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News Release: Personal Income and Outlays

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, AUGUST 31, 2006

James E. Rankin:       (202) 606-5301  (Personal Income)            BEA 06-37
Michael Armah:         (202) 606-5302  (Personal Outlays)



                PERSONAL INCOME AND OUTLAYS:  JULY 2006

     Personal income increased $60.2 billion, or 0.5 percent, and disposable personal income (DPI)
increased $63.9 billion, or 0.7 percent, in July, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $78.7 billion, or 0.8 percent.  In June, personal
income increased $60.0 billion, or 0.6 percent, DPI increased $47.8 billion, or 0.5 percent, and PCE
increased $36.6 billion, or 0.4 percent, based on revised  estimates.

                                                             2006
                                             Mar.       Apr.        May        June      July
                                                   (Percent change from preceding month)
Personal income, current dollars             0.5        0.7         0.4        0.6       0.5
Disposable personal income:
  Current dollars                            0.5        0.5         0.4        0.5       0.7
  Chained (2000) dollars                     0.1        0.1         0.0        0.4       0.3
Personal consumption expenditures:
  Current dollars                            0.5        0.6         0.7        0.4       0.8
  Chained (2000) dollars                     0.1        0.1         0.3        0.3       0.5

     This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for January through March 2006 (first quarter).  These
estimates reflect newly available first-quarter wage and salary tabulations from the quarterly census
of employment and wages from the Bureau of Labor Statistics.

                              Wages and salaries

     Private wage and salary disbursements increased $33.9 billion in July, compared with an
increase of $32.8 billion in June.  Goods-producing industries' payrolls increased $3.5 billion,
compared with an increase of $8.0 billion; manufacturing payrolls increased $2.1 billion, compared
with an increase of $3.6 billion.  Services-producing industries' payrolls increased $30.4 billion,
compared with an increase of $24.8 billion.  Government wage and salary disbursements increased
$2.9 billion, compared with an increase of $3.5 billion.

                              Other personal income

     Supplements to wages and salaries increased $8.1 billion in July, compared with an increase of
$6.9 billion in June.

     Proprietors' income decreased $2.3 billion in July, compared with a decrease of $3.4 billion in
June.  Farm proprietors' income increased $1.2 billion, in contrast to a decrease of $2.3 billion.
Nonfarm proprietors' income decreased $3.4 billion, compared with a decrease of $1.2 billion.

     Rental income of persons increased $2.5 billion in July, in contrast to a decrease of $5.7 billion
in June.  Personal income receipts on assets (personal interest income plus personal dividend
income) increased $5.7 billion, compared with an increase of $24.0 billion.  Personal current transfer
receipts increased $14.8 billion, compared with an increase of $6.9 billion.

     Contributions for government social insurance -- a subtraction in calculating personal income --
increased $5.4 billion in July, compared with an increase of $5.0 billion in June.


                              Personal current taxes and disposable personal income

     Personal current taxes decreased $3.7 billion in July, in contrast to an increase of $12.3 billion
in June.  Disposable personal income (DPI) -- personal income less personal current taxes --
increased $63.9 billion, or 0.7 percent, in July, compared with an increase of $47.8 billion, or 0.5
percent, in June.

                              Personal outlays and personal saving

     Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $79.7 billion in July, compared with an increase of $41.0 billion in June.  PCE increased
$78.7 billion, compared with an increase of $36.6 billion.

     Personal saving -- DPI less personal outlays -- was a negative $83.5 billion in July, compared
with a negative $67.6 billion in June.  Personal saving as a percentage of disposable personal income
was a negative 0.9 percent in July, compared with a negative 0.7 percent in June.  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.  For a comparison of personal saving in BEA's national income and product accounts
with personal saving in the Federal Reserve Board's flow of funds accounts and data on
changes in net worth (which helped finance negative saving), go to
http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp.

                              Real DPI and real PCE

     Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in July, compared
with an increase of 0.4 percent in June.

     Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in July, compared
with an increase of 0.3 percent in June.  Purchases of durable goods increased 1.6 percent, compared
with an increase of 1.0 percent.  Purchases of motor vehicles and parts accounted for most of the
increases in July and in June.  Purchases of nondurable goods increased 0.4 percent in July,
compared with an increase of 0.2 percent in June.  Purchases of services increased 0.4 percent,
compared with an increase of 0.1 percent.

     PCE price index -- The PCE price index increased 0.3 percent in July, compared with an
increase of 0.1 percent in June.  The PCE price index, excluding food and energy, increased 0.1
percent, compared with an increase of 0.2 percent.

                              Revisions

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

     For January through June, the revisions to wages and salaries reflected the incorporation of
the most recently available BLS tabulations of first-quarter private wages and salaries from the
quarterly census of employment and wages.  Wages and salaries were revised up for all six months.
Revisions to personal current taxes and to contributions for government social insurance reflected
the revisions to wages and salaries.

                                                                Change from preceding month
                                                        May                                         June
                                        Previous    Revised    Previous    Revised    Previous    Revised    Previous    Revised
                                       (Billions of dollars)         (Percent)       (Billions of dollars)         (Percent)
Personal Income:
Current dollars......................    41.7        42.5        0.4        0.4        66.5        60.0        0.6        0.6
Disposable personal income:
Current dollars......................    34.6        35.5        0.4        0.4        53.2        47.8        0.6        0.5
Chained (2000) dollars.........          -0.3         1.3        0.0        0.0        32.1        29.6        0.4        0.4
Personal consumption expenditures:
Current dollars......................    51.4        60.7        0.6        0.7        35.4        36.6        0.4        0.4
Chained (2000) dollars.........          15.0        24.1        0.2        0.3        16.9        20.3        0.2        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 August will be released on
September 29, 2006, at 8:30 A.M. EDT.

                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 05  Jan 06\r\  Feb 06\r\  Mar 06\r\  Apr 06\r\  May 06\r\  Jun 06\r\  Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,526.1   10,664.9   10,721.9   10,777.4   10,852.5   10,895.0   10,955.0   11,015.2

  Compensation of employees, received......    7,210.6    7,342.5    7,407.2    7,451.3    7,513.2    7,520.4    7,563.6    7,608.5

    Wage and salary disbursements..........    5,807.2    5,919.8    5,976.6    6,013.8    6,066.4    6,069.3    6,105.6    6,142.4
      Private industries...................    4,816.6    4,924.5    4,977.9    5,013.4    5,063.3    5,063.9    5,096.7    5,130.6
        Goods-producing industries.........    1,127.0    1,164.0    1,179.5    1,188.4    1,197.0    1,199.6    1,207.6    1,211.1
          Manufacturing....................      713.9      734.7      744.3      749.6      754.7      754.5      758.1      760.2
        Services-producing industries......    3,689.6    3,760.5    3,798.4    3,825.0    3,866.3    3,864.3    3,889.1    3,919.5
          Trade, transportation, and
           utilities.......................      958.7      975.3      984.8      990.8    1,001.0      998.7    1,006.2    1,014.6
          Other services-producing
           industries......................    2,730.9    2,785.3    2,813.7    2,834.2    2,865.3    2,865.7    2,882.9    2,904.9
      Government...........................      990.6      995.3      998.7    1,000.4    1,003.2    1,005.4    1,008.9    1,011.8

    Supplements to wages and salaries......    1,403.4    1,422.7    1,430.7    1,437.4    1,446.7    1,451.1    1,458.0    1,466.1
      Employer contributions for employee
       pension and insurance funds.........      960.9      967.4      971.6      975.7      981.4      985.6      990.1      995.7
      Employer contributions for government
       social insurance....................      442.5      455.3      459.1      461.7      465.4      465.5      467.9      470.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    1,001.4    1,006.6    1,005.7    1,012.5    1,011.3    1,017.8    1,014.4    1,012.1
    Farm...................................       28.1       24.6       23.9       23.2       21.2       19.0       16.7       17.9
    Nonfarm................................      973.2      982.0      981.8      989.3      990.1      998.8      997.6      994.2

  Rental income of persons with capital
   consumption adjustment..................       80.5       78.0       75.9       76.4       72.0       67.4       61.7       64.2

  Personal income receipts on assets.......    1,599.1    1,600.8    1,602.1    1,603.9    1,626.5    1,649.6    1,673.6    1,679.3
    Personal interest income...............      994.9      992.0      989.1      986.2    1,003.8    1,021.4    1,039.0    1,038.4
    Personal dividend income...............      604.2      608.8      613.0      617.8      622.7      628.2      634.6      641.0

  Personal current transfer receipts.......    1,536.0    1,566.3    1,568.7    1,576.3    1,580.2    1,591.1    1,598.0    1,612.8
    Government social benefits to persons..    1,500.5    1,531.9    1,534.3    1,541.7    1,545.4    1,556.1    1,562.9    1,577.4
      Old-age, survivors, disability, and
       health insurance benefits...........      860.1      901.4      910.3      917.9      920.8      927.9      935.8      931.4
      Government unemployment insurance
       benefits............................       30.1       28.6       27.4       27.4       27.0       27.0       27.1       27.3
      Other................................      610.3      601.9      596.6      596.4      597.6      601.2      600.0      618.7
    Other current transfer receipts, from
     business (net)........................       35.5       34.4       34.5       34.6       34.8       35.0       35.2       35.4

  Less: Contributions for government social
   insurance...............................      901.5      929.3      937.8      943.0      950.7      951.3      956.3      961.7

Less: Personal current taxes...............    1,261.5    1,317.8    1,333.9    1,346.2    1,371.9    1,378.7    1,391.0    1,387.3

Equals: Disposable personal income.........    9,264.6    9,347.1    9,388.1    9,431.3    9,480.7    9,516.2    9,564.0    9,627.9

Less: Personal outlays.....................    9,292.5    9,371.3    9,418.6    9,465.7    9,525.5    9,590.6    9,631.6    9,711.3

  Personal consumption expenditures........    8,955.5    9,034.4    9,079.2    9,123.8    9,177.0    9,237.7    9,274.3    9,353.0
    Durable goods..........................    1,039.1    1,069.8    1,055.7    1,066.9    1,064.5    1,058.7    1,066.4    1,083.8
    Nondurable goods.......................    2,594.1    2,655.7    2,654.5    2,664.5    2,704.3    2,728.9    2,735.7    2,762.8
    Services...............................    5,322.3    5,308.9    5,369.0    5,392.5    5,408.2    5,450.1    5,472.2    5,506.4
  Personal interest payments\1\............      214.7      216.6      218.5      220.4      224.2      228.1      232.0      232.5
  Personal current transfer payments.......      122.3      120.4      120.9      121.4      124.3      124.8      125.3      125.9
    To government..........................       74.7       75.2       75.7       76.3       76.8       77.3       77.9       78.4
    To the rest of the world (net).........       47.6       45.2       45.2       45.2       47.5       47.5       47.5       47.5

Equals: Personal saving....................      -27.8      -24.2      -30.6      -34.4      -44.8      -74.3      -67.6      -83.5

  Personal saving as a percentage of
   disposable personal income..............        -.3        -.3        -.3        -.4        -.5        -.8        -.7        -.9

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,220.1    8,253.6    8,283.8    8,292.9    8,297.8    8,299.1    8,328.7    8,356.5
    Per capita:
      Current dollars......................     31,094     31,351     31,468     31,591     31,734     31,829     31,964     32,152
      Chained (2000) dollars...............     27,589     27,683     27,767     27,778     27,775     27,758     27,835     27,906
  Population (midperiod, thousands)\3\.....    297,954    298,144    298,337    298,539    298,753    298,979    299,213    299,448
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2006.
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       I 05      II 05     III 05      IV 05    I 06\r\   II 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,731.4   10,239.2   10,048.8   10,161.5   10,262.7   10,483.7   10,721.4   10,900.8

  Compensation of employees, received......    6,665.3    7,030.3    6,889.6    6,953.7    7,093.6    7,184.4    7,400.3    7,532.4

    Wage and salary disbursements..........    5,392.1    5,664.8    5,555.7    5,601.3    5,715.2    5,787.0    5,970.1    6,080.4
      Private industries...................    4,450.3    4,687.1    4,587.3    4,627.6    4,734.6    4,798.9    4,972.0    5,074.6
        Goods-producing industries.........    1,050.8    1,101.3    1,078.9    1,087.5    1,113.9    1,124.9    1,177.3    1,201.4
          Manufacturing....................      688.0      704.7      696.9      697.3      709.7      715.0      742.8      755.8
        Services-producing industries......    3,399.5    3,585.8    3,508.4    3,540.0    3,620.7    3,673.9    3,794.7    3,873.2
          Trade, transportation, and
           utilities.......................      899.2      937.2      918.2      930.4      945.5      954.9      983.6    1,002.0
          Other services-producing
           industries......................    2,500.3    2,648.5    2,590.3    2,609.7    2,675.2    2,719.0    2,811.0    2,871.3
      Government...........................      941.8      977.7      968.4      973.7      980.6      988.1      998.1    1,005.8

    Supplements to wages and salaries......    1,273.2    1,365.5    1,333.9    1,352.4    1,378.4    1,397.4    1,430.3    1,451.9
      Employer contributions for employee
       pension and insurance funds.........      866.1      933.2      909.8      924.7      942.1      956.1      971.6      985.7
      Employer contributions for government
       social insurance....................      407.1      432.3      424.1      427.7      436.3      441.3      458.7      466.3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      911.1      970.7      952.8      965.8      967.3      996.8    1,008.3    1,014.5
    Farm...................................       36.2       30.2       33.9       28.7       29.7       28.7       23.9       19.0
    Nonfarm................................      874.9      940.4      918.9      937.1      937.7      968.1      984.4      995.5

  Rental income of persons with capital
   consumption adjustment..................      127.0       72.8      118.5      102.8      -11.5       81.5       76.8       67.0

  Personal income receipts on assets.......    1,427.9    1,519.4    1,464.3    1,500.5    1,532.7    1,580.2    1,602.3    1,649.9
    Personal interest income...............      890.8      945.0      912.3      934.8      951.2      981.7      989.1    1,021.4
    Personal dividend income...............      537.1      574.4      552.0      565.7      581.5      598.5      613.2      628.5

  Personal current transfer receipts.......    1,426.5    1,526.6    1,487.3    1,510.1    1,569.0    1,539.8    1,570.4    1,589.8
    Government social benefits to persons..    1,398.4    1,480.9    1,456.3    1,477.2    1,489.2    1,500.8    1,536.0    1,554.8
      Old-age, survivors, disability, and
       health insurance benefits...........      791.4      844.9      832.2      844.4      848.5      854.6      909.9      928.1
      Government unemployment insurance
       benefits............................       36.0       31.3       32.8       30.7       30.2       31.6       27.8       27.0
      Other................................      571.0      604.6      591.3      602.1      610.4      614.5      598.3      599.6
    Other current transfer receipts, from
     business (net)........................       28.1       45.7       31.0       33.0       79.8       39.0       34.5       35.0

  Less: Contributions for government social
   insurance...............................      826.4      880.6      863.6      871.5      888.5      898.9      936.7      952.8

Less: Personal current taxes...............    1,049.8    1,203.1    1,157.9    1,191.8    1,215.0    1,247.6    1,332.6    1,380.5

Equals: Disposable personal income.........    8,681.6    9,036.1    8,890.9    8,969.7    9,047.7    9,236.1    9,388.8    9,520.3

Less: Personal outlays.....................    8,507.2    9,070.9    8,838.5    9,000.4    9,180.3    9,264.5    9,418.5    9,582.6

  Personal consumption expenditures........    8,211.5    8,742.4    8,519.7    8,674.6    8,847.3    8,927.8    9,079.2    9,229.6
    Durable goods..........................      986.3    1,033.1    1,013.1    1,042.3    1,057.3    1,019.6    1,064.1    1,063.2
    Nondurable goods.......................    2,345.2    2,539.3    2,450.2    2,508.6    2,584.9    2,613.5    2,658.2    2,723.0
    Services...............................    4,880.1    5,170.0    5,056.4    5,123.7    5,205.1    5,294.7    5,356.8    5,443.5
  Personal interest payments\1\............      186.0      209.4      199.8      208.5      214.6      214.9      218.5      228.1
  Personal current transfer payments.......      109.7      119.2      119.0      117.3      118.5      121.8      120.9      124.8
    To government..........................       66.8       72.0       69.9       71.3       72.7       74.2       75.7       77.3
    To the rest of the world (net).........       42.9       47.1       49.0       46.0       45.8       47.6       45.2       47.5

Equals: Personal saving....................      174.3      -34.8       52.5      -30.8     -132.6      -28.5      -29.7      -62.2

  Personal saving as a percentage of
   disposable personal income..............        2.0        -.4         .6        -.3       -1.5        -.3        -.3        -.7

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,010.8    8,104.6    8,076.6    8,085.8    8,074.1    8,183.3    8,276.8    8,308.5
    Per capita:
      Current dollars......................     29,536     30,458     30,073     30,273     30,461     31,020     31,470     31,842
      Chained (2000) dollars...............     27,254     27,318     27,319     27,290     27,183     27,484     27,743     27,789
  Population (midperiod, thousands)\3\.....    293,933    296,677    295,643    296,289    297,027    297,748    298,340    298,982
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2006.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 05  Jan 06\r\  Feb 06\r\  Mar 06\r\  Apr 06\r\  May 06\r\  Jun 06\r\  Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       53.7      138.8       57.0       55.5       75.1       42.5       60.0       60.2

  Compensation of employees, received......       37.5      131.9       64.7       44.1       61.9        7.2       43.2       44.9

    Wage and salary disbursements..........       30.7      112.6       56.8       37.2       52.6        2.9       36.3       36.8
      Private industries...................       28.4      107.9       53.4       35.5       49.9         .6       32.8       33.9
        Goods-producing industries.........        5.1       37.0       15.5        8.9        8.6        2.6        8.0        3.5
          Manufacturing....................        2.0       20.8        9.6        5.3        5.1        -.2        3.6        2.1
        Services-producing industries......       23.3       70.9       37.9       26.6       41.3       -2.0       24.8       30.4
          Trade, transportation, and
           utilities.......................        3.8       16.6        9.5        6.0       10.2       -2.3        7.5        8.4
          Other services-producing
           industries......................       19.5       54.4       28.4       20.5       31.1         .4       17.2       22.0
      Government...........................        2.3        4.7        3.4        1.7        2.8        2.2        3.5        2.9

    Supplements to wages and salaries......        6.9       19.3        8.0        6.7        9.3        4.4        6.9        8.1
      Employer contributions for employee
       pension and insurance funds.........        4.9        6.5        4.2        4.1        5.7        4.2        4.5        5.6
      Employer contributions for government
       social insurance....................        2.0       12.8        3.8        2.6        3.7         .1        2.4        2.5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        6.0        5.2        -.9        6.8       -1.2        6.5       -3.4       -2.3
    Farm...................................        -.6       -3.5        -.7        -.7       -2.0       -2.2       -2.3        1.2
    Nonfarm................................        6.5        8.8        -.2        7.5         .8        8.7       -1.2       -3.4

  Rental income of persons with capital
   consumption adjustment..................       -3.4       -2.5       -2.1         .5       -4.4       -4.6       -5.7        2.5

  Personal income receipts on assets.......       18.8        1.7        1.3        1.8       22.6       23.1       24.0        5.7
    Personal interest income...............       13.1       -2.9       -2.9       -2.9       17.6       17.6       17.6        -.6
    Personal dividend income...............        5.7        4.6        4.2        4.8        4.9        5.5        6.4        6.4

  Personal current transfer receipts.......       -1.3       30.3        2.4        7.6        3.9       10.9        6.9       14.8
    Government social benefits to persons..       -1.3       31.4        2.4        7.4        3.7       10.7        6.8       14.5
      Old-age, survivors, disability, and
       health insurance benefits...........        7.9       41.3        8.9        7.6        2.9        7.1        7.9       -4.4
      Government unemployment insurance
       benefits............................        -.4       -1.5       -1.2         .0        -.4         .0         .1         .2
      Other................................       -8.9       -8.4       -5.3        -.2        1.2        3.6       -1.2       18.7
    Other current transfer receipts, from
     business (net)........................         .1       -1.1         .1         .1         .2         .2         .2         .2

  Less: Contributions for government social
   insurance...............................        4.0       27.8        8.5        5.2        7.7         .6        5.0        5.4

Less: Personal current taxes...............       16.4       56.3       16.1       12.3       25.7        6.8       12.3       -3.7

Equals: Disposable personal income.........       37.3       82.5       41.0       43.2       49.4       35.5       47.8       63.9

Less: Personal outlays.....................       39.4       78.8       47.3       47.1       59.8       65.1       41.0       79.7

  Personal consumption expenditures........       39.1       78.9       44.8       44.6       53.2       60.7       36.6       78.7
    Durable goods..........................       15.8       30.7      -14.1       11.2       -2.4       -5.8        7.7       17.4
    Nondurable goods.......................        -.1       61.6       -1.2       10.0       39.8       24.6        6.8       27.1
    Services...............................       23.3      -13.4       60.1       23.5       15.7       41.9       22.1       34.2
  Personal interest payments\1\............        -.2        1.9        1.9        1.9        3.8        3.9        3.9         .5
  Personal current transfer payments.......         .5       -1.9         .5         .5        2.9         .5         .5         .6
    To government..........................         .5         .5         .5         .6         .5         .5         .6         .5
    To the rest of the world (net).........         .0       -2.4         .0         .0        2.3         .0         .0         .0

Equals: Personal saving....................       -2.0        3.6       -6.4       -3.8      -10.4      -29.5        6.7      -15.9

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       34.7       33.5       30.2        9.1        4.9        1.3       29.6       27.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2006.
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       I 05      II 05     III 05      IV 05    I 06\r\   II 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      567.8      507.8       29.4      112.7      101.2      221.0      237.7      179.4

  Compensation of employees, received......      354.9      365.0       80.2       64.1      139.9       90.8      215.9      132.1

    Wage and salary disbursements..........      279.4      272.7       49.9       45.6      113.9       71.8      183.1      110.3
      Private industries...................      242.0      236.8       33.5       40.3      107.0       64.3      173.1      102.6
        Goods-producing industries.........       42.9       50.5        7.5        8.6       26.4       11.0       52.4       24.1
          Manufacturing....................       19.1       16.7       -1.2         .4       12.4        5.3       27.8       13.0
        Services-producing industries......      199.1      186.3       26.0       31.6       80.7       53.2      120.8       78.5
          Trade, transportation, and
           utilities.......................       40.9       38.0        1.9       12.2       15.1        9.4       28.7       18.4
          Other services-producing
           industries......................      158.2      148.2       24.2       19.4       65.5       43.8       92.0       60.3
      Government...........................       37.4       35.9       16.3        5.3        6.9        7.5       10.0        7.7

    Supplements to wages and salaries......       75.5       92.3       30.4       18.5       26.0       19.0       32.9       21.6
      Employer contributions for employee
       pension and insurance funds.........       50.5       67.1       21.5       14.9       17.4       14.0       15.5       14.1
      Employer contributions for government
       social insurance....................       25.0       25.2        8.8        3.6        8.6        5.0       17.4        7.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       99.8       59.6       11.3       13.0        1.5       29.5       11.5        6.2
    Farm...................................        7.0       -6.0        -.4       -5.2        1.0       -1.0       -4.8       -4.9
    Nonfarm................................       92.8       65.5       11.6       18.2         .6       30.4       16.3       11.1

  Rental income of persons with capital
   consumption adjustment..................       -6.0      -54.2       -4.9      -15.7     -114.3       93.0       -4.7       -9.8

  Personal income receipts on assets.......       91.3       91.5      -75.5       36.2       32.2       47.5       22.1       47.6
    Personal interest income...............      -23.3       54.2       20.0       22.5       16.4       30.5        7.4       32.3
    Personal dividend income...............      114.5       37.3      -95.5       13.7       15.8       17.0       14.7       15.3

  Personal current transfer receipts.......       75.5      100.1       38.9       22.8       58.9      -29.2       30.6       19.4
    Government social benefits to persons..       81.7       82.5       32.8       20.9       12.0       11.6       35.2       18.8
      Old-age, survivors, disability, and
       health insurance benefits...........       50.1       53.5       23.8       12.2        4.1        6.1       55.3       18.2
      Government unemployment insurance
       benefits............................      -16.8       -4.7         .5       -2.1        -.5        1.4       -3.8        -.8
      Other................................       48.5       33.6        8.5       10.8        8.3        4.1      -16.2        1.3
    Other current transfer receipts, from
     business (net)........................       -6.2       17.6        6.2        2.0       46.8      -40.8       -4.5         .5

  Less: Contributions for government social
   insurance...............................       47.8       54.2       20.5        7.9       17.0       10.4       37.8       16.1

Less: Personal current taxes...............       48.7      153.3       69.7       33.9       23.2       32.6       85.0       47.9

Equals: Disposable personal income.........      519.1      354.5      -40.3       78.8       78.0      188.4      152.7      131.5

Less: Personal outlays.....................      519.5      563.7      116.2      161.9      179.9       84.2      154.0      164.1

  Personal consumption expenditures........      507.9      530.9      104.9      154.9      172.7       80.5      151.4      150.4
    Durable goods..........................       43.6       46.8        6.7       29.2       15.0      -37.7       44.5        -.9
    Nondurable goods.......................      155.0      194.1       37.5       58.4       76.3       28.6       44.7       64.8
    Services...............................      309.3      289.9       60.7       67.3       81.4       89.6       62.1       86.7
  Personal interest payments\1\............        3.5       23.4        3.6        8.7        6.1         .3        3.6        9.6
  Personal current transfer payments.......        8.2        9.5        7.8       -1.7        1.2        3.3        -.9        3.9
    To government..........................        5.5        5.2        1.0        1.4        1.4        1.5        1.5        1.6
    To the rest of the world (net).........        2.7        4.2        6.6       -3.0        -.2        1.8       -2.4        2.3

Equals: Personal saving....................        -.6     -209.1     -156.4      -83.3     -101.8      104.1       -1.2      -32.5

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      280.9       93.8      -82.2        9.2      -11.7      109.2       93.5       31.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2006.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 05  Jan 06\r\  Feb 06\r\  Mar 06\r\  Apr 06\r\  May 06\r\  Jun 06\r\  Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................         .5        1.3         .5         .5         .7         .4         .6         .5
  Compensation of employees, received......         .5        1.8         .9         .6         .8         .1         .6         .6
    Wage and salary disbursements..........         .5        1.9        1.0         .6         .9         .0         .6         .6
    Supplements to wages and salaries......         .5        1.4         .6         .5         .6         .3         .5         .6
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .6         .5        -.1         .7        -.1         .6        -.3        -.2
  Rental income of persons with capital
   consumption adjustment..................       -4.0       -3.1       -2.6         .7       -5.8       -6.4       -8.4        3.9
  Personal income receipts on assets.......        1.2         .1         .1         .1        1.4        1.4        1.5         .3
    Personal interest income...............        1.3        -.3        -.3        -.3        1.8        1.8        1.7        -.1
    Personal dividend income...............        1.0         .8         .7         .8         .8         .9        1.0        1.0
  Personal current transfer receipts.......        -.1        2.0         .2         .5         .3         .7         .4         .9

  Less: Contributions for government social
   insurance...............................         .4        3.1         .9         .6         .8         .1         .5         .6

Less: Personal current taxes...............        1.3        4.5        1.2         .9        1.9         .5         .9        -.3

Equals: Disposable personal income.........         .4         .9         .4         .5         .5         .4         .5         .7

Addenda:
  Personal consumption expenditures........         .4         .9         .5         .5         .6         .7         .4         .8
    Durable goods..........................        1.5        3.0       -1.3        1.1        -.2        -.5         .7        1.6
    Nondurable goods.......................         .0        2.4         .0         .4        1.5         .9         .3        1.0
    Services...............................         .4        -.3        1.1         .4         .3         .8         .4         .6
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........         .4         .4         .4         .1         .1         .0         .4         .3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2006.

             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2004       2005       I 05      II 05     III 05      IV 05    I 06\r\   II 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................        6.2        5.2        1.2        4.6        4.0        8.9        9.4        6.9
  Compensation of employees, received......        5.6        5.5        4.8        3.8        8.3        5.2       12.6        7.3
    Wage and salary disbursements..........        5.5        5.1        3.7        3.3        8.4        5.1       13.3        7.6
    Supplements to wages and salaries......        6.3        7.3        9.6        5.7        7.9        5.6        9.7        6.2
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       12.3        6.5        4.8        5.6         .6       12.7        4.7        2.5
  Rental income of persons with capital
   consumption adjustment..................       -4.5      -42.7      -15.1      -43.3      .....      .....      -21.2      -41.9
  Personal income receipts on assets.......        6.8        6.4      -18.2       10.3        8.9       13.0        5.7       12.4
    Personal interest income...............       -2.5        6.1        9.3       10.2        7.2       13.5        3.0       13.7
    Personal dividend income...............       27.1        7.0      -47.2       10.4       11.7       12.2       10.2       10.4
  Personal current transfer receipts.......        5.6        7.0       11.2        6.3       16.5       -7.3        8.2        5.0


  Less: Contributions for government social
   insurance...............................        6.1        6.6       10.1        3.7        8.0        4.8       17.9        7.0

Less: Personal current taxes...............        4.9       14.6       28.2       12.2        8.0       11.2       30.2       15.2

Equals: Disposable personal income.........        6.4        4.1       -1.8        3.6        3.5        8.6        6.8        5.7

Addenda:
  Personal consumption expenditures........        6.6        6.5        5.1        7.5        8.2        3.7        7.0        6.8
    Durable goods..........................        4.6        4.7        2.7       12.1        5.9      -13.5       18.6        -.4
    Nondurable goods.......................        7.1        8.3        6.4        9.9       12.7        4.5        7.0       10.1
    Services...............................        6.8        5.9        5.0        5.4        6.5        7.1        4.8        6.6
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........        3.6        1.2       -4.0         .5        -.6        5.5        4.6        1.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2006.

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 05     Jan 06     Feb 06     Mar 06  Apr 06\r\  May 06\r\  Jun 06\r\  Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,945.8    7,977.5    8,011.3    8,022.6    8,032.0    8,056.1    8,076.4    8,117.9
  Durable goods............................    1,161.8    1,195.2    1,181.0    1,195.2    1,192.1    1,185.8    1,197.5    1,216.3
  Nondurable goods.........................    2,310.5    2,343.3    2,346.4    2,338.6    2,347.6    2,352.5    2,357.1    2,366.8
  Services.................................    4,491.6    4,465.4    4,505.3    4,512.8    4,515.5    4,538.5    4,544.7    4,561.1
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       36.2       31.7       33.8       11.3        9.4       24.1       20.3       41.5
  Durable goods............................       19.6       33.4      -14.2       14.2       -3.1       -6.3       11.7       18.8
  Nondurable goods.........................        5.2       32.8        3.1       -7.8        9.0        4.9        4.6        9.7
  Services.................................       14.7      -26.2       39.9        7.5        2.7       23.0        6.2       16.4
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .5         .4         .4         .1         .1         .3         .3         .5
  Durable goods............................        1.7        2.9       -1.2        1.2        -.3        -.5        1.0        1.6
  Nondurable goods.........................         .2        1.4         .1        -.3         .4         .2         .2         .4
  Services.................................         .3        -.6         .9         .2         .1         .5         .1         .4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2004       2005       I 05      II 05     III 05      IV 05       I 06   II 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,577.1    7,841.2    7,739.4    7,819.8    7,895.3    7,910.2    8,003.8    8,054.8
  Durable goods............................    1,085.7    1,145.3    1,116.8    1,150.8    1,175.9    1,137.9    1,190.5    1,191.8
  Nondurable goods.........................    2,179.2    2,276.8    2,241.5    2,268.4    2,287.6    2,309.6    2,342.8    2,352.4
  Services.................................    4,323.9    4,436.6    4,395.3    4,420.0    4,454.5    4,476.7    4,494.5    4,532.9
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      281.8      264.1       52.3       80.4       75.5       14.9       93.6       51.0
  Durable goods............................       65.1       59.6        6.5       34.0       25.1      -38.0       52.6        1.3
  Nondurable goods.........................       76.2       97.6       28.4       26.9       19.2       22.0       33.2        9.6
  Services.................................      145.1      112.7       17.9       24.7       34.5       22.2       17.8       38.4
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.9        3.5        2.7        4.2        3.9         .8        4.8        2.6
  Durable goods............................        6.4        5.5        2.4       12.8        9.0      -12.3       19.8         .5
  Nondurable goods.........................        3.6        4.5        5.2        4.9        3.4        3.9        5.9        1.7
  Services.................................        3.5        2.6        1.6        2.3        3.2        2.0        1.6        3.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 05     Jan 06     Feb 06     Mar 06  Apr 06\r\  May 06\r\  Jun 06\r\  Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    112.715    113.258    113.340    113.737    114.265    114.676    114.842    115.223
  Durable goods............................     89.432     89.501     89.389     89.264     89.288     89.278     89.046     89.097
  Nondurable goods.........................    112.294    113.351    113.150    113.953    115.212    116.017    116.084    116.754
  Services.................................    118.505    118.900    119.180    119.502    119.780    120.095    120.416    120.733
Addenda:
  PCE excluding food and energy............    110.574    110.758    110.928    111.264    111.529    111.767    111.996    112.149
  Market-based PCE\1\......................    111.423    111.971    111.988    112.390    112.931    113.378    113.519    113.904
  Market-based PCE excluding food
   and energy\1\...........................    108.512    108.629    108.735    109.065    109.292    109.541    109.751    109.863
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .0         .5         .1         .4         .5         .4         .1         .3
  Durable goods............................        -.2         .1        -.1        -.1         .0         .0        -.3         .1
  Nondurable goods.........................        -.2         .9        -.2         .7        1.1         .7         .1         .6
  Services.................................         .1         .3         .2         .3         .2         .3         .3         .3
Addenda:
  PCE excluding food and energy............         .1         .2         .2         .3         .2         .2         .2         .1
  Market-based PCE\1\......................        -.1         .5         .0         .4         .5         .4         .1         .3
  Market-based PCE excluding food
   and energy\1\...........................         .1         .1         .1         .3         .2         .2         .2         .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
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 05  Jan 06\r\  Feb 06\r\  Mar 06\r\  Apr 06\r\  May 06\r\  Jun 06\r\  Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................       -1.7        2.1        2.5        2.8        2.9        2.7        2.6        2.5

Personal consumption expenditures..........        2.9        3.3        3.4        3.5        2.9        3.4        2.7        2.4
  Durable goods............................        3.0        7.9        6.0        5.9        2.3        6.2        2.3       -1.7
  Nondurable goods.........................        3.9        4.7        4.3        4.6        3.6        3.9        3.5        3.8
  Services.................................        2.3        1.8        2.5        2.4        2.7        2.6        2.4        2.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2006.

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 05     Jan 06     Feb 06     Mar 06  Apr 06\r\  May 06\r\  Jun 06\r\  Jul 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        2.9        3.2        3.0        2.9        3.0        3.4        3.5        3.4
  Durable goods............................       -1.3       -1.5       -1.4       -1.5       -1.4       -1.6       -1.5       -1.1
  Nondurable goods.........................        3.3        4.3        3.6        3.5        3.8        5.0        5.3        4.8
  Services.................................        3.6        3.7        3.6        3.5        3.6        3.6        3.7        3.6
Addenda:
  PCE excluding food and energy............        2.1        2.0        2.0        2.0        2.2        2.2        2.3        2.4
  Market-based PCE\1\......................        2.8        3.1        2.8        2.7        2.8        3.3        3.4        3.3
  Market-based PCE excluding food
   and energy\1\...........................        1.8        1.6        1.6        1.6        1.8        1.8        2.0        2.0
-----------------------------------------------------------------------------------------------------------------------------------
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.