News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 30, 2007
BEA 07-13

Personal Income and Outlays, February 2007

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James E. Rankin:    (202) 606-5301  (Personal Income)BEA 07-13
Michael Armah:      (202) 606-5302  (Personal Outlays)


                                PERSONAL INCOME AND OUTLAYS:  FEBRUARY 2007

        Personal income increased $65.4 billion, or 0.6 percent, and disposable personal income (DPI)
increased $53.8 billion, or 0.5 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $55.5 billion, or 0.6 percent.  In January,
personal income increased $110.5 billion, or 1.0 percent, DPI increased $74.2 billion, or 0.8 percent,
and PCE increased $50.2 billion, or 0.5 percent, based on revised estimates.

                                        2006                                            2007
                                        Oct.            Nov.            Dec.            Jan.            Feb.
                                                        (Percent change from preceding month)
Personal income, current dollars        0.3             0.3             0.5             1.0             0.6
Disposable personal income:
  Current dollars                       0.2             0.3             0.5             0.8             0.5
  Chained (2000) dollars                0.5             0.3             0.1             0.6             0.1
Personal consumption expenditures:
  Current dollars                       0.3             0.4             0.7             0.5             0.6
  Chained (2000) dollars                0.5             0.4             0.4             0.3             0.2

                                Compensation of employees

        Private wage and salary disbursements increased $19.3 billion in February, compared with an
increase of $64.9 billion in January.  The January change in private wages and salaries reflected an
adjustment of $50.0 billion (at an annual rate) for unusually large bonus payments and the exercise
of stock options, based on data from state governments and from other sources.  These types of
irregular payments are not accounted for in the primary monthly source data for wages and salaries.
(The February change to private wages and salaries was not affected because the $50 billion
adjustment was made to each month of the first quarter.)  Goods-producing industries' payrolls
increased $1.6 billion, compared with an increase of $2.1 billion; manufacturing payrolls increased
$0.7 billion, in contrast to a decrease of $0.5 billion.  Services-producing industries' payrolls
increased $17.7 billion, compared with an increase of $62.8 billion.

        Government wage and salary disbursements increased $4.5 billion in February, compared with
an increase of $7.6 billion in January.  Pay raises for federal civilian personnel added $0.6 billion to
the change in government payrolls in February; pay raises for federal civilian and military personnel
had added $4.6 billion to government payrolls in January.

        Employer contributions for employee pension and insurance funds increased $2.5 billion in
February, compared with an increase of $6.8 billion in January.

        Employer contributions for government social insurance increased $1.5 billion in February,
compared with an increase of $8.2 billion in January.  The January increase reflected an increase in
the tax rate paid by employers to state unemployment insurance funds and an increase in the social
security taxable wage base (from $94,200 to $97,500); together, these changes added $3.0 billion to
the January change.  (Changes in employer contributions for government social insurance do not
affect personal income, because employer contributions for government social insurance are also
included in total contributions for government social insurance, which is a subtraction in the
calculation of personal income.)

                                Other personal income

        Proprietors' income increased $11.1 billion in February, compared with an increase of $0.4
billion in January.  Farm proprietors' income increased $3.3 billion, the same increase as in January.
Nonfarm proprietors' income increased $7.8 billion in February, in contrast to a decrease of $2.8
billion in January.

        Rental income of persons increased $0.1 billion in February, in contrast to a decrease of $0.5
billion in January.  Personal income receipts on assets (personal interest income plus personal
dividend income) increased $16.9 billion, compared with an increase of $16.3 billion.

        Personal current transfer receipts increased $13.2 billion in February, compared with an
increase of $26.2 billion in January.  The January change in current transfer receipts reflected 3.3-
percent cost-of-living adjustments to social security benefits and to several other federal transfer
payment programs; together, these changes added $21.2 billion to the January change.  The January
change in current transfer receipts was reduced by lump-sum social security benefits payments,
which had added $6.7 billion to December benefit payments; these benefit payments resulted from a
recalculation of the earnings base underlying the benefits for recent retirees.

        Contributions for government social insurance -- a subtraction in calculating personal income --
increased $3.7 billion in February, compared with an increase of $19.4 billion in January.  The
January increase reflected increases in both employer and personal contributions for government
social insurance.  As noted above, employer contributions were boosted $3.0 billion in January by
increases in unemployment-insurance rates and in the social security taxable wage base.  The
January increase in personal contributions for government social insurance reflected an increase in
the monthly premium paid by participants in the supplementary medical insurance program
(Medicare part B) and the increase in the social security taxable wage base; these changes added
$5.3 billion to January personal contributions.

                                Personal current taxes and disposable personal income

        Personal current taxes increased $11.7 billion in February, compared with an increase of $36.2
billion in January.  Indexation provisions of current tax law reduced federal withheld income taxes
by $4.0 billion in January.  Federal net nonwithheld income taxes (payments of estimated taxes plus
final settlements less refunds) boosted the January increase by $11.1 billion, based on federal budget
projections for 2007.

        Disposable personal income (DPI) -- personal income less personal current taxes -- increased
$53.8 billion, or 0.5 percent, in February, compared with an increase of $74.2 billion, or 0.8 percent,
in January.

                                Personal outlays and personal saving

        Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $58.3 billion in February, compared with an increase of $52.7 billion in January.  PCE
increased $55.5 billion, compared with an increase of $50.2 billion.

        Personal saving -- DPI less personal outlays -- was a negative $119.6 billion in February,
compared with a negative $115.1 billion in January.  Personal saving as a percentage of disposable
personal income was a negative 1.2 percent in February, the same as in January.  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 /bea/dn/nipaweb/Nipa-Frb.asp.

                                Real DPI and real PCE

        Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in February,
compared with an increase of 0.6 percent in January.

        Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in February,
compared with an increase of 0.3 percent in January.  Purchases of durable goods decreased 0.1
percent, in contrast to an increase of 1.1 percent.  Purchases of nondurable goods decreased 0.4
percent, in contrast to an increase of 0.1 percent.  Purchases of services increased 0.5 percent,
compared with an increase of 0.3 percent.

        PCE prices -- The price index for PCE increased 0.4 percent in February, compared with an
increase of 0.2 percent in January.  Prices, excluding food and energy, increased 0.3 percent,
compared with an increase of 0.2 percent.  This acceleration primarily reflects a sharp acceleration
in the producer price index for offices of physicians.

                                Revisions

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

                                                                Change from preceding month

                                        December                                  January
                                        Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                                       (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal Income:
  Current dollars.....................  55.7       55.9      0.5        0.5       108.1      110.5     1.0        1.0
Disposable personal income:
  Current dollars.....................  46.0       46.2      0.5        0.5        73.0       74.2     0.8        0.8
  Chained (2000) dollars..............  11.7       12.3      0.1        0.1        46.0       48.3     0.5        0.6
Personal consumption expenditures:
  Current dollars.....................  69.4       67.7      0.7        0.7        51.9       50.2     0.5        0.5
  Chained (2000) dollars..............  32.7       31.7      0.4        0.4        28.2       27.8     0.3        0.3

        BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By
visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and
announcements.


                        *          *          *


        Next release -- Personal Income and Outlays for March will be released on
April 30, 2007 at 8:30 A.M. EDT.



                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\r\  Jan 07\r\  Feb 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,892.5   10,937.1   10,988.7   11,024.1   11,058.2   11,114.1   11,224.6   11,290.0

  Compensation of employees, received......    7,467.9    7,480.0    7,519.8    7,558.4    7,589.3    7,631.0    7,718.4    7,746.2

    Wage and salary disbursements..........    6,011.6    6,019.0    6,052.3    6,083.8    6,108.9    6,144.2    6,216.6    6,240.4
      Private industries...................    4,997.0    4,998.5    5,025.8    5,054.9    5,077.9    5,111.1    5,176.0    5,195.3
        Goods-producing industries.........    1,172.2    1,171.3    1,171.1    1,177.6    1,178.5    1,183.1    1,185.2    1,186.8
          Manufacturing....................      730.5      729.3      727.4      731.4      730.1      732.1      731.6      732.3
        Services-producing industries......    3,824.8    3,827.2    3,854.7    3,877.3    3,899.4    3,928.0    3,990.8    4,008.5
          Trade, transportation, and
           utilities.......................      995.2      993.9      997.8    1,000.2    1,006.4    1,007.9    1,011.2    1,011.3
          Other services-producing
           industries......................    2,829.6    2,833.3    2,857.0    2,877.1    2,893.0    2,920.1    2,979.6    2,997.2
      Government...........................    1,014.6    1,020.5    1,026.5    1,028.9    1,031.0    1,033.0    1,040.6    1,045.1

    Supplements to wages and salaries......    1,456.3    1,461.1    1,467.5    1,474.6    1,480.4    1,486.9    1,501.8    1,505.8
      Employer contributions for employee
       pension and insurance funds.........      995.6    1,000.2    1,004.5    1,009.5    1,013.6    1,017.7    1,024.5    1,027.0
      Employer contributions for government
       social insurance....................      460.7      460.9      463.0      465.1      466.8      469.1      477.3      478.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    1,009.9    1,017.2    1,017.4    1,023.9    1,025.3    1,026.6    1,027.0    1,038.1
    Farm...................................       17.1       21.5       26.4       28.4       28.6       24.9       28.2       31.5
    Nonfarm................................      992.9      995.7      991.0      995.5      996.7    1,001.6      998.8    1,006.6

  Rental income of persons with capital
   consumption adjustment..................       73.4       78.1       83.4       82.8       83.5       83.1       82.6       82.7

  Personal income receipts on assets.......    1,676.7    1,683.5    1,690.6    1,691.0    1,691.6    1,692.1    1,708.4    1,725.3
    Personal interest income...............    1,035.7    1,035.8    1,035.9    1,029.4    1,022.8    1,016.2    1,026.2    1,036.2
    Personal dividend income...............      641.0      647.7      654.6      661.6      668.8      675.9      682.2      689.0

  Personal current transfer receipts.......    1,608.0    1,622.5    1,625.5    1,621.5    1,625.1    1,643.1    1,669.3    1,682.5
    Government social benefits to persons..    1,572.6    1,587.0    1,589.8    1,585.6    1,589.1    1,607.0    1,633.2    1,646.4
      Old-age, survivors, disability, and
       health insurance benefits...........      931.4      938.9      939.7      941.6      945.8      964.8      967.2      976.6
      Government unemployment insurance
       benefits............................       27.3       27.3       27.3       27.0       27.3       27.0       27.4       27.7
      Other................................      613.8      620.7      622.8      617.0      616.0      615.2      638.6      642.1
    Other current transfer receipts, from
     business (net)........................       35.4       35.5       35.7       35.9       36.1       36.1       36.1       36.1

  Less: Contributions for government social
   insurance...............................      943.4      944.2      948.0      953.4      956.6      961.7      981.1      984.8

Less: Personal current taxes...............    1,360.8    1,361.0    1,365.6    1,377.8    1,385.9    1,395.6    1,431.8    1,443.5

Equals: Disposable personal income.........    9,531.8    9,576.1    9,623.0    9,646.3    9,672.3    9,718.5    9,792.7    9,846.5

Less: Personal outlays.....................    9,696.0    9,716.0    9,718.1    9,749.0    9,785.5    9,855.1    9,907.8    9,966.1

  Personal consumption expenditures........    9,338.9    9,352.7    9,348.5    9,376.0    9,410.8    9,478.5    9,528.7    9,584.2
    Durable goods..........................    1,085.2    1,068.9    1,072.3    1,074.1    1,080.8    1,084.4    1,094.9    1,094.8
    Nondurable goods.......................    2,755.9    2,761.1    2,726.2    2,711.5    2,720.6    2,764.3    2,771.0    2,770.8
    Services...............................    5,497.8    5,522.6    5,550.0    5,590.4    5,609.4    5,629.7    5,662.8    5,718.5
  Personal interest payments\1\............      229.9      235.5      241.2      242.7      244.3      245.8      248.2      250.5
  Personal current transfer payments.......      127.2      127.8      128.3      130.2      130.5      130.8      131.0      131.3
    To government..........................       78.4       79.0       79.5       79.8       80.1       80.3       80.6       80.9
    To the rest of the world (net).........       48.8       48.8       48.8       50.5       50.5       50.5       50.5       50.5

Equals: Personal saving....................     -164.2     -139.8      -95.0     -102.7     -113.2     -136.6     -115.1     -119.6

  Personal saving as a percentage of
   disposable personal income..............       -1.7       -1.5       -1.0       -1.1       -1.2       -1.4       -1.2       -1.2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,277.6    8,294.2    8,361.4    8,401.2    8,422.8    8,435.1    8,483.4    8,495.4
    Per capita:
      Current dollars......................     31,794     31,914     32,042     32,091     32,151     32,280     32,502     32,660
      Chained (2000) dollars...............     27,610     27,641     27,841     27,949     27,998     28,017     28,156     28,179
  Population (midperiod, thousands)\3\.....    299,801    300,065    300,326    300,592    300,836    301,070    301,296    301,481
-----------------------------------------------------------------------------------------------------------------------------------
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\r\     III 05      IV 05       I 06      II 06     III 06   IV 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,239.2   10,883.4   10,262.7   10,483.7   10,721.4   10,807.3   10,939.4   11,065.5

  Compensation of employees, received......    7,030.3    7,477.0    7,093.6    7,184.4    7,400.3    7,425.5    7,489.3    7,592.9

    Wage and salary disbursements..........    5,664.8    6,022.7    5,715.2    5,787.0    5,970.1    5,980.9    6,027.6    6,112.3
      Private industries...................    4,687.1    5,008.8    4,734.6    4,798.9    4,972.0    4,975.0    5,007.1    5,081.3
        Goods-producing industries.........    1,101.3    1,175.4    1,113.9    1,124.9    1,177.3    1,173.0    1,171.5    1,179.7
          Manufacturing....................      704.7      734.0      709.7      715.0      742.8      732.8      729.1      731.2
        Services-producing industries......    3,585.8    3,833.5    3,620.7    3,673.9    3,794.7    3,802.0    3,835.6    3,901.6
          Trade, transportation, and
           utilities.......................      937.2      993.7      945.5      954.9      983.6      990.8      995.6    1,004.8
          Other services-producing
           industries......................    2,648.5    2,839.7    2,675.2    2,719.0    2,811.0    2,811.2    2,840.0    2,896.7
      Government...........................      977.7    1,013.9      980.6      988.1      998.1    1,005.9    1,020.5    1,031.0

    Supplements to wages and salaries......    1,365.5    1,454.3    1,378.4    1,397.4    1,430.3    1,444.5    1,461.6    1,480.6
      Employer contributions for employee
       pension and insurance funds.........      933.2      992.7      942.1      956.1      971.6      985.7    1,000.1    1,013.6
      Employer contributions for government
       social insurance....................      432.3      461.5      436.3      441.3      458.7      458.9      461.5      467.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      970.7    1,015.1      967.3      996.8    1,008.3    1,011.9    1,014.8    1,025.3
    Farm...................................       30.2       22.6       29.7       28.7       23.9       17.5       21.7       27.3
    Nonfarm................................      940.4      992.5      937.7      968.1      984.4      994.3      993.2      998.0

  Rental income of persons with capital
   consumption adjustment..................       72.8       77.4      -11.5       81.5       76.8       71.4       78.3       83.1

  Personal income receipts on assets.......    1,519.4    1,656.3    1,532.7    1,580.2    1,602.3    1,647.7    1,683.6    1,691.6
    Personal interest income...............      945.0    1,016.7      951.2      981.7      989.1    1,019.2    1,035.8    1,022.8
    Personal dividend income...............      574.4      639.6      581.5      598.5      613.2      628.5      647.8      668.8

  Personal current transfer receipts.......    1,526.6    1,602.2    1,569.0    1,539.8    1,570.4    1,589.7    1,618.6    1,629.9
    Government social benefits to persons..    1,480.9    1,566.9    1,489.2    1,500.8    1,536.0    1,554.7    1,583.1    1,593.9
      Old-age, survivors, disability, and
       health insurance benefits...........      844.9      931.4      848.5      854.6      909.9      928.1      936.7      950.7
      Government unemployment insurance
       benefits............................       31.3       27.3       30.2       31.6       27.8       27.0       27.3       27.1
      Other................................      604.6      608.3      610.4      614.5      598.3      599.6      619.1      616.1
    Other current transfer receipts, from
     business (net)........................       45.7       35.3       79.8       39.0       34.5       35.0       35.5       36.0

  Less: Contributions for government social
   insurance...............................      880.6      944.5      888.5      898.9      936.7      938.8      945.2      957.2

Less: Personal current taxes...............    1,203.1    1,360.6    1,215.0    1,247.6    1,332.6    1,361.0    1,362.5    1,386.5

Equals: Disposable personal income.........    9,036.1    9,522.8    9,047.7    9,236.1    9,388.8    9,446.2    9,577.0    9,679.0

Less: Personal outlays.....................    9,070.9    9,625.5    9,180.3    9,264.5    9,418.5    9,577.0    9,710.0    9,796.5

  Personal consumption expenditures........    8,742.4    9,268.9    8,847.3    8,927.8    9,079.2    9,228.1    9,346.7    9,421.8
    Durable goods..........................    1,033.1    1,070.3    1,057.3    1,019.6    1,064.1    1,061.8    1,075.5    1,079.8
    Nondurable goods.......................    2,539.3    2,714.9    2,584.9    2,613.5    2,658.2    2,721.4    2,747.7    2,732.1
    Services...............................    5,170.0    5,483.7    5,205.1    5,294.7    5,356.8    5,444.9    5,523.5    5,609.8
  Personal interest payments\1\............      209.4      230.3      214.6      214.9      218.5      222.9      235.5      244.3
  Personal current transfer payments.......      119.2      126.3      118.5      121.8      120.9      126.0      127.8      130.5
    To government..........................       72.0       78.0       72.7       74.2       75.7       77.3       79.0       80.0
    To the rest of the world (net).........       47.1       48.3       45.8       47.6       45.2       48.7       48.8       50.5

Equals: Personal saving....................      -34.8     -102.8     -132.6      -28.5      -29.7     -130.8     -133.0     -117.5

  Personal saving as a percentage of
   disposable personal income..............        -.4       -1.1       -1.5        -.3        -.3       -1.4       -1.4       -1.2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,104.6    8,313.0    8,074.1    8,183.3    8,276.8    8,245.4    8,311.0    8,419.7
    Per capita:
      Current dollars......................     30,440     31,773     30,443     30,995     31,437     31,560     31,916     32,174
      Chained (2000) dollars...............     27,302     27,737     27,167     27,462     27,714     27,548     27,698     27,988
  Population (midperiod, thousands)\3\.....    296,852    299,715    297,206    297,985    298,651    299,312    300,064    300,833
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\r\  Jan 07\r\  Feb 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       50.3       44.6       51.6       35.4       34.1       55.9      110.5       65.4

  Compensation of employees, received......       33.2       12.1       39.8       38.6       30.9       41.7       87.4       27.8

    Wage and salary disbursements..........       25.9        7.4       33.3       31.5       25.1       35.3       72.4       23.8
      Private industries...................       20.6        1.5       27.3       29.1       23.0       33.2       64.9       19.3
        Goods-producing industries.........       -2.0        -.9        -.2        6.5         .9        4.6        2.1        1.6
          Manufacturing....................        -.7       -1.2       -1.9        4.0       -1.3        2.0        -.5         .7
        Services-producing industries......       22.6        2.4       27.5       22.6       22.1       28.6       62.8       17.7
          Trade, transportation, and
           utilities.......................        2.6       -1.3        3.9        2.4        6.2        1.5        3.3         .1
          Other services-producing
           industries......................       20.0        3.7       23.7       20.1       15.9       27.1       59.5       17.6
      Government...........................        5.4        5.9        6.0        2.4        2.1        2.0        7.6        4.5

    Supplements to wages and salaries......        7.3        4.8        6.4        7.1        5.8        6.5       14.9        4.0
      Employer contributions for employee
       pension and insurance funds.........        5.5        4.6        4.3        5.0        4.1        4.1        6.8        2.5
      Employer contributions for government
       social insurance....................        1.8         .2        2.1        2.1        1.7        2.3        8.2        1.5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        -.8        7.3         .2        6.5        1.4        1.3         .4       11.1
    Farm...................................        2.5        4.4        4.9        2.0         .2       -3.7        3.3        3.3
    Nonfarm................................       -3.2        2.8       -4.7        4.5        1.2        4.9       -2.8        7.8

  Rental income of persons with capital
   consumption adjustment..................        5.2        4.7        5.3        -.6         .7        -.4        -.5         .1

  Personal income receipts on assets.......        6.5        6.8        7.1         .4         .6         .5       16.3       16.9
    Personal interest income...............         .1         .1         .1       -6.5       -6.6       -6.6       10.0       10.0
    Personal dividend income...............        6.4        6.7        6.9        7.0        7.2        7.1        6.3        6.8

  Personal current transfer receipts.......       10.2       14.5        3.0       -4.0        3.6       18.0       26.2       13.2
    Government social benefits to persons..       10.0       14.4        2.8       -4.2        3.5       17.9       26.2       13.2
      Old-age, survivors, disability, and
       health insurance benefits...........       -4.4        7.5         .8        1.9        4.2       19.0        2.4        9.4
      Government unemployment insurance
       benefits............................         .3         .0         .0        -.3         .3        -.3         .4         .3
      Other................................       13.9        6.9        2.1       -5.8       -1.0        -.8       23.4        3.5
    Other current transfer receipts, from
     business (net)........................         .2         .1         .2         .2         .2         .0         .0         .0

  Less: Contributions for government social
   insurance...............................        4.0         .8        3.8        5.4        3.2        5.1       19.4        3.7

Less: Personal current taxes...............       -6.7         .2        4.6       12.2        8.1        9.7       36.2       11.7

Equals: Disposable personal income.........       57.2       44.3       46.9       23.3       26.0       46.2       74.2       53.8

Less: Personal outlays.....................       74.8       20.0        2.1       30.9       36.5       69.6       52.7       58.3

  Personal consumption expenditures........       68.4       13.8       -4.2       27.5       34.8       67.7       50.2       55.5
    Durable goods..........................       21.7      -16.3        3.4        1.8        6.7        3.6       10.5        -.1
    Nondurable goods.......................       23.9        5.2      -34.9      -14.7        9.1       43.7        6.7        -.2
    Services...............................       22.8       24.8       27.4       40.4       19.0       20.3       33.1       55.7
  Personal interest payments\1\............        5.7        5.6        5.7        1.5        1.6        1.5        2.4        2.3
  Personal current transfer payments.......         .7         .6         .5        1.9         .3         .3         .2         .3
    To government..........................         .5         .6         .5         .3         .3         .2         .3         .3
    To the rest of the world (net).........         .1         .0         .0        1.7         .0         .0         .0         .0

Equals: Personal saving....................      -17.6       24.4       44.8       -7.7      -10.5      -23.4       21.5       -4.5

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       24.8       16.6       67.2       39.8       21.6       12.3       48.3       12.0
-----------------------------------------------------------------------------------------------------------------------------------
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\r\     III 05      IV 05       I 06      II 06     III 06   IV 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      507.8      644.2      101.2      221.0      237.7       85.9      132.1      126.1

  Compensation of employees, received......      365.0      446.7      139.9       90.8      215.9       25.2       63.8      103.6

    Wage and salary disbursements..........      272.7      357.9      113.9       71.8      183.1       10.8       46.7       84.7
      Private industries...................      236.8      321.7      107.0       64.3      173.1        3.0       32.1       74.2
        Goods-producing industries.........       50.5       74.1       26.4       11.0       52.4       -4.3       -1.5        8.2
          Manufacturing....................       16.7       29.3       12.4        5.3       27.8      -10.0       -3.7        2.1
        Services-producing industries......      186.3      247.7       80.7       53.2      120.8        7.3       33.6       66.0
          Trade, transportation, and
           utilities.......................       38.0       56.5       15.1        9.4       28.7        7.2        4.8        9.2
          Other services-producing
           industries......................      148.2      191.2       65.5       43.8       92.0         .2       28.8       56.7
      Government...........................       35.9       36.2        6.9        7.5       10.0        7.8       14.6       10.5

    Supplements to wages and salaries......       92.3       88.8       26.0       19.0       32.9       14.2       17.1       19.0
      Employer contributions for employee
       pension and insurance funds.........       67.1       59.5       17.4       14.0       15.5       14.1       14.4       13.5
      Employer contributions for government
       social insurance....................       25.2       29.2        8.6        5.0       17.4         .2        2.6        5.5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       59.6       44.4        1.5       29.5       11.5        3.6        2.9       10.5
    Farm...................................       -6.0       -7.6        1.0       -1.0       -4.8       -6.4        4.2        5.6
    Nonfarm................................       65.5       52.1         .6       30.4       16.3        9.9       -1.1        4.8

  Rental income of persons with capital
   consumption adjustment..................      -54.2        4.6     -114.3       93.0       -4.7       -5.4        6.9        4.8

  Personal income receipts on assets.......       91.5      136.9       32.2       47.5       22.1       45.4       35.9        8.0
    Personal interest income...............       54.2       71.7       16.4       30.5        7.4       30.1       16.6      -13.0
    Personal dividend income...............       37.3       65.2       15.8       17.0       14.7       15.3       19.3       21.0

  Personal current transfer receipts.......      100.1       75.6       58.9      -29.2       30.6       19.3       28.9       11.3
    Government social benefits to persons..       82.5       86.0       12.0       11.6       35.2       18.7       28.4       10.8
      Old-age, survivors, disability, and
       health insurance benefits...........       53.5       86.5        4.1        6.1       55.3       18.2        8.6       14.0
      Government unemployment insurance
       benefits............................       -4.7       -4.0        -.5        1.4       -3.8        -.8         .3        -.2
      Other................................       33.6        3.7        8.3        4.1      -16.2        1.3       19.5       -3.0
    Other current transfer receipts, from
     business (net)........................       17.6      -10.4       46.8      -40.8       -4.5         .5         .5         .5

  Less: Contributions for government social
   insurance...............................       54.2       63.9       17.0       10.4       37.8        2.1        6.4       12.0

Less: Personal current taxes...............      153.3      157.5       23.2       32.6       85.0       28.4        1.5       24.0

Equals: Disposable personal income.........      354.5      486.7       78.0      188.4      152.7       57.4      130.8      102.0

Less: Personal outlays.....................      563.7      554.6      179.9       84.2      154.0      158.5      133.0       86.5

  Personal consumption expenditures........      530.9      526.5      172.7       80.5      151.4      148.9      118.6       75.1
    Durable goods..........................       46.8       37.2       15.0      -37.7       44.5       -2.3       13.7        4.3
    Nondurable goods.......................      194.1      175.6       76.3       28.6       44.7       63.2       26.3      -15.6
    Services...............................      289.9      313.7       81.4       89.6       62.1       88.1       78.6       86.3
  Personal interest payments\1\............       23.4       20.9        6.1         .3        3.6        4.4       12.6        8.8
  Personal current transfer payments.......        9.5        7.1        1.2        3.3        -.9        5.1        1.8        2.7
    To government..........................        5.2        6.0        1.4        1.5        1.5        1.6        1.7        1.0
    To the rest of the world (net).........        4.2        1.2        -.2        1.8       -2.4        3.5         .1        1.7

Equals: Personal saving....................     -209.1      -68.0     -101.8      104.1       -1.2     -101.1       -2.2       15.5

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       93.8      208.4      -11.7      109.2       93.5      -31.4       65.6      108.7
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\r\  Jan 07\r\  Feb 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................         .5         .4         .5         .3         .3         .5        1.0         .6
  Compensation of employees, received......         .4         .2         .5         .5         .4         .5        1.1         .4
    Wage and salary disbursements..........         .4         .1         .6         .5         .4         .6        1.2         .4
    Supplements to wages and salaries......         .5         .3         .4         .5         .4         .4        1.0         .3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        -.1         .7         .0         .6         .1         .1         .0        1.1
  Rental income of persons with capital
   consumption adjustment..................        7.6        6.4        6.8        -.8         .8        -.5        -.5         .1
  Personal income receipts on assets.......         .4         .4         .4         .0         .0         .0        1.0        1.0
    Personal interest income...............         .0         .0         .0        -.6        -.6        -.6        1.0        1.0
    Personal dividend income...............        1.0        1.1        1.1        1.1        1.1        1.1         .9        1.0
  Personal current transfer receipts.......         .6         .9         .2        -.2         .2        1.1        1.6         .8

  Less: Contributions for government social
   insurance...............................         .4         .1         .4         .6         .3         .5        2.0         .4

Less: Personal current taxes...............        -.5         .0         .3         .9         .6         .7        2.6         .8

Equals: Disposable personal income.........         .6         .5         .5         .2         .3         .5         .8         .5

Addenda:
  Personal consumption expenditures........         .7         .1         .0         .3         .4         .7         .5         .6
    Durable goods..........................        2.0       -1.5         .3         .2         .6         .3        1.0         .0
    Nondurable goods.......................         .9         .2       -1.3        -.5         .3        1.6         .2         .0
    Services...............................         .4         .5         .5         .7         .3         .4         .6        1.0
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........         .3         .2         .8         .5         .3         .1         .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\r\     III 05      IV 05       I 06      II 06     III 06   IV 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................        5.2        6.3        4.0        8.9        9.4        3.2        5.0        4.7
  Compensation of employees, received......        5.5        6.4        8.3        5.2       12.6        1.4        3.5        5.7
    Wage and salary disbursements..........        5.1        6.3        8.4        5.1       13.3         .7        3.2        5.7
    Supplements to wages and salaries......        7.3        6.5        7.9        5.6        9.7        4.1        4.8        5.3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        6.5        4.6         .6       12.7        4.7        1.4        1.2        4.2
  Rental income of persons with capital
   consumption adjustment..................      -42.7        6.3      .....      .....      -21.2      -25.2       44.6       26.9
  Personal income receipts on assets.......        6.4        9.0        8.9       13.0        5.7       11.8        9.0        1.9
    Personal interest income...............        6.1        7.6        7.2       13.5        3.0       12.7        6.7       -4.9
    Personal dividend income...............        7.0       11.3       11.7       12.2       10.2       10.4       12.8       13.6
  Personal current transfer receipts.......        7.0        5.0       16.5       -7.3        8.2        5.0        7.5        2.8

  Less: Contributions for government social
   insurance...............................        6.6        7.3        8.0        4.8       17.9         .9        2.7        5.2

Less: Personal current taxes...............       14.6       13.1        8.0       11.2       30.2        8.8         .4        7.2

Equals: Disposable personal income.........        4.1        5.4        3.5        8.6        6.8        2.5        5.7        4.3

Addenda:
  Personal consumption expenditures........        6.5        6.0        8.2        3.7        7.0        6.7        5.2        3.3
    Durable goods..........................        4.7        3.6        5.9      -13.5       18.6        -.9        5.3        1.6
    Nondurable goods.......................        8.3        6.9       12.7        4.5        7.0        9.9        3.9       -2.2
    Services...............................        5.9        6.1        6.5        7.1        4.8        6.7        5.9        6.4
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........        1.2        2.6        -.6        5.5        4.6       -1.5        3.2        5.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\r\  Jan 07\r\  Feb 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    8,110.1    8,100.7    8,122.8    8,165.8    8,195.1    8,226.8    8,254.6    8,269.1
  Durable goods............................    1,218.0    1,199.0    1,209.5    1,211.1    1,222.8    1,231.7    1,245.1    1,243.9
  Nondurable goods.........................    2,360.9    2,357.4    2,362.1    2,377.2    2,392.3    2,412.6    2,414.2    2,404.2
  Services.................................    4,558.1    4,566.4    4,575.4    4,600.4    4,605.3    4,609.9    4,624.9    4,648.8
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       35.1       -9.4       22.1       43.0       29.3       31.7       27.8       14.5
  Durable goods............................       23.8      -19.0       10.5        1.6       11.7        8.9       13.4       -1.2
  Nondurable goods.........................        7.0       -3.5        4.7       15.1       15.1       20.3        1.6      -10.0
  Services.................................        9.2        8.3        9.0       25.0        4.9        4.6       15.0       23.9
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .4        -.1         .3         .5         .4         .4         .3         .2
  Durable goods............................        2.0       -1.6         .9         .1        1.0         .7        1.1        -.1
  Nondurable goods.........................         .3        -.1         .2         .6         .6         .8         .1        -.4
  Services.................................         .2         .2         .2         .5         .1         .1         .3         .5
-----------------------------------------------------------------------------------------------------------------------------------
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\r\     III 05      IV 05       I 06      II 06     III 06   IV 06\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,841.2    8,091.4    7,895.3    7,910.2    8,003.8    8,055.0    8,111.2    8,195.9
  Durable goods............................    1,145.3    1,202.9    1,175.9    1,137.9    1,190.5    1,190.3    1,208.8    1,221.9
  Nondurable goods.........................    2,276.8    2,362.0    2,287.6    2,309.6    2,342.8    2,351.1    2,360.1    2,394.0
  Services.................................    4,436.6    4,550.4    4,454.5    4,476.7    4,494.5    4,535.4    4,566.6    4,605.2
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      264.1      250.2       75.5       14.9       93.6       51.2       56.2       84.7
  Durable goods............................       59.6       57.6       25.1      -38.0       52.6        -.2       18.5       13.1
  Nondurable goods.........................       97.6       85.2       19.2       22.0       33.2        8.3        9.0       33.9
  Services.................................      112.7      113.8       34.5       22.2       17.8       40.9       31.2       38.6
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.5        3.2        3.9         .8        4.8        2.6        2.8        4.2
  Durable goods............................        5.5        5.0        9.0      -12.3       19.8        -.1        6.4        4.4
  Nondurable goods.........................        4.5        3.7        3.4        3.9        5.9        1.4        1.5        5.9
  Services.................................        2.6        2.6        3.2        2.0        1.6        3.7        2.8        3.4
-----------------------------------------------------------------------------------------------------------------------------------
r Revised

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\r\  Jan 07\r\  Feb 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    115.160    115.465    115.098    114.830    114.844    115.225    115.445    115.914
  Durable goods............................     89.096     89.145     88.659     88.677     88.383     88.038     87.931     88.012
  Nondurable goods.........................    116.749    117.143    115.434    114.081    113.740    114.600    114.799    115.269
  Services.................................    120.625    120.948    121.308    121.530    121.810    122.132    122.449    123.019
Addenda:
  PCE excluding food and energy............    112.076    112.369    112.565    112.757    112.808    112.948    113.211    113.586
  Market-based PCE\1\......................    113.852    114.131    113.652    113.281    113.286    113.683    113.882    114.382
  Market-based PCE excluding food
   and energy\1\...........................    109.803    110.062    110.233    110.389    110.435    110.547    110.792    111.187
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .3         .3        -.3        -.2         .0         .3         .2         .4
  Durable goods............................         .1         .1        -.5         .0        -.3        -.4        -.1         .1
  Nondurable goods.........................         .6         .3       -1.5       -1.2        -.3         .8         .2         .4
  Services.................................         .2         .3         .3         .2         .2         .3         .3         .5
Addenda:
  PCE excluding food and energy............         .1         .3         .2         .2         .0         .1         .2         .3
  Market-based PCE\1\......................         .3         .2        -.4        -.3         .0         .4         .2         .4
  Market-based PCE excluding food
   and energy\1\...........................         .1         .2         .2         .1         .0         .1         .2         .4
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\r\  Jan 07\r\  Feb 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        1.5        4.4        2.9        3.2        2.9        2.6        2.8        2.6

Personal consumption expenditures..........        2.3        2.7        3.2        3.7        3.6        3.5        3.5        3.2
  Durable goods............................       -1.6        3.3        7.1        9.2        7.1        6.0        4.2        5.3
  Nondurable goods.........................        3.5        3.0        3.0        2.8        3.8        4.4        3.0        2.5
  Services.................................        2.5        2.4        2.6        3.1        2.9        2.6        3.6        3.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\r\  Jan 07\r\  Feb 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        3.4        3.2        1.9        1.5        1.9        2.2        1.9        2.3
  Durable goods............................       -1.1        -.7       -1.3       -1.3       -1.3       -1.6       -1.8       -1.5
  Nondurable goods.........................        4.8        4.0         .3        -.5        1.1        2.1        1.3        1.9
  Services.................................        3.6        3.6        3.4        3.0        2.9        3.1        3.0        3.2
Addenda:
  PCE excluding food and energy............        2.3        2.4        2.4        2.3        2.1        2.1        2.2        2.4
  Market-based PCE\1\......................        3.3        3.1        1.6        1.1        1.6        2.0        1.7        2.1
  Market-based PCE excluding food
   and energy\1\...........................        1.9        2.1        2.1        2.0        1.9        1.9        2.0        2.3
-----------------------------------------------------------------------------------------------------------------------------------
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.