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News Release: Personal Income and Outlays

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

FOR WIRE TRANSMISSION:  8:30 A.M. EDT, TUESDAY, AUGUST 3, 2004

James E. Rankin:       (202) 606-5301  (Personal Income)                                 BEA 04-37
Greg Key:                    606-5302  (Personal Outlays)
Recorded message:            606-5303

Kurt Kunze:                  606-9748  (Annual Revision)

               PERSONAL INCOME AND OUTLAYS:  JUNE 2004
               REVISED ESTIMATES:  2001 THROUGH MAY 2004

 Personal income increased $23.0 billion, or 0.2 percent, and disposable personal income (DPI)
increased $21.4 billion, or 0.2 percent, in June, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $53.3 billion, or 0.7 percent.  In May, personal
income increased $54.0 billion, or 0.6 percent, DPI increased $46.9 billion, or 0.5 percent, and PCE
increased $84.5 billion, or 1.0 percent, based on revised estimates.

                                                                    2004
                                        Feb.          Mar.          Apr.          May          June
                                                    (Percent change from preceding month)

Personal income, current dollars         0.5           0.5           0.6          0.6           0.2

Disposable personal income:
  Current dollars                        0.5           0.5           0.6          0.5           0.2
  Chained (2000) dollars                 0.3           0.2           0.4          0.1           0.0

Personal consumption expenditures:
  Current dollars                        0.6           0.4           0.1          1.0          -0.7
  Chained (2000) dollars                 0.4           0.1           0.0          0.6          -0.9


       The estimates released today reflect revisions in the national income and product accounts
beginning with January 2001.  Revisions are usually made each July to incorporate source data that
are more complete, more detailed, and otherwise more consistent than previously available.  This
release includes revised monthly personal income, disposable personal income, and outlays and
provides an overview of the effects of the revision.  The August 2004 Survey of Current Business will
contain national income and product accounts tables and an article describing the revisions.  The
revised estimates will be available from BEA's Web site at <www.bea.gov>.


Wages and salaries

 Private wage and salary disbursements decreased $2.7 billion in June, in contrast to an increase
of $35.0 billion in May.  Goods-producing industries' payrolls increased $0.5 billion, compared with
an increase of $7.6 billion; manufacturing payrolls were unchanged in June; manufacturing payrolls
increased $5.1 billion in May.  Services-producing industries' payrolls decreased $3.2 billion in
June, in contrast to an increase of $27.3 billion in May.  Government wage and salary disbursements
increased $1.4 billion, in contrast to a decrease of $3.3 billion.


Other personal income

 Proprietors' income increased $7.8 billion in June, compared with an increase of $8.3 billion in
May.  Farm proprietors' income increased $0.2 billion, compared with an increase of $0.5 billion.
Nonfarm proprietors' income increased $7.6 billion, compared with an increase of $7.9 billion.

 Rental income of persons increased $0.8 billion in June, compared with an increase of $1.4
billion in May.  Personal income receipts on assets (personal interest income plus personal dividend
income) increased $6.9 billion, compared with an increase of $6.7 billion.  Personal current transfer
receipts increased $3.4 billion, compared with an increase of $3.9 billion.

 Contributions for government social insurance -- a subtraction in calculating personal income --
decreased $0.1 billion in June, in contrast to an increase of $5.1 billion in May.


Personal current taxes and disposable personal income

 Personal current taxes increased $1.5 billion in June, compared with an increase of $7.2 billion
in May.  Disposable personal income (DPI) -- personal income less personal current taxes --
increased $21.4 billion, or 0.2 percent, in June, compared with an increase of $46.9 billion, or 0.5
percent, in May.


Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments
decreased $49.9 billion in June, in contrast to an increase of $88.0 billion in May.  PCE decreased
$53.3 billion, in contrast to an increase of $84.5 billion.

 Personal saving -- DPI less personal outlays -- was $175.8 billion in June, compared with
$104.5 billion in May.  Personal saving as a percentage of disposable personal income was 2.0
percent in June, compared with 1.2 percent in May.


Real DPI and real PCE

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

 Real PCE -- PCE adjusted to remove price changes -- decreased 0.9 percent in June, in contrast
to an increase of 0.6 percent in May.  Purchases of durable goods decreased 5.8 percent, in contrast
to an increase of 3.7 percent.  Purchases of motor vehicles and parts accounted for most of the June
decrease and accounted for most of the May increase.  Purchases of nondurable goods decreased 0.7
percent in June, in contrast to an increase of 0.3 percent in May.  Purchases of services increased less
than 0.1 percent, compared with an increase of 0.2 percent.


Revision of the Personal Income and Outlays Estimates

 Personal income, personal outlays, DPI, and personal saving are revised beginning with
January 2001 to reflect the results of the annual revision in the national income and product accounts
(NIPAs) released last week.  The NIPAs usually are revised each July to incorporate newly available
and more comprehensive source data, as well as improved estimating methodologies.

 Annual revisions to the estimates of personal income and outlays, which begin with 2001, are
shown in table 12.  Revised and previously published monthly estimates of personal income, DPI,
PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in table 13; revised
and previously published annual and quarterly estimates are shown in table 14.

 Personal income was revised up $11.0 billion for 2001, was revised down $31.4 billion for
2002, and was revised down $46.2 billion for 2003.  For both 2002 and 2003, downward revisions to
personal interest income, to personal dividend income, to personal current transfer receipts, to
nonfarm proprietors' income, and to rental income of persons more than offset upward revisions to
supplements to wages and salaries.

 Personal current taxes was revised down $6.4 billion for 2001, was revised down $1.9 billion
for 2002, and was revised up $10.5 billion for 2003.  DPI was revised up $17.4 billion for 2001, was
revised down $29.5 billion for 2002, and was revised down $56.6 billion for 2003.  The percent
change from the preceding year in real DPI was revised up from 1.8 percent to 1.9 percent for 2001,
was revised down from 3.8 percent to 3.1 percent for 2002, and was revised down from 2.7 percent
to 2.3 percent for 2003.

 Personal outlays was revised up $12.3 billion for 2001, was revised down $5.5 billion for 2002,
and was revised up $6.3 billion for 2003.  Revisions to PCE accounted for most of the 2001 revision
and more than accounted for the 2002 revision.  The 2003 revision was accounted for by revisions to
PCE and to personal current transfer payments.

 Personal saving as a percentage of DPI was revised up from 1.7 percent to 1.8 percent for 2001,
was revised down from 2.3 percent to 2.0 percent for 2002, and was revised down from 2.1 percent
to 1.4 percent for 2003.


  BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:

                             <www.bea.gov>

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

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

    Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
monthly journal.  Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office.  Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.


                        *          *          *


Next release -- Personal Income and Outlays for August will be released on
                  August 30, 2004, at 8:30 A.M. EDT.



                                                      Table 1.--Personal Income and Its Disposition (Months)
                                                 [Billions of dollars; months seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 00  Jan 01  Feb 01  Mar 01  Apr 01  May 01  Jun 01  Jul 01  Aug 01  Sep 01  Oct 01  Nov 01  Dec 01  Jan 02  Feb 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,574.4 8,664.6 8,689.8 8,711.7 8,710.7 8,716.5 8,732.4 8,733.2 8,727.7 8,738.5 8,743.1 8,751.7 8,769.6 8,776.3 8,802.3

  Compensation of employees, received...... 5,876.7 5,927.2 5,951.4 5,960.0 5,943.5 5,942.2 5,948.1 5,949.8 5,944.7 5,923.5 5,927.5 5,936.4 5,950.8 5,979.4 6,007.1

    Wage and salary disbursements.......... 4,901.0 4,945.8 4,965.9 4,971.5 4,953.0 4,949.3 4,951.9 4,948.2 4,940.3 4,917.2 4,916.4 4,921.8 4,932.2 4,944.1 4,953.6
      Private industries................... 4,113.8 4,152.3 4,167.1 4,169.7 4,147.7 4,140.6 4,138.4 4,130.4 4,117.9 4,090.8 4,085.4 4,086.5 4,096.2 4,097.5 4,102.4
        Goods-producing industries......... ....... 1,076.0 1,077.6 1,080.1 1,064.4 1,055.0 1,046.4 1,043.4 1,028.6 1,021.8 1,014.7 1,011.6 1,012.1 1,011.1 1,012.6
          Manufacturing.................... .......   748.4   746.5   746.2   731.2   718.5   708.1   704.8   690.1   683.9   678.2   675.1   674.1   672.2   672.6
        Services-producing industries...... ....... 3,076.3 3,089.4 3,089.6 3,083.3 3,085.6 3,091.9 3,087.0 3,089.2 3,069.0 3,070.6 3,074.9 3,084.1 3,086.4 3,089.8
          Trade, transportation, and
           utilities....................... .......   855.4   855.1   855.9   848.7   847.7   847.8   842.9   841.0   837.3   834.4   834.9   834.6   837.7   837.4
          Other services-producing
           industries...................... ....... 2,220.9 2,234.3 2,233.7 2,234.6 2,237.9 2,244.2 2,244.2 2,248.2 2,231.7 2,236.2 2,240.1 2,249.6 2,248.7 2,252.4
      Government...........................   787.3   793.5   798.9   801.8   805.3   808.7   813.5   817.8   822.4   826.4   831.0   835.3   836.0   846.6   851.2

    Supplements to wages and salaries......   975.6   981.4   985.5   988.5   990.6   992.9   996.2 1,001.6 1,004.4 1,006.3 1,011.1 1,014.6 1,018.7 1,035.3 1,053.5
      Employer contributions for employee
       pension and insurance funds.........   627.7   627.2   629.4   631.4   634.1   636.1   638.9   644.0   647.2   650.3   654.8   657.9   661.0   673.5   691.2
      Employer contributions for government
       social insurance....................   347.9   354.3   356.1   357.1   356.4   356.9   357.3   357.5   357.2   356.0   356.3   356.7   357.6   361.8   362.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................   737.7   767.9   766.9   773.3   767.2   771.0   773.7   772.2   778.1   769.8   775.9   773.0   773.6   761.4   763.1
    Farm...................................    21.2    23.0    21.8    20.8    19.9    19.1    18.5    17.6    17.6    17.9    21.0    20.5    18.7    12.5    10.4
    Nonfarm................................   716.6   744.9   745.0   752.5   747.3   751.9   755.2   754.6   760.6   751.9   754.9   752.6   754.9   748.9   752.7

  Rental income of persons with capital
   consumption adjustment..................   151.0   153.7   155.2   157.1   158.4   160.8   166.0   173.6   177.0   178.6   175.7   176.0   176.9   178.3   179.7

  Personal income receipts on assets....... 1,403.9 1,400.2 1,397.3 1,394.7 1,393.0 1,389.0 1,384.2 1,378.1 1,373.1 1,368.7 1,365.9 1,360.7 1,354.4 1,342.8 1,337.1
    Personal interest income............... 1,019.3 1,019.5 1,020.2 1,020.9 1,022.2 1,021.0 1,018.5 1,013.8 1,009.3 1,004.6 1,001.3   994.6   986.0   970.4   960.3
    Personal dividend income...............   384.6   380.7   377.2   373.8   370.8   367.9   365.7   364.3   363.8   364.0   364.6   366.0   368.4   372.5   376.9

  Personal current transfer receipts....... 1,117.1 1,141.6 1,148.7 1,158.4 1,179.2 1,184.9 1,193.0 1,192.4 1,187.4 1,228.1 1,228.8 1,237.2 1,247.3 1,258.7 1,260.5
    Government social benefits to persons.. 1,073.1 1,097.8 1,104.5 1,113.7 1,130.9 1,138.0 1,141.6 1,142.5 1,137.1 1,148.4 1,180.3 1,190.2 1,202.3 1,216.9 1,221.0
      Old-age, survivors, disability, and
       health insurance benefits...........   638.5   651.2   655.2   659.5   661.8   663.7   665.0   677.1   673.3   674.7   676.1   679.6   685.5   697.9   702.4
      Government unemployment insurance
       benefits............................    22.2    26.9    25.1    23.5    26.9    29.0    28.9    32.6    30.6    35.5    39.1    40.3    42.3    41.5    41.1
      Other................................   412.4   419.7   424.2   430.7   442.2   445.4   447.6   432.8   433.2   438.2   465.1   470.4   474.5   477.5   477.6
    Other current transfer receipts, from
     business (net)........................    44.1    43.8    44.1    44.7    48.3    46.8    51.4    50.0    50.3    79.6    48.6    47.0    45.0    41.8    39.5

  Less: Contributions for government social
   insurance...............................   712.1   725.9   729.7   731.8   730.6   731.4   732.6   733.0   732.5   730.2   730.8   731.7   733.4   744.2   745.2

Less: Personal current taxes............... 1,262.3 1,286.9 1,297.8 1,305.0 1,316.1 1,314.2 1,306.7 1,182.3 1,041.5 1,107.2 1,236.9 1,228.2 1,224.9 1,072.4 1,064.7

Equals: Disposable personal income......... 7,312.1 7,377.8 7,392.0 7,406.6 7,394.7 7,402.3 7,425.7 7,550.9 7,686.3 7,631.3 7,506.3 7,523.5 7,544.7 7,703.9 7,737.6

Less: Personal outlays..................... 7,205.1 7,235.1 7,266.7 7,258.6 7,279.1 7,330.5 7,346.9 7,367.7 7,401.6 7,314.4 7,520.1 7,473.2 7,459.8 7,493.0 7,540.9

  Personal consumption expenditures........ 6,908.5 6,938.2 6,969.2 6,960.1 6,978.5 7,029.1 7,045.0 7,064.1 7,098.6 7,012.7 7,222.0 7,177.2 7,165.9 7,200.8 7,249.6
    Durable goods..........................   859.6   859.8   883.8   872.6   852.2   862.0   880.0   867.4   882.3   845.6   975.5   932.3   890.8   909.8   907.1
    Nondurable goods....................... 2,000.4 2,008.8 2,005.2 1,986.1 2,008.0 2,027.2 2,014.6 2,025.7 2,028.0 2,018.9 2,033.7 2,019.7 2,029.2 2,033.0 2,051.8
    Services............................... 4,048.6 4,069.5 4,080.1 4,101.4 4,118.3 4,139.9 4,150.4 4,171.0 4,188.3 4,148.1 4,212.9 4,225.3 4,245.9 4,258.0 4,290.7
  Personal interest payments\1\............   213.2   212.1   212.3   212.8   214.5   215.0   215.2   215.7   214.8   213.1   209.7   207.2   204.6   200.4   199.0
  Personal current transfer payments.......    83.5    84.8    85.3    85.7    86.1    86.4    86.8    87.9    88.3    88.7    88.4    88.8    89.3    91.8    92.3
    To government..........................    52.3    52.2    52.6    53.1    53.2    53.6    53.9    54.3    54.7    55.1    55.5    56.0    56.4    57.0    57.5
    To the rest of the world (net).........    31.2    32.6    32.6    32.6    32.9    32.9    32.9    33.6    33.6    33.6    32.9    32.9    32.9    34.8    34.8

Equals: Personal saving....................   106.9   142.7   125.3   148.0   115.6    71.8    78.8   183.2   284.6   316.9   -13.8    50.3    84.9   210.8   196.7

  Personal saving as a percentage of
   disposable personal income..............     1.5     1.9     1.7     2.0     1.6     1.0     1.1     2.4     3.7     4.2     -.2      .7     1.1     2.7     2.5

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................ 7,250.9 7,278.0 7,279.4 7,291.4 7,259.6 7,244.7 7,252.2 7,376.8 7,507.5 7,472.6 7,322.4 7,341.5 7,374.2 7,519.3 7,541.4
    Per capita:
      Current dollars......................  25,763  25,974  26,004  26,036  25,973  25,978  26,037  26,452  26,901  26,683  26,222  26,261  26,313  26,848  26,946
      Chained (2000) dollars...............  25,547  25,622  25,608  25,631  25,498  25,424  25,429  25,842  26,275  26,128  25,580  25,625  25,719  26,205  26,263
  Population (midperiod, thousands)\3\..... 283,820 284,049 284,266 284,481 284,708 284,949 285,198 285,455 285,726 285,997 286,254 286,493 286,723 286,943 287,153
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 1.--Personal Income and Its Disposition (Months)--Continued
                                                 [Billions of dollars; months seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03  Mar 03  Apr 03  May 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,832.3 8,879.5 8,894.4 8,917.5 8,896.2 8,893.2 8,897.8 8,906.4 8,916.1 8,935.0 8,964.3 9,000.6 9,041.6 9,056.1 9,109.7

  Compensation of employees, received...... 6,044.2 6,053.2 6,063.8 6,087.9 6,071.8 6,087.1 6,099.1 6,105.6 6,111.5 6,123.0 6,147.3 6,180.7 6,205.0 6,213.5 6,251.9

    Wage and salary disbursements.......... 4,971.0 4,970.2 4,976.2 4,994.6 4,972.4 4,982.3 4,988.8 4,984.4 4,986.0 4,991.6 5,004.6 5,025.4 5,040.1 5,045.2 5,077.6
      Private industries................... 4,116.8 4,113.9 4,115.9 4,131.9 4,109.5 4,114.4 4,119.3 4,112.6 4,112.9 4,116.8 4,120.7 4,136.9 4,149.2 4,151.8 4,181.0
        Goods-producing industries......... 1,017.2 1,014.3 1,015.9 1,018.3 1,013.4 1,009.6 1,007.9 1,000.9   999.6 1,001.4   999.5   999.5   999.6   994.9 1,000.7
          Manufacturing....................   678.1   678.8   682.2   685.3   679.9   676.1   674.1   668.5   667.3   667.5   665.2   666.5   665.4   660.0   664.5
        Services-producing industries...... 3,099.6 3,099.6 3,100.0 3,113.6 3,096.1 3,104.7 3,111.4 3,111.6 3,113.3 3,115.4 3,121.2 3,137.4 3,149.6 3,156.8 3,180.2
          Trade, transportation, and
           utilities.......................   842.3   841.8   845.0   848.4   846.0   845.8   847.1   843.2   844.1   844.5   845.2   849.0   851.6   850.3   853.7
          Other services-producing
           industries...................... 2,257.2 2,257.8 2,255.0 2,265.3 2,250.1 2,258.9 2,264.3 2,268.5 2,269.2 2,271.0 2,276.0 2,288.3 2,298.0 2,306.5 2,326.5
      Government...........................   854.3   856.2   860.3   862.7   862.9   868.0   869.5   871.8   873.1   874.8   883.9   888.5   890.9   893.4   896.7

    Supplements to wages and salaries...... 1,073.2 1,083.0 1,087.6 1,093.3 1,099.4 1,104.7 1,110.3 1,121.3 1,125.5 1,131.3 1,142.8 1,155.3 1,164.9 1,168.3 1,174.3
      Employer contributions for employee
       pension and insurance funds.........   709.8   719.4   723.7   728.2   736.0   740.8   745.9   757.3   761.7   767.2   772.5   783.6   792.1   795.4   799.4
      Employer contributions for government
       social insurance....................   363.4   363.6   363.9   365.1   363.4   363.9   364.3   364.0   363.8   364.2   370.3   371.7   372.8   372.9   374.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................   762.0   766.2   768.9   772.0   777.5   768.6   765.2   772.7   778.8   778.6   789.5   791.2   801.4   811.7   826.5
    Farm...................................     9.3    10.7    10.5    10.1     9.0     8.6     8.5     8.0     8.6     9.7    11.3    13.6    16.4    22.1    24.5
    Nonfarm................................   752.7   755.5   758.4   762.0   768.5   760.0   756.7   764.7   770.2   768.9   778.2   777.6   784.9   789.6   802.1

  Rental income of persons with capital
   consumption adjustment..................   181.2   186.6   185.6   181.9   170.7   165.1   160.3   155.7   153.3   152.4   156.9   156.0   153.6   145.5   143.5

  Personal income receipts on assets....... 1,333.3 1,339.6 1,340.6 1,340.5 1,338.0 1,333.8 1,329.4 1,328.3 1,326.5 1,325.3 1,325.6 1,326.1 1,326.2 1,325.0 1,325.0
    Personal interest income...............   952.9   955.5   953.3   950.6   946.1   940.3   935.1   933.6   931.7   930.9   931.5   932.5   933.2   932.3   932.7
    Personal dividend income...............   380.4   384.1   387.3   389.9   392.0   393.4   394.3   394.8   394.8   394.4   394.0   393.5   393.0   392.7   392.3

  Personal current transfer receipts....... 1,259.1 1,281.6 1,284.1 1,286.2 1,286.0 1,287.7 1,293.6 1,293.3 1,295.3 1,305.8 1,304.8 1,309.2 1,320.2 1,325.7 1,332.2
    Government social benefits to persons.. 1,221.6 1,246.1 1,249.9 1,253.2 1,252.8 1,255.3 1,262.3 1,263.9 1,266.6 1,277.4 1,275.8 1,280.0 1,290.9 1,296.7 1,303.2
      Old-age, survivors, disability, and
       health insurance benefits...........   698.1   704.7   705.7   707.2   708.8   711.5   713.4   711.9   715.8   721.6   720.4   722.3   725.7   727.0   733.0
      Government unemployment insurance
       benefits............................    44.4    58.7    60.9    61.2    57.7    55.5    57.0    55.0    51.2    54.1    48.4    49.3    53.5    53.6    52.3
      Other................................   479.1   482.6   483.3   484.7   486.3   488.3   491.9   497.0   499.5   501.7   507.0   508.4   511.6   516.1   517.9
    Other current transfer receipts, from
     business (net)........................    37.4    35.5    34.1    33.0    33.1    32.3    31.4    29.4    28.7    28.4    29.0    29.2    29.3    29.0    29.0

  Less: Contributions for government social
   insurance...............................   747.5   747.7   748.5   751.0   747.8   749.0   749.8   749.3   749.3   750.1   759.8   762.6   764.8   765.3   769.4

Less: Personal current taxes............... 1,060.1 1,054.5 1,051.0 1,050.9 1,047.5 1,047.0 1,045.7 1,041.8 1,040.0 1,039.2 1,023.2 1,025.9 1,027.9 1,024.3 1,031.0

Equals: Disposable personal income......... 7,772.1 7,825.1 7,843.4 7,866.6 7,848.8 7,846.3 7,852.0 7,864.6 7,876.1 7,895.8 7,941.1 7,974.7 8,013.7 8,031.8 8,078.7

Less: Personal outlays..................... 7,551.7 7,642.2 7,603.9 7,659.0 7,733.9 7,735.7 7,699.1 7,727.6 7,777.1 7,858.1 7,857.8 7,887.8 7,945.2 7,959.8 7,971.5

  Personal consumption expenditures........ 7,260.2 7,346.9 7,307.9 7,363.1 7,437.4 7,440.6 7,406.1 7,436.5 7,489.4 7,574.2 7,572.4 7,600.7 7,656.3 7,671.3 7,684.8
    Durable goods..........................   893.7   930.4   886.8   905.5   942.4   953.7   902.4   895.7   910.9   955.7   911.0   898.1   927.3   947.5   946.1
    Nondurable goods....................... 2,055.6 2,084.7 2,064.8 2,083.7 2,086.5 2,079.4 2,078.0 2,102.7 2,117.1 2,123.9 2,141.0 2,170.2 2,191.1 2,165.4 2,147.1
    Services............................... 4,310.9 4,331.8 4,356.3 4,373.9 4,408.6 4,407.5 4,425.7 4,438.1 4,461.3 4,494.6 4,520.4 4,532.3 4,537.9 4,558.4 4,591.7
  Personal interest payments\1\............   198.7   202.1   202.3   201.8   200.7   198.8   196.2   192.8   189.0   184.7   185.8   187.1   188.5   187.1   184.9
  Personal current transfer payments.......    92.8    93.2    93.7    94.1    95.9    96.3    96.7    98.3    98.8    99.2    99.6   100.0   100.5   101.3   101.8
    To government..........................    58.0    58.4    58.9    59.3    59.8    60.2    60.7    61.1    61.5    62.0    62.4    62.8    63.2    63.7    64.2
    To the rest of the world (net).........    34.8    34.8    34.8    34.8    36.1    36.1    36.1    37.2    37.2    37.2    37.2    37.2    37.2    37.6    37.6

Equals: Personal saving....................   220.4   182.9   239.4   207.6   114.8   110.6   152.9   137.0    99.0    37.7    83.2    87.0    68.4    72.1   107.2

  Personal saving as a percentage of
   disposable personal income..............     2.8     2.3     3.1     2.6     1.5     1.4     1.9     1.7     1.3      .5     1.0     1.1      .9      .9     1.3

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................ 7,552.2 7,573.3 7,589.7 7,602.3 7,569.5 7,551.4 7,544.6 7,559.7 7,558.3 7,556.3 7,583.1 7,588.7 7,601.7 7,631.9 7,679.5
    Per capita:
      Current dollars......................  27,045  27,208  27,249  27,307  27,221  27,187  27,182  27,201  27,219  27,265  27,401  27,498  27,612  27,653  27,792
      Chained (2000) dollars...............  26,280  26,333  26,368  26,389  26,252  26,165  26,117  26,147  26,120  26,093  26,166  26,167  26,192  26,276  26,419
  Population (midperiod, thousands)\3\..... 287,373 287,600 287,837 288,084 288,337 288,605 288,872 289,125 289,364 289,591 289,806 290,013 290,228 290,451 290,686
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 1.--Personal Income and Its Disposition (Months)--Continued
                                               [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------------------------------
                                              Jun 03   Jul 03   Aug 03   Sep 03   Oct 03   Nov 03   Dec 03   Jan 04   Feb 04   Mar 04   Apr 04   May 04  Jun 04/p/
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................  9,151.1  9,175.4  9,208.9  9,243.7  9,276.6  9,337.9  9,375.3  9,418.2  9,466.9  9,510.9  9,571.1  9,625.1  9,648.1

  Compensation of employees, received......  6,275.6  6,297.3  6,327.3  6,349.4  6,377.9  6,421.0  6,421.2  6,477.3  6,514.3  6,542.3  6,574.9  6,613.6  6,617.6

    Wage and salary disbursements..........  5,097.2  5,109.4  5,131.2  5,145.3  5,167.1  5,202.4  5,197.3  5,236.5  5,263.7  5,282.7  5,309.9  5,341.6  5,340.3
      Private industries...................  4,194.0  4,209.3  4,229.2  4,244.0  4,264.8  4,298.1  4,288.7  4,321.8  4,346.4  4,362.7  4,384.8  4,419.8  4,417.1
        Goods-producing industries.........  1,003.4    999.9  1,005.5  1,012.1  1,018.1  1,029.9  1,028.7  1,036.7  1,041.4  1,046.5  1,050.4  1,058.0  1,058.5
          Manufacturing....................    665.7    662.2    665.6    669.9    673.8    683.8    682.7    686.9    690.4    692.0    694.4    699.5    699.5
        Services-producing industries......  3,190.6  3,209.4  3,223.7  3,231.9  3,246.8  3,268.3  3,260.0  3,285.1  3,305.0  3,316.2  3,334.5  3,361.8  3,358.6
          Trade, transportation, and
           utilities.......................    854.8    856.7    861.7    863.7    871.1    874.7    870.0    878.5    883.9    887.0    890.5    895.0    893.2
          Other services-producing
           industries......................  2,335.8  2,352.7  2,362.0  2,368.1  2,375.6  2,393.6  2,389.9  2,406.5  2,421.1  2,429.3  2,444.0  2,466.8  2,465.4
      Government...........................    903.2    900.1    902.0    901.3    902.2    904.3    908.6    914.7    917.3    920.0    925.1    921.8    923.2

    Supplements to wages and salaries......  1,178.4  1,187.9  1,196.1  1,204.2  1,210.8  1,218.6  1,223.9  1,240.9  1,250.6  1,259.6  1,265.0  1,272.0  1,277.3
      Employer contributions for employee
       pension and insurance funds.........    802.3    811.0    817.8    824.9    830.4    835.7    841.6    848.7    856.5    864.4    868.4    873.0    878.7
      Employer contributions for government
       social insurance....................    376.1    376.9    378.3    379.3    380.4    382.9    382.3    392.1    394.1    395.3    396.5    399.0    398.7

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    838.9    848.2    849.8    858.0    860.4    863.5    870.1    862.9    870.0    883.5    894.7    903.0    910.8
    Farm...................................     25.8     24.7     24.8     24.9     24.8     24.7     24.5     18.5     17.8     17.5     18.2     18.7     18.9
    Nonfarm................................    813.1    823.5    825.0    833.1    835.6    838.8    845.7    844.3    852.2    866.0    876.4    884.3    891.9

  Rental income of persons with capital
   consumption adjustment..................    143.2    145.2    148.2    152.8    158.9    166.5    175.7    174.1    172.6    171.8    172.6    174.0    174.8

  Personal income receipts on assets.......  1,324.1  1,318.5  1,314.2  1,310.4  1,317.4  1,325.7  1,334.4  1,335.5  1,337.0  1,338.8  1,345.1  1,351.8  1,358.7
    Personal interest income...............    932.2    927.0    922.7    918.6    925.0    932.1    939.0    937.6    936.2    934.8    938.0    941.2    944.4
    Personal dividend income...............    391.8    391.5    391.5    391.8    392.4    393.5    395.3    397.9    400.8    404.0    407.1    410.6    414.3

  Personal current transfer receipts.......  1,341.3  1,340.2  1,346.4  1,352.1  1,343.9  1,348.1  1,360.2  1,371.7  1,380.5  1,384.7  1,397.0  1,400.9  1,404.3
    Government social benefits to persons..  1,312.4  1,311.3  1,317.5  1,323.3  1,315.2  1,319.3  1,331.5  1,342.4  1,351.2  1,355.3  1,367.7  1,371.6  1,375.1
      Old-age, survivors, disability, and
       health insurance benefits...........    733.1    733.2    737.8    738.8    740.6    742.9    751.2    754.2    764.6    767.3    772.7    774.8    774.8
      Government unemployment insurance
       benefits............................     58.5     53.7     53.8     55.4     51.6     52.2     50.9     46.1     40.7     37.5     34.5     33.3     32.7
      Other................................    520.8    524.4    525.8    529.1    522.9    524.3    529.4    542.0    545.9    550.5    560.5    563.5    567.5
    Other current transfer receipts, from
     business (net)........................     28.8     28.9     28.9     28.9     28.8     28.8     28.8     29.3     29.3     29.4     29.3     29.3     29.3

  Less: Contributions for government social
   insurance...............................    771.9    773.9    777.0    779.2    781.9    786.9    786.3    803.2    807.5    810.1    813.1    818.2    818.1

Less: Personal current taxes...............  1,036.7    936.1    888.6  1,000.4  1,005.9  1,011.5  1,010.8  1,005.9  1,010.8  1,014.4  1,025.0  1,032.2  1,033.7

Equals: Disposable personal income.........  8,114.4  8,239.3  8,320.3  8,243.3  8,270.7  8,326.4  8,364.5  8,412.3  8,456.1  8,496.6  8,546.1  8,593.0  8,614.4

Less: Personal outlays.....................  8,017.4  8,059.6  8,139.7  8,124.2  8,147.3  8,214.9  8,266.1  8,309.4  8,358.9  8,386.6  8,400.5  8,488.5  8,438.6

  Personal consumption expenditures........  7,732.8  7,775.8  7,854.4  7,837.2  7,854.4  7,920.5  7,969.7  8,015.5  8,067.5  8,097.7  8,107.7  8,192.2  8,138.9
    Durable goods..........................    946.9    960.1    988.4    969.5    949.1    969.9    994.4    964.7    979.0    985.3    966.1  1,001.4    942.6
    Nondurable goods.......................  2,178.3  2,193.7  2,234.6  2,229.3  2,237.4  2,256.5  2,256.6  2,299.9  2,312.1  2,337.7  2,334.0  2,366.8  2,360.7
    Services...............................  4,607.7  4,622.1  4,631.4  4,638.4  4,667.9  4,694.1  4,718.7  4,750.8  4,776.4  4,774.7  4,807.6  4,823.9  4,835.6
  Personal interest payments\1\............    182.3    182.2    183.2    184.5    184.8    185.8    187.3    184.2    181.1    178.1    181.0    184.0    186.9
  Personal current transfer payments.......    102.3    101.6    102.1    102.5    108.1    108.6    109.1    109.7    110.3    110.8    111.8    112.3    112.8
    To government..........................     64.6     65.1     65.6     66.0     66.5     67.0     67.5     68.1     68.6     69.1     69.6     70.2     70.7
    To the rest of the world (net).........     37.6     36.5     36.5     36.5     41.6     41.6     41.6     41.7     41.7     41.7     42.1     42.1     42.1

Equals: Personal saving....................     97.0    179.7    180.6    119.1    123.4    111.5     98.4    102.9     97.2    110.0    145.7    104.5    175.8

  Personal saving as a percentage of
   disposable personal income..............      1.2      2.2      2.2      1.4      1.5      1.3      1.2      1.2      1.2      1.3      1.7      1.2      2.0

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  7,702.0  7,813.6  7,871.3  7,784.0  7,807.6  7,860.9  7,880.1  7,894.4  7,915.0  7,928.2  7,961.8  7,972.6  7,973.3
    Per capita:
      Current dollars......................   27,891   28,296   28,548   28,259   28,328   28,496   28,605   28,747   28,877   28,994   29,141   29,277   29,325
      Chained (2000) dollars...............   26,474   26,834   27,008   26,684   26,742   26,903   26,948   26,977   27,029   27,054   27,148   27,163   27,143
  Population (midperiod, thousands)\3\.....  290,929  291,179  291,446  291,709  291,958  292,195  292,418  292,630  292,836  293,049  293,272  293,509  293,754
----------------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
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]
----------------------------------------------------------------------------------------------------------------------------
                                                2000     2001     2002     2003    IV 00     I 01    II 01   III 01    IV 01
----------------------------------------------------------------------------------------------------------------------------
Personal income............................  8,429.7  8,724.1  8,878.9  9,161.8  8,565.8  8,688.7  8,719.9  8,733.1  8,754.8

  Compensation of employees, received......  5,782.7  5,942.1  6,069.5  6,289.0  5,871.9  5,946.2  5,944.6  5,939.3  5,938.3

    Wage and salary disbursements..........  4,829.2  4,942.8  4,976.3  5,103.6  4,898.8  4,961.1  4,951.4  4,935.2  4,923.5
      Private industries...................  4,054.5  4,126.9  4,113.7  4,205.6  4,113.9  4,163.0  4,142.2  4,113.0  4,089.4
        Goods-producing industries.........  1,066.5  1,044.3  1,010.2  1,007.7  .......  1,077.9  1,055.3  1,031.3  1,012.8
          Manufacturing....................    749.3    708.8    675.2    668.8  .......    747.0    719.3    692.9    675.8
        Services-producing industries......  2,988.0  3,082.6  3,103.5  3,198.0  .......  3,085.1  3,086.9  3,081.8  3,076.6
          Trade, transportation, and
           utilities.......................    826.5    844.6    843.6    858.6  .......    855.5    848.1    840.4    834.6
          Other services-producing
           industries......................  2,161.5  2,238.0  2,259.9  2,339.4  .......  2,229.6  2,238.9  2,241.4  2,241.9
      Government...........................    774.7    815.9    862.6    897.9    784.9    798.0    809.1    822.2    834.1

    Supplements to wages and salaries......    953.4    999.3  1,093.2  1,185.5    973.1    985.1    993.2  1,004.1  1,014.8
      Employer contributions for employee
       pension and insurance funds.........    609.9    642.7    729.6    808.9    625.6    629.3    636.4    647.2    657.9
      Employer contributions for government
       social insurance....................    343.5    356.6    363.6    376.6    347.6    355.8    356.9    356.9    356.9

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    728.4    771.9    769.6    834.1    742.1    769.4    770.6    773.4    774.2
    Farm...................................     22.7     19.7      9.7     21.8     20.7     21.9     19.2     17.7     20.0
    Nonfarm................................    705.7    752.2    759.9    812.3    721.4    747.5    751.5    755.7    754.1

  Rental income of persons with capital
   consumption adjustment..................    150.3    167.4    170.9    153.8    150.5    155.3    161.7    176.4    176.2

  Personal income receipts on assets.......  1,387.0  1,380.0  1,334.6  1,322.7  1,406.5  1,397.4  1,388.7  1,373.3  1,360.3
    Personal interest income...............  1,011.0  1,011.0    946.7    929.9  1,020.8  1,020.2  1,020.6  1,009.2    994.0
    Personal dividend income...............    376.1    369.0    387.9    392.8    385.7    377.2    368.2    364.1    366.4

  Personal current transfer receipts.......  1,084.0  1,193.9  1,282.7  1,335.4  1,106.0  1,149.6  1,185.7  1,202.6  1,237.8
    Government social benefits to persons..  1,041.6  1,143.9  1,248.9  1,306.4  1,061.8  1,105.3  1,136.8  1,142.7  1,190.9
      Old-age, survivors, disability, and
       health insurance benefits...........    620.8    668.5    708.3    733.8    631.0    655.3    663.5    675.0    680.4
      Government unemployment insurance
       benefits............................     20.3     31.7     53.2     52.8     21.3     25.2     28.3     32.9     40.6
      Other................................    400.5    443.7    487.5    519.8    409.5    424.9    445.1    434.7    470.0
    Other current transfer receipts, from
     business (net)........................     42.4     50.0     33.7     28.9     44.1     44.2     48.9     60.0     46.9

  Less: Contributions for government social
   insurance...............................    702.7    731.1    748.3    773.2    711.2    729.2    731.5    731.9    731.9

Less: Personal current taxes...............  1,235.7  1,237.3  1,051.2  1,001.9  1,256.6  1,296.6  1,312.3  1,110.3  1,230.0

Equals: Disposable personal income.........  7,194.0  7,486.8  7,827.7  8,159.9  7,309.3  7,392.1  7,407.6  7,622.8  7,524.8

Less: Personal outlays.....................  7,025.6  7,354.5  7,668.5  8,049.3  7,168.1  7,253.5  7,318.8  7,361.2  7,484.4

  Personal consumption expenditures........  6,739.4  7,055.0  7,376.1  7,760.9  6,871.6  6,955.8  7,017.5  7,058.5  7,188.4
    Durable goods..........................    863.3    883.7    916.2    950.7    860.9    872.1    864.7    865.1    932.8
    Nondurable goods.......................  1,947.2  2,017.1  2,080.1  2,200.1  1,990.5  2,000.0  2,016.6  2,024.2  2,027.5
    Services...............................  3,928.8  4,154.3  4,379.8  4,610.1  4,020.3  4,083.7  4,136.2  4,169.1  4,228.0
  Personal interest payments\1\............    204.7    212.2    197.2    185.3    213.3    212.4    214.9    214.5    207.2
  Personal current transfer payments.......     81.5     87.2     95.3    103.1     83.1     85.3     86.5     88.3     88.8
    To government..........................     50.0     54.2     59.5     64.9     51.9     52.6     53.6     54.7     56.0
    To the rest of the world (net).........     31.5     33.0     35.7     38.2     31.2     32.6     32.9     33.6     32.9

Equals: Personal saving....................    168.5    132.3    159.2    110.6    141.2    138.6     88.7    261.6     40.5

  Personal saving as a percentage of
   disposable personal income..............      2.3      1.8      2.0      1.4      1.9      1.9      1.2      3.4       .5

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  7,194.0  7,333.3  7,559.5  7,733.8  7,259.6  7,283.0  7,252.1  7,452.2  7,346.0
    Per capita:
      Current dollars......................   25,472   26,237   27,157   28,033   25,775   26,004   25,996   26,679   26,266
      Chained (2000) dollars...............   25,472   25,699   26,227   26,569   25,600   25,620   25,450   26,082   25,641
  Population (midperiod, thousands)\3\.....  282,425  285,358  288,240  291,085  283,582  284,265  284,952  285,726  286,490
----------------------------------------------------------------------------------------------------------------------------
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)--Continued
                                 [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
                                                I 02    II 02   III 02    IV 02     I 03    II 03   III 03    IV 03     I 04    II 04
-------------------------------------------------------------------------------------------------------------------------------------
Personal income............................  8,803.6  8,897.1  8,895.7  8,919.2  9,002.2  9,105.7  9,209.3  9,330.0  9,465.4  9,614.8

  Compensation of employees, received......  6,010.2  6,068.3  6,086.0  6,113.4  6,177.7  6,247.0  6,324.7  6,406.7  6,511.3  6,602.0

    Wage and salary disbursements..........  4,956.2  4,980.3  4,981.2  4,987.3  5,023.3  5,073.3  5,128.6  5,188.9  5,261.0  5,330.6
      Private industries...................  4,105.6  4,120.6  4,114.4  4,114.1  4,135.6  4,175.6  4,227.5  4,283.9  4,343.6  4,407.2
        Goods-producing industries.........  1,013.6  1,016.2  1,010.3  1,000.6    999.5    999.7  1,005.8  1,025.6  1,041.5  1,055.6
          Manufacturing....................    674.3    682.1    676.7    667.8    665.7    663.4    665.9    680.1    689.8    697.8
        Services-producing industries......  3,091.9  3,104.4  3,104.1  3,113.5  3,136.0  3,175.9  3,221.6  3,258.3  3,302.1  3,351.6
          Trade, transportation, and
           utilities.......................    839.1    845.1    846.3    843.9    848.6    852.9    860.7    872.0    883.1    892.9
          Other services-producing
           industries......................  2,252.8  2,259.3  2,257.8  2,269.5  2,287.4  2,322.9  2,360.9  2,386.4  2,419.0  2,458.7
      Government...........................    850.7    859.7    866.8    873.2    887.8    897.8    901.1    905.0    917.3    923.4

    Supplements to wages and salaries......  1,054.0  1,088.0  1,104.8  1,126.0  1,154.3  1,173.7  1,196.1  1,217.8  1,250.4  1,271.4
      Employer contributions for employee
       pension and insurance funds.........    691.5    723.8    740.9    762.0    782.7    799.0    817.9    835.9    856.5    873.4
      Employer contributions for government
       social insurance....................    362.5    364.2    363.9    364.0    371.6    374.6    378.2    381.9    393.8    398.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    762.2    769.0    770.4    776.7    794.0    825.7    852.0    864.7    872.1    902.8
    Farm...................................     10.8     10.4      8.7      8.8     13.8     24.1     24.8     24.7     17.9     18.6
    Nonfarm................................    751.4    758.6    761.7    767.9    780.2    801.6    827.2    840.0    854.2    884.2

  Rental income of persons with capital
   consumption adjustment..................    179.7    184.7    165.4    153.8    155.5    144.1    148.8    167.1    172.8    173.8

  Personal income receipts on assets.......  1,337.8  1,340.2  1,333.7  1,326.7  1,325.9  1,324.7  1,314.4  1,325.8  1,337.1  1,351.9
    Personal interest income...............    961.2    953.1    940.5    932.1    932.4    932.4    922.8    932.0    936.2    941.2
    Personal dividend income...............    376.6    387.1    393.2    394.6    393.5    392.3    391.6    393.8    400.9    410.6

  Personal current transfer receipts.......  1,259.4  1,284.0  1,289.1  1,298.1  1,311.4  1,333.1  1,346.2  1,350.7  1,379.0  1,400.8
    Government social benefits to persons..  1,219.9  1,249.7  1,256.8  1,269.3  1,282.2  1,304.1  1,317.4  1,322.0  1,349.6  1,371.4
      Old-age, survivors, disability, and
       health insurance benefits...........    699.5    705.9    711.2    716.4    722.8    731.1    736.6    744.9    762.1    774.1
      Government unemployment insurance
       benefits............................     42.3     60.3     56.8     53.4     50.4     54.8     54.3     51.6     41.4     33.5
      Other................................    478.1    483.6    488.8    499.4    509.0    518.3    526.5    525.5    546.1    563.8
    Other current transfer receipts, from
     business (net)........................     39.6     34.2     32.3     28.9     29.2     29.0     28.9     28.8     29.3     29.3

  Less: Contributions for government social
   insurance...............................    745.7    749.1    748.9    749.6    762.4    768.9    776.7    785.0    806.9    816.5

Less: Personal current taxes...............  1,065.8  1,052.1  1,046.7  1,040.3  1,025.7  1,030.7    941.7  1,009.4  1,010.4  1,030.3

Equals: Disposable personal income.........  7,737.8  7,845.0  7,849.0  7,878.8  7,976.5  8,075.0  8,267.6  8,320.5  8,455.0  8,584.5

Less: Personal outlays.....................  7,528.5  7,635.0  7,722.9  7,787.6  7,897.0  7,982.9  8,107.8  8,209.4  8,351.6  8,442.5

  Personal consumption expenditures........  7,236.9  7,339.3  7,428.0  7,500.0  7,609.8  7,696.3  7,822.5  7,914.9  8,060.2  8,146.2
    Durable goods..........................    903.5    907.5    932.8    920.8    912.1    946.8    972.7    971.1    976.3    970.0
    Nondurable goods.......................  2,046.8  2,077.7  2,081.3  2,114.6  2,167.5  2,163.6  2,219.2  2,250.1  2,316.6  2,353.8
    Services...............................  4,286.5  4,354.0  4,413.9  4,464.7  4,530.2  4,585.9  4,630.6  4,693.6  4,767.3  4,822.4
  Personal interest payments\1\............    199.3    202.1    198.6    188.8    187.1    184.8    183.3    185.9    181.1    184.0
  Personal current transfer payments.......     92.3     93.7     96.3     98.7    100.0    101.8    102.1    108.6    110.3    112.3
    To government..........................     57.5     58.9     60.2     61.5     62.8     64.2     65.6     67.0     68.6     70.2
    To the rest of the world (net).........     34.8     34.8     36.1     37.2     37.2     37.6     36.5     41.6     41.7     42.1

Equals: Personal saving....................    209.3    210.0    126.1     91.2     79.5     92.1    159.8    111.1    103.4    142.0

  Personal saving as a percentage of
   disposable personal income..............      2.7      2.7      1.6      1.2      1.0      1.1      1.9      1.3      1.2      1.7

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  7,537.6  7,588.4  7,555.1  7,558.0  7,591.2  7,671.1  7,822.9  7,849.6  7,912.5  7,969.3
    Per capita:
      Current dollars......................   26,946   27,255   27,196   27,228   27,504   27,779   28,368   28,476   28,873   29,248
      Chained (2000) dollars...............   26,249   26,363   26,178   26,120   26,175   26,389   26,842   26,865   27,020   27,151
  Population (midperiod, thousands)\3\.....  287,156  287,840  288,605  289,360  290,016  290,689  291,445  292,190  292,838  293,512
-------------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Jan 01  Feb 01  Mar 01  Apr 01  May 01  Jun 01  Jul 01  Aug 01  Sep 01  Oct 01  Nov 01  Dec 01  Jan 02  Feb 02
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................    90.2    25.2    21.9    -1.0     5.8    15.9      .8    -5.5    10.8     4.6     8.6    17.9     6.7    26.0

  Compensation of employees, received......    50.5    24.2     8.6   -16.5    -1.3     5.9     1.7    -5.1   -21.2     4.0     8.9    14.4    28.6    27.7

    Wage and salary disbursements..........    44.8    20.1     5.6   -18.5    -3.7     2.6    -3.7    -7.9   -23.1     -.8     5.4    10.4    11.9     9.5
      Private industries...................    38.5    14.8     2.6   -22.0    -7.1    -2.2    -8.0   -12.5   -27.1    -5.4     1.1     9.7     1.3     4.9
        Goods-producing industries.........    ....     1.6     2.5   -15.7    -9.4    -8.6    -3.0   -14.8    -6.8    -7.1    -3.1      .5    -1.0     1.5
          Manufacturing....................    ....    -1.9     -.3   -15.0   -12.7   -10.4    -3.3   -14.7    -6.2    -5.7    -3.1    -1.0    -1.9      .4
        Services-producing industries......    ....    13.1      .2    -6.3     2.3     6.3    -4.9     2.2   -20.2     1.6     4.3     9.2     2.3     3.4
          Trade, transportation, and
           utilities.......................    ....     -.3      .8    -7.2    -1.0      .1    -4.9    -1.9    -3.7    -2.9      .5     -.3     3.1     -.3
          Other services-producing
           industries......................    ....    13.4     -.6      .9     3.3     6.3      .0     4.0   -16.5     4.5     3.9     9.5     -.9     3.7
      Government...........................     6.2     5.4     2.9     3.5     3.4     4.8     4.3     4.6     4.0     4.6     4.3      .7    10.6     4.6

    Supplements to wages and salaries......     5.8     4.1     3.0     2.1     2.3     3.3     5.4     2.8     1.9     4.8     3.5     4.1    16.6    18.2
      Employer contributions for employee
       pension and insurance funds.........     -.5     2.2     2.0     2.7     2.0     2.8     5.1     3.2     3.1     4.5     3.1     3.1    12.5    17.7
      Employer contributions for government
       social insurance....................     6.4     1.8     1.0     -.7      .5      .4      .2     -.3    -1.2      .3      .4      .9     4.2      .4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    30.2    -1.0     6.4    -6.1     3.8     2.7    -1.5     5.9    -8.3     6.1    -2.9      .6   -12.2     1.7
    Farm...................................     1.8    -1.2    -1.0     -.9     -.8     -.6     -.9      .0      .3     3.1     -.5    -1.8    -6.2    -2.1
    Nonfarm................................    28.3      .1     7.5    -5.2     4.6     3.3     -.6     6.0    -8.7     3.0    -2.3     2.3    -6.0     3.8

  Rental income of persons with capital
   consumption adjustment..................     2.7     1.5     1.9     1.3     2.4     5.2     7.6     3.4     1.6    -2.9      .3      .9     1.4     1.4

  Personal income receipts on assets.......    -3.7    -2.9    -2.6    -1.7    -4.0    -4.8    -6.1    -5.0    -4.4    -2.8    -5.2    -6.3   -11.6    -5.7
    Personal interest income...............      .2      .7      .7     1.3    -1.2    -2.5    -4.7    -4.5    -4.7    -3.3    -6.7    -8.6   -15.6   -10.1
    Personal dividend income...............    -3.9    -3.5    -3.4    -3.0    -2.9    -2.2    -1.4     -.5      .2      .6     1.4     2.4     4.1     4.4

  Personal current transfer receipts.......    24.5     7.1     9.7    20.8     5.7     8.1     -.6    -5.0    40.7      .7     8.4    10.1    11.4     1.8
    Government social benefits to persons..    24.7     6.7     9.2    17.2     7.1     3.6      .9    -5.4    11.3    31.9     9.9    12.1    14.6     4.1
      Old-age, survivors, disability, and
       health insurance benefits...........    12.7     4.0     4.3     2.3     1.9     1.3    12.1    -3.8     1.4     1.4     3.5     5.9    12.4     4.5
      Government unemployment insurance
       benefits............................     4.7    -1.8    -1.6     3.4     2.1     -.1     3.7    -2.0     4.9     3.6     1.2     2.0     -.8     -.4
      Other................................     7.3     4.5     6.5    11.5     3.2     2.2   -14.8      .4     5.0    26.9     5.3     4.1     3.0      .1
    Other current transfer receipts, from
     business (net)........................     -.3      .3      .6     3.6    -1.5     4.6    -1.4      .3    29.3   -31.0    -1.6    -2.0    -3.2    -2.3

  Less: Contributions for government social
   insurance...............................    13.8     3.8     2.1    -1.2      .8     1.2      .4     -.5    -2.3      .6      .9     1.7    10.8     1.0

Less: Personal current taxes...............    24.6    10.9     7.2    11.1    -1.9    -7.5  -124.4  -140.8    65.7   129.7    -8.7    -3.3  -152.5    -7.7

Equals: Disposable personal income.........    65.7    14.2    14.6   -11.9     7.6    23.4   125.2   135.4   -55.0  -125.0    17.2    21.2   159.2    33.7

Less: Personal outlays.....................    30.0    31.6    -8.1    20.5    51.4    16.4    20.8    33.9   -87.2   205.7   -46.9   -13.4    33.2    47.9

  Personal consumption expenditures........    29.7    31.0    -9.1    18.4    50.6    15.9    19.1    34.5   -85.9   209.3   -44.8   -11.3    34.9    48.8
    Durable goods..........................      .2    24.0   -11.2   -20.4     9.8    18.0   -12.6    14.9   -36.7   129.9   -43.2   -41.5    19.0    -2.7
    Nondurable goods.......................     8.4    -3.6   -19.1    21.9    19.2   -12.6    11.1     2.3    -9.1    14.8   -14.0     9.5     3.8    18.8
    Services...............................    20.9    10.6    21.3    16.9    21.6    10.5    20.6    17.3   -40.2    64.8    12.4    20.6    12.1    32.7
  Personal interest payments\1\............    -1.1      .2      .5     1.7      .5      .2      .5     -.9    -1.7    -3.4    -2.5    -2.6    -4.2    -1.4
  Personal current transfer payments.......     1.3      .5      .4      .4      .3      .4     1.1      .4      .4     -.3      .4      .5     2.5      .5
    To government..........................     -.1      .4      .5      .1      .4      .3      .4      .4      .4      .4      .5      .4      .6      .5
    To the rest of the world (net).........     1.4      .0      .0      .3      .0      .0      .7      .0      .0     -.7      .0      .0     1.9      .0

Equals: Personal saving....................    35.8   -17.4    22.7   -32.4   -43.8     7.0   104.4   101.4    32.3  -330.7    64.1    34.6   125.9   -14.1

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............    27.1     1.4    12.0   -31.8   -14.9     7.5   124.6   130.7   -34.9  -150.2    19.1    32.7   145.1    22.1
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.



                              Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)--Continued
                                             [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03  Mar 03  Apr 03
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................    30.0    47.2    14.9    23.1   -21.3    -3.0     4.6     8.6     9.7    18.9    29.3    36.3    41.0    14.5

  Compensation of employees, received......    37.1     9.0    10.6    24.1   -16.1    15.3    12.0     6.5     5.9    11.5    24.3    33.4    24.3     8.5

    Wage and salary disbursements..........    17.4     -.8     6.0    18.4   -22.2     9.9     6.5    -4.4     1.6     5.6    13.0    20.8    14.7     5.1
      Private industries...................    14.4    -2.9     2.0    16.0   -22.4     4.9     4.9    -6.7      .3     3.9     3.9    16.2    12.3     2.6
        Goods-producing industries.........     4.6    -2.9     1.6     2.4    -4.9    -3.8    -1.7    -7.0    -1.3     1.8    -1.9      .0      .1    -4.7
          Manufacturing....................     5.5      .7     3.4     3.1    -5.4    -3.8    -2.0    -5.6    -1.2      .2    -2.3     1.3    -1.1    -5.4
        Services-producing industries......     9.8      .0      .4    13.6   -17.5     8.6     6.7      .2     1.7     2.1     5.8    16.2    12.2     7.2
          Trade, transportation, and
           utilities.......................     4.9     -.5     3.2     3.4    -2.4     -.2     1.3    -3.9      .9      .4      .7     3.8     2.6    -1.3
          Other services-producing
           industries......................     4.8      .6    -2.8    10.3   -15.2     8.8     5.4     4.2      .7     1.8     5.0    12.3     9.7     8.5
      Government...........................     3.1     1.9     4.1     2.4      .2     5.1     1.5     2.3     1.3     1.7     9.1     4.6     2.4     2.5

    Supplements to wages and salaries......    19.7     9.8     4.6     5.7     6.1     5.3     5.6    11.0     4.2     5.8    11.5    12.5     9.6     3.4
      Employer contributions for employee
       pension and insurance funds.........    18.6     9.6     4.3     4.5     7.8     4.8     5.1    11.4     4.4     5.5     5.3    11.1     8.5     3.3
      Employer contributions for government
       social insurance....................     1.2      .2      .3     1.2    -1.7      .5      .4     -.3     -.2      .4     6.1     1.4     1.1      .1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    -1.1     4.2     2.7     3.1     5.5    -8.9    -3.4     7.5     6.1     -.2    10.9     1.7    10.2    10.3
    Farm...................................    -1.1     1.4     -.2     -.4    -1.1     -.4     -.1     -.5      .6     1.1     1.6     2.3     2.8     5.7
    Nonfarm................................      .0     2.8     2.9     3.6     6.5    -8.5    -3.3     8.0     5.5    -1.3     9.3     -.6     7.3     4.7

  Rental income of persons with capital
   consumption adjustment..................     1.5     5.4    -1.0    -3.7   -11.2    -5.6    -4.8    -4.6    -2.4     -.9     4.5     -.9    -2.4    -8.1

  Personal income receipts on assets.......    -3.8     6.3     1.0     -.1    -2.5    -4.2    -4.4    -1.1    -1.8    -1.2      .3      .5      .1    -1.2
    Personal interest income...............    -7.4     2.6    -2.2    -2.7    -4.5    -5.8    -5.2    -1.5    -1.9     -.8      .6     1.0      .7     -.9
    Personal dividend income...............     3.5     3.7     3.2     2.6     2.1     1.4      .9      .5      .0     -.4     -.4     -.5     -.5     -.3

  Personal current transfer receipts.......    -1.4    22.5     2.5     2.1     -.2     1.7     5.9     -.3     2.0    10.5    -1.0     4.4    11.0     5.5
    Government social benefits to persons..      .6    24.5     3.8     3.3     -.4     2.5     7.0     1.6     2.7    10.8    -1.6     4.2    10.9     5.8
      Old-age, survivors, disability, and
       health insurance benefits...........    -4.3     6.6     1.0     1.5     1.6     2.7     1.9    -1.5     3.9     5.8    -1.2     1.9     3.4     1.3
      Government unemployment insurance
       benefits............................     3.3    14.3     2.2      .3    -3.5    -2.2     1.5    -2.0    -3.8     2.9    -5.7      .9     4.2      .1
      Other................................     1.5     3.5      .7     1.4     1.6     2.0     3.6     5.1     2.5     2.2     5.3     1.4     3.2     4.5
    Other current transfer receipts, from
     business (net)........................    -2.1    -1.9    -1.4    -1.1      .1     -.8     -.9    -2.0     -.7     -.3      .6      .2      .1     -.3

  Less: Contributions for government social
   insurance...............................     2.3      .2      .8     2.5    -3.2     1.2      .8     -.5      .0      .8     9.7     2.8     2.2      .5

Less: Personal current taxes...............    -4.6    -5.6    -3.5     -.1    -3.4     -.5    -1.3    -3.9    -1.8     -.8   -16.0     2.7     2.0    -3.6

Equals: Disposable personal income.........    34.5    53.0    18.3    23.2   -17.8    -2.5     5.7    12.6    11.5    19.7    45.3    33.6    39.0    18.1

Less: Personal outlays.....................    10.8    90.5   -38.3    55.1    74.9     1.8   -36.6    28.5    49.5    81.0     -.3    30.0    57.4    14.6

  Personal consumption expenditures........    10.6    86.7   -39.0    55.2    74.3     3.2   -34.5    30.4    52.9    84.8    -1.8    28.3    55.6    15.0
    Durable goods..........................   -13.4    36.7   -43.6    18.7    36.9    11.3   -51.3    -6.7    15.2    44.8   -44.7   -12.9    29.2    20.2
    Nondurable goods.......................     3.8    29.1   -19.9    18.9     2.8    -7.1    -1.4    24.7    14.4     6.8    17.1    29.2    20.9   -25.7
    Services...............................    20.2    20.9    24.5    17.6    34.7    -1.1    18.2    12.4    23.2    33.3    25.8    11.9     5.6    20.5
  Personal interest payments\1\............     -.3     3.4      .2     -.5    -1.1    -1.9    -2.6    -3.4    -3.8    -4.3     1.1     1.3     1.4    -1.4
  Personal current transfer payments.......      .5      .4      .5      .4     1.8      .4      .4     1.6      .5      .4      .4      .4      .5      .8
    To government..........................      .5      .4      .5      .4      .5      .4      .5      .4      .4      .5      .4      .4      .4      .5
    To the rest of the world (net).........      .0      .0      .0      .0     1.3      .0      .0     1.1      .0      .0      .0      .0      .0      .4

Equals: Personal saving....................    23.7   -37.5    56.5   -31.8   -92.8    -4.2    42.3   -15.9   -38.0   -61.3    45.5     3.8   -18.6     3.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............    10.8    21.1    16.4    12.6   -32.8   -18.1    -6.8    15.1    -1.4    -2.0    26.8     5.6    13.0    30.2
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.



                              Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)--Continued
                                             [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04 Jun 04/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................    53.6    41.4    24.3    33.5    34.8    32.9    61.3    37.4    42.9    48.7    44.0    60.2    54.0    23.0

  Compensation of employees, received......    38.4    23.7    21.7    30.0    22.1    28.5    43.1      .2    56.1    37.0    28.0    32.6    38.7     4.0

    Wage and salary disbursements..........    32.4    19.6    12.2    21.8    14.1    21.8    35.3    -5.1    39.2    27.2    19.0    27.2    31.7    -1.3
      Private industries...................    29.2    13.0    15.3    19.9    14.8    20.8    33.3    -9.4    33.1    24.6    16.3    22.1    35.0    -2.7
        Goods-producing industries.........     5.8     2.7    -3.5     5.6     6.6     6.0    11.8    -1.2     8.0     4.7     5.1     3.9     7.6      .5
          Manufacturing....................     4.5     1.2    -3.5     3.4     4.3     3.9    10.0    -1.1     4.2     3.5     1.6     2.4     5.1      .0
        Services-producing industries......    23.4    10.4    18.8    14.3     8.2    14.9    21.5    -8.3    25.1    19.9    11.2    18.3    27.3    -3.2
          Trade, transportation, and
           utilities.......................     3.4     1.1     1.9     5.0     2.0     7.4     3.6    -4.7     8.5     5.4     3.1     3.5     4.5    -1.8
          Other services-producing
           industries......................    20.0     9.3    16.9     9.3     6.1     7.5    18.0    -3.7    16.6    14.6     8.2    14.7    22.8    -1.4
      Government...........................     3.3     6.5    -3.1     1.9     -.7      .9     2.1     4.3     6.1     2.6     2.7     5.1    -3.3     1.4

    Supplements to wages and salaries......     6.0     4.1     9.5     8.2     8.1     6.6     7.8     5.3    17.0     9.7     9.0     5.4     7.0     5.3
      Employer contributions for employee
       pension and insurance funds.........     4.0     2.9     8.7     6.8     7.1     5.5     5.3     5.9     7.1     7.8     7.9     4.0     4.6     5.7
      Employer contributions for government
       social insurance....................     1.9     1.3      .8     1.4     1.0     1.1     2.5     -.6     9.8     2.0     1.2     1.2     2.5     -.3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    14.8    12.4     9.3     1.6     8.2     2.4     3.1     6.6    -7.2     7.1    13.5    11.2     8.3     7.8
    Farm...................................     2.4     1.3    -1.1      .1      .1     -.1     -.1     -.2    -6.0     -.7     -.3      .7      .5      .2
    Nonfarm................................    12.5    11.0    10.4     1.5     8.1     2.5     3.2     6.9    -1.4     7.9    13.8    10.4     7.9     7.6

  Rental income of persons with capital
   consumption adjustment..................    -2.0     -.3     2.0     3.0     4.6     6.1     7.6     9.2    -1.6    -1.5     -.8      .8     1.4      .8

  Personal income receipts on assets.......      .0     -.9    -5.6    -4.3    -3.8     7.0     8.3     8.7     1.1     1.5     1.8     6.3     6.7     6.9
    Personal interest income...............      .4     -.5    -5.2    -4.3    -4.1     6.4     7.1     6.9    -1.4    -1.4    -1.4     3.2     3.2     3.2
    Personal dividend income...............     -.4     -.5     -.3      .0      .3      .6     1.1     1.8     2.6     2.9     3.2     3.1     3.5     3.7

  Personal current transfer receipts.......     6.5     9.1    -1.1     6.2     5.7    -8.2     4.2    12.1    11.5     8.8     4.2    12.3     3.9     3.4
    Government social benefits to persons..     6.5     9.2    -1.1     6.2     5.8    -8.1     4.1    12.2    10.9     8.8     4.1    12.4     3.9     3.5
      Old-age, survivors, disability, and
       health insurance benefits...........     6.0      .1      .1     4.6     1.0     1.8     2.3     8.3     3.0    10.4     2.7     5.4     2.1      .0
      Government unemployment insurance
       benefits............................    -1.3     6.2    -4.8      .1     1.6    -3.8      .6    -1.3    -4.8    -5.4    -3.2    -3.0    -1.2     -.6
      Other................................     1.8     2.9     3.6     1.4     3.3    -6.2     1.4     5.1    12.6     3.9     4.6    10.0     3.0     4.0
    Other current transfer receipts, from
     business (net)........................      .0     -.2      .1      .0      .0     -.1      .0      .0      .5      .0      .1     -.1      .0      .0

  Less: Contributions for government social
   insurance...............................     4.1     2.5     2.0     3.1     2.2     2.7     5.0     -.6    16.9     4.3     2.6     3.0     5.1     -.1

Less: Personal current taxes...............     6.7     5.7  -100.6   -47.5   111.8     5.5     5.6     -.7    -4.9     4.9     3.6    10.6     7.2     1.5

Equals: Disposable personal income.........    46.9    35.7   124.9    81.0   -77.0    27.4    55.7    38.1    47.8    43.8    40.5    49.5    46.9    21.4

Less: Personal outlays.....................    11.7    45.9    42.2    80.1   -15.5    23.1    67.6    51.2    43.3    49.5    27.7    13.9    88.0   -49.9

  Personal consumption expenditures........    13.5    48.0    43.0    78.6   -17.2    17.2    66.1    49.2    45.8    52.0    30.2    10.0    84.5   -53.3
    Durable goods..........................    -1.4      .8    13.2    28.3   -18.9   -20.4    20.8    24.5   -29.7    14.3     6.3   -19.2    35.3   -58.8
    Nondurable goods.......................   -18.3    31.2    15.4    40.9    -5.3     8.1    19.1      .1    43.3    12.2    25.6    -3.7    32.8    -6.1
    Services...............................    33.3    16.0    14.4     9.3     7.0    29.5    26.2    24.6    32.1    25.6    -1.7    32.9    16.3    11.7
  Personal interest payments\1\............    -2.2    -2.6     -.1     1.0     1.3      .3     1.0     1.5    -3.1    -3.1    -3.0     2.9     3.0     2.9
  Personal current transfer payments.......      .5      .5     -.7      .5      .4     5.6      .5      .5      .6      .6      .5     1.0      .5      .5
    To government..........................      .5      .4      .5      .5      .4      .5      .5      .5      .6      .5      .5      .5      .6      .5
    To the rest of the world (net).........      .0      .0    -1.1      .0      .0     5.1      .0      .0      .1      .0      .0      .4      .0      .0

Equals: Personal saving....................    35.1   -10.2    82.7      .9   -61.5     4.3   -11.9   -13.1     4.5    -5.7    12.8    35.7   -41.2    71.3

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............    47.6    22.5   111.6    57.7   -87.3    23.6    53.3    19.2    14.3    20.6    13.2    33.6    10.8      .7
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
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]
-----------------------------------------------------------------------------------------------------------
                                               2000    2001    2002    2003    I 01   II 01  III 01   IV 01
-----------------------------------------------------------------------------------------------------------
Personal income............................   627.3   294.4   154.8   282.9   122.9    31.2    13.2    21.7

  Compensation of employees, received......   430.7   159.4   127.4   219.5    74.3    -1.6    -5.3    -1.0

    Wage and salary disbursements..........   362.9   113.6    33.5   127.3    62.3    -9.7   -16.2   -11.7
      Private industries...................   317.6    72.4   -13.2    91.9    49.1   -20.8   -29.2   -23.6
        Goods-producing industries.........    77.8   -22.2   -34.1    -2.5    ....   -22.6   -24.0   -18.5
          Manufacturing....................    52.2   -40.5   -33.6    -6.4    ....   -27.7   -26.4   -17.1
        Services-producing industries......   239.8    94.6    20.9    94.5    ....     1.8    -5.1    -5.2
          Trade, transportation, and
           utilities.......................    50.7    18.1    -1.0    15.0    ....    -7.4    -7.7    -5.8
          Other services-producing
           industries......................   189.1    76.5    21.9    79.5    ....     9.3     2.5      .5
      Government...........................    45.4    41.2    46.7    35.3    13.1    11.1    13.1    11.9

    Supplements to wages and salaries......    67.7    45.9    93.9    92.3    12.0     8.1    10.9    10.7
      Employer contributions for employee
       pension and insurance funds.........    47.5    32.8    86.9    79.3     3.7     7.1    10.8    10.7
      Employer contributions for government
       social insurance....................    20.2    13.1     7.0    13.0     8.2     1.1      .0      .0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    50.1    43.5    -2.3    64.5    27.3     1.2     2.8      .8
    Farm...................................    -5.9    -3.0   -10.0    12.1     1.2    -2.7    -1.5     2.3
    Nonfarm................................    56.0    46.5     7.7    52.4    26.1     4.0     4.2    -1.6

  Rental income of persons with capital
   consumption adjustment..................     3.0    17.1     3.5   -17.1     4.8     6.4    14.7     -.2

  Personal income receipts on assets.......   122.8    -7.0   -45.4   -11.9    -9.1    -8.7   -15.4   -13.0
    Personal interest income...............    82.4      .0   -64.3   -16.8     -.6      .4   -11.4   -15.2
    Personal dividend income...............    40.5    -7.1    18.9     4.9    -8.5    -9.0    -4.1     2.3

  Personal current transfer receipts.......    61.9   109.9    88.8    52.7    43.6    36.1    16.9    35.2
    Government social benefits to persons..    53.6   102.3   105.0    57.5    43.5    31.5     5.9    48.2
      Old-age, survivors, disability, and
       health insurance benefits...........    31.9    47.7    39.8    25.5    24.3     8.2    11.5     5.4
      Government unemployment insurance
       benefits............................      .0    11.4    21.5     -.4     3.9     3.1     4.6     7.7
      Other................................    21.7    43.2    43.8    32.3    15.4    20.2   -10.4    35.3
    Other current transfer receipts, from
     business (net)........................     8.3     7.6   -16.3    -4.8      .1     4.7    11.1   -13.1

  Less: Contributions for government social
   insurance...............................    41.3    28.4    17.2    24.9    18.0     2.3      .4      .0

Less: Personal current taxes...............   128.2     1.6  -186.1   -49.3    40.0    15.7  -202.0   119.7

Equals: Disposable personal income.........   499.0   292.8   340.9   332.2    82.8    15.5   215.2   -98.0

Less: Personal outlays.....................   489.2   328.9   314.0   380.8    85.4    65.3    42.4   123.2

  Personal consumption expenditures........   456.9   315.6   321.1   384.8    84.2    61.7    41.0   129.9
    Durable goods..........................    45.7    20.4    32.5    34.5    11.2    -7.4      .4    67.7
    Nondurable goods.......................   142.4    69.9    63.0   120.0     9.5    16.6     7.6     3.3
    Services...............................   268.8   225.5   225.5   230.3    63.4    52.5    32.9    58.9
  Personal interest payments\1\............    23.7     7.5   -15.0   -11.9     -.9     2.5     -.4    -7.3
  Personal current transfer payments.......     8.5     5.7     8.1     7.8     2.2     1.2     1.8      .5
    To government..........................     5.3     4.2     5.3     5.4      .7     1.0     1.1     1.3
    To the rest of the world (net).........     3.2     1.5     2.7     2.5     1.4      .3      .7     -.7

Equals: Personal saving....................     9.9   -36.2    26.9   -48.6    -2.6   -49.9   172.9  -221.1

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............   332.7   139.3   226.2   174.3    23.4   -30.9   200.1  -106.2
-----------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.



        Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)--Continued
                            [Billions of dollars; quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------
                                               I 02   II 02  III 02   IV 02    I 03   II 03  III 03   IV 03    I 04   II 04
---------------------------------------------------------------------------------------------------------------------------
Personal income............................    48.8    93.5    -1.4    23.5    83.0   103.5   103.6   120.7   135.4   149.4

  Compensation of employees, received......    71.9    58.1    17.7    27.4    64.3    69.3    77.7    82.0   104.6    90.7

    Wage and salary disbursements..........    32.7    24.1      .9     6.1    36.0    50.0    55.3    60.3    72.1    69.6
      Private industries...................    16.2    15.0    -6.2     -.3    21.5    40.0    51.9    56.4    59.7    63.6
        Goods-producing industries.........      .8     2.6    -5.9    -9.7    -1.1      .2     6.1    19.8    15.9    14.1
          Manufacturing....................    -1.5     7.8    -5.4    -8.9    -2.1    -2.3     2.5    14.2     9.7     8.0
        Services-producing industries......    15.3    12.5     -.3     9.4    22.5    39.9    45.7    36.7    43.8    49.5
          Trade, transportation, and
           utilities.......................     4.5     6.0     1.2    -2.4     4.7     4.3     7.8    11.3    11.1     9.8
          Other services-producing
           industries......................    10.9     6.5    -1.5    11.7    17.9    35.5    38.0    25.5    32.6    39.7
      Government...........................    16.6     9.0     7.1     6.4    14.6    10.0     3.3     3.9    12.3     6.1

    Supplements to wages and salaries......    39.2    34.0    16.8    21.2    28.3    19.4    22.4    21.7    32.6    21.0
      Employer contributions for employee
       pension and insurance funds.........    33.6    32.3    17.1    21.1    20.7    16.3    18.9    18.0    20.6    16.9
      Employer contributions for government
       social insurance....................     5.6     1.7     -.3      .1     7.6     3.0     3.6     3.7    11.9     4.3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................   -12.0     6.8     1.4     6.3    17.3    31.7    26.3    12.7     7.4    30.7
    Farm...................................    -9.2     -.4    -1.7      .1     5.0    10.3      .7     -.1    -6.8      .7
    Nonfarm................................    -2.7     7.2     3.1     6.2    12.3    21.4    25.6    12.8    14.2    30.0

  Rental income of persons with capital
   consumption adjustment..................     3.5     5.0   -19.3   -11.6     1.7   -11.4     4.7    18.3     5.7     1.0

  Personal income receipts on assets.......   -22.5     2.4    -6.5    -7.0     -.8    -1.2   -10.3    11.4    11.3    14.8
    Personal interest income...............   -32.8    -8.1   -12.6    -8.4      .3      .0    -9.6     9.2     4.2     5.0
    Personal dividend income...............    10.2    10.5     6.1     1.4    -1.1    -1.2     -.7     2.2     7.1     9.7

  Personal current transfer receipts.......    21.6    24.6     5.1     9.0    13.3    21.7    13.1     4.5    28.3    21.8
    Government social benefits to persons..    29.0    29.8     7.1    12.5    12.9    21.9    13.3     4.6    27.6    21.8
      Old-age, survivors, disability, and
       health insurance benefits...........    19.1     6.4     5.3     5.2     6.4     8.3     5.5     8.3    17.2    12.0
      Government unemployment insurance
       benefits............................     1.7    18.0    -3.5    -3.4    -3.0     4.4     -.5    -2.7   -10.2    -7.9
      Other................................     8.1     5.5     5.2    10.6     9.6     9.3     8.2    -1.0    20.6    17.7
    Other current transfer receipts, from
     business (net)........................    -7.3    -5.4    -1.9    -3.4      .3     -.2     -.1     -.1      .5      .0

  Less: Contributions for government social
   insurance...............................    13.8     3.4     -.2      .7    12.8     6.5     7.8     8.3    21.9     9.6

Less: Personal current taxes...............  -164.2   -13.7    -5.4    -6.4   -14.6     5.0   -89.0    67.7     1.0    19.9

Equals: Disposable personal income.........   213.0   107.2     4.0    29.8    97.7    98.5   192.6    52.9   134.5   129.5

Less: Personal outlays.....................    44.1   106.5    87.9    64.7   109.4    85.9   124.9   101.6   142.2    90.9

  Personal consumption expenditures........    48.5   102.4    88.7    72.0   109.8    86.5   126.2    92.4   145.3    86.0
    Durable goods..........................   -29.3     4.0    25.3   -12.0    -8.7    34.7    25.9    -1.6     5.2    -6.3
    Nondurable goods.......................    19.3    30.9     3.6    33.3    52.9    -3.9    55.6    30.9    66.5    37.2
    Services...............................    58.5    67.5    59.9    50.8    65.5    55.7    44.7    63.0    73.7    55.1
  Personal interest payments\1\............    -7.9     2.8    -3.5    -9.8    -1.7    -2.3    -1.5     2.6    -4.8     2.9
  Personal current transfer payments.......     3.5     1.4     2.6     2.4     1.3     1.8      .3     6.5     1.7     2.0
    To government..........................     1.5     1.4     1.3     1.3     1.3     1.4     1.4     1.4     1.6     1.6
    To the rest of the world (net).........     1.9      .0     1.3     1.1      .0      .4    -1.1     5.1      .1      .4

Equals: Personal saving....................   168.8      .7   -83.9   -34.9   -11.7    12.6    67.7   -48.7    -7.7    38.6

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............   191.6    50.8   -33.3     2.9    33.2    79.9   151.8    26.7    62.9    56.8
---------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Jan 01  Feb 01  Mar 01  Apr 01  May 01  Jun 01  Jul 01  Aug 01  Sep 01  Oct 01  Nov 01  Dec 01  Jan 02  Feb 02
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................     1.1      .3      .3      .0      .1      .2      .0     -.1      .1      .1      .1      .2      .1      .3
  Compensation of employees, received......      .9      .4      .1     -.3      .0      .1      .0     -.1     -.4      .1      .1      .2      .5      .5
    Wage and salary disbursements..........      .9      .4      .1     -.4     -.1      .1     -.1     -.2     -.5      .0      .1      .2      .2      .2
    Supplements to wages and salaries......      .6      .4      .3      .2      .2      .3      .5      .3      .2      .5      .3      .4     1.6     1.8
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     4.1     -.1      .8     -.8      .5      .3     -.2      .8    -1.1      .8     -.4      .1    -1.6      .2
  Rental income of persons with capital
   consumption adjustment..................     1.7     1.0     1.2      .9     1.5     3.2     4.6     1.9      .9    -1.7      .2      .5      .8      .8
  Personal income receipts on assets.......     -.3     -.2     -.2     -.1     -.3     -.3     -.4     -.4     -.3     -.2     -.4     -.5     -.9     -.4
    Personal interest income...............      .0      .1      .1      .1     -.1     -.2     -.5     -.4     -.5     -.3     -.7     -.9    -1.6    -1.0
    Personal dividend income...............    -1.0     -.9     -.9     -.8     -.8     -.6     -.4     -.1      .1      .2      .4      .7     1.1     1.2
  Personal current transfer receipts.......     2.2      .6      .8     1.8      .5      .7      .0     -.4     3.4      .1      .7      .8      .9      .1

  Less: Contributions for government social
   insurance...............................     1.9      .5      .3     -.2      .1      .2      .1     -.1     -.3      .1      .1      .2     1.5      .1

Less: Personal current taxes...............     1.9      .8      .6      .8     -.1     -.6    -9.5   -11.9     6.3    11.7     -.7     -.3   -12.4     -.7

Equals: Disposable personal income.........      .9      .2      .2     -.2      .1      .3     1.7     1.8     -.7    -1.6      .2      .3     2.1      .4

Addenda:
  Personal consumption expenditures........      .4      .4     -.1      .3      .7      .2      .3      .5    -1.2     3.0     -.6     -.2      .5      .7
    Durable goods..........................      .0     2.8    -1.3    -2.3     1.1     2.1    -1.4     1.7    -4.2    15.4    -4.4    -4.5     2.1     -.3
    Nondurable goods.......................      .4     -.2    -1.0     1.1     1.0     -.6      .6      .1     -.4      .7     -.7      .5      .2      .9
    Services...............................      .5      .3      .5      .4      .5      .3      .5      .4    -1.0     1.6      .3      .5      .3      .8

  Real disposable personal income..........      .4      .0      .2     -.4     -.2      .1     1.7     1.8     -.5    -2.0      .3      .4     2.0      .3
-----------------------------------------------------------------------------------------------------------------------------------------------------------



                          Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)--Continued
                                                       [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03  Mar 03  Apr 03
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................      .3      .5      .2      .3     -.2      .0      .1      .1      .1      .2      .3      .4      .5      .2
  Compensation of employees, received......      .6      .1      .2      .4     -.3      .3      .2      .1      .1      .2      .4      .5      .4      .1
    Wage and salary disbursements..........      .4      .0      .1      .4     -.4      .2      .1     -.1      .0      .1      .3      .4      .3      .1
    Supplements to wages and salaries......     1.9      .9      .4      .5      .6      .5      .5     1.0      .4      .5     1.0     1.1      .8      .3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     -.1      .6      .3      .4      .7    -1.1     -.4     1.0      .8      .0     1.4      .2     1.3     1.3
  Rental income of persons with capital
   consumption adjustment..................      .9     3.0     -.6    -2.0    -6.1    -3.3    -2.9    -2.9    -1.5     -.6     3.0     -.6    -1.5    -5.3
  Personal income receipts on assets.......     -.3      .5      .1      .0     -.2     -.3     -.3     -.1     -.1     -.1      .0      .0      .0     -.1
    Personal interest income...............     -.8      .3     -.2     -.3     -.5     -.6     -.6     -.2     -.2     -.1      .1      .1      .1     -.1
    Personal dividend income...............      .9     1.0      .8      .7      .5      .4      .2      .1      .0     -.1     -.1     -.1     -.1     -.1
  Personal current transfer receipts.......     -.1     1.8      .2      .2      .0      .1      .5      .0      .2      .8     -.1      .3      .8      .4

  Less: Contributions for government social
   insurance...............................      .3      .0      .1      .3     -.4      .2      .1     -.1      .0      .1     1.3      .4      .3      .1

Less: Personal current taxes...............     -.4     -.5     -.3      .0     -.3      .0     -.1     -.4     -.2     -.1    -1.5      .3      .2     -.4

Equals: Disposable personal income.........      .4      .7      .2      .3     -.2      .0      .1      .2      .1      .2      .6      .4      .5      .2

Addenda:
  Personal consumption expenditures........      .1     1.2     -.5      .8     1.0      .0     -.5      .4      .7     1.1      .0      .4      .7      .2
    Durable goods..........................    -1.5     4.1    -4.7     2.1     4.1     1.2    -5.4     -.7     1.7     4.9    -4.7    -1.4     3.2     2.2
    Nondurable goods.......................      .2     1.4    -1.0      .9      .1     -.3     -.1     1.2      .7      .3      .8     1.4     1.0    -1.2
    Services...............................      .5      .5      .6      .4      .8      .0      .4      .3      .5      .7      .6      .3      .1      .5

  Real disposable personal income..........      .1      .3      .2      .2     -.4     -.2     -.1      .2      .0      .0      .4      .1      .2      .4
-----------------------------------------------------------------------------------------------------------------------------------------------------------



                          Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)--Continued
                                                       [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04  Jun 04/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................      .6      .5      .3      .4      .4      .4      .7      .4      .5      .5      .5      .6      .6      .2
  Compensation of employees, received......      .6      .4      .3      .5      .4      .4      .7      .0      .9      .6      .4      .5      .6      .1
    Wage and salary disbursements..........      .6      .4      .2      .4      .3      .4      .7     -.1      .8      .5      .4      .5      .6      .0
    Supplements to wages and salaries......      .5      .3      .8      .7      .7      .6      .6      .4     1.4      .8      .7      .4      .6      .4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     1.8     1.5     1.1      .2     1.0      .3      .4      .8     -.8      .8     1.6     1.3      .9      .9
  Rental income of persons with capital
   consumption adjustment..................    -1.4     -.2     1.4     2.1     3.1     4.0     4.8     5.5     -.9     -.9     -.4      .4      .8      .5
  Personal income receipts on assets.......      .0     -.1     -.4     -.3     -.3      .5      .6      .7      .1      .1      .1      .5      .5      .5
    Personal interest income...............      .0      .0     -.6     -.5     -.4      .7      .8      .7     -.1     -.2     -.2      .3      .3      .3
    Personal dividend income...............     -.1     -.1     -.1      .0      .1      .1      .3      .5      .6      .7      .8      .8      .8      .9
  Personal current transfer receipts.......      .5      .7     -.1      .5      .4     -.6      .3      .9      .8      .6      .3      .9      .3      .2

  Less: Contributions for government social
   insurance...............................      .5      .3      .3      .4      .3      .3      .6     -.1     2.2      .5      .3      .4      .6      .0

Less: Personal current taxes...............      .7      .6    -9.7    -5.1    12.6      .6      .6     -.1     -.5      .5      .4     1.0      .7      .2

Equals: Disposable personal income.........      .6      .4     1.5     1.0     -.9      .3      .7      .5      .6      .5      .5      .6      .5      .2

Addenda:
  Personal consumption expenditures........      .2      .6      .6     1.0     -.2      .2      .8      .6      .6      .6      .4      .1     1.0     -.7
    Durable goods..........................     -.1      .1     1.4     2.9    -1.9    -2.1     2.2     2.5    -3.0     1.5      .6    -1.9     3.7    -5.9
    Nondurable goods.......................     -.8     1.5      .7     1.9     -.2      .4      .9      .0     1.9      .5     1.1     -.2     1.4     -.3
    Services...............................      .7      .3      .3      .2      .1      .6      .6      .5      .7      .5      .0      .7      .3      .2

  Real disposable personal income..........      .6      .3     1.4      .7    -1.1      .3      .7      .2      .2      .3      .2      .4      .1      .0
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.



 Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                              [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------
                                               2000    2001    2002    2003    I 01   II 01  III 01   IV 01
-----------------------------------------------------------------------------------------------------------
Personal income............................     8.0     3.5     1.8     3.2     5.9     1.4      .6     1.0
  Compensation of employees, received......     8.0     2.8     2.1     3.6     5.2     -.1     -.4     -.1
    Wage and salary disbursements..........     8.1     2.4      .7     2.6     5.2     -.8    -1.3    -1.0
    Supplements to wages and salaries......     7.6     4.8     9.4     8.4     5.0     3.3     4.4     4.3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     7.4     6.0     -.3     8.4    15.5      .7     1.4      .4
  Rental income of persons with capital
   consumption adjustment..................     2.0    11.4     2.1   -10.0    13.3    17.5    41.5     -.5
  Personal income receipts on assets.......     9.7     -.5    -3.3     -.9    -2.6    -2.5    -4.4    -3.7
    Personal interest income...............     8.9      .0    -6.4    -1.8     -.2      .2    -4.4    -5.9
    Personal dividend income...............    12.1    -1.9     5.1     1.3    -8.5    -9.3    -4.4     2.6
  Personal current transfer receipts.......     6.1    10.1     7.4     4.1    16.7    13.2     5.8    12.2

  Less: Contributions for government social
   insurance...............................     6.2     4.0     2.3     3.3    10.5     1.3      .2      .0

Less: Personal current taxes...............    11.6      .1   -15.0    -4.7    13.3     4.9   -48.8    50.6

Equals: Disposable personal income.........     7.5     4.1     4.6     4.2     4.6      .8    12.1    -5.0

Addenda:
  Personal consumption expenditures........     7.3     4.7     4.6     5.2     5.0     3.6     2.4     7.6
    Durable goods..........................     5.6     2.4     3.7     3.8     5.3    -3.3      .2    35.2
    Nondurable goods.......................     7.9     3.6     3.1     5.8     1.9     3.3     1.5      .7
    Services...............................     7.3     5.7     5.4     5.3     6.5     5.2     3.2     5.8

  Real disposable personal income..........     4.8     1.9     3.1     2.3     1.3    -1.7    11.5    -5.6
-----------------------------------------------------------------------------------------------------------



    Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)--Continued
                                      [Quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------
                                               I 02   II 02  III 02   IV 02    I 03   II 03  III 03   IV 03    I 04   II 04
---------------------------------------------------------------------------------------------------------------------------
Personal income............................     2.2     4.3     -.1     1.1     3.8     4.7     4.6     5.3     5.9     6.5
  Compensation of employees, received......     4.9     3.9     1.2     1.8     4.3     4.6     5.1     5.3     6.7     5.7
    Wage and salary disbursements..........     2.7     2.0      .1      .5     2.9     4.0     4.4     4.8     5.7     5.4
    Supplements to wages and salaries......    16.4    13.5     6.3     7.9    10.4     6.9     7.9     7.5    11.1     6.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    -6.1     3.7      .7     3.3     9.2    16.9    13.4     6.1     3.5    14.8
  Rental income of persons with capital
   consumption adjustment..................     8.2    11.6   -35.7   -25.1     4.5   -26.3    13.6    59.0    14.6     2.3
  Personal income receipts on assets.......    -6.5      .7    -1.9    -2.1     -.2     -.4    -3.1     3.5     3.5     4.5
    Personal interest income...............   -12.6    -3.3    -5.2    -3.5      .2      .0    -4.1     4.1     1.8     2.2
    Personal dividend income...............    11.6    11.6     6.5     1.5    -1.1    -1.3     -.7     2.2     7.4    10.1
  Personal current transfer receipts.......     7.2     8.0     1.6     2.8     4.2     6.8     4.0     1.3     8.6     6.5

  Less: Contributions for government social
   insurance...............................     7.7     1.8     -.1      .4     7.0     3.4     4.1     4.3    11.7     4.8

Less: Personal current taxes...............   -43.6    -5.0    -2.0    -2.4    -5.5     2.0   -30.3    32.0      .4     8.1

Equals: Disposable personal income.........    11.8     5.7      .2     1.5     5.1     5.0     9.9     2.6     6.6     6.3

Addenda:
  Personal consumption expenditures........     2.7     5.8     4.9     3.9     6.0     4.6     6.7     4.8     7.5     4.3
    Durable goods..........................   -12.0     1.8    11.6    -5.1    -3.7    16.1    11.4     -.6     2.2    -2.6
    Nondurable goods.......................     3.9     6.2      .7     6.5    10.4     -.7    10.7     5.7    12.3     6.6
    Services...............................     5.7     6.4     5.6     4.7     6.0     5.0     4.0     5.6     6.4     4.7

  Real disposable personal income..........    10.8     2.7    -1.7      .2     1.8     4.3     8.2     1.4     3.2     2.9
---------------------------------------------------------------------------------------------------------------------------



                                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                                   [Months seasonally adjusted at annual rates except as noted]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 00  Jan 01  Feb 01  Mar 01  Apr 01  May 01  Jun 01  Jul 01  Aug 01  Sep 01  Oct 01  Nov 01  Dec 01  Jan 02  Feb 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                                      Billions of chained (2000) dollars
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 6,850.7 6,844.3 6,863.0 6,851.9 6,851.0 6,879.4 6,880.3 6,901.3 6,933.5 6,866.8 7,045.1 7,003.6 7,004.0 7,028.3 7,065.8
  Durable goods............................   863.7   864.6   891.4   882.6   863.4   877.0   896.3   882.3   901.6   872.8 1,002.6   957.9   915.7   939.2   943.2
  Nondurable goods......................... 1,982.0 1,984.1 1,978.1 1,963.5 1,975.5 1,981.3 1,967.2 1,990.5 1,998.8 1,970.2 2,002.2 2,002.7 2,026.2 2,022.8 2,037.2
  Services................................. 4,004.8 3,995.2 3,993.4 4,005.2 4,010.9 4,020.3 4,016.7 4,027.8 4,033.1 4,022.5 4,045.2 4,045.7 4,062.7 4,068.2 4,087.4
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                                       Change from preceding period in
                                                                                      billions of chained (2000) dollars
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........    37.4    -6.4    18.7   -11.1     -.9    28.4      .9    21.0    32.2   -66.7   178.3   -41.5      .4    24.3    37.5
  Durable goods............................     1.1      .9    26.8    -8.8   -19.2    13.6    19.3   -14.0    19.3   -28.8   129.8   -44.7   -42.2    23.5     4.0
  Nondurable goods.........................    14.9     2.1    -6.0   -14.6    12.0     5.8   -14.1    23.3     8.3   -28.6    32.0      .5    23.5    -3.4    14.4
  Services.................................    21.4    -9.6    -1.8    11.8     5.7     9.4    -3.6    11.1     5.3   -10.6    22.7      .5    17.0     5.5    19.2
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                                   Percent change from preceding period in
                                                                                   chained (2000) dollars at monthly rates
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .5     -.1      .3     -.2      .0      .4      .0      .3      .5    -1.0     2.6     -.6      .0      .3      .5
  Durable goods............................      .1      .1     3.1    -1.0    -2.2     1.6     2.2    -1.6     2.2    -3.2    14.9    -4.5    -4.4     2.6      .4
  Nondurable goods.........................      .8      .1     -.3     -.7      .6      .3     -.7     1.2      .4    -1.4     1.6      .0     1.2     -.2      .7
  Services.................................      .5     -.2      .0      .3      .1      .2     -.1      .3      .1     -.3      .6      .0      .4      .1      .5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------



                               Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continued
                                               [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03  Mar 03  Apr 03
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                  Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,054.8 7,110.5 7,071.6 7,115.6 7,172.8 7,161.0 7,116.1 7,148.3 7,187.1 7,248.5 7,231.1 7,232.8 7,262.7 7,289.3
  Durable goods............................   930.9   970.4   925.4   947.7   988.4 1,001.6   948.0   943.0   962.9 1,014.5   969.8   958.6   991.3 1,015.2
  Nondurable goods......................... 2,028.1 2,035.2 2,024.2 2,040.1 2,039.8 2,027.4 2,023.4 2,044.7 2,058.6 2,067.0 2,074.4 2,082.0 2,089.6 2,083.7
  Services................................. 4,096.6 4,108.3 4,121.6 4,129.3 4,148.9 4,137.4 4,145.3 4,160.3 4,167.2 4,173.3 4,188.3 4,192.3 4,185.7 4,196.5
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                   Change from preceding period in
                                                                                  billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........   -11.0    55.7   -38.9    44.0    57.2   -11.8   -44.9    32.2    38.8    61.4   -17.4     1.7    29.9    26.6
  Durable goods............................   -12.3    39.5   -45.0    22.3    40.7    13.2   -53.6    -5.0    19.9    51.6   -44.7   -11.2    32.7    23.9
  Nondurable goods.........................    -9.1     7.1   -11.0    15.9     -.3   -12.4    -4.0    21.3    13.9     8.4     7.4     7.6     7.6    -5.9
  Services.................................     9.2    11.7    13.3     7.7    19.6   -11.5     7.9    15.0     6.9     6.1    15.0     4.0    -6.6    10.8
                                           ----------------------------------------------------------------------------------------------------------------
                                                                               Percent change from preceding period in
                                                                               chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........     -.2      .8     -.5      .6      .8     -.2     -.6      .5      .5      .9     -.2      .0      .4      .4
  Durable goods............................    -1.3     4.2    -4.6     2.4     4.3     1.3    -5.3     -.5     2.1     5.4    -4.4    -1.2     3.4     2.4
  Nondurable goods.........................     -.4      .4     -.5      .8      .0     -.6     -.2     1.1      .7      .4      .4      .4      .4     -.3
  Services.................................      .2      .3      .3      .2      .5     -.3      .2      .4      .2      .1      .4      .1     -.2      .3
-----------------------------------------------------------------------------------------------------------------------------------------------------------



                               Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continued
                                               [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04 Jun 04/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                  Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,305.1 7,339.8 7,374.0 7,430.6 7,400.6 7,414.6 7,477.7 7,508.1 7,522.0 7,551.2 7,556.0 7,553.4 7,600.7 7,533.1
  Durable goods............................ 1,019.9 1,024.8 1,042.1 1,075.9 1,060.8 1,042.4 1,068.3 1,098.3 1,063.0 1,078.7 1,084.8 1,063.7 1,103.0 1,039.5
  Nondurable goods......................... 2,081.0 2,105.6 2,115.6 2,139.3 2,120.9 2,136.4 2,162.1 2,157.5 2,183.7 2,185.5 2,192.7 2,187.5 2,193.8 2,179.5
  Services................................. 4,210.3 4,216.3 4,225.1 4,228.8 4,229.9 4,243.8 4,258.7 4,267.8 4,285.1 4,298.7 4,291.4 4,311.1 4,318.8 4,318.9
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                   Change from preceding period in
                                                                                  billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........    15.8    34.7    34.2    56.6   -30.0    14.0    63.1    30.4    13.9    29.2     4.8    -2.6    47.3   -67.6
  Durable goods............................     4.7     4.9    17.3    33.8   -15.1   -18.4    25.9    30.0   -35.3    15.7     6.1   -21.1    39.3   -63.5
  Nondurable goods.........................    -2.7    24.6    10.0    23.7   -18.4    15.5    25.7    -4.6    26.2     1.8     7.2    -5.2     6.3   -14.3
  Services.................................    13.8     6.0     8.8     3.7     1.1    13.9    14.9     9.1    17.3    13.6    -7.3    19.7     7.7      .1
                                           ----------------------------------------------------------------------------------------------------------------
                                                                               Percent change from preceding period in
                                                                               chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .2      .5      .5      .8     -.4      .2      .9      .4      .2      .4      .1      .0      .6     -.9
  Durable goods............................      .5      .5     1.7     3.2    -1.4    -1.7     2.5     2.8    -3.2     1.5      .6    -1.9     3.7    -5.8
  Nondurable goods.........................     -.1     1.2      .5     1.1     -.9      .7     1.2     -.2     1.2      .1      .3     -.2      .3     -.7
  Services.................................      .3      .1      .2      .1      .0      .3      .3      .2      .4      .3     -.2      .5      .2      .0
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.



          Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                  [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------
                                               2000    2001    2002    2003   IV 00    I 01   II 01  III 01   IV 01
-------------------------------------------------------------------------------------------------------------------
                                           ------------------------------------------------------------------------
                                                              Billions of chained (2000) dollars
                                           ------------------------------------------------------------------------
Personal consumption expenditures.......... 6,739.4 6,910.4 7,123.4 7,355.6 6,825.0 6,853.1 6,870.3 6,900.5 7,017.6
  Durable goods............................   863.3   900.7   959.6 1,030.6   865.4   879.5   878.9   885.6   958.7
  Nondurable goods......................... 1,947.2 1,986.7 2,037.4 2,112.4 1,972.7 1,975.2 1,974.7 1,986.5 2,010.3
  Services................................. 3,928.8 4,023.2 4,128.6 4,220.3 3,986.8 3,997.9 4,016.0 4,027.8 4,051.2
                                           ------------------------------------------------------------------------
                                                               Change from preceding period in
                                                              billions of chained (2000) dollars
                                           ------------------------------------------------------------------------
Personal consumption expenditures..........   300.8   171.0   213.0   232.2    57.0    28.1    17.2    30.2   117.1
  Durable goods............................    58.7    37.4    58.9    71.0     1.6    14.1     -.6     6.7    73.1
  Nondurable goods.........................    70.6    39.5    50.7    75.0    17.7     2.5     -.5    11.8    23.8
  Services.................................   170.8    94.4   105.4    91.7    37.5    11.1    18.1    11.8    23.4
                                           ------------------------------------------------------------------------
                                                           Percent change from preceding period in
                                                            chained (2000) dollars at annual rates
                                           ------------------------------------------------------------------------
Personal consumption expenditures..........     4.7     2.5     3.1     3.3     3.4     1.7     1.0     1.8     7.0
  Durable goods............................     7.3     4.3     6.5     7.4      .7     6.7     -.3     3.1    37.4
  Nondurable goods.........................     3.8     2.0     2.6     3.7     3.7      .5     -.1     2.4     4.9
  Services.................................     4.5     2.4     2.6     2.2     3.9     1.1     1.8     1.2     2.3
-------------------------------------------------------------------------------------------------------------------



         Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)--Continued
                                      [Quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------
                                               I 02   II 02  III 02   IV 02    I 03   II 03  III 03   IV 03    I 04   II 04
---------------------------------------------------------------------------------------------------------------------------
                                           --------------------------------------------------------------------------------
                                                                  Billions of chained (2000) dollars
                                           --------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,049.7 7,099.2 7,149.9 7,194.6 7,242.2 7,311.4 7,401.7 7,466.8 7,543.0 7,562.5
  Durable goods............................   937.8   947.8   979.3   973.4   973.2 1,020.0 1,059.6 1,069.7 1,075.5 1,068.7
  Nondurable goods......................... 2,029.3 2,033.2 2,030.2 2,056.8 2,082.0 2,090.1 2,125.3 2,152.0 2,187.3 2,187.0
  Services................................. 4,084.1 4,119.7 4,143.8 4,166.9 4,188.7 4,207.7 4,227.9 4,256.7 4,291.7 4,316.3
                                           --------------------------------------------------------------------------------
                                                                   Change from preceding period in
                                                                  billions of chained (2000) dollars
                                           --------------------------------------------------------------------------------
Personal consumption expenditures..........    32.1    49.5    50.7    44.7    47.6    69.2    90.3    65.1    76.2    19.5
  Durable goods............................   -20.9    10.0    31.5    -5.9     -.2    46.8    39.6    10.1     5.8    -6.8
  Nondurable goods.........................    19.0     3.9    -3.0    26.6    25.2     8.1    35.2    26.7    35.3     -.3
  Services.................................    32.9    35.6    24.1    23.1    21.8    19.0    20.2    28.8    35.0    24.6
                                           --------------------------------------------------------------------------------
                                                               Percent change from preceding period in
                                                                chained (2000) dollars at annual rates
                                           --------------------------------------------------------------------------------
Personal consumption expenditures..........     1.8     2.8     2.9     2.5     2.7     3.9     5.0     3.6     4.1     1.0
  Durable goods............................    -8.5     4.4    14.0    -2.4     -.1    20.6    16.5     3.9     2.2    -2.5
  Nondurable goods.........................     3.8      .8     -.6     5.3     5.0     1.6     6.9     5.1     6.7     -.1
  Services.................................     3.3     3.5     2.4     2.2     2.1     1.8     1.9     2.8     3.3     2.3
---------------------------------------------------------------------------------------------------------------------------



                      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 00  Jan 01  Feb 01  Mar 01  Apr 01  May 01  Jun 01  Jul 01  Aug 01  Sep 01  Oct 01  Nov 01  Dec 01  Jan 02  Feb 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                                     Chain-type price indexes (2000=100),
                                                                                             seasonally adjusted
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 100.847 101.333 101.514 101.577 101.862 102.178 102.397 102.362 102.384 102.128 102.514 102.482 102.315 102.458 102.605
  Durable goods............................  99.512  99.433  99.133  98.846  98.682  98.269  98.156  98.300  97.836  96.871  97.276  97.307  97.254  96.859  96.169
  Nondurable goods......................... 100.932 101.248 101.370 101.150 101.642 102.315 102.405 101.763 101.455 102.468 101.566 100.844 100.147 100.505 100.717
  Services................................. 101.100 101.866 102.176 102.405 102.681 102.978 103.332 103.557 103.851 103.128 104.148 104.443 104.514 104.672 104.980
Addendum:
  Personal consumption expenditures
   excluding food and energy............... 100.597 100.977 101.205 101.334 101.561 101.619 101.883 102.167 102.256 101.732 102.532 102.806 102.778 102.838 103.050
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                                     Percent change from preceding period
                                                                                      in price indexes at monthly rates
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .2      .5      .2      .1      .3      .3      .2      .0      .0     -.3      .4      .0     -.2      .1      .1
  Durable goods............................      .0     -.1     -.3     -.3     -.2     -.4     -.1      .1     -.5    -1.0      .4      .0     -.1     -.4     -.7
  Nondurable goods.........................      .0      .3      .1     -.2      .5      .7      .1     -.6     -.3     1.0     -.9     -.7     -.7      .4      .2
  Services.................................      .3      .8      .3      .2      .3      .3      .3      .2      .3     -.7     1.0      .3      .1      .2      .3
Addendum:
  Personal consumption expenditures
   excluding food and energy...............      .1      .4      .2      .1      .2      .1      .3      .3      .1     -.5      .8      .3      .0      .1      .2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------



             Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03  Mar 03  Apr 03
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Chain-type price indexes (2000=100),
                                                                                         seasonally adjusted
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 102.917 103.329 103.348 103.481 103.693 103.909 104.080 104.039 104.211 104.499 104.725 105.091 105.425 105.246
  Durable goods............................  96.001  95.868  95.826  95.535  95.340  95.217  95.176  94.959  94.575  94.177  93.900  93.654  93.508  93.287
  Nondurable goods......................... 101.362 102.433 102.005 102.141 102.292 102.564 102.704 102.839 102.849 102.753 103.219 104.241 104.863 103.925
  Services................................. 105.237 105.448 105.701 105.930 106.266 106.535 106.772 106.685 107.067 107.706 107.936 108.118 108.420 108.629
Addendum:
  Personal consumption expenditures
   excluding food and energy............... 103.171 103.416 103.504 103.641 103.825 104.053 104.189 104.015 104.208 104.568 104.621 104.643 104.677 104.798
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Percent change from preceding period
                                                                                  in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .3      .4      .0      .1      .2      .2      .2      .0      .2      .3      .2      .3      .3     -.2
  Durable goods............................     -.2     -.1      .0     -.3     -.2     -.1      .0     -.2     -.4     -.4     -.3     -.3     -.2     -.2
  Nondurable goods.........................      .6     1.1     -.4      .1      .1      .3      .1      .1      .0     -.1      .5     1.0      .6     -.9
  Services.................................      .2      .2      .2      .2      .3      .3      .2     -.1      .4      .6      .2      .2      .3      .2
Addendum:
  Personal consumption expenditures
   excluding food and energy...............      .1      .2      .1      .1      .2      .2      .1     -.2      .2      .3      .1      .0      .0      .1
-----------------------------------------------------------------------------------------------------------------------------------------------------------



             Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04 Jun 04/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Chain-type price indexes (2000=100),
                                                                                         seasonally adjusted
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 105.202 105.360 105.454 105.708 105.905 105.936 105.926 106.152 106.566 106.841 107.174 107.343 107.785 108.045
  Durable goods............................  92.718  92.355  92.088  91.827  91.357  91.002  90.742  90.495  90.717  90.717  90.788  90.780  90.755  90.639
  Nondurable goods......................... 103.179 103.456 103.693 104.457 105.117 104.731 104.366 104.596 105.328 105.797 106.618 106.700 107.888 108.318
  Services................................. 109.062 109.287 109.401 109.527 109.660 109.998 110.229 110.572 110.872 111.117 111.266 111.521 111.701 111.968
Addendum:
  Personal consumption expenditures
   excluding food and energy............... 104.964 105.056 105.142 105.193 105.187 105.389 105.506 105.687 105.885 106.068 106.291 106.452 106.566 106.682
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Percent change from preceding period
                                                                                  in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .0      .2      .1      .2      .2      .0      .0      .2      .4      .3      .3      .2      .4      .2
  Durable goods............................     -.6     -.4     -.3     -.3     -.5     -.4     -.3     -.3      .2      .0      .1      .0      .0     -.1
  Nondurable goods.........................     -.7      .3      .2      .7      .6     -.4     -.3      .2      .7      .4      .8      .1     1.1      .4
  Services.................................      .4      .2      .1      .1      .1      .3      .2      .3      .3      .2      .1      .2      .2      .2
Addendum:
  Personal consumption expenditures
   excluding food and energy...............      .2      .1      .1      .0      .0      .2      .1      .2      .2      .2      .2      .2      .1      .1
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.



                   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 00  Jan 01  Feb 01  Mar 01  Apr 01  May 01  Jun 01  Jul 01  Aug 01  Sep 01  Oct 01  Nov 01  Dec 01  Jan 02  Feb 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................     3.5     2.7     2.3     2.2     1.7     1.2     1.1     2.0     3.4     3.0      .7     1.2     1.7     3.3     3.6

Personal consumption expenditures..........     3.5     3.6     2.9     2.1     2.4     2.5     2.5     2.5     2.5      .9     3.4     2.8     2.2     2.7     3.0
  Durable goods............................     2.5      .4      .8     1.0     1.4     2.6     5.7     3.9     4.9    -1.1    15.3    11.0     6.0     8.6     5.8
  Nondurable goods.........................     1.7     4.4     3.6     1.1     1.6     1.8     1.4     2.1     2.4      .4     1.7     1.8     2.2     2.0     3.0
  Services.................................     4.5     3.9     3.1     2.9     3.0     2.9     2.4     2.3     2.1     1.5     1.8     1.6     1.4     1.8     2.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------



          Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03  Mar 03  Apr 03
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................     3.6     4.3     4.8     4.8     2.6      .6     1.0     3.2     3.0     2.5      .8      .6      .7      .8

Personal consumption expenditures..........     3.0     3.8     2.8     3.4     3.9     3.3     3.6     1.5     2.6     3.5     2.9     2.4     2.9     2.5
  Durable goods............................     5.5    12.4     5.5     5.7    12.0    11.1     8.6    -5.9      .5    10.8     3.3     1.6     6.5     4.6
  Nondurable goods.........................     3.3     3.0     2.2     3.7     2.5     1.4     2.7     2.1     2.8     2.0     2.6     2.2     3.0     2.4
  Services.................................     2.3     2.4     2.5     2.8     3.0     2.6     3.1     2.8     3.0     2.7     3.0     2.6     2.2     2.1
-----------------------------------------------------------------------------------------------------------------------------------------------------------



          Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04  Jun 04/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................     1.2     1.3     3.2     4.2     3.2     3.3     4.0     4.3     4.1     4.3     4.3     4.3     3.8     3.5

Personal consumption expenditures..........     3.3     3.2     2.8     3.8     4.0     3.7     4.0     3.6     4.0     4.4     4.0     3.6     4.0     2.6
  Durable goods............................    10.2     8.1     5.4     7.4    11.9    10.5    11.0     8.3     9.6    12.5     9.4     4.8     8.1     1.4
  Nondurable goods.........................     2.8     3.2     3.7     5.5     4.8     4.5     5.0     4.4     5.3     5.0     4.9     5.0     5.4     3.5
  Services.................................     2.2     2.1     1.8     2.2     2.0     2.0     2.2     2.3     2.3     2.5     2.5     2.7     2.6     2.4
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.



                              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 00  Jan 01  Feb 01  Mar 01  Apr 01  May 01  Jun 01  Jul 01  Aug 01  Sep 01  Oct 01  Nov 01  Dec 01  Jan 02  Feb 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........     2.2     2.4     2.3     1.9     2.2     2.5     2.4     2.2     2.3     1.6     2.0     1.8     1.5     1.1     1.1
  Durable goods............................    -1.1    -1.2    -1.2    -1.6    -1.6    -2.2    -2.0    -1.7    -1.7    -2.8    -2.2    -2.2    -2.3    -2.6    -3.0
  Nondurable goods.........................     3.1     3.3     2.7     1.4     2.2     2.9     2.1     1.2     1.3     1.5      .7     -.1     -.8     -.7     -.6
  Services.................................     2.6     2.8     2.9     3.0     3.1     3.3     3.5     3.6     3.7     2.7     3.5     3.6     3.4     2.8     2.7
Addendum:
  Personal consumption expenditures
   less food and energy....................     1.5     1.6     1.7     1.6     1.7     1.7     2.0     2.2     2.2     1.5     2.2     2.3     2.2     1.8     1.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------



                     Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03  Mar 03  Apr 03
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........     1.3     1.4     1.1     1.1     1.3     1.5     1.9     1.5     1.7     2.1     2.2     2.4     2.4     1.9
  Durable goods............................    -2.9    -2.9    -2.5    -2.7    -3.0    -2.7    -1.7    -2.4    -2.8    -3.2    -3.1    -2.6    -2.6    -2.7
  Nondurable goods.........................      .2      .8     -.3     -.3      .5     1.1      .2     1.3     2.0     2.6     2.7     3.5     3.5     1.5
  Services.................................     2.8     2.7     2.6     2.5     2.6     2.6     3.5     2.4     2.5     3.1     3.1     3.0     3.0     3.0
Addendum:
  Personal consumption expenditures
   less food and energy....................     1.8     1.8     1.9     1.7     1.6     1.8     2.4     1.4     1.4     1.7     1.7     1.5     1.5     1.3
-----------------------------------------------------------------------------------------------------------------------------------------------------------



                     Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04  Jun 04/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........     1.8     1.8     1.7     1.7     1.8     1.8     1.6     1.6     1.8     1.7     1.7     2.0     2.5     2.5
  Durable goods............................    -3.2    -3.3    -3.4    -3.6    -4.0    -4.2    -4.1    -3.9    -3.4    -3.1    -2.9    -2.7    -2.1    -1.9
  Nondurable goods.........................     1.2     1.3     1.4     1.8     2.3     1.8     1.5     1.8     2.0     1.5     1.7     2.7     4.6     4.7
  Services.................................     3.2     3.2     3.0     2.8     2.7     3.1     3.0     2.7     2.7     2.8     2.6     2.7     2.4     2.5
Addendum:
  Personal consumption expenditures
   less food and energy....................     1.4     1.4     1.3     1.1     1.0     1.3     1.2     1.1     1.2     1.4     1.5     1.6     1.5     1.5
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.



                                     Table 12.--Revisions to Personal Income and Its Disposition
-------------------------------------------------------------------------------------------------------------------------------------
                                                                   Billions of dollars
                                                 ------------------------      ------------------------           Revisions as
                                                          Revised                   Revisions to                   percent of
                                                         estimates                   previously                    previously
                                                                                     published                     published
                                                 ------------------------      ------------------------      ------------------------
                                                 2001      2002      2003      2001      2002      2003      2001      2002      2003
-------------------------------------------------------------------------------------------------------------------------------------
Personal income............................   8,724.1   8,878.9   9,161.8      11.0     -31.4     -46.2        .1       -.4       -.5

  Compensation of employees, received......   5,942.1   6,069.5   6,289.0       1.7      50.4      86.0        .0        .8       1.4

    Wage and salary disbursements..........   4,942.8   4,976.3   5,103.6       -.1       1.7       3.4        .0        .0        .1
      Private industries...................   4,126.9   4,113.7   4,205.6       -.2      -1.0       3.0        .0        .0        .1
        Goods-producing industries.........   1,044.3   1,010.2   1,007.7       -.3       -.7      -3.1        .0       -.1       -.3
          Manufacturing....................     708.8     675.2     668.8       -.3       -.5      -2.6        .0       -.1       -.4
        Services-producing industries......   3,082.6   3,103.5   3,198.0        .1       -.2       6.2        .0        .0        .2
          Trade, transportation, and
           utilities.......................     844.6     843.6     858.6       -.3      -1.1      -5.3        .0       -.1       -.6
          Other services-producing
           industries......................   2,238.0   2,259.9   2,339.4        .4        .9      11.5        .0        .0        .5
      Government...........................     815.9     862.6     897.9        .1       2.7        .2        .0        .3        .0

    Supplements to wages and salaries......     999.3   1,093.2   1,185.5       1.7      48.7      82.7        .2       4.7       7.5
      Employer contributions for employee
       pension and insurance funds.........     642.7     729.6     808.9        .1      49.2      84.9        .0       7.2      11.7
      Employer contributions for government
       social insurance....................     356.6     363.6     376.6       1.7       -.5      -2.2        .5       -.1       -.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     771.9     769.6     834.1       1.3     -28.1     -12.8        .2      -3.5      -1.5
    Farm...................................      19.7       9.7      21.8      -5.3      -4.6       2.3     -21.2     -32.4      12.2
    Nonfarm................................     752.2     759.9     812.3       6.6     -23.5     -15.1        .9      -3.0      -1.8

  Rental income of persons with capital
   consumption adjustment..................     167.4     170.9     153.8       4.3      -2.1     -10.4       2.7      -1.2      -6.3

  Personal income receipts on assets.......   1,380.0   1,334.6   1,322.7       5.1     -43.9     -70.6        .4      -3.2      -5.1
    Personal interest income...............   1,011.0     946.7     929.9       7.3     -35.7     -34.7        .7      -3.6      -3.6
    Personal dividend income...............     369.0     387.9     392.8      -2.2      -8.3     -35.9       -.6      -2.1      -8.4

  Personal current transfer receipts.......   1,193.9   1,282.7   1,335.4       1.3      -9.5     -42.1        .1       -.7      -3.1
    Government social benefits to persons..   1,143.9   1,248.9   1,306.4       1.3       -.6     -25.2        .1        .0      -1.9
      Old-age, survivors, disability, and
       health insurance benefits...........     668.5     708.3     733.8        .1      -2.0      -9.9        .0       -.3      -1.3
      Government unemployment insurance
       benefits............................      31.7      53.2      52.8        .0       -.2      -2.8        .0       -.4      -5.1
      Other................................     443.7     487.5     519.8       1.2       1.7     -12.5        .3        .4      -2.3
    Other current transfer receipts, from
     business (net)........................      50.0      33.7      28.9        .1      -8.9     -17.0        .1     -20.9     -36.9

  Less: Contributions for government social
   insurance...............................     731.1     748.3     773.2       2.6      -2.0      -3.6        .4       -.3       -.5

Less: Personal current taxes...............   1,237.3   1,051.2   1,001.9      -6.4      -1.9      10.5       -.5       -.2       1.1

Equals: Disposable personal income.........   7,486.8   7,827.7   8,159.9      17.4     -29.5     -56.6        .2       -.4       -.7

Less: Personal outlays.....................   7,354.5   7,668.5   8,049.3      12.3      -5.5       6.3        .2       -.1        .1

  Personal consumption expenditures........   7,055.0   7,376.1   7,760.9       9.6      -9.2       3.5        .1       -.1        .0
    Durable goods..........................     883.7     916.2     950.7       1.8       4.9       9.1        .2        .5       1.0
    Nondurable goods.......................   2,017.1   2,080.1   2,200.1       3.5      -5.9      -9.6        .2       -.3       -.4
    Services...............................   4,154.3   4,379.8   4,610.1       4.5      -8.2       3.9        .1       -.2        .1
  Personal interest payments\1\............     212.2     197.2     185.3       3.1       2.5       -.1       1.5       1.3       -.1
  Personal current transfer payments.......      87.2      95.3     103.1       -.5       1.3       2.9       -.6       1.3       2.9
    To government..........................      54.2      59.5      64.9       -.4        .9       1.8       -.6       1.7       2.9
    To the rest of the world (net).........      33.0      35.7      38.2       -.1        .3       1.1       -.5        .8       3.0

Equals: Personal saving....................     132.3     159.2     110.6       5.1     -24.0     -62.9     .....     .....     .....

  Personal saving as a percentage of
   disposable personal income..............       1.8       2.0       1.4        .1       -.3       -.7     .....     .....     .....

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................   7,333.3   7,559.5   7,733.8      13.1     -37.2     -67.3        .2       -.5       -.9
    Per capita:
      Current dollars......................    26,237    27,157    28,033        62      -102      -194        .2       -.4       -.7
      Chained (2000) dollars...............    25,699    26,227    26,569        46      -128      -231        .2       -.5       -.9
  Population (midperiod, thousands)\3\.....     285.4     288.2     291.1         0        .0        .0     .....     .....     .....
-------------------------------------------------------------------------------------------------------------------------------------
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.



                   Table 13.--Personal Income and Related Measures: Revisions in Level and Percent Changes from Previous Period (Months)
------------------------------------------------------------------------------------------------------------------------------------------------------------
                                      Dec 00  Jan 01  Feb 01  Mar 01  Apr 01  May 01  Jun 01  Jul 01  Aug 01  Sep 01  Oct 01  Nov 01  Dec 01  Jan 02  Feb 02
------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    ------------------------------------------------------------------------------------------------------------------------
                                                                              Seasonally adjusted at annual rates
                                    ------------------------------------------------------------------------------------------------------------------------
Level change in billions of dollars:
  Personal income...................    11.9    90.2    25.2    21.9    -1.0     5.8    15.9      .8    -5.5    10.8     4.6     8.6    17.9     6.7    26.0
    Previously published............    11.9    73.0    18.7    10.8     7.6     1.0    15.2    28.7    -1.9    -2.3    30.8    13.7    18.1    -6.6    23.0
  Disposable personal income........     5.5    65.7    14.2    14.6   -11.9     7.6    23.4   125.2   135.4   -55.0  -125.0    17.2    21.2   159.2    33.7
    Previously published............     5.5    40.9     9.3     6.5     2.9     4.3    21.0   142.5   136.2   -71.6   -98.0    22.1    21.9   152.6    31.7
  Personal consumption expenditures.    48.3    29.7    31.0    -9.1    18.4    50.6    15.9    19.1    34.5   -85.9   209.3   -44.8   -11.3    34.9    48.8
    Previously published............    48.3    24.2      .8     3.2    44.9    53.1     1.3    23.5    40.4   -85.1   167.9   -19.8     6.4    35.4    64.5

Personal saving as a percentage
 of disposable personal income......     1.5     1.9     1.7     2.0     1.6     1.0     1.1     2.4     3.7     4.2     -.2      .7     1.1     2.7     2.5
  Previously published..............     1.5     1.8     1.9     2.0     1.4      .8     1.0     1.9     3.1     3.3      .6     1.1     1.4     2.8     2.4
                                    ------------------------------------------------------------------------------------------------------------------------
                                                                            Percent change from previous period for
                                                                            current dollar measures at monthly rates
                                    ------------------------------------------------------------------------------------------------------------------------
Personal income.....................      .1     1.1      .3      .3      .0      .1      .2      .0     -.1      .1      .1      .1      .2      .1      .3
  Previously published..............      .1      .9      .2      .1      .1      .0      .2      .3      .0      .0      .4      .2      .2     -.1      .3

Disposable personal income..........      .1      .9      .2      .2     -.2      .1      .3     1.7     1.8     -.7    -1.6      .2      .3     2.1      .4
  Previously published..............      .1      .6      .1      .1      .0      .1      .3     1.9     1.8     -.9    -1.3      .3      .3     2.0      .4

Personal consumption expenditures...      .7      .4      .4     -.1      .3      .7      .2      .3      .5    -1.2     3.0     -.6     -.2      .5      .7
  Previously published..............      .7      .3      .0      .0      .6      .8      .0      .3      .6    -1.2     2.4     -.3      .1      .5      .9
                                    ------------------------------------------------------------------------------------------------------------------------
                                                                              Percent change from previous period
                                                                               for chained (2000) dollar measures
                                                                                        at monthly rates
                                    ------------------------------------------------------------------------------------------------------------------------
Real disposable personal income.....     -.1      .4      .0      .2     -.4     -.2      .1     1.7     1.8     -.5    -2.0      .3      .4     2.0      .3
  Previously published..............     -.1      .1     -.1      .0     -.2     -.3      .1     2.0     1.8     -.7    -1.6      .3      .4     2.0      .2

Real personal consumption
 expenditures.......................      .5     -.1      .3     -.2      .0      .4      .0      .3      .5    -1.0     2.6     -.6      .0      .3      .5
  Previously published..............      .5     -.1     -.2      .0      .4      .4     -.2      .4      .6    -1.0     2.1     -.2      .1      .5      .7
------------------------------------------------------------------------------------------------------------------------------------------------------------



          Table 13.--Personal Income and Related Measures: Revisions in Level and Percent Changes from Previous Period (Months)--Continued
----------------------------------------------------------------------------------------------------------------------------------------------------
                                      Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03  Mar 03  Apr 03
----------------------------------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------------------------------
                                                                          Seasonally adjusted at annual rates
                                    ----------------------------------------------------------------------------------------------------------------
Level change in billions of dollars:
  Personal income...................    30.0    47.2    14.9    23.1   -21.3    -3.0     4.6     8.6     9.7    18.9    29.3    36.3    41.0    14.5
    Previously published............    21.1    56.9    28.4    33.3    -9.5     5.4    17.9     9.7    14.9    11.8    18.4    34.4    39.7    14.2
  Disposable personal income........    34.5    53.0    18.3    23.2   -17.8    -2.5     5.7    12.6    11.5    19.7    45.3    33.6    39.0    18.1
    Previously published............    29.4    72.4    32.6    31.8   -17.3     2.9    17.2    13.1    19.4    18.6    43.2    39.6    45.4    18.1
  Personal consumption expenditures.    10.6    86.7   -39.0    55.2    74.3     3.2   -34.5    30.4    52.9    84.8    -1.8    28.3    55.6    15.0
    Previously published............    26.3    57.6   -17.1    41.2    53.6     6.9   -21.7    28.5    50.5    69.1    14.2    10.7    45.7   -11.8

Personal saving as a percentage
 of disposable personal income......     2.8     2.3     3.1     2.6     1.5     1.4     1.9     1.7     1.3      .5     1.0     1.1      .9      .9
  Previously published..............     2.4     2.5     3.1     2.9     2.0     2.0     2.5     2.3     1.9     1.3     1.7     2.0     2.0     2.4
                                    ----------------------------------------------------------------------------------------------------------------
                                                                        Percent change from previous period for
                                                                        current dollar measures at monthly rates
                                    ----------------------------------------------------------------------------------------------------------------
Personal income.....................      .3      .5      .2      .3     -.2      .0      .1      .1      .1      .2      .3      .4      .5      .2
  Previously published..............      .2      .6      .3      .4     -.1      .1      .2      .1      .2      .1      .2      .4      .4      .2

Disposable personal income..........      .4      .7      .2      .3     -.2      .0      .1      .2      .1      .2      .6      .4      .5      .2
  Previously published..............      .4      .9      .4      .4     -.2      .0      .2      .2      .2      .2      .5      .5      .6      .2

Personal consumption expenditures...      .1     1.2     -.5      .8     1.0      .0     -.5      .4      .7     1.1      .0      .4      .7      .2
  Previously published..............      .4      .8     -.2      .6      .7      .1     -.3      .4      .7      .9      .2      .1      .6     -.2
                                    ----------------------------------------------------------------------------------------------------------------
                                                                          Percent change from previous period
                                                                           for chained (2000) dollar measures
                                                                                    at monthly rates
                                    ----------------------------------------------------------------------------------------------------------------
Real disposable personal income.....      .1      .3      .2      .2     -.4     -.2     -.1      .2      .0      .0      .4      .1      .2      .4
  Previously published..............      .1      .5      .4      .3     -.4     -.2      .0      .1      .1      .0      .4      .1      .3      .5

Real personal consumption
 expenditures.......................     -.2      .8     -.5      .6      .8     -.2     -.6      .5      .5      .9     -.2      .0      .4      .4
  Previously published..............      .1      .4     -.3      .4      .5     -.1     -.5      .4      .5      .7      .1     -.2      .4      .1
----------------------------------------------------------------------------------------------------------------------------------------------------



      Table 13.--Personal Income and Related Measures: Revisions in Level and Percent Changes from Previous Period (Months)--Continued
--------------------------------------------------------------------------------------------------------------------------------------------
                                      May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04
--------------------------------------------------------------------------------------------------------------------------------------------
                                    --------------------------------------------------------------------------------------------------------
                                                                      Seasonally adjusted at annual rates
                                    --------------------------------------------------------------------------------------------------------
Level change in billions of dollars:
  Personal income...................    53.6    41.4    24.3    33.5    34.8    32.9    61.3    37.4    42.9    48.7    44.0    60.2    54.0
    Previously published............    50.2    35.0    40.7    27.9    33.0    45.3    54.0    36.4    51.2    49.5    44.9    61.1    55.9
  Disposable personal income........    46.9    35.7   124.9    81.0   -77.0    27.4    55.7    38.1    47.8    43.8    40.5    49.5    46.9
    Previously published............    50.2    34.6   115.2    68.8   -86.6    38.3    46.3    33.5    87.4    43.8    40.5    52.3    47.8
  Personal consumption expenditures.    13.5    48.0    43.0    78.6   -17.2    17.2    66.1    49.2    45.8    52.0    30.2    10.0    84.5
    Previously published............    50.8    50.5    68.2    67.7    -3.5     8.1    52.1    59.1    42.7    29.9    50.6    14.4    77.6

Personal saving as a percentage
 of disposable personal income......     1.3     1.2     2.2     2.2     1.4     1.5     1.3     1.2     1.2     1.2     1.3     1.7     1.2
  Previously published..............     2.4     2.2     2.8     2.7     1.7     2.0     1.9     1.6     2.1     2.3     2.2     2.6     2.2
                                    --------------------------------------------------------------------------------------------------------
                                                                    Percent change from previous period for
                                                                    current dollar measures at monthly rates
                                    --------------------------------------------------------------------------------------------------------
Personal income.....................      .6      .5      .3      .4      .4      .4      .7      .4      .5      .5      .5      .6      .6
  Previously published..............      .6      .4      .4      .3      .4      .5      .6      .4      .5      .5      .5      .6      .6

Disposable personal income..........      .6      .4     1.5     1.0     -.9      .3      .7      .5      .6      .5      .5      .6      .5
  Previously published..............      .6      .4     1.4      .8    -1.0      .5      .6      .4     1.0      .5      .5      .6      .6

Personal consumption expenditures...      .2      .6      .6     1.0     -.2      .2      .8      .6      .6      .6      .4      .1     1.0
  Previously published..............      .7      .7      .9      .9      .0      .1      .7      .7      .5      .4      .6      .2     1.0
                                    --------------------------------------------------------------------------------------------------------
                                                                      Percent change from previous period
                                                                       for chained (2000) dollar measures
                                                                                at monthly rates
                                    --------------------------------------------------------------------------------------------------------
Real disposable personal income.....      .6      .3     1.4      .7    -1.1      .3      .7      .2      .2      .3      .2      .4      .1
  Previously published..............      .6      .2     1.3      .7    -1.2      .4      .6      .2      .6      .3      .2      .4      .0

Real personal consumption
 expenditures.......................      .2      .5      .5      .8     -.4      .2      .9      .4      .2      .4      .1      .0      .6
  Previously published..............      .7      .5      .8      .7     -.2      .1      .7      .5      .1      .2      .3      .0      .4
--------------------------------------------------------------------------------------------------------------------------------------------



Table 14.--Personal Income and Related Measures: Revisions in Level and Percent Changes from Previous Period

                                            (Years and Quarters)
------------------------------------------------------------------------------------------------------------
                                        2000    2001    2002    2003   IV 00    I 01   II 01  III 01   IV 01
------------------------------------------------------------------------------------------------------------
                                    ------------------------------------------------------------------------
                                                      Seasonally adjusted at annual rates
                                    ------------------------------------------------------------------------
Level change in billions of dollars:
  Personal income...................   627.3   294.4   154.8   282.9    51.4   122.9    31.2    13.2    21.7
    Previously published............   627.3   283.4   197.2   297.7    51.4    97.7    26.7    37.2    43.8
  Disposable personal income........   499.0   292.8   340.9   332.2    42.9    82.8    15.5   215.2   -98.0
    Previously published............   499.0   275.4   387.8   359.3    42.9    52.0    20.3   224.8   -78.3
  Personal consumption expenditures.   456.9   315.6   321.1   384.8    87.7    84.2    61.7    41.0   129.9
    Previously published............   456.9   306.0   339.9   372.1    87.7    62.7    83.1    40.7   113.5

Personal saving as a percentage
 of disposable personal income......     2.3     1.8     2.0     1.4     1.9     1.9     1.2     3.4      .5
  Previously published..............     2.3     1.7     2.3     2.1     1.9     1.9     1.1     2.8     1.0
                                    ------------------------------------------------------------------------
                                                    Percent change from previous period for
                                                    current dollar measures at annual rates
                                    ------------------------------------------------------------------------
Personal income.....................     8.0     3.5     1.8     3.2     2.4     5.9     1.4      .6     1.0
  Previously published..............       8       3       2       3       2       5       1       2       2

Disposable personal income..........     7.5     4.1     4.6     4.2     2.4     4.6      .8    12.1    -5.0
  Previously published..............       8       4       5       5       2       3       1      13      -4

Personal consumption expenditures...     7.3     4.7     4.6     5.2     5.3     5.0     3.6     2.4     7.6
  Previously published..............       7       5       5       5       5       4       5       2       7
                                    ------------------------------------------------------------------------
                                                      Percent change from previous period
                                                       for chained (2000) dollar measures
                                                                 at annual rates
                                    ------------------------------------------------------------------------
Real disposable personal income.....     4.8     1.9     3.1     2.3      .6     1.3    -1.7    11.5    -5.6
  Previously published..............     4.8     1.8     3.8     2.7      .6     -.3    -1.4    12.2    -4.4

Real personal consumption
 expenditures.......................     4.7     2.5     3.1     3.3     3.4     1.7     1.0     1.8     7.0
  Previously published..............     4.7     2.5     3.4     3.1     3.4      .5     2.3     1.9     6.2
------------------------------------------------------------------------------------------------------------



Table 14.--Personal Income and Related Measures: Revisions in Level and Percent Changes from Previous Period

                                      (Years and Quarters)--Continued
------------------------------------------------------------------------------------------------------------
                                        I 02   II 02  III 02   IV 02    I 03   II 03  III 03   IV 03    I 04
------------------------------------------------------------------------------------------------------------
                                    ------------------------------------------------------------------------
                                                      Seasonally adjusted at annual rates
                                    ------------------------------------------------------------------------
Level change in billions of dollars:
  Personal income...................    48.8    93.5    -1.4    23.5    83.0   103.5   103.6   120.7   135.4
    Previously published............    32.4   108.6    31.8    37.3    67.4    97.2   110.4   124.7   141.5
  Disposable personal income........   213.0   107.2     4.0    29.8    97.7    98.5   192.6    52.9   134.5
    Previously published............   205.6   134.9    22.4    44.6   103.6   106.6   172.0    45.5   167.9
  Personal consumption expenditures.    48.5   102.4    88.7    72.0   109.8    86.5   126.2    92.4   145.3
    Previously published............    84.9    99.0    72.7    73.0    99.5    72.9   162.7    82.8   136.3

Personal saving as a percentage
 of disposable personal income......     2.7     2.7     1.6     1.2     1.0     1.1     1.9     1.3     1.2
  Previously published..............     2.5     2.8     2.1     1.8     1.9     2.3     2.4     1.9     2.2
                                    ------------------------------------------------------------------------
                                                    Percent change from previous period for
                                                    current dollar measures at annual rates
                                    ------------------------------------------------------------------------
Personal income.....................     2.2     4.3     -.1     1.1     3.8     4.7     4.6     5.3     5.9
  Previously published..............       2       5       1       2       3       4       5       6       6

Disposable personal income..........    11.8     5.7      .2     1.5     5.1     5.0     9.9     2.6     6.6
  Previously published..............      11       7       1       2       5       5       9       2       8

Personal consumption expenditures...     2.7     5.8     4.9     3.9     6.0     4.6     6.7     4.8     7.5
  Previously published..............       5       6       4       4       5       4       9       4       7
                                    ------------------------------------------------------------------------
                                                      Percent change from previous period
                                                       for chained (2000) dollar measures
                                                                 at annual rates
                                    ------------------------------------------------------------------------
Real disposable personal income.....    10.8     2.7    -1.7      .2     1.8     4.3     8.2     1.4     3.2
  Previously published..............    10.6     4.1     -.9      .6     2.4     4.9     6.8     1.2     4.9

Real personal consumption
 expenditures.......................     1.8     2.8     2.9     2.5     2.7     3.9     5.0     3.6     4.1
  Previously published..............     4.1     2.6     2.0     2.2     2.5     3.3     6.9     3.2     3.8
------------------------------------------------------------------------------------------------------------