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News Release: Personal Income and Outlays

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, Friday, March 31, 2006

James E. Rankin:    (202)    606-5301  (Personal Income)BEA 06-12
Michael Armah:      (202)    606-5302  (Personal Outlays)


              PERSONAL INCOME AND OUTLAYS:  FEBRUARY 2006

 Personal income increased $31.5 billion, or 0.3 percent, and disposable personal income (DPI)
increased $21.7 billion, or 0.2 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $13.1 billion, or 0.1 percent.  In January,
personal income increased $77.1 billion, or 0.7 percent, DPI increased $53.5 billion, or 0.6 percent,
and PCE increased $72.1 billion, or 0.8 percent, based on revised estimates.


                                                2005                 2006

                                       Oct.     Nov.     Dec.     Jan.     Feb.
(Percent change from preceding month)
Personal income, current dollars        0.5      0.3      0.5      0.7      0.3
Disposable personal income:
Current dollars                         0.5      0.3      0.5      0.6      0.2
Chained (2000) dollars                  0.3      0.7      0.5      0.1      0.2
Personal consumption expenditures:
Current dollars                         0.3      0.5      0.7      0.8      0.1
Chained (2000) dollars                  0.0      0.9      0.7      0.3      0.1


                      Compensation of employees

 Private wage and salary disbursements increased $16.7 billion in February, compared with an
increase of $37.2 billion in January.  Goods-producing industries' payrolls increased $3.2 billion,
compared with an increase of $6.5 billion; manufacturing payrolls increased $1.6 billion, compared
with an increase of $2.5 billion.  Services-producing industries' payrolls increased $13.6 billion,
compared with an increase of $30.6 billion.

 Government wage and salary disbursements increased $4.5 billion in February, compared with
an increase of $5.6 billion in January.  Pay raises for federal civilian personnel added an additional
$1.0 billion to the change in government payrolls in February; pay raises for federal civilian and
military personnel had added $5.4 billion to government payrolls in January.

 Employer contributions for employee pension and insurance funds increased $7.1 billion in
February, compared with an increase of $10.9 billion in January.

 Employer contributions for government social insurance increased $0.9 billion in February,
compared with an increase of $7.7 billion in January.  The January increase reflected an increase in
the tax rate paid by employers to state unemployment insurance funds and an increase in the social
security taxable wage base (from $90,000 to $94,200); these changes added $4.2 billion in January.
(Changes in employer contributions for government social insurance do not affect personal income,
because employer contributions for government social insurance are also included in total
contributions for government social insurance, which is a subtraction in the calculation of personal
 income.)

                        Other personal income

 Proprietors' income decreased $0.4 billion in February, in contrast to an increase of $4.0 billion
in January.  Farm proprietors' income decreased $2.2 billion, compared with a decrease of $3.5
billion.  Nonfarm proprietors' income increased $1.8 billion, compared with an increase of $7.5
 billion.

 Rental income of persons decreased $2.3 billion in February, compared with a decrease of $1.6
billion in January.  Personal income receipts on assets (personal interest income plus personal
dividend income) increased $2.6 billion, compared with an increase of $3.2 billion.

 Personal current transfer receipts increased $5.4 billion in February, compared with an increase
of $28.5 billion in January.  The January change in current transfer receipts reflected payments for
the new Medicare Part D Prescription Drug Plan (which took effect on January 1, 2006) and 4.1-
percent cost-of-living adjustments to social security benefits and to several other federal transfer
payment programs; these changes added $49.7 billion to the January increase.  The January change
in current transfer receipts was reduced by lump-sum social security benefits payments, which had
added $6.5 billion to December benefit payments; these benefit payments resulted from a
recalculation of the earnings base underlying the benefits for recent retirees.

 Contributions for government social insurance -- a subtraction in calculating personal income --
increased $3.3 billion in February, compared with an increase of $18.4 billion in January.  The
January increase reflected increases in both employer and personal contributions for government
social insurance.  As noted above, employer contributions were boosted $4.2 billion in January by
increases in unemployment-insurance rates and in the social security taxable wage base.  The
January increase in personal contributions for government social insurance reflected an increase in
the monthly premium paid by participants in the supplementary medical insurance program
(Medicare part B) and the increase in the social security taxable wage base; these changes added
$6.8 billion to January personal contributions.

        Personal current taxes and disposable personal income

 Personal current taxes increased $9.9 billion in February, compared with an increase of $23.5
billion in January.  Indexation provisions of current tax law reduced federal withheld income taxes
by $4.1 billion in January.  Federal net nonwithheld income taxes (payments of estimated taxes plus
final settlements less refunds) boosted the January increase by $5.6 billion, based on federal budget
projections for 2006.

 Disposable personal income (DPI) -- personal income less personal current taxes -- increased
$21.7 billion, or 0.2 percent, in February, compared with an increase of $53.5 billion, or 0.6 percent,
in January.

                Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $14.4 billion in February, compared with an increase of $73.5 billion in January.  PCE
increased $13.1 billion, compared with an increase of $72.1 billion.

 Personal saving -- DPI less personal outlays -- was a negative $43.8 billion in February,
compared with a negative $51.0 billion in January.  Personal saving as a percentage of disposable
personal income was a negative 0.5 percent in February, the same as in January.  Negative personal
saving reflects personal outlays that exceed disposable personal income.  Saving from current
income may be near zero or negative when outlays are financed by borrowing (including borrowing
financed through credit cards or home equity loans), by selling investments or other assets, or by
using savings from previous periods.  For more information, see the FAQs on "Personal Saving" on
BEA's Web site.

                        Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in February,
compared with an increase of 0.1 percent in January.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in February,
compared with an increase of 0.3 percent in January.  Purchases of durable goods decreased 1.8
percent, in contrast to an increase of 1.1 percent.  Purchases of motor vehicles and parts accounted
for about one-half of the decrease in February.  Purchases of nondurable goods decreased 0.5
percent in February, in contrast to an increase of 1.0 percent in January.  Purchases of services
increased 0.8 percent, in contrast to a decrease of 0.2 percent.

                              Revisions

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



                                                   Change from preceding month
                                         December                                January
                              Previous  Revised   Previous  Revised   Previous  Revised   Previous  Revised
                            (Billions of dollars)    (Percent)      (Billions of dollars)     (Percent)
Personal Income:
Current dollars..............     54.8     55.2        0.5      0.5       75.2     77.1        0.7      0.7
Disposable personal income:
Current dollars..............     47.6     47.7        0.5      0.5       50.2     53.5        0.5      0.6
Chained (2000) dollars.......     42.8     42.9        0.5      0.5        4.8      7.6        0.1      0.1
Personal consumption expenditures:
Current dollars..............     64.2     63.0        0.7      0.7       76.7     72.1        0.9      0.8
Chained (2000) dollars.......     57.4     56.6        0.7      0.7       29.6     25.2        0.4      0.3






 BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By
visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and
announcements.


                        *          *          *


Next release -- Personal Income and Outlays for March will be released on
May 1, 2006 at 8:30 A.M. EDT.

                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 05     Aug 05     Sep 05     Oct 05/r/  Nov 05/r/  Dec 05/r/  Jan 06/r/  Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,283.9   10,078.3   10,389.1   10,444.5   10,475.7   10,530.9   10,608.0   10,639.5

  Compensation of employees, received......    7,150.4    7,170.1    7,212.4    7,246.3    7,253.1    7,285.7    7,347.1    7,376.4

    Wage and salary disbursements..........    5,744.2    5,755.1    5,787.7    5,817.4    5,822.1    5,850.8    5,893.5    5,914.8
      Private industries...................    4,772.6    4,780.5    4,808.8    4,837.4    4,839.4    4,866.6    4,903.8    4,920.5
        Goods-producing industries.........    1,123.8    1,131.6    1,134.5    1,145.6    1,144.4    1,148.9    1,155.4    1,158.6
          Manufacturing....................      721.8      725.9      726.3      735.6      730.6      731.6      734.1      735.7
        Services-producing industries......    3,648.9    3,648.9    3,674.3    3,691.8    3,695.0    3,717.7    3,748.3    3,761.9
          Trade, transportation, and
           utilities.......................      963.6      961.1      963.7      967.7      971.0      974.9      980.1      982.6
          Other services-producing
           industries......................    2,685.2    2,687.8    2,710.6    2,724.1    2,724.0    2,742.8    2,768.3    2,779.3
      Government...........................      971.6      974.6      978.9      980.0      982.6      984.2      989.8      994.3

    Supplements to wages and salaries......    1,406.2    1,415.0    1,424.7    1,428.9    1,431.0    1,434.9    1,453.6    1,461.6
      Employer contributions for employee
       pension and insurance funds.........      978.5      987.0      994.8      996.8      998.9    1,001.2    1,012.1    1,019.2
      Employer contributions for government
       social insurance....................      427.7      428.0      429.8      432.1      432.2      433.8      441.5      442.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      947.3      891.4      958.4      961.3      967.9      974.0      978.0      977.6
    Farm...................................       19.0       17.4       17.7       19.1       21.0       22.9       19.4       17.2
    Nonfarm................................      928.2      874.1      940.7      942.2      946.9      951.1      958.6      960.4

  Rental income of persons with capital
   consumption adjustment..................       96.5     -213.4       83.6       79.3       82.7       78.9       77.3       75.0

  Personal income receipts on assets.......    1,460.9    1,468.8    1,476.9    1,494.9    1,512.9    1,531.0    1,534.2    1,536.8
    Personal interest income...............      948.1      951.2      954.4      967.2      980.1      992.9      991.8      990.7
    Personal dividend income...............      512.8      517.6      522.5      527.7      532.9      538.0      542.3      546.1

  Personal current transfer receipts.......    1,502.4    1,635.9    1,536.0    1,545.0    1,541.6    1,547.4    1,575.9    1,581.3
    Government social benefits to persons..    1,473.1    1,478.1    1,498.5    1,504.6    1,512.1    1,517.9    1,546.6    1,552.0
      Old-age, survivors, disability, and
       health insurance benefits...........      847.3      851.2      851.9      854.8      855.3      865.5      908.3      920.1
      Government unemployment insurance
       benefits............................       27.9       27.6       30.0       30.7       29.6       28.7       27.3       26.0
      Other................................      597.9      599.3      616.5      619.1      627.2      623.6      611.0      605.9
    Other current transfer receipts, from
     business (net)........................       29.3      157.8       37.5       40.4       29.5       29.5       29.3       29.3

  Less: Contributions for government social
   insurance...............................      873.5      874.5      878.1      882.2      882.6      886.0      904.4      907.7

Less: Personal current taxes...............    1,217.2    1,219.2    1,224.8    1,236.1    1,239.7    1,247.2    1,270.7    1,280.6

Equals: Disposable personal income.........    9,066.7    8,859.2    9,164.3    9,208.5    9,236.0    9,283.7    9,337.2    9,358.9

Less: Personal outlays.....................    9,186.8    9,149.1    9,185.9    9,209.3    9,251.5    9,314.8    9,388.3    9,402.7

  Personal consumption expenditures........    8,858.0    8,819.1    8,854.8    8,877.3    8,919.1    8,982.1    9,054.2    9,067.3
    Durable goods..........................    1,130.0    1,031.7      990.9      965.3    1,000.7    1,040.4    1,052.6    1,032.6
    Nondurable goods.......................    2,566.9    2,603.6    2,644.1    2,658.7    2,632.7    2,636.0    2,688.3    2,671.1
    Services...............................    5,161.2    5,183.8    5,219.8    5,253.4    5,285.7    5,305.8    5,313.3    5,363.6
  Personal interest payments\1\............      209.5      210.1      210.7      210.5      210.2      210.0      210.7      211.4
  Personal current transfer payments.......      119.4      119.8      120.4      121.5      122.1      122.7      123.4      124.0
    To government..........................       75.0       75.4       76.0       76.7       77.4       78.0       78.6       79.3
    To the rest of the world (net).........       44.4       44.4       44.4       44.8       44.8       44.8       44.8       44.8

Equals: Personal saving....................     -120.2     -289.9      -21.7        -.8      -15.5      -31.1      -51.0      -43.8

  Personal saving as a percentage of
   disposable personal income..............       -1.3       -3.3        -.2         .0        -.2        -.3        -.5        -.5

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,155.2    7,935.0    8,131.4    8,152.2    8,212.0    8,254.9    8,262.5    8,278.0
    Per capita:
      Current dollars......................     30,551     29,826     30,827     30,949     31,019     31,158     31,318     31,370
      Chained (2000) dollars...............     27,480     26,715     27,352     27,399     27,580     27,705     27,713     27,747
  Population (midperiod, thousands)\3\.....    296,769    297,027    297,285    297,534    297,756    297,954    298,144    298,339
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2004       2005/r/  III 04      IV 04       I 05      II 05     III 05      IV 05/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,713.3   10,248.3    9,729.2   10,024.8   10,073.4   10,185.7   10,250.4   10,483.7

  Compensation of employees, received......    6,687.6    7,125.3    6,724.2    6,895.8    7,001.7    7,060.2    7,177.6    7,261.7

    Wage and salary disbursements..........    5,389.4    5,723.7    5,422.0    5,562.9    5,629.9    5,672.3    5,762.3    5,830.1
      Private industries...................    4,450.0    4,752.1    4,479.2    4,612.9    4,668.1    4,705.0    4,787.3    4,847.8
        Goods-producing industries.........    1,049.9    1,120.7    1,062.3    1,083.0    1,099.2    1,107.2    1,130.0    1,146.3
          Manufacturing....................      687.7      722.0      696.1      707.8      715.3      715.5      724.7      732.6
        Services-producing industries......    3,400.1    3,631.4    3,416.8    3,529.9    3,568.8    3,597.9    3,657.4    3,701.5
          Trade, transportation, and
           utilities.......................      899.7      955.7      906.3      931.1      937.8      951.1      962.8      971.2
          Other services-producing
           industries......................    2,500.4    2,675.7    2,510.5    2,598.8    2,631.0    2,646.8    2,694.5    2,730.3
      Government...........................      939.5      971.6      942.8      950.0      961.8      967.3      975.0      982.3

    Supplements to wages and salaries......    1,298.1    1,401.6    1,302.3    1,332.9    1,371.8    1,387.9    1,415.3    1,431.6
      Employer contributions for employee
       pension and insurance funds.........      895.5      975.0      897.9      919.6      950.0      964.4      986.8      998.9
      Employer contributions for government
       social insurance....................      402.7      426.6      404.4      413.4      421.9      423.5      428.5      432.7

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      889.6      938.7      889.1      900.9      917.9      936.6      932.4      967.7
    Farm...................................       35.8       20.8       29.7       24.6       24.7       19.6       18.0       21.0
    Nonfarm................................      853.8      917.8      859.4      876.3      893.2      917.1      914.3      946.7

  Rental income of persons with capital
   consumption adjustment..................      134.2       72.9      122.1      128.7      118.0      104.4      -11.1       80.3

  Personal income receipts on assets.......    1,396.5    1,457.4    1,378.2    1,493.6    1,407.9    1,439.8    1,468.9    1,512.9
    Personal interest income...............      905.9      945.7      904.7      907.4      915.4      936.0      951.2      980.1
    Personal dividend income...............      490.6      511.7      473.5      586.2      492.5      503.8      517.6      532.9

  Personal current transfer receipts.......    1,427.5    1,525.3    1,441.5    1,449.2    1,488.8    1,509.6    1,558.1    1,544.7
    Government social benefits to persons..    1,394.5    1,483.7    1,397.1    1,419.5    1,459.7    1,480.4    1,483.2    1,511.5
      Old-age, survivors, disability, and
       health insurance benefits...........      789.3      844.7      793.7      805.5      828.0      842.2      850.1      858.6
      Government unemployment insurance
       benefits............................       36.0       28.9       33.3       32.4       29.4       28.0       28.5       29.7
      Other................................      569.2      610.1      570.1      581.5      602.2      610.2      604.6      623.3
    Other current transfer receipts, from
     business (net)........................       33.0       41.6       44.4       29.8       29.1       29.2       74.8       33.1

  Less: Contributions for government social
   insurance...............................      822.2      871.2      825.9      843.5      861.0      864.9      875.4      883.6

Less: Personal current taxes...............    1,049.1    1,209.7    1,058.4    1,094.3    1,171.4    1,206.0    1,220.4    1,241.0

Equals: Disposable personal income.........    8,664.2    9,038.6    8,670.9    8,930.4    8,902.0    8,979.7    9,030.0    9,242.7

Less: Personal outlays.....................    8,512.5    9,072.1    8,566.3    8,725.0    8,854.6    9,001.2    9,173.9    9,258.5

  Personal consumption expenditures........    8,214.3    8,745.7    8,263.2    8,416.1    8,535.8    8,677.0    8,844.0    8,926.2
    Durable goods..........................      987.8    1,026.5      993.8    1,008.6    1,017.3    1,035.5    1,050.9    1,002.1
    Nondurable goods.......................    2,368.3    2,564.4    2,378.4    2,437.1    2,476.6    2,533.7    2,604.9    2,642.5
    Services...............................    4,858.2    5,154.9    4,891.0    4,970.4    5,041.8    5,107.8    5,188.3    5,281.6
  Personal interest payments\1\............      186.7      205.9      190.3      196.2      198.1      205.3      210.1      210.2
  Personal current transfer payments.......      111.5      120.4      112.8      112.7      120.8      118.8      119.9      122.1
    To government..........................       68.6       74.8       69.4       71.0       72.5       73.9       75.4       77.3
    To the rest of the world (net).........       42.9       45.6       43.4       41.7       48.3       44.9       44.4       44.8

Equals: Personal saving....................      151.8      -33.5      104.6      205.4       47.4      -21.5     -143.9      -15.8

  Personal saving as a percentage of
   disposable personal income..............        1.8        -.4        1.2        2.3         .5        -.2       -1.6        -.2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,004.3    8,120.0    7,993.3    8,169.2    8,098.1    8,102.6    8,074.2    8,206.4
    Per capita:
      Current dollars......................     29,477     30,466     29,463     30,269     30,111     30,307     30,401     31,042
      Chained (2000) dollars...............     27,232     27,370     27,160     27,689     27,391     27,347     27,183     27,562
  Population (midperiod, thousands)\3\.....    293,933    296,677    294,301    295,037    295,643    296,289    297,027    297,748
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 05     Aug 05     Sep 05     Oct 05/r/  Nov 05/r/  Dec 05/r/  Jan 06/r/  Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       52.4     -205.6      310.8       55.4       31.2       55.2       77.1       31.5

  Compensation of employees, received......       64.3       19.7       42.3       33.9        6.8       32.6       61.4       29.3

    Wage and salary disbursements..........       48.5       10.9       32.6       29.7        4.7       28.7       42.7       21.3
      Private industries...................       45.2        7.9       28.3       28.6        2.0       27.2       37.2       16.7
        Goods-producing industries.........       12.0        7.8        2.9       11.1       -1.2        4.5        6.5        3.2
          Manufacturing....................        4.3        4.1         .4        9.3       -5.0        1.0        2.5        1.6
        Services-producing industries......       33.3         .0       25.4       17.5        3.2       22.7       30.6       13.6
          Trade, transportation, and
           utilities.......................        7.7       -2.5        2.6        4.0        3.3        3.9        5.2        2.5
          Other services-producing
           industries......................       25.5        2.6       22.8       13.5        -.1       18.8       25.5       11.0
      Government...........................        3.2        3.0        4.3        1.1        2.6        1.6        5.6        4.5

    Supplements to wages and salaries......       15.8        8.8        9.7        4.2        2.1        3.9       18.7        8.0
      Employer contributions for employee
       pension and insurance funds.........       12.9        8.5        7.8        2.0        2.1        2.3       10.9        7.1
      Employer contributions for government
       social insurance....................        2.9         .3        1.8        2.3         .1        1.6        7.7         .9

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        1.6      -55.9       67.0        2.9        6.6        6.1        4.0        -.4
    Farm...................................        3.2       -1.6         .3        1.4        1.9        1.9       -3.5       -2.2
    Nonfarm................................       -1.7      -54.1       66.6        1.5        4.7        4.2        7.5        1.8

  Rental income of persons with capital
   consumption adjustment..................       -3.2     -309.9      297.0       -4.3        3.4       -3.8       -1.6       -2.3

  Personal income receipts on assets.......        8.1        7.9        8.1       18.0       18.0       18.1        3.2        2.6
    Personal interest income...............        3.2        3.1        3.2       12.8       12.9       12.8       -1.1       -1.1
    Personal dividend income...............        4.9        4.8        4.9        5.2        5.2        5.1        4.3        3.8

  Personal current transfer receipts.......      -12.4      133.5      -99.9        9.0       -3.4        5.8       28.5        5.4
    Government social benefits to persons..      -12.4        5.0       20.4        6.1        7.5        5.8       28.7        5.4
      Old-age, survivors, disability, and
       health insurance benefits...........        1.7        3.9         .7        2.9         .5       10.2       42.8       11.8
      Government unemployment insurance
       benefits............................        -.2        -.3        2.4         .7       -1.1        -.9       -1.4       -1.3
      Other................................      -13.9        1.4       17.2        2.6        8.1       -3.6      -12.6       -5.1
    Other current transfer receipts, from
     business (net)........................         .0      128.5     -120.3        2.9      -10.9         .0        -.2         .0

  Less: Contributions for government social
   insurance...............................        5.9        1.0        3.6        4.1         .4        3.4       18.4        3.3

Less: Personal current taxes...............        1.1        2.0        5.6       11.3        3.6        7.5       23.5        9.9

Equals: Disposable personal income.........       51.3     -207.5      305.1       44.2       27.5       47.7       53.5       21.7

Less: Personal outlays.....................      121.4      -37.7       36.8       23.4       42.2       63.3       73.5       14.4

  Personal consumption expenditures........      120.7      -38.9       35.7       22.5       41.8       63.0       72.1       13.1
    Durable goods..........................       78.8      -98.3      -40.8      -25.6       35.4       39.7       12.2      -20.0
    Nondurable goods.......................       20.1       36.7       40.5       14.6      -26.0        3.3       52.3      -17.2
    Services...............................       22.0       22.6       36.0       33.6       32.3       20.1        7.5       50.3
  Personal interest payments\1\............         .7         .6         .6        -.2        -.3        -.2         .7         .7
  Personal current transfer payments.......         .1         .4         .6        1.1         .6         .6         .7         .6
    To government..........................         .6         .4         .6         .7         .7         .6         .6         .7
    To the rest of the world (net).........        -.5         .0         .0         .4         .0         .0         .0         .0

Equals: Personal saving....................      -70.2     -169.7      268.2       20.9      -14.7      -15.6      -19.9        7.2

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       22.2     -220.2      196.4       20.8       59.8       42.9        7.6       15.5
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2004       2005/r/  III 04      IV 04       I 05      II 05     III 05      IV 05/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      544.2      535.0      114.9      295.6       48.6      112.3       64.7      233.3

  Compensation of employees, received......      366.5      437.7      120.6      171.6      105.9       58.5      117.4       84.1

    Wage and salary disbursements..........      278.3      334.3      103.9      140.9       67.0       42.4       90.0       67.8
      Private industries...................      242.2      302.1       98.9      133.7       55.2       36.9       82.3       60.5
        Goods-producing industries.........       42.7       70.8       26.7       20.7       16.2        8.0       22.8       16.3
          Manufacturing....................       19.0       34.3       18.5       11.7        7.5         .2        9.2        7.9
        Services-producing industries......      199.5      231.3       72.0      113.1       38.9       29.1       59.5       44.1
          Trade, transportation, and
           utilities.......................       41.1       56.0       16.8       24.8        6.7       13.3       11.7        8.4
          Other services-producing
           industries......................      158.4      175.3       55.2       88.3       32.2       15.8       47.7       35.8
      Government...........................       36.2       32.1        5.1        7.2       11.8        5.5        7.7        7.3

    Supplements to wages and salaries......       88.1      103.5       16.8       30.6       38.9       16.1       27.4       16.3
      Employer contributions for employee
       pension and insurance funds.........       65.5       79.5       10.4       21.7       30.4       14.4       22.4       12.1
      Employer contributions for government
       social insurance....................       22.7       23.9        6.4        9.0        8.5        1.6        5.0        4.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       79.4       49.1       -9.3       11.8       17.0       18.7       -4.2       35.3
    Farm...................................        8.1      -15.0      -14.4       -5.1         .1       -5.1       -1.6        3.0
    Nonfarm................................       71.4       64.0        5.2       16.9       16.9       23.9       -2.8       32.4

  Rental income of persons with capital
   consumption adjustment..................        2.5      -61.3      -19.7        6.6      -10.7      -13.6     -115.5       91.4

  Personal income receipts on assets.......       57.8       60.9       14.3      115.4      -85.7       31.9       29.1       44.0
    Personal interest income...............      -11.7       39.8        -.4        2.7        8.0       20.6       15.2       28.9
    Personal dividend income...............       69.5       21.1       14.7      112.7      -93.7       11.3       13.8       15.3

  Personal current transfer receipts.......       83.5       97.8       21.7        7.7       39.6       20.8       48.5      -13.4
    Government social benefits to persons..       81.0       89.2        6.3       22.4       40.2       20.7        2.8       28.3
      Old-age, survivors, disability, and
       health insurance benefits...........       50.0       55.4        8.8       11.8       22.5       14.2        7.9        8.5
      Government unemployment insurance
       benefits............................      -16.8       -7.1       -2.0        -.9       -3.0       -1.4         .5        1.2
      Other................................       47.8       40.9        -.6       11.4       20.7        8.0       -5.6       18.7
    Other current transfer receipts, from
     business (net)........................        2.5        8.6       15.5      -14.6        -.7         .1       45.6      -41.7

  Less: Contributions for government social
   insurance...............................       45.6       49.0       12.9       17.6       17.5        3.9       10.5        8.2

Less: Personal current taxes...............       49.2      160.6       24.4       35.9       77.1       34.6       14.4       20.6

Equals: Disposable personal income.........      495.0      374.4       90.6      259.5      -28.4       77.7       50.3      212.7

Less: Personal outlays.....................      516.2      559.6      127.2      158.7      129.6      146.6      172.7       84.6

  Personal consumption expenditures........      504.4      531.4      117.6      152.9      119.7      141.2      167.0       82.2
    Durable goods..........................       37.7       38.7       19.2       14.8        8.7       18.2       15.4      -48.8
    Nondurable goods.......................      179.3      196.1       23.2       58.7       39.5       57.1       71.2       37.6
    Services...............................      287.4      296.7       75.1       79.4       71.4       66.0       80.5       93.3
  Personal interest payments\1\............        3.5       19.2        8.1        5.9        1.9        7.2        4.8         .1
  Personal current transfer payments.......        8.2        8.9        1.5        -.1        8.1       -2.0        1.1        2.2
    To government..........................        6.5        6.2        1.6        1.6        1.5        1.4        1.5        1.9
    To the rest of the world (net).........        1.7        2.7        -.1       -1.7        6.6       -3.4        -.5         .4

Equals: Personal saving....................      -21.0     -185.3      -36.6      100.8     -158.0      -68.9     -122.4      128.1

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      262.5      115.7       54.5      175.9      -71.1        4.5      -28.4      132.2
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 05     Aug 05     Sep 05     Oct 05/r/  Nov 05/r/  Dec 05/r/  Jan 06/r/  Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................         .5       -2.0        3.1         .5         .3         .5         .7         .3
  Compensation of employees, received......         .9         .3         .6         .5         .1         .4         .8         .4
    Wage and salary disbursements..........         .9         .2         .6         .5         .1         .5         .7         .4
    Supplements to wages and salaries......        1.1         .6         .7         .3         .2         .3        1.3         .6
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .2       -5.9        7.5         .3         .7         .6         .4         .0
  Rental income of persons with capital
   consumption adjustment..................       -3.2      .....      .....       -5.1        4.3       -4.7       -2.0       -2.9
  Personal income receipts on assets.......         .6         .5         .5        1.2        1.2        1.2         .2         .2
    Personal interest income...............         .3         .3         .3        1.3        1.3        1.3        -.1        -.1
    Personal dividend income...............        1.0         .9         .9        1.0        1.0        1.0         .8         .7
  Personal current transfer receipts.......        -.8        8.9       -6.1         .6        -.2         .4        1.8         .3

  Less: Contributions for government social
   insurance...............................         .7         .1         .4         .5         .0         .4        2.1         .4

Less: Personal current taxes...............         .1         .2         .5         .9         .3         .6        1.9         .8

Equals: Disposable personal income.........         .6       -2.3        3.4         .5         .3         .5         .6         .2

Addenda:
  Personal consumption expenditures........        1.4        -.4         .4         .3         .5         .7         .8         .1
    Durable goods..........................        7.5       -8.7       -4.0       -2.6        3.7        4.0        1.2       -1.9
    Nondurable goods.......................         .8        1.4        1.6         .6       -1.0         .1        2.0        -.6
    Services...............................         .4         .4         .7         .6         .6         .4         .1         .9
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........         .3       -2.7        2.5         .3         .7         .5         .1         .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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2004       2005/r/  III 04      IV 04       I 05      II 05     III 05      IV 05/r/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................        5.9        5.5        4.9       12.7        2.0        4.5        2.6        9.4
  Compensation of employees, received......        5.8        6.5        7.5       10.6        6.3        3.4        6.8        4.8
    Wage and salary disbursements..........        5.4        6.2        8.0       10.8        4.9        3.0        6.5        4.8
    Supplements to wages and salaries......        7.3        8.0        5.3        9.8       12.2        4.8        8.1        4.7
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        9.8        5.5       -4.0        5.4        7.8        8.4       -1.8       16.0
  Rental income of persons with capital
   consumption adjustment..................        1.9      -45.7      -44.9       23.6      -29.5      -38.6      .....      .....
  Personal income receipts on assets.......        4.3        4.4        4.3       37.9      -21.0        9.4        8.3       12.6
    Personal interest income...............       -1.3        4.4        -.2        1.2        3.6        9.3        6.7       12.7
    Personal dividend income...............       16.5        4.3       13.5      134.9      -50.2        9.5       11.4       12.3
  Personal current transfer receipts.......        6.2        6.8        6.3        2.2       11.4        5.7       13.5       -3.4

  Less: Contributions for government social
   insurance...............................        5.9        6.0        6.5        8.8        8.5        1.8        4.9        3.8

Less: Personal current taxes...............        4.9       15.3        9.8       14.3       31.3       12.4        4.8        6.9

Equals: Disposable personal income.........        6.1        4.3        4.3       12.5       -1.3        3.5        2.3        9.8

Addenda:
  Personal consumption expenditures........        6.5        6.5        5.9        7.6        5.8        6.8        7.9        3.8
    Durable goods..........................        4.0        3.9        8.1        6.1        3.5        7.3        6.1      -17.3
    Nondurable goods.......................        8.2        8.3        4.0       10.3        6.6        9.5       11.7        5.9
    Services...............................        6.3        6.1        6.4        6.7        5.9        5.3        6.5        7.4
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........        3.4        1.4        2.8        9.1       -3.4         .2       -1.4        6.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 05     Aug 05     Sep 05     Oct 05/r/  Nov 05/r/  Dec 05/r/  Jan 06/r/  Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,967.5    7,899.2    7,856.9    7,859.1    7,930.2    7,986.8    8,012.0    8,020.1
  Durable goods............................    1,255.9    1,149.8    1,103.6    1,074.9    1,116.4    1,161.9    1,174.7    1,153.9
  Nondurable goods.........................    2,306.1    2,314.5    2,296.7    2,316.7    2,338.8    2,347.2    2,371.1    2,360.2
  Services.................................    4,443.7    4,452.2    4,464.5    4,468.7    4,483.8    4,495.1    4,486.8    4,520.6
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       85.4      -68.3      -42.3        2.2       71.1       56.6       25.2        8.1
  Durable goods............................       92.4     -106.1      -46.2      -28.7       41.5       45.5       12.8      -20.8
  Nondurable goods.........................        1.8        8.4      -17.8       20.0       22.1        8.4       23.9      -10.9
  Services.................................        8.7        8.5       12.3        4.2       15.1       11.3       -8.3       33.8
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.1        -.9        -.5         .0         .9         .7         .3         .1
  Durable goods............................        7.9       -8.5       -4.0       -2.6        3.9        4.1        1.1       -1.8
  Nondurable goods.........................         .1         .4        -.8         .9        1.0         .4        1.0        -.5
  Services.................................         .2         .2         .3         .1         .3         .3        -.2         .8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2004       2005/r/  III 04      IV 04       I 05      II 05     III 05      IV 05/r/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,588.6    7,856.9    7,617.5    7,698.8    7,764.9    7,829.5    7,907.9    7,925.4
  Durable goods............................    1,089.9    1,138.4    1,100.4    1,115.1    1,122.3    1,143.9    1,169.7    1,117.7
  Nondurable goods.........................    2,200.4    2,297.9    2,206.9    2,236.5    2,265.6    2,285.9    2,305.8    2,334.2
  Services.................................    4,310.9    4,436.4    4,324.0    4,362.1    4,392.0    4,417.6    4,453.5    4,482.6
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      282.0      268.3       80.9       81.3       66.1       64.6       78.4       17.5
  Durable goods............................       61.4       48.5       27.9       14.7        7.2       21.6       25.8      -52.0
  Nondurable goods.........................       98.6       97.5       20.8       29.6       29.1       20.3       19.9       28.4
  Services.................................      127.0      125.5       35.4       38.1       29.9       25.6       35.9       29.1
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.9        3.5        4.4        4.3        3.5        3.4        4.1         .9
  Durable goods............................        6.0        4.5       10.8        5.5        2.6        7.9        9.3      -16.6
  Nondurable goods.........................        4.7        4.4        3.9        5.5        5.3        3.6        3.5        5.0
  Services.................................        3.0        2.9        3.4        3.6        2.8        2.3        3.3        2.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 05     Aug 05     Sep 05     Oct 05/r/  Nov 05/r/  Dec 05/r/  Jan 06/r/  Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    111.181    111.651    112.707    112.964    112.477    112.470    113.014    113.064
  Durable goods............................     89.979     89.742     89.795     89.804     89.637     89.537     89.602     89.489
  Nondurable goods.........................    111.318    112.499    115.138    114.769    112.574    112.310    113.386    113.180
  Services.................................    116.154    116.442    116.929    117.568    117.892    118.042    118.429    118.655
Addenda:
  PCE excluding food and energy............    109.264    109.428    109.658    109.936    110.101    110.249    110.427    110.567
  Market-based PCE\1\......................    110.213    110.704    111.834    112.034    111.430    111.394    111.940    111.961
  Market-based PCE excluding food
   and energy\1\...........................    107.657    107.787    107.946    108.156    108.304    108.447    108.555    108.676
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .3         .4         .9         .2        -.4         .0         .5         .0
  Durable goods............................        -.4        -.3         .1         .0        -.2        -.1         .1        -.1
  Nondurable goods.........................         .7        1.1        2.3        -.3       -1.9        -.2        1.0        -.2
  Services.................................         .2         .2         .4         .5         .3         .1         .3         .2
Addenda:
  PCE excluding food and energy............         .1         .2         .2         .3         .2         .1         .2         .1
  Market-based PCE\1\......................         .3         .4        1.0         .2        -.5         .0         .5         .0
  Market-based PCE excluding food
   and energy\1\...........................         .0         .1         .1         .2         .1         .1         .1         .1
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 05     Aug 05     Sep 05     Oct 05/r/  Nov 05/r/  Dec 05/r/  Jan 06/r/  Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        2.3        -.9        1.6        1.4        1.7       -1.6        2.2        2.2

Personal consumption expenditures..........        4.7        3.8        2.9        2.5        3.2        3.2        3.5        3.2
  Durable goods............................       13.1        5.0         .7       -2.3         .9        2.1        6.2        2.8
  Nondurable goods.........................        5.0        5.2        3.3        3.6        4.8        4.8        4.7        3.7
  Services.................................        3.0        3.0        3.0        2.8        2.8        2.7        2.4        3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

   Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 05     Aug 05     Sep 05     Oct 05/r/  Nov 05/r/  Dec 05/r/  Jan 06/r/  Feb 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        2.6        2.9        3.8        3.5        2.8        2.8        3.1        2.9
  Durable goods............................        -.6        -.5        -.5        -.7        -.9       -1.1       -1.3       -1.2
  Nondurable goods.........................        3.3        4.4        6.8        5.2        3.1        3.3        4.3        3.7
  Services.................................        2.9        2.9        3.2        3.5        3.4        3.3        3.4        3.3
Addenda:
  PCE excluding food and energy............        1.9        2.0        2.0        2.0        1.9        2.0        1.8        1.8
  Market-based PCE\1\......................        2.4        2.9        3.8        3.5        2.7        2.7        3.1        2.8
  Market-based PCE excluding food
   and energy\1\...........................        1.6        1.7        1.7        1.7        1.6        1.7        1.5        1.5
-----------------------------------------------------------------------------------------------------------------------------------
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.