News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, SEPTEMBER 1, 2005
BEA 05-38

Personal Income and Outlays, July 2005



The entire release is available in PDF format. The tables in this release are available in an XLS spreadsheet.
Also available: a brief summary of highlights.

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2005 Annual Revision of the National Income and Product Accounts
Table Headers and Stubs for the 2005 Annual Revision to the Personal Income and Outlays Accounts

James E. Rankin:       (202) 606-5301  (Personal Income) BEA 05-38
Michael Armah:         (202) 606-5302  (Personal Outlays)
Recorded message:      (202) 606-5303


                PERSONAL INCOME AND OUTLAYS:  JULY 2005

Personal income increased $29.3 billion, or 0.3 percent, and disposable personal income (DPI)
increased $27.2 billion, or 0.3 percent, in July, according to the Bureau of Economic Analysis.  Personal
consumption expenditures (PCE) increased $85.7 billion, or 1.0 percent.  In June, personal income
increased $54.7 billion, or 0.5 percent, DPI increased $45.9 billion, or 0.5 percent, and PCE increased
$88.0 billion, or 1.0 percent, based on revised estimates.



                                                          2005
                                        Mar.     Apr.     May       June     July
                                          (Percent change from preceding month)
Personal income, current dollars        0.5      0.7      0.3       0.5      0.3
Disposable personal income:
Current dollars                         0.5      0.5      0.2       0.5      0.3
Chained (2000) dollars                  0.0      0.1      0.2       0.5      0.0
Personal consumption expenditures:
Current dollars                         0.5      0.7     -0.1       1.0      1.0
Chained (2000) dollars                  0.1      0.3     -0.1       1.0      0.7











              This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for January through March 2005 (first quarter).  These
estimates reflect newly available first-quarter wage and salary tabulations from the quarterly census
of employment and wages from the Bureau of Labor Statistics.

                         Wages and salaries

 Private wage and salary disbursements increased $29.4 billion in July, compared with an
increase of $17.9 billion in June.  Goods-producing industries' payrolls increased $6.0 billion,
compared with an increase of $1.9 billion; manufacturing payrolls increased $3.7 billion, in contrast
to a decrease of $0.1 billion.  Services-producing industries' payrolls increased $23.5 billion,
compared with an increase of $15.9 billion.  Government wage and salary disbursements increased
$1.9 billion, compared with an increase of $0.8 billion.

                        Other personal income

 Supplements to wages and salaries increased $4.7 billion in July, compared with an increase of
$4.1 billion in June.

 Proprietors' income decreased $3.5 billion in July, in contrast to an increase of $14.7 billion in
June.  Farm proprietors' income decreased $0.5 billion, compared with a decrease of $0.8 billion.
Nonfarm proprietors' income decreased $3.0 billion, in contrast to an increase of $15.5 billion.

 Rental income of persons decreased $3.3 billion in July, compared with a decrease of $4.3
billion in June.  Personal income receipts on assets (personal interest income plus personal dividend
income) increased $7.8 billion, compared with an increase of $18.0 billion.  Personal current transfer
receipts decreased $4.2 billion, in contrast to an increase of $5.6 billion.

 Contributions for government social insurance -- a subtraction in calculating personal income --
increased $3.6 billion in July, compared with an increase of $2.1 billion in June.

        Personal current taxes and disposable personal income

 Personal current taxes increased $2.1 billion in July, compared with an increase of $8.8 billion
in June.  Disposable personal income (DPI) -- personal income less personal current taxes --
increased $27.2 billion, or 0.3 percent, in July, compared with an increase of $45.9 billion, or 0.5
percent, in June.

                Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $86.8 billion in July, compared with an increase of $92.8 billion in June.  PCE increased
$85.7 billion, compared with an increase of $88.0 billion.

 Personal saving -- DPI less personal outlays -- was a negative $58.8 billion in July, in contrast
to a positive $0.9 billion in June.  The 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.  Personal
saving as a percentage of disposable personal income was a negative 0.6 percent in July, compared
with 0 percent in June.


                        Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in July,
compared with an increase of 0.5 percent in June.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.7 percent in July, compared
with an increase of 1.0 percent in June.  Purchases of durable goods increased 5.2 percent, compared
with an increase of 4.6 percent.  Purchases of motor vehicles and parts accounted for most of the
increases in July and in June.  Purchases of nondurable goods decreased 0.1 percent in July, in
contrast to an increase of 1.0 percent in June.  Purchases of services increased 0.2 percent, compared
with an increase of 0.4 percent.

                              Revisions

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

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



                                        Change from preceding month
                                         May                                     June
                        Previous  Revised   Previous  Revised   Previous  Revised   Previous  Revised
                      (Billions of dollars)     (Percent)      (Billions of dollars)     (Percent)
Personal Income:
Current dollars..........  23.2      26.5        0.2      0.3       52.9     54.7        0.5      0.5
Disposable personal income:
Current dollars..........  15.9      19.3        0.2      0.2       44.9     45.9        0.5      0.5
Chained (2000) dollars...  11.0      13.9        0.1      0.2       40.5     42.1        0.5      0.5
Personal consumption expenditures:
Current dollars..........  -2.7      -8.3        0.0     -0.1       72.2     88.0        0.8      1.0
Chained (2000) dollars...  -5.8     -10.7       -0.1     -0.1       65.3     79.9        0.8      1.0


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.

 Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:

       (202)  606-5306   Gross domestic product
       (202)  606-5303   Personal income and outlays
       (202)  606-5362   U.S. international transactions


                        *          *          *


Next release -- Personal Income and Outlays for August will be released on
                 September 30, 2005, at 8:30 A.M. EDT.

                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 04   Jan 05\r\  Feb 05\r\  Mar 05\r\  Apr 05\r\  May 05\r\   Jun 05\r\  Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,291.0   10,025.2   10,072.9   10,122.0   10,192.6   10,219.1   10,273.8   10,303.1

  Compensation of employees, received......    6,954.3    6,963.3    7,001.6    7,040.3    7,090.1    7,101.4    7,124.1    7,160.1

    Wage and salary disbursements..........    5,612.2    5,604.6    5,629.8    5,655.3    5,698.7    5,706.9    5,725.5    5,756.8
      Private industries...................    4,660.7    4,645.6    4,667.5    4,691.1    4,732.8    4,739.3    4,757.2    4,786.6
        Goods-producing industries.........    1,089.0    1,092.7    1,099.1    1,105.9    1,113.5    1,117.3    1,119.2    1,125.2
          Manufacturing....................      711.4      711.6      715.2      719.2      722.4      725.4      725.3      729.0
        Services-producing industries......    3,571.7    3,552.9    3,568.4    3,585.2    3,619.3    3,622.1    3,638.0    3,661.5
          Trade, transportation, and
           utilities.......................      937.6      933.8      937.6      942.0      949.8      947.9      949.2      956.2
          Other services-producing
           industries......................    2,634.1    2,619.1    2,630.8    2,643.2    2,669.5    2,674.2    2,688.8    2,705.3
      Government...........................      951.5      959.0      962.4      964.1      965.9      967.5      968.3      970.2

    Supplements to wages and salaries......    1,342.1    1,358.7    1,371.7    1,385.0    1,391.4    1,394.5    1,398.6    1,403.3
      Employer contributions for employee
       pension and insurance funds.........      925.7      938.2      949.9      961.8      965.6      968.6      971.7      974.7
      Employer contributions for government
       social insurance....................      416.4      420.5      421.8      423.2      425.8      426.0      426.9      428.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      903.0      912.9      916.8      924.1      933.5      938.4      953.1      949.6
    Farm...................................       23.0       23.7       24.6       25.9       25.6       24.6       23.8       23.3
    Nonfarm................................      880.0      889.2      892.2      898.2      907.9      913.8      929.3      926.3

  Rental income of persons with capital
   consumption adjustment..................      125.4      121.1      118.5      114.4      109.5      104.4      100.1       96.8

  Personal income receipts on assets.......    1,698.5    1,403.3    1,407.4    1,413.1    1,423.7    1,435.5    1,453.5    1,461.3
    Personal interest income...............      910.0      912.7      915.4      918.1      923.9      931.8      945.6      948.6
    Personal dividend income...............      788.5      490.6      492.0      495.0      499.8      503.8      507.9      512.8

  Personal current transfer receipts.......    1,459.4    1,482.8    1,489.6    1,494.0    1,504.8    1,509.1    1,514.7    1,510.5
    Government social benefits to persons..    1,429.3    1,453.7    1,460.4    1,464.8    1,475.6    1,479.8    1,485.5    1,481.2
      Old-age, survivors, disability, and
       health insurance benefits...........      810.3      823.3      828.6      832.1      838.8      842.2      845.6      849.3
      Government unemployment insurance
       benefits............................       30.7       29.6       29.4       29.2       28.1       27.7       28.1       27.9
      Other................................      588.3      600.8      602.4      603.6      608.7      610.0      611.8      604.0
    Other current transfer receipts, from
     business (net)........................       30.0       29.1       29.1       29.1       29.2       29.2       29.3       29.3

  Less: Contributions for government social
   insurance...............................      849.6      858.2      860.9      863.8      869.1      869.6      871.7      875.3

Less: Personal current taxes...............    1,108.9    1,162.9    1,171.5    1,179.8    1,203.0    1,210.2    1,219.0    1,221.1

Equals: Disposable personal income.........    9,182.1    8,862.3    8,901.4    8,942.2    8,989.6    9,008.9    9,054.8    9,082.0

Less: Personal outlays.....................    8,778.3    8,801.2    8,860.5    8,902.2    8,964.6    8,961.2    9,054.0    9,140.8

  Personal consumption expenditures........    8,467.6    8,483.1    8,541.6    8,582.6    8,643.9    8,635.6    8,723.6    8,809.3
    Durable goods..........................    1,030.1    1,003.8    1,017.5    1,030.7    1,046.7    1,008.2    1,050.1    1,099.6
    Nondurable goods.......................    2,435.9    2,461.2    2,483.3    2,485.4    2,529.3    2,525.2    2,543.8    2,558.4
    Services...............................    5,001.6    5,018.1    5,040.8    5,066.5    5,067.9    5,102.2    5,129.7    5,151.3
  Personal interest payments\1\............      197.5      197.8      198.1      198.4      202.7      207.0      211.3      211.9
  Personal current transfer payments.......      113.2      120.3      120.8      121.3      118.1      118.6      119.1      119.6
    To government..........................       71.5       72.0       72.5       72.9       73.4       74.0       74.4       75.0
    To the rest of the world (net).........       41.7       48.3       48.3       48.3       44.7       44.7       44.7       44.7

Equals: Personal saving....................      403.8       61.1       40.9       40.0       25.0       47.6         .9      -58.8

  Personal saving as a percentage of
   disposable personal income..............        4.4         .7         .5         .4         .3         .5         .0        -.6

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,392.9    8,086.7    8,101.8    8,105.6    8,115.9    8,129.8    8,171.9    8,172.1
    Per capita:
      Current dollars......................     31,094     29,989     30,101     30,218     30,356     30,396     30,526     30,592
      Chained (2000) dollars...............     28,421     27,365     27,397     27,391     27,405     27,430     27,550     27,527
  Population (midperiod, thousands)\3\.....    295,303    295,517    295,720    295,924    296,144    296,381    296,626    296,873
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2005.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004       I 04      II 04     III 04      IV 04    I 05\r\    II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,169.1    9,713.3    9,484.8    9,614.3    9,729.2   10,024.8   10,073.4   10,228.5

  Compensation of employees, received......    6,321.1    6,687.6    6,526.7    6,603.6    6,724.2    6,895.8    7,001.7    7,105.2

    Wage and salary disbursements..........    5,111.1    5,389.4    5,254.8    5,318.1    5,422.0    5,562.9    5,629.9    5,710.4
      Private industries...................    4,207.8    4,450.0    4,327.5    4,380.3    4,479.2    4,612.9    4,668.1    4,743.1
        Goods-producing industries.........    1,007.2    1,049.9    1,018.7    1,035.6    1,062.3    1,083.0    1,099.2    1,116.6
          Manufacturing....................      668.7      687.7      669.3      677.6      696.1      707.8      715.3      724.4
        Services-producing industries......    3,200.6    3,400.1    3,308.7    3,344.8    3,416.8    3,529.9    3,568.8    3,626.5
          Trade, transportation, and
           utilities.......................      858.6      899.7      871.8      889.5      906.3      931.1      937.8      949.0
          Other services-producing
           industries......................    2,342.0    2,500.4    2,437.0    2,455.3    2,510.5    2,598.8    2,631.0    2,677.5
      Government...........................      903.3      939.5      927.3      937.7      942.8      950.0      961.8      967.3

    Supplements to wages and salaries......    1,210.0    1,298.1    1,271.9    1,285.5    1,302.3    1,332.9    1,371.8    1,394.8
      Employer contributions for employee
       pension and insurance funds.........      830.0      895.5      877.0      887.5      897.9      919.6      950.0      968.6
      Employer contributions for government
       social insurance....................      380.0      402.7      394.9      398.0      404.4      413.4      421.9      426.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      810.2      889.6      870.2      898.4      889.1      900.9      917.9      941.7
    Farm...................................       27.7       35.8       44.8       44.1       29.7       24.6       24.7       24.7
    Nonfarm................................      782.4      853.8      825.4      854.2      859.4      876.3      893.2      917.0

  Rental income of persons with capital
   consumption adjustment..................      131.7      134.2      144.2      141.8      122.1      128.7      118.0      104.6

  Personal income receipts on assets.......    1,338.7    1,396.5    1,350.4    1,363.9    1,378.2    1,493.6    1,407.9    1,437.6
    Personal interest income...............      917.6      905.9      906.6      905.1      904.7      907.4      915.4      933.8
    Personal dividend income...............      421.1      490.6      443.9      458.8      473.5      586.2      492.5      503.8

  Personal current transfer receipts.......    1,344.0    1,427.5    1,399.6    1,419.8    1,441.5    1,449.2    1,488.8    1,509.5
    Government social benefits to persons..    1,313.5    1,394.5    1,370.6    1,390.8    1,397.1    1,419.5    1,459.7    1,480.3
      Old-age, survivors, disability, and
       health insurance benefits...........      739.3      789.3      772.9      784.9      793.7      805.5      828.0      842.2
      Government unemployment insurance
       benefits............................       52.8       36.0       43.1       35.3       33.3       32.4       29.4       27.9
      Other................................      521.4      569.2      554.6      570.7      570.1      581.5      602.2      610.2
    Other current transfer receipts, from
     business (net)........................       30.5       33.0       29.0       28.9       44.4       29.8       29.1       29.2

  Less: Contributions for government social
   insurance...............................      776.6      822.2      806.3      813.0      825.9      843.5      861.0      870.1

Less: Personal current taxes...............      999.9    1,049.1    1,009.6    1,034.0    1,058.4    1,094.3    1,171.4    1,210.7

Equals: Disposable personal income.........    8,169.2    8,664.2    8,475.3    8,580.3    8,670.9    8,930.4    8,902.0    9,017.8

Less: Personal outlays.....................    7,996.3    8,512.5    8,319.4    8,439.1    8,566.3    8,725.0    8,854.6    8,993.3

  Personal consumption expenditures........    7,709.9    8,214.3    8,032.3    8,145.6    8,263.2    8,416.1    8,535.8    8,667.7
    Durable goods..........................      950.1      987.8      974.2      974.6      993.8    1,008.6    1,017.3    1,035.0
    Nondurable goods.......................    2,189.0    2,368.3    2,302.7    2,355.2    2,378.4    2,437.1    2,476.6    2,532.8
    Services...............................    4,570.8    4,858.2    4,755.4    4,815.9    4,891.0    4,970.4    5,041.8    5,099.9
  Personal interest payments\1\............      183.2      186.7      178.0      182.2      190.3      196.2      198.1      207.0
  Personal current transfer payments.......      103.3      111.5      109.2      111.3      112.8      112.7      120.8      118.6
    To government..........................       62.1       68.6       66.1       67.8       69.4       71.0       72.5       73.9
    To the rest of the world (net).........       41.2       42.9       43.0       43.5       43.4       41.7       48.3       44.7

Equals: Personal saving....................      172.8      151.8      155.8      141.2      104.6      205.4       47.4       24.5

  Personal saving as a percentage of
   disposable personal income..............        2.1        1.8        1.8        1.6        1.2        2.3         .5         .3

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,741.8    8,004.3    7,915.1    7,938.8    7,993.3    8,169.2    8,098.1    8,139.1
    Per capita:
      Current dollars......................     28,065     29,475     28,939     29,231     29,461     30,265     30,103     30,426
      Chained (2000) dollars...............     26,596     27,230     27,026     27,045     27,159     27,685     27,384     27,462
  Population (midperiod, thousands)\3\.....    291,085    293,951    292,872    293,540    294,315    295,077    295,720    296,383
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2005.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                       Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 04   Jan 05\r\  Feb 05\r\  Mar 05\r\  Apr 05\r\  May 05\r\   Jun 05\r\  Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      366.1     -265.8       47.7       49.1       70.6       26.5       54.7       29.3

  Compensation of employees, received......       57.7        9.0       38.3       38.7       49.8       11.3       22.7       36.0

    Wage and salary disbursements..........       49.0       -7.6       25.2       25.5       43.4        8.2       18.6       31.3
      Private industries...................       47.5      -15.1       21.9       23.6       41.7        6.5       17.9       29.4
        Goods-producing industries.........        8.5        3.7        6.4        6.8        7.6        3.8        1.9        6.0
          Manufacturing....................        5.8         .2        3.6        4.0        3.2        3.0        -.1        3.7
        Services-producing industries......       39.1      -18.8       15.5       16.8       34.1        2.8       15.9       23.5
          Trade, transportation, and
           utilities.......................        6.4       -3.8        3.8        4.4        7.8       -1.9        1.3        7.0
          Other services-producing
           industries......................       32.7      -15.0       11.7       12.4       26.3        4.7       14.6       16.5
      Government...........................        1.4        7.5        3.4        1.7        1.8        1.6         .8        1.9

    Supplements to wages and salaries......        8.7       16.6       13.0       13.3        6.4        3.1        4.1        4.7
      Employer contributions for employee
       pension and insurance funds.........        5.8       12.5       11.7       11.9        3.8        3.0        3.1        3.0
      Employer contributions for government
       social insurance....................        2.9        4.1        1.3        1.4        2.6         .2         .9        1.7

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        2.9        9.9        3.9        7.3        9.4        4.9       14.7       -3.5
    Farm...................................       -1.5         .7         .9        1.3        -.3       -1.0        -.8        -.5
    Nonfarm................................        4.4        9.2        3.0        6.0        9.7        5.9       15.5       -3.0

  Rental income of persons with capital
   consumption adjustment..................       -2.9       -4.3       -2.6       -4.1       -4.9       -5.1       -4.3       -3.3

  Personal income receipts on assets.......      304.3     -295.2        4.1        5.7       10.6       11.8       18.0        7.8
    Personal interest income...............        2.8        2.7        2.7        2.7        5.8        7.9       13.8        3.0
    Personal dividend income...............      301.5     -297.9        1.4        3.0        4.8        4.0        4.1        4.9

  Personal current transfer receipts.......       10.0       23.4        6.8        4.4       10.8        4.3        5.6       -4.2
    Government social benefits to persons..        9.7       24.4        6.7        4.4       10.8        4.2        5.7       -4.3
      Old-age, survivors, disability, and
       health insurance benefits...........        5.0       13.0        5.3        3.5        6.7        3.4        3.4        3.7
      Government unemployment insurance
       benefits............................       -2.7       -1.1        -.2        -.2       -1.1        -.4         .4        -.2
      Other................................        7.5       12.5        1.6        1.2        5.1        1.3        1.8       -7.8
    Other current transfer receipts, from
     business (net)........................         .2        -.9         .0         .0         .1         .0         .1         .0

  Less: Contributions for government social
   insurance...............................        5.9        8.6        2.7        2.9        5.3         .5        2.1        3.6

Less: Personal current taxes...............       14.9       54.0        8.6        8.3       23.2        7.2        8.8        2.1

Equals: Disposable personal income.........      351.2     -319.8       39.1       40.8       47.4       19.3       45.9       27.2

Less: Personal outlays.....................       59.4       22.9       59.3       41.7       62.4       -3.4       92.8       86.8

  Personal consumption expenditures........       57.8       15.5       58.5       41.0       61.3       -8.3       88.0       85.7
    Durable goods..........................       29.2      -26.3       13.7       13.2       16.0      -38.5       41.9       49.5
    Nondurable goods.......................        -.3       25.3       22.1        2.1       43.9       -4.1       18.6       14.6
    Services...............................       29.0       16.5       22.7       25.7        1.4       34.3       27.5       21.6
  Personal interest payments\1\............        1.2         .3         .3         .3        4.3        4.3        4.3         .6
  Personal current transfer payments.......         .5        7.1         .5         .5       -3.2         .5         .5         .5
    To government..........................         .5         .5         .5         .4         .5         .6         .4         .6
    To the rest of the world (net).........         .0        6.6         .0         .0       -3.6         .0         .0         .0

Equals: Personal saving....................      291.8     -342.7      -20.2        -.9      -15.0       22.6      -46.7      -59.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      321.7     -306.2       15.1        3.8       10.3       13.9       42.1         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2005.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004       I 04      II 04     III 04      IV 04    I 05\r\    II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      287.2      544.2      156.1      129.5      114.9      295.6       48.6      155.1

  Compensation of employees, received......      229.9      366.5       99.3       76.9      120.6      171.6      105.9      103.5

    Wage and salary disbursements..........      130.2      278.3       67.5       63.3      103.9      140.9       67.0       80.5
      Private industries...................       92.8      242.2       50.1       52.8       98.9      133.7       55.2       75.0
        Goods-producing industries.........       -3.5       42.7       -3.9       16.9       26.7       20.7       16.2       17.4
          Manufacturing....................       -6.8       19.0       -7.8        8.3       18.5       11.7        7.5        9.1
        Services-producing industries......       96.4      199.5       53.9       36.1       72.0      113.1       38.9       57.7
          Trade, transportation, and
           utilities.......................       15.5       41.1        3.0       17.7       16.8       24.8        6.7       11.2
          Other services-producing
           industries......................       80.9      158.4       51.0       18.3       55.2       88.3       32.2       46.5
      Government...........................       37.4       36.2       17.4       10.4        5.1        7.2       11.8        5.5

    Supplements to wages and salaries......       99.7       88.1       31.8       13.6       16.8       30.6       38.9       23.0
      Employer contributions for employee
       pension and insurance funds.........       84.9       65.5       21.6       10.5       10.4       21.7       30.4       18.6
      Employer contributions for government
       social insurance....................       14.8       22.7       10.2        3.1        6.4        9.0        8.5        4.3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       41.8       79.4       30.2       28.2       -9.3       11.8       17.0       23.8
    Farm...................................       17.1        8.1        9.7        -.7      -14.4       -5.1         .1         .0
    Nonfarm................................       24.6       71.4       20.6       28.8        5.2       16.9       16.9       23.8

  Rental income of persons with capital
   consumption adjustment..................      -21.2        2.5        1.0       -2.4      -19.7        6.6      -10.7      -13.4

  Personal income receipts on assets.......        5.5       57.8        8.3       13.5       14.3      115.4      -85.7       29.7
    Personal interest income...............      -18.5      -11.7       -5.6       -1.5        -.4        2.7        8.0       18.4
    Personal dividend income...............       23.9       69.5       14.0       14.9       14.7      112.7      -93.7       11.3

  Personal current transfer receipts.......       57.8       83.5       37.3       20.2       21.7        7.7       39.6       20.7
    Government social benefits to persons..       64.6       81.0       37.6       20.2        6.3       22.4       40.2       20.6
      Old-age, survivors, disability, and
       health insurance benefits...........       31.8       50.0       21.0       12.0        8.8       11.8       22.5       14.2
      Government unemployment insurance
       benefits............................        -.4      -16.8       -8.2       -7.8       -2.0        -.9       -3.0       -1.5
      Other................................       33.2       47.8       24.9       16.1        -.6       11.4       20.7        8.0
    Other current transfer receipts, from
     business (net)........................       -6.8        2.5        -.3        -.1       15.5      -14.6        -.7         .1

  Less: Contributions for government social
   insurance...............................       26.6       45.6       20.0        6.7       12.9       17.6       17.5        9.1

Less: Personal current taxes...............      -51.9       49.2        2.0       24.4       24.4       35.9       77.1       39.3

Equals: Disposable personal income.........      339.1      495.0      154.3      105.0       90.6      259.5      -28.4      115.8

Less: Personal outlays.....................      351.0      516.2      161.0      119.7      127.2      158.7      129.6      138.7

  Personal consumption expenditures........      359.2      504.4      165.7      113.3      117.6      152.9      119.7      131.9
    Durable goods..........................       26.2       37.7       10.6         .4       19.2       14.8        8.7       17.7
    Nondurable goods.......................      109.4      179.3       69.1       52.5       23.2       58.7       39.5       56.2
    Services...............................      223.6      287.4       85.9       60.5       75.1       79.4       71.4       58.1
  Personal interest payments\1\............      -13.2        3.5       -5.4        4.2        8.1        5.9        1.9        8.9
  Personal current transfer payments.......        5.1        8.2         .8        2.1        1.5        -.1        8.1       -2.2
    To government..........................        3.9        6.5        1.9        1.7        1.6        1.6        1.5        1.4
    To the rest of the world (net).........        1.2        1.7       -1.2         .5        -.1       -1.7        6.6       -3.6

Equals: Personal saving....................      -11.9      -21.0       -6.8      -14.6      -36.6      100.8     -158.0      -22.9

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      179.6      262.5       70.3       23.7       54.5      175.9      -71.1       41.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2005.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                   Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 04   Jan 05\r\  Feb 05\r\  Mar 05\r\  Apr 05\r\  May 05\r\   Jun 05\r\  Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        3.7       -2.6         .5         .5         .7         .3         .5         .3
  Compensation of employees, received......         .8         .1         .5         .6         .7         .2         .3         .5
    Wage and salary disbursements..........         .9        -.1         .5         .5         .8         .1         .3         .5
    Supplements to wages and salaries......         .7        1.2        1.0        1.0         .5         .2         .3         .3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .3        1.1         .4         .8        1.0         .5        1.6        -.4
  Rental income of persons with capital
   consumption adjustment..................       -2.3       -3.5       -2.1       -3.5       -4.2       -4.7       -4.1       -3.2
  Personal income receipts on assets.......       21.8      -17.4         .3         .4         .7         .8        1.3         .5
    Personal interest income...............         .3         .3         .3         .3         .6         .8        1.5         .3
    Personal dividend income...............       61.9      -37.8         .3         .6        1.0         .8         .8        1.0
  Personal current transfer receipts.......         .7        1.6         .5         .3         .7         .3         .4        -.3

  Less: Contributions for government social
   insurance...............................         .7        1.0         .3         .3         .6         .1         .2         .4

Less: Personal current taxes...............        1.4        4.9         .7         .7        2.0         .6         .7         .2

Equals: Disposable personal income.........        4.0       -3.5         .4         .5         .5         .2         .5         .3

Addenda:
  Personal consumption expenditures........         .7         .2         .7         .5         .7        -.1        1.0        1.0
    Durable goods..........................        2.9       -2.6        1.4        1.3        1.6       -3.7        4.2        4.7
    Nondurable goods.......................         .0        1.0         .9         .1        1.8        -.2         .7         .6
    Services...............................         .6         .3         .5         .5         .0         .7         .5         .4

  Real disposable personal income..........        4.0       -3.6         .2         .0         .1         .2         .5         .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2005.

             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004       I 04      II 04     III 04      IV 04    I 05\r\    II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        3.2        5.9        6.9        5.6        4.9       12.7        2.0        6.3
  Compensation of employees, received......        3.8        5.8        6.3        4.8        7.5       10.6        6.3        6.0
    Wage and salary disbursements..........        2.6        5.4        5.3        4.9        8.0       10.8        4.9        5.8
    Supplements to wages and salaries......        9.0        7.3       10.7        4.3        5.3        9.8       12.2        6.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        5.4        9.8       15.2       13.6       -4.0        5.4        7.8       10.7
  Rental income of persons with capital
   consumption adjustment..................      -13.9        1.9        2.9       -6.7      -44.9       23.6      -29.5      -38.1
  Personal income receipts on assets.......         .4        4.3        2.5        4.0        4.3       37.9      -21.0        8.7
    Personal interest income...............       -2.0       -1.3       -2.5        -.6        -.2        1.2        3.6        8.3
    Personal dividend income...............        6.0       16.5       13.6       14.1       13.5      134.9      -50.2        9.5
  Personal current transfer receipts.......        4.5        6.2       11.4        5.9        6.3        2.2       11.4        5.7

  Less: Contributions for government social
   insurance...............................        3.5        5.9       10.6        3.4        6.5        8.8        8.5        4.3

Less: Personal current taxes...............       -4.9        4.9         .8       10.0        9.8       14.3       31.3       14.1

Equals: Disposable personal income.........        4.3        6.1        7.6        5.1        4.3       12.5       -1.3        5.3

Addenda:
  Personal consumption expenditures........        4.9        6.5        8.7        5.8        5.9        7.6        5.8        6.3
    Durable goods..........................        2.8        4.0        4.5         .2        8.1        6.1        3.5        7.1
    Nondurable goods.......................        5.3        8.2       13.0        9.4        4.0       10.3        6.6        9.4
    Services...............................        5.1        6.3        7.6        5.2        6.4        6.7        5.9        4.7

  Real disposable personal income..........        2.4        3.4        3.6        1.2        2.8        9.1       -3.4        2.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2005.

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 04   Jan 05     Feb 05      Mar 05     Apr 05\r\   May 05\r\ Jun 05\r\  Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,739.8    7,740.7    7,774.3    7,779.7    7,803.7    7,793.0    7,872.9    7,926.7
  Durable goods............................    1,138.3    1,106.2    1,122.9    1,137.8    1,156.4    1,111.4    1,162.2    1,222.8
  Nondurable goods.........................    2,240.7    2,265.1    2,276.3    2,255.4    2,273.6    2,280.0    2,301.7    2,298.3
  Services.................................    4,379.0    4,381.9    4,390.4    4,403.7    4,394.8    4,413.7    4,429.7    4,437.3
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       53.4         .9       33.6        5.4       24.0      -10.7       79.9       53.8
  Durable goods............................       31.4      -32.1       16.7       14.9       18.6      -45.0       50.8       60.6
  Nondurable goods.........................        8.6       24.4       11.2      -20.9       18.2        6.4       21.7       -3.4
  Services.................................       18.1        2.9        8.5       13.3       -8.9       18.9       16.0        7.6
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .7         .0         .4         .1         .3        -.1        1.0         .7
  Durable goods............................        2.8       -2.8        1.5        1.3        1.6       -3.9        4.6        5.2
  Nondurable goods.........................         .4        1.1         .5        -.9         .8         .3        1.0        -.1
  Services.................................         .4         .1         .2         .3        -.2         .4         .4         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004       I 04      II 04     III 04      IV 04     I 05     II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,306.6    7,588.6    7,501.4    7,536.6    7,617.5    7,698.8    7,764.9    7,823.2
  Durable goods............................    1,028.5    1,089.9    1,071.6    1,072.5    1,100.4    1,115.1    1,122.3    1,143.3
  Nondurable goods.........................    2,101.8    2,200.4    2,171.9    2,186.1    2,206.9    2,236.5    2,265.6    2,285.1
  Services.................................    4,183.9    4,310.9    4,269.0    4,288.6    4,324.0    4,362.1    4,392.0    4,412.7
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      207.3      282.0       85.0       35.2       80.9       81.3       66.1       58.3
  Durable goods............................       63.7       61.4       11.6         .9       27.9       14.7        7.2       21.0
  Nondurable goods.........................       64.7       98.6       34.6       14.2       20.8       29.6       29.1       19.5
  Services.................................       83.5      127.0       39.6       19.6       35.4       38.1       29.9       20.7
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        2.9        3.9        4.7        1.9        4.4        4.3        3.5        3.0
  Durable goods............................        6.6        6.0        4.4         .4       10.8        5.5        2.6        7.7
  Nondurable goods.........................        3.2        4.7        6.6        2.6        3.9        5.5        5.3        3.5
  Services.................................        2.0        3.0        3.8        1.8        3.4        3.6        2.8        1.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 04   Jan 05     Feb 05     Mar 05     Apr 05\r\  May 05\r\   Jun 05\r\  Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    109.411    109.599    109.878    110.329    110.774    110.820    110.813    111.143
  Durable goods............................     90.496     90.741     90.620     90.584     90.512     90.715     90.353     89.924
  Nondurable goods.........................    108.723    108.667    109.102    110.211    111.257    110.767    110.531    111.327
  Services.................................    114.225    114.526    114.824    115.060    115.325    115.608    115.811    116.101
Addenda:
  PCE excluding food and energy............    108.112    108.427    108.611    108.812    108.878    109.115    109.148    109.213
  Market-based PCE\1\......................    108.424    108.602    108.884    109.358    109.843    109.871    109.868    110.226
  Market-based PCE excluding food
   and energy\1\...........................    106.607    106.934    107.103    107.282    107.323    107.575    107.622    107.668
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .0         .2         .3         .4         .4         .0         .0         .3
  Durable goods............................         .1         .3        -.1         .0        -.1         .2        -.4        -.5
  Nondurable goods.........................        -.4        -.1         .4        1.0         .9        -.4        -.2         .7
  Services.................................         .2         .3         .3         .2         .2         .2         .2         .3
Addenda:
  PCE excluding food and energy............         .1         .3         .2         .2         .1         .2         .0         .1
  Market-based PCE\1\......................         .0         .2         .3         .4         .4         .0         .0         .3
  Market-based PCE excluding food
   and energy\1\...........................         .0         .3         .2         .2         .0         .2         .0         .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 04   Jan 05\r\  Feb 05\r\  Mar 05\r\  Apr 05\r\  May 05\r\   Jun 05\r\  Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        6.6        2.3        2.3        2.3        2.3        2.3        3.0        2.5

Personal consumption expenditures..........        3.8        3.3        3.8        3.4        4.0        3.0        4.4        4.2
  Durable goods............................        5.4        4.2        5.0        5.0        9.3        1.7        9.0       10.1
  Nondurable goods.........................        4.8        4.2        5.7        3.1        4.5        3.8        5.3        4.6
  Services.................................        3.1        2.7        2.7        3.3        2.8        2.8        3.1        2.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2005.

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 04   Jan 05     Feb 05     Mar 05     Apr 05\r\  May 05\r\   Jun 05\r\  Jul 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        3.0        2.7        2.6        2.7        2.9        2.5        2.2        2.5
  Durable goods............................        -.1        -.1        -.3        -.3        -.4        -.2        -.5        -.6
  Nondurable goods.........................        3.9        3.1        3.0        3.2        4.1        2.5        2.0        3.3
  Services.................................        3.2        3.1        3.0        3.0        3.0        3.0        2.8        2.8
Addenda:
  PCE excluding food and energy............        2.2        2.2        2.2        2.1        2.0        2.0        1.9        1.8
  Market-based PCE\1\......................        2.7        2.4        2.4        2.5        2.7        2.3        2.1        2.5
  Market-based PCE excluding food
   and energy\1\...........................        1.7        1.8        1.8        1.7        1.6        1.7        1.6        1.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.