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News Release: Personal Income and Outlays

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, APRIL 30, 2007

James E. Rankin:    (202) 606-5301  (Personal Income) BEA 07-19
Michael Armah:      (202) 606-5302  (Personal Outlays)


                                PERSONAL INCOME AND OUTLAYS:  MARCH 2007

        Personal income increased $79.9 billion, or 0.7 percent, and disposable personal income (DPI)
increased $65.5 billion, or 0.7 percent, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $24.4 billion, or 0.3 percent.  In February,
personal income increased $74.9 billion, or 0.7 percent, DPI increased $62.3 billion, or 0.6 percent,
and PCE increased $69.2 billion, or 0.7 percent based on revised estimates.

                                        2006                            2007
                                        Nov.            Dec.            Jan.            Feb.            Mar.
                                                        (Percent change from preceding month)
Personal income, current dollars        0.3             0.5             1.1             0.7             0.7
Disposable personal income:
  Current dollars                       0.3             0.5             0.9             0.6             0.7
  Chained (2000) dollars                0.3             0.1             0.7             0.2             0.2
Personal consumption expenditures:
  Current dollars                       0.4             0.7             0.6             0.7             0.3
  Chained (2000) dollars                0.4             0.4             0.4             0.3            -0.2

                                Wages and salaries

        Private wage and salary disbursements increased $38.3 billion in March, compared with an
increase of $25.3 billion in February and an increase of $66.3 billion in January. The January change
in private wages and salaries reflected an adjustment of $50.0 billion (at an annual rate) for
unusually large bonus payments and the exercise of stock options, based on data from state
governments and from other sources.  These types of irregular payments are not accounted for in the
primary monthly source data for wages and salaries.  (The March and February changes to private
wages and salaries were not affected because the $50 billion adjustment was made to each month of
the first quarter.)  Goods-producing industries' payrolls increased $11.5 billion in March, compared
with an increase of $1.5 billion in February; manufacturing payrolls increased $5.7 billion,
compared with an increase of $1.4 billion.  Services-producing industries' payrolls increased $26.8
billion, compared with an increase of $23.7 billion  Government wage and salary disbursements
increased $3.2 billion, compared with an increase of $4.4 billion.

                                Other personal income

        Supplements to wages and salaries increased $5.2 billion in March, compared with an increase
of $4.4 billion in February.

        Proprietors' income increased $2.5 billion in March, compared with an increase of $11.2 billion
in February.  Farm proprietors' income increased $3.4 billion, the same increase as in February.
Nonfarm proprietors' income decreased $0.9 billion in March, in contrast to an increase of $7.8
billion in February.

        Rental income of persons increased $2.2 billion in March, compared with an increase of $1.5
billion in February.  Personal income receipts on assets (personal interest income plus personal
dividend income) increased $19.8 billion, compared with an increase of $18.9 billion.

        Personal current transfer receipts increased $14.4 billion in March, compared with an increase
of $13.7 billion in February.

        Contributions for government social insurance -- a subtraction in calculating personal income --
increased $5.7 billion in March, compared with an increase of $4.4 billion in February.

                                Personal current taxes and disposable personal income

        Personal current taxes increased $14.4 billion in March, compared with an increase of $12.5
billion in February.  Disposable personal income (DPI) -- personal income less personal current
taxes -- increased $65.5 billion, or 0.7 percent, in March, compared with an increase of $62.3 billion,
or 0.6 percent, in February.

                                Personal outlays and personal saving

        Personal outlays -- PCE, personal interest payments, and personal current transfer payments --
increased $25.9 billion in March, compared with an increase of $70.9 billion in February.  PCE
increased $24.4 billion, compared with an increase of $69.2 billion.

        Personal saving -- DPI less personal outlays -- was a negative $79.3 billion in March, compared
with a negative $118.8 billion in February.  Personal saving as a percentage of disposable personal
income was a negative 0.8 percent in March, compared with a negative 1.2 percent in February.
Negative personal saving reflects personal outlays that exceed disposable personal income.  Saving
from current income may be near zero or negative when outlays are financed by borrowing
(including borrowing financed through credit cards or home equity loans), by selling investments or
other assets, or by using savings from previous periods.  For more information, see the FAQs on
"Personal Saving" on BEA's Web site.  For a comparison of personal saving in BEA's national
income and product accounts with personal saving in the Federal Reserve Board's flow of funds
accounts and data on changes in net worth (which help finance consumption), go to
http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp.

                                Real DPI and real PCE

        Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in March, the same
increase as in February.

        Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in March, in
contrast to an increase of 0.3 percent in February.  Purchases of durable goods increased 0.1 percent,
in contrast to a decrease of 0.4 percent.  Purchases of nondurable goods decreased 0.1 percent,
compared with a decrease of less than 0.1 percent.  Purchases of services decreased 0.3 percent, in
contrast to an increase of 0.6 percent.

        PCE prices -- The price index for PCE increased 0.4 percent in March, the same increase as in
February.  Prices, excluding food and energy, increased less than 0.1 percent, compared with an
increase of 0.3 percent.

                                Revisions

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

                                                                Change from preceding month

                                        January                                   February
                                        Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                                       (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal Income:
  Current dollars....................   110.5      120.6     1.0        1.1       65.4       74.9      0.6        0.7
Disposable personal income:
  Current dollars....................    74.2       85.1     0.8        0.9       53.8       62.3      0.5        0.6
  Chained (2000) dollars.............    48.3       58.4     0.6        0.7       12.0       19.5      0.1        0.2
Personal consumption expenditures:
  Current dollars....................    50.2       57.0     0.5        0.6       55.5       69.2      0.6        0.7
  Chained (2000) dollars.............    27.8       34.4     0.3        0.4       14.5       26.4      0.2        0.3

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

                         *          *          *


        Next release -- Personal Income and Outlays for April will be released on
June 1, 2007 at 8:30 A.M. EDT.


                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 06     Sep 06     Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,937.1   10,988.7   11,024.1   11,058.2   11,114.1   11,234.7   11,309.6   11,389.5

  Compensation of employees, received......    7,480.0    7,519.8    7,558.4    7,589.3    7,631.0    7,720.7    7,754.7    7,801.3

    Wage and salary disbursements..........    6,019.0    6,052.3    6,083.8    6,108.9    6,144.2    6,218.7    6,248.4    6,289.9
      Private industries...................    4,998.5    5,025.8    5,054.9    5,077.9    5,111.1    5,177.4    5,202.7    5,241.0
        Goods-producing industries.........    1,171.3    1,171.1    1,177.6    1,178.5    1,183.1    1,187.1    1,188.6    1,200.1
          Manufacturing....................      729.3      727.4      731.4      730.1      732.1      732.9      734.3      740.0
        Services-producing industries......    3,827.2    3,854.7    3,877.3    3,899.4    3,928.0    3,990.4    4,014.1    4,040.9
          Trade, transportation, and
           utilities.......................      993.9      997.8    1,000.2    1,006.4    1,007.9    1,011.3    1,012.0    1,018.7
          Other services-producing
           industries......................    2,833.3    2,857.0    2,877.1    2,893.0    2,920.1    2,979.1    3,002.1    3,022.2
      Government...........................    1,020.5    1,026.5    1,028.9    1,031.0    1,033.0    1,041.3    1,045.7    1,048.9

    Supplements to wages and salaries......    1,461.1    1,467.5    1,474.6    1,480.4    1,486.9    1,501.9    1,506.3    1,511.5
      Employer contributions for employee
       pension and insurance funds.........    1,000.2    1,004.5    1,009.5    1,013.6    1,017.7    1,024.5    1,027.0    1,029.4
      Employer contributions for government
       social insurance....................      460.9      463.0      465.1      466.8      469.1      477.5      479.3      482.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    1,017.2    1,017.4    1,023.9    1,025.3    1,026.6    1,029.2    1,040.4    1,042.9
    Farm...................................       21.5       26.4       28.4       28.6       24.9       28.3       31.7       35.1
    Nonfarm................................      995.7      991.0      995.5      996.7    1,001.6    1,000.9    1,008.7    1,007.8

  Rental income of persons with capital
   consumption adjustment..................       78.1       83.4       82.8       83.5       83.1       84.4       85.9       88.1

  Personal income receipts on assets.......    1,683.5    1,690.6    1,691.0    1,691.6    1,692.1    1,710.3    1,729.2    1,749.0
    Personal interest income...............    1,035.8    1,035.9    1,029.4    1,022.8    1,016.2    1,028.2    1,040.1    1,052.1
    Personal dividend income...............      647.7      654.6      661.6      668.8      675.9      682.2      689.0      696.9

  Personal current transfer receipts.......    1,622.5    1,625.5    1,621.5    1,625.1    1,643.1    1,671.5    1,685.2    1,699.6
    Government social benefits to persons..    1,587.0    1,589.8    1,585.6    1,589.1    1,607.0    1,635.4    1,649.1    1,663.4
      Old-age, survivors, disability, and
       health insurance benefits...........      938.9      939.7      941.6      945.8      964.8      967.2      976.6      982.5
      Government unemployment insurance
       benefits............................       27.3       27.3       27.0       27.3       27.0       27.4       27.7       27.6
      Other................................      620.7      622.8      617.0      616.0      615.2      640.8      644.8      653.3
    Other current transfer receipts, from
     business (net)........................       35.5       35.7       35.9       36.1       36.1       36.1       36.1       36.2

  Less: Contributions for government social
   insurance...............................      944.2      948.0      953.4      956.6      961.7      981.4      985.8      991.5

Less: Personal current taxes...............    1,361.0    1,365.6    1,377.8    1,385.9    1,395.6    1,431.1    1,443.6    1,458.0

Equals: Disposable personal income.........    9,576.1    9,623.0    9,646.3    9,672.3    9,718.5    9,803.6    9,865.9    9,931.4

Less: Personal outlays.....................    9,716.0    9,718.1    9,749.0    9,785.5    9,855.1    9,913.9    9,984.8   10,010.7

  Personal consumption expenditures........    9,352.7    9,348.5    9,376.0    9,410.8    9,478.5    9,535.5    9,604.7    9,629.1
    Durable goods..........................    1,068.9    1,072.3    1,074.1    1,080.8    1,084.4    1,096.4    1,092.5    1,092.5
    Nondurable goods.......................    2,761.1    2,726.2    2,711.5    2,720.6    2,764.3    2,769.0    2,779.9    2,808.8
    Services...............................    5,522.6    5,550.0    5,590.4    5,609.4    5,629.7    5,670.2    5,732.4    5,727.8
  Personal interest payments\1\............      235.5      241.2      242.7      244.3      245.8      247.1      248.4      249.7
  Personal current transfer payments.......      127.8      128.3      130.2      130.5      130.8      131.3      131.6      131.9
    To government..........................       79.0       79.5       79.8       80.1       80.3       80.6       80.9       81.2
    To the rest of the world (net).........       48.8       48.8       50.5       50.5       50.5       50.8       50.8       50.8

Equals: Personal saving....................     -139.8      -95.0     -102.7     -113.2     -136.6     -110.3     -118.8      -79.3

  Personal saving as a percentage of
   disposable personal income..............       -1.5       -1.0       -1.1       -1.2       -1.4       -1.1       -1.2        -.8

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,294.2    8,361.4    8,401.2    8,422.8    8,435.1    8,493.5    8,513.0    8,531.7
    Per capita:
      Current dollars......................     31,914     32,042     32,091     32,151     32,280     32,538     32,725     32,920
      Chained (2000) dollars...............     27,641     27,841     27,949     27,998     28,017     28,190     28,237     28,280
  Population (midperiod, thousands)\3\.....    300,065    300,326    300,592    300,836    301,070    301,296    301,481    301,684
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                Table 2.--Personal Income and Its Disposition (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006      IV 05       I 06      II 06     III 06      IV 06       I 07
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,239.2   10,883.4   10,483.7   10,721.4   10,807.3   10,939.4   11,065.5   11,311.2

  Compensation of employees, received......    7,030.3    7,477.0    7,184.4    7,400.3    7,425.5    7,489.3    7,592.9    7,758.9

    Wage and salary disbursements..........    5,664.8    6,022.7    5,787.0    5,970.1    5,980.9    6,027.6    6,112.3    6,252.3
      Private industries...................    4,687.1    5,008.8    4,798.9    4,972.0    4,975.0    5,007.1    5,081.3    5,207.0
        Goods-producing industries.........    1,101.3    1,175.4    1,124.9    1,177.3    1,173.0    1,171.5    1,179.7    1,191.9
          Manufacturing....................      704.7      734.0      715.0      742.8      732.8      729.1      731.2      735.7
        Services-producing industries......    3,585.8    3,833.5    3,673.9    3,794.7    3,802.0    3,835.6    3,901.6    4,015.1
          Trade, transportation, and
           utilities.......................      937.2      993.7      954.9      983.6      990.8      995.6    1,004.8    1,014.0
          Other services-producing
           industries......................    2,648.5    2,839.7    2,719.0    2,811.0    2,811.2    2,840.0    2,896.7    3,001.1
      Government...........................      977.7    1,013.9      988.1      998.1    1,005.9    1,020.5    1,031.0    1,045.3

    Supplements to wages and salaries......    1,365.5    1,454.3    1,397.4    1,430.3    1,444.5    1,461.6    1,480.6    1,506.6
      Employer contributions for employee
       pension and insurance funds.........      933.2      992.7      956.1      971.6      985.7    1,000.1    1,013.6    1,026.9
      Employer contributions for government
       social insurance....................      432.3      461.5      441.3      458.7      458.9      461.5      467.0      479.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      970.7    1,015.1      996.8    1,008.3    1,011.9    1,014.8    1,025.3    1,037.5
    Farm...................................       30.2       22.6       28.7       23.9       17.5       21.7       27.3       31.7
    Nonfarm................................      940.4      992.5      968.1      984.4      994.3      993.2      998.0    1,005.8

  Rental income of persons with capital
   consumption adjustment..................       72.8       77.4       81.5       76.8       71.4       78.3       83.1       86.1

  Personal income receipts on assets.......    1,519.4    1,656.3    1,580.2    1,602.3    1,647.7    1,683.6    1,691.6    1,729.5
    Personal interest income...............      945.0    1,016.7      981.7      989.1    1,019.2    1,035.8    1,022.8    1,040.1
    Personal dividend income...............      574.4      639.6      598.5      613.2      628.5      647.8      668.8      689.4

  Personal current transfer receipts.......    1,526.6    1,602.2    1,539.8    1,570.4    1,589.7    1,618.6    1,629.9    1,685.4
    Government social benefits to persons..    1,480.9    1,566.9    1,500.8    1,536.0    1,554.7    1,583.1    1,593.9    1,649.3
      Old-age, survivors, disability, and
       health insurance benefits...........      844.9      931.4      854.6      909.9      928.1      936.7      950.7      975.4
      Government unemployment insurance
       benefits............................       31.3       27.3       31.6       27.8       27.0       27.3       27.1       27.6
      Other................................      604.6      608.3      614.5      598.3      599.6      619.1      616.1      646.3
    Other current transfer receipts, from
     business (net)........................       45.7       35.3       39.0       34.5       35.0       35.5       36.0       36.1

  Less: Contributions for government social
   insurance...............................      880.6      944.5      898.9      936.7      938.8      945.2      957.2      986.3

Less: Personal current taxes...............    1,203.1    1,360.6    1,247.6    1,332.6    1,361.0    1,362.5    1,386.5    1,444.3

Equals: Disposable personal income.........    9,036.1    9,522.8    9,236.1    9,388.8    9,446.2    9,577.0    9,679.0    9,867.0

Less: Personal outlays.....................    9,070.9    9,625.5    9,264.5    9,418.5    9,577.0    9,710.0    9,796.5    9,969.8

  Personal consumption expenditures........    8,742.4    9,268.9    8,927.8    9,079.2    9,228.1    9,346.7    9,421.8    9,589.8
    Durable goods..........................    1,033.1    1,070.3    1,019.6    1,064.1    1,061.8    1,075.5    1,079.8    1,093.8
    Nondurable goods.......................    2,539.3    2,714.9    2,613.5    2,658.2    2,721.4    2,747.7    2,732.1    2,785.9
    Services...............................    5,170.0    5,483.7    5,294.7    5,356.8    5,444.9    5,523.5    5,609.8    5,710.1
  Personal interest payments\1\............      209.4      230.3      214.9      218.5      222.9      235.5      244.3      248.4
  Personal current transfer payments.......      119.2      126.3      121.8      120.9      126.0      127.8      130.5      131.6
    To government..........................       72.0       78.0       74.2       75.7       77.3       79.0       80.0       80.9
    To the rest of the world (net).........       47.1       48.3       47.6       45.2       48.7       48.8       50.5       50.8

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

  Personal saving as a percentage of
   disposable personal income..............        -.4       -1.1        -.3        -.3       -1.4       -1.4       -1.2       -1.0

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,104.6    8,313.0    8,183.3    8,276.8    8,245.4    8,311.0    8,419.7    8,512.8
    Per capita:
      Current dollars......................     30,440     31,773     30,995     31,437     31,560     31,916     32,174     32,728
      Chained (2000) dollars...............     27,302     27,737     27,462     27,714     27,548     27,698     27,988     28,236
  Population (midperiod, thousands)\3\.....    296,852    299,715    297,985    298,651    299,312    300,064    300,833    301,487
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 06     Sep 06     Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       44.6       51.6       35.4       34.1       55.9      120.6       74.9       79.9

  Compensation of employees, received......       12.1       39.8       38.6       30.9       41.7       89.7       34.0       46.6

    Wage and salary disbursements..........        7.4       33.3       31.5       25.1       35.3       74.5       29.7       41.5
      Private industries...................        1.5       27.3       29.1       23.0       33.2       66.3       25.3       38.3
        Goods-producing industries.........        -.9        -.2        6.5         .9        4.6        4.0        1.5       11.5
          Manufacturing....................       -1.2       -1.9        4.0       -1.3        2.0         .8        1.4        5.7
        Services-producing industries......        2.4       27.5       22.6       22.1       28.6       62.4       23.7       26.8
          Trade, transportation, and
           utilities.......................       -1.3        3.9        2.4        6.2        1.5        3.4         .7        6.7
          Other services-producing
           industries......................        3.7       23.7       20.1       15.9       27.1       59.0       23.0       20.1
      Government...........................        5.9        6.0        2.4        2.1        2.0        8.3        4.4        3.2

    Supplements to wages and salaries......        4.8        6.4        7.1        5.8        6.5       15.0        4.4        5.2
      Employer contributions for employee
       pension and insurance funds.........        4.6        4.3        5.0        4.1        4.1        6.8        2.5        2.4
      Employer contributions for government
       social insurance....................         .2        2.1        2.1        1.7        2.3        8.4        1.8        2.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        7.3         .2        6.5        1.4        1.3        2.6       11.2        2.5
    Farm...................................        4.4        4.9        2.0         .2       -3.7        3.4        3.4        3.4
    Nonfarm................................        2.8       -4.7        4.5        1.2        4.9        -.7        7.8        -.9

  Rental income of persons with capital
   consumption adjustment..................        4.7        5.3        -.6         .7        -.4        1.3        1.5        2.2

  Personal income receipts on assets.......        6.8        7.1         .4         .6         .5       18.2       18.9       19.8
    Personal interest income...............         .1         .1       -6.5       -6.6       -6.6       12.0       11.9       12.0
    Personal dividend income...............        6.7        6.9        7.0        7.2        7.1        6.3        6.8        7.9

  Personal current transfer receipts.......       14.5        3.0       -4.0        3.6       18.0       28.4       13.7       14.4
    Government social benefits to persons..       14.4        2.8       -4.2        3.5       17.9       28.4       13.7       14.3
      Old-age, survivors, disability, and
       health insurance benefits...........        7.5         .8        1.9        4.2       19.0        2.4        9.4        5.9
      Government unemployment insurance
       benefits............................         .0         .0        -.3         .3        -.3         .4         .3        -.1
      Other................................        6.9        2.1       -5.8       -1.0        -.8       25.6        4.0        8.5
    Other current transfer receipts, from
     business (net)........................         .1         .2         .2         .2         .0         .0         .0         .1

  Less: Contributions for government social
   insurance...............................         .8        3.8        5.4        3.2        5.1       19.7        4.4        5.7

Less: Personal current taxes...............         .2        4.6       12.2        8.1        9.7       35.5       12.5       14.4

Equals: Disposable personal income.........       44.3       46.9       23.3       26.0       46.2       85.1       62.3       65.5

Less: Personal outlays.....................       20.0        2.1       30.9       36.5       69.6       58.8       70.9       25.9

  Personal consumption expenditures........       13.8       -4.2       27.5       34.8       67.7       57.0       69.2       24.4
    Durable goods..........................      -16.3        3.4        1.8        6.7        3.6       12.0       -3.9         .0
    Nondurable goods.......................        5.2      -34.9      -14.7        9.1       43.7        4.7       10.9       28.9
    Services...............................       24.8       27.4       40.4       19.0       20.3       40.5       62.2       -4.6
  Personal interest payments\1\............        5.6        5.7        1.5        1.6        1.5        1.3        1.3        1.3
  Personal current transfer payments.......         .6         .5        1.9         .3         .3         .5         .3         .3
    To government..........................         .6         .5         .3         .3         .2         .3         .3         .3
    To the rest of the world (net).........         .0         .0        1.7         .0         .0         .3         .0         .0

Equals: Personal saving....................       24.4       44.8       -7.7      -10.5      -23.4       26.3       -8.5       39.5

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       16.6       67.2       39.8       21.6       12.3       58.4       19.5       18.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                 Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006      IV 05       I 06      II 06     III 06      IV 06       I 07
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      507.8      644.2      221.0      237.7       85.9      132.1      126.1      245.7

  Compensation of employees, received......      365.0      446.7       90.8      215.9       25.2       63.8      103.6      166.0

    Wage and salary disbursements..........      272.7      357.9       71.8      183.1       10.8       46.7       84.7      140.0
      Private industries...................      236.8      321.7       64.3      173.1        3.0       32.1       74.2      125.7
        Goods-producing industries.........       50.5       74.1       11.0       52.4       -4.3       -1.5        8.2       12.2
          Manufacturing....................       16.7       29.3        5.3       27.8      -10.0       -3.7        2.1        4.5
        Services-producing industries......      186.3      247.7       53.2      120.8        7.3       33.6       66.0      113.5
          Trade, transportation, and
           utilities.......................       38.0       56.5        9.4       28.7        7.2        4.8        9.2        9.2
          Other services-producing
           industries......................      148.2      191.2       43.8       92.0         .2       28.8       56.7      104.4
      Government...........................       35.9       36.2        7.5       10.0        7.8       14.6       10.5       14.3

    Supplements to wages and salaries......       92.3       88.8       19.0       32.9       14.2       17.1       19.0       26.0
      Employer contributions for employee
       pension and insurance funds.........       67.1       59.5       14.0       15.5       14.1       14.4       13.5       13.3
      Employer contributions for government
       social insurance....................       25.2       29.2        5.0       17.4         .2        2.6        5.5       12.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       59.6       44.4       29.5       11.5        3.6        2.9       10.5       12.2
    Farm...................................       -6.0       -7.6       -1.0       -4.8       -6.4        4.2        5.6        4.4
    Nonfarm................................       65.5       52.1       30.4       16.3        9.9       -1.1        4.8        7.8

  Rental income of persons with capital
   consumption adjustment..................      -54.2        4.6       93.0       -4.7       -5.4        6.9        4.8        3.0

  Personal income receipts on assets.......       91.5      136.9       47.5       22.1       45.4       35.9        8.0       37.9
    Personal interest income...............       54.2       71.7       30.5        7.4       30.1       16.6      -13.0       17.3
    Personal dividend income...............       37.3       65.2       17.0       14.7       15.3       19.3       21.0       20.6

  Personal current transfer receipts.......      100.1       75.6      -29.2       30.6       19.3       28.9       11.3       55.5
    Government social benefits to persons..       82.5       86.0       11.6       35.2       18.7       28.4       10.8       55.4
      Old-age, survivors, disability, and
       health insurance benefits...........       53.5       86.5        6.1       55.3       18.2        8.6       14.0       24.7
      Government unemployment insurance
       benefits............................       -4.7       -4.0        1.4       -3.8        -.8         .3        -.2         .5
      Other................................       33.6        3.7        4.1      -16.2        1.3       19.5       -3.0       30.2
    Other current transfer receipts, from
     business (net)........................       17.6      -10.4      -40.8       -4.5         .5         .5         .5         .1

  Less: Contributions for government social
   insurance...............................       54.2       63.9       10.4       37.8        2.1        6.4       12.0       29.1

Less: Personal current taxes...............      153.3      157.5       32.6       85.0       28.4        1.5       24.0       57.8

Equals: Disposable personal income.........      354.5      486.7      188.4      152.7       57.4      130.8      102.0      188.0

Less: Personal outlays.....................      563.7      554.6       84.2      154.0      158.5      133.0       86.5      173.3

  Personal consumption expenditures........      530.9      526.5       80.5      151.4      148.9      118.6       75.1      168.0
    Durable goods..........................       46.8       37.2      -37.7       44.5       -2.3       13.7        4.3       14.0
    Nondurable goods.......................      194.1      175.6       28.6       44.7       63.2       26.3      -15.6       53.8
    Services...............................      289.9      313.7       89.6       62.1       88.1       78.6       86.3      100.3
  Personal interest payments\1\............       23.4       20.9         .3        3.6        4.4       12.6        8.8        4.1
  Personal current transfer payments.......        9.5        7.1        3.3        -.9        5.1        1.8        2.7        1.1
    To government..........................        5.2        6.0        1.5        1.5        1.6        1.7        1.0         .9
    To the rest of the world (net).........        4.2        1.2        1.8       -2.4        3.5         .1        1.7         .3

Equals: Personal saving....................     -209.1      -68.0      104.1       -1.2     -101.1       -2.2       15.5       14.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       93.8      208.4      109.2       93.5      -31.4       65.6      108.7       93.1
-----------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                   Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 06     Sep 06     Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................         .4         .5         .3         .3         .5        1.1         .7         .7
  Compensation of employees, received......         .2         .5         .5         .4         .5        1.2         .4         .6
    Wage and salary disbursements..........         .1         .6         .5         .4         .6        1.2         .5         .7
    Supplements to wages and salaries......         .3         .4         .5         .4         .4        1.0         .3         .3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .7         .0         .6         .1         .1         .3        1.1         .2
  Rental income of persons with capital
   consumption adjustment..................        6.4        6.8        -.8         .8        -.5        1.6        1.7        2.6
  Personal income receipts on assets.......         .4         .4         .0         .0         .0        1.1        1.1        1.1
    Personal interest income...............         .0         .0        -.6        -.6        -.6        1.2        1.2        1.1
    Personal dividend income...............        1.1        1.1        1.1        1.1        1.1         .9        1.0        1.1
  Personal current transfer receipts.......         .9         .2        -.2         .2        1.1        1.7         .8         .9

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

Less: Personal current taxes...............         .0         .3         .9         .6         .7        2.5         .9        1.0

Equals: Disposable personal income.........         .5         .5         .2         .3         .5         .9         .6         .7

Addenda:
  Personal consumption expenditures........         .1         .0         .3         .4         .7         .6         .7         .3
    Durable goods..........................       -1.5         .3         .2         .6         .3        1.1        -.4         .0
    Nondurable goods.......................         .2       -1.3        -.5         .3        1.6         .2         .4        1.0
    Services...............................         .5         .5         .7         .3         .4         .7        1.1        -.1
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........         .2         .8         .5         .3         .1         .7         .2         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006      IV 05       I 06      II 06     III 06      IV 06       I 07
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................        5.2        6.3        8.9        9.4        3.2        5.0        4.7        9.2
  Compensation of employees, received......        5.5        6.4        5.2       12.6        1.4        3.5        5.7        9.0
    Wage and salary disbursements..........        5.1        6.3        5.1       13.3         .7        3.2        5.7        9.5
    Supplements to wages and salaries......        7.3        6.5        5.6        9.7        4.1        4.8        5.3        7.2
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        6.5        4.6       12.7        4.7        1.4        1.2        4.2        4.9
  Rental income of persons with capital
   consumption adjustment..................      -42.7        6.3      .....      -21.2      -25.2       44.6       26.9       15.4
  Personal income receipts on assets.......        6.4        9.0       13.0        5.7       11.8        9.0        1.9        9.3
    Personal interest income...............        6.1        7.6       13.5        3.0       12.7        6.7       -4.9        7.0
    Personal dividend income...............        7.0       11.3       12.2       10.2       10.4       12.8       13.6       12.9
  Personal current transfer receipts.......        7.0        5.0       -7.3        8.2        5.0        7.5        2.8       14.3

  Less: Contributions for government social
   insurance...............................        6.6        7.3        4.8       17.9         .9        2.7        5.2       12.7

Less: Personal current taxes...............       14.6       13.1       11.2       30.2        8.8         .4        7.2       17.8

Equals: Disposable personal income.........        4.1        5.4        8.6        6.8        2.5        5.7        4.3        8.0

Addenda:
  Personal consumption expenditures........        6.5        6.0        3.7        7.0        6.7        5.2        3.3        7.3
    Durable goods..........................        4.7        3.6      -13.5       18.6        -.9        5.3        1.6        5.3
    Nondurable goods.......................        8.3        6.9        4.5        7.0        9.9        3.9       -2.2        8.1
    Services...............................        5.9        6.1        7.1        4.8        6.7        5.9        6.4        7.3
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........        1.2        2.6        5.5        4.6       -1.5        3.2        5.3        4.5
-----------------------------------------------------------------------------------------------------------------------------------

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 06     Sep 06     Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    8,100.7    8,122.8    8,165.8    8,195.1    8,226.8    8,261.2    8,287.6    8,272.0
  Durable goods............................    1,199.0    1,209.5    1,211.1    1,222.8    1,231.7    1,246.7    1,241.2    1,242.6
  Nondurable goods.........................    2,357.4    2,362.1    2,377.2    2,392.3    2,412.6    2,412.4    2,412.0    2,409.2
  Services.................................    4,566.4    4,575.4    4,600.4    4,605.3    4,609.9    4,631.7    4,661.0    4,647.8
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       -9.4       22.1       43.0       29.3       31.7       34.4       26.4      -15.6
  Durable goods............................      -19.0       10.5        1.6       11.7        8.9       15.0       -5.5        1.4
  Nondurable goods.........................       -3.5        4.7       15.1       15.1       20.3        -.2        -.4       -2.8
  Services.................................        8.3        9.0       25.0        4.9        4.6       21.8       29.3      -13.2
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        -.1         .3         .5         .4         .4         .4         .3        -.2
  Durable goods............................       -1.6         .9         .1        1.0         .7        1.2        -.4         .1
  Nondurable goods.........................        -.1         .2         .6         .6         .8         .0         .0        -.1
  Services.................................         .2         .2         .5         .1         .1         .5         .6        -.3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006      IV 05       I 06      II 06     III 06      IV 06       I 07
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,841.2    8,091.4    7,910.2    8,003.8    8,055.0    8,111.2    8,195.9    8,273.6
  Durable goods............................    1,145.3    1,202.9    1,137.9    1,190.5    1,190.3    1,208.8    1,221.9    1,243.5
  Nondurable goods.........................    2,276.8    2,362.0    2,309.6    2,342.8    2,351.1    2,360.1    2,394.0    2,411.2
  Services.................................    4,436.6    4,550.4    4,476.7    4,494.5    4,535.4    4,566.6    4,605.2    4,646.8
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      264.1      250.2       14.9       93.6       51.2       56.2       84.7       77.7
  Durable goods............................       59.6       57.6      -38.0       52.6        -.2       18.5       13.1       21.6
  Nondurable goods.........................       97.6       85.2       22.0       33.2        8.3        9.0       33.9       17.2
  Services.................................      112.7      113.8       22.2       17.8       40.9       31.2       38.6       41.6
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.5        3.2         .8        4.8        2.6        2.8        4.2        3.8
  Durable goods............................        5.5        5.0      -12.3       19.8        -.1        6.4        4.4        7.3
  Nondurable goods.........................        4.5        3.7        3.9        5.9        1.4        1.5        5.9        2.9
  Services.................................        2.6        2.6        2.0        1.6        3.7        2.8        3.4        3.7
-----------------------------------------------------------------------------------------------------------------------------------

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 06     Sep 06     Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    115.465    115.098    114.830    114.844    115.225    115.434    115.902    116.415
  Durable goods............................     89.145     88.659     88.677     88.383     88.038     87.934     88.017     87.916
  Nondurable goods.........................    117.143    115.434    114.081    113.740    114.600    114.798    115.271    116.602
  Services.................................    120.948    121.308    121.530    121.810    122.132    122.430    122.995    123.245
Addenda:
  PCE excluding food and energy............    112.369    112.565    112.757    112.808    112.948    113.200    113.571    113.627
  Market-based PCE\1\......................    114.131    113.652    113.281    113.286    113.683    113.882    114.384    114.938
  Market-based PCE excluding food
   and energy\1\...........................    110.062    110.233    110.389    110.435    110.547    110.794    111.190    111.205
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .3        -.3        -.2         .0         .3         .2         .4         .4
  Durable goods............................         .1        -.5         .0        -.3        -.4        -.1         .1        -.1
  Nondurable goods.........................         .3       -1.5       -1.2        -.3         .8         .2         .4        1.2
  Services.................................         .3         .3         .2         .2         .3         .2         .5         .2
Addenda:
  PCE excluding food and energy............         .3         .2         .2         .0         .1         .2         .3         .0
  Market-based PCE\1\......................         .2        -.4        -.3         .0         .4         .2         .4         .5
  Market-based PCE excluding food
   and energy\1\...........................         .2         .2         .1         .0         .1         .2         .4         .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 06     Sep 06     Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        4.4        2.9        3.2        2.9        2.6        2.9        2.8        2.9

Personal consumption expenditures..........        2.7        3.2        3.7        3.6        3.5        3.6        3.4        3.1
  Durable goods............................        3.3        7.1        9.2        7.1        6.0        4.3        5.1        4.0
  Nondurable goods.........................        3.0        3.0        2.8        3.8        4.4        3.0        2.8        3.0
  Services.................................        2.4        2.6        3.1        2.9        2.6        3.7        3.5        3.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Aug 06     Sep 06     Oct 06     Nov 06     Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        3.2        1.9        1.5        1.9        2.2        1.9        2.3        2.4
  Durable goods............................        -.7       -1.3       -1.3       -1.3       -1.6       -1.8       -1.5       -1.5
  Nondurable goods.........................        4.0         .3        -.5        1.1        2.1        1.3        1.9        2.3
  Services.................................        3.6        3.4        3.0        2.9        3.1        3.0        3.2        3.1
Addenda:
  PCE excluding food and energy............        2.4        2.4        2.3        2.1        2.1        2.2        2.4        2.1
  Market-based PCE\1\......................        3.1        1.6        1.1        1.6        2.0        1.7        2.1        2.3
  Market-based PCE excluding food
   and energy\1\...........................        2.1        2.1        2.0        1.9        1.9        2.0        2.3        2.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.