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News Release: Personal Income and Outlays

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 29, 2007

James E. Rankin:       (202) 606-5301      (Personal Income)BEA 07-32
Michael Armah:         (202) 606-5302      (Personal Outlays)



                                PERSONAL INCOME AND OUTLAYS: MAY 2007

        Personal income increased $47.3 billion, or 0.4 percent, and disposable personal income (DPI)
increased $37.6 billion, or 0.4 percent, in May, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $52.0 billion, or 0.5 percent.  In April, personal
income decreased $27.2 billion, or 0.2 percent, DPI decreased $29.7 billion, or 0.3 percent, and PCE
increased $50.7 billion, or 0.5 percent, based on revised estimates.

                                        2007
                                        Jan.            Feb.            Mar.            Apr.            May
                                                        (Percent change from preceding month)
Personal income, current dollars        1.1             0.7             0.8            -0.2             0.4
Disposable personal income:
  Current dollars                       0.9             0.6             0.7            -0.3             0.4
  Chained (2000) dollars                0.6             0.3             0.3            -0.6            -0.1
Personal consumption expenditures:
  Current dollars                       0.7             0.6             0.4             0.5             0.5
  Chained (2000) dollars                0.4             0.4            -0.1             0.2             0.1

        As part of the annual revision of the national income and product accounts, revised
estimates of personal income and outlays covering January 2004 through May 2007 will be released
along with preliminary estimates for June 2007 on July 31, 2007.  An article describing the revision
will appear in the August 2007 issue of the Survey of Current Business.

                                Wages and salaries

        Private wage and salary disbursements increased $24.9 billion in May, in contrast to a decrease
of $36.4 billion in April.  The April decrease reflected an adjustment of $50.0 billion at an annual
rate to the months of the first quarter for unusually large bonus payments and the exercise of stock
options.  This first quarter adjustment was not carried forward in the
estimates of wage and salary disbursements for April and subsequent months.
These types of irregular payments are not accounted for in the primary monthly
source data for wages and salaries.  Goods-producing industries' payrolls
increased $2.4 billion in May, compared with an increase of $3.5 billion in
April; manufacturing payrolls decreased $0.9 billion, in contrast to an
increase of $2.8 billion. Services-producing industries' payrolls increased
$22.4 billion, in contrast to a decrease of $39.8 billion.  Government wage
and salary disbursements increased $3.2 billion, compared with an increase of
$3.6 billion.

                                Other personal income

        Supplements to wages and salaries increased $4.8 billion in May, compared with an increase of
$1.1 billion in April.

        Proprietors' income increased $1.3 billion in May, in contrast to a decrease of $2.3 billion in
April.  Farm proprietors' income decreased $3.6 billion, compared with a decrease of $4.2 billion.
Nonfarm proprietors' income increased $4.9 billion, compared with an increase of $1.9 billion.

        Rental income of persons increased $0.9 billion in May, compared with an increase of $0.8
billion in April.  Personal income receipts on assets (personal interest income plus personal dividend
income) increased $7.3 billion in May, the same increase as in April.  Personal current transfer
receipts increased $8.9 billion in May, in contrast to a decrease of $5.9 billion in April.

        Contributions for government social insurance -- a subtraction in calculating personal income --
increased $4.0 billion in May, in contrast to a decrease of $4.7 billion in April.


                                Personal current taxes and disposable personal income

        Personal current taxes increased $9.6 billion in May, compared with an increase of $2.5 billion
in April.  Disposable personal income (DPI) -- personal income less personal current taxes --
increased $37.6 billion, or 0.4 percent, in May, in contrast to a decrease of $29.7 billion, or 0.3
percent, in April.

                                Personal outlays and personal saving

        Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $56.0 billion in May, compared with an increase of $54.7 billion in April.  PCE increased
$52.0 billion, compared with an increase of $50.7 billion.

        Personal saving -- DPI less personal outlays -- was a negative $139.8 billion in May, compared
with a negative $121.5 billion in April.  Personal saving as a percentage of disposable personal
income was a negative 1.4 percent in May, compared with a negative 1.2 percent in April.  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 -- decreased 0.1 percent in May, compared
with a decrease of 0.6 percent in April.

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

        The price index for PCE increased 0.5 percent in May, compared with an increase of 0.3
percent in April.  The PCE price index, excluding food and energy, increased 0.1 percent in May,
the same increase as in April.

                                Revisions

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

                                                                Change from preceding month
                                        March                                     April
                                        Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                                       (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal Income:
 Current dollars....................    85.9       88.5      0.8        0.8       -7.1       -27.2     -0.1       -0.2
Disposable personal income:
 Current dollars....................    71.7       73.9      0.7        0.7       -9.7       -29.7     -0.1       -0.3
 Chained (2000) dollars.............    24.9       26.8      0.3        0.3      -33.4       -51.1     -0.4       -0.6
Personal consumption expenditures:
 Current dollars....................    42.4       34.8      0.4        0.4       52.0        50.7      0.5        0.5
 Chained (2000) dollars.............     0.8       -5.7      0.0       -0.1       20.3        18.6      0.2        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 June will be released on
July 31, 2007, at 8:30 A.M. EDT.


                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\r\  Apr 07\r\  May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   11,050.1   11,089.5   11,150.2   11,274.0   11,348.0   11,436.5   11,409.3   11,456.6

  Compensation of employees, received......    7,588.3    7,625.3    7,672.4    7,761.7    7,794.8    7,845.2    7,813.5    7,846.3

    Wage and salary disbursements..........    6,111.6    6,142.4    6,182.7    6,257.7    6,286.5    6,331.6    6,298.8    6,326.9
      Private industries...................    5,082.7    5,111.4    5,149.7    5,216.4    5,240.8    5,282.9    5,246.5    5,271.4
        Goods-producing industries.........    1,193.6    1,198.9    1,207.9    1,212.1    1,213.6    1,224.0    1,227.5    1,229.9
          Manufacturing....................      739.9      741.0      746.3      747.2      749.3      754.0      756.8      755.9
        Services-producing industries......    3,889.1    3,912.5    3,941.8    4,004.3    4,027.2    4,058.9    4,019.1    4,041.5
          Trade, transportation, and
           utilities.......................    1,004.3    1,011.8    1,014.5    1,017.9    1,019.7    1,025.9    1,025.7    1,030.6
          Other services-producing
           industries......................    2,884.8    2,900.7    2,927.3    2,986.4    3,007.5    3,033.0    2,993.4    3,010.9
      Government...........................    1,028.9    1,031.0    1,033.0    1,041.3    1,045.7    1,048.7    1,052.3    1,055.5

    Supplements to wages and salaries......    1,476.6    1,482.9    1,489.7    1,504.0    1,508.2    1,513.6    1,514.7    1,519.5
      Employer contributions for employee
       pension and insurance funds.........    1,009.5    1,013.6    1,017.7    1,023.7    1,026.1    1,028.4    1,032.2    1,035.1
      Employer contributions for government
       social insurance....................      467.2      469.3      472.0      480.3      482.2      485.2      482.5      484.3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    1,023.9    1,025.3    1,026.6    1,030.9    1,040.5    1,046.0    1,043.7    1,045.0
    Farm...................................       28.4       28.6       24.9       28.3       31.7       35.1       30.9       27.3
    Nonfarm................................      995.5      996.7    1,001.6    1,002.6    1,008.8    1,010.9    1,012.8    1,017.7

  Rental income of persons with capital
   consumption adjustment..................       82.8       83.5       83.1       84.0       85.0       86.7       87.5       88.4

  Personal income receipts on assets.......    1,691.0    1,691.6    1,692.1    1,712.8    1,734.1    1,756.4    1,763.7    1,771.0
    Personal interest income...............    1,029.4    1,022.8    1,016.2    1,030.6    1,045.0    1,059.5    1,059.2    1,058.9
    Personal dividend income...............      661.6      668.8      675.9      682.2      689.0      696.9      704.5      712.1

  Personal current transfer receipts.......    1,621.5    1,625.1    1,643.1    1,671.5    1,684.8    1,699.6    1,693.7    1,702.6
    Government social benefits to persons..    1,585.6    1,589.1    1,607.0    1,635.4    1,648.7    1,663.4    1,657.5    1,666.3
      Old-age, survivors, disability, and
       health insurance benefits...........      941.6      945.8      964.8      967.2      976.4      982.3      983.4      994.6
      Government unemployment insurance
       benefits............................       27.0       27.3       27.0       27.4       27.7       27.6       27.7       27.4
      Other................................      617.0      616.0      615.2      640.8      644.6      653.5      646.4      644.3
    Other current transfer receipts, from
     business (net)........................       35.9       36.1       36.1       36.1       36.1       36.2       36.2       36.3

  Less: Contributions for government social
   insurance...............................      957.3      961.3      967.1      986.8      991.2      997.5      992.8      996.8

Less: Personal current taxes...............    1,382.7    1,391.8    1,402.3    1,436.6    1,448.5    1,463.1    1,465.6    1,475.2

Equals: Disposable personal income.........    9,667.4    9,697.8    9,747.8    9,837.5    9,899.5    9,973.4    9,943.7    9,981.3

Less: Personal outlays.....................    9,749.0    9,785.5    9,855.1    9,921.0    9,979.2   10,010.5   10,065.2   10,121.2

  Personal consumption expenditures........    9,376.0    9,410.8    9,478.5    9,548.3    9,610.0    9,644.8    9,695.5    9,747.5
    Durable goods..........................    1,074.1    1,080.8    1,084.4    1,096.3    1,095.2    1,100.9    1,094.5    1,099.0
    Nondurable goods.......................    2,711.5    2,720.6    2,764.3    2,768.7    2,780.4    2,815.0    2,827.7    2,868.6
    Services...............................    5,590.4    5,609.4    5,629.7    5,683.3    5,734.4    5,729.0    5,773.3    5,779.9
  Personal interest payments\1\............      242.7      244.3      245.8      241.9      238.1      234.3      238.0      241.7
  Personal current transfer payments.......      130.2      130.5      130.8      130.8      131.1      131.4      131.7      132.0
    To government..........................       79.8       80.1       80.3       80.6       80.9       81.2       81.5       81.8
    To the rest of the world (net).........       50.5       50.5       50.5       50.2       50.2       50.2       50.2       50.2

Equals: Personal saving....................      -81.5      -87.7     -107.3      -83.5      -79.7      -37.1     -121.5     -139.8

  Personal saving as a percentage of
   disposable personal income..............        -.8        -.9       -1.1        -.8        -.8        -.4       -1.2       -1.4

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,419.6    8,445.0    8,460.5    8,513.4    8,542.1    8,568.9    8,517.8    8,509.8
    Per capita:
      Current dollars......................     32,161     32,236     32,377     32,650     32,836     33,059     32,936     33,035
      Chained (2000) dollars...............     28,010     28,072     28,102     28,256     28,334     28,404     28,213     28,165
  Population (midperiod, thousands)\3\.....    300,592    300,836    301,070    301,296    301,481    301,684    301,913    302,143
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006      IV 05       I 06      II 06     III 06      IV 06    I 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,239.2   10,891.2   10,483.7   10,721.4   10,807.3   10,939.4   11,096.6   11,352.9

  Compensation of employees, received......    7,030.3    7,485.9    7,184.4    7,400.3    7,425.5    7,489.3    7,628.7    7,800.6

    Wage and salary disbursements..........    5,664.8    6,031.1    5,787.0    5,970.1    5,980.9    6,027.6    6,145.6    6,291.9
      Private industries...................    4,687.1    5,017.2    4,798.9    4,972.0    4,975.0    5,007.1    5,114.6    5,246.7
        Goods-producing industries.........    1,101.3    1,180.5    1,124.9    1,177.3    1,173.0    1,171.5    1,200.1    1,216.6
          Manufacturing....................      704.7      736.8      715.0      742.8      732.8      729.1      742.4      750.2
        Services-producing industries......    3,585.8    3,836.7    3,673.9    3,794.7    3,802.0    3,835.6    3,914.5    4,030.1
          Trade, transportation, and
           utilities.......................      937.2      995.1      954.9      983.6      990.8      995.6    1,010.2    1,021.2
          Other services-producing
           industries......................    2,648.5    2,841.6    2,719.0    2,811.0    2,811.2    2,840.0    2,904.3    3,009.0
      Government...........................      977.7    1,013.9      988.1      998.1    1,005.9    1,020.5    1,031.0    1,045.2

    Supplements to wages and salaries......    1,365.5    1,454.9    1,397.4    1,430.3    1,444.5    1,461.6    1,483.1    1,508.6
      Employer contributions for employee
       pension and insurance funds.........      933.2      992.7      956.1      971.6      985.7    1,000.1    1,013.6    1,026.0
      Employer contributions for government
       social insurance....................      432.3      462.1      441.3      458.7      458.9      461.5      469.5      482.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      970.7    1,015.1      996.8    1,008.3    1,011.9    1,014.8    1,025.3    1,039.1
    Farm...................................       30.2       22.6       28.7       23.9       17.5       21.7       27.3       31.7
    Nonfarm................................      940.4      992.5      968.1      984.4      994.3      993.2      998.0    1,007.5

  Rental income of persons with capital
   consumption adjustment..................       72.8       77.4       81.5       76.8       71.4       78.3       83.1       85.3

  Personal income receipts on assets.......    1,519.4    1,656.3    1,580.2    1,602.3    1,647.7    1,683.6    1,691.6    1,734.4
    Personal interest income...............      945.0    1,016.7      981.7      989.1    1,019.2    1,035.8    1,022.8    1,045.0
    Personal dividend income...............      574.4      639.6      598.5      613.2      628.5      647.8      668.8      689.4

  Personal current transfer receipts.......    1,526.6    1,602.2    1,539.8    1,570.4    1,589.7    1,618.6    1,629.9    1,685.3
    Government social benefits to persons..    1,480.9    1,566.9    1,500.8    1,536.0    1,554.7    1,583.1    1,593.9    1,649.2
      Old-age, survivors, disability, and
       health insurance benefits...........      844.9      931.4      854.6      909.9      928.1      936.7      950.7      975.3
      Government unemployment insurance
       benefits............................       31.3       27.3       31.6       27.8       27.0       27.3       27.1       27.6
      Other................................      604.6      608.3      614.5      598.3      599.6      619.1      616.1      646.3
    Other current transfer receipts, from
     business (net)........................       45.7       35.3       39.0       34.5       35.0       35.5       36.0       36.1

  Less: Contributions for government social
   insurance...............................      880.6      945.7      898.9      936.7      938.8      945.2      961.9      991.8

Less: Personal current taxes...............    1,203.1    1,362.1    1,247.6    1,332.6    1,361.0    1,362.5    1,392.3    1,449.4

Equals: Disposable personal income.........    9,036.1    9,529.1    9,236.1    9,388.8    9,446.2    9,577.0    9,704.3    9,903.5

Less: Personal outlays.....................    9,070.9    9,625.5    9,264.5    9,418.5    9,577.0    9,710.0    9,796.5    9,970.2

  Personal consumption expenditures........    8,742.4    9,268.9    8,927.8    9,079.2    9,228.1    9,346.7    9,421.8    9,601.0
    Durable goods..........................    1,033.1    1,070.3    1,019.6    1,064.1    1,061.8    1,075.5    1,079.8    1,097.5
    Nondurable goods.......................    2,539.3    2,714.9    2,613.5    2,658.2    2,721.4    2,747.7    2,732.1    2,788.0
    Services...............................    5,170.0    5,483.7    5,294.7    5,356.8    5,444.9    5,523.5    5,609.8    5,715.6
  Personal interest payments\1\............      209.4      230.3      214.9      218.5      222.9      235.5      244.3      238.1
  Personal current transfer payments.......      119.2      126.3      121.8      120.9      126.0      127.8      130.5      131.1
    To government..........................       72.0       78.0       74.2       75.7       77.3       79.0       80.0       80.9
    To the rest of the world (net).........       47.1       48.3       47.6       45.2       48.7       48.8       50.5       50.2

Equals: Personal saving....................      -34.8      -96.4      -28.5      -29.7     -130.8     -133.0      -92.2      -66.8

  Personal saving as a percentage of
   disposable personal income..............        -.4       -1.0        -.3        -.3       -1.4       -1.4        -.9        -.7

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,104.6    8,318.6    8,183.3    8,276.8    8,245.4    8,311.0    8,441.7    8,541.5
    Per capita:
      Current dollars......................     30,440     31,794     30,995     31,437     31,560     31,916     32,258     32,849
      Chained (2000) dollars...............     27,302     27,755     27,462     27,714     27,548     27,698     28,061     28,331
  Population (midperiod, thousands)\3\.....    296,852    299,715    297,985    298,651    299,312    300,064    300,833    301,487
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                       Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\r\  Apr 07\r\  May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       61.4       39.4       60.7      123.8       74.0       88.5      -27.2       47.3

  Compensation of employees, received......       68.5       37.0       47.1       89.3       33.1       50.4      -31.7       32.8

    Wage and salary disbursements..........       59.3       30.8       40.3       75.0       28.8       45.1      -32.8       28.1
      Private industries...................       56.9       28.7       38.3       66.7       24.4       42.1      -36.4       24.9
        Goods-producing industries.........       22.5        5.3        9.0        4.2        1.5       10.4        3.5        2.4
          Manufacturing....................       12.5        1.1        5.3         .9        2.1        4.7        2.8        -.9
        Services-producing industries......       34.4       23.4       29.3       62.5       22.9       31.7      -39.8       22.4
          Trade, transportation, and
           utilities.......................        6.5        7.5        2.7        3.4        1.8        6.2        -.2        4.9
          Other services-producing
           industries......................       27.8       15.9       26.6       59.1       21.1       25.5      -39.6       17.5
      Government...........................        2.4        2.1        2.0        8.3        4.4        3.0        3.6        3.2

    Supplements to wages and salaries......        9.1        6.3        6.8       14.3        4.2        5.4        1.1        4.8
      Employer contributions for employee
       pension and insurance funds.........        5.0        4.1        4.1        6.0        2.4        2.3        3.8        2.9
      Employer contributions for government
       social insurance....................        4.2        2.1        2.7        8.3        1.9        3.0       -2.7        1.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        6.5        1.4        1.3        4.3        9.6        5.5       -2.3        1.3
    Farm...................................        2.0         .2       -3.7        3.4        3.4        3.4       -4.2       -3.6
    Nonfarm................................        4.5        1.2        4.9        1.0        6.2        2.1        1.9        4.9

  Rental income of persons with capital
   consumption adjustment..................        -.6         .7        -.4         .9        1.0        1.7         .8         .9

  Personal income receipts on assets.......         .4         .6         .5       20.7       21.3       22.3        7.3        7.3
    Personal interest income...............       -6.5       -6.6       -6.6       14.4       14.4       14.5        -.3        -.3
    Personal dividend income...............        7.0        7.2        7.1        6.3        6.8        7.9        7.6        7.6

  Personal current transfer receipts.......       -4.0        3.6       18.0       28.4       13.3       14.8       -5.9        8.9
    Government social benefits to persons..       -4.2        3.5       17.9       28.4       13.3       14.7       -5.9        8.8
      Old-age, survivors, disability, and
       health insurance benefits...........        1.9        4.2       19.0        2.4        9.2        5.9        1.1       11.2
      Government unemployment insurance
       benefits............................        -.3         .3        -.3         .4         .3        -.1         .1        -.3
      Other................................       -5.8       -1.0        -.8       25.6        3.8        8.9       -7.1       -2.1
    Other current transfer receipts, from
     business (net)........................         .2         .2         .0         .0         .0         .1         .0         .1

  Less: Contributions for government social
   insurance...............................        9.3        4.0        5.8       19.7        4.4        6.3       -4.7        4.0

Less: Personal current taxes...............       17.1        9.1       10.5       34.3       11.9       14.6        2.5        9.6

Equals: Disposable personal income.........       44.4       30.4       50.0       89.7       62.0       73.9      -29.7       37.6

Less: Personal outlays.....................       30.9       36.5       69.6       65.9       58.2       31.3       54.7       56.0

  Personal consumption expenditures........       27.5       34.8       67.7       69.8       61.7       34.8       50.7       52.0
    Durable goods..........................        1.8        6.7        3.6       11.9       -1.1        5.7       -6.4        4.5
    Nondurable goods.......................      -14.7        9.1       43.7        4.4       11.7       34.6       12.7       40.9
    Services...............................       40.4       19.0       20.3       53.6       51.1       -5.4       44.3        6.6
  Personal interest payments\1\............        1.5        1.6        1.5       -3.9       -3.8       -3.8        3.7        3.7
  Personal current transfer payments.......        1.9         .3         .3         .0         .3         .3         .3         .3
    To government..........................         .3         .3         .2         .3         .3         .3         .3         .3
    To the rest of the world (net).........        1.7         .0         .0        -.3         .0         .0         .0         .0

Equals: Personal saving....................       13.5       -6.2      -19.6       23.8        3.8       42.6      -84.4      -18.3

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       58.2       25.4       15.5       52.9       28.7       26.8      -51.1       -8.0
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006      IV 05       I 06      II 06     III 06      IV 06    I 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      507.8      652.0      221.0      237.7       85.9      132.1      157.2      256.3

  Compensation of employees, received......      365.0      455.6       90.8      215.9       25.2       63.8      139.4      171.9

    Wage and salary disbursements..........      272.7      366.3       71.8      183.1       10.8       46.7      118.0      146.3
      Private industries...................      236.8      330.1       64.3      173.1        3.0       32.1      107.5      132.1
        Goods-producing industries.........       50.5       79.2       11.0       52.4       -4.3       -1.5       28.6       16.5
          Manufacturing....................       16.7       32.1        5.3       27.8      -10.0       -3.7       13.3        7.8
        Services-producing industries......      186.3      250.9       53.2      120.8        7.3       33.6       78.9      115.6
          Trade, transportation, and
           utilities.......................       38.0       57.9        9.4       28.7        7.2        4.8       14.6       11.0
          Other services-producing
           industries......................      148.2      193.1       43.8       92.0         .2       28.8       64.3      104.7
      Government...........................       35.9       36.2        7.5       10.0        7.8       14.6       10.5       14.2

    Supplements to wages and salaries......       92.3       89.4       19.0       32.9       14.2       17.1       21.5       25.5
      Employer contributions for employee
       pension and insurance funds.........       67.1       59.5       14.0       15.5       14.1       14.4       13.5       12.4
      Employer contributions for government
       social insurance....................       25.2       29.8        5.0       17.4         .2        2.6        8.0       13.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       59.6       44.4       29.5       11.5        3.6        2.9       10.5       13.8
    Farm...................................       -6.0       -7.6       -1.0       -4.8       -6.4        4.2        5.6        4.4
    Nonfarm................................       65.5       52.1       30.4       16.3        9.9       -1.1        4.8        9.5

  Rental income of persons with capital
   consumption adjustment..................      -54.2        4.6       93.0       -4.7       -5.4        6.9        4.8        2.2

  Personal income receipts on assets.......       91.5      136.9       47.5       22.1       45.4       35.9        8.0       42.8
    Personal interest income...............       54.2       71.7       30.5        7.4       30.1       16.6      -13.0       22.2
    Personal dividend income...............       37.3       65.2       17.0       14.7       15.3       19.3       21.0       20.6

  Personal current transfer receipts.......      100.1       75.6      -29.2       30.6       19.3       28.9       11.3       55.4
    Government social benefits to persons..       82.5       86.0       11.6       35.2       18.7       28.4       10.8       55.3
      Old-age, survivors, disability, and
       health insurance benefits...........       53.5       86.5        6.1       55.3       18.2        8.6       14.0       24.6
      Government unemployment insurance
       benefits............................       -4.7       -4.0        1.4       -3.8        -.8         .3        -.2         .5
      Other................................       33.6        3.7        4.1      -16.2        1.3       19.5       -3.0       30.2
    Other current transfer receipts, from
     business (net)........................       17.6      -10.4      -40.8       -4.5         .5         .5         .5         .1

  Less: Contributions for government social
   insurance...............................       54.2       65.1       10.4       37.8        2.1        6.4       16.7       29.9

Less: Personal current taxes...............      153.3      159.0       32.6       85.0       28.4        1.5       29.8       57.1

Equals: Disposable personal income.........      354.5      493.0      188.4      152.7       57.4      130.8      127.3      199.2

Less: Personal outlays.....................      563.7      554.6       84.2      154.0      158.5      133.0       86.5      173.7

  Personal consumption expenditures........      530.9      526.5       80.5      151.4      148.9      118.6       75.1      179.2
    Durable goods..........................       46.8       37.2      -37.7       44.5       -2.3       13.7        4.3       17.7
    Nondurable goods.......................      194.1      175.6       28.6       44.7       63.2       26.3      -15.6       55.9
    Services...............................      289.9      313.7       89.6       62.1       88.1       78.6       86.3      105.8
  Personal interest payments\1\............       23.4       20.9         .3        3.6        4.4       12.6        8.8       -6.2
  Personal current transfer payments.......        9.5        7.1        3.3        -.9        5.1        1.8        2.7         .6
    To government..........................        5.2        6.0        1.5        1.5        1.6        1.7        1.0         .9
    To the rest of the world (net).........        4.2        1.2        1.8       -2.4        3.5         .1        1.7        -.3

Equals: Personal saving....................     -209.1      -61.6      104.1       -1.2     -101.1       -2.2       40.8       25.4

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       93.8      214.0      109.2       93.5      -31.4       65.6      130.7       99.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                   Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\r\  Apr 07\r\  May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................         .6         .4         .5        1.1         .7         .8        -.2         .4
  Compensation of employees, received......         .9         .5         .6        1.2         .4         .6        -.4         .4
    Wage and salary disbursements..........        1.0         .5         .7        1.2         .5         .7        -.5         .4
    Supplements to wages and salaries......         .6         .4         .5        1.0         .3         .4         .1         .3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .6         .1         .1         .4         .9         .5        -.2         .1
  Rental income of persons with capital
   consumption adjustment..................        -.8         .8        -.5        1.1        1.2        2.0         .9        1.0
  Personal income receipts on assets.......         .0         .0         .0        1.2        1.2        1.3         .4         .4
    Personal interest income...............        -.6        -.6        -.6        1.4        1.4        1.4         .0         .0
    Personal dividend income...............        1.1        1.1        1.1         .9        1.0        1.1        1.1        1.1
  Personal current transfer receipts.......        -.2         .2        1.1        1.7         .8         .9        -.3         .5

  Less: Contributions for government social
   insurance...............................        1.0         .4         .6        2.0         .4         .6        -.5         .4

Less: Personal current taxes...............        1.2         .7         .8        2.4         .8        1.0         .2         .7

Equals: Disposable personal income.........         .5         .3         .5         .9         .6         .7        -.3         .4

Addenda:
  Personal consumption expenditures........         .3         .4         .7         .7         .6         .4         .5         .5
    Durable goods..........................         .2         .6         .3        1.1        -.1         .5        -.6         .4
    Nondurable goods.......................        -.5         .3        1.6         .2         .4        1.2         .5        1.4
    Services...............................         .7         .3         .4        1.0         .9        -.1         .8         .1
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........         .7         .3         .2         .6         .3         .3        -.6        -.1
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006      IV 05       I 06      II 06     III 06      IV 06    I 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................        5.2        6.4        8.9        9.4        3.2        5.0        5.9        9.6
  Compensation of employees, received......        5.5        6.5        5.2       12.6        1.4        3.5        7.7        9.3
    Wage and salary disbursements..........        5.1        6.5        5.1       13.3         .7        3.2        8.1        9.9
    Supplements to wages and salaries......        7.3        6.5        5.6        9.7        4.1        4.8        6.0        7.1
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        6.5        4.6       12.7        4.7        1.4        1.2        4.2        5.5
  Rental income of persons with capital
   consumption adjustment..................      -42.7        6.3      .....      -21.2      -25.2       44.6       26.9       10.8
  Personal income receipts on assets.......        6.4        9.0       13.0        5.7       11.8        9.0        1.9       10.5
    Personal interest income...............        6.1        7.6       13.5        3.0       12.7        6.7       -4.9        9.0
    Personal dividend income...............        7.0       11.3       12.2       10.2       10.4       12.8       13.6       12.9
  Personal current transfer receipts.......        7.0        5.0       -7.3        8.2        5.0        7.5        2.8       14.3

  Less: Contributions for government social
   insurance...............................        6.6        7.4        4.8       17.9         .9        2.7        7.3       13.0

Less: Personal current taxes...............       14.6       13.2       11.2       30.2        8.8         .4        9.0       17.4

Equals: Disposable personal income.........        4.1        5.5        8.6        6.8        2.5        5.7        5.4        8.5

Addenda:
  Personal consumption expenditures........        6.5        6.0        3.7        7.0        6.7        5.2        3.3        7.8
    Durable goods..........................        4.7        3.6      -13.5       18.6        -.9        5.3        1.6        6.7
    Nondurable goods.......................        8.3        6.9        4.5        7.0        9.9        3.9       -2.2        8.4
    Services...............................        5.9        6.1        7.1        4.8        6.7        5.9        6.4        7.8
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........        1.2        2.6        5.5        4.6       -1.5        3.2        6.4        4.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\r\  Apr 07\r\  May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    8,165.8    8,195.1    8,226.8    8,263.2    8,292.3    8,286.6    8,305.2    8,310.5
  Durable goods............................    1,211.1    1,222.8    1,231.7    1,246.7    1,244.2    1,252.2    1,247.8    1,255.1
  Nondurable goods.........................    2,377.2    2,392.3    2,412.6    2,412.2    2,412.4    2,414.9    2,409.4    2,413.4
  Services.................................    4,600.4    4,605.3    4,609.9    4,633.8    4,662.7    4,649.4    4,675.3    4,671.3
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       43.0       29.3       31.7       36.4       29.1       -5.7       18.6        5.3
  Durable goods............................        1.6       11.7        8.9       15.0       -2.5        8.0       -4.4        7.3
  Nondurable goods.........................       15.1       15.1       20.3        -.4         .2        2.5       -5.5        4.0
  Services.................................       25.0        4.9        4.6       23.9       28.9      -13.3       25.9       -4.0
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .5         .4         .4         .4         .4        -.1         .2         .1
  Durable goods............................         .1        1.0         .7        1.2        -.2         .6        -.4         .6
  Nondurable goods.........................         .6         .6         .8         .0         .0         .1        -.2         .2
  Services.................................         .5         .1         .1         .5         .6        -.3         .6        -.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006      IV 05       I 06      II 06     III 06      IV 06    I 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,841.2    8,091.4    7,910.2    8,003.8    8,055.0    8,111.2    8,195.9    8,280.7
  Durable goods............................    1,145.3    1,202.9    1,137.9    1,190.5    1,190.3    1,208.8    1,221.9    1,247.7
  Nondurable goods.........................    2,276.8    2,362.0    2,309.6    2,342.8    2,351.1    2,360.1    2,394.0    2,413.2
  Services.................................    4,436.6    4,550.4    4,476.7    4,494.5    4,535.4    4,566.6    4,605.2    4,648.6
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      264.1      250.2       14.9       93.6       51.2       56.2       84.7       84.8
  Durable goods............................       59.6       57.6      -38.0       52.6        -.2       18.5       13.1       25.8
  Nondurable goods.........................       97.6       85.2       22.0       33.2        8.3        9.0       33.9       19.2
  Services.................................      112.7      113.8       22.2       17.8       40.9       31.2       38.6       43.4
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.5        3.2         .8        4.8        2.6        2.8        4.2        4.2
  Durable goods............................        5.5        5.0      -12.3       19.8        -.1        6.4        4.4        8.7
  Nondurable goods.........................        4.5        3.7        3.9        5.9        1.4        1.5        5.9        3.2
  Services.................................        2.6        2.6        2.0        1.6        3.7        2.8        3.4        3.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\r\  Apr 07\r\  May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    114.830    114.844    115.225    115.562    115.901    116.400    116.750    117.301
  Durable goods............................     88.677     88.383     88.038     87.933     88.015     87.913     87.713     87.558
  Nondurable goods.........................    114.081    113.740    114.600    114.800    115.273    116.586    117.380    118.885
  Services.................................    121.530    121.810    122.132    122.658    122.994    123.229    123.494    123.739
Addenda:
  PCE excluding food and energy............    112.757    112.808    112.948    113.356    113.568    113.613    113.753    113.872
  Market-based PCE\1\......................    113.281    113.286    113.683    114.006    114.379    114.927    115.274    115.873
  Market-based PCE excluding food
   and energy\1\...........................    110.389    110.435    110.547    110.951    111.181    111.195    111.291    111.382
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................        -.2         .0         .3         .3         .3         .4         .3         .5
  Durable goods............................         .0        -.3        -.4        -.1         .1        -.1        -.2        -.2
  Nondurable goods.........................       -1.2        -.3         .8         .2         .4        1.1         .7        1.3
  Services.................................         .2         .2         .3         .4         .3         .2         .2         .2
Addenda:
  PCE excluding food and energy............         .2         .0         .1         .4         .2         .0         .1         .1
  Market-based PCE\1\......................        -.3         .0         .4         .3         .3         .5         .3         .5
  Market-based PCE excluding food
   and energy\1\...........................         .1         .0         .1         .4         .2         .0         .1         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\r\  Apr 07\r\  May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        3.4        3.2        2.9        3.1        3.1        3.3        3.2        3.4

Personal consumption expenditures..........        3.7        3.6        3.5        3.6        3.5        3.3        3.4        3.1
  Durable goods............................        9.2        7.1        6.0        4.3        5.4        4.8        4.7        5.9
  Nondurable goods.........................        2.8        3.8        4.4        2.9        2.8        3.3        2.6        2.6
  Services.................................        3.1        2.9        2.6        3.8        3.5        3.0        3.5        2.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\r\  Apr 07\r\  May 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        1.5        1.9        2.2        2.0        2.3        2.3        2.2        2.3
  Durable goods............................       -1.3       -1.3       -1.6       -1.8       -1.5       -1.5       -1.8       -1.9
  Nondurable goods.........................        -.5        1.1        2.1        1.3        1.9        2.3        1.9        2.5
  Services.................................        3.0        2.9        3.1        3.2        3.2        3.1        3.1        3.1
Addenda:
  PCE excluding food and energy............        2.3        2.1        2.1        2.3        2.4        2.1        2.0        1.9
  Market-based PCE\1\......................        1.1        1.6        2.0        1.8        2.1        2.3        2.1        2.2
  Market-based PCE excluding food
   and energy\1\...........................        2.0        1.9        1.9        2.1        2.2        2.0        1.8        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.