Home > News > News Release Archive > 2007 > News Release: Personal Income and Outlays

News Release: Personal Income and Outlays

Available for this release: Full Release (PDF - KB) | Tables (XLS - KB), Highlights (PDF - KB)

	  EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, FEBRUARY 1,  2007

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


                                PERSONAL INCOME AND OUTLAYS:  DECEMBER 2006

        Personal income increased $60.6 billion, or 0.5 percent, and disposable personal income (DPI)
increased $50.8 billion, or 0.5 percent, in December, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $67.1 billion, or 0.7 percent.  In November,
personal income increased $32.4 billion, or 0.3 percent, DPI increased $25.4 billion, or 0.3 percent,
and PCE increased $51.1 billion, or 0.5 percent, based on revised estimates.

                                                                               2006

                                        Aug.            Sept.           Oct.            Nov.            Dec.
                                                        (Percent change from preceding month)
Personal income, current dollars        0.5             0.5             0.3             0.3             0.5
Disposable personal income:
  Current dollars                       0.6             0.5             0.2             0.3             0.5
  Chained (2000) dollars                0.3             0.9             0.4             0.3             0.2
Personal consumption expenditures:
  Current dollars                       0.1             0.0             0.3             0.5             0.7
  Chained (2000) dollars               -0.1             0.3             0.5             0.5             0.3

                                Wages and salaries

        Private wage and salary disbursements increased $36.7 billion in December, compared with an
increase of $19.6 billion in November.  Goods-producing industries' payrolls increased $4.3 billion,
compared with an increase of $1.2 billion; manufacturing payrolls increased $1.8 billion, in contrast
to a decrease of $0.8 billion.  Services-producing industries' payrolls increased $32.4 billion,
compared with an increase of $18.4 billion.  Government wage and salary disbursements increased
$2.7 billion, compared with an increase of $2.4 billion.

                                Other personal income

        Supplements to wages and salaries increased $6.8 billion in December, compared with an
increase of $5.6 billion in November.

        Proprietors' income increased less than $0.1 billion in December, compared with an increase of
$2.2 billion in November.  Farm proprietors' income decreased $3.1 billion, in contrast to an
increase of $0.6 billion.  Nonfarm proprietors' income increased $3.1 billion, compared with an
increase of $1.6 billion.

        Rental income of persons decreased $2.2 billion in December, compared with a decrease of
$1.2 billion in November.  Personal income receipts on assets (personal interest income plus
personal dividend income) increased $3.2 billion, compared with an increase of $3.4 billion.

        Personal current transfer receipts increased $19.0 billion in December, compared with an
increase of $3.3 billion in November.  The December increase in personal current transfer receipts
reflected retroactive social security benefit payments of $6.7 billion at an annual rate, resulting from
a recalculation of the earnings base underlying the benefits for recent retirees.

        Contributions for government social insurance -- a subtraction in calculating personal income --
increased $5.7 billion in December, compared with an increase of $2.8 billion in November.

                                Personal current taxes and disposable personal income

        Personal current taxes increased $9.9 billion in December, compared with an increase of $7.0
billion in November.  Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $50.8 billion, or 0.5 percent, in December, compared with an increase of $25.4
billion, or 0.3 percent, in November.

                                Personal outlays and personal saving

        Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $68.1 billion in December, compared with an increase of $52.3 billion in November.  PCE
increased $67.1 billion, compared with an increase of $51.1 billion.

        Personal saving -- DPI less personal outlays -- was a negative $116.6 billion in December,
compared with a negative $99.2 billion in November.  Personal saving as a percentage of disposable
personal income was a negative 1.2 percent in December, compared with a negative 1.0 percent in
November.  Negative personal saving reflects personal outlays that exceed disposable personal
income.  Saving from current income may be near zero or negative when outlays are financed by
borrowing (including borrowing financed through credit cards or home equity loans), by selling
investments or other assets, or by using savings from previous periods.  For more information, see
the FAQs on "Personal Saving" on BEA's Web site.  For a comparison of personal saving in BEA's
national income and product accounts with personal saving in the Federal Reserve Board's flow of
funds accounts and data on changes in net worth (which help finance consumption), go to
http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp.

                                Real DPI and real PCE

        Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in December,
compared with an increase of 0.3 percent in November.

        Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in December,
compared with an increase of 0.5 percent in November.  Purchases of durable goods increased 1.2
percent, compared with an increase of 1.3 percent.  Purchases of motor vehicles and parts accounted
for most of the increase in December.  Purchases of nondurable goods increased 0.6 percent in
December, compared with an increase of 1.0 percent in November.  Purchases of services increased
less than 0.1 percent, compared with an increase of 0.2 percent.

        PCE prices -- The price index for PCE increased 0.4 percent in December, compared with an
increase of less than 0.1 percent in November.  Prices, excluding food and energy, increased 0.1
percent, compared with an increase of less than 0.1 percent.

                                2006 Personal Income and Outlays

        Personal income increased 6.4 percent in 2006 (that is, from the 2005 annual level to the 2006
annual level), compared with an increase of 5.2 percent in 2005.  The acceleration in personal
income growth was mostly accounted for by wage and salary disbursements.  DPI increased 5.5 percent,
compared with an increase of 4.1 percent. PCE increased 6.0 percent, compared with an increase of
6.5 percent.

 Real DPI increased 2.7 percent in 2006, compared with an increase of 1.2 percent in 2005.
Real PCE increased 3.2 percent, compared with an increase of 3.5 percent.

                                Revisions

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

                                                                Change from preceding month

                                        October                                       November
                                        Previous    Revised    Previous    Revised    Previous    Revised    Previous    Revised
                                        (Billions of dollars)       (Percent)         (Billions of dollars)         (Percent)
Personal Income:
  Current dollars...................... 35.7        32.8       0.3         0.3        33.8        32.4       0.3         0.3
Disposable personal income:
  Current dollars...................... 21.2        20.3       0.2         0.2        27.0        25.4       0.3         0.3
  Chained (2000) dollars............... 36.5        34.6       0.4         0.4        22.7        21.6       0.3         0.3
Personal consumption expenditures:
  Current dollars...................... 26.2        24.4       0.3         0.3        50.5        51.1       0.5         0.5
  Chained (2000) dollars............... 40.3        37.6       0.5         0.5        43.3        44.1       0.5         0.5

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

                        *          *          *

        Next release -- Personal Income and Outlays for January will be released on
March 1, 2007, at 8:30 A.M. EST.

                                Release dates in 2007

December 2006...  February 1    April 2007.... June 1        August 2007.....    September 28
January 2007....  March 1       May 2007.....  June 29       September 2007...   November 1
February 2007...  March 30      June 2007..... July 31       October 2007....... November 30
March 2007......  April 30      July 2007....  August 31     November 2007....   December 21

                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 06     Jun 06     Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,795.3   10,842.2   10,906.7   10,965.3   11,021.7   11,054.5   11,086.9   11,147.5

  Compensation of employees, received......    7,406.8    7,434.7    7,484.2    7,512.4    7,557.7    7,594.6    7,622.2    7,668.5

    Wage and salary disbursements..........    5,963.5    5,985.7    6,026.7    6,049.1    6,087.6    6,117.5    6,139.5    6,179.0
      Private industries...................    4,958.1    4,976.4    5,012.1    5,028.6    5,061.1    5,088.8    5,108.4    5,145.1
        Goods-producing industries.........    1,170.4    1,174.2    1,179.3    1,182.7    1,184.9    1,190.7    1,191.9    1,196.2
          Manufacturing....................      730.9      731.2      734.8      736.4      736.5      739.9      739.1      740.9
        Services-producing industries......    3,787.7    3,802.2    3,832.9    3,845.9    3,876.2    3,898.1    3,916.5    3,948.9
          Trade, transportation, and
           utilities.......................      987.1      992.6    1,001.5    1,001.3    1,006.3    1,009.7    1,015.3    1,016.7
          Other services-producing
           industries......................    2,800.6    2,809.6    2,831.4    2,844.6    2,870.0    2,888.4    2,901.2    2,932.2
      Government...........................    1,005.4    1,009.2    1,014.6    1,020.5    1,026.5    1,028.7    1,031.1    1,033.8

    Supplements to wages and salaries......    1,443.3    1,449.0    1,457.4    1,463.3    1,470.1    1,477.1    1,482.7    1,489.5
      Employer contributions for employee
       pension and insurance funds.........      985.6      990.1      995.6    1,000.2    1,004.5    1,009.4    1,013.7    1,017.8
      Employer contributions for government
       social insurance....................      457.7      458.9      461.8      463.1      465.6      467.6      469.1      471.7

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    1,014.8    1,010.7    1,009.9    1,017.2    1,017.4    1,022.6    1,024.8    1,024.8
    Farm...................................       17.5       14.6       17.1       21.5       26.4       28.9       29.5       26.4
    Nonfarm................................      997.3      996.1      992.9      995.7      991.0      993.7      995.3      998.4

  Rental income of persons with capital
   consumption adjustment..................       71.8       68.2       73.4       78.1       83.4       80.9       79.7       77.5

  Personal income receipts on assets.......    1,647.3    1,670.2    1,676.7    1,683.5    1,690.6    1,693.6    1,697.0    1,700.2
    Personal interest income...............    1,019.2    1,035.6    1,035.7    1,035.8    1,035.9    1,032.0    1,028.2    1,024.3
    Personal dividend income...............      628.2      634.6      641.0      647.7      654.6      661.6      668.8      675.9

  Personal current transfer receipts.......    1,591.1    1,597.8    1,608.0    1,622.5    1,625.5    1,620.9    1,624.2    1,643.2
    Government social benefits to persons..    1,556.1    1,562.6    1,572.6    1,587.0    1,589.8    1,585.0    1,588.2    1,607.0
      Old-age, survivors, disability, and
       health insurance benefits...........      927.9      935.8      931.4      938.9      939.7      940.4      944.1      963.3
      Government unemployment insurance
       benefits............................       27.0       27.0       27.3       27.3       27.3       27.0       27.3       27.0
      Other................................      601.2      599.9      613.8      620.7      622.8      617.6      616.7      616.8
    Other current transfer receipts, from
     business (net)........................       35.0       35.2       35.4       35.5       35.7       35.9       36.1       36.1

  Less: Contributions for government social
   insurance...............................      936.6      939.4      945.5      948.4      952.9      958.1      960.9      966.6

Less: Personal current taxes...............    1,358.1    1,367.5    1,363.1    1,365.4    1,370.1    1,382.6    1,389.6    1,399.5

Equals: Disposable personal income.........    9,437.2    9,474.6    9,543.5    9,599.9    9,651.6    9,671.9    9,697.3    9,748.1

Less: Personal outlays.....................    9,587.5    9,621.2    9,696.0    9,716.0    9,718.1    9,744.2    9,796.5    9,864.6

  Personal consumption expenditures........    9,238.6    9,270.5    9,338.9    9,352.6    9,348.5    9,372.9    9,424.0    9,491.1
    Durable goods..........................    1,057.9    1,063.5    1,085.2    1,068.9    1,072.3    1,074.4    1,083.8    1,092.4
    Nondurable goods.......................    2,728.3    2,732.0    2,755.9    2,761.1    2,726.2    2,711.4    2,728.0    2,770.5
    Services...............................    5,452.4    5,475.0    5,497.8    5,522.6    5,550.0    5,587.1    5,612.2    5,628.3
  Personal interest payments\1\............      222.9      224.2      229.9      235.5      241.2      242.0      242.8      243.6
  Personal current transfer payments.......      126.0      126.5      127.2      127.8      128.3      129.3      129.6      129.9
    To government..........................       77.3       77.9       78.4       79.0       79.5       79.8       80.1       80.3
    To the rest of the world (net).........       48.7       48.7       48.8       48.8       48.8       49.6       49.6       49.6

Equals: Personal saving....................     -150.3     -146.6     -152.4     -116.1      -66.5      -72.3      -99.2     -116.6

  Personal saving as a percentage of
   disposable personal income..............       -1.6       -1.5       -1.6       -1.2        -.7        -.7       -1.0       -1.2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,232.0    8,252.8    8,287.8    8,314.8    8,386.2    8,420.8    8,442.4    8,455.7
    Per capita:
      Current dollars......................     31,565     31,665     31,869     32,030     32,175     32,216     32,275     32,420
      Chained (2000) dollars...............     27,534     27,582     27,676     27,742     27,957     28,049     28,098     28,121
  Population (midperiod, thousands)\3\.....    298,979    299,213    299,459    299,716    299,972    300,221    300,460    300,685
-----------------------------------------------------------------------------------------------------------------------------------
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     III 05      IV 05       I 06      II 06     III 06      IV 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,239.2   10,897.4   10,262.7   10,483.7   10,721.4   10,807.3   10,964.5   11,096.3

  Compensation of employees, received......    7,030.3    7,493.1    7,093.6    7,184.4    7,400.3    7,425.5    7,518.1    7,628.4

    Wage and salary disbursements..........    5,664.8    6,037.7    5,715.2    5,787.0    5,970.1    5,980.9    6,054.5    6,145.3
      Private industries...................    4,687.1    5,023.7    4,734.6    4,798.9    4,972.0    4,975.0    5,033.9    5,114.1
        Goods-producing industries.........    1,101.3    1,181.4    1,113.9    1,124.9    1,177.3    1,173.0    1,182.3    1,193.0
          Manufacturing....................      704.7      737.9      709.7      715.0      742.8      732.8      735.9      740.0
        Services-producing industries......    3,585.8    3,842.4    3,620.7    3,673.9    3,794.7    3,802.0    3,851.7    3,921.2
          Trade, transportation, and
           utilities.......................      937.2      997.8      945.5      954.9      983.6      990.8    1,003.0    1,013.9
          Other services-producing
           industries......................    2,648.5    2,844.5    2,675.2    2,719.0    2,811.0    2,811.2    2,848.7    2,907.3
      Government...........................      977.7    1,013.9      980.6      988.1      998.1    1,005.9    1,020.5    1,031.2

    Supplements to wages and salaries......    1,365.5    1,455.4    1,378.4    1,397.4    1,430.3    1,444.5    1,463.6    1,483.1
      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      462.6      436.3      441.3      458.7      458.9      463.5      469.5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      970.7    1,014.8      967.3      996.8    1,008.3    1,011.9    1,014.8    1,024.0
    Farm...................................       30.2       22.8       29.7       28.7       23.9       17.5       21.7       28.3
    Nonfarm................................      940.4      991.9      937.7      968.1      984.4      994.3      993.2      995.8

  Rental income of persons with capital
   consumption adjustment..................       72.8       76.5      -11.5       81.5       76.8       71.4       78.3       79.4

  Personal income receipts on assets.......    1,519.4    1,657.6    1,532.7    1,580.2    1,602.3    1,647.7    1,683.6    1,696.9
    Personal interest income...............      945.0    1,018.1      951.2      981.7      989.1    1,019.2    1,035.8    1,028.2
    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    1,602.1    1,569.0    1,539.8    1,570.4    1,589.7    1,618.6    1,629.4
    Government social benefits to persons..    1,480.9    1,566.8    1,489.2    1,500.8    1,536.0    1,554.7    1,583.1    1,593.4
      Old-age, survivors, disability, and
       health insurance benefits...........      844.9      931.0      848.5      854.6      909.9      928.1      936.7      949.3
      Government unemployment insurance
       benefits............................       31.3       27.3       30.2       31.6       27.8       27.0       27.3       27.1
      Other................................      604.6      608.5      610.4      614.5      598.3      599.6      619.1      617.0
    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      946.6      888.5      898.9      936.7      938.8      948.9      961.8

Less: Personal current taxes...............    1,203.1    1,362.6    1,215.0    1,247.6    1,332.6    1,361.0    1,366.2    1,390.5

Equals: Disposable personal income.........    9,036.1    9,534.8    9,047.7    9,236.1    9,388.8    9,446.2    9,598.3    9,705.8

Less: Personal outlays.....................    9,070.9    9,626.8    9,180.3    9,264.5    9,418.5    9,577.0    9,710.0    9,801.8

  Personal consumption expenditures........    8,742.4    9,270.8    8,847.3    8,927.8    9,079.2    9,228.1    9,346.7    9,429.3
    Durable goods..........................    1,033.1    1,071.3    1,057.3    1,019.6    1,064.1    1,061.8    1,075.5    1,083.5
    Nondurable goods.......................    2,539.3    2,716.0    2,584.9    2,613.5    2,658.2    2,721.4    2,747.7    2,736.6
    Services...............................    5,170.0    5,483.6    5,205.1    5,294.7    5,356.8    5,444.9    5,523.5    5,609.2
  Personal interest payments\1\............      209.4      229.9      214.6      214.9      218.5      222.9      235.5      242.8
  Personal current transfer payments.......      119.2      126.1      118.5      121.8      120.9      126.0      127.8      129.6
    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       48.1       45.8       47.6       45.2       48.7       48.8       49.6

Equals: Personal saving....................      -34.8      -92.0     -132.6      -28.5      -29.7     -130.8     -111.7      -96.0

  Personal saving as a percentage of
   disposable personal income..............        -.4       -1.0       -1.5        -.3        -.3       -1.4       -1.2       -1.0

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,104.6    8,322.7    8,074.1    8,183.3    8,276.8    8,245.4    8,329.6    8,439.6
    Per capita:
      Current dollars......................     30,458     31,849     30,461     31,020     31,470     31,595     32,025     32,304
      Chained (2000) dollars...............     27,318     27,800     27,183     27,484     27,743     27,578     27,792     28,089
  Population (midperiod, thousands)\3\.....    296,677    299,373    297,027    297,748    298,340    298,982    299,716    300,455
-----------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                       Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 06     Jun 06     Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       11.0       46.9       64.5       58.6       56.4       32.8       32.4       60.6

  Compensation of employees, received......      -28.1       27.9       49.5       28.2       45.3       36.9       27.6       46.3

    Wage and salary disbursements..........      -30.1       22.2       41.0       22.4       38.5       29.9       22.0       39.5
      Private industries...................      -32.3       18.3       35.7       16.5       32.5       27.7       19.6       36.7
        Goods-producing industries.........       -3.9        3.8        5.1        3.4        2.2        5.8        1.2        4.3
          Manufacturing....................       -5.3         .3        3.6        1.6         .1        3.4        -.8        1.8
        Services-producing industries......      -28.4       14.5       30.7       13.0       30.3       21.9       18.4       32.4
          Trade, transportation, and
           utilities.......................       -5.6        5.5        8.9        -.2        5.0        3.4        5.6        1.4
          Other services-producing
           industries......................      -22.8        9.0       21.8       13.2       25.4       18.4       12.8       31.0
      Government...........................        2.2        3.8        5.4        5.9        6.0        2.2        2.4        2.7

    Supplements to wages and salaries......        2.0        5.7        8.4        5.9        6.8        7.0        5.6        6.8
      Employer contributions for employee
       pension and insurance funds.........        4.2        4.5        5.5        4.6        4.3        4.9        4.3        4.1
      Employer contributions for government
       social insurance....................       -2.3        1.2        2.9        1.3        2.5        2.0        1.5        2.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        4.7       -4.1        -.8        7.3         .2        5.2        2.2         .0
    Farm...................................       -3.0       -2.9        2.5        4.4        4.9        2.5         .6       -3.1
    Nonfarm................................        7.7       -1.2       -3.2        2.8       -4.7        2.7        1.6        3.1

  Rental income of persons with capital
   consumption adjustment..................       -2.4       -3.6        5.2        4.7        5.3       -2.5       -1.2       -2.2

  Personal income receipts on assets.......       21.9       22.9        6.5        6.8        7.1        3.0        3.4        3.2
    Personal interest income...............       16.5       16.4         .1         .1         .1       -3.9       -3.8       -3.9
    Personal dividend income...............        5.5        6.4        6.4        6.7        6.9        7.0        7.2        7.1

  Personal current transfer receipts.......       10.9        6.7       10.2       14.5        3.0       -4.6        3.3       19.0
    Government social benefits to persons..       10.7        6.5       10.0       14.4        2.8       -4.8        3.2       18.8
      Old-age, survivors, disability, and
       health insurance benefits...........        7.1        7.9       -4.4        7.5         .8         .7        3.7       19.2
      Government unemployment insurance
       benefits............................         .0         .0         .3         .0         .0        -.3         .3        -.3
      Other................................        3.6       -1.3       13.9        6.9        2.1       -5.2        -.9         .1
    Other current transfer receipts, from
     business (net)........................         .2         .2         .2         .1         .2         .2         .2         .0

  Less: Contributions for government social
   insurance...............................       -3.9        2.8        6.1        2.9        4.5        5.2        2.8        5.7

Less: Personal current taxes...............         .6        9.4       -4.4        2.3        4.7       12.5        7.0        9.9

Equals: Disposable personal income.........       10.4       37.4       68.9       56.4       51.7       20.3       25.4       50.8

Less: Personal outlays.....................       65.2       33.7       74.8       20.0        2.1       26.1       52.3       68.1

  Personal consumption expenditures........       63.4       31.9       68.4       13.7       -4.1       24.4       51.1       67.1
    Durable goods..........................       -6.2        5.6       21.7      -16.3        3.4        2.1        9.4        8.6
    Nondurable goods.......................       24.4        3.7       23.9        5.2      -34.9      -14.8       16.6       42.5
    Services...............................       45.2       22.6       22.8       24.8       27.4       37.1       25.1       16.1
  Personal interest payments\1\............        1.3        1.3        5.7        5.6        5.7         .8         .8         .8
  Personal current transfer payments.......         .5         .5         .7         .6         .5        1.0         .3         .3
    To government..........................         .5         .6         .5         .6         .5         .3         .3         .2
    To the rest of the world (net).........         .0         .0         .1         .0         .0         .8         .0         .0

Equals: Personal saving....................      -54.8        3.7       -5.8       36.3       49.6       -5.8      -26.9      -17.4

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      -19.4       20.8       35.0       27.0       71.4       34.6       21.6       13.3
-----------------------------------------------------------------------------------------------------------------------------------
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     III 05      IV 05       I 06      II 06     III 06      IV 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      507.8      658.2      101.2      221.0      237.7       85.9      157.2      131.8

  Compensation of employees, received......      365.0      462.8      139.9       90.8      215.9       25.2       92.6      110.3

    Wage and salary disbursements..........      272.7      372.9      113.9       71.8      183.1       10.8       73.6       90.8
      Private industries...................      236.8      336.6      107.0       64.3      173.1        3.0       58.9       80.2
        Goods-producing industries.........       50.5       80.1       26.4       11.0       52.4       -4.3        9.3       10.7
          Manufacturing....................       16.7       33.2       12.4        5.3       27.8      -10.0        3.1        4.1
        Services-producing industries......      186.3      256.6       80.7       53.2      120.8        7.3       49.7       69.5
          Trade, transportation, and
           utilities.......................       38.0       60.6       15.1        9.4       28.7        7.2       12.2       10.9
          Other services-producing
           industries......................      148.2      196.0       65.5       43.8       92.0         .2       37.5       58.6
      Government...........................       35.9       36.2        6.9        7.5       10.0        7.8       14.6       10.7

    Supplements to wages and salaries......       92.3       89.9       26.0       19.0       32.9       14.2       19.1       19.5
      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       30.3        8.6        5.0       17.4         .2        4.6        6.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       59.6       44.1        1.5       29.5       11.5        3.6        2.9        9.2
    Farm...................................       -6.0       -7.4        1.0       -1.0       -4.8       -6.4        4.2        6.6
    Nonfarm................................       65.5       51.5         .6       30.4       16.3        9.9       -1.1        2.6

  Rental income of persons with capital
   consumption adjustment..................      -54.2        3.7     -114.3       93.0       -4.7       -5.4        6.9        1.1

  Personal income receipts on assets.......       91.5      138.2       32.2       47.5       22.1       45.4       35.9       13.3
    Personal interest income...............       54.2       73.1       16.4       30.5        7.4       30.1       16.6       -7.6
    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       75.5       58.9      -29.2       30.6       19.3       28.9       10.8
    Government social benefits to persons..       82.5       85.9       12.0       11.6       35.2       18.7       28.4       10.3
      Old-age, survivors, disability, and
       health insurance benefits...........       53.5       86.1        4.1        6.1       55.3       18.2        8.6       12.6
      Government unemployment insurance
       benefits............................       -4.7       -4.0        -.5        1.4       -3.8        -.8         .3        -.2
      Other................................       33.6        3.9        8.3        4.1      -16.2        1.3       19.5       -2.1
    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       66.0       17.0       10.4       37.8        2.1       10.1       12.9

Less: Personal current taxes...............      153.3      159.5       23.2       32.6       85.0       28.4        5.2       24.3

Equals: Disposable personal income.........      354.5      498.7       78.0      188.4      152.7       57.4      152.1      107.5

Less: Personal outlays.....................      563.7      555.9      179.9       84.2      154.0      158.5      133.0       91.8

  Personal consumption expenditures........      530.9      528.4      172.7       80.5      151.4      148.9      118.6       82.6
    Durable goods..........................       46.8       38.2       15.0      -37.7       44.5       -2.3       13.7        8.0
    Nondurable goods.......................      194.1      176.7       76.3       28.6       44.7       63.2       26.3      -11.1
    Services...............................      289.9      313.6       81.4       89.6       62.1       88.1       78.6       85.7
  Personal interest payments\1\............       23.4       20.5        6.1         .3        3.6        4.4       12.6        7.3
  Personal current transfer payments.......        9.5        6.9        1.2        3.3        -.9        5.1        1.8        1.8
    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        1.0        -.2        1.8       -2.4        3.5         .1         .8

Equals: Personal saving....................     -209.1      -57.2     -101.8      104.1       -1.2     -101.1       19.1       15.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       93.8      218.1      -11.7      109.2       93.5      -31.4       84.2      110.0
-----------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                   Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 06     Jun 06     Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................         .1         .4         .6         .5         .5         .3         .3         .5
  Compensation of employees, received......        -.4         .4         .7         .4         .6         .5         .4         .6
    Wage and salary disbursements..........        -.5         .4         .7         .4         .6         .5         .4         .6
    Supplements to wages and salaries......         .1         .4         .6         .4         .5         .5         .4         .5
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .5        -.4        -.1         .7         .0         .5         .2         .0
  Rental income of persons with capital
   consumption adjustment..................       -3.2       -5.0        7.6        6.4        6.8       -3.0       -1.5       -2.7
  Personal income receipts on assets.......        1.3        1.4         .4         .4         .4         .2         .2         .2
    Personal interest income...............        1.6        1.6         .0         .0         .0        -.4        -.4        -.4
    Personal dividend income...............         .9        1.0        1.0        1.1        1.1        1.1        1.1        1.1
  Personal current transfer receipts.......         .7         .4         .6         .9         .2        -.3         .2        1.2

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

Less: Personal current taxes...............         .0         .7        -.3         .2         .3         .9         .5         .7

Equals: Disposable personal income.........         .1         .4         .7         .6         .5         .2         .3         .5

Addenda:
  Personal consumption expenditures........         .7         .3         .7         .1         .0         .3         .5         .7
    Durable goods..........................        -.6         .5        2.0       -1.5         .3         .2         .9         .8
    Nondurable goods.......................         .9         .1         .9         .2       -1.3        -.5         .6        1.6
    Services...............................         .8         .4         .4         .5         .5         .7         .4         .3
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........        -.2         .3         .4         .3         .9         .4         .3         .2
-----------------------------------------------------------------------------------------------------------------------------------
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     III 05      IV 05       I 06      II 06     III 06      IV 06
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................        5.2        6.4        4.0        8.9        9.4        3.2        5.9        4.9
  Compensation of employees, received......        5.5        6.6        8.3        5.2       12.6        1.4        5.1        6.0
    Wage and salary disbursements..........        5.1        6.6        8.4        5.1       13.3         .7        5.0        6.1
    Supplements to wages and salaries......        7.3        6.6        7.9        5.6        9.7        4.1        5.4        5.4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        6.5        4.5         .6       12.7        4.7        1.4        1.2        3.7
  Rental income of persons with capital
   consumption adjustment..................      -42.7        5.0      .....      .....      -21.2      -25.2       44.6        5.6
  Personal income receipts on assets.......        6.4        9.1        8.9       13.0        5.7       11.8        9.0        3.2
    Personal interest income...............        6.1        7.7        7.2       13.5        3.0       12.7        6.7       -2.9
    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        4.9       16.5       -7.3        8.2        5.0        7.5        2.7

  Less: Contributions for government social
   insurance...............................        6.6        7.5        8.0        4.8       17.9         .9        4.4        5.6

Less: Personal current taxes...............       14.6       13.3        8.0       11.2       30.2        8.8        1.5        7.3

Equals: Disposable personal income.........        4.1        5.5        3.5        8.6        6.8        2.5        6.6        4.6

Addenda:
  Personal consumption expenditures........        6.5        6.0        8.2        3.7        7.0        6.7        5.2        3.6
    Durable goods..........................        4.7        3.7        5.9      -13.5       18.6        -.9        5.3        3.0
    Nondurable goods.......................        8.3        7.0       12.7        4.5        7.0        9.9        3.9       -1.6
    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        2.7        -.6        5.5        4.6       -1.5        4.1        5.4
-----------------------------------------------------------------------------------------------------------------------------------

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 06     Jun 06     Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    8,058.7    8,075.0    8,110.1    8,100.7    8,122.8    8,160.4    8,204.5    8,232.8
  Durable goods............................    1,184.9    1,194.2    1,218.0    1,199.0    1,209.5    1,211.5    1,226.7    1,241.4
  Nondurable goods.........................    2,352.1    2,353.9    2,360.9    2,357.4    2,362.1    2,379.5    2,402.5    2,417.6
  Services.................................    4,542.1    4,548.9    4,558.1    4,566.4    4,575.4    4,592.8    4,601.8    4,603.8
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       27.5       16.3       35.1       -9.4       22.1       37.6       44.1       28.3
  Durable goods............................       -6.8        9.3       23.8      -19.0       10.5        2.0       15.2       14.7
  Nondurable goods.........................        4.8        1.8        7.0       -3.5        4.7       17.4       23.0       15.1
  Services.................................       26.8        6.8        9.2        8.3        9.0       17.4        9.0        2.0
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .3         .2         .4        -.1         .3         .5         .5         .3
  Durable goods............................        -.6         .8        2.0       -1.6         .9         .2        1.3        1.2
  Nondurable goods.........................         .2         .1         .3        -.1         .2         .7        1.0         .6
  Services.................................         .6         .1         .2         .2         .2         .4         .2         .0
-----------------------------------------------------------------------------------------------------------------------------------
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     III 05      IV 05       I 06      II 06     III 06      IV 06
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,841.2    8,092.3    7,895.3    7,910.2    8,003.8    8,055.0    8,111.2    8,199.2
  Durable goods............................    1,145.3    1,204.0    1,175.9    1,137.9    1,190.5    1,190.3    1,208.8    1,226.5
  Nondurable goods.........................    2,276.8    2,363.5    2,287.6    2,309.6    2,342.8    2,351.1    2,360.1    2,399.9
  Services.................................    4,436.6    4,549.0    4,454.5    4,476.7    4,494.5    4,535.4    4,566.6    4,599.4
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      264.1      251.1       75.5       14.9       93.6       51.2       56.2       88.0
  Durable goods............................       59.6       58.7       25.1      -38.0       52.6        -.2       18.5       17.7
  Nondurable goods.........................       97.6       86.7       19.2       22.0       33.2        8.3        9.0       39.8
  Services.................................      112.7      112.4       34.5       22.2       17.8       40.9       31.2       32.8
                                           ----------------------------------------------------------------------------------------
                                                                     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        4.4
  Durable goods............................        5.5        5.1        9.0      -12.3       19.8        -.1        6.4        6.0
  Nondurable goods.........................        4.5        3.8        3.4        3.9        5.9        1.4        1.5        6.9
  Services.................................        2.6        2.5        3.2        2.0        1.6        3.7        2.8        2.9
-----------------------------------------------------------------------------------------------------------------------------------

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 06     Jun 06     Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    114.650    114.815    115.160    115.465    115.098    114.867    114.875    115.294
  Durable goods............................     89.279     89.049     89.096     89.145     88.659     88.679     88.348     87.991
  Nondurable goods.........................    116.015    116.082    116.749    117.143    115.434    113.967    113.569    114.615
  Services.................................    120.049    120.368    120.625    120.948    121.308    121.657    121.966    122.262
Addenda:
  PCE excluding food and energy............    111.736    111.963    112.076    112.369    112.565    112.844    112.886    113.027
  Market-based PCE\1\......................    113.374    113.513    113.852    114.131    113.652    113.299    113.282    113.722
  Market-based PCE excluding food
   and energy\1\...........................    109.537    109.745    109.803    110.062    110.233    110.460    110.479    110.589
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .3         .1         .3         .3        -.3        -.2         .0         .4
  Durable goods............................         .0        -.3         .1         .1        -.5         .0        -.4        -.4
  Nondurable goods.........................         .7         .1         .6         .3       -1.5       -1.3        -.3         .9
  Services.................................         .2         .3         .2         .3         .3         .3         .3         .2
Addenda:
  PCE excluding food and energy............         .2         .2         .1         .3         .2         .2         .0         .1
  Market-based PCE\1\......................         .4         .1         .3         .2        -.4        -.3         .0         .4
  Market-based PCE excluding food
   and energy\1\...........................         .2         .2         .1         .2         .2         .2         .0         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 06     Jun 06     Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        1.9        1.7        1.7        4.6        3.2        3.4        3.1        2.9

Personal consumption expenditures..........        3.4        2.7        2.3        2.7        3.2        3.6        3.7        3.6
  Durable goods............................        6.1        2.0       -1.6        3.3        7.1        9.2        7.4        6.8
  Nondurable goods.........................        3.9        3.4        3.5        3.0        3.0        2.9        4.2        4.6
  Services.................................        2.6        2.5        2.5        2.4        2.6        2.9        2.8        2.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                May 06     Jun 06     Jul 06     Aug 06     Sep 06  Oct 06\r\  Nov 06\r\  Dec 06\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        3.3        3.5        3.4        3.2        1.9        1.5        1.9        2.3
  Durable goods............................       -1.6       -1.5       -1.1        -.7       -1.3       -1.3       -1.4       -1.6
  Nondurable goods.........................        5.0        5.3        4.8        4.0         .3        -.6         .9        2.1
  Services.................................        3.5        3.6        3.6        3.6        3.4        3.1        3.0        3.2
Addenda:
  PCE excluding food and energy............        2.2        2.3        2.3        2.4        2.4        2.4        2.2        2.2
  Market-based PCE\1\......................        3.2        3.4        3.3        3.1        1.6        1.1        1.6        2.1
  Market-based PCE excluding food
   and energy\1\...........................        1.8        2.0        1.9        2.1        2.1        2.1        1.9        1.9
-----------------------------------------------------------------------------------------------------------------------------------
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.