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News Release: Personal Income and Outlays

Errata:  Data corrected on May 4, 2006: Personal Income Errata Notice,
Tables: XLS ( kb), Tables: text format ( kb), Highlights: PDF ( kb)

Errata:  Data corrected on May 4, 2006: Personal Income Errata Notice, Tables: XLS ( kb), Tables: text format ( kb), Highlights: PDF ( kb)

Available for this release: Full Release (PDF - KB) | Tables (XLS - KB), Highlights (PDF - KB)

The following reflects data released on May 1, 2006, prior to correction on May 4, 2006.


EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, MAY 1, 2006

James E. Rankin:    (202) 606-5301  (Personal Income) BEA 06-18
Michael Armah:      (202) 606-5302  (Personal Outlays)


                PERSONAL INCOME AND OUTLAYS: MARCH 2006

 Personal income increased $88.8 billion, or 0.8 percent, and disposable personal income (DPI) increased
$78.4 billion, or 0.8 percent, in March, according to the Bureau of Economic Analysis.  Personal consumption
expenditures (PCE) increased $51.8 billion, or 0.6 percent.  In February, personal income increased $33.2
billion, or 0.3 percent, DPI increased $23.1 billion, or 0.2 percent, and PCE increased $20.0 billion, or 0.2
percent, based on revised estimates.



                                                2005              2006
                                       Nov.     Dec.     Jan.     Feb.    Mar.
(Percent change from preceding month)
Personal income, current dollars        0.3      0.5      0.7      0.3     0.8
Disposable personal income:
Current dollars                         0.3      0.5      0.5      0.2     0.8
Chained (2000) dollars                  0.7      0.5      0.0      0.2     0.5
Personal consumption expenditures:
Current dollars                         0.5      0.7      0.9      0.2     0.6
Chained (2000) dollars                  0.9      0.7      0.4      0.2     0.2




                         Wages and salaries

 Private wage and salary disbursements increased $22.2 billion in March, compared with an
increase of $19.8 billion in February.  Goods-producing industries' payrolls increased $2.8
billion, compared with an increase of $2.9 billion; manufacturing payrolls increased $2.0 billion,
compared with an increase of $1.6 billion.  Services-producing industries' payrolls increased
$19.4 billion, compared with an increase of $16.8 billion.  Government wage and salary
disbursements increased $2.6 billion, compared with an increase of $4.2 billion.



                        Other personal income

 Supplements to wages and salaries increased $9.3 billion in March, compared with an
increase of $9.2 billion in February.

 Proprietors' income increased $6.7 billion in March, in contrast to a decrease of $1.4 billion
in February.  Farm proprietors' income decreased $0.5 billion, compared with a decrease of $2.8
billion.  Nonfarm proprietors' income increased $7.2 billion, compared with an increase of $1.4
billion.

 Rental income of persons decreased $3.3 billion in March, compared with a decrease of $2.1
billion in February.  Personal income receipts on assets (personal interest income plus personal
dividend income) increased $2.6 billion, compared with an increase of $2.0 billion.

 Personal current transfer receipts increased $51.6 billion in March, compared with an
increase of $5.1 billion in February.  The March increase reflected an increase of payments for the
new Medicare Part D Prescription Drug Plan, which added $40.9 billion.

 Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $2.9 billion in March, compared with an increase of $3.6 billion in February.


        Personal current taxes and disposable personal income

 Personal current taxes increased $10.4 billion in March, compared with an increase of $10.0
billion in February.  Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $78.4 billion, or 0.8 percent, in March, compared with an increase of $23.1
billion, or 0.2 percent, in February.


                Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $52.7 billion in March, compared with an increase of $20.7 billion in February.  PCE
increased $51.8 billion, compared with an increase of $20.0 billion.

 Personal saving -- DPI less personal outlays -- was a negative $32.5 billion in March,
compared with a negative $58.3 billion in February.  Personal saving as a percentage of disposable
personal income was a negative 0.3 percent in March, compared with a negative 0.6 percent in
February.  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 0.5 percent in March,
compared with an increase of 0.2 percent in February.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in March, the
same increase as in February.  Purchases of durable goods increased 0.6 percent in March, in
contrast to a decrease of 1.7 percent in February.  Purchases of nondurable goods decreased 0.4
percent, compared with a decrease of 0.2 percent.  Purchases of services increased 0.4 percent,
compared with an increase of 0.7 percent.


                              Revisions


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



                                                   Change from preceding month
                                         January                                 February
                              Previous  Revised   Previous  Revised   Previous  Revised   Previous  Revised
                            (Billions of dollars)     (Percent)     (Billions of dollars)     (Percent)
Personal Income:
Current dollars...............    77.1     71.8        0.7      0.7       31.5     33.2        0.3      0.3
Disposable personal income:
Current dollars...............    53.5     49.7        0.6      0.5       21.7     23.1        0.2      0.2
Chained (2000) dollars........     7.6      3.9        0.1      0.0       15.5     16.1        0.2      0.2
Personal consumption expenditures:
Current dollars...............    72.1     78.5        0.8      0.9       13.1     20.0        0.1      0.2
Chained (2000) dollars........    25.2     30.7        0.3      0.4        8.1     13.4        0.1      0.2





 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 April will be released on
                    May 26, 2006 at 8:30 A.M. EDT.



                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 05     Sep 05     Oct 05     Nov 05     Dec 05   Jan06\r\  Feb 06\r\  Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,078.3   10,389.1   10,444.5   10,475.7   10,530.9   10,602.7   10,635.9   10,724.7

  Compensation of employees, received......    7,170.1    7,212.4    7,246.3    7,253.1    7,285.7    7,347.4    7,380.6    7,414.6

    Wage and salary disbursements..........    5,755.1    5,787.7    5,817.4    5,822.1    5,850.8    5,891.3    5,915.3    5,940.0
      Private industries...................    4,780.5    4,808.8    4,837.4    4,839.4    4,866.6    4,901.9    4,921.7    4,943.9
        Goods-producing industries.........    1,131.6    1,134.5    1,145.6    1,144.4    1,148.9    1,153.4    1,156.3    1,159.1
          Manufacturing....................      725.9      726.3      735.6      730.6      731.6      732.9      734.5      736.5
        Services-producing industries......    3,648.9    3,674.3    3,691.8    3,695.0    3,717.7    3,748.6    3,765.4    3,784.8
          Trade, transportation, and
           utilities.......................      961.1      963.7      967.7      971.0      974.9      979.9      984.0      988.2
          Other services-producing
           industries......................    2,687.8    2,710.6    2,724.1    2,724.0    2,742.8    2,768.6    2,781.3    2,796.6
      Government...........................      974.6      978.9      980.0      982.6      984.2      989.4      993.6      996.2

    Supplements to wages and salaries......    1,415.0    1,424.7    1,428.9    1,431.0    1,434.9    1,456.1    1,465.3    1,474.6
      Employer contributions for employee
       pension and insurance funds.........      987.0      994.8      996.8      998.9    1,001.2    1,014.8    1,022.8    1,030.8
      Employer contributions for government
       social insurance....................      428.0      429.8      432.1      432.2      433.8      441.3      442.5      443.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      891.4      958.4      961.3      967.9      974.0      976.6      975.2      981.9
    Farm...................................       17.4       17.7       19.1       21.0       22.9       18.1       15.3       14.8
    Nonfarm................................      874.1      940.7      942.2      946.9      951.1      958.5      959.9      967.1

  Rental income of persons with capital
   consumption adjustment..................     -213.4       83.6       79.3       82.7       78.9       72.6       70.5       67.2

  Personal income receipts on assets.......    1,468.8    1,476.9    1,494.9    1,512.9    1,531.0    1,533.6    1,535.6    1,538.2
    Personal interest income...............      951.2      954.4      967.2      980.1      992.9      991.3      989.6      987.9
    Personal dividend income...............      517.6      522.5      527.7      532.9      538.0      542.3      546.1      550.3

  Personal current transfer receipts.......    1,635.9    1,536.0    1,545.0    1,541.6    1,547.4    1,576.7    1,581.8    1,633.4
    Government social benefits to persons..    1,478.1    1,498.5    1,504.6    1,512.1    1,517.9    1,547.4    1,552.5    1,604.1
      Old-age, survivors, disability, and
       health insurance benefits...........      851.2      851.9      854.8      855.3      865.5      908.4      920.1      968.5
      Government unemployment insurance
       benefits............................       27.6       30.0       30.7       29.6       28.7       27.3       26.0       26.0
      Other................................      599.3      616.5      619.1      627.2      623.6      611.7      606.3      609.5
    Other current transfer receipts, from
     business (net)........................      157.8       37.5       40.4       29.5       29.5       29.3       29.3       29.4

  Less: Contributions for government social
   insurance...............................      874.5      878.1      882.2      882.6      886.0      904.2      907.8      910.7

Less: Personal current taxes...............    1,219.2    1,224.8    1,236.1    1,239.7    1,247.2    1,269.4    1,279.4    1,289.8

Equals: Disposable personal income.........    8,859.2    9,164.3    9,208.5    9,236.0    9,283.7    9,333.4    9,356.5    9,434.9

Less: Personal outlays.....................    9,149.1    9,185.9    9,209.3    9,251.5    9,314.8    9,394.0    9,414.7    9,467.4

  Personal consumption expenditures........    8,819.1    8,854.8    8,877.3    8,919.1    8,982.1    9,060.6    9,080.6    9,132.4
    Durable goods..........................    1,031.7      990.9      965.3    1,000.7    1,040.4    1,059.4    1,039.8    1,044.9
    Nondurable goods.......................    2,603.6    2,644.1    2,658.7    2,632.7    2,636.0    2,688.2    2,679.3    2,686.8
    Services...............................    5,183.8    5,219.8    5,253.4    5,285.7    5,305.8    5,313.0    5,361.5    5,400.7
  Personal interest payments\1\............      210.1      210.7      210.5      210.2      210.0      210.2      210.4      210.6
  Personal current transfer payments.......      119.8      120.4      121.5      122.1      122.7      123.2      123.8      124.4
    To government..........................       75.4       76.0       76.7       77.4       78.0       78.6       79.3       79.9
    To the rest of the world (net).........       44.4       44.4       44.8       44.8       44.8       44.5       44.5       44.5

Equals: Personal saving....................     -289.9      -21.7        -.8      -15.5      -31.1      -60.6      -58.3      -32.5

  Personal saving as a percentage of
   disposable personal income..............       -3.3        -.2         .0        -.2        -.3        -.6        -.6        -.3

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,935.0    8,131.4    8,152.2    8,212.0    8,254.9    8,258.8    8,274.9    8,314.0
    Per capita:
      Current dollars......................     29,826     30,827     30,949     31,019     31,158     31,305     31,362     31,604
      Chained (2000) dollars...............     26,715     27,352     27,399     27,580     27,705     27,701     27,737     27,850
  Population (midperiod, thousands)\3\.....    297,027    297,285    297,534    297,756    297,954    298,144    298,337    298,533
-----------------------------------------------------------------------------------------------------------------------------------
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      IV 04       I 05      II 05     III 05      IV 05       I 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,713.3   10,248.3   10,024.8   10,073.4   10,185.7   10,250.4   10,483.7   10,654.4

  Compensation of employees, received......    6,687.6    7,125.3    6,895.8    7,001.7    7,060.2    7,177.6    7,261.7    7,380.9

    Wage and salary disbursements..........    5,389.4    5,723.7    5,562.9    5,629.9    5,672.3    5,762.3    5,830.1    5,915.5
      Private industries...................    4,450.0    4,752.1    4,612.9    4,668.1    4,705.0    4,787.3    4,847.8    4,922.5
        Goods-producing industries.........    1,049.9    1,120.7    1,083.0    1,099.2    1,107.2    1,130.0    1,146.3    1,156.3
          Manufacturing....................      687.7      722.0      707.8      715.3      715.5      724.7      732.6      734.6
        Services-producing industries......    3,400.1    3,631.4    3,529.9    3,568.8    3,597.9    3,657.4    3,701.5    3,766.2
          Trade, transportation, and
           utilities.......................      899.7      955.7      931.1      937.8      951.1      962.8      971.2      984.1
          Other services-producing
           industries......................    2,500.4    2,675.7    2,598.8    2,631.0    2,646.8    2,694.5    2,730.3    2,782.2
      Government...........................      939.5      971.6      950.0      961.8      967.3      975.0      982.3      993.0

    Supplements to wages and salaries......    1,298.1    1,401.6    1,332.9    1,371.8    1,387.9    1,415.3    1,431.6    1,465.3
      Employer contributions for employee
       pension and insurance funds.........      895.5      975.0      919.6      950.0      964.4      986.8      998.9    1,022.8
      Employer contributions for government
       social insurance....................      402.7      426.6      413.4      421.9      423.5      428.5      432.7      442.5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      889.6      938.7      900.9      917.9      936.6      932.4      967.7      977.9
    Farm...................................       35.8       20.8       24.6       24.7       19.6       18.0       21.0       16.1
    Nonfarm................................      853.8      917.8      876.3      893.2      917.1      914.3      946.7      961.8

  Rental income of persons with capital
   consumption adjustment..................      134.2       72.9      128.7      118.0      104.4      -11.1       80.3       70.1

  Personal income receipts on assets.......    1,396.5    1,457.4    1,493.6    1,407.9    1,439.8    1,468.9    1,512.9    1,535.8
    Personal interest income...............      905.9      945.7      907.4      915.4      936.0      951.2      980.1      989.6
    Personal dividend income...............      490.6      511.7      586.2      492.5      503.8      517.6      532.9      546.2

  Personal current transfer receipts.......    1,427.5    1,525.3    1,449.2    1,488.8    1,509.6    1,558.1    1,544.7    1,597.3
    Government social benefits to persons..    1,394.5    1,483.7    1,419.5    1,459.7    1,480.4    1,483.2    1,511.5    1,568.0
      Old-age, survivors, disability, and
       health insurance benefits...........      789.3      844.7      805.5      828.0      842.2      850.1      858.6      932.3
      Government unemployment insurance
       benefits............................       36.0       28.9       32.4       29.4       28.0       28.5       29.7       26.5
      Other................................      569.2      610.1      581.5      602.2      610.2      604.6      623.3      609.2
    Other current transfer receipts, from
     business (net)........................       33.0       41.6       29.8       29.1       29.2       74.8       33.1       29.3

  Less: Contributions for government social
   insurance...............................      822.2      871.2      843.5      861.0      864.9      875.4      883.6      907.5

Less: Personal current taxes...............    1,049.1    1,209.7    1,094.3    1,171.4    1,206.0    1,220.4    1,241.0    1,279.5

Equals: Disposable personal income.........    8,664.2    9,038.6    8,930.4    8,902.0    8,979.7    9,030.0    9,242.7    9,374.9

Less: Personal outlays.....................    8,512.5    9,072.1    8,725.0    8,854.6    9,001.2    9,173.9    9,258.5    9,425.4

  Personal consumption expenditures........    8,214.3    8,745.7    8,416.1    8,535.8    8,677.0    8,844.0    8,926.2    9,091.2
    Durable goods..........................      987.8    1,026.5    1,008.6    1,017.3    1,035.5    1,050.9    1,002.1    1,048.0
    Nondurable goods.......................    2,368.3    2,564.4    2,437.1    2,476.6    2,533.7    2,604.9    2,642.5    2,684.8
    Services...............................    4,858.2    5,154.9    4,970.4    5,041.8    5,107.8    5,188.3    5,281.6    5,358.4
  Personal interest payments\1\............      186.7      205.9      196.2      198.1      205.3      210.1      210.2      210.4
  Personal current transfer payments.......      111.5      120.4      112.7      120.8      118.8      119.9      122.1      123.8
    To government..........................       68.6       74.8       71.0       72.5       73.9       75.4       77.3       79.2
    To the rest of the world (net).........       42.9       45.6       41.7       48.3       44.9       44.4       44.8       44.5

Equals: Personal saving....................      151.8      -33.5      205.4       47.4      -21.5     -143.9      -15.8      -50.5

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

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,004.3    8,120.0    8,169.2    8,098.1    8,102.6    8,074.2    8,206.4    8,282.7
    Per capita:
      Current dollars......................     29,477     30,466     30,269     30,111     30,307     30,401     31,042     31,424
      Chained (2000) dollars...............     27,232     27,370     27,689     27,391     27,347     27,183     27,562     27,763
  Population (midperiod, thousands)\3\.....    293,933    296,677    295,037    295,643    296,289    297,027    297,748    298,338
-----------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                       Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 05     Sep 05     Oct 05     Nov 05     Dec 05   Jan06\r\  Feb 06\r\  Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................     -205.6      310.8       55.4       31.2       55.2       71.8       33.2       88.8

  Compensation of employees, received......       19.7       42.3       33.9        6.8       32.6       61.7       33.2       34.0

    Wage and salary disbursements..........       10.9       32.6       29.7        4.7       28.7       40.5       24.0       24.7
      Private industries...................        7.9       28.3       28.6        2.0       27.2       35.3       19.8       22.2
        Goods-producing industries.........        7.8        2.9       11.1       -1.2        4.5        4.5        2.9        2.8
          Manufacturing....................        4.1         .4        9.3       -5.0        1.0        1.3        1.6        2.0
        Services-producing industries......         .0       25.4       17.5        3.2       22.7       30.9       16.8       19.4
          Trade, transportation, and
           utilities.......................       -2.5        2.6        4.0        3.3        3.9        5.0        4.1        4.2
          Other services-producing
           industries......................        2.6       22.8       13.5        -.1       18.8       25.8       12.7       15.3
      Government...........................        3.0        4.3        1.1        2.6        1.6        5.2        4.2        2.6

    Supplements to wages and salaries......        8.8        9.7        4.2        2.1        3.9       21.2        9.2        9.3
      Employer contributions for employee
       pension and insurance funds.........        8.5        7.8        2.0        2.1        2.3       13.6        8.0        8.0
      Employer contributions for government
       social insurance....................         .3        1.8        2.3         .1        1.6        7.5        1.2        1.3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      -55.9       67.0        2.9        6.6        6.1        2.6       -1.4        6.7
    Farm...................................       -1.6         .3        1.4        1.9        1.9       -4.8       -2.8        -.5
    Nonfarm................................      -54.1       66.6        1.5        4.7        4.2        7.4        1.4        7.2

  Rental income of persons with capital
   consumption adjustment..................     -309.9      297.0       -4.3        3.4       -3.8       -6.3       -2.1       -3.3

  Personal income receipts on assets.......        7.9        8.1       18.0       18.0       18.1        2.6        2.0        2.6
    Personal interest income...............        3.1        3.2       12.8       12.9       12.8       -1.6       -1.7       -1.7
    Personal dividend income...............        4.8        4.9        5.2        5.2        5.1        4.3        3.8        4.2

  Personal current transfer receipts.......      133.5      -99.9        9.0       -3.4        5.8       29.3        5.1       51.6
    Government social benefits to persons..        5.0       20.4        6.1        7.5        5.8       29.5        5.1       51.6
      Old-age, survivors, disability, and
       health insurance benefits...........        3.9         .7        2.9         .5       10.2       42.9       11.7       48.4
      Government unemployment insurance
       benefits............................        -.3        2.4         .7       -1.1        -.9       -1.4       -1.3         .0
      Other................................        1.4       17.2        2.6        8.1       -3.6      -11.9       -5.4        3.2
    Other current transfer receipts, from
     business (net)........................      128.5     -120.3        2.9      -10.9         .0        -.2         .0         .1

  Less: Contributions for government social
   insurance...............................        1.0        3.6        4.1         .4        3.4       18.2        3.6        2.9

Less: Personal current taxes...............        2.0        5.6       11.3        3.6        7.5       22.2       10.0       10.4

Equals: Disposable personal income.........     -207.5      305.1       44.2       27.5       47.7       49.7       23.1       78.4

Less: Personal outlays.....................      -37.7       36.8       23.4       42.2       63.3       79.2       20.7       52.7

  Personal consumption expenditures........      -38.9       35.7       22.5       41.8       63.0       78.5       20.0       51.8
    Durable goods..........................      -98.3      -40.8      -25.6       35.4       39.7       19.0      -19.6        5.1
    Nondurable goods.......................       36.7       40.5       14.6      -26.0        3.3       52.2       -8.9        7.5
    Services...............................       22.6       36.0       33.6       32.3       20.1        7.2       48.5       39.2
  Personal interest payments\1\............         .6         .6        -.2        -.3        -.2         .2         .2         .2
  Personal current transfer payments.......         .4         .6        1.1         .6         .6         .5         .6         .6
    To government..........................         .4         .6         .7         .7         .6         .6         .7         .6
    To the rest of the world (net).........         .0         .0         .4         .0         .0        -.3         .0         .0

Equals: Personal saving....................     -169.7      268.2       20.9      -14.7      -15.6      -29.5        2.3       25.8

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............     -220.2      196.4       20.8       59.8       42.9        3.9       16.1       39.1
-----------------------------------------------------------------------------------------------------------------------------------
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      IV 04       I 05      II 05     III 05      IV 05       I 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      544.2      535.0      295.6       48.6      112.3       64.7      233.3      170.7

  Compensation of employees, received......      366.5      437.7      171.6      105.9       58.5      117.4       84.1      119.2

    Wage and salary disbursements..........      278.3      334.3      140.9       67.0       42.4       90.0       67.8       85.4
      Private industries...................      242.2      302.1      133.7       55.2       36.9       82.3       60.5       74.7
        Goods-producing industries.........       42.7       70.8       20.7       16.2        8.0       22.8       16.3       10.0
          Manufacturing....................       19.0       34.3       11.7        7.5         .2        9.2        7.9        2.0
        Services-producing industries......      199.5      231.3      113.1       38.9       29.1       59.5       44.1       64.7
          Trade, transportation, and
           utilities.......................       41.1       56.0       24.8        6.7       13.3       11.7        8.4       12.9
          Other services-producing
           industries......................      158.4      175.3       88.3       32.2       15.8       47.7       35.8       51.9
      Government...........................       36.2       32.1        7.2       11.8        5.5        7.7        7.3       10.7

    Supplements to wages and salaries......       88.1      103.5       30.6       38.9       16.1       27.4       16.3       33.7
      Employer contributions for employee
       pension and insurance funds.........       65.5       79.5       21.7       30.4       14.4       22.4       12.1       23.9
      Employer contributions for government
       social insurance....................       22.7       23.9        9.0        8.5        1.6        5.0        4.2        9.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       79.4       49.1       11.8       17.0       18.7       -4.2       35.3       10.2
    Farm...................................        8.1      -15.0       -5.1         .1       -5.1       -1.6        3.0       -4.9
    Nonfarm................................       71.4       64.0       16.9       16.9       23.9       -2.8       32.4       15.1

  Rental income of persons with capital
   consumption adjustment..................        2.5      -61.3        6.6      -10.7      -13.6     -115.5       91.4      -10.2

  Personal income receipts on assets.......       57.8       60.9      115.4      -85.7       31.9       29.1       44.0       22.9
    Personal interest income...............      -11.7       39.8        2.7        8.0       20.6       15.2       28.9        9.5
    Personal dividend income...............       69.5       21.1      112.7      -93.7       11.3       13.8       15.3       13.3

  Personal current transfer receipts.......       83.5       97.8        7.7       39.6       20.8       48.5      -13.4       52.6
    Government social benefits to persons..       81.0       89.2       22.4       40.2       20.7        2.8       28.3       56.5
      Old-age, survivors, disability, and
       health insurance benefits...........       50.0       55.4       11.8       22.5       14.2        7.9        8.5       73.7
      Government unemployment insurance
       benefits............................      -16.8       -7.1        -.9       -3.0       -1.4         .5        1.2       -3.2
      Other................................       47.8       40.9       11.4       20.7        8.0       -5.6       18.7      -14.1
    Other current transfer receipts, from
     business (net)........................        2.5        8.6      -14.6        -.7         .1       45.6      -41.7       -3.8

  Less: Contributions for government social
   insurance...............................       45.6       49.0       17.6       17.5        3.9       10.5        8.2       23.9

Less: Personal current taxes...............       49.2      160.6       35.9       77.1       34.6       14.4       20.6       38.5

Equals: Disposable personal income.........      495.0      374.4      259.5      -28.4       77.7       50.3      212.7      132.2

Less: Personal outlays.....................      516.2      559.6      158.7      129.6      146.6      172.7       84.6      166.9

  Personal consumption expenditures........      504.4      531.4      152.9      119.7      141.2      167.0       82.2      165.0
    Durable goods..........................       37.7       38.7       14.8        8.7       18.2       15.4      -48.8       45.9
    Nondurable goods.......................      179.3      196.1       58.7       39.5       57.1       71.2       37.6       42.3
    Services...............................      287.4      296.7       79.4       71.4       66.0       80.5       93.3       76.8
  Personal interest payments\1\............        3.5       19.2        5.9        1.9        7.2        4.8         .1         .2
  Personal current transfer payments.......        8.2        8.9        -.1        8.1       -2.0        1.1        2.2        1.7
    To government..........................        6.5        6.2        1.6        1.5        1.4        1.5        1.9        1.9
    To the rest of the world (net).........        1.7        2.7       -1.7        6.6       -3.4        -.5         .4        -.3

Equals: Personal saving....................      -21.0     -185.3      100.8     -158.0      -68.9     -122.4      128.1      -34.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      262.5      115.7      175.9      -71.1        4.5      -28.4      132.2       76.3
-----------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                   Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 05     Sep 05     Oct 05     Nov 05     Dec 05   Jan06\r\  Feb 06\r\  Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................       -2.0        3.1         .5         .3         .5         .7         .3         .8
  Compensation of employees, received......         .3         .6         .5         .1         .4         .8         .5         .5
    Wage and salary disbursements..........         .2         .6         .5         .1         .5         .7         .4         .4
    Supplements to wages and salaries......         .6         .7         .3         .2         .3        1.5         .6         .6
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       -5.9        7.5         .3         .7         .6         .3        -.1         .7
  Rental income of persons with capital
   consumption adjustment..................      .....      .....       -5.1        4.3       -4.7       -8.0       -2.9       -4.7
  Personal income receipts on assets.......         .5         .5        1.2        1.2        1.2         .2         .1         .2
    Personal interest income...............         .3         .3        1.3        1.3        1.3        -.2        -.2        -.2
    Personal dividend income...............         .9         .9        1.0        1.0        1.0         .8         .7         .8
  Personal current transfer receipts.......        8.9       -6.1         .6        -.2         .4        1.9         .3        3.3

  Less: Contributions for government social
   insurance...............................         .1         .4         .5         .0         .4        2.0         .4         .3

Less: Personal current taxes...............         .2         .5         .9         .3         .6        1.8         .8         .8

Equals: Disposable personal income.........       -2.3        3.4         .5         .3         .5         .5         .2         .8

Addenda:
  Personal consumption expenditures........        -.4         .4         .3         .5         .7         .9         .2         .6
    Durable goods..........................       -8.7       -4.0       -2.6        3.7        4.0        1.8       -1.9         .5
    Nondurable goods.......................        1.4        1.6         .6       -1.0         .1        2.0        -.3         .3
    Services...............................         .4         .7         .6         .6         .4         .1         .9         .7
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........       -2.7        2.5         .3         .7         .5         .0         .2         .5
-----------------------------------------------------------------------------------------------------------------------------------
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      IV 04       I 05      II 05     III 05      IV 05       I 06
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................        5.9        5.5       12.7        2.0        4.5        2.6        9.4        6.7
  Compensation of employees, received......        5.8        6.5       10.6        6.3        3.4        6.8        4.8        6.7
    Wage and salary disbursements..........        5.4        6.2       10.8        4.9        3.0        6.5        4.8        6.0
    Supplements to wages and salaries......        7.3        8.0        9.8       12.2        4.8        8.1        4.7        9.8
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        9.8        5.5        5.4        7.8        8.4       -1.8       16.0        4.3
  Rental income of persons with capital
   consumption adjustment..................        1.9      -45.7       23.6      -29.5      -38.6      .....      .....      -42.0
  Personal income receipts on assets.......        4.3        4.4       37.9      -21.0        9.4        8.3       12.6        6.2
    Personal interest income...............       -1.3        4.4        1.2        3.6        9.3        6.7       12.7        3.9
    Personal dividend income...............       16.5        4.3      134.9      -50.2        9.5       11.4       12.3       10.4
  Personal current transfer receipts.......        6.2        6.8        2.2       11.4        5.7       13.5       -3.4       14.3

  Less: Contributions for government social
   insurance...............................        5.9        6.0        8.8        8.5        1.8        4.9        3.8       11.3

Less: Personal current taxes...............        4.9       15.3       14.3       31.3       12.4        4.8        6.9       13.0

Equals: Disposable personal income.........        6.1        4.3       12.5       -1.3        3.5        2.3        9.8        5.8

Addenda:
  Personal consumption expenditures........        6.5        6.5        7.6        5.8        6.8        7.9        3.8        7.6
    Durable goods..........................        4.0        3.9        6.1        3.5        7.3        6.1      -17.3       19.6
    Nondurable goods.......................        8.2        8.3       10.3        6.6        9.5       11.7        5.9        6.6
    Services...............................        6.3        6.1        6.7        5.9        5.3        6.5        7.4        5.9
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........        3.4        1.4        9.1       -3.4         .2       -1.4        6.7        3.8
-----------------------------------------------------------------------------------------------------------------------------------

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 05     Sep 05     Oct 05     Nov 05     Dec 05   Jan06\r\  Feb 06\r\  Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,899.2    7,856.9    7,859.1    7,930.2    7,986.8    8,017.5    8,030.9    8,047.5
  Durable goods............................    1,149.8    1,103.6    1,074.9    1,116.4    1,161.9    1,182.3    1,161.9    1,169.5
  Nondurable goods.........................    2,314.5    2,296.7    2,316.7    2,338.8    2,347.2    2,371.2    2,367.6    2,357.2
  Services.................................    4,452.2    4,464.5    4,468.7    4,483.8    4,495.1    4,486.2    4,517.9    4,537.9
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      -68.3      -42.3        2.2       71.1       56.6       30.7       13.4       16.6
  Durable goods............................     -106.1      -46.2      -28.7       41.5       45.5       20.4      -20.4        7.6
  Nondurable goods.........................        8.4      -17.8       20.0       22.1        8.4       24.0       -3.6      -10.4
  Services.................................        8.5       12.3        4.2       15.1       11.3       -8.9       31.7       20.0
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        -.9        -.5         .0         .9         .7         .4         .2         .2
  Durable goods............................       -8.5       -4.0       -2.6        3.9        4.1        1.8       -1.7         .6
  Nondurable goods.........................         .4        -.8         .9        1.0         .4        1.0        -.2        -.4
  Services.................................         .2         .3         .1         .3         .3        -.2         .7         .4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2004       2005      IV 04       I 05      II 05     III 05      IV 05       I 06
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,588.6    7,856.9    7,698.8    7,764.9    7,829.5    7,907.9    7,925.4    8,032.0
  Durable goods............................    1,089.9    1,138.4    1,115.1    1,122.3    1,143.9    1,169.7    1,117.7    1,171.2
  Nondurable goods.........................    2,200.4    2,297.9    2,236.5    2,265.6    2,285.9    2,305.8    2,334.2    2,365.3
  Services.................................    4,310.9    4,436.4    4,362.1    4,392.0    4,417.6    4,453.5    4,482.6    4,514.0
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      282.0      268.3       81.3       66.1       64.6       78.4       17.5      106.6
  Durable goods............................       61.4       48.5       14.7        7.2       21.6       25.8      -52.0       53.5
  Nondurable goods.........................       98.6       97.5       29.6       29.1       20.3       19.9       28.4       31.1
  Services.................................      127.0      125.5       38.1       29.9       25.6       35.9       29.1       31.4
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.9        3.5        4.3        3.5        3.4        4.1         .9        5.5
  Durable goods............................        6.0        4.5        5.5        2.6        7.9        9.3      -16.6       20.6
  Nondurable goods.........................        4.7        4.4        5.5        5.3        3.6        3.5        5.0        5.4
  Services.................................        3.0        2.9        3.6        2.8        2.3        3.3        2.6        2.8
-----------------------------------------------------------------------------------------------------------------------------------

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 05     Sep 05     Oct 05     Nov 05     Dec 05   Jan06\r\  Feb 06\r\  Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    111.651    112.707    112.964    112.477    112.470    113.020    113.079    113.490
  Durable goods............................     89.742     89.795     89.804     89.637     89.537     89.606     89.491     89.356
  Nondurable goods.........................    112.499    115.138    114.769    112.574    112.310    113.381    113.180    113.995
  Services.................................    116.442    116.929    117.568    117.892    118.042    118.439    118.681    119.020
Addenda:
  PCE excluding food and energy............    109.428    109.658    109.936    110.101    110.249    110.436    110.586    110.941
  Market-based PCE\1\......................    110.704    111.834    112.034    111.430    111.394    111.940    111.960    112.379
  Market-based PCE excluding food
   and energy\1\...........................    107.787    107.946    108.156    108.304    108.447    108.557    108.675    109.027
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .4         .9         .2        -.4         .0         .5         .1         .4
  Durable goods............................        -.3         .1         .0        -.2        -.1         .1        -.1        -.2
  Nondurable goods.........................        1.1        2.3        -.3       -1.9        -.2        1.0        -.2         .7
  Services.................................         .2         .4         .5         .3         .1         .3         .2         .3
Addenda:
  PCE excluding food and energy............         .2         .2         .3         .2         .1         .2         .1         .3
  Market-based PCE\1\......................         .4        1.0         .2        -.5         .0         .5         .0         .4
  Market-based PCE excluding food
   and energy\1\...........................         .1         .1         .2         .1         .1         .1         .1         .3
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 05     Sep 05     Oct 05     Nov 05     Dec 05   Jan06\r\  Feb 06\r\  Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        -.9        1.6        1.4        1.7       -1.6        2.1        2.1        2.6

Personal consumption expenditures..........        3.8        2.9        2.5        3.2        3.2        3.6        3.3        3.4
  Durable goods............................        5.0         .7       -2.3         .9        2.1        6.9        3.5        2.8
  Nondurable goods.........................        5.2        3.3        3.6        4.8        4.8        4.7        4.0        4.5
  Services.................................        3.0        3.0        2.8        2.8        2.7        2.4        2.9        3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 05     Sep 05     Oct 05     Nov 05     Dec 05   Jan06\r\  Feb 06\r\  Mar 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        2.9        3.8        3.5        2.8        2.8        3.1        2.9        2.9
  Durable goods............................        -.5        -.5        -.7        -.9       -1.1       -1.3       -1.2       -1.4
  Nondurable goods.........................        4.4        6.8        5.2        3.1        3.3        4.3        3.7        3.4
  Services.................................        2.9        3.2        3.5        3.4        3.3        3.4        3.4        3.4
Addenda:
  PCE excluding food and energy............        2.0        2.0        2.0        1.9        2.0        1.9        1.8        2.0
  Market-based PCE\1\......................        2.9        3.8        3.5        2.7        2.7        3.1        2.8        2.8
  Market-based PCE excluding food
   and energy\1\...........................        1.7        1.7        1.7        1.6        1.7        1.5        1.5        1.6
-----------------------------------------------------------------------------------------------------------------------------------
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.