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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.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, DECEMBER 1, 2004

                  James E. Rankin:  (202)  606-5301  (Personal Income)BEA 04-54
                  Michael Armah:    (202)  606-5302  (Personal Outlays)
                  Recorded message: (202)  606-5303

             PERSONAL INCOME AND OUTLAYS:  OCTOBER 2004

    Personal income increased $61.7 billion, or 0.6 percent, and disposable personal income
(DPI) increased $53.6 billion, or 0.6 percent, in October, according to the Bureau of Economic
Analysis.  Personal consumption expenditures (PCE) increased $61.2 billion, or 0.7 percent.  In
September, personal income increased $19.1 billion, or 0.2 percent, DPI increased $14.0 billion,
or 0.2 percent, and PCE increased $51.4 billion, or 0.6 percent, based on revised estimates.





                                                             2004
                                        June      July      Aug.      Sept.      Oct.
                                           (Percent change from preceding month)
Personal income, current dollars         0.2       0.2       0.4       0.2       0.6

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

Personal consumption expenditures:
Current dollars                         -0.3       1.2       0.0       0.6       0.7
Chained (2000) dollars                  -0.6       1.2       0.0       0.5       0.3




       This news release also presents revised estimates of wages and salaries, personal current
taxes, and contributions for government social insurance for April through June 2004 (second
                              quarter).



         The October, September, and August estimates of personal income reflect the effects of
Hurricanes Charley, Frances, Ivan, and Jeanne, which hit the southeastern part of the United
States in August and September.  The impact of the hurricanes is discussed more fully below.

         For more information on how disasters are treated in the national accounts, see the discussion
on BEA's Web site at <http://www.bea.gov/bea/faq/national/disasters.htm>.



                                                            Wages and salaries

    Private wage and salary disbursements increased $27.7 billion in October, compared with an
increase of $22.1 billion in September.  Goods-producing industries' payrolls increased $3.2
billion, compared with an increase of $3.5 billion; manufacturing payrolls decreased $1.1 billion,
in contrast to an increase of $1.7 billion.  Services-producing industries' payrolls increased $24.5
billion, compared with an increase of $18.6 billion.  Government wage and salary disbursements
 increased $2.0 billion, compared with an increase of $2.2 billion.

                        Other personal income

    Supplements to wages and salaries increased $4.6 billion in October, compared with an
               increase of $5.3 billion in September.

    Proprietors' income increased $17.4 billion in October, in contrast to a decrease of $6.5
billion in September.  Farm proprietors' income increased $2.0 billion, in contrast to a decrease of
$1.1 billion.  Nonfarm proprietors' income increased $15.4 billion in October, in contrast to a
decrease of $5.4 billion.  Changes in nonfarm proprietors' income reflected the impact of
Hurricanes Charley, Frances, Ivan, and Jeanne, which had subtracted $8.9 billion (at an annual rate)
in September and had subtracted $3.2 billion (at an annual rate) in August.

    Rental income of persons increased $26.8 billion in October, in contrast to a decrease of
$22.8 billion in September.  Changes in rental income reflected the impact of Hurricanes Charley,
Frances, Ivan, and Jeanne, which had subtracted $30.3 billion (at an annual rate) in September and
     had subtracted $10.6 billion (at an annual rate) in August.

     Personal income receipts on assets (personal interest income plus personal dividend
income) increased $6.3 billion in October, compared with an increase of  $3.6 billion in
                             September.

    Personal current transfer receipts decreased $18.8 billion in October, in contrast to an
increase of $18.5 billion in September.  Changes in personal current transfer receipts reflected
the impact of Hurricanes Charley, Frances, Ivan, and Jeanne, which had added $27.5 billion (at an
annual rate) in September and had added $13.6 billion (at an annual rate) in August.

    Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $4.1 billion in October, compared with an increase of $3.3 billion in September.

        Personal current taxes and disposable personal income

    Personal current taxes increased $8.2 billion in October, compared with an increase of $5.0
billion in September.  Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $53.6 billion, or 0.6 percent, in October, compared with an increase of $14.0
               billion, or 0.2 percent, in September.

                Personal outlays and personal saving

    Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $63.4 billion in October, compared with an increase of $54.4 billion in September.
PCE increased $61.2 billion, compared with an increase of $51.4 billion.

    Personal saving -- DPI less personal outlays -- was $17.7 billion in October, compared with
$27.5 billion in September.  Personal saving as a percentage of disposable personal income was
   0.2 percent in October, compared with 0.3 percent in September.

                        Real DPI and real PCE

    Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in October,
       compared with an increase of 0.1 percent in September.

    Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in October,
compared with an increase of 0.5 percent in September.  Purchases of durable goods increased 0.1
percent, compared with an increase of 1.1 percent.  Purchases of nondurable goods increased 0.3
percent, compared with an increase of 0.7 percent.  Purchases of services increased 0.4 percent,
                 the same increase as in September.

                              Revisions

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

    For April through June, the revisions to wages and salaries reflected the incorporation of the
most recently available BLS tabulations of private wages and salaries from the state unemployment
insurance program.  Revisions to personal current taxes and to contributions for government
   social insurance reflected the revisions to wages and salaries.



                                                        Change from preceding month
                                             August                                          September

                                   Previous    Revised    Previous    Revised    Previous    Revised    Previous    Revised
                                   (Billions of dollars)       (Percent)         (Billions of dollars)       (Percent)

 Personal Income:
     Current dollars...............    25.3       36.0         0.3        0.4        15.1       19.1         0.2        0.2

Disposable personal income:
     Current dollars...............    20.0       31.6         0.2        0.4         9.0       14.0         0.1        0.2
     Chained (2000) dollars........    18.0       28.3         0.2        0.4         1.9        6.7         0.0        0.1

Personal consumption expenditures:
     Current dollars...............    -6.4       0.4         -0.1        0.0        49.8       51.4         0.6        0.6
     Chained (2000) dollars........    -6.5      -0.5         -0.1        0.0        39.9       41.5         0.5        0.5


                                       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.




        Beginning with this release, supplemental information on personal consumption expenditures (PCE)
prices was added to two tables.  In tables 9 and 11, "market-based PCE" and "market-based PCE excluding
food and energy" are shown as addenda items.  For several months, BEA has made the market-based
indexes available at the time of the personal income news  release.  For more information on the market-
based PCE measures, see the discussion under FAQs on BEA's Web site:
<http://www.bea.gov/bea/faq/national/markbsdPCE.htm>.




                        *          *          *


Next release -- Personal Income and Outlays for November will be released on
                 December 23, 2004, at 8:30 A.M. EST.

                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                               Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/  Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,484.9    9,550.0    9,603.8    9,624.2    9,641.3    9,677.3    9,696.4    9,758.1

  Compensation of employees, received......    6,512.4    6,553.0    6,593.0    6,594.1    6,629.8    6,656.7    6,686.3    6,720.4

    Wage and salary disbursements..........    5,254.8    5,290.8    5,325.0    5,322.7    5,353.0    5,374.5    5,398.8    5,428.5
      Private industries...................    4,334.8    4,365.6    4,403.0    4,399.5    4,427.2    4,445.8    4,467.9    4,495.6
        Goods-producing industries.........    1,018.9    1,028.2    1,038.7    1,037.9    1,040.0    1,047.6    1,051.1    1,054.3
          Manufacturing....................      668.0      675.3      683.5      682.6      683.7      689.1      690.8      689.7
        Services-producing industries......    3,316.0    3,337.4    3,364.3    3,361.6    3,387.3    3,398.2    3,416.8    3,441.3
          Trade, transportation, and
           utilities.......................      873.4      883.1      888.3      887.1      895.7      897.3      903.8      906.1
          Other services-producing
           industries......................    2,442.6    2,454.3    2,475.9    2,474.5    2,491.6    2,501.0    2,513.0    2,535.2
      Government...........................      920.0      925.2      922.0      923.2      925.8      928.7      930.9      932.9

    Supplements to wages and salaries......    1,257.6    1,262.2    1,268.0    1,271.4    1,276.8    1,282.1    1,287.4    1,292.0
      Employer contributions for employee
       pension and insurance funds.........      864.4      867.0      870.2      873.9      877.4      881.3      885.1      887.8
      Employer contributions for government
       social insurance....................      393.3      395.2      397.8      397.4      399.3      400.8      402.3      404.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      883.5      893.5      901.2      909.4      905.8      905.2      898.7      916.1
    Farm...................................       17.5       18.3       19.0       19.5       15.2       14.1       13.0       15.0
    Nonfarm................................      866.0      875.3      882.2      889.9      890.6      891.1      885.7      901.1

  Rental income of persons with capital
   consumption adjustment..................      171.8      172.0      172.8      172.9      170.4      156.6      133.8      160.6

  Personal income receipts on assets.......    1,338.8    1,345.4    1,352.2    1,359.4    1,362.9    1,366.3    1,369.9    1,376.2
    Personal interest income...............      934.8      938.2      941.7      945.1      945.1      945.0      945.0      947.6
    Personal dividend income...............      404.0      407.1      410.6      414.3      417.8      421.3      424.9      428.5

  Personal current transfer receipts.......    1,384.7    1,396.6    1,400.6    1,404.1    1,392.4    1,415.6    1,434.1    1,415.3
    Government social benefits to persons..    1,355.3    1,367.3    1,371.3    1,374.8    1,363.1    1,372.8    1,377.3    1,386.1
      Old-age, survivors, disability, and
       health insurance benefits...........      767.3      772.7      774.7      774.6      778.0      782.3      786.9      791.6
      Government unemployment insurance
       benefits............................       37.5       34.5       33.3       32.6       32.0       32.6       32.5       31.0
      Other................................      550.5      560.1      563.2      567.5      553.2      557.8      558.0      563.5
    Other current transfer receipts, from
     business (net)........................       29.4       29.3       29.3       29.3       29.2       42.8       56.8       29.2

  Less: Contributions for government social
   insurance...............................      806.3      810.5      815.9      815.7      819.9      823.1      826.4      830.5

Less: Personal current taxes...............    1,009.6    1,024.5    1,032.6    1,034.6    1,039.6    1,044.1    1,049.1    1,057.3

Equals: Disposable personal income.........    8,475.3    8,525.4    8,571.2    8,589.6    8,601.7    8,633.3    8,647.3    8,700.9

Less: Personal outlays.....................    8,386.6    8,400.4    8,484.6    8,461.0    8,562.0    8,565.4    8,619.8    8,683.2

  Personal consumption expenditures........    8,097.7    8,108.3    8,189.8    8,163.3    8,260.9    8,261.3    8,312.7    8,373.9
    Durable goods..........................      985.3      967.9      999.8      958.7    1,015.9      996.7    1,008.3    1,010.2
    Nondurable goods.......................    2,337.7    2,333.2    2,364.6    2,365.8    2,375.9    2,384.4    2,403.0    2,439.5
    Services...............................    4,774.7    4,807.2    4,825.4    4,838.8    4,869.1    4,880.3    4,901.3    4,924.3
  Personal interest payments\1\............      178.1      180.3      182.6      184.9      187.4      189.8      192.3      193.8
  Personal current transfer payments.......      110.8      111.7      112.2      112.8      113.8      114.3      114.9      115.4
    To government..........................       69.1       69.6       70.2       70.7       71.2       71.8       72.4       72.9
    To the rest of the world (net).........       41.7       42.1       42.1       42.1       42.5       42.5       42.5       42.5

Equals: Personal saving....................       88.7      125.1       86.6      128.6       39.7       67.9       27.5       17.7

  Personal saving as a percentage of
   disposable personal income..............        1.0        1.5        1.0        1.5         .5         .8         .3         .2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,908.4    7,943.8    7,956.4    7,954.5    7,969.0    7,997.3    8,004.0    8,021.4
    Per capita:
      Current dollars......................     28,921     29,070     29,203     29,242     29,258     29,339     29,360     29,517
      Chained (2000) dollars...............     26,986     27,087     27,108     27,080     27,106     27,178     27,176     27,212
  Population (midperiod, thousands)\3\.....    293,049    293,270    293,501    293,742    293,992    294,260    294,526    294,777
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2004.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003      II 03     III 03      IV 03       I 04    II 04/r/  III 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    8,878.9    9,161.8    9,105.7    9,209.3    9,330.0    9,445.0    9,592.7    9,671.7

  Compensation of employees, received......    6,069.5    6,289.0    6,247.0    6,324.7    6,406.7    6,487.9    6,580.0    6,657.6

    Wage and salary disbursements..........    4,976.3    5,103.6    5,073.3    5,128.6    5,188.9    5,239.2    5,312.8    5,375.5
      Private industries...................    4,113.7    4,205.6    4,175.6    4,227.5    4,283.9    4,321.8    4,389.3    4,447.0
        Goods-producing industries.........    1,010.2    1,007.7      999.7    1,005.8    1,025.6    1,019.0    1,034.9    1,046.2
          Manufacturing....................      675.2      668.8      663.4      665.9      680.1      669.9      680.5      687.9
        Services-producing industries......    3,103.5    3,198.0    3,175.9    3,221.6    3,258.3    3,302.9    3,354.4    3,400.8
          Trade, transportation, and
           utilities.......................      843.6      858.6      852.9      860.7      872.0      872.4      886.2      898.9
          Other services-producing
           industries......................    2,259.9    2,339.4    2,322.9    2,360.9    2,386.4    2,430.5    2,468.3    2,501.8
      Government...........................      862.6      897.9      897.8      901.1      905.0      917.3      923.5      928.5

    Supplements to wages and salaries......    1,093.2    1,185.5    1,173.7    1,196.1    1,217.8    1,248.8    1,267.2    1,282.1
      Employer contributions for employee
       pension and insurance funds.........      729.6      808.9      799.0      817.9      835.9      856.5      870.4      881.3
      Employer contributions for government
       social insurance....................      363.6      376.6      374.6      378.2      381.9      392.3      396.8      400.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      769.6      834.1      825.7      852.0      864.7      872.1      901.4      903.2
    Farm...................................        9.7       21.8       24.1       24.8       24.7       17.9       18.9       14.1
    Nonfarm................................      759.9      812.3      801.6      827.2      840.0      854.2      882.5      889.1

  Rental income of persons with capital
   consumption adjustment..................      170.9      153.8      144.1      148.8      167.1      172.8      172.6      153.6

  Personal income receipts on assets.......    1,334.6    1,322.7    1,324.7    1,314.4    1,325.8    1,337.1    1,352.3    1,366.4
    Personal interest income...............      946.7      929.9      932.4      922.8      932.0      936.2      941.7      945.0
    Personal dividend income...............      387.9      392.8      392.3      391.6      393.8      400.9      410.6      421.3

  Personal current transfer receipts.......    1,282.7    1,335.4    1,333.1    1,346.2    1,350.7    1,379.0    1,400.4    1,414.0
    Government social benefits to persons..    1,248.9    1,306.4    1,304.1    1,317.4    1,322.0    1,349.6    1,371.1    1,371.1
      Old-age, survivors, disability, and
       health insurance benefits...........      708.3      733.8      731.1      736.6      744.9      762.1      774.0      782.4
      Government unemployment insurance
       benefits............................       53.2       52.8       54.8       54.3       51.6       41.4       33.5       32.4
      Other................................      487.5      519.8      518.3      526.5      525.5      546.1      563.6      556.3
    Other current transfer receipts, from
     business (net)........................       33.7       28.9       29.0       28.9       28.8       29.3       29.3       42.9

  Less: Contributions for government social
   insurance...............................      748.3      773.2      768.9      776.7      785.0      803.9      814.0      823.1

Less: Personal current taxes...............    1,051.2    1,001.9    1,030.7      941.7    1,009.4    1,006.6    1,030.6    1,044.3

Equals: Disposable personal income.........    7,827.7    8,159.9    8,075.0    8,267.6    8,320.5    8,438.4    8,562.1    8,627.4

Less: Personal outlays.....................    7,668.5    8,049.3    7,982.9    8,107.8    8,209.4    8,351.6    8,448.7    8,582.4

  Personal consumption expenditures........    7,376.1    7,760.9    7,696.3    7,822.5    7,914.9    8,060.2    8,153.8    8,278.3
    Durable goods..........................      916.2      950.7      946.8      972.7      971.1      976.3      975.5    1,007.0
    Nondurable goods.......................    2,080.1    2,200.1    2,163.6    2,219.2    2,250.1    2,316.6    2,354.6    2,387.7
    Services...............................    4,379.8    4,610.1    4,585.9    4,630.6    4,693.6    4,767.3    4,823.8    4,883.6
  Personal interest payments\1\............      197.2      185.3      184.8      183.3      185.9      181.1      182.6      189.8
  Personal current transfer payments.......       95.3      103.1      101.8      102.1      108.6      110.3      112.2      114.3
    To government..........................       59.5       64.9       64.2       65.6       67.0       68.6       70.2       71.8
    To the rest of the world (net).........       35.7       38.2       37.6       36.5       41.6       41.7       42.1       42.5

Equals: Personal saving....................      159.2      110.6       92.1      159.8      111.1       86.8      113.4       45.0

  Personal saving as a percentage of
   disposable personal income..............        2.0        1.4        1.1        1.9        1.3        1.0        1.3         .5

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,559.5    7,733.8    7,671.1    7,822.9    7,849.6    7,897.0    7,951.5    7,990.1
    Per capita:
      Current dollars......................     27,157     28,033     27,779     28,368     28,476     28,816     29,172     29,319
      Chained (2000) dollars...............     26,227     26,569     26,389     26,842     26,865     26,967     27,092     27,153
  Population (midperiod, thousands)\3\.....    288,240    291,085    290,689    291,445    292,190    292,838    293,504    294,262
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2004.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                               Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/  Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       39.0       65.1       53.8       20.4       17.1       36.0       19.1       61.7

  Compensation of employees, received......       22.1       40.6       40.0        1.1       35.7       26.9       29.6       34.1

    Wage and salary disbursements..........       13.5       36.0       34.2       -2.3       30.3       21.5       24.3       29.7
      Private industries...................       10.8       30.8       37.4       -3.5       27.7       18.6       22.1       27.7
        Goods-producing industries.........         .7        9.3       10.5        -.8        2.1        7.6        3.5        3.2
          Manufacturing....................       -1.9        7.3        8.2        -.9        1.1        5.4        1.7       -1.1
        Services-producing industries......       10.2       21.4       26.9       -2.7       25.7       10.9       18.6       24.5
          Trade, transportation, and
           utilities.......................         .9        9.7        5.2       -1.2        8.6        1.6        6.5        2.3
          Other services-producing
           industries......................        9.4       11.7       21.6       -1.4       17.1        9.4       12.0       22.2
      Government...........................        2.7        5.2       -3.2        1.2        2.6        2.9        2.2        2.0

    Supplements to wages and salaries......        8.6        4.6        5.8        3.4        5.4        5.3        5.3        4.6
      Employer contributions for employee
       pension and insurance funds.........        7.9        2.6        3.2        3.7        3.5        3.9        3.8        2.7
      Employer contributions for government
       social insurance....................         .8        1.9        2.6        -.4        1.9        1.5        1.5        1.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       13.5       10.0        7.7        8.2       -3.6        -.6       -6.5       17.4
    Farm...................................        -.3         .8         .7         .5       -4.3       -1.1       -1.1        2.0
    Nonfarm................................       13.8        9.3        6.9        7.7         .7         .5       -5.4       15.4

  Rental income of persons with capital
   consumption adjustment..................        -.8         .2         .8         .1       -2.5      -13.8      -22.8       26.8

  Personal income receipts on assets.......        1.8        6.6        6.8        7.2        3.5        3.4        3.6        6.3
    Personal interest income...............       -1.4        3.4        3.5        3.4         .0        -.1         .0        2.6
    Personal dividend income...............        3.2        3.1        3.5        3.7        3.5        3.5        3.6        3.6

  Personal current transfer receipts.......        4.2       11.9        4.0        3.5      -11.7       23.2       18.5      -18.8
    Government social benefits to persons..        4.1       12.0        4.0        3.5      -11.7        9.7        4.5        8.8
      Old-age, survivors, disability, and
       health insurance benefits...........        2.7        5.4        2.0        -.1        3.4        4.3        4.6        4.7
      Government unemployment insurance
       benefits............................       -3.2       -3.0       -1.2        -.7        -.6         .6        -.1       -1.5
      Other................................        4.6        9.6        3.1        4.3      -14.3        4.6         .2        5.5
    Other current transfer receipts, from
     business (net)........................         .1        -.1         .0         .0        -.1       13.6       14.0      -27.6

  Less: Contributions for government social
   insurance...............................        1.9        4.2        5.4        -.2        4.2        3.2        3.3        4.1

Less: Personal current taxes...............        2.7       14.9        8.1        2.0        5.0        4.5        5.0        8.2

Equals: Disposable personal income.........       36.3       50.1       45.8       18.4       12.1       31.6       14.0       53.6

Less: Personal outlays.....................       27.7       13.8       84.2      -23.6      101.0        3.4       54.4       63.4

  Personal consumption expenditures........       30.2       10.6       81.5      -26.5       97.6         .4       51.4       61.2
    Durable goods..........................        6.3      -17.4       31.9      -41.1       57.2      -19.2       11.6        1.9
    Nondurable goods.......................       25.6       -4.5       31.4        1.2       10.1        8.5       18.6       36.5
    Services...............................       -1.7       32.5       18.2       13.4       30.3       11.2       21.0       23.0
  Personal interest payments\1\............       -3.0        2.2        2.3        2.3        2.5        2.4        2.5        1.5
  Personal current transfer payments.......         .5         .9         .5         .6        1.0         .5         .6         .5
    To government..........................         .5         .5         .6         .5         .5         .6         .6         .5
    To the rest of the world (net).........         .0         .4         .0         .0         .4         .0         .0         .0

Equals: Personal saving....................        8.6       36.4      -38.5       42.0      -88.9       28.2      -40.4       -9.8

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............        9.4       35.4       12.6       -1.9       14.5       28.3        6.7       17.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2004.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003      II 03     III 03      IV 03       I 04     II 04/r/  III 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      154.8      282.9      103.5      103.6      120.7      115.0      147.7       79.0

  Compensation of employees, received......      127.4      219.5       69.3       77.7       82.0       81.2       92.1       77.6

    Wage and salary disbursements..........       33.5      127.3       50.0       55.3       60.3       50.3       73.6       62.7
      Private industries...................      -13.2       91.9       40.0       51.9       56.4       37.9       67.5       57.7
        Goods-producing industries.........      -34.1       -2.5         .2        6.1       19.8       -6.6       15.9       11.3
          Manufacturing....................      -33.6       -6.4       -2.3        2.5       14.2      -10.2       10.6        7.4
        Services-producing industries......       20.9       94.5       39.9       45.7       36.7       44.6       51.5       46.4
          Trade, transportation, and
           utilities.......................       -1.0       15.0        4.3        7.8       11.3         .4       13.8       12.7
          Other services-producing
           industries......................       21.9       79.5       35.5       38.0       25.5       44.1       37.8       33.5
      Government...........................       46.7       35.3       10.0        3.3        3.9       12.3        6.2        5.0

    Supplements to wages and salaries......       93.9       92.3       19.4       22.4       21.7       31.0       18.4       14.9
      Employer contributions for employee
       pension and insurance funds.........       86.9       79.3       16.3       18.9       18.0       20.6       13.9       10.9
      Employer contributions for government
       social insurance....................        7.0       13.0        3.0        3.6        3.7       10.4        4.5        4.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       -2.3       64.5       31.7       26.3       12.7        7.4       29.3        1.8
    Farm...................................      -10.0       12.1       10.3         .7        -.1       -6.8        1.0       -4.8
    Nonfarm................................        7.7       52.4       21.4       25.6       12.8       14.2       28.3        6.6

  Rental income of persons with capital
   consumption adjustment..................        3.5      -17.1      -11.4        4.7       18.3        5.7        -.2      -19.0

  Personal income receipts on assets.......      -45.4      -11.9       -1.2      -10.3       11.4       11.3       15.2       14.1
    Personal interest income...............      -64.3      -16.8         .0       -9.6        9.2        4.2        5.5        3.3
    Personal dividend income...............       18.9        4.9       -1.2        -.7        2.2        7.1        9.7       10.7

  Personal current transfer receipts.......       88.8       52.7       21.7       13.1        4.5       28.3       21.4       13.6
    Government social benefits to persons..      105.0       57.5       21.9       13.3        4.6       27.6       21.5         .0
      Old-age, survivors, disability, and
       health insurance benefits...........       39.8       25.5        8.3        5.5        8.3       17.2       11.9        8.4
      Government unemployment insurance
       benefits............................       21.5        -.4        4.4        -.5       -2.7      -10.2       -7.9       -1.1
      Other................................       43.8       32.3        9.3        8.2       -1.0       20.6       17.5       -7.3
    Other current transfer receipts, from
     business (net)........................      -16.3       -4.8        -.2        -.1        -.1         .5         .0       13.6

  Less: Contributions for government social
   insurance...............................       17.2       24.9        6.5        7.8        8.3       18.9       10.1        9.1

Less: Personal current taxes...............     -186.1      -49.3        5.0      -89.0       67.7       -2.8       24.0       13.7

Equals: Disposable personal income.........      340.9      332.2       98.5      192.6       52.9      117.9      123.7       65.3

Less: Personal outlays.....................      314.0      380.8       85.9      124.9      101.6      142.2       97.1      133.7

  Personal consumption expenditures........      321.1      384.8       86.5      126.2       92.4      145.3       93.6      124.5
    Durable goods..........................       32.5       34.5       34.7       25.9       -1.6        5.2        -.8       31.5
    Nondurable goods.......................       63.0      120.0       -3.9       55.6       30.9       66.5       38.0       33.1
    Services...............................      225.5      230.3       55.7       44.7       63.0       73.7       56.5       59.8
  Personal interest payments\1\............      -15.0      -11.9       -2.3       -1.5        2.6       -4.8        1.5        7.2
  Personal current transfer payments.......        8.1        7.8        1.8         .3        6.5        1.7        1.9        2.1
    To government..........................        5.3        5.4        1.4        1.4        1.4        1.6        1.6        1.6
    To the rest of the world (net).........        2.7        2.5         .4       -1.1        5.1         .1         .4         .4

Equals: Personal saving....................       26.9      -48.6       12.6       67.7      -48.7      -24.3       26.6      -68.4

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      226.2      174.3       79.9      151.8       26.7       47.4       54.5       38.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2004.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                               Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/  Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .4         .7         .6         .2         .2         .4         .2         .6
  Compensation of employees, received......         .3         .6         .6         .0         .5         .4         .4         .5
    Wage and salary disbursements..........         .3         .7         .6         .0         .6         .4         .5         .5
    Supplements to wages and salaries......         .7         .4         .5         .3         .4         .4         .4         .4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        1.6        1.1         .9         .9        -.4        -.1        -.7        1.9
  Rental income of persons with capital
   consumption adjustment..................        -.4         .1         .5         .1       -1.5       -8.1      -14.6       20.0
  Personal income receipts on assets.......         .1         .5         .5         .5         .3         .3         .3         .5
    Personal interest income...............        -.2         .4         .4         .4         .0         .0         .0         .3
    Personal dividend income...............         .8         .8         .8         .9         .9         .8         .9         .9
  Personal current transfer receipts.......         .3         .9         .3         .2        -.8        1.7        1.3       -1.3

  Less: Contributions for government social
   insurance...............................         .2         .5         .7         .0         .5         .4         .4         .5

Less: Personal current taxes...............         .3        1.5         .8         .2         .5         .4         .5         .8

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

Addenda:
  Personal consumption expenditures........         .4         .1        1.0        -.3        1.2         .0         .6         .7
    Durable goods..........................         .6       -1.8        3.3       -4.1        6.0       -1.9        1.2         .2
    Nondurable goods.......................        1.1        -.2        1.3         .1         .4         .4         .8        1.5
    Services...............................         .0         .7         .4         .3         .6         .2         .4         .5

  Real disposable personal income..........         .1         .4         .2         .0         .2         .4         .1         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
  of revised wage and salary estimates for the second quarter of 2004.

             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003      II 03     III 03      IV 03       I 04     II 04/r/  III 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        1.8        3.2        4.7        4.6        5.3        5.0        6.4        3.3
  Compensation of employees, received......        2.1        3.6        4.6        5.1        5.3        5.2        5.8        4.8
    Wage and salary disbursements..........         .7        2.6        4.0        4.4        4.8        3.9        5.7        4.8
    Supplements to wages and salaries......        9.4        8.4        6.9        7.9        7.5       10.6        6.0        4.8
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        -.3        8.4       16.9       13.4        6.1        3.5       14.1         .8
  Rental income of persons with capital
   consumption adjustment..................        2.1      -10.0      -26.3       13.6       59.0       14.6        -.6      -37.2
  Personal income receipts on assets.......       -3.3        -.9        -.4       -3.1        3.5        3.5        4.6        4.2
    Personal interest income...............       -6.4       -1.8         .0       -4.1        4.1        1.8        2.4        1.4
    Personal dividend income...............        5.1        1.3       -1.3        -.7        2.2        7.4       10.1       10.8
  Personal current transfer receipts.......        7.4        4.1        6.8        4.0        1.3        8.6        6.4        3.9

  Less: Contributions for government social
   insurance...............................        2.3        3.3        3.4        4.1        4.3       10.0        5.1        4.5

Less: Personal current taxes...............      -15.0       -4.7        2.0      -30.3       32.0       -1.1        9.9        5.4

Equals: Disposable personal income.........        4.6        4.2        5.0        9.9        2.6        5.8        6.0        3.1

Addenda:
  Personal consumption expenditures........        4.6        5.2        4.6        6.7        4.8        7.5        4.7        6.2
    Durable goods..........................        3.7        3.8       16.1       11.4        -.6        2.2        -.4       13.6
    Nondurable goods.......................        3.1        5.8        -.7       10.7        5.7       12.3        6.7        5.8
    Services...............................        5.4        5.3        5.0        4.0        5.6        6.4        4.8        5.0

  Real disposable personal income..........        3.1        2.3        4.3        8.2        1.4        2.4        2.8        2.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
  of revised wage and salary estimates for the second quarter of 2004.

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                               Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/  Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/p/
-----------------------------------------------------------------------------------------------------------------------------------

                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,556.0    7,555.2    7,602.4    7,559.7    7,653.3    7,652.8    7,694.3    7,720.0
  Durable goods............................    1,084.8    1,065.8    1,101.2    1,057.1    1,124.6    1,109.0    1,121.0    1,121.7
  Nondurable goods.........................    2,192.7    2,186.9    2,192.3    2,184.9    2,203.1    2,211.6    2,226.3    2,233.0
  Services.................................    4,291.4    4,311.7    4,323.3    4,324.9    4,343.1    4,346.9    4,363.1    4,380.9
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        4.8        -.8       47.2      -42.7       93.6        -.5       41.5       25.7
  Durable goods............................        6.1      -19.0       35.4      -44.1       67.5      -15.6       12.0         .7
  Nondurable goods.........................        7.2       -5.8        5.4       -7.4       18.2        8.5       14.7        6.7
  Services.................................       -7.3       20.3       11.6        1.6       18.2        3.8       16.2       17.8
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .1         .0         .6        -.6        1.2         .0         .5         .3
  Durable goods............................         .6       -1.8        3.3       -4.0        6.4       -1.4        1.1         .1
  Nondurable goods.........................         .3        -.3         .2        -.3         .8         .4         .7         .3
  Services.................................        -.2         .5         .3         .0         .4         .1         .4         .4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2002       2003      II 03     III 03      IV 03       I 04    II 04/r/  III 04/r/
-----------------------------------------------------------------------------------------------------------------------------------

                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,123.4    7,355.6    7,311.4    7,401.7    7,466.8    7,543.0    7,572.4    7,666.8
  Durable goods............................      959.6    1,030.6    1,020.0    1,059.6    1,069.7    1,075.5    1,074.7    1,118.2
  Nondurable goods.........................    2,037.4    2,112.4    2,090.1    2,125.3    2,152.0    2,187.3    2,188.0    2,213.7
  Services.................................    4,128.6    4,220.3    4,207.7    4,227.9    4,256.7    4,291.7    4,320.0    4,351.0
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      213.0      232.2       69.2       90.3       65.1       76.2       29.4       94.4
  Durable goods............................       58.9       71.0       46.8       39.6       10.1        5.8        -.8       43.5
  Nondurable goods.........................       50.7       75.0        8.1       35.2       26.7       35.3         .7       25.7
  Services.................................      105.4       91.7       19.0       20.2       28.8       35.0       28.3       31.0
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                    chained (2000) dollars at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.1        3.3        3.9        5.0        3.6        4.1        1.6        5.1
  Durable goods............................        6.5        7.4       20.6       16.5        3.9        2.2        -.3       17.2
  Nondurable goods.........................        2.6        3.7        1.6        6.9        5.1        6.7         .1        4.8
  Services.................................        2.6        2.2        1.8        1.9        2.8        3.3        2.7        2.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                               Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/  Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/p/
-----------------------------------------------------------------------------------------------------------------------------------

                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------

Personal consumption expenditures
 (PCE).....................................    107.174    107.326    107.732    107.989    107.943    107.956    108.042    108.475
  Durable goods............................     90.788     90.778     90.753     90.645     90.291     89.827     89.904     90.017
  Nondurable goods.........................    106.618    106.693    107.868    108.286    107.847    107.815    107.943    109.253
  Services.................................    111.266    111.496    111.619    111.885    112.116    112.274    112.340    112.406
Addenda:
  PCE excluding food and energy............    106.291    106.435    106.508    106.625    106.662    106.668    106.781    106.922
  Market-based PCE\1\......................    106.675    106.862    107.339    107.676    107.625    107.655    107.719    108.232
  Market-based PCE excluding food
   and energy\1\...........................    105.484    105.671    105.768    105.955    106.002    106.029    106.122    106.304
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .3         .1         .4         .2         .0         .0         .1         .4
  Durable goods............................         .1         .0         .0        -.1        -.4        -.5         .1         .1
  Nondurable goods.........................         .8         .1        1.1         .4        -.4         .0         .1        1.2
  Services.................................         .1         .2         .1         .2         .2         .1         .1         .1
Addenda:
  PCE excluding food and energy............         .2         .1         .1         .1         .0         .0         .1         .1
  Market-based PCE\1\......................         .3         .2         .4         .3         .0         .0         .1         .5
  Market-based PCE excluding food
   and energy\1\...........................         .2         .2         .1         .2         .0         .0         .1         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                               Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/  Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/p/
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        4.0        4.1        3.6        3.3        2.0        1.6        2.8        2.7

Personal consumption expenditures..........        4.0        3.6        4.1        3.0        3.8        3.0        4.0        4.1
  Durable goods............................        9.4        5.0        8.0        3.2        7.9        3.1        5.7        7.6
  Nondurable goods.........................        4.9        5.0        5.3        3.8        4.1        3.4        5.0        4.5
  Services.................................        2.5        2.7        2.7        2.6        2.8        2.8        3.1        3.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.  Revisions include changes to series affected by the introduction
  of revised wage and salary estimates for the second quarter of 2004.

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                               Mar 04    Apr 04/r/  May 04/r/  Jun 04/r/  Jul 04/r/  Aug 04/r/  Sep 04/r/  Oct 04/r/
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures
 (PCE).....................................        1.7        2.0        2.4        2.5        2.4        2.1        2.0        2.4
  Durable goods............................       -2.9       -2.7       -2.1       -1.9       -2.0       -2.2       -1.6       -1.1
  Nondurable goods.........................        1.7        2.7        4.5        4.7        4.0        3.2        2.7        4.3
  Services.................................        2.6        2.6        2.3        2.4        2.5        2.5        2.4        2.2
Addenda:
  PCE excluding food and energy............        1.5        1.6        1.5        1.5        1.4        1.4        1.5        1.5
  Market-based PCE\1\......................        1.5        2.0        2.5        2.7        2.5        2.2        2.0        2.6
  Market-based PCE excluding food
   and energy\1\...........................        1.4        1.5        1.4        1.6        1.4        1.4        1.4        1.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.