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News Release: Personal Income and Outlays

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EMBARGOED UNTIL RELEASE AT  8:30 A.M. EDT, TUESDAY, JULY 31, 2007

James E. Rankin:       (202) 606-5301  (Personal Income)      BEA 07-35
Michael Armah:               606-5302  (Personal Outlays)
Kurt Kunze:                  606-9748  (Annual Revision)

                                PERSONAL INCOME AND OUTLAYS:  JUNE 2007
                                REVISED ESTIMATES:  2004 THROUGH MAY 2007

        Personal income increased $51.7 billion, or 0.4 percent, and disposable personal income (DPI)
increased $42.1 billion, or 0.4 percent, in June, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $11.1 billion, or 0.1 percent.  In May, personal
income increased $50.5 billion, or 0.4 percent, DPI increased $41.1 billion, or 0.4 percent, and PCE
increased $62.5 billion, or 0.6 percent, based on revised estimates.


                                        2007
                                        Feb.            Mar.            Apr.            May              June
                                                        (Percent change from preceding month)
Personal income, current dollars        0.7             0.8             -0.2            0.4              0.4
Disposable personal income:
  Current dollars                       0.7             0.8             -0.3            0.4              0.4
  Chained (2000) dollars                0.4             0.3             -0.6           -0.1              0.3
Personal consumption expenditures:
  Current dollars                       0.6             0.2              0.6            0.6              0.1
  Chained (2000) dollars                0.3            -0.2              0.3            0.2              0.0


        The estimates released today reflect the annual revision to the national income and product
accounts, beginning with January 2004.  Annual revisions, which are usually released in July,
incorporate source data that are more complete, more detailed, and otherwise more reliable than those
previously available.  This release includes revised estimates of monthly personal income, disposable
personal income, and outlays and provides an overview of the effects of the revision.

        The August 2007 Survey of Current Business will contain national income and product accounts
tables and an article describing the revisions.  The revised estimates will be available from BEA's
Web site at www.bea.gov.

                                Wages and salaries

        Private wage and salary disbursements increased $29.1 billion in June, compared with an
increase of $23.4 billion in May.  Goods-producing industries' payrolls increased $5.1 billion,
compared with an increase of $4.7 billion; manufacturing payrolls increased $3.5 billion, compared
with an increase of $0.9 billion.   Services-producing industries' payrolls increased $23.9 billion,
compared with an increase of $18.8 billion.  Government wage and salary disbursements increased
$4.7 billion, compared with an increase of $3.7 billion.

                                Other personal income

        Supplements to wages and salaries increased $5.7 billion in June, compared with an increase of
$5.3 billion in May.

        Proprietors' income increased $3.8 billion in June, compared with an increase of $2.7 billion in
May.  Farm proprietors' income decreased $0.9 billion, compared with a decrease of $2.4 billion.
Nonfarm proprietors' income increased $4.7 billion, compared with an increase of $5.0 billion.

        Rental income of persons increased $3.0 billion in June, compared with an increase of $1.5
billion in May.  Personal income receipts on assets (personal interest income plus personal dividend
income) increased $8.8 billion, compared with an increase of $9.1 billion.  Personal current transfer
receipts increased $0.6 billion in June, compared with an increase of $8.2 billion in May.

        Contributions for government social insurance -- a subtraction in calculating personal income --
increased $4.2 billion in June, compared with an increase of $3.3 billion in May.

                                Personal current taxes and disposable personal income

        Personal current taxes increased $9.7 billion in June, compared with an increase $9.3 billion in
May.  Disposable personal income (DPI) -- personal income less personal current taxes -- increased
$42.1 billion, or 0.4 percent, in June, compared with an increase of $41.1 billion, or 0.4 percent, in
May.

                                Personal outlays and personal saving

        Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $16.4 billion in June, compared with an increase of $67.9 billion in May.  PCE increased
$11.1 billion, compared with an increase of $62.5 billion.

        Personal saving -- DPI less personal outlays -- was $64.0 billion in June, compared with $38.5
billion in May.  Personal saving as a percentage of disposable personal income was 0.6 percent in
June, compared with 0.4 percent in May.  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, 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 0.3 percent in June, in contrast
to a decrease of 0.1 percent in May.

        Real PCE -- PCE adjusted to remove price changes -- decreased less than 0.1 percent in June,
in contrast to an increase of 0.2 percent in May.  Purchases of durable goods decreased 1.6 percent,
in contrast to an increase of 1.7 percent.  Purchases of motor vehicles and parts accounted for about
half of the decrease in June.  Purchases of nondurable goods increased less than 0.1 percent in June,
compared with an increase of 0.2 percent in May.  Purchases of services increased 0.2 percent, in
contrast to a decrease of 0.1 percent.

        PCE price index -- The PCE price index increased 0.1 percent in June, compared with an
increase of 0.5 percent in May.  The PCE price index, excluding food and energy, increased 0.1
percent in June, the same increase as in May.

                                Revision of the Personal Income and Outlays Estimates

        Personal income, personal outlays, DPI, and personal saving are revised, beginning with
January 2004 to reflect the results of the annual revision in the national income and product accounts
(NIPAs) released last week.  The NIPAs usually are revised each July to incorporate newly available
and more comprehensive source data, as well as improved estimating methodologies.

        The revised annual revisions to the estimates of personal income and outlays for 2004-2006
are shown in table 12.  Revised and previously published monthly estimates of personal income,
DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in table 13;
revised and previously published annual and quarterly estimates are shown in table 14.

        Personal income was revised down $4.2 billion, or less than 0.1 percent, for 2004; was
revised up $61.9 billion, or 0.6 percent, for 2005; and was revised up $92.2 billion, or 0.8 percent,
for 2006.  For 2004, a downward revision to rental income of persons was partly offset by an
upward revision to compensation of employees.  For 2005, large upward revisions to personal
interest income and to personal dividend income were partly offset by a large downward revision to
rental income of persons.  For 2006, large upward revisions to personal interest income and to
personal dividend income were partly offset by downward revisions to compensation of employees,
to rental income of persons, and to proprietors' income.  Within compensation of employees,
supplements to wages and salaries accounted for most of the downward revision, although wage and
salary disbursements was also revised down.  In addition, contributions for government social
insurance, which are subtracted in the calculation of personal income, was revised down.

   Disposable personal income (DPI) was revised down $0.7 billion, or less than 0.1 percent, for
2004; was revised up $55.9 billion, or 0.6 percent, for 2005; and was revised up $100.0 billion, or
1.0 percent, for 2006.  The revisions were roughly similar to those to personal income, reflecting
small revisions to personal current taxes.  Personal current taxes was revised down $3.5 billion for
2004; was revised up $6.0 billion for 2005, and was revised down $7.8 billion for 2006.  The percent
change from the preceding year in real DPI was unrevised at 3.6 percent for 2004, was revised up
from 1.2 percent to 1.7 percent for 2005, and was revised up from 2.6 percent to 3.1 percent for
                                2006.

        Personal outlays was revised down for all 3 years:  $8.0 billion for 2004, $23.5 billion for
2005, and $35.2 billion for 2006.  Downward revisions to PCE more than accounted for the
revisions for all 3 years.  The personal saving rate was revised up from 2.0 percent to 2.1 percent for
2004, was revised up from negative 0.4 percent to positive 0.5 percent for 2005, and was revised up
from negative 1.0 percent to positive 0.4 percent for 2006.

        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 July will be released on
August 31, 2007, at 8:30 A.M. EDT.

                                            Table 1.--Personal Income and Its Disposition (Months)
                                      [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------------
                                              Dec 03   Jan 04   Feb 04   Mar 04   Apr 04   May 04   Jun 04   Jul 04   Aug 04   Sep 04   Oct 04
----------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................  9,389.0  9,434.4  9,486.6  9,527.3  9,575.8  9,641.1  9,671.9  9,720.2  9,789.2  9,803.5  9,886.7

  Compensation of employees, received......  6,444.9  6,484.3  6,512.4  6,530.6  6,579.6  6,629.9  6,644.9  6,698.0  6,733.5  6,772.7  6,810.7

    Wage and salary disbursements..........  5,217.2  5,240.9  5,263.9  5,277.8  5,319.4  5,362.2  5,372.0  5,417.7  5,446.3  5,479.5  5,510.3
      Private industries...................  4,302.5  4,313.5  4,332.9  4,341.4  4,375.2  4,421.4  4,430.2  4,473.5  4,499.7  4,531.2  4,559.5
        Goods-producing industries.........  1,029.8  1,017.7  1,017.1  1,019.0  1,031.3  1,044.4  1,045.5  1,058.0  1,066.3  1,070.7  1,072.6
          Manufacturing....................    682.1    670.3    668.5    667.0    676.2    684.6    683.4    694.2    699.6    701.3    700.3
        Services-producing industries......  3,272.7  3,295.8  3,315.9  3,322.4  3,343.9  3,377.0  3,384.6  3,415.5  3,433.4  3,460.5  3,486.9
          Trade, transportation, and
           utilities.......................    868.5    874.6    878.6    879.3    887.9    893.4    895.8    902.2    905.1    912.1    918.3
          Other services-producing
           industries......................  2,404.3  2,421.1  2,437.3  2,443.2  2,456.1  2,483.6  2,488.8  2,513.3  2,528.3  2,548.5  2,568.6
      Government...........................    914.7    927.4    930.9    936.4    944.2    940.8    941.8    944.2    946.7    948.2    950.9

    Supplements to wages and salaries......  1,227.7  1,243.4  1,248.5  1,252.7  1,260.2  1,267.8  1,272.9  1,280.3  1,287.2  1,293.2  1,300.3
      Employer contributions for employee
       pension and insurance funds.........    838.3    845.4    848.7    852.1    857.1    861.4    865.8    870.3    875.2    879.2    884.3
      Employer contributions for government
       social insurance....................    389.4    398.0    399.8    400.7    403.1    406.4    407.1    409.9    412.0    414.0    416.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    850.9    858.9    876.9    902.2    900.1    909.8    916.2    916.5    915.2    910.5    937.1
    Farm...................................     33.6     38.8     40.6     41.4     40.4     39.7     38.7     35.0     32.6     31.4     37.1
    Nonfarm................................    817.2    820.1    836.3    860.8    859.7    870.1    877.5    881.5    882.6    879.1    899.9

  Rental income of persons with capital
   consumption adjustment..................    157.8    145.7    140.7    134.8    129.7    125.7    122.6    124.0    116.0     76.4    107.4

  Personal income receipts on assets.......  1,350.6  1,356.0  1,359.5  1,363.9  1,372.7  1,383.8  1,396.5  1,408.9  1,420.1  1,431.5  1,446.0
    Personal interest income...............    901.8    894.1    887.6    882.4    883.4    885.5    888.7    891.8    894.0    896.4    900.7
    Personal dividend income...............    448.8    461.9    471.9    481.5    489.3    498.4    507.8    517.1    526.1    535.1    545.3

  Personal current transfer receipts.......  1,377.2  1,397.2  1,408.5  1,408.9  1,411.8  1,416.4  1,417.7  1,404.8  1,440.4  1,452.8  1,430.0
    Government social benefits to persons..  1,347.6  1,370.9  1,383.6  1,384.8  1,388.5  1,393.7  1,395.6  1,383.3  1,404.2  1,401.1  1,409.0
      Old-age, survivors, disability, and
       health insurance benefits...........    760.8    769.9    778.4    779.2    781.3    783.2    785.2    781.2    796.8    793.1    797.8
      Government unemployment insurance
       benefits............................     51.7     44.9     43.3     39.6     34.9     36.7     35.4     33.0     35.7     32.0     32.4
      Other................................    535.1    556.2    562.0    566.1    572.3    573.9    574.9    569.0    571.8    576.0    578.8
    Other current transfer receipts, from
     business (net)........................     29.7     26.3     24.9     24.1     23.3     22.7     22.1     21.6     36.2     51.7     21.0

  Less: Contributions for government social
   insurance...............................    792.4    807.8    811.4    813.2    818.2    824.6    826.0    832.0    836.0    840.3    844.4

Less: Personal current taxes...............  1,018.1  1,005.6  1,008.5  1,010.2  1,016.4  1,025.6  1,031.3  1,050.3  1,061.7  1,074.2  1,082.6

Equals: Disposable personal income.........  8,370.9  8,428.8  8,478.1  8,517.1  8,559.3  8,615.5  8,640.6  8,669.8  8,727.4  8,729.4  8,804.1

Less: Personal outlays.....................  8,173.9  8,265.1  8,287.8  8,345.7  8,373.8  8,478.3  8,446.6  8,518.1  8,535.6  8,607.4  8,667.7

  Personal consumption expenditures........  7,885.3  7,975.3  7,998.3  8,056.7  8,079.9  8,180.2  8,144.7  8,213.0  8,227.0  8,295.3  8,353.3
    Durable goods..........................    955.7    959.6    968.3    980.8    972.1    997.6    954.8    985.5    972.9  1,002.4    996.9
    Nondurable goods.......................  2,232.2  2,272.5  2,267.8  2,312.3  2,298.4  2,342.8  2,341.9  2,347.3  2,347.6  2,365.7  2,407.9
    Services...............................  4,697.4  4,743.1  4,762.1  4,763.5  4,809.4  4,839.8  4,848.1  4,880.3  4,906.4  4,927.2  4,948.4
  Personal interest payments\1\............    181.9    181.6    180.5    179.1    182.8    186.2    189.4    192.1    195.0    198.0    201.0
  Personal current transfer payments.......    106.8    108.3    109.1    109.8    111.2    111.8    112.5    113.0    113.6    114.1    113.3
    To government..........................     63.7     65.2     66.1     66.8     67.5     68.1     68.8     69.4     70.0     70.5     71.1
    To the rest of the world (net).........     43.1     43.0     43.0     43.0     43.7     43.7     43.7     43.6     43.6     43.6     42.2

Equals: Personal saving....................    197.0    163.7    190.2    171.4    185.5    137.2    193.9    151.8    191.8    122.0    136.4

  Personal saving as a percentage of
   disposable personal income..............      2.4      1.9      2.2      2.0      2.2      1.6      2.2      1.8      2.2      1.4      1.5

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  7,867.8  7,892.6  7,910.1  7,923.3  7,945.7  7,959.3  7,960.3  7,982.6  8,030.5  8,023.4  8,051.5
    Per capita:
      Current dollars......................   28,606   28,785   28,934   29,046   29,167   29,336   29,397   29,470   29,639   29,619   29,846
      Chained (2000) dollars...............   26,887   26,954   26,996   27,021   27,076   27,101   27,082   27,134   27,272   27,224   27,295
  Population (midperiod, thousands)\3\.....  292,626  292,816  293,011  293,226  293,455  293,687  293,930  294,189  294,455  294,722  294,981
----------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                      Table 1.--Personal Income and Its Disposition (Months)--Continued
                                      [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------------
                                              Nov 04   Dec 04   Jan 05   Feb 05   Mar 05   Apr 05   May 05   Jun 05   Jul 05   Aug 05   Sep 05
----------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................  9,917.8 10,272.0 10,032.3 10,074.6 10,115.4 10,189.5 10,225.3 10,287.5 10,363.0 10,150.8 10,472.0

  Compensation of employees, received......  6,815.2  6,845.1  6,877.3  6,889.4  6,904.6  6,944.1  6,954.1  6,985.6  7,066.0  7,082.9  7,116.6

    Wage and salary disbursements..........  5,509.8  5,534.3  5,551.3  5,558.0  5,568.1  5,601.4  5,607.3  5,633.4  5,703.2  5,715.2  5,742.8
      Private industries...................  4,557.1  4,581.1  4,582.7  4,586.6  4,595.1  4,626.0  4,630.1  4,654.3  4,721.4  4,731.3  4,756.1
        Goods-producing industries.........  1,071.5  1,076.8  1,075.7  1,076.0  1,075.1  1,082.1  1,085.1  1,091.4  1,108.5  1,115.5  1,115.8
          Manufacturing....................    697.3    700.5    700.8    698.9    695.3    698.6    699.6    701.3    709.3    711.9    708.6
        Services-producing industries......  3,485.6  3,504.3  3,507.0  3,510.6  3,520.0  3,543.9  3,545.0  3,562.9  3,612.9  3,615.8  3,640.3
          Trade, transportation, and
           utilities.......................    916.6    919.3    920.8    920.3    922.4    931.7    930.1    932.6    945.4    943.3    945.3
          Other services-producing
           industries......................  2,569.1  2,585.0  2,586.2  2,590.2  2,597.6  2,612.2  2,614.9  2,630.3  2,667.5  2,672.6  2,695.0
      Government...........................    952.6    953.2    968.6    971.4    973.0    975.4    977.2    979.0    981.8    983.8    986.7

    Supplements to wages and salaries......  1,305.4  1,310.8  1,326.0  1,331.4  1,336.5  1,342.6  1,346.8  1,352.2  1,362.8  1,367.8  1,373.8
      Employer contributions for employee
       pension and insurance funds.........    889.5    893.5    903.8    909.0    913.7    917.7    921.5    925.5    931.3    935.5    940.0
      Employer contributions for government
       social insurance....................    415.9    417.3    422.2    422.4    422.8    425.0    425.3    426.7    431.6    432.3    433.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    943.8    952.5    945.2    946.5    954.6    962.8    967.9    982.7    983.3    925.3    992.6
    Farm...................................     36.8     35.5     30.9     29.7     29.8     33.6     34.2     34.2     32.7     29.4     30.6
    Nonfarm................................    907.0    917.0    914.3    916.8    924.8    929.2    933.7    948.4    950.6    895.9    962.1

  Rental income of persons with capital
   consumption adjustment..................    101.5     96.1     92.3     87.5     83.1     78.8     74.5     70.2     64.1   -264.2     50.6

  Personal income receipts on assets.......  1,463.9  1,782.4  1,508.3  1,527.8  1,546.8  1,567.9  1,590.1  1,612.2  1,628.5  1,644.1  1,659.2
    Personal interest income...............    911.1    925.2    949.1    964.9    977.9    989.8  1,004.5  1,018.9  1,026.8  1,034.0  1,040.6
    Personal dividend income...............    552.8    857.3    559.2    562.9    568.9    578.1    585.6    593.3    601.7    610.1    618.6

  Personal current transfer receipts.......  1,437.8  1,443.6  1,469.3  1,484.2  1,488.3  1,502.4  1,505.8  1,507.3  1,500.9  1,643.8  1,537.3
    Government social benefits to persons..  1,416.7  1,421.6  1,445.5  1,459.5  1,463.0  1,476.9  1,480.0  1,481.2  1,474.5  1,496.7  1,502.2
      Old-age, survivors, disability, and
       health insurance benefits...........    802.5    808.1    819.6    832.3    833.4    840.4    841.7    845.9    847.5    851.7    852.7
      Government unemployment insurance
       benefits............................     33.3     30.8     33.6     32.0     31.4     30.9     32.0     29.9     30.6     31.1     30.0
      Other................................    580.8    582.7    592.3    595.2    598.2    605.6    606.3    605.4    596.4    613.9    619.5
    Other current transfer receipts, from
     business (net)........................     21.2     22.0     23.9     24.7     25.3     25.5     25.8     26.1     26.4    147.0     35.0

  Less: Contributions for government social
   insurance...............................    844.5    847.6    860.1    860.8    862.0    866.4    867.1    870.3    879.7    881.1    884.3

Less: Personal current taxes...............  1,089.3  1,100.1  1,158.8  1,166.3  1,174.2  1,188.1  1,194.5  1,203.9  1,215.7  1,222.4  1,232.3

Equals: Disposable personal income.........  8,828.6  9,171.9  8,873.5  8,908.3  8,941.3  9,001.4  9,030.8  9,083.6  9,147.4  8,928.3  9,239.7

Less: Personal outlays.....................  8,706.4  8,757.7  8,771.4  8,824.5  8,861.2  8,945.3  8,935.5  9,031.5  9,130.4  9,134.7  9,196.7

  Personal consumption expenditures........  8,389.0  8,437.7  8,442.6  8,494.2  8,529.5  8,611.5  8,597.2  8,689.2  8,787.9  8,791.4  8,852.4
    Durable goods..........................    997.1  1,018.2  1,000.8  1,009.1  1,019.1  1,051.8  1,005.2  1,050.9  1,096.6  1,032.7  1,003.1
    Nondurable goods.......................  2,410.6  2,409.5  2,415.2  2,442.5  2,438.6  2,485.7  2,478.2  2,489.1  2,513.1  2,552.2  2,605.8
    Services...............................  4,981.4  5,010.0  5,026.6  5,042.6  5,071.7  5,074.0  5,113.8  5,149.1  5,178.2  5,206.5  5,243.5
  Personal interest payments\1\............    203.6    205.8    207.2    208.3    209.3    213.6    217.6    221.4    221.9    222.4    223.0
  Personal current transfer payments.......    113.8    114.2    121.6    122.0    122.4    120.2    120.6    121.0    120.6    121.0    121.3
    To government..........................     71.6     72.0     72.5     72.9     73.2     73.7     74.0     74.4     74.8     75.1     75.5
    To the rest of the world (net).........     42.2     42.2     49.2     49.2     49.2     46.6     46.6     46.6     45.8     45.8     45.8

Equals: Personal saving....................    122.1    414.1    102.1     83.8     80.1     56.1     95.3     52.1     17.0   -206.4     43.0

  Personal saving as a percentage of
   disposable personal income..............      1.4      4.5      1.2       .9       .9       .6      1.1       .6       .2     -2.3       .5

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  8,055.4  8,369.1  8,085.9  8,092.7  8,091.0  8,114.4  8,132.0  8,176.2  8,199.4  7,971.3  8,174.9
    Per capita:
      Current dollars......................   29,904   31,043   30,011   30,109   30,198   30,377   30,451   30,604   30,792   30,027   31,047
      Chained (2000) dollars...............   27,286   28,326   27,348   27,352   27,326   27,383   27,421   27,547   27,601   26,809   27,469
  Population (midperiod, thousands)\3\.....  295,225  295,460  295,671  295,871  296,092  296,326  296,563  296,812  297,074  297,339  297,606
----------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                      Table 1.--Personal Income and Its Disposition (Months)--Continued
                                      [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------------
                                              Oct 05   Nov 05   Dec 05   Jan 06   Feb 06   Mar 06   Apr 06   May 06   Jun 06   Jul 06   Aug 06
----------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,518.1 10,558.4 10,625.8 10,749.5 10,787.5 10,824.4 10,873.9 10,893.9 10,978.6 10,987.7 11,028.0

  Compensation of employees, received......  7,128.2  7,148.7  7,197.9  7,314.7  7,359.9  7,371.6  7,370.9  7,338.6  7,406.1  7,414.4  7,432.0

    Wage and salary disbursements..........  5,752.3  5,768.9  5,812.6  5,916.3  5,956.0  5,964.5  5,960.2  5,927.4  5,987.5  5,993.0  6,006.0
      Private industries...................  4,764.0  4,777.6  4,818.1  4,915.5  4,951.1  4,956.9  4,949.7  4,913.8  4,970.2  4,971.2  4,979.0
        Goods-producing industries.........  1,117.1  1,116.2  1,125.6  1,154.6  1,164.9  1,164.3  1,156.0  1,151.0  1,160.7  1,156.0  1,158.0
          Manufacturing....................    710.0    705.3    709.9    728.2    735.7    734.9    726.8    722.4    720.8    723.0    724.7
        Services-producing industries......  3,646.9  3,661.5  3,692.5  3,760.8  3,786.2  3,792.6  3,793.7  3,762.8  3,809.4  3,815.1  3,821.0
          Trade, transportation, and
           utilities.......................    945.6    950.3    956.8    967.5    973.0    974.7    981.3    974.9    986.5    983.7    983.9
          Other services-producing
           industries......................  2,701.3  2,711.1  2,735.7  2,793.3  2,813.2  2,817.9  2,812.4  2,787.9  2,822.9  2,831.4  2,837.2
      Government...........................    988.3    991.3    994.5  1,000.9  1,004.9  1,007.6  1,010.5  1,013.6  1,017.4  1,021.8  1,026.9

    Supplements to wages and salaries......  1,375.9  1,379.8  1,385.4  1,398.4  1,403.9  1,407.2  1,410.6  1,411.2  1,418.6  1,421.4  1,426.0
      Employer contributions for employee
       pension and insurance funds.........    941.6    944.7    947.5    952.2    955.3    958.2    962.2    965.4    968.8    971.4    975.5
      Employer contributions for government
       social insurance....................    434.3    435.1    437.9    446.2    448.6    448.9    448.4    445.8    449.8    450.0    450.5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    991.5    991.1    995.3    998.9    994.9  1,006.3  1,011.3  1,018.6  1,010.7  1,002.9  1,007.0
    Farm...................................     30.0     28.3     26.2     23.2     20.7     18.5     15.2     14.2     14.3     16.6     18.0
    Nonfarm................................    961.5    962.8    969.1    975.8    974.2    987.8    996.1  1,004.3    996.4    986.3    989.0

  Rental income of persons with capital
   consumption adjustment..................     54.2     61.5     62.1     60.6     58.3     58.0     57.0     55.7     53.3     52.8     52.7

  Personal income receipts on assets.......  1,687.2  1,710.4  1,730.8  1,722.4  1,724.3  1,730.0  1,768.4  1,796.3  1,822.3  1,821.9  1,827.8
    Personal interest income...............  1,059.9  1,074.2  1,085.8  1,069.7  1,064.6  1,062.7  1,093.5  1,113.7  1,131.0  1,122.1  1,119.3
    Personal dividend income...............    627.4    636.2    645.0    652.7    659.8    667.3    674.8    682.7    691.4    699.8    708.4

  Personal current transfer receipts.......  1,542.6  1,533.9  1,532.3  1,567.5  1,570.4  1,579.7  1,587.0  1,600.5  1,609.8  1,620.2  1,634.3
    Government social benefits to persons..  1,504.7  1,507.1  1,505.6  1,541.6  1,544.7  1,554.2  1,561.5  1,574.7  1,583.6  1,593.4  1,606.9
      Old-age, survivors, disability, and
       health insurance benefits...........    855.8    856.5    866.3    907.8    917.7    926.6    930.8    939.7    949.8    947.7    958.2
      Government unemployment insurance
       benefits............................     33.6     31.0     30.0     32.1     29.7     28.6     30.5     29.6     27.5     31.1     29.2
      Other................................    615.4    619.7    609.3    601.7    597.3    599.0    600.2    605.4    606.3    614.6    619.5
    Other current transfer receipts, from
     business (net)........................     37.8     26.8     26.6     25.9     25.7     25.5     25.5     25.8     26.2     26.8     27.4

  Less: Contributions for government social
   insurance...............................    885.5    887.3    892.6    914.7    920.4    921.2    920.6    915.9    923.7    924.5    925.7

Less: Personal current taxes...............  1,240.8  1,249.4  1,262.9  1,306.6  1,320.2  1,329.0  1,338.2  1,338.0  1,351.5  1,347.9  1,352.7

Equals: Disposable personal income.........  9,277.3  9,309.0  9,362.9  9,442.9  9,467.3  9,495.5  9,535.7  9,555.9  9,627.1  9,639.8  9,675.3

Less: Personal outlays.....................  9,233.7  9,233.5  9,269.8  9,341.9  9,389.7  9,420.5  9,497.0  9,549.7  9,582.1  9,673.3  9,680.4

  Personal consumption expenditures........  8,887.7  8,887.2  8,923.2  8,995.0  9,040.3  9,068.8  9,139.2  9,190.6  9,221.8  9,307.9  9,309.1
    Durable goods..........................    987.2  1,007.2  1,022.8  1,049.7  1,035.7  1,042.4  1,049.1  1,037.5  1,041.7  1,063.3  1,045.4
    Nondurable goods.......................  2,631.0  2,575.6  2,567.2  2,622.0  2,619.8  2,624.6  2,674.0  2,700.2  2,702.4  2,743.8  2,747.9
    Services...............................  5,269.5  5,304.4  5,333.3  5,323.3  5,384.8  5,401.9  5,416.2  5,452.8  5,477.7  5,500.8  5,515.7
  Personal interest payments\1\............    222.6    222.5    222.6    225.0    227.2    229.1    230.2    231.0    231.7    236.8    242.2
  Personal current transfer payments.......    123.4    123.8    124.1    121.9    122.2    122.6    127.6    128.0    128.5    128.6    129.1
    To government..........................     75.8     76.2     76.5     76.5     76.9     77.2     77.7     78.1     78.6     79.1     79.6
    To the rest of the world (net).........     47.6     47.6     47.6     45.3     45.3     45.3     49.9     49.9     49.9     49.5     49.5

Equals: Personal saving....................     43.6     75.5     93.1    101.0     77.6     74.9     38.7      6.3     45.0    -33.5     -5.0

  Personal saving as a percentage of
   disposable personal income..............       .5       .8      1.0      1.1       .8       .8       .4       .1       .5      -.3      -.1

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  8,189.6  8,248.7  8,299.9  8,333.3  8,348.4  8,351.1  8,345.5  8,327.6  8,372.6  8,358.3  8,368.6
    Per capita:
      Current dollars......................   31,146   31,227   31,383   31,629   31,690   31,761   31,871   31,914   32,125   32,140   32,230
      Chained (2000) dollars...............   27,495   27,670   27,820   27,913   27,945   27,934   27,893   27,812   27,939   27,867   27,877
  Population (midperiod, thousands)\3\.....  297,864  298,108  298,343  298,551  298,747  298,964  299,194  299,429  299,674  299,933  300,195
----------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                  Table 1.--Personal Income and Its Disposition (Months)--Continued
                                  [Billions of dollars; months seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
                                              Sep 06   Oct 06   Nov 06   Dec 06   Jan 07   Feb 07   Mar 07   Apr 07   May 07 Jun 07\p\
-------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 11,077.0 11,140.4 11,187.3 11,272.9 11,401.1 11,480.4 11,570.9 11,547.5 11,598.0 11,649.7

  Compensation of employees, received......  7,481.2  7,556.4  7,596.9  7,646.4  7,743.6  7,778.4  7,830.3  7,807.5  7,839.9  7,879.5

    Wage and salary disbursements..........  6,048.6  6,115.7  6,150.2  6,193.0  6,276.9  6,306.1  6,351.3  6,326.2  6,353.4  6,387.1
      Private industries...................  5,016.2  5,080.6  5,113.0  5,153.6  5,229.2  5,253.9  5,296.2  5,266.8  5,290.2  5,319.3
        Goods-producing industries.........  1,161.4  1,185.4  1,189.5  1,199.2  1,204.2  1,205.8  1,216.1  1,219.6  1,224.3  1,229.4
          Manufacturing....................    725.4    741.3    741.2    747.4    747.2    749.3    754.0    756.7    757.6    761.1
        Services-producing industries......  3,854.8  3,895.3  3,923.4  3,954.4  4,025.0  4,048.1  4,080.1  4,047.2  4,066.0  4,089.9
          Trade, transportation, and
           utilities.......................    989.7    996.1  1,004.2  1,006.3  1,013.7  1,015.5  1,021.7  1,022.4  1,026.5  1,032.6
          Other services-producing
           industries......................  2,865.1  2,899.2  2,919.3  2,948.1  3,011.3  3,032.7  3,058.4  3,024.9  3,039.5  3,057.3
      Government...........................  1,032.4  1,035.1  1,037.3  1,039.4  1,047.7  1,052.1  1,055.1  1,059.4  1,063.1  1,067.8

    Supplements to wages and salaries......  1,432.6  1,440.7  1,446.7  1,453.5  1,466.8  1,472.3  1,479.1  1,481.3  1,486.6  1,492.3
      Employer contributions for employee
       pension and insurance funds.........    979.4    982.8    986.7    990.6    995.7    999.3  1,002.7  1,007.3  1,010.9  1,014.6
      Employer contributions for government
       social insurance....................    453.2    457.9    459.9    462.9    471.1    473.0    476.4    474.0    475.7    477.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................  1,001.0  1,002.8  1,007.1  1,019.4  1,019.8  1,029.6  1,032.9  1,032.1  1,034.8  1,038.6
    Farm...................................     19.7     22.7     24.1     25.0     27.2     29.5     30.5     27.6     25.2     24.3
    Nonfarm................................    981.3    980.0    982.9    994.5    992.6  1,000.1  1,002.3  1,004.5  1,009.5  1,014.2

  Rental income of persons with capital
   consumption adjustment..................     53.1     51.6     51.1     50.0     51.2     53.0     55.4     56.4     57.9     60.9

  Personal income receipts on assets.......  1,834.6  1,835.8  1,836.6  1,837.2  1,859.5  1,882.5  1,906.6  1,915.7  1,924.8  1,933.6
    Personal interest income...............  1,117.6  1,110.4  1,102.7  1,095.3  1,110.7  1,126.1  1,141.5  1,142.3  1,143.1  1,143.9
    Personal dividend income...............    717.1    725.5    733.9    741.9    748.8    756.4    765.0    773.4    781.7    789.7

  Personal current transfer receipts.......  1,637.4  1,634.0  1,639.7  1,669.5  1,696.4  1,710.4  1,725.3  1,711.4  1,719.6  1,720.2
    Government social benefits to persons..  1,609.3  1,605.0  1,610.0  1,639.1  1,668.8  1,682.8  1,697.6  1,683.7  1,691.8  1,692.4
      Old-age, survivors, disability, and
       health insurance benefits...........    962.3    963.0    966.9    986.2    990.0  1,000.5  1,007.8  1,010.2  1,022.7  1,027.4
      Government unemployment insurance
       benefits............................     29.8     30.9     28.9     31.2     31.6     31.9     31.9     31.9     31.6     31.6
      Other................................    617.3    611.0    614.2    621.8    647.3    650.3    657.9    641.5    637.5    633.4
    Other current transfer receipts, from
     business (net)........................     28.1     29.0     29.6     30.4     27.6     27.6     27.7     27.7     27.8     27.9

  Less: Contributions for government social
   insurance...............................    930.3    940.2    944.0    949.7    969.4    973.5    979.6    975.7    979.0    983.2

Less: Personal current taxes...............  1,364.9  1,384.7  1,399.8  1,418.6  1,446.5  1,458.2  1,472.5  1,477.2  1,486.5  1,496.2

Equals: Disposable personal income.........  9,712.1  9,755.7  9,787.5  9,854.4  9,954.6 10,022.2 10,098.4 10,070.3 10,111.4 10,153.5

Less: Personal outlays.....................  9,677.7  9,712.4  9,739.1  9,820.0  9,878.8  9,927.9  9,945.7 10,005.1 10,073.0 10,089.4

  Personal consumption expenditures........  9,300.1  9,331.3  9,355.7  9,434.2  9,497.5  9,550.8  9,573.0  9,626.5  9,689.0  9,700.1
    Durable goods..........................  1,052.8  1,051.7  1,053.3  1,064.4  1,075.6  1,072.7  1,073.6  1,069.1  1,085.8  1,068.8
    Nondurable goods.......................  2,705.4  2,688.6  2,689.2  2,738.5  2,741.1  2,751.0  2,786.1  2,793.8  2,834.1  2,833.8
    Services...............................  5,541.9  5,591.0  5,613.1  5,631.3  5,680.8  5,727.1  5,713.4  5,763.6  5,769.1  5,797.5
  Personal interest payments\1\............    248.0    249.9    251.6    253.3    248.3    243.3    238.3    243.0    247.8    252.6
  Personal current transfer payments.......    129.6    131.2    131.8    132.5    133.0    133.7    134.4    135.5    136.1    136.7
    To government..........................     80.1     80.6     81.2     81.8     82.7     83.4     84.1     84.7     85.3     85.9
    To the rest of the world (net).........     49.5     50.6     50.6     50.6     50.4     50.4     50.4     50.8     50.8     50.8

Equals: Personal saving....................     34.4     43.3     48.3     34.4     75.8     94.4    152.7     65.2     38.5     64.0

  Personal saving as a percentage of
   disposable personal income..............       .4       .4       .5       .3       .8       .9      1.5       .6       .4       .6

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  8,426.4  8,484.1  8,509.6  8,538.4  8,601.1  8,635.4  8,662.4  8,612.8  8,606.2  8,629.6
    Per capita:
      Current dollars......................   32,324   32,442   32,522   32,719   33,029   33,232   33,461   33,342   33,453   33,565
      Chained (2000) dollars...............   28,045   28,213   28,276   28,350   28,538   28,634   28,703   28,516   28,473   28,528
  Population (midperiod, thousands)\3\.....  300,459  300,714  300,953  301,183  301,389  301,583  301,799  302,028  302,262  302,500
-------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                             Table 2.--Personal Income and Its Disposition (Years and Quarters)
                            [Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                                2003     2004     2005     2006    IV 03     I 04    II 04   III 04    IV 04
----------------------------------------------------------------------------------------------------------------------------
Personal income............................  9,163.6  9,727.2 10,301.1 10,983.4  9,341.3  9,482.8  9,629.6  9,770.9 10,025.5

  Compensation of employees, received......  6,310.4  6,671.4  7,024.6  7,440.8  6,434.3  6,509.1  6,618.2  6,734.7  6,823.6

    Wage and salary disbursements..........  5,112.7  5,394.5  5,667.9  6,018.2  5,210.4  5,260.9  5,351.2  5,447.8  5,518.1
      Private industries...................  4,208.3  4,451.4  4,686.9  4,997.6  4,298.2  4,329.3  4,408.9  4,501.5  4,565.9
        Goods-producing industries.........  1,007.9  1,049.2  1,098.7  1,166.8  1,029.1  1,017.9  1,040.4  1,065.0  1,073.6
          Manufacturing....................    668.9    686.9    704.1    731.0    682.2    668.6    681.4    698.4    699.3
        Services-producing industries......  3,200.4  3,402.2  3,588.3  3,830.8  3,269.0  3,311.4  3,368.5  3,436.5  3,492.3
          Trade, transportation, and
           utilities.......................    858.3    898.6    937.0    985.1    871.6    877.5    892.4    906.4    918.1
          Other services-producing
           industries......................  2,342.1  2,503.6  2,651.2  2,845.7  2,397.5  2,433.9  2,476.2  2,530.0  2,574.2
      Government...........................    904.4    943.1    980.9  1,020.6    912.2    931.6    942.3    946.4    952.2

    Supplements to wages and salaries......  1,197.7  1,276.9  1,356.8  1,422.6  1,223.9  1,248.2  1,266.9  1,286.9  1,305.5
      Employer contributions for employee
       pension and insurance funds.........    815.6    868.5    927.7    970.7    834.7    848.7    861.4    874.9    889.1
      Employer contributions for government
       social insurance....................    382.1    408.3    429.1    451.8    389.2    399.5    405.5    412.0    416.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    811.3    911.6    969.9  1,006.7    840.8    879.3    908.7    914.1    944.4
    Farm...................................     29.2     37.3     30.8     19.4     32.5     40.3     39.6     33.0     36.5
    Nonfarm................................    782.1    874.3    939.1    987.4    808.3    839.1    869.1    881.1    908.0

  Rental income of persons with capital
   consumption adjustment..................    133.0    118.4     42.9     54.5    147.6    140.4    126.0    105.5    101.7

  Personal income receipts on assets.......  1,336.6  1,432.1  1,617.8  1,796.5  1,343.1  1,359.8  1,384.4  1,420.1  1,564.1
    Personal interest income...............    914.1    895.1  1,018.9  1,100.2    902.4    888.1    885.9    894.0    912.3
    Personal dividend income...............    422.6    537.0    598.9    696.3    440.7    471.8    498.5    526.1    651.8

  Personal current transfer receipts.......  1,351.0  1,422.5  1,520.7  1,612.5  1,367.6  1,404.9  1,415.3  1,432.7  1,437.1
    Government social benefits to persons..  1,316.7  1,396.1  1,483.1  1,585.3  1,336.4  1,379.8  1,392.6  1,396.2  1,415.7
      Old-age, survivors, disability, and
       health insurance benefits...........    741.3    788.0    845.3    946.4    753.9    775.8    783.2    790.4    802.8
      Government unemployment insurance
       benefits............................     52.8     36.0     31.3     29.9     51.4     42.6     35.7     33.6     32.2
      Other................................    522.5    572.0    606.4    609.0    531.1    561.4    573.7    572.2    580.8
    Other current transfer receipts, from
     business (net)........................     34.3     26.4     37.6     27.2     31.2     25.1     22.7     36.5     21.4

  Less: Contributions for government social
   insurance...............................    778.6    828.8    874.8    927.6    791.9    810.8    822.9    836.1    845.5

Less: Personal current taxes...............  1,001.1  1,046.3  1,209.1  1,354.3  1,015.4  1,008.1  1,024.5  1,062.1  1,090.7

Equals: Disposable personal income.........  8,162.5  8,680.9  9,092.0  9,629.1  8,326.0  8,474.7  8,605.1  8,708.9  8,934.8

Less: Personal outlays.....................  7,987.7  8,499.2  9,047.4  9,590.3  8,143.5  8,299.5  8,432.9  8,553.7  8,710.6

  Personal consumption expenditures........  7,703.6  8,195.9  8,707.8  9,224.5  7,855.3  8,010.1  8,135.0  8,245.1  8,393.3
    Durable goods..........................    942.7    983.9  1,023.9  1,048.9    957.4    969.6    974.8    986.9  1,004.1
    Nondurable goods.......................  2,190.2  2,343.7  2,516.2  2,688.0  2,229.5  2,284.2  2,327.7  2,353.5  2,409.3
    Services...............................  4,570.8  4,868.3  5,167.8  5,487.6  4,668.4  4,756.3  4,832.4  4,904.6  4,979.9
  Personal interest payments\1\............    182.5    191.3    217.7    238.0    181.9    180.4    186.1    195.0    203.5
  Personal current transfer payments.......    101.5    112.1    121.8    127.8    106.3    109.1    111.8    113.6    113.8
    To government..........................     61.3     68.9     74.5     78.9     63.2     66.0     68.1     70.0     71.5
    To the rest of the world (net).........     40.2     43.1     47.3     48.9     43.1     43.0     43.7     43.6     42.2

Equals: Personal saving....................    174.9    181.7     44.6     38.8    182.5    175.1    172.2    155.2    224.2

  Personal saving as a percentage of
   disposable personal income..............      2.1      2.1       .5       .4      2.2      2.1      2.0      1.8      2.5

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  7,729.9  8,008.9  8,147.9  8,396.9  7,837.3  7,908.7  7,955.1  8,012.2  8,158.8
    Per capita:
      Current dollars......................   28,020   29,517   30,616   32,115   28,473   28,922   29,300   29,576   30,265
      Chained (2000) dollars...............   26,535   27,232   27,436   28,005   26,802   26,990   27,087   27,210   27,636
  Population (midperiod, thousands)\3\.....  291,311  294,096  296,972  299,833  292,415  293,018  293,691  294,455  295,222
----------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                            Table 2.--Personal Income and Its Disposition (Years and Quarters)--Continued
                                 [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
                                                I 05    II 05   III 05    IV 05     I 06    II 06   III 06    IV 06     I 07    II 07
-------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 10,074.1 10,234.1 10,328.6 10,567.4 10,787.1 10,915.5 11,030.9 11,200.2 11,484.1 11,598.4

  Compensation of employees, received......  6,890.5  6,961.3  7,088.5  7,158.3  7,348.7  7,371.9  7,442.5  7,599.9  7,784.1  7,842.3

    Wage and salary disbursements..........  5,559.1  5,614.0  5,720.4  5,777.9  5,945.6  5,958.4  6,015.8  6,153.0  6,311.4  6,355.6
      Private industries...................  4,588.1  4,636.8  4,736.3  4,786.6  4,941.1  4,944.6  4,988.8  5,115.7  5,259.8  5,292.1
        Goods-producing industries.........  1,075.6  1,086.2  1,113.2  1,119.6  1,161.3  1,155.9  1,158.5  1,191.4  1,208.7  1,224.4
          Manufacturing....................    698.3    699.8    709.9    708.4    732.9    723.3    724.3    743.3    750.2    758.4
        Services-producing industries......  3,512.5  3,550.6  3,623.0  3,666.9  3,779.9  3,788.6  3,830.3  3,924.4  4,051.1  4,067.7
          Trade, transportation, and
           utilities.......................    921.2    931.5    944.6    950.9    971.7    980.9    985.8  1,002.2  1,016.9  1,027.2
          Other services-producing
           industries......................  2,591.4  2,619.1  2,678.4  2,716.0  2,808.1  2,807.8  2,844.5  2,922.2  3,034.1  3,040.5
      Government...........................    971.0    977.2    984.1    991.4  1,004.4  1,013.8  1,027.0  1,037.2  1,051.7  1,063.5

    Supplements to wages and salaries......  1,331.3  1,347.2  1,368.1  1,380.4  1,403.1  1,413.5  1,426.7  1,446.9  1,472.7  1,486.7
      Employer contributions for employee
       pension and insurance funds.........    908.9    921.6    935.6    944.6    955.2    965.5    975.4    986.7    999.2  1,010.9
      Employer contributions for government
       social insurance....................    422.5    425.7    432.5    435.8    447.9    448.0    451.3    460.2    473.5    475.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    948.8    971.1    967.1    992.6  1,000.1  1,013.5  1,003.6  1,009.8  1,027.4  1,035.1
    Farm...................................     30.1     34.0     30.9     28.2     20.8     14.6     18.1     23.9     29.1     25.7
    Nonfarm................................    918.6    937.1    936.2    964.4    979.3    998.9    985.5    985.8    998.3  1,009.4

  Rental income of persons with capital
   consumption adjustment..................     87.6     74.5    -49.8     59.3     59.0     55.4     52.9     50.9     53.2     58.4

  Personal income receipts on assets.......  1,527.6  1,590.0  1,643.9  1,709.5  1,725.6  1,795.7  1,828.1  1,836.6  1,882.9  1,924.7
    Personal interest income...............    964.0  1,004.4  1,033.8  1,073.3  1,065.7  1,112.7  1,119.7  1,102.8  1,126.1  1,143.1
    Personal dividend income...............    563.6    585.7    610.1    636.2    659.9    682.9    708.4    733.8    756.8    781.6

  Personal current transfer receipts.......  1,480.6  1,505.2  1,560.6  1,536.2  1,572.5  1,599.1  1,630.6  1,647.7  1,710.7  1,717.1
    Government social benefits to persons..  1,456.0  1,479.4  1,491.1  1,505.8  1,546.9  1,573.3  1,603.2  1,618.0  1,683.1  1,689.3
      Old-age, survivors, disability, and
       health insurance benefits...........    828.4    842.7    850.6    859.5    917.4    940.1    956.1    972.0    999.4  1,020.1
      Government unemployment insurance
       benefits............................     32.3     30.9     30.6     31.5     30.2     29.2     30.0     30.3     31.8     31.7
      Other................................    595.2    605.8    610.0    614.8    599.3    603.9    617.1    615.7    651.8    637.5
    Other current transfer receipts, from
     business (net)........................     24.6     25.8     69.5     30.4     25.7     25.9     27.4     29.7     27.6     27.8

  Less: Contributions for government social
   insurance...............................    861.0    867.9    881.7    888.5    918.8    920.1    926.8    944.6    974.1    979.3

Less: Personal current taxes...............  1,166.4  1,195.5  1,223.5  1,251.0  1,318.6  1,342.6  1,355.2  1,401.0  1,459.0  1,486.7

Equals: Disposable personal income.........  8,907.7  9,038.6  9,105.1  9,316.4  9,468.5  9,572.9  9,675.8  9,799.2 10,025.1 10,111.7

Less: Personal outlays.....................  8,819.0  8,970.8  9,153.9  9,245.7  9,384.0  9,542.9  9,677.1  9,757.2  9,917.5 10,055.8

  Personal consumption expenditures........  8,488.8  8,632.6  8,810.5  8,899.3  9,034.7  9,183.9  9,305.7  9,373.7  9,540.5  9,671.9
    Durable goods..........................  1,009.7  1,036.0  1,044.1  1,005.7  1,042.6  1,042.8  1,053.8  1,056.5  1,074.0  1,074.6
    Nondurable goods.......................  2,432.1  2,484.3  2,557.0  2,591.3  2,622.1  2,692.2  2,732.4  2,705.4  2,759.4  2,820.6
    Services...............................  5,047.0  5,112.3  5,209.4  5,302.4  5,370.0  5,448.9  5,519.5  5,611.8  5,707.1  5,776.8
  Personal interest payments\1\............    208.3    217.5    222.4    222.6    227.1    231.0    242.3    251.6    243.3    247.8
  Personal current transfer payments.......    122.0    120.6    121.0    123.7    122.2    128.0    129.1    131.8    133.7    136.1
    To government..........................     72.9     74.0     75.1     76.2     76.9     78.1     79.6     81.2     83.4     85.3
    To the rest of the world (net).........     49.2     46.6     45.8     47.6     45.3     49.9     49.5     50.6     50.4     50.8

Equals: Personal saving....................     88.7     67.8    -48.8     70.8     84.5     30.0     -1.4     42.0    107.6     55.9

  Personal saving as a percentage of
   disposable personal income..............      1.0       .8      -.5       .8       .9       .3       .0       .4      1.1       .6

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  8,089.8  8,140.9  8,115.4  8,246.0  8,344.2  8,348.6  8,384.5  8,510.7  8,633.0  8,616.1
    Per capita:
      Current dollars......................   30,106   30,477   30,622   31,252   31,693   31,970   32,231   32,561   33,241   33,453
      Chained (2000) dollars...............   27,342   27,450   27,293   27,661   27,930   27,881   27,930   28,280   28,625   28,505
  Population (midperiod, thousands)\3\.....  295,878  296,567  297,339  298,105  298,754  299,432  300,196  300,950  301,590  302,263
-------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                   Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                             [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Jan 04  Feb 04  Mar 04  Apr 04  May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................    45.4    52.2    40.7    48.5    65.3    30.8    48.3    69.0    14.3    83.2    31.1   354.2  -239.7    42.3

  Compensation of employees, received......    39.4    28.1    18.2    49.0    50.3    15.0    53.1    35.5    39.2    38.0     4.5    29.9    32.2    12.1

    Wage and salary disbursements..........    23.7    23.0    13.9    41.6    42.8     9.8    45.7    28.6    33.2    30.8     -.5    24.5    17.0     6.7
      Private industries...................    11.0    19.4     8.5    33.8    46.2     8.8    43.3    26.2    31.5    28.3    -2.4    24.0     1.6     3.9
        Goods-producing industries.........   -12.1     -.6     1.9    12.3    13.1     1.1    12.5     8.3     4.4     1.9    -1.1     5.3    -1.1      .3
          Manufacturing....................   -11.8    -1.8    -1.5     9.2     8.4    -1.2    10.8     5.4     1.7    -1.0    -3.0     3.2      .3    -1.9
        Services-producing industries......    23.1    20.1     6.5    21.5    33.1     7.6    30.9    17.9    27.1    26.4    -1.3    18.7     2.7     3.6
          Trade, transportation, and
           utilities.......................     6.1     4.0      .7     8.6     5.5     2.4     6.4     2.9     7.0     6.2    -1.7     2.7     1.5     -.5
          Other services-producing
           industries......................    16.8    16.2     5.9    12.9    27.5     5.2    24.5    15.0    20.2    20.1      .5    15.9     1.2     4.0
      Government...........................    12.7     3.5     5.5     7.8    -3.4     1.0     2.4     2.5     1.5     2.7     1.7      .6    15.4     2.8

    Supplements to wages and salaries......    15.7     5.1     4.2     7.5     7.6     5.1     7.4     6.9     6.0     7.1     5.1     5.4    15.2     5.4
      Employer contributions for employee
       pension and insurance funds.........     7.1     3.3     3.4     5.0     4.3     4.4     4.5     4.9     4.0     5.1     5.2     4.0    10.3     5.2
      Employer contributions for government
       social insurance....................     8.6     1.8      .9     2.4     3.3      .7     2.8     2.1     2.0     2.0     -.1     1.4     4.9      .2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     8.0    18.0    25.3    -2.1     9.7     6.4      .3    -1.3    -4.7    26.6     6.7     8.7    -7.3     1.3
    Farm...................................     5.2     1.8      .8    -1.0     -.7    -1.0    -3.7    -2.4    -1.2     5.7     -.3    -1.3    -4.6    -1.2
    Nonfarm................................     2.9    16.2    24.5    -1.1    10.4     7.4     4.0     1.1    -3.5    20.8     7.1    10.0    -2.7     2.5

  Rental income of persons with capital
   consumption adjustment..................   -12.1    -5.0    -5.9    -5.1    -4.0    -3.1     1.4    -8.0   -39.6    31.0    -5.9    -5.4    -3.8    -4.8

  Personal income receipts on assets.......     5.4     3.5     4.4     8.8    11.1    12.7    12.4    11.2    11.4    14.5    17.9   318.5  -274.1    19.5
    Personal interest income...............    -7.7    -6.5    -5.2     1.0     2.1     3.2     3.1     2.2     2.4     4.3    10.4    14.1    23.9    15.8
    Personal dividend income...............    13.1    10.0     9.6     7.8     9.1     9.4     9.3     9.0     9.0    10.2     7.5   304.5  -298.1     3.7

  Personal current transfer receipts.......    20.0    11.3      .4     2.9     4.6     1.3   -12.9    35.6    12.4   -22.8     7.8     5.8    25.7    14.9
    Government social benefits to persons..    23.3    12.7     1.2     3.7     5.2     1.9   -12.3    20.9    -3.1     7.9     7.7     4.9    23.9    14.0
      Old-age, survivors, disability, and
       health insurance benefits...........     9.1     8.5      .8     2.1     1.9     2.0    -4.0    15.6    -3.7     4.7     4.7     5.6    11.5    12.7
      Government unemployment insurance
       benefits............................    -6.8    -1.6    -3.7    -4.7     1.8    -1.3    -2.4     2.7    -3.7      .4      .9    -2.5     2.8    -1.6
      Other................................    21.1     5.8     4.1     6.2     1.6     1.0    -5.9     2.8     4.2     2.8     2.0     1.9     9.6     2.9
    Other current transfer receipts, from
     business (net)........................    -3.4    -1.4     -.8     -.8     -.6     -.6     -.5    14.6    15.5   -30.7      .2      .8     1.9      .8

  Less: Contributions for government social
   insurance...............................    15.4     3.6     1.8     5.0     6.4     1.4     6.0     4.0     4.3     4.1      .1     3.1    12.5      .7

Less: Personal current taxes...............   -12.5     2.9     1.7     6.2     9.2     5.7    19.0    11.4    12.5     8.4     6.7    10.8    58.7     7.5

Equals: Disposable personal income.........    57.9    49.3    39.0    42.2    56.2    25.1    29.2    57.6     2.0    74.7    24.5   343.3  -298.4    34.8

Less: Personal outlays.....................    91.2    22.7    57.9    28.1   104.5   -31.7    71.5    17.5    71.8    60.3    38.7    51.3    13.7    53.1

  Personal consumption expenditures........    90.0    23.0    58.4    23.2   100.3   -35.5    68.3    14.0    68.3    58.0    35.7    48.7     4.9    51.6
    Durable goods..........................     3.9     8.7    12.5    -8.7    25.5   -42.8    30.7   -12.6    29.5    -5.5      .2    21.1   -17.4     8.3
    Nondurable goods.......................    40.3    -4.7    44.5   -13.9    44.4     -.9     5.4      .3    18.1    42.2     2.7    -1.1     5.7    27.3
    Services...............................    45.7    19.0     1.4    45.9    30.4     8.3    32.2    26.1    20.8    21.2    33.0    28.6    16.6    16.0
  Personal interest payments\1\............     -.3    -1.1    -1.4     3.7     3.4     3.2     2.7     2.9     3.0     3.0     2.6     2.2     1.4     1.1
  Personal current transfer payments.......     1.5      .8      .7     1.4      .6      .7      .5      .6      .5     -.8      .5      .4     7.4      .4
    To government..........................     1.5      .9      .7      .7      .6      .7      .6      .6      .5      .6      .5      .4      .5      .4
    To the rest of the world (net).........     -.1      .0      .0      .7      .0      .0     -.1      .0      .0    -1.4      .0      .0     7.0      .0

Equals: Personal saving....................   -33.3    26.5   -18.8    14.1   -48.3    56.7   -42.1    40.0   -69.8    14.4   -14.3   292.0  -312.0   -18.3

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............    24.8    17.5    13.2    22.4    13.6     1.0    22.3    47.9    -7.1    28.1     3.9   313.7  -283.2     6.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                              Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)--Continued
                                             [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 05  Apr 05  May 05  Jun 05  Jul 05  Aug 05  Sep 05  Oct 05  Nov 05  Dec 05  Jan 06  Feb 06  Mar 06  Apr 06
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................    40.8    74.1    35.8    62.2    75.5  -212.2   321.2    46.1    40.3    67.4   123.7    38.0    36.9    49.5

  Compensation of employees, received......    15.2    39.5    10.0    31.5    80.4    16.9    33.7    11.6    20.5    49.2   116.8    45.2    11.7     -.7

    Wage and salary disbursements..........    10.1    33.3     5.9    26.1    69.8    12.0    27.6     9.5    16.6    43.7   103.7    39.7     8.5    -4.3
      Private industries...................     8.5    30.9     4.1    24.2    67.1     9.9    24.8     7.9    13.6    40.5    97.4    35.6     5.8    -7.2
        Goods-producing industries.........     -.9     7.0     3.0     6.3    17.1     7.0      .3     1.3     -.9     9.4    29.0    10.3     -.6    -8.3
          Manufacturing....................    -3.6     3.3     1.0     1.7     8.0     2.6    -3.3     1.4    -4.7     4.6    18.3     7.5     -.8    -8.1
        Services-producing industries......     9.4    23.9     1.1    17.9    50.0     2.9    24.5     6.6    14.6    31.0    68.3    25.4     6.4     1.1
          Trade, transportation, and
           utilities.......................     2.1     9.3    -1.6     2.5    12.8    -2.1     2.0      .3     4.7     6.5    10.7     5.5     1.7     6.6
          Other services-producing
           industries......................     7.4    14.6     2.7    15.4    37.2     5.1    22.4     6.3     9.8    24.6    57.6    19.9     4.7    -5.5
      Government...........................     1.6     2.4     1.8     1.8     2.8     2.0     2.9     1.6     3.0     3.2     6.4     4.0     2.7     2.9

    Supplements to wages and salaries......     5.1     6.1     4.2     5.4    10.6     5.0     6.0     2.1     3.9     5.6    13.0     5.5     3.3     3.4
      Employer contributions for employee
       pension and insurance funds.........     4.7     4.0     3.8     4.0     5.8     4.2     4.5     1.6     3.1     2.8     4.7     3.1     2.9     4.0
      Employer contributions for government
       social insurance....................      .4     2.2      .3     1.4     4.9      .7     1.5      .5      .8     2.8     8.3     2.4      .3     -.5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     8.1     8.2     5.1    14.8      .6   -58.0    67.3    -1.1     -.4     4.2     3.6    -4.0    11.4     5.0
    Farm...................................      .1     3.8      .6      .0    -1.5    -3.3     1.2     -.6    -1.7    -2.1    -3.0    -2.5    -2.2    -3.3
    Nonfarm................................     8.0     4.4     4.5    14.7     2.2   -54.7    66.2     -.6     1.3     6.3     6.7    -1.6    13.6     8.3

  Rental income of persons with capital
   consumption adjustment..................    -4.4    -4.3    -4.3    -4.3    -6.1  -328.3   314.8     3.6     7.3      .6    -1.5    -2.3     -.3    -1.0

  Personal income receipts on assets.......    19.0    21.1    22.2    22.1    16.3    15.6    15.1    28.0    23.2    20.4    -8.4     1.9     5.7    38.4
    Personal interest income...............    13.0    11.9    14.7    14.4     7.9     7.2     6.6    19.3    14.3    11.6   -16.1    -5.1    -1.9    30.8
    Personal dividend income...............     6.0     9.2     7.5     7.7     8.4     8.4     8.5     8.8     8.8     8.8     7.7     7.1     7.5     7.5

  Personal current transfer receipts.......     4.1    14.1     3.4     1.5    -6.4   142.9  -106.5     5.3    -8.7    -1.6    35.2     2.9     9.3     7.3
    Government social benefits to persons..     3.5    13.9     3.1     1.2    -6.7    22.2     5.5     2.5     2.4    -1.5    36.0     3.1     9.5     7.3
      Old-age, survivors, disability, and
       health insurance benefits...........     1.1     7.0     1.3     4.2     1.6     4.2     1.0     3.1      .7     9.8    41.5     9.9     8.9     4.2
      Government unemployment insurance
       benefits............................     -.6     -.5     1.1    -2.1      .7      .5    -1.1     3.6    -2.6    -1.0     2.1    -2.4    -1.1     1.9
      Other................................     3.0     7.4      .7     -.9    -9.0    17.5     5.6    -4.1     4.3   -10.4    -7.6    -4.4     1.7     1.2
    Other current transfer receipts, from
     business (net)........................      .6      .2      .3      .3      .3   120.6  -112.0     2.8   -11.0     -.2     -.7     -.2     -.2      .0

  Less: Contributions for government social
   insurance...............................     1.2     4.4      .7     3.2     9.4     1.4     3.2     1.2     1.8     5.3    22.1     5.7      .8     -.6

Less: Personal current taxes...............     7.9    13.9     6.4     9.4    11.8     6.7     9.9     8.5     8.6    13.5    43.7    13.6     8.8     9.2

Equals: Disposable personal income.........    33.0    60.1    29.4    52.8    63.8  -219.1   311.4    37.6    31.7    53.9    80.0    24.4    28.2    40.2

Less: Personal outlays.....................    36.7    84.1    -9.8    96.0    98.9     4.3    62.0    37.0     -.2    36.3    72.1    47.8    30.8    76.5

  Personal consumption expenditures........    35.3    82.0   -14.3    92.0    98.7     3.5    61.0    35.3     -.5    36.0    71.8    45.3    28.5    70.4
    Durable goods..........................    10.0    32.7   -46.6    45.7    45.7   -63.9   -29.6   -15.9    20.0    15.6    26.9   -14.0     6.7     6.7
    Nondurable goods.......................    -3.9    47.1    -7.5    10.9    24.0    39.1    53.6    25.2   -55.4    -8.4    54.8    -2.2     4.8    49.4
    Services...............................    29.1     2.3    39.8    35.3    29.1    28.3    37.0    26.0    34.9    28.9   -10.0    61.5    17.1    14.3
  Personal interest payments\1\............     1.0     4.3     4.0     3.8      .5      .5      .6     -.4     -.1      .1     2.4     2.2     1.9     1.1
  Personal current transfer payments.......      .4    -2.2      .4      .4     -.4      .4      .3     2.1      .4      .3    -2.2      .3      .4     5.0
    To government..........................      .3      .5      .3      .4      .4      .3      .4      .3      .4      .3      .0      .4      .3      .5
    To the rest of the world (net).........      .0    -2.6      .0      .0     -.8      .0      .0     1.8      .0      .0    -2.3      .0      .0     4.6

Equals: Personal saving....................    -3.7   -24.0    39.2   -43.2   -35.1  -223.4   249.4      .6    31.9    17.6     7.9   -23.4    -2.7   -36.2

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............    -1.7    23.4    17.6    44.2    23.2  -228.1   203.6    14.7    59.1    51.2    33.4    15.1     2.7    -5.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                              Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)--Continued
                                             [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 06  Jun 06  Jul 06  Aug 06  Sep 06  Oct 06  Nov 06  Dec 06  Jan 07  Feb 07  Mar 07  Apr 07  May 07 Jun 07\p\
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................    20.0    84.7     9.1    40.3    49.0    63.4    46.9    85.6   128.2    79.3    90.5   -23.4    50.5    51.7

  Compensation of employees, received......   -32.3    67.5     8.3    17.6    49.2    75.2    40.5    49.5    97.2    34.8    51.9   -22.8    32.4    39.6

    Wage and salary disbursements..........   -32.8    60.1     5.5    13.0    42.6    67.1    34.5    42.8    83.9    29.2    45.2   -25.1    27.2    33.7
      Private industries...................   -35.9    56.4     1.0     7.8    37.2    64.4    32.4    40.6    75.6    24.7    42.3   -29.4    23.4    29.1
        Goods-producing industries.........    -5.0     9.7    -4.7     2.0     3.4    24.0     4.1     9.7     5.0     1.6    10.3     3.5     4.7     5.1
          Manufacturing....................    -4.4    -1.6     2.2     1.7      .7    15.9     -.1     6.2     -.2     2.1     4.7     2.7      .9     3.5
        Services-producing industries......   -30.9    46.6     5.7     5.9    33.8    40.5    28.1    31.0    70.6    23.1    32.0   -32.9    18.8    23.9
          Trade, transportation, and
           utilities.......................    -6.4    11.6    -2.8      .2     5.8     6.4     8.1     2.1     7.4     1.8     6.2      .7     4.1     6.1
          Other services-producing
           industries......................   -24.5    35.0     8.5     5.8    27.9    34.1    20.1    28.8    63.2    21.4    25.7   -33.5    14.6    17.8
      Government...........................     3.1     3.8     4.4     5.1     5.5     2.7     2.2     2.1     8.3     4.4     3.0     4.3     3.7     4.7

    Supplements to wages and salaries......      .6     7.4     2.8     4.6     6.6     8.1     6.0     6.8    13.3     5.5     6.8     2.2     5.3     5.7
      Employer contributions for employee
       pension and insurance funds.........     3.2     3.4     2.6     4.1     3.9     3.4     3.9     3.9     5.1     3.6     3.4     4.6     3.6     3.7
      Employer contributions for government
       social insurance....................    -2.6     4.0      .2      .5     2.7     4.7     2.0     3.0     8.2     1.9     3.4    -2.4     1.7     2.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     7.3    -7.9    -7.8     4.1    -6.0     1.8     4.3    12.3      .4     9.8     3.3     -.8     2.7     3.8
    Farm...................................    -1.0      .1     2.3     1.4     1.7     3.0     1.4      .9     2.2     2.3     1.0    -2.9    -2.4     -.9
    Nonfarm................................     8.2    -7.9   -10.1     2.7    -7.7    -1.3     2.9    11.6    -1.9     7.5     2.2     2.2     5.0     4.7

  Rental income of persons with capital
   consumption adjustment..................    -1.3    -2.4     -.5     -.1      .4    -1.5     -.5    -1.1     1.2     1.8     2.4     1.0     1.5     3.0

  Personal income receipts on assets.......    27.9    26.0     -.4     5.9     6.8     1.2      .8      .6    22.3    23.0    24.1     9.1     9.1     8.8
    Personal interest income...............    20.2    17.3    -8.9    -2.8    -1.7    -7.2    -7.7    -7.4    15.4    15.4    15.4      .8      .8      .8
    Personal dividend income...............     7.9     8.7     8.4     8.6     8.7     8.4     8.4     8.0     6.9     7.6     8.6     8.4     8.3     8.0

  Personal current transfer receipts.......    13.5     9.3    10.4    14.1     3.1    -3.4     5.7    29.8    26.9    14.0    14.9   -13.9     8.2      .6
    Government social benefits to persons..    13.2     8.9     9.8    13.5     2.4    -4.3     5.0    29.1    29.7    14.0    14.8   -13.9     8.1      .6
      Old-age, survivors, disability, and
       health insurance benefits...........     8.9    10.1    -2.1    10.5     4.1      .7     3.9    19.3     3.8    10.5     7.3     2.4    12.5     4.7
      Government unemployment insurance
       benefits............................     -.9    -2.1     3.6    -1.9      .6     1.1    -2.0     2.3      .4      .3      .0      .0     -.3      .0
      Other................................     5.2      .9     8.3     4.9    -2.2    -6.3     3.2     7.6    25.5     3.0     7.6   -16.4    -4.0    -4.1
    Other current transfer receipts, from
     business (net)........................      .3      .4      .6      .6      .7      .9      .6      .8    -2.8      .0      .1      .0      .1      .1

  Less: Contributions for government social
   insurance...............................    -4.7     7.8      .8     1.2     4.6     9.9     3.8     5.7    19.7     4.1     6.1    -3.9     3.3     4.2

Less: Personal current taxes...............     -.2    13.5    -3.6     4.8    12.2    19.8    15.1    18.8    27.9    11.7    14.3     4.7     9.3     9.7

Equals: Disposable personal income.........    20.2    71.2    12.7    35.5    36.8    43.6    31.8    66.9   100.2    67.6    76.2   -28.1    41.1    42.1

Less: Personal outlays.....................    52.7    32.4    91.2     7.1    -2.7    34.7    26.7    80.9    58.8    49.1    17.8    59.4    67.9    16.4

  Personal consumption expenditures........    51.4    31.2    86.1     1.2    -9.0    31.2    24.4    78.5    63.3    53.3    22.2    53.5    62.5    11.1
    Durable goods..........................   -11.6     4.2    21.6   -17.9     7.4    -1.1     1.6    11.1    11.2    -2.9      .9    -4.5    16.7   -17.0
    Nondurable goods.......................    26.2     2.2    41.4     4.1   -42.5   -16.8      .6    49.3     2.6     9.9    35.1     7.7    40.3     -.3
    Services...............................    36.6    24.9    23.1    14.9    26.2    49.1    22.1    18.2    49.5    46.3   -13.7    50.2     5.5    28.4
  Personal interest payments\1\............      .8      .7     5.1     5.4     5.8     1.9     1.7     1.7    -5.0    -5.0    -5.0     4.7     4.8     4.8
  Personal current transfer payments.......      .4      .5      .1      .5      .5     1.6      .6      .7      .5      .7      .7     1.1      .6      .6
    To government..........................      .4      .5      .5      .5      .5      .5      .6      .6      .9      .7      .7      .6      .6      .6
    To the rest of the world (net).........      .0      .0     -.4      .0      .0     1.1      .0      .0     -.2      .0      .0      .4      .0      .0

Equals: Personal saving....................   -32.4    38.7   -78.5    28.5    39.4     8.9     5.0   -13.9    41.4    18.6    58.3   -87.5   -26.7    25.5

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............   -17.9    45.0   -14.3    10.3    57.8    57.7    25.5    28.8    62.7    34.3    27.0   -49.6    -6.6    23.4
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

     Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
                    [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------
                                               2003    2004    2005    2006    I 04   II 04  III 04   IV 04
-----------------------------------------------------------------------------------------------------------
Personal income............................   281.7   563.6   573.9   682.3   141.5   146.8   141.3   254.6

  Compensation of employees, received......   219.2   361.0   353.2   416.2    74.8   109.1   116.5    88.9

    Wage and salary disbursements..........   131.8   281.8   273.4   350.3    50.5    90.3    96.6    70.3
      Private industries...................    93.3   243.1   235.5   310.7    31.1    79.6    92.6    64.4
        Goods-producing industries.........    -2.8    41.3    49.5    68.1   -11.2    22.5    24.6     8.6
          Manufacturing....................    -6.6    18.0    17.2    26.9   -13.6    12.8    17.0      .9
        Services-producing industries......    96.2   201.8   186.1   242.5    42.4    57.1    68.0    55.8
          Trade, transportation, and
           utilities.......................    15.2    40.3    38.4    48.1     5.9    14.9    14.0    11.7
          Other services-producing
           industries......................    81.0   161.5   147.6   194.5    36.4    42.3    53.8    44.2
      Government...........................    38.5    38.7    37.8    39.7    19.4    10.7     4.1     5.8

    Supplements to wages and salaries......    87.4    79.2    79.9    65.8    24.3    18.7    20.0    18.6
      Employer contributions for employee
       pension and insurance funds.........    70.5    52.9    59.2    43.0    14.0    12.7    13.5    14.2
      Employer contributions for government
       social insurance....................    16.9    26.2    20.8    22.7    10.3     6.0     6.5     4.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    42.9   100.3    58.3    36.8    38.5    29.4     5.4    30.3
    Farm...................................    18.6     8.1    -6.5   -11.4     7.8     -.7    -6.6     3.5
    Nonfarm................................    24.3    92.2    64.8    48.3    30.8    30.0    12.0    26.9

  Rental income of persons with capital
   consumption adjustment..................   -19.9   -14.6   -75.5    11.6    -7.2   -14.4   -20.5    -3.8

  Personal income receipts on assets.......     3.4    95.5   185.7   178.7    16.7    24.6    35.7   144.0
    Personal interest income...............   -22.0   -19.0   123.8    81.3   -14.3    -2.2     8.1    18.3
    Personal dividend income...............    25.4   114.4    61.9    97.4    31.1    26.7    27.6   125.7

  Personal current transfer receipts.......    64.8    71.5    98.2    91.8    37.3    10.4    17.4     4.4
    Government social benefits to persons..    67.8    79.4    87.0   102.2    43.4    12.8     3.6    19.5
      Old-age, survivors, disability, and
       health insurance benefits...........    33.8    46.7    57.3   101.1    21.9     7.4     7.2    12.4
      Government unemployment insurance
       benefits............................     -.4   -16.8    -4.7    -1.4    -8.8    -6.9    -2.1    -1.4
      Other................................    34.3    49.5    34.4     2.6    30.3    12.3    -1.5     8.6
    Other current transfer receipts, from
     business (net)........................    -3.0    -7.9    11.2   -10.4    -6.1    -2.4    13.8   -15.1

  Less: Contributions for government social
   insurance...............................    28.6    50.2    46.0    52.8    18.9    12.1    13.2     9.4

Less: Personal current taxes...............   -50.7    45.2   162.8   145.2    -7.3    16.4    37.6    28.6

Equals: Disposable personal income.........   332.4   518.4   411.1   537.1   148.7   130.4   103.8   225.9

Less: Personal outlays.....................   342.4   511.5   548.2   542.9   156.0   133.4   120.8   156.9

  Personal consumption expenditures........   352.9   492.3   511.9   516.7   154.8   124.9   110.1   148.2
    Durable goods..........................    18.8    41.2    40.0    25.0    12.2     5.2    12.1    17.2
    Nondurable goods.......................   110.6   153.5   172.5   171.8    54.7    43.5    25.8    55.8
    Services...............................   223.6   297.5   299.5   319.8    87.9    76.1    72.2    75.3
  Personal interest payments\1\............   -13.9     8.8    26.4    20.3    -1.5     5.7     8.9     8.5
  Personal current transfer payments.......     3.3    10.6     9.7     6.0     2.8     2.7     1.8      .2
    To government..........................     3.1     7.6     5.6     4.4     2.8     2.1     1.9     1.5
    To the rest of the world (net).........      .2     2.9     4.2     1.6     -.1      .7     -.1    -1.4

Equals: Personal saving....................    -9.8     6.8  -137.1    -5.8    -7.4    -2.9   -17.0    69.0

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............   167.7   279.0   139.0   249.0    71.4    46.4    57.1   146.6
-----------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

        Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)--Continued
                            [Billions of dollars; quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------
                                               I 05   II 05  III 05   IV 05    I 06   II 06  III 06   IV 06    I 07   II 07
---------------------------------------------------------------------------------------------------------------------------
Personal income............................    48.6   160.0    94.5   238.8   219.7   128.4   115.4   169.3   283.9   114.3

  Compensation of employees, received......    66.9    70.8   127.2    69.8   190.4    23.2    70.6   157.4   184.2    58.2

    Wage and salary disbursements..........    41.0    54.9   106.4    57.5   167.7    12.8    57.4   137.2   158.4    44.2
      Private industries...................    22.2    48.7    99.5    50.3   154.5     3.5    44.2   126.9   144.1    32.3
        Goods-producing industries.........     2.0    10.6    27.0     6.4    41.7    -5.4     2.6    32.9    17.3    15.7
          Manufacturing....................    -1.0     1.5    10.1    -1.5    24.5    -9.6     1.0    19.0     6.9     8.2
        Services-producing industries......    20.2    38.1    72.4    43.9   113.0     8.7    41.7    94.1   126.7    16.6
          Trade, transportation, and
           utilities.......................     3.1    10.3    13.1     6.3    20.8     9.2     4.9    16.4    14.7    10.3
          Other services-producing
           industries......................    17.2    27.7    59.3    37.6    92.1     -.3    36.7    77.7   111.9     6.4
      Government...........................    18.8     6.2     6.9     7.3    13.0     9.4    13.2    10.2    14.5    11.8

    Supplements to wages and salaries......    25.8    15.9    20.9    12.3    22.7    10.4    13.2    20.2    25.8    14.0
      Employer contributions for employee
       pension and insurance funds.........    19.8    12.7    14.0     9.0    10.6    10.3     9.9    11.3    12.5    11.7
      Employer contributions for government
       social insurance....................     6.1     3.2     6.8     3.3    12.1      .1     3.3     8.9    13.3     2.3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     4.4    22.3    -4.0    25.5     7.5    13.4    -9.9     6.2    17.6     7.7
    Farm...................................    -6.4     3.9    -3.1    -2.7    -7.4    -6.2     3.5     5.8     5.2    -3.4
    Nonfarm................................    10.6    18.5     -.9    28.2    14.9    19.6   -13.4      .3    12.5    11.1

  Rental income of persons with capital
   consumption adjustment..................   -14.1   -13.1  -124.3   109.1     -.3    -3.6    -2.5    -2.0     2.3     5.2

  Personal income receipts on assets.......   -36.5    62.4    53.9    65.6    16.1    70.1    32.4     8.5    46.3    41.8
    Personal interest income...............    51.7    40.4    29.4    39.5    -7.6    47.0     7.0   -16.9    23.3    17.0
    Personal dividend income...............   -88.2    22.1    24.4    26.1    23.7    23.0    25.5    25.4    23.0    24.8

  Personal current transfer receipts.......    43.5    24.6    55.4   -24.4    36.3    26.6    31.5    17.1    63.0     6.4
    Government social benefits to persons..    40.3    23.4    11.7    14.7    41.1    26.4    29.9    14.8    65.1     6.2
      Old-age, survivors, disability, and
       health insurance benefits...........    25.6    14.3     7.9     8.9    57.9    22.7    16.0    15.9    27.4    20.7
      Government unemployment insurance
       benefits............................      .1    -1.4     -.3      .9    -1.3    -1.0      .8      .3     1.5     -.1
      Other................................    14.4    10.6     4.2     4.8   -15.5     4.6    13.2    -1.4    36.1   -14.3
    Other current transfer receipts, from
     business (net)........................     3.2     1.2    43.7   -39.1    -4.7      .2     1.5     2.3    -2.1      .2

  Less: Contributions for government social
   insurance...............................    15.5     6.9    13.8     6.8    30.3     1.3     6.7    17.8    29.5     5.2

Less: Personal current taxes...............    75.7    29.1    28.0    27.5    67.6    24.0    12.6    45.8    58.0    27.7

Equals: Disposable personal income.........   -27.1   130.9    66.5   211.3   152.1   104.4   102.9   123.4   225.9    86.6

Less: Personal outlays.....................   108.4   151.8   183.1    91.8   138.3   158.9   134.2    80.1   160.3   138.3

  Personal consumption expenditures........    95.5   143.8   177.9    88.8   135.4   149.2   121.8    68.0   166.8   131.4
    Durable goods..........................     5.6    26.3     8.1   -38.4    36.9      .2    11.0     2.7    17.5      .6
    Nondurable goods.......................    22.8    52.2    72.7    34.3    30.8    70.1    40.2   -27.0    54.0    61.2
    Services...............................    67.1    65.3    97.1    93.0    67.6    78.9    70.6    92.3    95.3    69.7
  Personal interest payments\1\............     4.8     9.2     4.9      .2     4.5     3.9    11.3     9.3    -8.3     4.5
  Personal current transfer payments.......     8.2    -1.4      .4     2.7    -1.5     5.8     1.1     2.7     1.9     2.4
    To government..........................     1.4     1.1     1.1     1.1      .7     1.2     1.5     1.6     2.2     1.9
    To the rest of the world (net).........     7.0    -2.6     -.8     1.8    -2.3     4.6     -.4     1.1     -.2      .4

Equals: Personal saving....................  -135.5   -20.9  -116.6   119.6    13.7   -54.5   -31.4    43.4    65.6   -51.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............   -69.0    51.1   -25.5   130.6    98.2     4.4    35.9   126.2   122.3   -16.9
---------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                               Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                                       [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Jan 04  Feb 04  Mar 04  Apr 04  May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                   Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------------------------------
Personal income............................      .5      .6      .4      .5      .7      .3      .5      .7      .1      .8      .3     3.6    -2.3      .4
  Compensation of employees, received......      .6      .4      .3      .8      .8      .2      .8      .5      .6      .6      .1      .4      .5      .2
    Wage and salary disbursements..........      .5      .4      .3      .8      .8      .2      .9      .5      .6      .6      .0      .4      .3      .1
    Supplements to wages and salaries......     1.3      .4      .3      .6      .6      .4      .6      .5      .5      .6      .4      .4     1.2      .4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      .9     2.1     2.9     -.2     1.1      .7      .0     -.1     -.5     2.9      .7      .9     -.8      .1
  Rental income of persons with capital
   consumption adjustment..................    -7.7    -3.4    -4.2    -3.8    -3.1    -2.5     1.1    -6.5   -34.1    40.6    -5.5    -5.4    -4.0    -5.1
  Personal income receipts on assets.......      .4      .3      .3      .6      .8      .9      .9      .8      .8     1.0     1.2    21.8   -15.4     1.3
    Personal interest income...............     -.9     -.7     -.6      .1      .2      .4      .3      .3      .3      .5     1.2     1.5     2.6     1.7
    Personal dividend income...............     2.9     2.2     2.0     1.6     1.9     1.9     1.8     1.7     1.7     1.9     1.4    55.1   -34.8      .7
  Personal current transfer receipts.......     1.5      .8      .0      .2      .3      .1     -.9     2.5      .9    -1.6      .6      .4     1.8     1.0

  Less: Contributions for government social
   insurance...............................     1.9      .5      .2      .6      .8      .2      .7      .5      .5      .5      .0      .4     1.5      .1

Less: Personal current taxes...............    -1.2      .3      .2      .6      .9      .6     1.8     1.1     1.2      .8      .6     1.0     5.3      .6

Equals: Disposable personal income.........      .7      .6      .5      .5      .7      .3      .3      .7      .0      .9      .3     3.9    -3.3      .4

Addenda:
  Personal consumption expenditures........     1.1      .3      .7      .3     1.2     -.4      .8      .2      .8      .7      .4      .6      .1      .6
    Durable goods..........................      .4      .9     1.3     -.9     2.6    -4.3     3.2    -1.3     3.0     -.5      .0     2.1    -1.7      .8
    Nondurable goods.......................     1.8     -.2     2.0     -.6     1.9      .0      .2      .0      .8     1.8      .1      .0      .2     1.1
    Services...............................     1.0      .4      .0     1.0      .6      .2      .7      .5      .4      .4      .7      .6      .3      .3
                                           ----------------------------------------------------------------------------------------------------------------
                                                                               Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------------------------------
  Real disposable personal income..........      .3      .2      .2      .3      .2      .0      .3      .6     -.1      .4      .0     3.9    -3.4      .1
-----------------------------------------------------------------------------------------------------------------------------------------------------------

                          Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)--Continued
                                                       [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 05  Apr 05  May 05  Jun 05  Jul 05  Aug 05  Sep 05  Oct 05  Nov 05  Dec 05  Jan 06  Feb 06  Mar 06  Apr 06
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                   Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------------------------------
Personal income............................      .4      .7      .4      .6      .7    -2.0     3.2      .4      .4      .6     1.2      .4      .3      .5
  Compensation of employees, received......      .2      .6      .1      .5     1.2      .2      .5      .2      .3      .7     1.6      .6      .2      .0
    Wage and salary disbursements..........      .2      .6      .1      .5     1.2      .2      .5      .2      .3      .8     1.8      .7      .1     -.1
    Supplements to wages and salaries......      .4      .5      .3      .4      .8      .4      .4      .2      .3      .4      .9      .4      .2      .2
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      .9      .9      .5     1.5      .1    -5.9     7.3     -.1      .0      .4      .4     -.4     1.1      .5
  Rental income of persons with capital
   consumption adjustment..................    -5.0    -5.3    -5.4    -5.8    -8.7   .....   .....     7.1    13.5      .9    -2.4    -3.7     -.6    -1.7
  Personal income receipts on assets.......     1.2     1.4     1.4     1.4     1.0     1.0      .9     1.7     1.4     1.2     -.5      .1      .3     2.2
    Personal interest income...............     1.3     1.2     1.5     1.4      .8      .7      .6     1.8     1.4     1.1    -1.5     -.5     -.2     2.9
    Personal dividend income...............     1.1     1.6     1.3     1.3     1.4     1.4     1.4     1.4     1.4     1.4     1.2     1.1     1.1     1.1
  Personal current transfer receipts.......      .3      .9      .2      .1     -.4     9.5    -6.5      .3     -.6     -.1     2.3      .2      .6      .5

  Less: Contributions for government social
   insurance...............................      .1      .5      .1      .4     1.1      .2      .4      .1      .2      .6     2.5      .6      .1     -.1

Less: Personal current taxes...............      .7     1.2      .5      .8     1.0      .6      .8      .7      .7     1.1     3.5     1.0      .7      .7

Equals: Disposable personal income.........      .4      .7      .3      .6      .7    -2.4     3.5      .4      .3      .6      .9      .3      .3      .4

Addenda:
  Personal consumption expenditures........      .4     1.0     -.2     1.1     1.1      .0      .7      .4      .0      .4      .8      .5      .3      .8
    Durable goods..........................     1.0     3.2    -4.4     4.5     4.4    -5.8    -2.9    -1.6     2.0     1.5     2.6    -1.3      .6      .6
    Nondurable goods.......................     -.2     1.9     -.3      .4     1.0     1.6     2.1     1.0    -2.1     -.3     2.1     -.1      .2     1.9
    Services...............................      .6      .0      .8      .7      .6      .5      .7      .5      .7      .5     -.2     1.2      .3      .3
                                           ----------------------------------------------------------------------------------------------------------------
                                                                               Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------------------------------
  Real disposable personal income..........      .0      .3      .2      .5      .3    -2.8     2.6      .2      .7      .6      .4      .2      .0     -.1
-----------------------------------------------------------------------------------------------------------------------------------------------------------

                          Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)--Continued
                                                       [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 06  Jun 06  Jul 06  Aug 06  Sep 06  Oct 06  Nov 06  Dec 06  Jan 07  Feb 07  Mar 07  Apr 07  May 07 Jun 07\p\
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                   Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------------------------------
Personal income............................      .2      .8      .1      .4      .4      .6      .4      .8     1.1      .7      .8     -.2      .4      .4
  Compensation of employees, received......     -.4      .9      .1      .2      .7     1.0      .5      .7     1.3      .4      .7     -.3      .4      .5
    Wage and salary disbursements..........     -.6     1.0      .1      .2      .7     1.1      .6      .7     1.4      .5      .7     -.4      .4      .5
    Supplements to wages and salaries......      .0      .5      .2      .3      .5      .6      .4      .5      .9      .4      .5      .2      .4      .4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      .7     -.8     -.8      .4     -.6      .2      .4     1.2      .0     1.0      .3     -.1      .3      .4
  Rental income of persons with capital
   consumption adjustment..................    -2.2    -4.4    -1.0     -.1      .8    -2.9     -.9    -2.1     2.4     3.3     4.6     1.9     2.6     5.1
  Personal income receipts on assets.......     1.6     1.4      .0      .3      .4      .1      .0      .0     1.2     1.2     1.3      .5      .5      .5
    Personal interest income...............     1.8     1.6     -.8     -.2     -.2     -.6     -.7     -.7     1.4     1.4     1.4      .1      .1      .1
    Personal dividend income...............     1.2     1.3     1.2     1.2     1.2     1.2     1.2     1.1      .9     1.0     1.1     1.1     1.1     1.0
  Personal current transfer receipts.......      .9      .6      .6      .9      .2     -.2      .3     1.8     1.6      .8      .9     -.8      .5      .0

  Less: Contributions for government social
   insurance...............................     -.5      .9      .1      .1      .5     1.1      .4      .6     2.1      .4      .6     -.4      .3      .4

Less: Personal current taxes...............      .0     1.0     -.3      .4      .9     1.5     1.1     1.3     2.0      .8     1.0      .3      .6      .6

Equals: Disposable personal income.........      .2      .7      .1      .4      .4      .4      .3      .7     1.0      .7      .8     -.3      .4      .4

Addenda:
  Personal consumption expenditures........      .6      .3      .9      .0     -.1      .3      .3      .8      .7      .6      .2      .6      .6      .1
    Durable goods..........................    -1.1      .4     2.1    -1.7      .7     -.1      .2     1.1     1.0     -.3      .1     -.4     1.6    -1.6
    Nondurable goods.......................     1.0      .1     1.5      .1    -1.5     -.6      .0     1.8      .1      .4     1.3      .3     1.4      .0
    Services...............................      .7      .5      .4      .3      .5      .9      .4      .3      .9      .8     -.2      .9      .1      .5
                                           ----------------------------------------------------------------------------------------------------------------
                                                                               Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------------------------------
  Real disposable personal income..........     -.2      .5     -.2      .1      .7      .7      .3      .3      .7      .4      .3     -.6     -.1      .3
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary

 Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                              [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------
                                               2003    2004    2005    2006    I 04   II 04  III 04   IV 04
-----------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------
                                                           Based on current-dollar measures
                                           ----------------------------------------------------------------
Personal income............................     3.2     6.2     5.9     6.6     6.2     6.3     6.0    10.8
  Compensation of employees, received......     3.6     5.7     5.3     5.9     4.7     6.9     7.2     5.4
    Wage and salary disbursements..........     2.6     5.5     5.1     6.2     3.9     7.0     7.4     5.3
    Supplements to wages and salaries......     7.9     6.6     6.3     4.8     8.2     6.1     6.4     5.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     5.6    12.4     6.4     3.8    19.7    14.0     2.4    14.0
  Rental income of persons with capital
   consumption adjustment..................   -13.1   -11.0   -63.8    27.2   -18.1   -35.2   -50.9   -13.7
  Personal income receipts on assets.......      .3     7.1    13.0    11.0     5.1     7.4    10.7    47.1
    Personal interest income...............    -2.3    -2.1    13.8     8.0    -6.2    -1.0     3.7     8.4
    Personal dividend income...............     6.4    27.1    11.5    16.3    31.4    24.6    24.1   135.5
  Personal current transfer receipts.......     5.0     5.3     6.9     6.0    11.4     3.0     5.0     1.3

  Less: Contributions for government social
   insurance...............................     3.8     6.4     5.5     6.0     9.9     6.1     6.6     4.6

Less: Personal current taxes...............    -4.8     4.5    15.6    12.0    -2.8     6.7    15.5    11.2

Equals: Disposable personal income.........     4.2     6.4     4.7     5.9     7.3     6.3     4.9    10.8

Addenda:
  Personal consumption expenditures........     4.8     6.4     6.2     5.9     8.1     6.4     5.5     7.4
    Durable goods..........................     2.0     4.4     4.1     2.4     5.2     2.2     5.1     7.1
    Nondurable goods.......................     5.3     7.0     7.4     6.8    10.2     7.8     4.5     9.8
    Services...............................     5.1     6.5     6.2     6.2     7.7     6.6     6.1     6.3
                                           ----------------------------------------------------------------
                                                       Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------
  Real disposable personal income..........     2.2     3.6     1.7     3.1     3.7     2.4     2.9     7.5
-----------------------------------------------------------------------------------------------------------

    Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)--Continued
                                      [Quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------
                                               I 05   II 05  III 05   IV 05    I 06   II 06  III 06   IV 06    I 07   II 07
---------------------------------------------------------------------------------------------------------------------------
                                           --------------------------------------------------------------------------------
                                                                   Based on current-dollar measures
                                           --------------------------------------------------------------------------------
Personal income............................     2.0     6.5     3.7     9.6     8.6     4.8     4.3     6.3    10.5     4.0
  Compensation of employees, received......     4.0     4.2     7.5     4.0    11.1     1.3     3.9     8.7    10.1     3.0
    Wage and salary disbursements..........     3.0     4.0     7.8     4.1    12.1      .9     3.9     9.4    10.7     2.8
    Supplements to wages and salaries......     8.1     4.9     6.4     3.6     6.8     3.0     3.8     5.8     7.3     3.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     1.8     9.8    -1.6    11.0     3.0     5.5    -3.9     2.5     7.2     3.0
  Rental income of persons with capital
   consumption adjustment..................   -44.8   -47.8   .....   .....    -1.8   -22.4   -16.7   -14.0    19.2    45.4
  Personal income receipts on assets.......    -9.0    17.4    14.3    16.9     3.8    17.3     7.4     1.9    10.5     9.2
    Personal interest income...............    24.6    17.9    12.2    16.2    -2.8    18.9     2.5    -5.9     8.7     6.2
    Personal dividend income...............   -44.1    16.6    17.8    18.2    15.8    14.7    15.8    15.1    13.1    13.8
  Personal current transfer receipts.......    12.7     6.8    15.6    -6.1     9.8     6.9     8.1     4.3    16.2     1.5

  Less: Contributions for government social
   insurance...............................     7.5     3.3     6.5     3.1    14.4      .6     3.0     7.9    13.1     2.1

Less: Personal current taxes...............    30.8    10.4     9.7     9.3    23.4     7.5     3.8    14.2    17.6     7.8

Equals: Disposable personal income.........    -1.2     6.0     3.0     9.6     6.7     4.5     4.4     5.2     9.5     3.5

Addenda:
  Personal consumption expenditures........     4.6     7.0     8.5     4.1     6.2     6.8     5.4     3.0     7.3     5.6
    Durable goods..........................     2.3    10.8     3.2   -13.9    15.5      .1     4.3     1.0     6.8      .2
    Nondurable goods.......................     3.8     8.9    12.2     5.5     4.9    11.1     6.1    -3.9     8.2     9.2
    Services...............................     5.5     5.3     7.8     7.3     5.2     6.0     5.3     6.9     7.0     5.0
                                           --------------------------------------------------------------------------------
                                                               Based on chained (2000) dollar measures
                                           --------------------------------------------------------------------------------
  Real disposable personal income..........    -3.3     2.5    -1.2     6.6     4.9      .2     1.7     6.2     5.9     -.8
---------------------------------------------------------------------------------------------------------------------------

                                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                                     Billions of chained (2000) dollars,
                                                                                     seasonally adjusted at annual rates
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,411.4 7,467.9 7,462.4 7,495.0 7,500.6 7,557.2 7,503.6 7,562.0 7,570.0 7,624.5 7,639.3 7,654.4 7,699.2 7,693.3 7,716.5
  Durable goods............................ 1,052.1 1,055.8 1,064.8 1,078.1 1,067.9 1,096.5 1,049.6 1,086.7 1,077.8 1,110.1 1,102.2 1,102.5 1,125.5 1,104.9 1,116.1
  Nondurable goods......................... 2,131.9 2,157.9 2,140.6 2,171.7 2,158.0 2,173.1 2,163.6 2,174.2 2,176.6 2,193.4 2,203.2 2,204.8 2,214.6 2,224.1 2,236.9
  Services................................. 4,236.4 4,263.3 4,267.1 4,258.2 4,284.9 4,301.8 4,297.1 4,313.3 4,325.8 4,336.4 4,347.5 4,360.2 4,375.6 4,377.2 4,378.4
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                                     seasonally adjusted at annual rates
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........    -2.1    56.5    -5.5    32.6     5.6    56.6   -53.6    58.4     8.0    54.5    14.8    15.1    44.8    -5.9    23.2
  Durable goods............................    -9.2     3.7     9.0    13.3   -10.2    28.6   -46.9    37.1    -8.9    32.3    -7.9      .3    23.0   -20.6    11.2
  Nondurable goods.........................   -11.3    26.0   -17.3    31.1   -13.7    15.1    -9.5    10.6     2.4    16.8     9.8     1.6     9.8     9.5    12.8
  Services.................................    16.2    26.9     3.8    -8.9    26.7    16.9    -4.7    16.2    12.5    10.6    11.1    12.7    15.4     1.6     1.2
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                       Percent change from preceding period in chained (2000) dollars,
                                                                                     seasonally adjusted at monthly rates
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .0      .8     -.1      .4      .1      .8     -.7      .8      .1      .7      .2      .2      .6     -.1      .3
  Durable goods............................     -.9      .3      .9     1.2     -.9     2.7    -4.3     3.5     -.8     3.0     -.7      .0     2.1    -1.8     1.0
  Nondurable goods.........................     -.5     1.2     -.8     1.5     -.6      .7     -.4      .5      .1      .8      .4      .1      .4      .4      .6
  Services.................................      .4      .6      .1     -.2      .6      .4     -.1      .4      .3      .2      .3      .3      .4      .0      .0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------

                               Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 05  Apr 05  May 05  Jun 05  Jul 05  Aug 05  Sep 05  Oct 05  Nov 05  Dec 05  Jan 06  Feb 06  Mar 06  Apr 06
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Billions of chained (2000) dollars,
                                                                                 seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,718.4 7,763.0 7,741.6 7,821.2 7,877.2 7,849.0 7,832.2 7,845.6 7,874.9 7,910.1 7,938.0 7,971.8 7,975.9 7,998.6
  Durable goods............................ 1,127.1 1,164.1 1,110.4 1,164.4 1,219.5 1,152.7 1,118.4 1,101.4 1,125.7 1,144.3 1,174.4 1,159.9 1,169.0 1,175.9
  Nondurable goods......................... 2,219.5 2,244.2 2,242.5 2,254.8 2,254.3 2,265.4 2,263.0 2,289.8 2,285.1 2,285.4 2,313.4 2,314.6 2,308.9 2,326.5
  Services................................. 4,388.2 4,378.4 4,401.5 4,424.0 4,435.7 4,449.5 4,461.9 4,461.6 4,475.8 4,494.9 4,472.2 4,514.1 4,516.6 4,516.2
                                           ----------------------------------------------------------------------------------------------------------------
                                                                 Change from preceding period in billions of chained (2000) dollars,
                                                                                 seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........     1.9    44.6   -21.4    79.6    56.0   -28.2   -16.8    13.4    29.3    35.2    27.9    33.8     4.1    22.7
  Durable goods............................    11.0    37.0   -53.7    54.0    55.1   -66.8   -34.3   -17.0    24.3    18.6    30.1   -14.5     9.1     6.9
  Nondurable goods.........................   -17.4    24.7    -1.7    12.3     -.5    11.1    -2.4    26.8    -4.7      .3    28.0     1.2    -5.7    17.6
  Services.................................     9.8    -9.8    23.1    22.5    11.7    13.8    12.4     -.3    14.2    19.1   -22.7    41.9     2.5     -.4
                                           ----------------------------------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in chained (2000) dollars,
                                                                                 seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .0      .6     -.3     1.0      .7     -.4     -.2      .2      .4      .4      .4      .4      .1      .3
  Durable goods............................     1.0     3.3    -4.6     4.9     4.7    -5.5    -3.0    -1.5     2.2     1.7     2.6    -1.2      .8      .6
  Nondurable goods.........................     -.8     1.1     -.1      .5      .0      .5     -.1     1.2     -.2      .0     1.2      .0     -.2      .8
  Services.................................      .2     -.2      .5      .5      .3      .3      .3      .0      .3      .4     -.5      .9      .1      .0
-----------------------------------------------------------------------------------------------------------------------------------------------------------

                               Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 06  Jun 06  Jul 06  Aug 06  Sep 06  Oct 06  Nov 06  Dec 06  Jan 07  Feb 07  Mar 07  Apr 07  May 07 Jun 07\p\
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Billions of chained (2000) dollars,
                                                                                 seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 8,009.2 8,020.1 8,070.6 8,051.8 8,068.9 8,115.1 8,134.2 8,174.4 8,206.1 8,229.3 8,211.7 8,233.2 8,246.7 8,244.3
  Durable goods............................ 1,163.4 1,171.2 1,194.7 1,175.0 1,189.3 1,188.0 1,193.9 1,211.0 1,225.3 1,220.8 1,223.4 1,220.9 1,242.0 1,221.7
  Nondurable goods......................... 2,326.3 2,324.1 2,346.6 2,343.2 2,341.9 2,355.3 2,362.8 2,388.2 2,386.1 2,385.2 2,388.4 2,378.9 2,382.9 2,383.6
  Services................................. 4,535.8 4,542.6 4,551.8 4,551.6 4,558.6 4,590.4 4,597.1 4,599.1 4,620.7 4,646.4 4,625.1 4,656.1 4,650.1 4,661.5
                                           ----------------------------------------------------------------------------------------------------------------
                                                                 Change from preceding period in billions of chained (2000) dollars,
                                                                                 seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........    10.6    10.9    50.5   -18.8    17.1    46.2    19.1    40.2    31.7    23.2   -17.6    21.5    13.5    -2.4
  Durable goods............................   -12.5     7.8    23.5   -19.7    14.3    -1.3     5.9    17.1    14.3    -4.5     2.6    -2.5    21.1   -20.3
  Nondurable goods.........................     -.2    -2.2    22.5    -3.4    -1.3    13.4     7.5    25.4    -2.1     -.9     3.2    -9.5     4.0      .7
  Services.................................    19.6     6.8     9.2     -.2     7.0    31.8     6.7     2.0    21.6    25.7   -21.3    31.0    -6.0    11.4
                                           ----------------------------------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in chained (2000) dollars,
                                                                                 seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .1      .1      .6     -.2      .2      .6      .2      .5      .4      .3     -.2      .3      .2      .0
  Durable goods............................    -1.1      .7     2.0    -1.6     1.2     -.1      .5     1.4     1.2     -.4      .2     -.2     1.7    -1.6
  Nondurable goods.........................      .0     -.1     1.0     -.1     -.1      .6      .3     1.1     -.1      .0      .1     -.4      .2      .0
  Services.................................      .4      .1      .2      .0      .2      .7      .1      .0      .5      .6     -.5      .7     -.1      .2
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary

          Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                  [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------
                                               2003    2004    2005    2006   IV 03    I 04   II 04  III 04   IV 04
-------------------------------------------------------------------------------------------------------------------
                                           ------------------------------------------------------------------------
                                                              Billions of chained (2000) dollars
                                           ------------------------------------------------------------------------
Personal consumption expenditures.......... 7,295.3 7,561.4 7,803.6 8,044.1 7,394.3 7,475.1 7,520.5 7,585.5 7,664.3
  Durable goods............................ 1,020.6 1,084.8 1,137.4 1,180.5 1,051.4 1,066.2 1,071.3 1,091.5 1,110.1
  Nondurable goods......................... 2,103.0 2,177.6 2,255.4 2,337.7 2,132.5 2,156.7 2,164.9 2,181.4 2,207.5
  Services................................. 4,178.8 4,311.0 4,427.3 4,545.5 4,220.2 4,262.9 4,294.6 4,325.2 4,361.1
                                           ------------------------------------------------------------------------
                                                               Change from preceding period in
                                                              billions of chained (2000) dollars
                                           ------------------------------------------------------------------------
Personal consumption expenditures..........   196.0   266.1   242.2   240.5    41.4    80.8    45.4    65.0    78.8
  Durable goods............................    55.8    64.2    52.6    43.1     1.8    14.8     5.1    20.2    18.6
  Nondurable goods.........................    65.9    74.6    77.8    82.3     9.5    24.2     8.2    16.5    26.1
  Services.................................    78.4   132.2   116.3   118.2    29.5    42.7    31.7    30.6    35.9
                                           ------------------------------------------------------------------------
                                                             Percent change from preceding period
                                                                  in chained (2000) dollars
                                           ------------------------------------------------------------------------
Personal consumption expenditures..........     2.8     3.6     3.2     3.1     2.3     4.4     2.4     3.5     4.2
  Durable goods............................     5.8     6.3     4.9     3.8      .7     5.8     1.9     7.8     7.0
  Nondurable goods.........................     3.2     3.5     3.6     3.6     1.8     4.6     1.5     3.1     4.9
  Services.................................     1.9     3.2     2.7     2.7     2.8     4.1     3.0     2.9     3.4
-------------------------------------------------------------------------------------------------------------------

         Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)--Continued
                                      [Quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------
                                               I 05   II 05  III 05   IV 05    I 06   II 06  III 06   IV 06    I 07   II 07
---------------------------------------------------------------------------------------------------------------------------
                                           --------------------------------------------------------------------------------
                                                                  Billions of chained (2000) dollars
                                           --------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,709.4 7,775.2 7,852.8 7,876.9 7,961.9 8,009.3 8,063.8 8,141.2 8,215.7 8,241.4
  Durable goods............................ 1,116.0 1,146.3 1,163.5 1,123.8 1,167.8 1,170.2 1,186.3 1,197.6 1,223.2 1,228.2
  Nondurable goods......................... 2,226.8 2,247.2 2,260.9 2,286.8 2,312.3 2,325.6 2,343.9 2,368.8 2,386.6 2,381.8
  Services................................. 4,381.3 4,401.3 4,449.1 4,477.5 4,501.0 4,531.6 4,554.0 4,595.5 4,630.7 4,655.9
                                           --------------------------------------------------------------------------------
                                                                   Change from preceding period in
                                                                  billions of chained (2000) dollars
                                           --------------------------------------------------------------------------------
Personal consumption expenditures..........    45.1    65.8    77.6    24.1    85.0    47.4    54.5    77.4    74.5    25.7
  Durable goods............................     5.9    30.3    17.2   -39.7    44.0     2.4    16.1    11.3    25.6     5.0
  Nondurable goods.........................    19.3    20.4    13.7    25.9    25.5    13.3    18.3    24.9    17.8    -4.8
  Services.................................    20.2    20.0    47.8    28.4    23.5    30.6    22.4    41.5    35.2    25.2
                                           --------------------------------------------------------------------------------
                                                                 Percent change from preceding period
                                                                      in chained (2000) dollars
                                           --------------------------------------------------------------------------------
Personal consumption expenditures..........     2.4     3.5     4.1     1.2     4.4     2.4     2.8     3.9     3.7     1.3
  Durable goods............................     2.2    11.3     6.2   -13.0    16.6      .8     5.6     3.9     8.8     1.6
  Nondurable goods.........................     3.5     3.7     2.5     4.7     4.5     2.3     3.2     4.3     3.0     -.8
  Services.................................     1.9     1.8     4.4     2.6     2.1     2.7     2.0     3.7     3.1     2.2
---------------------------------------------------------------------------------------------------------------------------

                      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                                     Chain-type price indexes (2000=100),
                                                                                             seasonally adjusted
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 106.401 106.801 107.187 107.502 107.731 108.252 108.553 108.617 108.686 108.807 109.355 109.606 109.601 109.750 110.089
  Durable goods............................  90.806  90.880  90.927  90.973  91.019  90.977  90.962  90.685  90.263  90.298  90.453  90.443  90.465  90.578  90.415
  Nondurable goods......................... 104.707 105.317 105.953 106.485 106.517 107.821 108.251 107.970 107.870 107.868 109.304 109.344 108.810 108.605 109.207
  Services................................. 110.890 111.264 111.607 111.876 112.249 112.516 112.830 113.153 113.430 113.634 113.831 114.255 114.509 114.847 115.179
Addenda:
  PCE excluding food and energy............ 105.938 106.198 106.437 106.691 106.955 107.135 107.336 107.486 107.569 107.746 107.975 108.219 108.312 108.629 108.837
  Market-based PCE\1\...................... 105.593 105.974 106.335 106.625 106.772 107.292 107.576 107.587 107.607 107.671 108.261 108.489 108.441 108.555 108.884
  Market-based PCE excluding food
   and energy\1\........................... 104.826 105.033 105.210 105.422 105.591 105.700 105.856 105.958 105.983 106.100 106.315 106.529 106.589 106.896 107.063
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                            Percent change from preceding period in price indexes,
                                                                                     seasonally adjusted at monthly rates
                                           ------------------------------------------------------------------------------------------------------------------------
PCE........................................      .2      .4      .4      .3      .2      .5      .3      .1      .1      .1      .5      .2      .0      .1      .3
  Durable goods............................     -.3      .1      .1      .1      .1      .0      .0     -.3     -.5      .0      .2      .0      .0      .1     -.2
  Nondurable goods.........................      .4      .6      .6      .5      .0     1.2      .4     -.3     -.1      .0     1.3      .0     -.5     -.2      .6
  Services.................................      .3      .3      .3      .2      .3      .2      .3      .3      .2      .2      .2      .4      .2      .3      .3
Addenda:
  PCE excluding food and energy............      .2      .2      .2      .2      .2      .2      .2      .1      .1      .2      .2      .2      .1      .3      .2
  Market-based PCE\1\......................      .2      .4      .3      .3      .1      .5      .3      .0      .0      .1      .5      .2      .0      .1      .3
  Market-based PCE excluding food
   and energy\1\...........................      .1      .2      .2      .2      .2      .1      .1      .1      .0      .1      .2      .2      .1      .3      .2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 05  Apr 05  May 05  Jun 05  Jul 05  Aug 05  Sep 05  Oct 05  Nov 05  Dec 05  Jan 06  Feb 06  Mar 06  Apr 06
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Chain-type price indexes (2000=100),
                                                                                         seasonally adjusted
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 110.518 110.940 111.063 111.107 111.570 112.013 113.033 113.289 112.862 112.816 113.322 113.410 113.708 114.266
  Durable goods............................  90.418  90.347  90.528  90.250  89.927  89.589  89.689  89.628  89.470  89.374  89.379  89.284  89.164  89.210
  Nondurable goods......................... 109.890 110.775 110.525 110.410 111.498 112.678 115.164 114.912 112.731 112.340 113.345 113.193 113.676 114.939
  Services................................. 115.586 115.899 116.195 116.401 116.750 117.023 117.526 118.118 118.522 118.662 119.040 119.298 119.609 119.936
Addenda:
  PCE excluding food and energy............ 109.108 109.231 109.477 109.558 109.720 109.839 110.075 110.325 110.557 110.680 110.863 111.037 111.334 111.635
  Market-based PCE\1\...................... 109.291 109.717 109.776 109.778 110.258 110.718 111.810 112.019 111.475 111.403 111.921 111.973 112.260 112.819
  Market-based PCE excluding food
   and energy\1\........................... 107.274 107.343 107.534 107.569 107.691 107.766 107.934 108.121 108.342 108.467 108.600 108.747 109.027 109.277
                                           ----------------------------------------------------------------------------------------------------------------
                                                                        Percent change from preceding period in price indexes,
                                                                                 seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
PCE........................................      .4      .4      .1      .0      .4      .4      .9      .2     -.4      .0      .4      .1      .3      .5
  Durable goods............................      .0     -.1      .2     -.3     -.4     -.4      .1     -.1     -.2     -.1      .0     -.1     -.1      .1
  Nondurable goods.........................      .6      .8     -.2     -.1     1.0     1.1     2.2     -.2    -1.9     -.3      .9     -.1      .4     1.1
  Services.................................      .4      .3      .3      .2      .3      .2      .4      .5      .3      .1      .3      .2      .3      .3
Addenda:
  PCE excluding food and energy............      .2      .1      .2      .1      .1      .1      .2      .2      .2      .1      .2      .2      .3      .3
  Market-based PCE\1\......................      .4      .4      .1      .0      .4      .4     1.0      .2     -.5     -.1      .5      .0      .3      .5
  Market-based PCE excluding food
   and energy\1\...........................      .2      .1      .2      .0      .1      .1      .2      .2      .2      .1      .1      .1      .3      .2
-----------------------------------------------------------------------------------------------------------------------------------------------------------
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 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 06  Jun 06  Jul 06  Aug 06  Sep 06  Oct 06  Nov 06  Dec 06  Jan 07  Feb 07  Mar 07  Apr 07  May 07 Jun 07\p\
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Chain-type price indexes (2000=100),
                                                                                         seasonally adjusted
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 114.756 114.989 115.336 115.619 115.263 114.992 115.021 115.417 115.740 116.064 116.582 116.927 117.494 117.663
  Durable goods............................  89.177  88.942  88.999  88.968  88.514  88.522  88.223  87.895  87.779  87.862  87.754  87.559  87.421  87.483
  Nondurable goods......................... 116.074 116.277 116.931 117.274 115.523 114.150 113.811 114.669 114.876 115.337 116.647 117.439 118.933 118.885
  Services................................. 120.226 120.594 120.857 121.191 121.580 121.805 122.108 122.453 122.951 123.266 123.538 123.794 124.071 124.378
Addenda:
  PCE excluding food and energy............ 111.853 112.124 112.266 112.533 112.759 112.954 113.021 113.182 113.572 113.773 113.846 113.981 114.127 114.291
  Market-based PCE\1\...................... 113.351 113.549 113.908 114.168 113.703 113.322 113.321 113.726 114.039 114.397 114.981 115.319 115.906 116.040
  Market-based PCE excluding food
   and energy\1\........................... 109.494 109.729 109.845 110.080 110.290 110.442 110.478 110.602 110.992 111.212 111.278 111.362 111.446 111.565
                                           ----------------------------------------------------------------------------------------------------------------
                                                                        Percent change from preceding period in price indexes,
                                                                                 seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
PCE........................................      .4      .2      .3      .2     -.3     -.2      .0      .3      .3      .3      .4      .3      .5      .1
  Durable goods............................      .0     -.3      .1      .0     -.5      .0     -.3     -.4     -.1      .1     -.1     -.2     -.2      .1
  Nondurable goods.........................     1.0      .2      .6      .3    -1.5    -1.2     -.3      .8      .2      .4     1.1      .7     1.3      .0
  Services.................................      .2      .3      .2      .3      .3      .2      .2      .3      .4      .3      .2      .2      .2      .2
Addenda:
  PCE excluding food and energy............      .2      .2      .1      .2      .2      .2      .1      .1      .3      .2      .1      .1      .1      .1
  Market-based PCE\1\......................      .5      .2      .3      .2     -.4     -.3      .0      .4      .3      .3      .5      .3      .5      .1
  Market-based PCE excluding food
   and energy\1\...........................      .2      .2      .1      .2      .2      .1      .0      .1      .4      .2      .1      .1      .1      .1
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................     3.9     3.9     4.3     4.4     4.0     3.4     3.1     2.2     2.3     3.5     3.4     2.6     6.4     2.4     2.3

Personal consumption expenditures..........     3.1     3.8     4.1     4.2     3.9     4.3     3.0     3.3     2.5     3.7     3.8     3.2     3.9     3.0     3.4
  Durable goods............................     5.0     7.4    11.3    10.7     6.8     8.7     2.9     5.0      .7     6.4     5.9     3.9     7.0     4.7     4.8
  Nondurable goods.........................     3.5     4.3     3.6     4.3     4.0     4.7     2.9     3.0     2.0     3.3     3.8     2.9     3.9     3.1     4.5
  Services.................................     2.5     2.9     2.9     2.8     3.3     3.3     3.1     3.1     3.1     3.4     3.4     3.3     3.3     2.7     2.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------

         Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 05  Apr 05  May 05  Jun 05  Jul 05  Aug 05  Sep 05  Oct 05  Nov 05  Dec 05  Jan 06  Feb 06  Mar 06  Apr 06
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................     2.1     2.1     2.2     2.7     2.7     -.7     1.9     1.7     2.4     -.8     3.1     3.2     3.2     2.8

Personal consumption expenditures..........     3.0     3.5     2.4     4.2     4.2     3.7     2.7     2.7     2.9     2.7     3.2     3.3     3.3     3.0
  Durable goods............................     4.5     9.0     1.3    10.9    12.2     6.9      .8     -.1     2.1     1.7     6.3     3.9     3.7     1.0
  Nondurable goods.........................     2.2     4.0     3.2     4.2     3.7     4.1     3.2     3.9     3.6     3.2     4.0     3.5     4.0     3.7
  Services.................................     3.1     2.2     2.3     3.0     2.8     2.9     2.9     2.6     2.7     2.7     2.2     3.1     2.9     3.1
-----------------------------------------------------------------------------------------------------------------------------------------------------------

         Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 06  Jun 06  Jul 06  Aug 06  Sep 06  Oct 06  Nov 06  Dec 06  Jan 07  Feb 07  Mar 07  Apr 07  May 07 Jun 07\p\
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................     2.4     2.4     1.9     5.0     3.1     3.6     3.2     2.9     3.2     3.4     3.7     3.2     3.3     3.1

Personal consumption expenditures..........     3.5     2.5     2.5     2.6     3.0     3.4     3.3     3.3     3.4     3.2     3.0     2.9     3.0     2.8
  Durable goods............................     4.8      .6    -2.0     1.9     6.3     7.9     6.1     5.8     4.3     5.3     4.7     3.8     6.8     4.3
  Nondurable goods.........................     3.7     3.1     4.1     3.4     3.5     2.9     3.4     4.5     3.1     3.0     3.4     2.3     2.4     2.6
  Services.................................     3.1     2.7     2.6     2.3     2.2     2.9     2.7     2.3     3.3     2.9     2.4     3.1     2.5     2.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary

                              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....     2.0     2.1     2.0     1.9     2.4     2.9     3.1     2.9     2.7     2.5     3.0     3.3     3.0     2.8     2.7
  Durable goods............................    -3.9    -3.4    -3.0    -2.8    -2.4    -1.8    -1.5    -1.6    -1.8    -1.3     -.9     -.7     -.4     -.3     -.6
  Nondurable goods.........................     1.9     2.0     1.5     1.5     2.5     4.6     4.8     4.1     3.2     2.6     4.5     4.8     3.9     3.1     3.1
  Services.................................     3.3     3.3     3.3     3.1     3.3     3.1     3.3     3.3     3.3     3.2     3.1     3.3     3.3     3.2     3.2
Addenda:
  PCE excluding food and energy............     1.5     1.7     1.8     1.9     2.0     2.1     2.2     2.1     2.1     2.1     2.1     2.3     2.2     2.3     2.3
  Market-based PCE\1\......................     1.7     1.8     1.6     1.5     1.9     2.6     2.8     2.5     2.2     2.0     2.6     3.0     2.7     2.4     2.4
  Market-based PCE excluding food
   and energy\1\...........................     1.0     1.2     1.3     1.4     1.5     1.5     1.6     1.5     1.4     1.4     1.5     1.7     1.7     1.8     1.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 05  Apr 05  May 05  Jun 05  Jul 05  Aug 05  Sep 05  Oct 05  Nov 05  Dec 05  Jan 06  Feb 06  Mar 06  Apr 06
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....     2.8     3.0     2.6     2.4     2.7     3.1     3.9     3.6     3.0     2.9     3.3     3.0     2.9     3.0
  Durable goods............................     -.6     -.7     -.5     -.8     -.8     -.7     -.7     -.9    -1.1    -1.2    -1.3    -1.3    -1.4    -1.3
  Nondurable goods.........................     3.2     4.0     2.5     2.0     3.3     4.5     6.8     5.1     3.1     3.2     4.4     3.6     3.4     3.8
  Services.................................     3.3     3.3     3.3     3.2     3.2     3.2     3.4     3.8     3.7     3.6     3.7     3.6     3.5     3.5
Addenda:
  PCE excluding food and energy............     2.3     2.1     2.2     2.1     2.1     2.1     2.2     2.2     2.2     2.2     2.1     2.0     2.0     2.2
  Market-based PCE\1\......................     2.5     2.8     2.3     2.0     2.5     2.9     3.8     3.5     2.8     2.7     3.1     2.8     2.7     2.8
  Market-based PCE excluding food
   and energy\1\...........................     1.8     1.7     1.7     1.6     1.6     1.7     1.7     1.7     1.7     1.8     1.6     1.6     1.6     1.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------
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 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 06  Jun 06  Jul 06  Aug 06  Sep 06  Oct 06  Nov 06  Dec 06  Jan 07  Feb 07  Mar 07  Apr 07  May 07 Jun 07\p\
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....     3.3     3.5     3.4     3.2     2.0     1.5     1.9     2.3     2.1     2.3     2.5     2.3     2.4     2.3
  Durable goods............................    -1.5    -1.4    -1.0     -.7    -1.3    -1.2    -1.4    -1.7    -1.8    -1.6    -1.6    -1.9    -2.0    -1.6
  Nondurable goods.........................     5.0     5.3     4.9     4.1      .3     -.7     1.0     2.1     1.4     1.9     2.6     2.2     2.5     2.2
  Services.................................     3.5     3.6     3.5     3.6     3.4     3.1     3.0     3.2     3.3     3.3     3.3     3.2     3.2     3.1
Addenda:
  PCE excluding food and energy............     2.2     2.3     2.3     2.5     2.4     2.4     2.2     2.3     2.4     2.5     2.3     2.1     2.0     1.9
  Market-based PCE\1\......................     3.3     3.4     3.3     3.1     1.7     1.2     1.7     2.1     1.9     2.2     2.4     2.2     2.3     2.2
  Market-based PCE excluding food
   and energy\1\...........................     1.8     2.0     2.0     2.1     2.2     2.1     2.0     2.0     2.2     2.3     2.1     1.9     1.8     1.7
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
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 12.--Revisions to Personal Income and Its Disposition
-------------------------------------------------------------------------------------------------------------------------------------
                                                                   Billions of dollars
                                                 ------------------------      ------------------------           Revisions as a
                                                          Revised                   Revisions to                   percentage of
                                                         estimates                   previously                     previously
                                                                                     published                      published
                                                 ------------------------      ------------------------      ------------------------
                                                 2004      2005      2006      2004      2005      2006      2004      2005      2006
-------------------------------------------------------------------------------------------------------------------------------------
Personal income............................   9,727.2  10,301.1  10,983.4      -4.2      61.9      92.2        .0        .6        .8

  Compensation of employees, received......   6,671.4   7,024.6   7,440.8       6.1      -5.7     -45.1        .1       -.1       -.6

    Wage and salary disbursements..........   5,394.5   5,667.9   6,018.2       2.4       3.1     -12.9        .0        .1       -.2
      Private industries...................   4,451.4   4,686.9   4,997.6       1.1       -.2     -19.6        .0        .0       -.4
        Goods-producing industries.........   1,049.2   1,098.7   1,166.8      -1.6      -2.6     -13.7       -.2       -.2      -1.2
          Manufacturing....................     686.9     704.1     731.0      -1.1       -.6      -5.8       -.2       -.1       -.8
        Services-producing industries......   3,402.2   3,588.3   3,830.8       2.7       2.5      -5.9        .1        .1       -.2
          Trade, transportation, and
           utilities.......................     898.6     937.0     985.1       -.6       -.2     -10.0       -.1        .0      -1.0
          Other services-producing
           industries......................   2,503.6   2,651.2   2,845.7       3.3       2.7       4.1        .1        .1        .1
      Government...........................     943.1     980.9   1,020.6       1.3       3.2       6.7        .1        .3        .7

    Supplements to wages and salaries......   1,276.9   1,356.8   1,422.6       3.7      -8.7     -32.3        .3       -.6      -2.2
      Employer contributions for employee
       pension and insurance funds.........     868.5     927.7     970.7       2.4      -5.5     -22.0        .3       -.6      -2.2
      Employer contributions for government
       social insurance....................     408.3     429.1     451.8       1.2      -3.2     -10.3        .3       -.7      -2.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     911.6     969.9   1,006.7        .5       -.8      -8.4        .1       -.1       -.8
    Farm...................................      37.3      30.8      19.4       1.1        .6      -3.2       3.0       2.0     -14.2
    Nonfarm................................     874.3     939.1     987.4       -.6      -1.3      -5.1       -.1       -.1       -.5

  Rental income of persons with capital
   consumption adjustment..................     118.4      42.9      54.5      -8.6     -29.9     -22.9      -6.8     -41.1     -29.6

  Personal income receipts on assets.......   1,432.1   1,617.8   1,796.5       4.2      98.4     140.2        .3       6.5       8.5
    Personal interest income...............     895.1   1,018.9   1,100.2       4.3      73.9      83.5        .5       7.8       8.2
    Personal dividend income...............     537.0     598.9     696.3       -.1      24.5      56.7        .0       4.3       8.9

  Personal current transfer receipts.......   1,422.5   1,520.7   1,612.5      -4.0      -5.9      10.3       -.3       -.4        .6
    Government social benefits to persons..   1,396.1   1,483.1   1,585.3      -2.3       2.2      18.4       -.2        .1       1.2
      Old-age, survivors, disability, and
       health insurance benefits...........     788.0     845.3     946.4      -3.4        .4      15.0       -.4        .0       1.6
      Government unemployment insurance
       benefits............................      36.0      31.3      29.9        .0        .0       2.6        .0        .0       9.5
      Other................................     572.0     606.4     609.0       1.0       1.8        .7        .2        .3        .1
    Other current transfer receipts, from
     business (net)........................      26.4      37.6      27.2      -1.7      -8.1      -8.1      -6.0     -17.7     -22.9

  Less: Contributions for government social
   insurance...............................     828.8     874.8     927.6       2.4      -5.8     -18.1        .3       -.7      -1.9

Less: Personal current taxes...............   1,046.3   1,209.1   1,354.3      -3.5       6.0      -7.8       -.3        .5       -.6

Equals: Disposable personal income.........   8,680.9   9,092.0   9,629.1       -.7      55.9     100.0        .0        .6       1.0

Less: Personal outlays.....................   8,499.2   9,047.4   9,590.3      -8.0     -23.5     -35.2       -.1       -.3       -.4

  Personal consumption expenditures........   8,195.9   8,707.8   9,224.5     -15.6     -34.6     -44.4       -.2       -.4       -.5
    Durable goods..........................     983.9   1,023.9   1,048.9      -2.4      -9.2     -21.4       -.2       -.9      -2.0
    Nondurable goods.......................   2,343.7   2,516.2   2,688.0      -1.5     -23.1     -26.9       -.1       -.9      -1.0
    Services...............................   4,868.3   5,167.8   5,487.6     -11.8      -2.2       3.9       -.2        .0        .1
  Personal interest payments\1\............     191.3     217.7     238.0       5.3       8.3       7.7       2.8       4.0       3.3
  Personal current transfer payments.......     112.1     121.8     127.8       2.4       2.6       1.5       2.2       2.2       1.2
    To government..........................      68.9      74.5      78.9       2.1       2.5        .9       3.1       3.5       1.2
    To the rest of the world (net).........      43.1      47.3      48.9        .2        .2        .6        .5        .4       1.2

Equals: Personal saving....................     181.7      44.6      38.8       7.4      79.4     135.2     .....     .....     .....

  Personal saving as a percentage of
   disposable personal income..............       2.1        .5        .4        .1        .9       1.4     .....     .....     .....

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................   8,008.9   8,147.9   8,396.9      -1.9      43.3      78.3        .0        .5        .9
    Per capita:
      Current dollars......................    29,517    30,616    32,115       -14       176       321        .0        .6       1.0
      Chained (2000) dollars...............    27,232    27,436    28,005       -18       134       250       -.1        .5        .9
  Population (midperiod, thousands)\3\.....   294,096   296,972   299,833       118       120       118        .0        .0        .0
-------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.

                    Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)
------------------------------------------------------------------------------------------------------------------------------------------------------------
                                      Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05
------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    ------------------------------------------------------------------------------------------------------------------------
                                                                              Seasonally adjusted at annual rates
                                    ------------------------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................    35.5    45.4    52.2    40.7    48.5    65.3    30.8    48.3    69.0    14.3    83.2    31.1   354.2  -239.7    42.3
    Previously published............    35.5    59.6    51.6    44.0    47.6    62.5    21.2    54.9    49.3    14.0    91.4    29.1   344.7  -240.0    32.5
  Disposable personal income........    35.1    57.9    49.3    39.0    42.2    56.2    25.1    29.2    57.6     2.0    74.7    24.5   343.3  -298.4    34.8
    Previously published............    35.1    66.4    46.7    39.6    41.7    53.6    18.1    40.7    40.7     4.5    80.1    23.9   336.8  -295.6    25.7
  Personal consumption expenditures.    16.8    90.0    23.0    58.4    23.2   100.3   -35.5    68.3    14.0    68.3    58.0    35.7    48.7     4.9    51.6
    Previously published............    16.8    92.4    28.2    64.6    16.1   109.9   -35.2    74.0    10.8    67.6    57.9    39.2    51.2     7.4    51.3

Personal saving as a percentage
 of disposable personal income......     2.4     1.9     2.2     2.0     2.2     1.6     2.2     1.8     2.2     1.4     1.5     1.4     4.5     1.2      .9
  Previously published..............     2.4     2.1     2.3     2.0     2.2     1.5     2.1     1.7     2.0     1.2     1.4     1.2     4.3      .9      .6
                                    ------------------------------------------------------------------------------------------------------------------------
                                                               Percent change from preceding period for current-dollar measures,
                                                                              seasonally adjusted at monthly rates
                                    ------------------------------------------------------------------------------------------------------------------------
Personal income.....................      .4      .5      .6      .4      .5      .7      .3      .5      .7      .1      .8      .3     3.6    -2.3      .4
  Previously published..............      .4      .6      .5      .5      .5      .7      .2      .6      .5      .1      .9      .3     3.5    -2.3      .3

Disposable personal income..........      .4      .7      .6      .5      .5      .7      .3      .3      .7      .0      .9      .3     3.9    -3.3      .4
  Previously published..............      .4      .8      .6      .5      .5      .6      .2      .5      .5      .1      .9      .3     3.8    -3.2      .3

Personal consumption expenditures...      .2     1.1      .3      .7      .3     1.2     -.4      .8      .2      .8      .7      .4      .6      .1      .6
  Previously published..............      .2     1.2      .4      .8      .2     1.4     -.4      .9      .1      .8      .7      .5      .6      .1      .6
                                    ------------------------------------------------------------------------------------------------------------------------
                                                            Percent change from preceding period for chained (2000) dollar measures,
                                                                              seasonally adjusted at monthly rates
                                    ------------------------------------------------------------------------------------------------------------------------
Real disposable personal income.....      .2      .3      .2      .2      .3      .2      .0      .3      .6     -.1      .4      .0     3.9    -3.4      .1
  Previously published..............      .2      .4      .2      .1      .3      .2      .0      .4      .4     -.1      .4      .1     3.8    -3.4      .0

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

          Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continued
----------------------------------------------------------------------------------------------------------------------------------------------------
                                      Mar 05  Apr 05  May 05  Jun 05  Jul 05  Aug 05  Sep 05  Oct 05  Nov 05  Dec 05  Jan 06  Feb 06  Mar 06  Apr 06
----------------------------------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------------------------------
                                                                          Seasonally adjusted at annual rates
                                    ----------------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................    40.8    74.1    35.8    62.2    75.5  -212.2   321.2    46.1    40.3    67.4   123.7    38.0    36.9    49.5
    Previously published............    24.9    48.7    27.8    53.8    81.7  -184.8   292.6    56.5    19.8    53.7   138.8    57.0    55.5     6.9
  Disposable personal income........    33.0    60.1    29.4    52.8    63.8  -219.1   311.4    37.6    31.7    53.9    80.0    24.4    28.2    40.2
    Previously published............    17.2    29.7    20.7    45.5    74.3  -191.2   281.9    44.4    11.0    37.3    82.5    41.0    43.2    -4.5
  Personal consumption expenditures.    35.3    82.0   -14.3    92.0    98.7     3.5    61.0    35.3     -.5    36.0    71.8    45.3    28.5    70.4
    Previously published............    48.3    85.4    -9.8    80.2   109.1    -8.4    57.0    29.1     4.8    39.1    78.9    44.8    44.6    51.4

Personal saving as a percentage
 of disposable personal income......      .9      .6     1.1      .6      .2    -2.3      .5      .5      .8     1.0     1.1      .8      .8      .4
  Previously published..............      .2     -.4     -.1     -.5     -.9    -3.0     -.5     -.3     -.3     -.3     -.3     -.3     -.4    -1.0
                                    ----------------------------------------------------------------------------------------------------------------
                                                           Percent change from preceding period for current-dollar measures,
                                                                          seasonally adjusted at monthly rates
                                    ----------------------------------------------------------------------------------------------------------------
Personal income.....................      .4      .7      .4      .6      .7    -2.0     3.2      .4      .4      .6     1.2      .4      .3      .5
  Previously published..............      .2      .5      .3      .5      .8    -1.8     2.9      .5      .2      .5     1.3      .5      .5      .1

Disposable personal income..........      .4      .7      .3      .6      .7    -2.4     3.5      .4      .3      .6      .9      .3      .3      .4
  Previously published..............      .2      .3      .2      .5      .8    -2.1     3.2      .5      .1      .4      .9      .4      .5      .0

Personal consumption expenditures...      .4     1.0     -.2     1.1     1.1      .0      .7      .4      .0      .4      .8      .5      .3      .8
  Previously published..............      .6     1.0     -.1      .9     1.3     -.1      .6      .3      .1      .4      .9      .5      .5      .6
                                    ----------------------------------------------------------------------------------------------------------------
                                                        Percent change from preceding period for chained (2000) dollar measures,
                                                                          seasonally adjusted at monthly rates
                                    ----------------------------------------------------------------------------------------------------------------
Real disposable personal income.....      .0      .3      .2      .5      .3    -2.8     2.6      .2      .7      .6      .4      .2      .0     -.1
  Previously published..............     -.2      .0      .2      .5      .4    -2.5     2.2      .3      .5      .4      .4      .4      .1     -.5

Real personal consumption
 expenditures.......................      .0      .6     -.3     1.0      .7     -.4     -.2      .2      .4      .4      .4      .4      .1      .3
  Previously published..............      .1      .6     -.1      .9      .8     -.5     -.3      .1      .4      .5      .4      .4      .1      .1
----------------------------------------------------------------------------------------------------------------------------------------------------

      Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continued
--------------------------------------------------------------------------------------------------------------------------------------------
                                      May 06  Jun 06  Jul 06  Aug 06  Sep 06  Oct 06  Nov 06  Dec 06  Jan 07  Feb 07  Mar 07  Apr 07  May 07
--------------------------------------------------------------------------------------------------------------------------------------------
                                    --------------------------------------------------------------------------------------------------------
                                                                      Seasonally adjusted at annual rates
                                    --------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................    20.0    84.7     9.1    40.3    49.0    63.4    46.9    85.6   128.2    79.3    90.5   -23.4    50.5
    Previously published............    11.0    46.9    50.3    44.6    51.6    61.4    39.4    60.7   123.8    74.0    88.5   -27.2    47.3
  Disposable personal income........    20.2    71.2    12.7    35.5    36.8    43.6    31.8    66.9   100.2    67.6    76.2   -28.1    41.1
    Previously published............    10.4    37.4    57.2    44.3    46.9    44.4    30.4    50.0    89.7    62.0    73.9   -29.7    37.6
  Personal consumption expenditures.    51.4    31.2    86.1     1.2    -9.0    31.2    24.4    78.5    63.3    53.3    22.2    53.5    62.5
    Previously published............    63.4    31.9    68.4    13.8    -4.2    27.5    34.8    67.7    69.8    61.7    34.8    50.7    52.0

Personal saving as a percentage
 of disposable personal income......      .1      .5     -.3     -.1      .4      .4      .5      .3      .8      .9     1.5      .6      .4
  Previously published..............    -1.6    -1.5    -1.7    -1.5    -1.0     -.8     -.9    -1.1     -.8     -.8     -.4    -1.2    -1.4
                                    --------------------------------------------------------------------------------------------------------
                                                       Percent change from preceding period for current-dollar measures,
                                                                      seasonally adjusted at monthly rates
                                    --------------------------------------------------------------------------------------------------------
Personal income.....................      .2      .8      .1      .4      .4      .6      .4      .8     1.1      .7      .8     -.2      .4
  Previously published..............      .1      .4      .5      .4      .5      .6      .4      .5     1.1      .7      .8     -.2      .4

Disposable personal income..........      .2      .7      .1      .4      .4      .4      .3      .7     1.0      .7      .8     -.3      .4
  Previously published..............      .1      .4      .6      .5      .5      .5      .3      .5      .9      .6      .7     -.3      .4

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

Real personal consumption
 expenditures.......................      .1      .1      .6     -.2      .2      .6      .2      .5      .4      .3     -.2      .3      .2
  Previously published..............      .3      .2      .4     -.1      .3      .5      .4      .4      .4      .4     -.1      .2      .1
--------------------------------------------------------------------------------------------------------------------------------------------

Table 14.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates
                                            (Years and Quarters)
                               [Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------
                                        2003    2004    2005    2006   IV 03    I 04   II 04  III 04   IV 04
------------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................   281.7   563.6   573.9   682.3   137.7   141.5   146.8   141.3   254.6
    Previously published............   281.7   567.8   507.8   652.0   137.7   156.4   142.8   127.4   251.5
  Disposable personal income........   332.4   518.4   411.1   537.1    65.0   148.7   130.4   103.8   225.9
    Previously published............   332.4   519.1   354.5   493.0    65.0   155.6   125.5    99.2   224.9
  Personal consumption expenditures.   352.9   492.3   511.9   516.7    72.7   154.8   124.9   110.1   148.2
    Previously published............   352.9   507.9   530.9   526.5    72.7   162.7   130.1   116.9   149.8

Personal saving as a percentage
 of disposable personal income......     2.1     2.1      .5      .4     2.2     2.1     2.0     1.8     2.5
  Previously published..............     2.1     2.0     -.4    -1.0     2.2     2.1     2.0     1.6     2.3
                                    ------------------------------------------------------------------------
                                        Percent change from preceding period for current-dollar measures
                                    ------------------------------------------------------------------------
Personal income.....................     3.2     6.2     5.9     6.6     6.1     6.2     6.3     6.0    10.8
  Previously published..............     3.2     6.2     5.2     6.4     6.1     6.9     6.2     5.4    10.7

Disposable personal income..........     4.2     6.4     4.7     5.9     3.2     7.3     6.3     4.9    10.8
  Previously published..............     4.2     6.4     4.1     5.5     3.2     7.7     6.0     4.7    10.7

Personal consumption expenditures...     4.8     6.4     6.2     5.9     3.8     8.1     6.4     5.5     7.4
  Previously published..............     4.8     6.6     6.5     6.0     3.8     8.5     6.6     5.9     7.4
                                    ------------------------------------------------------------------------
                                    Percent change from preceding period for chained (2000) dollar measures
                                    ------------------------------------------------------------------------
Real disposable personal income.....     2.2     3.6     1.7     3.1     1.7     3.7     2.4     2.9     7.5
  Previously published..............     2.2     3.6     1.2     2.6     1.7     3.9     2.4     2.8     7.5

Real personal consumption
 expenditures.......................     2.8     3.6     3.2     3.1     2.3     4.4     2.4     3.5     4.2
  Previously published..............     2.8     3.9     3.5     3.2     2.3     4.7     2.9     3.9     4.3
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Table 14.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates
                                      (Years and Quarters)--Continued
                               [Quarters seasonally adjusted at annual rates]
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                                        I 05   II 05  III 05   IV 05    I 06   II 06  III 06   IV 06    I 07
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Change from preceding period
  in billions of dollars:
  Personal income...................    48.6   160.0    94.5   238.8   219.7   128.4   115.4   169.3   283.9
    Previously published............    29.4   112.7   101.2   221.0   237.7    85.9   132.1   157.2   256.3
  Disposable personal income........   -27.1   130.9    66.5   211.3   152.1   104.4   102.9   123.4   225.9
    Previously published............   -40.3    78.8    78.0   188.4   152.7    57.4   130.8   127.3   199.2
  Personal consumption expenditures.    95.5   143.8   177.9    88.8   135.4   149.2   121.8    68.0   166.8
    Previously published............   104.9   154.9   172.7    80.5   151.4   148.9   118.6    75.1   179.2

Personal saving as a percentage
 of disposable personal income......     1.0      .8     -.5      .8      .9      .3      .0      .4     1.1
  Previously published..............      .6     -.3    -1.5     -.3     -.3    -1.4    -1.4     -.9     -.7
                                    ------------------------------------------------------------------------
                                        Percent change from preceding period for current-dollar measures
                                    ------------------------------------------------------------------------
Personal income.....................     2.0     6.5     3.7     9.6     8.6     4.8     4.3     6.3    10.5
  Previously published..............     1.2     4.6     4.0     8.9     9.4     3.2     5.0     5.9     9.6

Disposable personal income..........    -1.2     6.0     3.0     9.6     6.7     4.5     4.4     5.2     9.5
  Previously published..............    -1.8     3.6     3.5     8.6     6.8     2.5     5.7     5.4     8.5

Personal consumption expenditures...     4.6     7.0     8.5     4.1     6.2     6.8     5.4     3.0     7.3
  Previously published..............     5.1     7.5     8.2     3.7     7.0     6.7     5.2     3.3     7.8
                                    ------------------------------------------------------------------------
                                    Percent change from preceding period for chained (2000) dollar measures
                                    ------------------------------------------------------------------------
Real disposable personal income.....    -3.3     2.5    -1.2     6.6     4.9      .2     1.7     6.2     5.9
  Previously published..............    -4.0      .5     -.6     5.5     4.6    -1.5     3.2     6.4     4.8

Real personal consumption
 expenditures.......................     2.4     3.5     4.1     1.2     4.4     2.4     2.8     3.9     3.7
  Previously published..............     2.7     4.2     3.9      .8     4.8     2.6     2.8     4.2     4.2
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