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News Release: Personal Income and Outlays

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, JANUARY 30, 2006

James E. Rankin:    (202) 606-5301  (Personal Income)      BEA 06-03
Michael Armah:      (202) 606-5302  (Personal Outlays)



              PERSONAL INCOME AND OUTLAYS:  DECEMBER 2005

 Personal income increased $41.1 billion, or 0.4 percent, and disposable personal income
(DPI) increased $35.5 billion, or 0.4 percent, in December, according to the Bureau of Economic
Analysis.  Personal consumption expenditures (PCE) increased $80.2 billion, or 0.9 percent.  In
November, personal income increased $44.6 billion, or 0.4 percent, DPI increased $39.0 billion,
or 0.4 percent, and PCE increased $48.6 billion, or 0.5 percent, based on revised estimates.


                                                          2005
                                        Aug.     Sept.    Oct.     Nov.     Dec.
                                          (Percent change from preceding month)
Personal income, current dollars        -2.1       3.0     0.6      0.4      0.4
Disposable personal income:
Current dollars                         -2.4       3.4     0.5      0.4      0.4
Chained (2000) dollars                  -2.8       2.4     0.4      0.8      0.4
Personal consumption expenditures:
Current dollars                         -0.4       0.4     0.1      0.5      0.9
Chained (2000) dollars                  -0.9      -0.5     0.0      0.9      0.9


                         Wages and salaries

 Private wage and salary disbursements increased $14.6 billion in December, compared with
an increase of $16.0 billion in November.  Goods-producing industries' payrolls increased $1.8
billion, compared with an increase of $1.2 billion; manufacturing payrolls increased $0.5 billion,
in contrast to a decrease of $1.0 billion.  Services-producing industries' payrolls increased $12.9
billion, compared with an increase of $14.7 billion.  Government wage and salary disbursements
 increased $1.7 billion, compared with an increase of $1.8 billion.

                        Other personal income

 Supplements to wages and salaries increased $3.6 billion in December, compared with an
increase of $4.0 billion in November.

 Proprietors' income increased $1.1 billion in December, compared with an increase of $5.6
billion in November.  Farm proprietors' income increased $0.3 billion, the same increase as in
November.  Nonfarm proprietors' income increased $0.8 billion, compared with an increase of
$5.3 billion.

 Rental income of persons decreased $3.5 billion in December, in contrast to an increase of
$3.6 billion in November.  Personal income receipts on assets (personal interest income plus
personal dividend income) increased $16.7 billion, the same increase as in November.

 Personal current transfer receipts increased $8.3 billion in December, in contrast to a
decrease of $1.0 billion in November.  The December increase in personal current transfer
receipts reflected retroactive social security benefit payments of $6.5 billion at an annual rate,
resulting from a recalculation of the earnings base underlying the benefits for recent retirees.

 Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $1.5 billion in December, compared with an increase of $1.9 billion in November.


        Personal current taxes and disposable personal income

 Personal current taxes increased $5.4 billion in December, compared with an increase of
$5.7 billion in November.  Disposable personal income (DPI) -- personal income less personal
current taxes -- increased $35.5 billion, or 0.4 percent, in December, compared with an increase
of $39.0 billion, or 0.4 percent, in November.

                                   
                Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $81.3 billion in December, compared with an increase of $49.8 billion in November.
PCE increased $80.2 billion, compared with an increase of $48.6 billion.

 Personal saving -- DPI less personal outlays -- was a negative $67.4 billion in December,
compared with a negative $21.6 billion in November.  Personal saving as a percentage of
disposable personal income was a negative 0.7 percent in December, compared with a negative 0.2
percent in November.  Negative personal saving reflects personal outlays that exceed disposable
personal income.  Saving from current income may be near zero or negative when outlays are
financed by borrowing (including borrowing financed through credit cards or home equity loans),
by selling investments or other assets, or by using savings from previous periods.  For more
information, see the FAQs on "Personal Saving" on BEA's Web site.


                        Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in December,
       compared with an increase of 0.8 percent in November.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.9 percent in December, the
same increase as in November.  Purchases of durable goods increased 5.0 percent, compared with
an increase of 3.7 percent.  Purchases of motor vehicles and parts accounted for most of the
increases in December and in November.  Purchases of nondurable goods increased 0.4 percent in
December, compared with an increase of 0.9 percent in November.  Purchases of services
increased 0.4 percent, the same increase as in November.


                  2005 Personal Income and Outlays

 Personal income increased 5.4 percent in 2005 (that is, from the 2004 annual level to the
2005 annual level), compared with an increase of 5.9 percent in 2004.  DPI increased 4.2 percent,
compared with an increase of 6.1 percent.  PCE increased 6.5 percent, the same increase as in
2004.

 Real DPI increased 1.4 percent in 2005, compared with an increase of 3.4 percent in 2004.
Real PCE increased 3.6 percent, compared with an increase of 3.9 percent.


                              Revisions

 Estimates have been revised for October and November.  Changes in personal income,
current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE
for October and November -- revised and as published in last month's release -- are shown below.
Revisions for October reflect revised estimates of the damage and insurance settlements from
Hurricane Wilma. For more information on these estimates, see the Hurricane Katrina FAQs on
"What are the effects of Hurricanes Katrina, Rita, and Wilma on Monthly Personal Income?" on
BEA's Web site.




                                                    Change from preceding month

                                         October                                 November
                        Previous  Revised   Previous  Revised   Previous  Revised   Previous  Revised
                      (Billions of dollars)     (Percent)     (Billions of dollars)     (Percent)
Personal Income:
Current dollars..........   53.5     59.6        0.5      0.6       29.8     44.6        0.3      0.4
Disposable personal income:
Current dollars..........   40.0     48.9        0.4      0.5       25.1     39.0        0.3      0.4
Chained (2000) dollars...   26.2     32.5        0.3      0.4       57.4     64.7        0.7      0.8
Personal consumption expenditures:
Current dollars..........   13.4     13.0        0.2      0.1       25.3     48.6        0.3      0.5
Chained (2000) dollars...    2.9      0.9        0.0      0.0       56.4     72.2        0.7      0.9


 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 January will be released on
                   March 1, 2006, at 8:30 A.M. EST.



Release dates in 2006


December 2005..      January 30   April 2006....  May 26        August 2006.........September 29
January 2006.......  March 1      May 2006.....   June 30       September 2006...   October 30
February 2006.....   March 31     June 2006.....  August 1      October 2006....... November 30
March 2006.........  May 1        July 2006...... August 31     November 2006...    December 22


                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 05     Jun 05     Jul 05     Aug 05     Sep 05     Oct 05\r\  Nov 05\r\  Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,180.6   10,231.5   10,274.7   10,058.7   10,359.6   10,419.2   10,463.8   10,504.9

  Compensation of employees, received......    7,058.8    7,086.1    7,139.9    7,147.6    7,178.7    7,216.2    7,237.9    7,257.8

    Wage and salary disbursements..........    5,671.1    5,695.7    5,734.4    5,734.1    5,756.3    5,786.4    5,804.1    5,820.4
      Private industries...................    4,703.6    4,727.4    4,762.8    4,759.5    4,777.4    4,806.5    4,822.5    4,837.1
        Goods-producing industries.........    1,106.8    1,111.8    1,117.0    1,120.1    1,119.9    1,131.0    1,132.2    1,134.0
          Manufacturing....................      715.1      717.5      720.5      721.8      720.0      729.2      728.2      728.7
        Services-producing industries......    3,596.8    3,615.6    3,645.8    3,639.4    3,657.5    3,675.6    3,690.3    3,703.2
          Trade, transportation, and
           utilities.......................      950.9      955.9      964.2      960.2      961.4      965.3      967.0      970.4
          Other services-producing
           industries......................    2,645.9    2,659.7    2,681.7    2,679.2    2,696.1    2,710.3    2,723.2    2,732.7
      Government...........................      967.5      968.4      971.6      974.6      978.9      979.8      981.6      983.3

    Supplements to wages and salaries......    1,387.7    1,390.4    1,405.5    1,413.5    1,422.4    1,429.8    1,433.8    1,437.4
      Employer contributions for employee
       pension and insurance funds.........      964.4      965.6      978.5      987.0      994.8    1,000.5    1,003.7    1,006.8
      Employer contributions for government
       social insurance....................      423.4      424.8      427.0      426.5      427.6      429.3      430.1      430.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      933.5      945.7      947.3      891.4      958.4      960.1      965.7      966.8
    Farm...................................       19.7       15.8       19.0       17.4       17.7       17.6       17.9       18.2
    Nonfarm................................      913.8      929.9      928.2      874.1      940.7      942.5      947.8      948.6

  Rental income of persons with capital
   consumption adjustment..................      104.1       99.7       96.5     -213.4       83.6       83.3       86.9       83.4

  Personal income receipts on assets.......    1,439.7    1,452.8    1,460.9    1,468.8    1,476.9    1,493.6    1,510.3    1,527.0
    Personal interest income...............      936.0      944.9      948.1      951.2      954.4      965.9      977.5      989.0
    Personal dividend income...............      503.8      507.9      512.8      517.6      522.5      527.7      532.9      538.0

  Personal current transfer receipts.......    1,509.1    1,514.8    1,502.4    1,635.9    1,536.0    1,543.4    1,542.4    1,550.7
    Government social benefits to persons..    1,479.8    1,485.5    1,473.1    1,478.1    1,498.5    1,503.1    1,512.9    1,521.2
      Old-age, survivors, disability, and
       health insurance benefits...........      842.2      845.6      847.3      851.2      851.9      855.7      857.1      867.8
      Government unemployment insurance
       benefits............................       27.7       28.1       27.9       27.6       30.0       30.7       29.6       28.8
      Other................................      609.9      611.8      597.9      599.3      616.5      616.6      626.2      624.7
    Other current transfer receipts, from
     business (net)........................       29.2       29.3       29.3      157.8       37.5       40.4       29.5       29.5

  Less: Contributions for government social
   insurance...............................      864.7      867.6      872.2      871.6      873.9      877.5      879.4      880.9

Less: Personal current taxes...............    1,206.0    1,216.1    1,215.0    1,214.6    1,218.1    1,228.7    1,234.4    1,239.8

Equals: Disposable personal income.........    8,974.6    9,015.4    9,059.6    8,844.0    9,141.6    9,190.5    9,229.5    9,265.0

Less: Personal outlays.....................    8,971.4    9,065.4    9,186.8    9,149.1    9,185.9    9,201.3    9,251.1    9,332.4

  Personal consumption expenditures........    8,647.2    8,737.3    8,858.0    8,819.1    8,854.8    8,867.8    8,916.4    8,996.6
    Durable goods..........................    1,008.9    1,051.2    1,130.0    1,031.7      990.9      960.4      994.4    1,042.2
    Nondurable goods.......................    2,525.1    2,546.8    2,566.9    2,603.6    2,644.1    2,658.1    2,632.0    2,636.0
    Services...............................    5,113.2    5,139.2    5,161.2    5,183.8    5,219.8    5,249.3    5,290.0    5,318.4
  Personal interest payments\1\............      205.3      208.8      209.5      210.1      210.7      211.4      212.1      212.7
  Personal current transfer payments.......      118.8      119.3      119.4      119.8      120.4      122.2      122.7      123.2
    To government..........................       74.0       74.4       75.0       75.4       76.0       76.4       77.0       77.5
    To the rest of the world (net).........       44.9       44.9       44.4       44.4       44.4       45.7       45.7       45.7

Equals: Personal saving....................        3.2      -50.0     -127.2     -305.0      -44.4      -10.8      -21.6      -67.4

  Personal saving as a percentage of
   disposable personal income..............         .0        -.6       -1.4       -3.4        -.5        -.1        -.2        -.7

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,097.1    8,133.0    8,148.8    7,921.5    8,111.3    8,143.8    8,208.5    8,241.7
    Per capita:
      Current dollars......................     30,281     30,393     30,516     29,762     30,736     30,873     30,978     31,072
      Chained (2000) dollars...............     27,320     27,418     27,448     26,658     27,272     27,357     27,551     27,640
  Population (midperiod, thousands)\3\.....    296,381    296,626    296,884    297,156    297,427    297,686    297,938    298,177
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                Table 2.--Personal Income and Its Disposition (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2004       2005     III 04      IV 04       I 05      II 05     III 05      IV 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,713.3   10,238.2    9,729.2   10,024.8   10,073.4   10,185.7   10,231.0   10,462.6

  Compensation of employees, received......    6,687.6    7,113.6    6,724.2    6,895.8    7,001.7    7,060.2    7,155.4    7,237.3

    Wage and salary disbursements..........    5,389.4    5,711.9    5,422.0    5,562.9    5,629.9    5,672.3    5,741.6    5,803.6
      Private industries...................    4,450.0    4,740.4    4,479.2    4,612.9    4,668.1    4,705.0    4,766.6    4,822.0
        Goods-producing industries.........    1,049.9    1,114.4    1,062.3    1,083.0    1,099.2    1,107.2    1,119.0    1,132.4
          Manufacturing....................      687.7      720.1      696.1      707.8      715.3      715.5      720.8      728.7
        Services-producing industries......    3,400.1    3,626.0    3,416.8    3,529.9    3,568.8    3,597.9    3,647.6    3,689.7
          Trade, transportation, and
           utilities.......................      899.7      954.6      906.3      931.1      937.8      951.1      961.9      967.6
          Other services-producing
           industries......................    2,500.4    2,671.4    2,510.5    2,598.8    2,631.0    2,646.8    2,685.6    2,722.1
      Government...........................      939.5      971.4      942.8      950.0      961.8      967.3      975.0      981.6

    Supplements to wages and salaries......    1,298.1    1,401.8    1,302.3    1,332.9    1,371.8    1,387.9    1,413.8    1,433.7
      Employer contributions for employee
       pension and insurance funds.........      895.5      976.2      897.9      919.6      950.0      964.4      986.8    1,003.7
      Employer contributions for government
       social insurance....................      402.7      425.6      404.4      413.4      421.9      423.5      427.0      430.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      889.6      937.8      889.1      900.9      917.9      936.6      932.4      964.2
    Farm...................................       35.8       20.1       29.7       24.6       24.7       19.6       18.0       17.9
    Nonfarm................................      853.8      917.7      859.4      876.3      893.2      917.1      914.3      946.3

  Rental income of persons with capital
   consumption adjustment..................      134.2       73.9      122.1      128.7      118.0      104.4      -11.1       84.5

  Personal income receipts on assets.......    1,396.5    1,456.7    1,378.2    1,493.6    1,407.9    1,439.8    1,468.9    1,510.3
    Personal interest income...............      905.9      945.0      904.7      907.4      915.4      936.0      951.2      977.5
    Personal dividend income...............      490.6      511.7      473.5      586.2      492.5      503.8      517.6      532.9

  Personal current transfer receipts.......    1,427.5    1,525.5    1,441.5    1,449.2    1,488.8    1,509.6    1,558.1    1,545.5
    Government social benefits to persons..    1,394.5    1,483.9    1,397.1    1,419.5    1,459.7    1,480.4    1,483.2    1,512.4
      Old-age, survivors, disability, and
       health insurance benefits...........      789.3      845.1      793.7      805.5      828.0      842.2      850.1      860.2
      Government unemployment insurance
       benefits............................       36.0       28.9       33.3       32.4       29.4       28.0       28.5       29.7
      Other................................      569.2      609.9      570.1      581.5      602.2      610.2      604.6      622.5
    Other current transfer receipts, from
     business (net)........................       33.0       41.6       44.4       29.8       29.1       29.2       74.8       33.1

  Less: Contributions for government social
   insurance...............................      822.2      869.4      825.9      843.5      861.0      864.9      872.6      879.2

Less: Personal current taxes...............    1,049.1    1,206.9    1,058.4    1,094.3    1,171.4    1,206.0    1,215.9    1,234.3

Equals: Disposable personal income.........    8,664.2    9,031.3    8,670.9    8,930.4    8,902.0    8,979.7    9,015.1    9,228.3

Less: Personal outlays.....................    8,512.5    9,072.8    8,566.3    8,725.0    8,854.6    9,001.2    9,173.9    9,261.6

  Personal consumption expenditures........    8,214.3    8,745.9    8,263.2    8,416.1    8,535.8    8,677.0    8,844.0    8,926.9
    Durable goods..........................      987.8    1,025.7      993.8    1,008.6    1,017.3    1,035.5    1,050.9      999.0
    Nondurable goods.......................    2,368.3    2,564.3    2,378.4    2,437.1    2,476.6    2,533.7    2,604.9    2,642.0
    Services...............................    4,858.2    5,155.9    4,891.0    4,970.4    5,041.8    5,107.8    5,188.3    5,285.9
  Personal interest payments\1\............      186.7      206.4      190.3      196.2      198.1      205.3      210.1      212.1
  Personal current transfer payments.......      111.5      120.5      112.8      112.7      120.8      118.8      119.9      122.7
    To government..........................       68.6       74.7       69.4       71.0       72.5       73.9       75.4       77.0
    To the rest of the world (net).........       42.9       45.8       43.4       41.7       48.3       44.9       44.4       45.7

Equals: Personal saving....................      151.8      -41.6      104.6      205.4       47.4      -21.5     -158.9      -33.3

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

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,004.3    8,114.5    7,993.3    8,169.2    8,098.1    8,102.6    8,060.8    8,198.0
    Per capita:
      Current dollars......................     29,475     30,429     29,461     30,265     30,103     30,298     30,338     30,975
      Chained (2000) dollars...............     27,230     27,340     27,159     27,685     27,384     27,338     27,127     27,516
  Population (midperiod, thousands)\3\.....    293,951    296,798    294,315    295,077    295,720    296,383    297,155    297,933
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 05     Jun 05     Jul 05     Aug 05     Sep 05     Oct 05\r\  Nov 05\r\  Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       35.5       50.9       43.2     -216.0      300.9       59.6       44.6       41.1

  Compensation of employees, received......       23.2       27.3       53.8        7.7       31.1       37.5       21.7       19.9

    Wage and salary disbursements..........       21.0       24.6       38.7        -.3       22.2       30.1       17.7       16.3
      Private industries...................       19.4       23.8       35.4       -3.3       17.9       29.1       16.0       14.6
        Goods-producing industries.........        3.9        5.0        5.2        3.1        -.2       11.1        1.2        1.8
          Manufacturing....................        1.2        2.4        3.0        1.3       -1.8        9.2       -1.0         .5
        Services-producing industries......       15.6       18.8       30.2       -6.4       18.1       18.1       14.7       12.9
          Trade, transportation, and
           utilities.......................        4.5        5.0        8.3       -4.0        1.2        3.9        1.7        3.4
          Other services-producing
           industries......................       11.1       13.8       22.0       -2.5       16.9       14.2       12.9        9.5
      Government...........................        1.6         .9        3.2        3.0        4.3         .9        1.8        1.7

    Supplements to wages and salaries......        2.2        2.7       15.1        8.0        8.9        7.4        4.0        3.6
      Employer contributions for employee
       pension and insurance funds.........        1.2        1.2       12.9        8.5        7.8        5.7        3.2        3.1
      Employer contributions for government
       social insurance....................        1.1        1.4        2.2        -.5        1.1        1.7         .8         .5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        2.7       12.2        1.6      -55.9       67.0        1.7        5.6        1.1
    Farm...................................       -3.5       -3.9        3.2       -1.6         .3        -.1         .3         .3
    Nonfarm................................        6.3       16.1       -1.7      -54.1       66.6        1.8        5.3         .8

  Rental income of persons with capital
   consumption adjustment..................       -5.3       -4.4       -3.2     -309.9      297.0        -.3        3.6       -3.5

  Personal income receipts on assets.......       12.9       13.1        8.1        7.9        8.1       16.7       16.7       16.7
    Personal interest income...............        9.0        8.9        3.2        3.1        3.2       11.5       11.6       11.5
    Personal dividend income...............        4.0        4.1        4.9        4.8        4.9        5.2        5.2        5.1

  Personal current transfer receipts.......        4.2        5.7      -12.4      133.5      -99.9        7.4       -1.0        8.3
    Government social benefits to persons..        4.1        5.7      -12.4        5.0       20.4        4.6        9.8        8.3
      Old-age, survivors, disability, and
       health insurance benefits...........        3.4        3.4        1.7        3.9         .7        3.8        1.4       10.7
      Government unemployment insurance
       benefits............................        -.4         .4        -.2        -.3        2.4         .7       -1.1        -.8
      Other................................        1.1        1.9      -13.9        1.4       17.2         .1        9.6       -1.5
    Other current transfer receipts, from
     business (net)........................         .0         .1         .0      128.5     -120.3        2.9      -10.9         .0

  Less: Contributions for government social
   insurance...............................        2.3        2.9        4.6        -.6        2.3        3.6        1.9        1.5

Less: Personal current taxes...............        9.9       10.1       -1.1        -.4        3.5       10.6        5.7        5.4

Equals: Disposable personal income.........       25.6       40.8       44.2     -215.6      297.6       48.9       39.0       35.5

Less: Personal outlays.....................        4.7       94.0      121.4      -37.7       36.8       15.4       49.8       81.3

  Personal consumption expenditures........         .6       90.1      120.7      -38.9       35.7       13.0       48.6       80.2
    Durable goods..........................      -37.5       42.3       78.8      -98.3      -40.8      -30.5       34.0       47.8
    Nondurable goods.......................       -4.1       21.7       20.1       36.7       40.5       14.0      -26.1        4.0
    Services...............................       42.2       26.0       22.0       22.6       36.0       29.5       40.7       28.4
  Personal interest payments\1\............        3.5        3.5         .7         .6         .6         .7         .7         .6
  Personal current transfer payments.......         .5         .5         .1         .4         .6        1.8         .5         .5
    To government..........................         .6         .4         .6         .4         .6         .4         .6         .5
    To the rest of the world (net).........         .0         .0        -.5         .0         .0        1.3         .0         .0

Equals: Personal saving....................       20.9      -53.2      -77.2     -177.8      260.6       33.6      -10.8      -45.8

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       19.2       35.9       15.8     -227.3      189.8       32.5       64.7       33.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                 Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2004       2005     III 04      IV 04       I 05      II 05     III 05      IV 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      544.2      524.9      114.9      295.6       48.6      112.3       45.3      231.6

  Compensation of employees, received......      366.5      426.0      120.6      171.6      105.9       58.5       95.2       81.9

    Wage and salary disbursements..........      278.3      322.5      103.9      140.9       67.0       42.4       69.3       62.0
      Private industries...................      242.2      290.4       98.9      133.7       55.2       36.9       61.6       55.4
        Goods-producing industries.........       42.7       64.5       26.7       20.7       16.2        8.0       11.8       13.4
          Manufacturing....................       19.0       32.4       18.5       11.7        7.5         .2        5.3        7.9
        Services-producing industries......      199.5      225.9       72.0      113.1       38.9       29.1       49.7       42.1
          Trade, transportation, and
           utilities.......................       41.1       54.9       16.8       24.8        6.7       13.3       10.8        5.7
          Other services-producing
           industries......................      158.4      171.0       55.2       88.3       32.2       15.8       38.8       36.5
      Government...........................       36.2       31.9        5.1        7.2       11.8        5.5        7.7        6.6

    Supplements to wages and salaries......       88.1      103.7       16.8       30.6       38.9       16.1       25.9       19.9
      Employer contributions for employee
       pension and insurance funds.........       65.5       80.7       10.4       21.7       30.4       14.4       22.4       16.9
      Employer contributions for government
       social insurance....................       22.7       22.9        6.4        9.0        8.5        1.6        3.5        3.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       79.4       48.2       -9.3       11.8       17.0       18.7       -4.2       31.8
    Farm...................................        8.1      -15.7      -14.4       -5.1         .1       -5.1       -1.6        -.1
    Nonfarm................................       71.4       63.9        5.2       16.9       16.9       23.9       -2.8       32.0

  Rental income of persons with capital
   consumption adjustment..................        2.5      -60.3      -19.7        6.6      -10.7      -13.6     -115.5       95.6

  Personal income receipts on assets.......       57.8       60.2       14.3      115.4      -85.7       31.9       29.1       41.4
    Personal interest income...............      -11.7       39.1        -.4        2.7        8.0       20.6       15.2       26.3
    Personal dividend income...............       69.5       21.1       14.7      112.7      -93.7       11.3       13.8       15.3

  Personal current transfer receipts.......       83.5       98.0       21.7        7.7       39.6       20.8       48.5      -12.6
    Government social benefits to persons..       81.0       89.4        6.3       22.4       40.2       20.7        2.8       29.2
      Old-age, survivors, disability, and
       health insurance benefits...........       50.0       55.8        8.8       11.8       22.5       14.2        7.9       10.1
      Government unemployment insurance
       benefits............................      -16.8       -7.1       -2.0        -.9       -3.0       -1.4         .5        1.2
      Other................................       47.8       40.7        -.6       11.4       20.7        8.0       -5.6       17.9
    Other current transfer receipts, from
     business (net)........................        2.5        8.6       15.5      -14.6        -.7         .1       45.6      -41.7

  Less: Contributions for government social
   insurance...............................       45.6       47.2       12.9       17.6       17.5        3.9        7.7        6.6

Less: Personal current taxes...............       49.2      157.8       24.4       35.9       77.1       34.6        9.9       18.4

Equals: Disposable personal income.........      495.0      367.1       90.6      259.5      -28.4       77.7       35.4      213.2

Less: Personal outlays.....................      516.2      560.3      127.2      158.7      129.6      146.6      172.7       87.7

  Personal consumption expenditures........      504.4      531.6      117.6      152.9      119.7      141.2      167.0       82.9
    Durable goods..........................       37.7       37.9       19.2       14.8        8.7       18.2       15.4      -51.9
    Nondurable goods.......................      179.3      196.0       23.2       58.7       39.5       57.1       71.2       37.1
    Services...............................      287.4      297.7       75.1       79.4       71.4       66.0       80.5       97.6
  Personal interest payments\1\............        3.5       19.7        8.1        5.9        1.9        7.2        4.8        2.0
  Personal current transfer payments.......        8.2        9.0        1.5        -.1        8.1       -2.0        1.1        2.8
    To government..........................        6.5        6.1        1.6        1.6        1.5        1.4        1.5        1.6
    To the rest of the world (net).........        1.7        2.9        -.1       -1.7        6.6       -3.4        -.5        1.3

Equals: Personal saving....................      -21.0     -193.4      -36.6      100.8     -158.0      -68.9     -137.4      125.6

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      262.5      110.2       54.5      175.9      -71.1        4.5      -41.8      137.2
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 05     Jun 05     Jul 05     Aug 05     Sep 05     Oct 05\r\  Nov 05\r\  Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .4         .5         .4       -2.1        3.0         .6         .4         .4
  Compensation of employees, received......         .3         .4         .8         .1         .4         .5         .3         .3
    Wage and salary disbursements..........         .4         .4         .7         .0         .4         .5         .3         .3
    Supplements to wages and salaries......         .2         .2        1.1         .6         .6         .5         .3         .2
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .3        1.3         .2       -5.9        7.5         .2         .6         .1
  Rental income of persons with capital
   consumption adjustment..................       -4.8       -4.3       -3.2     ......     ......        -.3        4.3       -4.1
  Personal income receipts on assets.......         .9         .9         .6         .5         .5        1.1        1.1        1.1
    Personal interest income...............        1.0        1.0         .3         .3         .3        1.2        1.2        1.2
    Personal dividend income...............         .8         .8        1.0         .9         .9        1.0        1.0        1.0
  Personal current transfer receipts.......         .3         .4        -.8        8.9       -6.1         .5        -.1         .5

  Less: Contributions for government social
   insurance...............................         .3         .3         .5        -.1         .3         .4         .2         .2

Less: Personal current taxes...............         .8         .8        -.1         .0         .3         .9         .5         .4

Equals: Disposable personal income.........         .3         .5         .5       -2.4        3.4         .5         .4         .4

Addenda:
  Personal consumption expenditures........         .0        1.0        1.4        -.4         .4         .1         .5         .9
    Durable goods..........................       -3.6        4.2        7.5       -8.7       -4.0       -3.1        3.5        4.8
    Nondurable goods.......................        -.2         .9         .8        1.4        1.6         .5       -1.0         .1
    Services...............................         .8         .5         .4         .4         .7         .6         .8         .5

  Real disposable personal income..........         .2         .4         .2       -2.8        2.4         .4         .8         .4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2004       2005     III 04      IV 04       I 05      II 05     III 05      IV 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        5.9        5.4        4.9       12.7        2.0        4.5        1.8        9.4
  Compensation of employees, received......        5.8        6.4        7.5       10.6        6.3        3.4        5.5        4.7
    Wage and salary disbursements..........        5.4        6.0        8.0       10.8        4.9        3.0        5.0        4.4
    Supplements to wages and salaries......        7.3        8.0        5.3        9.8       12.2        4.8        7.7        5.7
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        9.8        5.4       -4.0        5.4        7.8        8.4       -1.8       14.4
  Rental income of persons with capital
   consumption adjustment..................        1.9      -44.9      -44.9       23.6      -29.5      -38.6     ......     ......
  Personal income receipts on assets.......        4.3        4.3        4.3       37.9      -21.0        9.4        8.3       11.8
    Personal interest income...............       -1.3        4.3        -.2        1.2        3.6        9.3        6.7       11.5
    Personal dividend income...............       16.5        4.3       13.5      134.9      -50.2        9.5       11.4       12.3
  Personal current transfer receipts.......        6.2        6.9        6.3        2.2       11.4        5.7       13.5       -3.2

  Less: Contributions for government social
   insurance...............................        5.9        5.7        6.5        8.8        8.5        1.8        3.6        3.1

Less: Personal current taxes...............        4.9       15.0        9.8       14.3       31.3       12.4        3.3        6.2

Equals: Disposable personal income.........        6.1        4.2        4.3       12.5       -1.3        3.5        1.6        9.8

Addenda:
  Personal consumption expenditures........        6.5        6.5        5.9        7.6        5.8        6.8        7.9        3.8
    Durable goods..........................        4.0        3.8        8.1        6.1        3.5        7.3        6.1      -18.3
    Nondurable goods.......................        8.2        8.3        4.0       10.3        6.6        9.5       11.7        5.8
    Services...............................        6.3        6.1        6.4        6.7        5.9        5.3        6.5        7.7

  Real disposable personal income..........        3.4        1.4        2.8        9.1       -3.4         .2       -2.0        7.0
-----------------------------------------------------------------------------------------------------------------------------------

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 05     Jun 05     Jul 05     Aug 05     Sep 05     Oct 05\r\  Nov 05\r\  Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,801.7    7,882.1    7,967.5    7,899.2    7,856.9    7,857.8    7,930.0    8,002.9
  Durable goods............................    1,112.1    1,163.5    1,255.9    1,149.8    1,103.6    1,069.7    1,109.4    1,165.0
  Nondurable goods.........................    2,279.8    2,304.3    2,306.1    2,314.5    2,296.7    2,317.5    2,338.8    2,347.8
  Services.................................    4,421.5    4,435.0    4,443.7    4,452.2    4,464.5    4,470.7    4,489.0    4,507.6
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       -3.2       80.4       85.4      -68.3      -42.3         .9       72.2       72.9
  Durable goods............................      -44.0       51.4       92.4     -106.1      -46.2      -33.9       39.7       55.6
  Nondurable goods.........................        6.3       24.5        1.8        8.4      -17.8       20.8       21.3        9.0
  Services.................................       25.3       13.5        8.7        8.5       12.3        6.2       18.3       18.6
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .0        1.0        1.1        -.9        -.5         .0         .9         .9
  Durable goods............................       -3.8        4.6        7.9       -8.5       -4.0       -3.1        3.7        5.0
  Nondurable goods.........................         .3        1.1         .1         .4        -.8         .9         .9         .4
  Services.................................         .6         .3         .2         .2         .3         .1         .4         .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     III 04      IV 04       I 05      II 05     III 05      IV 05
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,588.6    7,858.1    7,617.5    7,698.8    7,764.9    7,829.5    7,907.9    7,930.2
  Durable goods............................    1,089.9    1,137.7    1,100.4    1,115.1    1,122.3    1,143.9    1,169.7    1,114.7
  Nondurable goods.........................    2,200.4    2,298.0    2,206.9    2,236.5    2,265.6    2,285.9    2,305.8    2,334.7
  Services.................................    4,310.9    4,438.0    4,324.0    4,362.1    4,392.0    4,417.6    4,453.5    4,489.1
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      282.0      269.5       80.9       81.3       66.1       64.6       78.4       22.3
  Durable goods............................       61.4       47.8       27.9       14.7        7.2       21.6       25.8      -55.0
  Nondurable goods.........................       98.6       97.6       20.8       29.6       29.1       20.3       19.9       28.9
  Services.................................      127.0      127.1       35.4       38.1       29.9       25.6       35.9       35.6
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.9        3.6        4.4        4.3        3.5        3.4        4.1        1.1
  Durable goods............................        6.0        4.4       10.8        5.5        2.6        7.9        9.3      -17.5
  Nondurable goods.........................        4.7        4.4        3.9        5.5        5.3        3.6        3.5        5.1
  Services.................................        3.0        2.9        3.4        3.6        2.8        2.3        3.3        3.2
-----------------------------------------------------------------------------------------------------------------------------------

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 05     Jun 05     Jul 05     Aug 05     Sep 05     Oct 05\r\  Nov 05\r\  Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    110.847    110.858    111.181    111.651    112.707    112.860    112.445    112.424
  Durable goods............................     90.715     90.354     89.979     89.742     89.795     89.778     89.629     89.457
  Nondurable goods.........................    110.769    110.536    111.318    112.499    115.138    114.702    112.544    112.281
  Services.................................    115.653    115.888    116.154    116.442    116.929    117.425    117.853    117.995
Addenda:
  PCE excluding food and energy............    109.146    109.203    109.264    109.428    109.658    109.835    110.068    110.208
  Market-based PCE\1\......................    109.867    109.864    110.213    110.704    111.834    111.953    111.424    111.367
  Market-based PCE excluding food
   and energy\1\...........................    107.569    107.617    107.657    107.787    107.946    108.086    108.305    108.431
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .0         .0         .3         .4         .9         .1        -.4         .0
  Durable goods............................         .2        -.4        -.4        -.3         .1         .0        -.2        -.2
  Nondurable goods.........................        -.4        -.2         .7        1.1        2.3        -.4       -1.9        -.2
  Services.................................         .3         .2         .2         .2         .4         .4         .4         .1
Addenda:
  PCE excluding food and energy............         .2         .1         .1         .2         .2         .2         .2         .1
  Market-based PCE\1\......................         .0         .0         .3         .4        1.0         .1        -.5        -.1
  Market-based PCE excluding food
   and energy\1\...........................         .2         .0         .0         .1         .1         .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.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 05     Jun 05     Jul 05     Aug 05     Sep 05     Oct 05\r\  Nov 05\r\  Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        1.9        2.5        2.2       -1.0        1.4        1.2        1.7       -1.8

Personal consumption expenditures..........        3.1        4.6        4.7        3.8        2.9        2.4        3.2        3.4
  Durable goods............................        1.8        9.1       13.1        5.0         .7       -2.8         .2        2.3
  Nondurable goods.........................        3.8        5.4        5.0        5.2        3.3        3.6        4.8        4.8
  Services.................................        3.0        3.3        3.0        3.0        3.0        2.9        2.9        2.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 05     Jun 05     Jul 05     Aug 05     Sep 05     Oct 05\r\  Nov 05\r\  Dec 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        2.5        2.2        2.6        2.9        3.8        3.4        2.8        2.8
  Durable goods............................        -.2        -.5        -.6        -.5        -.5        -.7        -.9       -1.1
  Nondurable goods.........................        2.5        2.0        3.3        4.4        6.8        5.2        3.1        3.3
  Services.................................        3.0        2.9        2.9        2.9        3.2        3.4        3.3        3.3
Addenda:
  PCE excluding food and energy............        2.0        1.9        1.9        2.0        2.0        1.9        1.9        1.9
  Market-based PCE\1\......................        2.3        2.1        2.4        2.9        3.8        3.4        2.7        2.7
  Market-based PCE excluding food
   and energy\1\...........................        1.7        1.6        1.6        1.7        1.7        1.6        1.6        1.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.