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News Release: Personal Income and Outlays

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, AUGUST 31, 2007

James E. Rankin:       (202) 606-5301  (Personal Income) BEA 07-39
Michael Armah:         (202) 606-5302  (Personal Outlays)



                                PERSONAL INCOME AND OUTLAYS:  JULY 2007

        Personal income increased $61.9 billion, or 0.5 percent, and disposable personal income (DPI)
increased $57.3 billion, or 0.6 percent, in July, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $37.8 billion, or 0.4 percent.  In June, personal
income increased $45.7 billion, or 0.4 percent, DPI increased $36.5 billion, or 0.4 percent, and PCE
increased $16.1 billion, or 0.2 percent, based on revised  estimates.

                                        2007
                                        Mar.            Apr.            May             June            July
                                                        (Percent change from preceding month)
Personal income, current dollars        0.8            -0.1             0.4             0.4             0.5
Disposable personal income:
  Current dollars                       0.8            -0.1             0.4             0.4             0.6
  Chained (2000) dollars                0.4            -0.4            -0.1             0.2             0.5
Personal consumption expenditures:
  Current dollars                       0.2             0.6             0.6             0.2             0.4
  Chained (2000) dollars               -0.2             0.3             0.1             0.0             0.3

        This news release presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for January through March 2007 (first quarter).  These
estimates reflect newly available first-quarter wage and salary tabulations from the quarterly census
of employment and wages from the Bureau of Labor Statistics.

                                Wages and salaries

        Private wage and salary disbursements increased $26.9 billion in July, compared with an
increase of $28.7 billion in June.  Goods-producing industries' payrolls increased $1.2 billion,
compared with an increase of $5.2 billion; manufacturing payrolls increased $1.9 billion, compared
with an increase of $4.2 billion.  Services-producing industries' payrolls increased $25.7 billion,
compared with an increase of $23.5 billion.  Government wage and salary disbursements increased
$1.9 billion, compared with an increase of $3.8 billion.

                                Other personal income

        Supplements to wages and salaries increased $6.3 billion in July, compared with an increase of
$5.6 billion in June.

        Proprietors' income increased $5.2 billion in July, in contrast to a decrease of $1.6 billion in
June.  Farm proprietors' income decreased less than $0.1 billion, compared with a decrease of $2.7
billion.  Nonfarm proprietors' income increased $5.2 billion, compared with an increase of $1.1
billion.

        Rental income of persons decreased $1.7 billion in July, in contrast to an increase of $4.4
billion in June.  Personal income receipts on assets (personal interest income plus personal dividend
income) increased $16.2 billion, compared with an increase of $8.8 billion.  Personal current transfer
receipts increased $11.0 billion, in contrast to a decrease of $0.1 billion.

        Contributions for government social insurance -- a subtraction in calculating personal income --
increased $3.8 billion in July, the same increase as in June.

                                Personal current taxes and disposable personal income

        Personal current taxes increased $4.6 billion in July, compared with an increase of $9.2 billion
in June.  Disposable personal income (DPI) -- personal income less personal current taxes --
increased $57.3 billion, or 0.6 percent, in July, compared with an increase of $36.5 billion, or 0.4
percent, in June.

                                Personal outlays and personal saving

        Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $37.1 billion in July, compared with an increase of $26.0 billion in June.  PCE increased
$37.8 billion, compared with an increase of $16.1 billion.

        Personal saving -- DPI less personal outlays -- was $72.2 billion in July, compared with $52.0
billion in June.  Personal saving as a percentage of disposable personal income was 0.7 percent in
July, compared with 0.5 percent in June.  Saving from current income may be near zero or negative
when outlays are financed by borrowing (including borrowing financed through credit cards or home
equity loans), by selling investments or other assets, or by using savings from previous periods.  For
more information, see the FAQs on "Personal Saving" on BEA's Web site.  For a comparison of
personal saving in BEA's national income and product accounts with personal saving in the Federal
Reserve Board's flow of funds accounts and data on changes in net worth (which helped finance
negative saving), 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 0.5 percent in July, compared
with an increase of 0.2 percent in June.

        Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in July, compared
with an increase of less than 0.1 percent in June.  Purchases of durable goods increased 0.5 percent,
in contrast to a decrease of 1.8 percent.  Purchases of nondurable goods increased 0.4 percent,
compared with an increase of 0.1 percent.  Purchases of services increased 0.2 percent, compared
with an increase of 0.3 percent.

        PCE price index -- The PCE price index increased 0.1 percent in July, compared with an
increase of 0.2 percent in June.  The PCE price index, excluding food and energy, increased 0.1
percent, compared with an increase of 0.2 percent.

                                Revisions

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

        For January through June, the revisions to wages and salaries reflect the incorporation of the
most recently available BLS tabulations of first-quarter private wages and salaries from the quarterly
census of employment and wages.  Revisions to personal current taxes and to contributions for
government social insurance reflect the revisions to wages and salaries.

                                                                Change from preceding month

                                        May                                       June
                                        Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                                       (Billions of dollars)     (Percent)       (Billions of dollars)     (Percent)
Personal Income:
 Current dollars....................    50.5       48.2        0.4        0.4     51.7       45.7       0.4         0.4
Disposable personal income:
 Current dollars....................    41.1       40.2        0.4        0.4     42.1       36.5       0.4         0.4
 Chained (2000) dollars.............    -6.6       -6.4       -0.1       -0.1     23.4       18.1       0.3         0.2
Personal consumption expenditures:
 Current dollars....................    62.5       53.8        0.6        0.6     11.1       16.1       0.1         0.2
 Chained (2000) dollars.............    13.5        6.9        0.2        0.1     -2.4        1.3       0.0         0.0

        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 August will be released on
September 28, 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 06  Jan 07\r\  Feb 07\r\  Mar 07\r\  Apr 07\r\  May 07\r\  Jun 07\r\  Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   11,272.9   11,375.5   11,467.5   11,564.7   11,557.5   11,605.7   11,651.4   11,713.3

  Compensation of employees, received......    7,646.4    7,712.1    7,761.5    7,821.1    7,817.3    7,848.0    7,886.0    7,921.0

    Wage and salary disbursements..........    6,193.0    6,248.4    6,291.2    6,343.6    6,336.2    6,361.9    6,394.3    6,423.1
      Private industries...................    5,153.6    5,200.7    5,239.1    5,288.5    5,277.1    5,300.0    5,328.7    5,355.6
        Goods-producing industries.........    1,199.2    1,203.4    1,205.9    1,217.3    1,220.8    1,224.2    1,229.4    1,230.6
          Manufacturing....................      747.4      750.9      754.4      760.8      763.5      764.4      768.6      770.5
        Services-producing industries......    3,954.4    3,997.2    4,033.2    4,071.2    4,056.3    4,075.8    4,099.3    4,125.0
          Trade, transportation, and
           utilities.......................    1,006.3    1,014.9    1,018.2    1,027.0    1,026.7    1,030.4    1,038.1    1,041.5
          Other services-producing
           industries......................    2,948.1    2,982.3    3,015.1    3,044.2    3,029.5    3,045.4    3,061.1    3,083.5
      Government...........................    1,039.4    1,047.7    1,052.1    1,055.1    1,059.2    1,061.8    1,065.6    1,067.5

    Supplements to wages and salaries......    1,453.5    1,463.7    1,470.3    1,477.5    1,481.0    1,486.1    1,491.7    1,498.0
      Employer contributions for employee
       pension and insurance funds.........      990.6      995.7      999.3    1,002.7    1,007.3    1,010.8    1,014.6    1,019.1
      Employer contributions for government
       social insurance....................      462.9      468.0      471.0      474.8      473.8      475.3      477.2      478.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    1,019.4    1,019.8    1,029.6    1,032.9    1,030.3    1,030.7    1,029.1    1,034.3
    Farm...................................       25.0       27.2       29.5       30.5       27.0       23.9       21.2       21.2
    Nonfarm................................      994.5      992.6    1,000.1    1,002.3    1,003.3    1,006.8    1,007.9    1,013.1

  Rental income of persons with capital
   consumption adjustment..................       50.0       51.2       53.0       55.4       57.8       60.6       65.0       63.3

  Personal income receipts on assets.......    1,837.2    1,859.5    1,882.5    1,906.6    1,915.7    1,924.8    1,933.6    1,949.8
    Personal interest income...............    1,095.3    1,110.7    1,126.1    1,141.5    1,142.3    1,143.1    1,143.9    1,152.3
    Personal dividend income...............      741.9      748.8      756.4      765.0      773.4      781.7      789.7      797.5

  Personal current transfer receipts.......    1,669.5    1,696.4    1,710.4    1,725.3    1,711.4    1,719.8    1,719.7    1,730.7
    Government social benefits to persons..    1,639.1    1,668.8    1,682.8    1,697.6    1,683.7    1,692.0    1,691.8    1,702.8
      Old-age, survivors, disability, and
       health insurance benefits...........      986.2      990.0    1,000.5    1,007.8    1,010.2    1,022.7    1,026.7    1,028.1
      Government unemployment insurance
       benefits............................       31.2       31.6       31.9       31.9       31.9       31.6       31.5       31.5
      Other................................      621.8      647.3      650.3      657.9      641.6      637.8      633.6      643.2
    Other current transfer receipts, from
     business (net)........................       30.4       27.6       27.6       27.7       27.7       27.8       27.9       27.9

  Less: Contributions for government social
   insurance...............................      949.7      963.5      969.5      976.6      975.1      978.2      982.0      985.8

Less: Personal current taxes...............    1,418.6    1,440.8    1,454.2    1,469.1    1,474.6    1,482.6    1,491.8    1,496.4

Equals: Disposable personal income.........    9,854.4    9,934.7   10,013.3   10,095.5   10,082.9   10,123.1   10,159.6   10,216.9

Less: Personal outlays.....................    9,820.0    9,878.8    9,927.9    9,945.7   10,017.9   10,081.6   10,107.6   10,144.7

  Personal consumption expenditures........    9,434.2    9,497.5    9,550.8    9,573.0    9,633.2    9,687.0    9,703.1    9,740.9
    Durable goods..........................    1,064.4    1,075.6    1,072.7    1,073.6    1,069.0    1,087.0    1,068.5    1,072.1
    Nondurable goods.......................    2,738.5    2,741.1    2,751.0    2,786.1    2,794.5    2,838.0    2,838.6    2,851.7
    Services...............................    5,631.3    5,680.8    5,727.1    5,713.4    5,769.7    5,762.0    5,796.0    5,817.2
  Personal interest payments\1\............      253.3      248.3      243.3      238.3      247.5      256.8      266.1      264.7
  Personal current transfer payments.......      132.5      133.0      133.7      134.4      137.2      137.8      138.4      139.0
    To government..........................       81.8       82.7       83.4       84.1       84.7       85.3       85.9       86.5
    To the rest of the world (net).........       50.6       50.4       50.4       50.4       52.5       52.5       52.5       52.5

Equals: Personal saving....................       34.4       55.9       85.4      149.8       65.0       41.5       52.0       72.2

  Personal saving as a percentage of
   disposable personal income..............         .3         .6         .9        1.5         .6         .4         .5         .7

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,538.4    8,583.9    8,627.7    8,659.9    8,624.8    8,618.4    8,636.5    8,677.9
    Per capita:
      Current dollars......................     32,719     32,963     33,202     33,451     33,384     33,491     33,585     33,746
      Chained (2000) dollars...............     28,350     28,481     28,608     28,694     28,556     28,513     28,550     28,662
  Population (midperiod, thousands)\3\.....    301,183    301,389    301,583    301,799    302,028    302,262    302,507    302,761
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2007.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                Table 2.--Personal Income and Its Disposition (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006       I 06      II 06     III 06      IV 06    I 07\r\   II 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,301.1   10,983.4   10,787.1   10,915.5   11,030.9   11,200.2   11,469.2   11,604.9

  Compensation of employees, received......    7,024.6    7,440.8    7,348.7    7,371.9    7,442.5    7,599.9    7,764.9    7,850.4

    Wage and salary disbursements..........    5,667.9    6,018.2    5,945.6    5,958.4    6,015.8    6,153.0    6,294.4    6,364.1
      Private industries...................    4,686.9    4,997.6    4,941.1    4,944.6    4,988.8    5,115.7    5,242.7    5,301.9
        Goods-producing industries.........    1,098.7    1,166.8    1,161.3    1,155.9    1,158.5    1,191.4    1,208.9    1,224.8
          Manufacturing....................      704.1      731.0      732.9      723.3      724.3      743.3      755.4      765.5
        Services-producing industries......    3,588.3    3,830.8    3,779.9    3,788.6    3,830.3    3,924.4    4,033.9    4,077.1
          Trade, transportation, and
           utilities.......................      937.0      985.1      971.7      980.9      985.8    1,002.2    1,020.0    1,031.8
          Other services-producing
           industries......................    2,651.2    2,845.7    2,808.1    2,807.8    2,844.5    2,922.2    3,013.8    3,045.4
      Government...........................      980.9    1,020.6    1,004.4    1,013.8    1,027.0    1,037.2    1,051.7    1,062.2

    Supplements to wages and salaries......    1,356.8    1,422.6    1,403.1    1,413.5    1,426.7    1,446.9    1,470.5    1,486.3
      Employer contributions for employee
       pension and insurance funds.........      927.7      970.7      955.2      965.5      975.4      986.7      999.2    1,010.9
      Employer contributions for government
       social insurance....................      429.1      451.8      447.9      448.0      451.3      460.2      471.3      475.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      969.9    1,006.7    1,000.1    1,013.5    1,003.6    1,009.8    1,027.4    1,030.1
    Farm...................................       30.8       19.4       20.8       14.6       18.1       23.9       29.1       24.1
    Nonfarm................................      939.1      987.4      979.3      998.9      985.5      985.8      998.3    1,006.0

  Rental income of persons with capital
   consumption adjustment..................       42.9       54.5       59.0       55.4       52.9       50.9       53.2       61.1

  Personal income receipts on assets.......    1,617.8    1,796.5    1,725.6    1,795.7    1,828.1    1,836.6    1,882.9    1,924.7
    Personal interest income...............    1,018.9    1,100.2    1,065.7    1,112.7    1,119.7    1,102.8    1,126.1    1,143.1
    Personal dividend income...............      598.9      696.3      659.9      682.9      708.4      733.8      756.8      781.6

  Personal current transfer receipts.......    1,520.7    1,612.5    1,572.5    1,599.1    1,630.6    1,647.7    1,710.7    1,717.0
    Government social benefits to persons..    1,483.1    1,585.3    1,546.9    1,573.3    1,603.2    1,618.0    1,683.1    1,689.2
      Old-age, survivors, disability, and
       health insurance benefits...........      845.3      946.4      917.4      940.1      956.1      972.0      999.4    1,019.9
      Government unemployment insurance
       benefits............................       31.3       29.9       30.2       29.2       30.0       30.3       31.8       31.7
      Other................................      606.4      609.0      599.3      603.9      617.1      615.7      651.8      637.6
    Other current transfer receipts, from
     business (net)........................       37.6       27.2       25.7       25.9       27.4       29.7       27.6       27.8

  Less: Contributions for government social
   insurance...............................      874.8      927.6      918.8      920.1      926.8      944.6      969.8      978.4

Less: Personal current taxes...............    1,209.1    1,354.3    1,318.6    1,342.6    1,355.2    1,401.0    1,454.7    1,483.0

Equals: Disposable personal income.........    9,092.0    9,629.1    9,468.5    9,572.9    9,675.8    9,799.2   10,014.5   10,121.9

Less: Personal outlays.....................    9,047.4    9,590.3    9,384.0    9,542.9    9,677.1    9,757.2    9,917.5   10,069.0

  Personal consumption expenditures........    8,707.8    9,224.5    9,034.7    9,183.9    9,305.7    9,373.7    9,540.5    9,674.4
    Durable goods..........................    1,023.9    1,048.9    1,042.6    1,042.8    1,053.8    1,056.5    1,074.0    1,074.8
    Nondurable goods.......................    2,516.2    2,688.0    2,622.1    2,692.2    2,732.4    2,705.4    2,759.4    2,823.7
    Services...............................    5,167.8    5,487.6    5,370.0    5,448.9    5,519.5    5,611.8    5,707.1    5,775.9
  Personal interest payments\1\............      217.7      238.0      227.1      231.0      242.3      251.6      243.3      256.8
  Personal current transfer payments.......      121.8      127.8      122.2      128.0      129.1      131.8      133.7      137.8
    To government..........................       74.5       78.9       76.9       78.1       79.6       81.2       83.4       85.3
    To the rest of the world (net).........       47.3       48.9       45.3       49.9       49.5       50.6       50.4       52.5

Equals: Personal saving....................       44.6       38.8       84.5       30.0       -1.4       42.0       97.0       52.8

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

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,147.9    8,396.9    8,344.2    8,348.6    8,384.5    8,510.7    8,623.9    8,626.5
    Per capita:
      Current dollars......................     30,616     32,115     31,693     31,970     32,231     32,561     33,206     33,487
      Chained (2000) dollars...............     27,436     28,005     27,930     27,881     27,930     28,280     28,595     28,539
  Population (midperiod, thousands)\3\.....    296,972    299,833    298,754    299,432    300,196    300,950    301,590    302,266
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2007.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\r\  Apr 07\r\  May 07\r\  Jun 07\r\  Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       85.6      102.6       92.0       97.2       -7.2       48.2       45.7       61.9

  Compensation of employees, received......       49.5       65.7       49.4       59.6       -3.8       30.7       38.0       35.0

    Wage and salary disbursements..........       42.8       55.4       42.8       52.4       -7.4       25.7       32.4       28.8
      Private industries...................       40.6       47.1       38.4       49.4      -11.4       22.9       28.7       26.9
        Goods-producing industries.........        9.7        4.2        2.5       11.4        3.5        3.4        5.2        1.2
          Manufacturing....................        6.2        3.5        3.5        6.4        2.7         .9        4.2        1.9
        Services-producing industries......       31.0       42.8       36.0       38.0      -14.9       19.5       23.5       25.7
          Trade, transportation, and
           utilities.......................        2.1        8.6        3.3        8.8        -.3        3.7        7.7        3.4
          Other services-producing
           industries......................       28.8       34.2       32.8       29.1      -14.7       15.9       15.7       22.4
      Government...........................        2.1        8.3        4.4        3.0        4.1        2.6        3.8        1.9

    Supplements to wages and salaries......        6.8       10.2        6.6        7.2        3.5        5.1        5.6        6.3
      Employer contributions for employee
       pension and insurance funds.........        3.9        5.1        3.6        3.4        4.6        3.5        3.8        4.5
      Employer contributions for government
       social insurance....................        3.0        5.1        3.0        3.8       -1.0        1.5        1.9        1.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       12.3         .4        9.8        3.3       -2.6         .4       -1.6        5.2
    Farm...................................         .9        2.2        2.3        1.0       -3.5       -3.1       -2.7         .0
    Nonfarm................................       11.6       -1.9        7.5        2.2        1.0        3.5        1.1        5.2

  Rental income of persons with capital
   consumption adjustment..................       -1.1        1.2        1.8        2.4        2.4        2.8        4.4       -1.7

  Personal income receipts on assets.......         .6       22.3       23.0       24.1        9.1        9.1        8.8       16.2
    Personal interest income...............       -7.4       15.4       15.4       15.4         .8         .8         .8        8.4
    Personal dividend income...............        8.0        6.9        7.6        8.6        8.4        8.3        8.0        7.8

  Personal current transfer receipts.......       29.8       26.9       14.0       14.9      -13.9        8.4        -.1       11.0
    Government social benefits to persons..       29.1       29.7       14.0       14.8      -13.9        8.3        -.2       11.0
      Old-age, survivors, disability, and
       health insurance benefits...........       19.3        3.8       10.5        7.3        2.4       12.5        4.0        1.4
      Government unemployment insurance
       benefits............................        2.3         .4         .3         .0         .0        -.3        -.1         .0
      Other................................        7.6       25.5        3.0        7.6      -16.3       -3.8       -4.2        9.6
    Other current transfer receipts, from
     business (net)........................         .8       -2.8         .0         .1         .0         .1         .1         .0

  Less: Contributions for government social
   insurance...............................        5.7       13.8        6.0        7.1       -1.5        3.1        3.8        3.8

Less: Personal current taxes...............       18.8       22.2       13.4       14.9        5.5        8.0        9.2        4.6

Equals: Disposable personal income.........       66.9       80.3       78.6       82.2      -12.6       40.2       36.5       57.3

Less: Personal outlays.....................       80.9       58.8       49.1       17.8       72.2       63.7       26.0       37.1

  Personal consumption expenditures........       78.5       63.3       53.3       22.2       60.2       53.8       16.1       37.8
    Durable goods..........................       11.1       11.2       -2.9         .9       -4.6       18.0      -18.5        3.6
    Nondurable goods.......................       49.3        2.6        9.9       35.1        8.4       43.5         .6       13.1
    Services...............................       18.2       49.5       46.3      -13.7       56.3       -7.7       34.0       21.2
  Personal interest payments\1\............        1.7       -5.0       -5.0       -5.0        9.2        9.3        9.3       -1.4
  Personal current transfer payments.......         .7         .5         .7         .7        2.8         .6         .6         .6
    To government..........................         .6         .9         .7         .7         .6         .6         .6         .6
    To the rest of the world (net).........         .0        -.2         .0         .0        2.1         .0         .0         .0

Equals: Personal saving....................      -13.9       21.5       29.5       64.4      -84.8      -23.5       10.5       20.2

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       28.8       45.5       43.8       32.2      -35.1       -6.4       18.1       41.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2007.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                 Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006       I 06      II 06     III 06      IV 06    I 07\r\   II 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      573.9      682.3      219.7      128.4      115.4      169.3      269.0      135.7

  Compensation of employees, received......      353.2      416.2      190.4       23.2       70.6      157.4      165.0       85.5

    Wage and salary disbursements..........      273.4      350.3      167.7       12.8       57.4      137.2      141.4       69.7
      Private industries...................      235.5      310.7      154.5        3.5       44.2      126.9      127.0       59.2
        Goods-producing industries.........       49.5       68.1       41.7       -5.4        2.6       32.9       17.5       15.9
          Manufacturing....................       17.2       26.9       24.5       -9.6        1.0       19.0       12.1       10.1
        Services-producing industries......      186.1      242.5      113.0        8.7       41.7       94.1      109.5       43.2
          Trade, transportation, and
           utilities.......................       38.4       48.1       20.8        9.2        4.9       16.4       17.8       11.8
          Other services-producing
           industries......................      147.6      194.5       92.1        -.3       36.7       77.7       91.6       31.6
      Government...........................       37.8       39.7       13.0        9.4       13.2       10.2       14.5       10.5

    Supplements to wages and salaries......       79.9       65.8       22.7       10.4       13.2       20.2       23.6       15.8
      Employer contributions for employee
       pension and insurance funds.........       59.2       43.0       10.6       10.3        9.9       11.3       12.5       11.7
      Employer contributions for government
       social insurance....................       20.8       22.7       12.1         .1        3.3        8.9       11.1        4.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       58.3       36.8        7.5       13.4       -9.9        6.2       17.6        2.7
    Farm...................................       -6.5      -11.4       -7.4       -6.2        3.5        5.8        5.2       -5.0
    Nonfarm................................       64.8       48.3       14.9       19.6      -13.4         .3       12.5        7.7

  Rental income of persons with capital
   consumption adjustment..................      -75.5       11.6        -.3       -3.6       -2.5       -2.0        2.3        7.9

  Personal income receipts on assets.......      185.7      178.7       16.1       70.1       32.4        8.5       46.3       41.8
    Personal interest income...............      123.8       81.3       -7.6       47.0        7.0      -16.9       23.3       17.0
    Personal dividend income...............       61.9       97.4       23.7       23.0       25.5       25.4       23.0       24.8

  Personal current transfer receipts.......       98.2       91.8       36.3       26.6       31.5       17.1       63.0        6.3
    Government social benefits to persons..       87.0      102.2       41.1       26.4       29.9       14.8       65.1        6.1
      Old-age, survivors, disability, and
       health insurance benefits...........       57.3      101.1       57.9       22.7       16.0       15.9       27.4       20.5
      Government unemployment insurance
       benefits............................       -4.7       -1.4       -1.3       -1.0         .8         .3        1.5        -.1
      Other................................       34.4        2.6      -15.5        4.6       13.2       -1.4       36.1      -14.2
    Other current transfer receipts, from
     business (net)........................       11.2      -10.4       -4.7         .2        1.5        2.3       -2.1         .2

  Less: Contributions for government social
   insurance...............................       46.0       52.8       30.3        1.3        6.7       17.8       25.2        8.6

Less: Personal current taxes...............      162.8      145.2       67.6       24.0       12.6       45.8       53.7       28.3

Equals: Disposable personal income.........      411.1      537.1      152.1      104.4      102.9      123.4      215.3      107.4

Less: Personal outlays.....................      548.2      542.9      138.3      158.9      134.2       80.1      160.3      151.5

  Personal consumption expenditures........      511.9      516.7      135.4      149.2      121.8       68.0      166.8      133.9
    Durable goods..........................       40.0       25.0       36.9         .2       11.0        2.7       17.5         .8
    Nondurable goods.......................      172.5      171.8       30.8       70.1       40.2      -27.0       54.0       64.3
    Services...............................      299.5      319.8       67.6       78.9       70.6       92.3       95.3       68.8
  Personal interest payments\1\............       26.4       20.3        4.5        3.9       11.3        9.3       -8.3       13.5
  Personal current transfer payments.......        9.7        6.0       -1.5        5.8        1.1        2.7        1.9        4.1
    To government..........................        5.6        4.4         .7        1.2        1.5        1.6        2.2        1.9
    To the rest of the world (net).........        4.2        1.6       -2.3        4.6        -.4        1.1        -.2        2.1

Equals: Personal saving....................     -137.1       -5.8       13.7      -54.5      -31.4       43.4       55.0      -44.2

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      139.0      249.0       98.2        4.4       35.9      126.2      113.2        2.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2007.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\r\  Apr 07\r\  May 07\r\  Jun 07\r\  Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................         .8         .9         .8         .8        -.1         .4         .4         .5
  Compensation of employees, received......         .7         .9         .6         .8         .0         .4         .5         .4
    Wage and salary disbursements..........         .7         .9         .7         .8        -.1         .4         .5         .5
    Supplements to wages and salaries......         .5         .7         .4         .5         .2         .3         .4         .4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        1.2         .0        1.0         .3        -.2         .0        -.2         .5
  Rental income of persons with capital
   consumption adjustment..................       -2.1        2.4        3.3        4.6        4.3        4.9        7.2       -2.7
  Personal income receipts on assets.......         .0        1.2        1.2        1.3         .5         .5         .5         .8
    Personal interest income...............        -.7        1.4        1.4        1.4         .1         .1         .1         .7
    Personal dividend income...............        1.1         .9        1.0        1.1        1.1        1.1        1.0        1.0
  Personal current transfer receipts.......        1.8        1.6         .8         .9        -.8         .5         .0         .6

  Less: Contributions for government social
   insurance...............................         .6        1.5         .6         .7        -.2         .3         .4         .4

Less: Personal current taxes...............        1.3        1.6         .9        1.0         .4         .5         .6         .3

Equals: Disposable personal income.........         .7         .8         .8         .8        -.1         .4         .4         .6

Addenda:
  Personal consumption expenditures........         .8         .7         .6         .2         .6         .6         .2         .4
    Durable goods..........................        1.1        1.0        -.3         .1        -.4        1.7       -1.7         .3
    Nondurable goods.......................        1.8         .1         .4        1.3         .3        1.6         .0         .5
    Services...............................         .3         .9         .8        -.2        1.0        -.1         .6         .4
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........         .3         .5         .5         .4        -.4        -.1         .2         .5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2007.

             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006       I 06      II 06     III 06      IV 06    I 07\r\   II 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                       Based on current-dollar measures
                                           ----------------------------------------------------------------------------------------
Personal income............................        5.9        6.6        8.6        4.8        4.3        6.3       10.0        4.8
  Compensation of employees, received......        5.3        5.9       11.1        1.3        3.9        8.7        9.0        4.5
    Wage and salary disbursements..........        5.1        6.2       12.1         .9        3.9        9.4        9.5        4.5
    Supplements to wages and salaries......        6.3        4.8        6.8        3.0        3.8        5.8        6.7        4.4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        6.4        3.8        3.0        5.5       -3.9        2.5        7.2        1.0
  Rental income of persons with capital
   consumption adjustment..................      -63.8       27.2       -1.8      -22.4      -16.7      -14.0       19.2       74.5
  Personal income receipts on assets.......       13.0       11.0        3.8       17.3        7.4        1.9       10.5        9.2
    Personal interest income...............       13.8        8.0       -2.8       18.9        2.5       -5.9        8.7        6.2
    Personal dividend income...............       11.5       16.3       15.8       14.7       15.8       15.1       13.1       13.8
  Personal current transfer receipts.......        6.9        6.0        9.8        6.9        8.1        4.3       16.2        1.5

  Less: Contributions for government social
   insurance...............................        5.5        6.0       14.4         .6        3.0        7.9       11.1        3.6

Less: Personal current taxes...............       15.6       12.0       23.4        7.5        3.8       14.2       16.2        8.0

Equals: Disposable personal income.........        4.7        5.9        6.7        4.5        4.4        5.2        9.1        4.4

Addenda:
  Personal consumption expenditures........        6.2        5.9        6.2        6.8        5.4        3.0        7.3        5.7
    Durable goods..........................        4.1        2.4       15.5         .1        4.3        1.0        6.8         .3
    Nondurable goods.......................        7.4        6.8        4.9       11.1        6.1       -3.9        8.2        9.7
    Services...............................        6.2        6.2        5.2        6.0        5.3        6.9        7.0        4.9
                                           ----------------------------------------------------------------------------------------
                                                                   Based on chained (2000) dollar measures
                                           ----------------------------------------------------------------------------------------
  Real disposable personal income..........        1.7        3.1        4.9         .2        1.7        6.2        5.4         .1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2007.

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 06     Jan 07    Feb 07      Mar 07  Apr 07\r\  May 07\r\  Jun 07\r\  Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    8,174.4    8,206.1    8,229.3    8,211.7    8,240.1    8,247.0    8,248.3    8,273.5
  Durable goods............................    1,211.0    1,225.3    1,220.8    1,223.4    1,220.8    1,243.3    1,221.2    1,227.1
  Nondurable goods.........................    2,388.2    2,386.1    2,385.2    2,388.4    2,379.6    2,386.3    2,387.7    2,396.7
  Services.................................    4,599.1    4,620.7    4,646.4    4,625.1    4,662.1    4,646.4    4,661.7    4,672.8
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       40.2       31.7       23.2      -17.6       28.4        6.9        1.3       25.2
  Durable goods............................       17.1       14.3       -4.5        2.6       -2.6       22.5      -22.1        5.9
  Nondurable goods.........................       25.4       -2.1        -.9        3.2       -8.8        6.7        1.4        9.0
  Services.................................        2.0       21.6       25.7      -21.3       37.0      -15.7       15.3       11.1
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .5         .4         .3        -.2         .3         .1         .0         .3
  Durable goods............................        1.4        1.2        -.4         .2        -.2        1.8       -1.8         .5
  Nondurable goods.........................        1.1        -.1         .0         .1        -.4         .3         .1         .4
  Services.................................         .0         .5         .6        -.5         .8        -.3         .3         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2005       2006       I 06      II 06     III 06      IV 06       I 07   II 07\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,803.6    8,044.1    7,961.9    8,009.3    8,063.8    8,141.2    8,215.7    8,245.2
  Durable goods............................    1,137.4    1,180.5    1,167.8    1,170.2    1,186.3    1,197.6    1,223.2    1,228.4
  Nondurable goods.........................    2,255.4    2,337.7    2,312.3    2,325.6    2,343.9    2,368.8    2,386.6    2,384.5
  Services.................................    4,427.3    4,545.5    4,501.0    4,531.6    4,554.0    4,595.5    4,630.7    4,656.7
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      242.2      240.5       85.0       47.4       54.5       77.4       74.5       29.5
  Durable goods............................       52.6       43.1       44.0        2.4       16.1       11.3       25.6        5.2
  Nondurable goods.........................       77.8       82.3       25.5       13.3       18.3       24.9       17.8       -2.1
  Services.................................      116.3      118.2       23.5       30.6       22.4       41.5       35.2       26.0
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.2        3.1        4.4        2.4        2.8        3.9        3.7        1.4
  Durable goods............................        4.9        3.8       16.6         .8        5.6        3.9        8.8        1.7
  Nondurable goods.........................        3.6        3.6        4.5        2.3        3.2        4.3        3.0        -.3
  Services.................................        2.7        2.7        2.1        2.7        2.0        3.7        3.1        2.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 06     Jan 07     Feb 07     Mar 07  Apr 07\r\  May 07\r\  Jun 07\r\  Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    115.417    115.740    116.064    116.582    116.910    117.464    117.641    117.741
  Durable goods............................     87.895     87.779     87.862     87.754     87.559     87.421     87.485     87.360
  Nondurable goods.........................    114.669    114.876    115.337    116.647    117.438    118.930    118.885    118.984
  Services.................................    122.453    122.951    123.266    123.538    123.765    124.018    124.339    124.498
Addenda:
  PCE excluding food and energy............    113.182    113.572    113.773    113.846    113.961    114.092    114.265    114.414
  Market-based PCE\1\......................    113.726    114.039    114.397    114.981    115.320    115.907    116.055    116.136
  Market-based PCE excluding food
   and energy\1\...........................    110.602    110.992    111.212    111.278    111.364    111.449    111.585    111.721
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .3         .3         .3         .4         .3         .5         .2         .1
  Durable goods............................        -.4        -.1         .1        -.1        -.2        -.2         .1        -.1
  Nondurable goods.........................         .8         .2         .4        1.1         .7        1.3         .0         .1
  Services.................................         .3         .4         .3         .2         .2         .2         .3         .1
Addenda:
  PCE excluding food and energy............         .1         .3         .2         .1         .1         .1         .2         .1
  Market-based PCE\1\......................         .4         .3         .3         .5         .3         .5         .1         .1
  Market-based PCE excluding food
   and energy\1\...........................         .1         .4         .2         .1         .1         .1         .1         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 06  Jan 07\r\  Feb 07\r\  Mar 07\r\  Apr 07\r\  May 07\r\  Jun 07\r\  Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        2.9        3.0        3.3        3.7        3.3        3.5        3.2        3.8

Personal consumption expenditures..........        3.3        3.4        3.2        3.0        3.0        3.0        2.8        2.5
  Durable goods............................        5.8        4.3        5.3        4.7        3.8        6.9        4.3        2.7
  Nondurable goods.........................        4.5        3.1        3.0        3.4        2.3        2.6        2.7        2.1
  Services.................................        2.3        3.3        2.9        2.4        3.2        2.4        2.6        2.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the first quarter of 2007.

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Dec 06     Jan 07     Feb 07     Mar 07  Apr 07\r\  May 07\r\  Jun 07\r\  Jul 07\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        2.3        2.1        2.3        2.5        2.3        2.4        2.3        2.1
  Durable goods............................       -1.7       -1.8       -1.6       -1.6       -1.9       -2.0       -1.6       -1.8
  Nondurable goods.........................        2.1        1.4        1.9        2.6        2.2        2.5        2.2        1.8
  Services.................................        3.2        3.3        3.3        3.3        3.2        3.2        3.1        3.0
Addenda:
  PCE excluding food and energy............        2.3        2.4        2.5        2.3        2.1        2.0        1.9        1.9
  Market-based PCE\1\......................        2.1        1.9        2.2        2.4        2.2        2.3        2.2        2.0
  Market-based PCE excluding food
   and energy\1\...........................        2.0        2.2        2.3        2.1        1.9        1.8        1.7        1.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.