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News Release: Personal Income and Outlays

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, NOVEMBER 30, 2006

Kurt Kunze:            (202) 606-5301  (Personal Income)BEA 06-52
Michael Armah:         (202) 606-5302  (Personal Outlays)


                                PERSONAL INCOME AND OUTLAYS: OCTOBER 2006

        Personal income increased $49.3 billion, or 0.4 percent, and disposable personal income (DPI)
increased $33.1 billion, or 0.3 percent, in October, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $16.9 billion, or 0.2 percent.  In September,
personal income increased $54.3 billion, or 0.5 percent, DPI increased $49.4 billion, or 0.5 percent,
and PCE decreased $14.2 billion, or 0.2 percent, based on revised estimates.


                                                                                2006
                                              June              July            Aug.            Sept.           Oct.
                                                                (Percent change from preceding month)
Personal income, current dollars              0.4               0.5             0.5             0.5             0.4
Disposable personal income:
  Current dollars                             0.4               0.6             0.6             0.5             0.3
  Chained (2000) dollars                      0.3               0.3             0.3             0.8             0.6
Personal consumption expenditures:
  Current dollars                             0.3               0.8             0.1            -0.2             0.2
  Chained (2000) dollars                      0.2               0.5            -0.1             0.2             0.4


        This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for April through June 2006 (second quarter).  These
estimates reflect newly available second-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 $34.9 billion in October, compared with an
increase of $33.4 billion in September.  Goods-producing industries' payrolls increased $6.1 billion,
compared with an increase of $3.2 billion; manufacturing payrolls increased $4.7 billion, compared
with an increase of $1.0 billion.  Services-producing industries' payrolls increased $28.8 billion,
compared with an increase of $30.2 billion.  Government wage and salary disbursements increased
$3.0 billion, compared with an increase of $4.9 billion.

                                Other personal income

        Supplements to wages and salaries increased $7.5 billion in October, compared with an
increase of $6.8 billion in September.

        Proprietors' income increased $1.1 billion in October, in contrast to a decrease of $0.3 billion in
September.  Farm proprietors' income increased $2.8 billion, compared with an increase of $4.4
billion.  Nonfarm proprietors' income decreased $1.7 billion, compared with a decrease of $4.6
billion.

        Rental income of persons decreased $3.0 billion in October, in contrast to an increase of $2.9
billion in September.  Personal income receipts on assets (personal interest income plus personal
dividend income) increased $11.4 billion, compared with an increase of $7.8 billion.  Personal
current transfer receipts increased $0.5 billion, compared with an increase of $3.4 billion.

        Contributions for government social insurance -- a subtraction in calculating personal income --
increased $6.1 billion in October, compared with an increase of $4.5 billion in September.

                                Personal current taxes and disposable personal income

        Personal current taxes increased $16.2 billion in October, compared with an increase of $4.9
billion in September.  Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $33.1 billion, or 0.3 percent, in October, compared with an increase of $49.4
billion, or 0.5 percent, in September.

                                Personal outlays and personal saving

        Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $18.0 billion in October, in contrast to a decrease of $10.0 billion in September.  PCE
increased $16.9 billion, in contrast to a decrease of $14.2 billion.

        Personal saving -- DPI less personal outlays -- was a negative $53.8 billion in October,
compared with a negative $69.1 billion in September.  Personal saving as a percentage of disposable
personal income was a negative 0.6 percent in October, compared with a negative 0.7 percent in
September.  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 help finance consumption), 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 0.6 percent in October,
compared with an increase of 0.8 percent in September.  In October, the larger increase in real DPI
than in current-dollar DPI reflected a decrease in the PCE implicit price deflator, which is used to
deflate DPI.  The decrease in the PCE price index primarily reflected decreases in energy prices.
The PCE price index decreased 0.2 percent in October, compared with a decrease of 0.3 percent in
September.  The PCE price index, excluding food and energy, increased 0.2 percent in October, the
same increase as in September.

        Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in October,
compared with an increase of 0.2 percent in September.  Purchases of durable goods increased 0.2
percent, compared with an increase of 0.6 percent.  Purchases of nondurable goods increased 0.7
percent, in contrast to a decrease of 0.1 percent.  Purchases of services increased 0.3 percent,
              compared with an increase of 0.2 percent.

                                Revisions

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

        For April through September, the revisions to wages and salaries reflected the incorporation
of the most recently available BLS tabulations of second-quarter private wages and salaries from the
quarterly census of employment and wages.  Wages and salaries were revised down for all six
months.  For more information, see the FAQ on "What new data lead to the sometimes large
revisions in wages and salaries?" on BEA's Web site, go to http://faq.bea.gov/cgi-
bin/bea.cfg/php/enduser/std_adp.php?p_faqid=325 .  Revisions to personal current taxes and to
contributions for government social insurance reflected the revisions to wages and salaries.

                                                                     Change from preceding month

                                             August                                                September
                                             Previous     Revised     Previous     Revised     Previous     Revised     Previous     Revised
                                             (Billions of dollars)          (Percent)          (Billions of dollars)          (Percent)
Personal Income:
  Current dollars......................      47.2          56.5       0.4          0.5         53.0         54.3        0.5          0.5
Disposable personal income:
  Current dollars......................      46.4          54.0       0.5          0.6         49.3         49.4        0.5          0.5
  Chained (2000) dollars...............      17.8          24.5       0.2          0.3         69.2         69.7        0.8          0.8
Personal consumption expenditures:
  Current dollars......................      15.3          12.0       0.2          0.1         11.6        -14.2        0.1         -0.2
  Chained (2000) dollars...............      -8.5         -11.4      -0.1         -0.1         35.6         13.6        0.4          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 November will be released on
December 22, 2006, at 8:30 A.M. EST.

                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 06  Apr 06/r/  May 06/r/  Jun 06/r/  Jul 06/r/  Aug 06/r/  Sep 06/r/  Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,777.4   10,784.3   10,795.3   10,842.2   10,898.3   10,954.8   11,009.1   11,058.4

  Compensation of employees, received......    7,451.3    7,434.9    7,406.8    7,434.7    7,477.1    7,505.3    7,550.4    7,595.8

    Wage and salary disbursements..........    6,013.8    5,993.6    5,963.5    5,985.7    6,020.2    6,042.5    6,080.8    6,118.7
      Private industries...................    5,013.4    4,990.4    4,958.1    4,976.4    5,005.6    5,022.0    5,055.4    5,090.3
        Goods-producing industries.........    1,188.4    1,174.3    1,170.4    1,174.2    1,176.8    1,180.2    1,183.4    1,189.5
          Manufacturing....................      749.6      736.2      730.9      731.2      732.3      733.9      734.9      739.6
        Services-producing industries......    3,825.0    3,816.1    3,787.7    3,802.2    3,828.8    3,841.8    3,872.0    3,900.8
          Trade, transportation, and
           utilities.......................      990.8      992.7      987.1      992.6    1,001.5    1,001.3    1,006.6    1,011.0
          Other services-producing
           industries......................    2,834.2    2,823.4    2,800.6    2,809.6    2,827.3    2,840.5    2,865.4    2,889.8
      Government...........................    1,000.4    1,003.2    1,005.4    1,009.2    1,014.6    1,020.5    1,025.4    1,028.4

    Supplements to wages and salaries......    1,437.4    1,441.3    1,443.3    1,449.0    1,456.9    1,462.8    1,469.6    1,477.1
      Employer contributions for employee
       pension and insurance funds.........      975.7      981.4      985.6      990.1      995.6    1,000.2    1,004.5    1,009.5
      Employer contributions for government
       social insurance....................      461.7      460.0      457.7      458.9      461.3      462.6      465.2      467.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    1,012.5    1,010.1    1,014.8    1,010.7    1,009.4    1,016.3    1,016.0    1,017.1
    Farm...................................       23.2       20.5       17.5       14.6       16.7       20.6       25.0       27.8
    Nonfarm................................      989.3      989.6      997.3      996.1      992.7      995.6      991.0      989.3

  Rental income of persons with capital
   consumption adjustment..................       76.4       74.2       71.8       68.2       71.0       73.2       76.1       73.1

  Personal income receipts on assets.......    1,603.9    1,625.4    1,647.3    1,670.2    1,677.4    1,684.9    1,692.7    1,704.1
    Personal interest income...............      986.2    1,002.7    1,019.2    1,035.6    1,036.4    1,037.2    1,038.0    1,042.5
    Personal dividend income...............      617.8      622.7      628.2      634.6      641.0      647.7      654.6      661.6

  Personal current transfer receipts.......    1,576.3    1,580.2    1,591.1    1,597.8    1,608.0    1,622.5    1,625.9    1,626.4
    Government social benefits to persons..    1,541.7    1,545.4    1,556.1    1,562.6    1,572.6    1,587.0    1,590.2    1,590.5
      Old-age, survivors, disability, and
       health insurance benefits...........      917.9      920.8      927.9      935.8      931.4      938.9      939.7      937.2
      Government unemployment insurance
       benefits............................       27.4       27.0       27.0       27.0       27.3       27.3       27.3       26.9
      Other................................      596.4      597.6      601.2      599.9      613.9      620.7      623.1      626.4
    Other current transfer receipts, from
     business (net)........................       34.6       34.8       35.0       35.2       35.4       35.5       35.7       35.9

  Less: Contributions for government social
   insurance...............................      943.0      940.5      936.6      939.4      944.5      947.5      952.0      958.1

Less: Personal current taxes...............    1,346.2    1,357.5    1,358.1    1,367.5    1,362.4    1,364.8    1,369.7    1,385.9

Equals: Disposable personal income.........    9,431.3    9,426.8    9,437.2    9,474.6    9,536.0    9,590.0    9,639.4    9,672.5

Less: Personal outlays.....................    9,465.7    9,522.3    9,587.5    9,621.2    9,702.3    9,718.4    9,708.4    9,726.4

  Personal consumption expenditures........    9,123.8    9,175.2    9,238.6    9,270.5    9,345.8    9,357.8    9,343.6    9,360.5
    Durable goods..........................    1,066.9    1,064.1    1,057.9    1,063.5    1,085.1    1,068.7    1,069.5    1,071.5
    Nondurable goods.......................    2,664.5    2,703.9    2,728.3    2,732.0    2,756.0    2,760.2    2,718.4    2,701.3
    Services...............................    5,392.5    5,407.2    5,452.4    5,475.0    5,504.7    5,528.9    5,555.6    5,587.7
  Personal interest payments\1\............      220.4      221.6      222.9      224.2      227.9      231.5      235.2      235.6
  Personal current transfer payments.......      121.4      125.5      126.0      126.5      128.6      129.2      129.7      130.3
    To government..........................       76.3       76.8       77.3       77.9       78.4       79.0       79.5       80.1
    To the rest of the world (net).........       45.2       48.7       48.7       48.7       50.2       50.2       50.2       50.2

Equals: Personal saving....................      -34.4      -95.5     -150.3     -146.6     -166.3     -128.5      -69.1      -53.8

  Personal saving as a percentage of
   disposable personal income..............        -.4       -1.0       -1.6       -1.5       -1.7       -1.3        -.7        -.6

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,292.9    8,251.4    8,232.0    8,252.8    8,280.1    8,304.6    8,374.3    8,421.8
    Per capita:
      Current dollars......................     31,591     31,554     31,565     31,665     31,844     31,997     32,134     32,217
      Chained (2000) dollars...............     27,778     27,620     27,534     27,582     27,650     27,708     27,917     28,051
  Population (midperiod, thousands)\3\.....    298,539    298,753    298,979    299,213    299,459    299,716    299,972    300,233
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second 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      II 05     III 05      IV 05       I 06   II 06/r/  III 06/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,731.4   10,239.2   10,161.5   10,262.7   10,483.7   10,721.4   10,807.3   10,954.0

  Compensation of employees, received......    6,665.3    7,030.3    6,953.7    7,093.6    7,184.4    7,400.3    7,425.5    7,510.9

    Wage and salary disbursements..........    5,392.1    5,664.8    5,601.3    5,715.2    5,787.0    5,970.1    5,980.9    6,047.8
      Private industries...................    4,450.3    4,687.1    4,627.6    4,734.6    4,798.9    4,972.0    4,975.0    5,027.7
        Goods-producing industries.........    1,050.8    1,101.3    1,087.5    1,113.9    1,124.9    1,177.3    1,173.0    1,180.1
          Manufacturing....................      688.0      704.7      697.3      709.7      715.0      742.8      732.8      733.7
        Services-producing industries......    3,399.5    3,585.8    3,540.0    3,620.7    3,673.9    3,794.7    3,802.0    3,847.5
          Trade, transportation, and
           utilities.......................      899.2      937.2      930.4      945.5      954.9      983.6      990.8    1,003.1
          Other services-producing
           industries......................    2,500.3    2,648.5    2,609.7    2,675.2    2,719.0    2,811.0    2,811.2    2,844.4
      Government...........................      941.8      977.7      973.7      980.6      988.1      998.1    1,005.9    1,020.2

    Supplements to wages and salaries......    1,273.2    1,365.5    1,352.4    1,378.4    1,397.4    1,430.3    1,444.5    1,463.1
      Employer contributions for employee
       pension and insurance funds.........      866.1      933.2      924.7      942.1      956.1      971.6      985.7    1,000.1
      Employer contributions for government
       social insurance....................      407.1      432.3      427.7      436.3      441.3      458.7      458.9      463.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      911.1      970.7      965.8      967.3      996.8    1,008.3    1,011.9    1,013.9
    Farm...................................       36.2       30.2       28.7       29.7       28.7       23.9       17.5       20.8
    Nonfarm................................      874.9      940.4      937.1      937.7      968.1      984.4      994.3      993.1

  Rental income of persons with capital
   consumption adjustment..................      127.0       72.8      102.8      -11.5       81.5       76.8       71.4       73.4

  Personal income receipts on assets.......    1,427.9    1,519.4    1,500.5    1,532.7    1,580.2    1,602.3    1,647.7    1,685.0
    Personal interest income...............      890.8      945.0      934.8      951.2      981.7      989.1    1,019.2    1,037.2
    Personal dividend income...............      537.1      574.4      565.7      581.5      598.5      613.2      628.5      647.8

  Personal current transfer receipts.......    1,426.5    1,526.6    1,510.1    1,569.0    1,539.8    1,570.4    1,589.7    1,618.8
    Government social benefits to persons..    1,398.4    1,480.9    1,477.2    1,489.2    1,500.8    1,536.0    1,554.7    1,583.3
      Old-age, survivors, disability, and
       health insurance benefits...........      791.4      844.9      844.4      848.5      854.6      909.9      928.1      936.7
      Government unemployment insurance
       benefits............................       36.0       31.3       30.7       30.2       31.6       27.8       27.0       27.3
      Other................................      571.0      604.6      602.1      610.4      614.5      598.3      599.6      619.2
    Other current transfer receipts, from
     business (net)........................       28.1       45.7       33.0       79.8       39.0       34.5       35.0       35.5

  Less: Contributions for government social
   insurance...............................      826.4      880.6      871.5      888.5      898.9      936.7      938.8      948.0

Less: Personal current taxes...............    1,049.8    1,203.1    1,191.8    1,215.0    1,247.6    1,332.6    1,361.0    1,365.6

Equals: Disposable personal income.........    8,681.6    9,036.1    8,969.7    9,047.7    9,236.1    9,388.8    9,446.2    9,588.4

Less: Personal outlays.....................    8,507.2    9,070.9    9,000.4    9,180.3    9,264.5    9,418.5    9,577.0    9,709.7

  Personal consumption expenditures........    8,211.5    8,742.4    8,674.6    8,847.3    8,927.8    9,079.2    9,228.1    9,349.1
    Durable goods..........................      986.3    1,033.1    1,042.3    1,057.3    1,019.6    1,064.1    1,061.8    1,074.4
    Nondurable goods.......................    2,345.2    2,539.3    2,508.6    2,584.9    2,613.5    2,658.2    2,721.4    2,744.9
    Services...............................    4,880.1    5,170.0    5,123.7    5,205.1    5,294.7    5,356.8    5,444.9    5,529.8
  Personal interest payments\1\............      186.0      209.4      208.5      214.6      214.9      218.5      222.9      231.5
  Personal current transfer payments.......      109.7      119.2      117.3      118.5      121.8      120.9      126.0      129.2
    To government..........................       66.8       72.0       71.3       72.7       74.2       75.7       77.3       79.0
    To the rest of the world (net).........       42.9       47.1       46.0       45.8       47.6       45.2       48.7       50.2

Equals: Personal saving....................      174.3      -34.8      -30.8     -132.6      -28.5      -29.7     -130.8     -121.3

  Personal saving as a percentage of
   disposable personal income..............        2.0        -.4        -.3       -1.5        -.3        -.3       -1.4       -1.3

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,010.8    8,104.6    8,085.8    8,074.1    8,183.3    8,276.8    8,245.4    8,319.7
    Per capita:
      Current dollars......................     29,536     30,458     30,273     30,461     31,020     31,470     31,595     31,992
      Chained (2000) dollars...............     27,254     27,318     27,290     27,183     27,484     27,743     27,578     27,759
  Population (midperiod, thousands)\3\.....    293,933    296,677    296,289    297,027    297,748    298,340    298,982    299,716
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second 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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 06  Apr 06/r/  May 06/r/  Jun 06/r/  Jul 06/r/  Aug 06/r/  Sep 06/r/  Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       55.5        6.9       11.0       46.9       56.1       56.5       54.3       49.3

  Compensation of employees, received......       44.1      -16.4      -28.1       27.9       42.4       28.2       45.1       45.4

    Wage and salary disbursements..........       37.2      -20.2      -30.1       22.2       34.5       22.3       38.3       37.9
      Private industries...................       35.5      -23.0      -32.3       18.3       29.2       16.4       33.4       34.9
        Goods-producing industries.........        8.9      -14.1       -3.9        3.8        2.6        3.4        3.2        6.1
          Manufacturing....................        5.3      -13.4       -5.3         .3        1.1        1.6        1.0        4.7
        Services-producing industries......       26.6       -8.9      -28.4       14.5       26.6       13.0       30.2       28.8
          Trade, transportation, and
           utilities.......................        6.0        1.9       -5.6        5.5        8.9        -.2        5.3        4.4
          Other services-producing
           industries......................       20.5      -10.8      -22.8        9.0       17.7       13.2       24.9       24.4
      Government...........................        1.7        2.8        2.2        3.8        5.4        5.9        4.9        3.0

    Supplements to wages and salaries......        6.7        3.9        2.0        5.7        7.9        5.9        6.8        7.5
      Employer contributions for employee
       pension and insurance funds.........        4.1        5.7        4.2        4.5        5.5        4.6        4.3        5.0
      Employer contributions for government
       social insurance....................        2.6       -1.7       -2.3        1.2        2.4        1.3        2.6        2.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        6.8       -2.4        4.7       -4.1       -1.3        6.9        -.3        1.1
    Farm...................................        -.7       -2.7       -3.0       -2.9        2.1        3.9        4.4        2.8
    Nonfarm................................        7.5         .3        7.7       -1.2       -3.4        2.9       -4.6       -1.7

  Rental income of persons with capital
   consumption adjustment..................         .5       -2.2       -2.4       -3.6        2.8        2.2        2.9       -3.0

  Personal income receipts on assets.......        1.8       21.5       21.9       22.9        7.2        7.5        7.8       11.4
    Personal interest income...............       -2.9       16.5       16.5       16.4         .8         .8         .8        4.5
    Personal dividend income...............        4.8        4.9        5.5        6.4        6.4        6.7        6.9        7.0

  Personal current transfer receipts.......        7.6        3.9       10.9        6.7       10.2       14.5        3.4         .5
    Government social benefits to persons..        7.4        3.7       10.7        6.5       10.0       14.4        3.2         .3
      Old-age, survivors, disability, and
       health insurance benefits...........        7.6        2.9        7.1        7.9       -4.4        7.5         .8       -2.5
      Government unemployment insurance
       benefits............................         .0        -.4         .0         .0         .3         .0         .0        -.4
      Other................................        -.2        1.2        3.6       -1.3       14.0        6.8        2.4        3.3
    Other current transfer receipts, from
     business (net)........................         .1         .2         .2         .2         .2         .1         .2         .2

  Less: Contributions for government social
   insurance...............................        5.2       -2.5       -3.9        2.8        5.1        3.0        4.5        6.1

Less: Personal current taxes...............       12.3       11.3         .6        9.4       -5.1        2.4        4.9       16.2

Equals: Disposable personal income.........       43.2       -4.5       10.4       37.4       61.4       54.0       49.4       33.1

Less: Personal outlays.....................       47.1       56.6       65.2       33.7       81.1       16.1      -10.0       18.0

  Personal consumption expenditures........       44.6       51.4       63.4       31.9       75.3       12.0      -14.2       16.9
    Durable goods..........................       11.2       -2.8       -6.2        5.6       21.6      -16.4         .8        2.0
    Nondurable goods.......................       10.0       39.4       24.4        3.7       24.0        4.2      -41.8      -17.1
    Services...............................       23.5       14.7       45.2       22.6       29.7       24.2       26.7       32.1
  Personal interest payments\1\............        1.9        1.2        1.3        1.3        3.7        3.6        3.7         .4
  Personal current transfer payments.......         .5        4.1         .5         .5        2.1         .6         .5         .6
    To government..........................         .6         .5         .5         .6         .5         .6         .5         .6
    To the rest of the world (net).........         .0        3.5         .0         .0        1.5         .0         .0         .0

Equals: Personal saving....................       -3.8      -61.1      -54.8        3.7      -19.7       37.8       59.4       15.3

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............        9.1      -41.5      -19.4       20.8       27.3       24.5       69.7       47.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second 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      II 05     III 05      IV 05       I 06   II 06/r/  III 06/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      567.8      507.8      112.7      101.2      221.0      237.7       85.9      146.7

  Compensation of employees, received......      354.9      365.0       64.1      139.9       90.8      215.9       25.2       85.4

    Wage and salary disbursements..........      279.4      272.7       45.6      113.9       71.8      183.1       10.8       66.9
      Private industries...................      242.0      236.8       40.3      107.0       64.3      173.1        3.0       52.7
        Goods-producing industries.........       42.9       50.5        8.6       26.4       11.0       52.4       -4.3        7.1
          Manufacturing....................       19.1       16.7         .4       12.4        5.3       27.8      -10.0         .9
        Services-producing industries......      199.1      186.3       31.6       80.7       53.2      120.8        7.3       45.5
          Trade, transportation, and
           utilities.......................       40.9       38.0       12.2       15.1        9.4       28.7        7.2       12.3
          Other services-producing
           industries......................      158.2      148.2       19.4       65.5       43.8       92.0         .2       33.2
      Government...........................       37.4       35.9        5.3        6.9        7.5       10.0        7.8       14.3

    Supplements to wages and salaries......       75.5       92.3       18.5       26.0       19.0       32.9       14.2       18.6
      Employer contributions for employee
       pension and insurance funds.........       50.5       67.1       14.9       17.4       14.0       15.5       14.1       14.4
      Employer contributions for government
       social insurance....................       25.0       25.2        3.6        8.6        5.0       17.4         .2        4.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       99.8       59.6       13.0        1.5       29.5       11.5        3.6        2.0
    Farm...................................        7.0       -6.0       -5.2        1.0       -1.0       -4.8       -6.4        3.3
    Nonfarm................................       92.8       65.5       18.2         .6       30.4       16.3        9.9       -1.2

  Rental income of persons with capital
   consumption adjustment..................       -6.0      -54.2      -15.7     -114.3       93.0       -4.7       -5.4        2.0

  Personal income receipts on assets.......       91.3       91.5       36.2       32.2       47.5       22.1       45.4       37.3
    Personal interest income...............      -23.3       54.2       22.5       16.4       30.5        7.4       30.1       18.0
    Personal dividend income...............      114.5       37.3       13.7       15.8       17.0       14.7       15.3       19.3

  Personal current transfer receipts.......       75.5      100.1       22.8       58.9      -29.2       30.6       19.3       29.1
    Government social benefits to persons..       81.7       82.5       20.9       12.0       11.6       35.2       18.7       28.6
      Old-age, survivors, disability, and
       health insurance benefits...........       50.1       53.5       12.2        4.1        6.1       55.3       18.2        8.6
      Government unemployment insurance
       benefits............................      -16.8       -4.7       -2.1        -.5        1.4       -3.8        -.8         .3
      Other................................       48.5       33.6       10.8        8.3        4.1      -16.2        1.3       19.6
    Other current transfer receipts, from
     business (net)........................       -6.2       17.6        2.0       46.8      -40.8       -4.5         .5         .5

  Less: Contributions for government social
   insurance...............................       47.8       54.2        7.9       17.0       10.4       37.8        2.1        9.2

Less: Personal current taxes...............       48.7      153.3       33.9       23.2       32.6       85.0       28.4        4.6

Equals: Disposable personal income.........      519.1      354.5       78.8       78.0      188.4      152.7       57.4      142.2

Less: Personal outlays.....................      519.5      563.7      161.9      179.9       84.2      154.0      158.5      132.7

  Personal consumption expenditures........      507.9      530.9      154.9      172.7       80.5      151.4      148.9      121.0
    Durable goods..........................       43.6       46.8       29.2       15.0      -37.7       44.5       -2.3       12.6
    Nondurable goods.......................      155.0      194.1       58.4       76.3       28.6       44.7       63.2       23.5
    Services...............................      309.3      289.9       67.3       81.4       89.6       62.1       88.1       84.9
  Personal interest payments\1\............        3.5       23.4        8.7        6.1         .3        3.6        4.4        8.6
  Personal current transfer payments.......        8.2        9.5       -1.7        1.2        3.3        -.9        5.1        3.2
    To government..........................        5.5        5.2        1.4        1.4        1.5        1.5        1.6        1.7
    To the rest of the world (net).........        2.7        4.2       -3.0        -.2        1.8       -2.4        3.5        1.5

Equals: Personal saving....................        -.6     -209.1      -83.3     -101.8      104.1       -1.2     -101.1        9.5

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      280.9       93.8        9.2      -11.7      109.2       93.5      -31.4       74.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second 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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 06  Apr 06/r/  May 06/r/  Jun 06/r/  Jul 06/r/  Aug 06/r/  Sep 06/r/  Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................         .5         .1         .1         .4         .5         .5         .5         .4
  Compensation of employees, received......         .6        -.2        -.4         .4         .6         .4         .6         .6
    Wage and salary disbursements..........         .6        -.3        -.5         .4         .6         .4         .6         .6
    Supplements to wages and salaries......         .5         .3         .1         .4         .5         .4         .5         .5
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .7        -.2         .5        -.4        -.1         .7         .0         .1
  Rental income of persons with capital
   consumption adjustment..................         .7       -2.9       -3.2       -5.0        4.1        3.2        4.0       -3.9
  Personal income receipts on assets.......         .1        1.3        1.3        1.4         .4         .5         .5         .7
    Personal interest income...............        -.3        1.7        1.6        1.6         .1         .1         .1         .4
    Personal dividend income...............         .8         .8         .9        1.0        1.0        1.1        1.1        1.1
  Personal current transfer receipts.......         .5         .2         .7         .4         .6         .9         .2         .0

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

Less: Personal current taxes...............         .9         .8         .0         .7        -.4         .2         .4        1.2

Equals: Disposable personal income.........         .5         .0         .1         .4         .6         .6         .5         .3

Addenda:
  Personal consumption expenditures........         .5         .6         .7         .3         .8         .1        -.2         .2
    Durable goods..........................        1.1        -.3        -.6         .5        2.0       -1.5         .1         .2
    Nondurable goods.......................         .4        1.5         .9         .1         .9         .2       -1.5        -.6
    Services...............................         .4         .3         .8         .4         .5         .4         .5         .6
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........         .1        -.5        -.2         .3         .3         .3         .8         .6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second 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      II 05     III 05      IV 05       I 06   II 06/r/  III 06/r/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................        6.2        5.2        4.6        4.0        8.9        9.4        3.2        5.5
  Compensation of employees, received......        5.6        5.5        3.8        8.3        5.2       12.6        1.4        4.7
    Wage and salary disbursements..........        5.5        5.1        3.3        8.4        5.1       13.3         .7        4.5
    Supplements to wages and salaries......        6.3        7.3        5.7        7.9        5.6        9.7        4.1        5.2
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       12.3        6.5        5.6         .6       12.7        4.7        1.4         .8
  Rental income of persons with capital
   consumption adjustment..................       -4.5      -42.7      -43.3      .....      .....      -21.2      -25.2       11.9
  Personal income receipts on assets.......        6.8        6.4       10.3        8.9       13.0        5.7       11.8        9.4
    Personal interest income...............       -2.5        6.1       10.2        7.2       13.5        3.0       12.7        7.3
    Personal dividend income...............       27.1        7.0       10.4       11.7       12.2       10.2       10.4       12.8
  Personal current transfer receipts.......        5.6        7.0        6.3       16.5       -7.3        8.2        5.0        7.5

  Less: Contributions for government social
   insurance...............................        6.1        6.6        3.7        8.0        4.8       17.9         .9        4.0

Less: Personal current taxes...............        4.9       14.6       12.2        8.0       11.2       30.2        8.8        1.3

Equals: Disposable personal income.........        6.4        4.1        3.6        3.5        8.6        6.8        2.5        6.2

Addenda:
  Personal consumption expenditures........        6.6        6.5        7.5        8.2        3.7        7.0        6.7        5.3
    Durable goods..........................        4.6        4.7       12.1        5.9      -13.5       18.6        -.9        4.8
    Nondurable goods.......................        7.1        8.3        9.9       12.7        4.5        7.0        9.9        3.5
    Services...............................        6.8        5.9        5.4        6.5        7.1        4.8        6.7        6.4
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........        3.6        1.2         .5        -.6        5.5        4.6       -1.5        3.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2006.

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 06     Apr 06     May 06     Jun 06  Jul 06/r/  Aug 06/r/  Sep 06/r/  Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    8,022.6    8,031.2    8,058.7    8,075.0    8,115.0    8,103.6    8,117.2    8,150.1
  Durable goods............................    1,195.2    1,191.7    1,184.9    1,194.2    1,217.9    1,198.7    1,206.3    1,208.2
  Nondurable goods.........................    2,338.6    2,347.3    2,352.1    2,353.9    2,361.0    2,356.6    2,355.4    2,371.2
  Services.................................    4,512.8    4,515.3    4,542.1    4,548.9    4,562.8    4,570.2    4,578.9    4,593.6
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       11.3        8.6       27.5       16.3       40.0      -11.4       13.6       32.9
  Durable goods............................       14.2       -3.5       -6.8        9.3       23.7      -19.2        7.6        1.9
  Nondurable goods.........................       -7.8        8.7        4.8        1.8        7.1       -4.4       -1.2       15.8
  Services.................................        7.5        2.5       26.8        6.8       13.9        7.4        8.7       14.7
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .1         .1         .3         .2         .5        -.1         .2         .4
  Durable goods............................        1.2        -.3        -.6         .8        2.0       -1.6         .6         .2
  Nondurable goods.........................        -.3         .4         .2         .1         .3        -.2        -.1         .7
  Services.................................         .2         .1         .6         .1         .3         .2         .2         .3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2004       2005      II 05     III 05      IV 05       I 06      II 06  III 06/r/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,577.1    7,841.2    7,819.8    7,895.3    7,910.2    8,003.8    8,055.0    8,112.0
  Durable goods............................    1,085.7    1,145.3    1,150.8    1,175.9    1,137.9    1,190.5    1,190.3    1,207.6
  Nondurable goods.........................    2,179.2    2,276.8    2,268.4    2,287.6    2,309.6    2,342.8    2,351.1    2,357.7
  Services.................................    4,323.9    4,436.6    4,420.0    4,454.5    4,476.7    4,494.5    4,535.4    4,570.7
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      281.8      264.1       80.4       75.5       14.9       93.6       51.2       57.0
  Durable goods............................       65.1       59.6       34.0       25.1      -38.0       52.6        -.2       17.3
  Nondurable goods.........................       76.2       97.6       26.9       19.2       22.0       33.2        8.3        6.6
  Services.................................      145.1      112.7       24.7       34.5       22.2       17.8       40.9       35.3
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.9        3.5        4.2        3.9         .8        4.8        2.6        2.9
  Durable goods............................        6.4        5.5       12.8        9.0      -12.3       19.8        -.1        6.0
  Nondurable goods.........................        3.6        4.5        4.9        3.4        3.9        5.9        1.4        1.1
  Services.................................        3.5        2.6        2.3        3.2        2.0        1.6        3.7        3.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 06     Apr 06     May 06     Jun 06  Jul 06/r/  Aug 06/r/  Sep 06/r/  Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    113.737    114.254    114.650    114.815    115.176    115.486    115.116    114.861
  Durable goods............................     89.264     89.289     89.279     89.049     89.097     89.145     88.661     88.681
  Nondurable goods.........................    113.953    115.210    116.015    116.082    116.751    117.144    115.433    113.940
  Services.................................    119.502    119.761    120.049    120.368    120.652    120.986    121.339    121.650
Addenda:
  PCE excluding food and energy............    111.264    111.515    111.736    111.963    112.095    112.395    112.586    112.841
  Market-based PCE\1\......................    112.390    112.929    113.374    113.513    113.862    114.142    113.656    113.297
  Market-based PCE excluding food
   and energy\1\...........................    109.065    109.290    109.537    109.745    109.816    110.076    110.238    110.467
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .4         .5         .3         .1         .3         .3        -.3        -.2
  Durable goods............................        -.1         .0         .0        -.3         .1         .1        -.5         .0
  Nondurable goods.........................         .7        1.1         .7         .1         .6         .3       -1.5       -1.3
  Services.................................         .3         .2         .2         .3         .2         .3         .3         .3
Addenda:
  PCE excluding food and energy............         .3         .2         .2         .2         .1         .3         .2         .2
  Market-based PCE\1\......................         .4         .5         .4         .1         .3         .2        -.4        -.3
  Market-based PCE excluding food
   and energy\1\...........................         .3         .2         .2         .2         .1         .2         .1         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 06  Apr 06/r/  May 06/r/  Jun 06/r/  Jul 06/r/  Aug 06/r/  Sep 06/r/  Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        2.8        2.3        1.9        1.7        1.6        4.5        3.1        3.4

Personal consumption expenditures..........        3.5        2.9        3.4        2.7        2.3        2.7        3.2        3.5
  Durable goods............................        5.9        2.3        6.1        2.0       -1.6        3.2        6.8        8.9
  Nondurable goods.........................        4.6        3.6        3.9        3.4        3.5        2.9        2.8        2.5
  Services.................................        2.4        2.7        2.6        2.5        2.6        2.5        2.7        3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2006.

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 06     Apr 06     May 06     Jun 06  Jul 06/r/  Aug 06/r/  Sep 06/r/  Oct 06/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        2.9        3.0        3.3        3.5        3.4        3.2        2.0        1.5
  Durable goods............................       -1.5       -1.4       -1.6       -1.5       -1.1        -.7       -1.3       -1.3
  Nondurable goods.........................        3.5        3.8        5.0        5.3        4.8        4.0         .3        -.7
  Services.................................        3.5        3.5        3.5        3.6        3.6        3.6        3.4        3.1
Addenda:
  PCE excluding food and energy............        2.0        2.2        2.2        2.3        2.3        2.5        2.4        2.4
  Market-based PCE\1\......................        2.7        2.8        3.2        3.4        3.3        3.1        1.6        1.1
  Market-based PCE excluding food
   and energy\1\...........................        1.6        1.8        1.8        2.0        1.9        2.1        2.1        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.