6       -1.4       17.6        9.4        9.6       22.9        7.5
      Government...........................        5.2       -3.2        1.2        2.6        2.9        1.5        1.5        1.9

    Supplements to wages and salaries......        4.6        5.8        3.4        5.5        5.5        5.4        5.2        4.1
      Employer contributions for employee
       pension and insurance funds.........        2.6        3.2        3.7        3.6        4.1        4.1        3.2        3.4
      Employer contributions for government
       social insurance....................        1.9        2.6        -.4        1.9        1.5        1.3        2.0         .6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       10.0        7.7        8.2       -3.8        -.7       -6.8       16.2        3.8
    Farm...................................         .8         .7         .5       -4.5       -1.4       -1.3        2.7         .5
    Nonfarm................................        9.3        6.9        7.7         .7         .7       -5.5       13.5        3.3

  Rental income of persons with capital
   consumption adjustment..................         .2         .8         .1       -2.4      -13.7      -22.6       27.7       -3.2

  Personal income receipts on assets.......        6.6        6.8        7.2        4.2        4.2        4.3        7.4        7.1
    Personal interest income...............        3.4        3.5        3.4         .7         .7         .7        3.7        3.8
    Personal dividend income...............        3.1        3.5        3.7        3.5        3.5        3.6        3.6        3.4

  Personal current transfer receipts.......       11.9        4.0        3.5      -11.7       23.3       22.4      -20.9        7.8
    Government social benefits to persons..       12.0        4.0        3.5      -11.7        9.8        8.4        6.7        7.8
      Old-age, survivors, disability, and
       health insurance benefits...........        5.4        2.0        -.1        3.4        4.3        4.6        3.9        3.7
      Government unemployment insurance
       benefits............................       -3.0       -1.2        -.7        -.6         .6        -.1       -1.2        -.4
      Other................................        9.6        3.1        4.3      -14.3        4.8        3.9        4.0        4.5
    Other current transfer receipts, from
     business (net)........................        -.1         .0         .0        -.1       13.6       14.0      -27.6         .0

  Less: Contributions for government social
   insurance...............................        4.2        5.4        -.2        4.2        3.2        2.9        4.4        1.4

Less: Personal current taxes...............       14.9        8.1        2.0        4.7        4.3        4.5        8.2        3.9

Equals: Disposable personal income.........       50.1       45.8       18.4       13.7       32.7       16.6       54.4       26.5

Less: Personal outlays.....................       13.8       84.2      -23.6      100.9       11.3       56.0       67.6       14.5

  Personal consumption expenditures........       10.6       81.5      -26.5       96.4        7.9       52.6       66.5       13.5
    Durable goods..........................      -17.4       31.9      -41.1       57.3      -19.5       11.9        8.6      -24.3
    Nondurable goods.......................       -4.5       31.4        1.2        9.8        8.4       18.1       38.4       10.1
    Services...............................       32.5       18.2       13.4       29.3       18.9       22.7       19.5       27.7
  Personal interest payments\1\............        2.2        2.3        2.3        2.9        2.8        2.9         .5         .5
  Personal current transfer payments.......         .9         .5         .6        1.7         .5         .6         .5         .6
    To government..........................         .5         .6         .5         .5         .6         .6         .5         .6
    To the rest of the world (net).........         .4         .0         .0        1.1         .0         .0         .0         .0

Equals: Personal saving....................       36.4      -38.5       42.0      -87.2       21.5      -39.5      -13.2       12.0

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       35.4       12.6       -1.9       16.0       25.9        7.1       18.9       13.5
-----------------------------------------------------------------------------------------------------------------------------------
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/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      154.8      282.9      103.5      103.6      120.7      115.0      147.7       81.6

  Compensation of employees, received......      127.4      219.5       69.3       77.7       82.0       81.2       92.1       77.4

    Wage and salary disbursements..........       33.5      127.3       50.0       55.3       60.3       50.3       73.6       62.2
      Private industries...................      -13.2       91.9       40.0       51.9       56.4       37.9       67.5       57.5
        Goods-producing industries.........      -34.1       -2.5         .2        6.1       19.8       -6.6       15.9       11.4
          Manufacturing....................      -33.6       -6.4       -2.3        2.5       14.2      -10.2       10.6        7.4
        Services-producing industries......       20.9       94.5       39.9       45.7       36.7       44.6       51.5       46.1
          Trade, transportation, and
           utilities.......................       -1.0       15.0        4.3        7.8       11.3         .4       13.8       12.7
          Other services-producing
           industries......................       21.9       79.5       35.5       38.0       25.5       44.1       37.8       33.3
      Government...........................       46.7       35.3       10.0        3.3        3.9       12.3        6.2        4.7

    Supplements to wages and salaries......       93.9       92.3       19.4       22.4       21.7       31.0       18.4       15.1
      Employer contributions for employee
       pension and insurance funds.........       86.9       79.3       16.3       18.9       18.0       20.6       13.9       11.2
      Employer contributions for government
       social insurance....................        7.0       13.0        3.0        3.6        3.7       10.4        4.5        4.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       -2.3       64.5       31.7       26.3       12.7        7.4       29.3        1.5
    Farm...................................      -10.0       12.1       10.3         .7        -.1       -6.8        1.0       -5.3
    Nonfarm................................        7.7       52.4       21.4       25.6       12.8       14.2       28.3        6.8

  Rental income of persons with capital
   consumption adjustment..................        3.5      -17.1      -11.4        4.7       18.3        5.7        -.2      -18.8

  Personal income receipts on assets.......      -45.4      -11.9       -1.2      -10.3       11.4       11.3       15.2       15.5
    Personal interest income...............      -64.3      -16.8         .0       -9.6        9.2        4.2        5.5        4.8
    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       15.0
    Government social benefits to persons..      105.0       57.5       21.9       13.3        4.6       27.6       21.5        1.4
      Old-age, survivors, disability, and
       health insurance benefits...........       39.8       25.5        8.3        5.5        8.3       17.2       11.9        8.4
      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       -5.9
    Other current transfer receipts, from
     business (net)........................      -16.3       -4.8        -.2        -.1        -.1         .5         .0       13.6

  Less: Contributions for government social
   insurance...............................       17.2       24.9        6.5        7.8        8.3       18.9       10.1        9.0

Less: Personal current taxes...............     -186.1      -49.3        5.0      -89.0       67.7       -2.8       24.0       13.1

Equals: Disposable personal income.........      340.9      332.2       98.5      192.6       52.9      117.9      123.7       68.6

Less: Personal outlays.....................      314.0      380.8       85.9      124.9      101.6      142.2       97.1      139.4

  Personal consumption expenditures........      321.1      384.8       86.5      126.2       92.4      145.3       93.6      128.7
    Durable goods..........................       32.5       34.5       34.7       25.9       -1.6        5.2        -.8       31.5
    Nondurable goods.......................       63.0      120.0       -3.9       55.6       30.9       66.5       38.0       32.6
    Services...............................      225.5      230.3       55.7       44.7       63.0       73.7       56.5       64.4
  Personal interest payments\1\............      -15.0      -11.9       -2.3       -1.5        2.6       -4.8        1.5        8.0
  Personal current transfer payments.......        8.1        7.8        1.8         .3        6.5        1.7        1.9        2.8
    To government..........................        5.3        5.4        1.4        1.4        1.4        1.6        1.6        1.6
    To the rest of the world (net).........        2.7        2.5         .4       -1.1        5.1         .1         .4        1.1

Equals: Personal saving....................       26.9      -48.6       12.6       67.7      -48.7      -24.3       26.6      -70.8

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      226.2      174.3       79.9      151.8       26.7       47.4       54.5       38.7
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 04     May 04    Jun 04    Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/r/  Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .7         .6         .2         .2         .4         .2         .6         .3
  Compensation of employees, received......         .6         .6         .0         .6         .4         .4         .5         .2
    Wage and salary disbursements..........         .7         .6         .0         .6         .4         .4         .6         .2
    Supplements to wages and salaries......         .4         .5         .3         .4         .4         .4         .4         .3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        1.1         .9         .9        -.4        -.1        -.8        1.8         .4
  Rental income of persons with capital
   consumption adjustment..................         .1         .5         .1       -1.4       -8.0      -14.4       20.6       -1.9
  Personal income receipts on assets.......         .5         .5         .5         .3         .3         .3         .5         .5
    Personal interest income...............         .4         .4         .4         .1         .1         .1         .4         .4
    Personal dividend income...............         .8         .8         .9         .9         .8         .9         .9         .8
  Personal current transfer receipts.......         .9         .3         .2        -.8        1.7        1.6       -1.5         .5

  Less: Contributions for government social
   insurance...............................         .5         .7         .0         .5         .4         .4         .5         .2

Less: Personal current taxes...............        1.5         .8         .2         .5         .4         .4         .8         .4

Equals: Disposable personal income.........         .6         .5         .2         .2         .4         .2         .6         .3

Addenda:
  Personal consumption expenditures........         .1        1.0        -.3        1.2         .1         .6         .8         .2
    Durable goods..........................       -1.8        3.3       -4.1        6.0       -1.9        1.2         .9       -2.4
    Nondurable goods.......................        -.2        1.3         .1         .4         .4         .8        1.6         .4
    Services...............................         .7         .4         .3         .6         .4         .5         .4         .6

  Real disposable personal income..........         .4         .2         .0         .2         .3         .1         .2         .2
-----------------------------------------------------------------------------------------------------------------------------------
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/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        1.8        3.2        4.7        4.6        5.3        5.0        6.4        3.4
  Compensation of employees, received......        2.1        3.6        4.6        5.1        5.3        5.2        5.8        4.8
    Wage and salary disbursements..........         .7        2.6        4.0        4.4        4.8        3.9        5.7        4.8
    Supplements to wages and salaries......        9.4        8.4        6.9        7.9        7.5       10.6        6.0        4.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        -.3        8.4       16.9       13.4        6.1        3.5       14.1         .7
  Rental income of persons with capital
   consumption adjustment..................        2.1      -10.0      -26.3       13.6       59.0       14.6        -.6      -36.8
  Personal income receipts on assets.......       -3.3        -.9        -.4       -3.1        3.5        3.5        4.6        4.7
    Personal interest income...............       -6.4       -1.8         .0       -4.1        4.1        1.8        2.4        2.1
    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        4.3

  Less: Contributions for government social
   insurance...............................        2.3        3.3        3.4        4.1        4.3       10.0        5.1        4.5

Less: Personal current taxes...............      -15.0       -4.7        2.0      -30.3       32.0       -1.1        9.9        5.2

Equals: Disposable personal income.........        4.6        4.2        5.0        9.9        2.6        5.8        6.0        3.2

Addenda:
  Personal consumption expenditures........        4.6        5.2        4.6        6.7        4.8        7.5        4.7        6.5
    Durable goods..........................        3.7        3.8       16.1       11.4        -.6        2.2        -.4       13.6
    Nondurable goods.......................        3.1        5.8        -.7       10.7        5.7       12.3        6.7        5.7
    Services...............................        5.4        5.3        5.0        4.0        5.6        6.4        4.8        5.5

  Real disposable personal income..........        3.1        2.3        4.3        8.2        1.4        2.4        2.8        2.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 04     May 04    Jun 04    Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/r/  Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,555.2    7,602.4    7,559.7    7,652.2    7,655.2    7,696.0    7,727.2    7,729.2
  Durable goods............................    1,065.8    1,101.2    1,057.1    1,124.8    1,108.9    1,121.1    1,129.3    1,102.0
  Nondurable goods.........................    2,186.9    2,192.3    2,184.9    2,202.8    2,211.3    2,225.5    2,234.0    2,243.8
  Services.................................    4,311.7    4,323.3    4,324.9    4,342.2    4,349.7    4,365.5    4,380.8    4,395.0
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        -.8       47.2      -42.7       92.5        3.0       40.8       31.2        2.0
  Durable goods............................      -19.0       35.4      -44.1       67.7      -15.9       12.2        8.2      -27.3
  Nondurable goods.........................       -5.8        5.4       -7.4       17.9        8.5       14.2        8.5        9.8
  Services.................................       20.3       11.6        1.6       17.3        7.5       15.8       15.3       14.2
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .0         .6        -.6        1.2         .0         .5         .4         .0
  Durable goods............................       -1.8        3.3       -4.0        6.4       -1.4        1.1         .7       -2.4
  Nondurable goods.........................        -.3         .2        -.3         .8         .4         .6         .4         .4
  Services.................................         .5         .3         .0         .4         .2         .4         .4         .3
-----------------------------------------------------------------------------------------------------------------------------------
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/r/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      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    7,667.8
  Durable goods............................      959.6    1,030.6    1,020.0    1,059.6    1,069.7    1,075.5    1,074.7    1,118.3
  Nondurable goods.........................    2,037.4    2,112.4    2,090.1    2,125.3    2,152.0    2,187.3    2,188.0    2,213.2
  Services.................................    4,128.6    4,220.3    4,207.7    4,227.9    4,256.7    4,291.7    4,320.0    4,352.4
                                           ----------------------------------------------------------------------------------------
                                                                       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       95.4
  Durable goods............................       58.9       71.0       46.8       39.6       10.1        5.8        -.8       43.6
  Nondurable goods.........................       50.7       75.0        8.1       35.2       26.7       35.3         .7       25.2
  Services.................................      105.4       91.7       19.0       20.2       28.8       35.0       28.3       32.4
                                           ----------------------------------------------------------------------------------------
                                                                   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        5.1
  Durable goods............................        6.5        7.4       20.6       16.5        3.9        2.2        -.3       17.2
  Nondurable goods.........................        2.6        3.7        1.6        6.9        5.1        6.7         .1        4.7
  Services.................................        2.6        2.2        1.8        1.9        2.8        3.3        2.7        3.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 04     May 04    Jun 04    Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/r/  Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------

Personal consumption expenditures
 (PCE).....................................    107.326    107.732    107.989    107.943    108.004    108.116    108.539    108.685
  Durable goods............................     90.778     90.753     90.645     90.291     89.827     89.904     90.017     90.038
  Nondurable goods.........................    106.693    107.868    108.286    107.848    107.815    107.944    109.248    109.219
  Services.................................    111.496    111.619    111.885    112.115    112.358    112.470    112.522    112.789
Addenda:
  PCE excluding food and energy............    106.435    106.508    106.625    106.661    106.726    106.872    107.002    107.130
  Market-based PCE\1\......................    106.862    107.339    107.676    107.623    107.666    107.732    108.248    108.424
  Market-based PCE excluding food
   and energy\1\...........................    105.671    105.768    105.955    105.999    106.043    106.139    106.327    106.489
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .1         .4         .2         .0         .1         .1         .4         .1
  Durable goods............................         .0         .0        -.1        -.4        -.5         .1         .1         .0
  Nondurable goods.........................         .1        1.1         .4        -.4         .0         .1        1.2         .0
  Services.................................         .2         .1         .2         .2         .2         .1         .0         .2
Addenda:
  PCE excluding food and energy............         .1         .1         .1         .0         .1         .1         .1         .1
  Market-based PCE\1\......................         .2         .4         .3         .0         .0         .1         .5         .2
  Market-based PCE excluding food
   and energy\1\...........................         .2         .1         .2         .0         .0         .1         .2         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 04     May 04    Jun 04    Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/r/  Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        4.1        3.6        3.3        2.0        1.6        2.8        2.8        2.2

Personal consumption expenditures..........        3.6        4.1        3.0        3.8        3.0        4.0        4.2        3.4
  Durable goods............................        5.0        8.0        3.2        7.9        3.1        5.7        8.3        3.2
  Nondurable goods.........................        5.0        5.3        3.8        4.1        3.4        4.9        4.6        3.8
  Services.................................        2.7        2.7        2.6        2.8        2.9        3.2        3.2        3.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 04     May 04    Jun 04    Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/r/  Nov 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures
 (PCE).....................................        2.0        2.4        2.5        2.4        2.2        2.1        2.5        2.6
  Durable goods............................       -2.7       -2.1       -1.9       -2.0       -2.2       -1.6       -1.1        -.8
  Nondurable goods.........................        2.7        4.5        4.7        4.0        3.2        2.7        4.3        4.6
  Services.................................        2.6        2.3        2.4        2.5        2.6        2.6        2.3        2.3
Addenda:
  PCE excluding food and energy............        1.6        1.5        1.5        1.4        1.5        1.6        1.5        1.5
  Market-based PCE\1\......................        2.0        2.5        2.7        2.5        2.2        2.0        2.6        2.9
  Market-based PCE excluding food
   and energy\1\...........................        1.5        1.4        1.6        1.4        1.4        1.4        1.5        1.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.