News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, SEPTEMBER 30, 2005
BEA 05-44

Personal Income and Outlays, August 2005



Available for this release: PDF IconFull Release: PDF (88 kb), XLS IconTables: XLS (64 kb), PDF IconHighlights: PDF (87 kb)

envelope icon  Sign up for e-mail subscriptions.
 
Note: Corrections to August 2005 Real PCE and Price Index.

James E. Rankin:       (202)    606-5301  (Personal Income)BEA 05-44
Michael Armah:         (202)    606-5302  (Personal Outlays)
Recorded message:      (202)    606-5303


               PERSONAL INCOME AND OUTLAYS:  AUGUST 2005

    Personal income decreased $5.3 billion, or 0.1 percent, and disposable personal income (DPI)
decreased $7.4 billion, or 0.1 percent, in August, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $47.2 billion, or 0.5 percent.  In July, personal
income increased $34.9 billion, or 0.3 percent, DPI increased $34.1 billion, or 0.4 percent, and PCE
increased $106.5 billion, or 1.2 percent, based on revised estimates.


                                                          2005
                                        Apr.     May      June     July     Aug.
                                         (Percent change from preceding month)
Personal income, current dollars        0.7      0.2      0.4      0.3      -0.1
Disposable personal income:
Current dollars                         0.5      0.2      0.4      0.4      -0.1
Chained (2000) dollars                  0.1      0.1      0.4      0.1      -0.5
Personal consumption expenditures:
Current dollars                         0.7      0.0      1.0      1.2      -0.5
Chained (2000) dollars                  0.3      0.0      1.0      0.9      -1.0


         The August estimate of personal income reflects the effects of Hurricane Katrina, which hit
the Gulf Coast States of the United States at the end of August.  Rental income of persons and
proprietors' income were reduced by about $100 billion (annual rate) primarily reflecting
uninsured losses of residential and business property.  "Other current transfer receipts from
business (net)" was raised by about $70 billion (annual rate) to reflect insurance benefits paid
to persons.  Because other effects of the hurricane were embedded in BEA's source data and
could not be separately identified, BEA did not attempt to quantify their impact.

       For more information on how disasters are treated in the national accounts, see FAQs on
       "Disasters" on BEA's Web site.




Wages and salaries

    Private wage and salary disbursements increased $9.1 billion in August, compared with an
increase of $38.2 billion in July.  Goods-producing industries' payrolls increased $3.2 billion,
compared with an increase of $6.4 billion; manufacturing payrolls increased $1.0 billion, compared
with an increase of $3.5 billion.  Services-producing industries' payrolls increased $5.9 billion,
compared with an increase of $31.7 billion.  Government wage and salary disbursements increased
$2.1 billion, compared with an increase of $2.3 billion.


Other personal income

    Supplements to wages and salaries increased $3.0 billion in August, compared with an
increase of $5.4 billion in July.

    Proprietors' income decreased $6.2 billion in August, compared with a decrease of $0.1 billion
in July.  Farm proprietors' income decreased $2.1 billion, in contrast to an increase of $2.9 billion.
Nonfarm proprietors' income decreased $4.1 billion, compared with a decrease of $3.0 billion.
Nonfarm proprietors' income was reduced $12.2 billion (at an annual rate) to reflect uninsured
losses of business property from the impact of Hurricane Katrina.  (Proprietors' income is reported
net of such losses.)

    Rental income of persons decreased $92.0 billion in August, compared with a decrease of $3.3
billion in July.  Rental income was reduced $88.5 billion (at an annual rate) to reflect uninsured
losses of residential property from the impacts of the hurricane.

    Personal income receipts on assets (personal interest income plus personal dividend income)
increased $7.9 billion in August, compared with an increase of $8.0 billion in July.

    Personal current transfer receipts increased $71.6 billion in August, in contrast to a decrease of
$10.8 billion in July.  Personal current transfer receipts was boosted $70.2 billion (at an annual rate)
to reflect increases in insurance benefits paid to persons for damage to insured property from the
impact of Hurricane Katrina.

    Contributions for government social insurance -- a subtraction in calculating personal income --
was increased $0.8 billion in August, compared with an increase of $4.9 billion in July.



Personal current taxes and disposable personal income

    Personal current taxes increased $2.1 billion in August, compared with an increase of $0.8
billion in July.  Disposable personal income (DPI) -- personal income less personal current taxes --
decreased $7.4 billion, or 0.1 percent, in August, in contrast to an increase of $34.1 billion, or 0.4
percent, in July.


Personal outlays and personal saving

    Personal outlays -- PCE, personal interest payments, and personal current transfer payments
decreased $46.5 billion in August, in contrast to an increase of $107.3 billion in July.  PCE
decreased $47.2 billion, in contrast to an increase of $106.5 billion.

    Personal saving -- DPI less personal outlays -- was a negative $61.8 billion in August,
compared with a negative $100.9 billion in July.  Personal saving as a percentage of disposable
personal income was a negative 0.7 percent in August, compared with a negative 1.1 percent in July.
Negative personal saving reflects personal outlays that exceed disposable personal income.  Saving
from current income may be near zero or negative when outlays are financed by borrowing
(including borrowing financed through credit cards or home equity loans), by selling investments or
other assets, or by using savings from previous periods.  For more information, see the FAQs on
"Personal Saving" on BEA's Web site.


Real DPI and real PCE

    Real DPI -- DPI adjusted to remove price changes -- decreased 0.5 percent in August, in
contrast to an increase of 0.1 percent in July.

    Real PCE - PCE adjusted to remove price changes -- decreased 1.0 percent in August, in
contrast to an increase of 0.9 percent in July.  Purchases of durable goods decreased 8.9 percent, in
contrast to an increase of 6.9 percent.  Purchases of motor vehicles and parts accounted for most of
the decrease in August and for most of the increase in July.  Purchases of nondurable goods
increased 0.1 percent in August, compared with an increase of less than 0.1 percent in July.
Purchases of services increased 0.2 percent, compared with an increase of 0.1 percent.


Revisions

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




                                        Change from preceding month
                                         June                                    July
                        Previous  Revised   Previous  Revised   Previous  Revised   Previous  Revised
                      (Billions of dollars)     (Percent)     (Billions of dollars)     (Percent)
Personal Income:
Current dollars..........    54.7     44.7       0.5       0.4      29.3     34.9         0.3       0.3
Disposable personal income:
Current dollars..........    45.9     35.7       0.5       0.4      27.2     34.1         0.3       0.4
Chained (2000) dollars...    42.1     31.4       0.5       0.4       0.2      6.3         0.0       0.1
Personal consumption expenditures:
Current dollars..........    88.0     90.1       1.0       1.0      85.7    106.5         1.0       1.2
Chained (2000) dollars...    79.9     80.4       1.0       1.0      53.8     72.3         0.7       0.9


    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.

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

                                (202)  606-5306   Gross domestic product
                                (202)  606-5303   Personal income and outlays


Note that beginning with the September release of personal income and outlays on October 31, 2005,
the recorded message service for personal income will be discontinued.


                        *          *          *


Next release -- Personal Income and Outlays for September will be released on
                  October 31, 2005 at 8:30 A.M. EST.


                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jan 05     Feb 05     Mar 05    Apr 05\r\  May 05\r\  Jun 05\r\  Jul 05\r\  Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,025.2   10,072.9   10,122.0   10,190.6   10,214.1   10,258.8   10,293.7   10,288.4

  Compensation of employees, received......    6,963.3    7,001.6    7,040.3    7,087.8    7,097.3    7,117.5    7,163.4    7,177.5

    Wage and salary disbursements..........    5,604.6    5,629.8    5,655.3    5,698.8    5,706.9    5,725.0    5,765.5    5,776.6
      Private industries...................    4,645.6    4,667.5    4,691.1    4,732.8    4,739.4    4,756.6    4,794.8    4,803.9
        Goods-producing industries.........    1,092.7    1,099.1    1,105.9    1,113.5    1,117.3    1,119.4    1,125.8    1,129.0
          Manufacturing....................      711.6      715.2      719.2      722.4      725.4      725.2      728.7      729.7
        Services-producing industries......    3,552.9    3,568.4    3,585.2    3,619.3    3,622.1    3,637.3    3,669.0    3,674.9
          Trade, transportation, and
           utilities.......................      933.8      937.6      942.0      949.8      947.9      949.6      957.9      958.2
          Other services-producing
           industries......................    2,619.1    2,630.8    2,643.2    2,669.6    2,674.3    2,687.7    2,711.1    2,716.6
      Government...........................      959.0      962.4      964.1      965.9      967.5      968.4      970.7      972.8

    Supplements to wages and salaries......    1,358.7    1,371.7    1,385.0    1,389.0    1,390.4    1,392.5    1,397.9    1,400.9
      Employer contributions for employee
       pension and insurance funds.........      938.2      949.9      961.8      963.2      964.4      965.6      968.7      971.5
      Employer contributions for government
       social insurance....................      420.5      421.8      423.2      425.8      426.0      426.9      429.3      429.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      912.9      916.8      924.1      930.8      933.5      945.7      945.6      939.4
    Farm...................................       23.7       24.6       25.9       23.2       19.7       15.8       18.7       16.6
    Nonfarm................................      889.2      892.2      898.2      907.5      913.8      929.9      926.9      922.8

  Rental income of persons with capital
   consumption adjustment..................      121.1      118.5      114.4      109.4      104.1       99.7       96.4        4.4

  Personal income receipts on assets.......    1,403.3    1,407.4    1,413.1    1,426.8    1,439.7    1,452.8    1,460.8    1,468.7
    Personal interest income...............      912.7      915.4      918.1      927.0      936.0      944.9      948.0      951.1
    Personal dividend income...............      490.6      492.0      495.0      499.8      503.8      507.9      512.8      517.6

  Personal current transfer receipts.......    1,482.8    1,489.6    1,494.0    1,504.9    1,509.1    1,514.8    1,504.0    1,575.6
    Government social benefits to persons..    1,453.7    1,460.4    1,464.8    1,475.7    1,479.8    1,485.5    1,474.7    1,476.1
      Old-age, survivors, disability, and
       health insurance benefits...........      823.3      828.6      832.1      838.8      842.2      845.6      847.3      851.2
      Government unemployment insurance
       benefits............................       29.6       29.4       29.2       28.1       27.7       28.1       27.9       27.6
      Other................................      600.8      602.4      603.6      608.8      609.9      611.8      599.5      597.3
    Other current transfer receipts, from
     business (net)........................       29.1       29.1       29.1       29.2       29.2       29.3       29.3       99.6

  Less: Contributions for government social
   insurance...............................      858.2      860.9      863.8      869.1      869.6      871.6      876.5      877.3

Less: Personal current taxes...............    1,162.9    1,171.5    1,179.8    1,204.5    1,212.2    1,221.1    1,221.9    1,224.0

Equals: Disposable personal income.........    8,862.3    8,901.4    8,942.2    8,986.1    9,002.0    9,037.7    9,071.8    9,064.4

Less: Personal outlays.....................    8,801.2    8,860.5    8,902.2    8,966.7    8,971.4    9,065.4    9,172.7    9,126.2

  Personal consumption expenditures........    8,483.1    8,541.6    8,582.6    8,646.6    8,647.2    8,737.3    8,843.8    8,796.6
    Durable goods..........................    1,003.8    1,017.5    1,030.7    1,046.4    1,008.9    1,051.2    1,118.5    1,019.4
    Nondurable goods.......................    2,461.2    2,483.3    2,485.4    2,529.2    2,525.1    2,546.8    2,565.7    2,594.5
    Services...............................    5,018.1    5,040.8    5,066.5    5,071.0    5,113.2    5,139.2    5,159.6    5,182.8
  Personal interest payments\1\............      197.8      198.1      198.4      201.8      205.3      208.8      209.1      209.3
  Personal current transfer payments.......      120.3      120.8      121.3      118.3      118.8      119.3      119.8      120.3
    To government..........................       72.0       72.5       72.9       73.4       74.0       74.4       75.0       75.4
    To the rest of the world (net).........       48.3       48.3       48.3       44.9       44.9       44.9       44.9       44.9

Equals: Personal saving....................       61.1       40.9       40.0       19.4       30.6      -27.7     -100.9      -61.8

  Personal saving as a percentage of
   disposable personal income..............         .7         .5         .4         .2         .3        -.3       -1.1        -.7

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,086.7    8,101.8    8,105.6    8,111.4    8,121.7    8,153.1    8,159.4    8,115.8
    Per capita:
      Current dollars......................     29,989     30,101     30,218     30,344     30,373     30,468     30,557     30,504
      Chained (2000) dollars...............     27,365     27,397     27,391     27,390     27,403     27,486     27,484     27,312
  Population (midperiod, thousands)\3\.....    295,517    295,720    295,924    296,144    296,381    296,626    296,884    297,156
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                Table 2.--Personal Income and Its Disposition (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004       I 04      II 04     III 04      IV 04       I 05   II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,169.1    9,713.3    9,484.8    9,614.3    9,729.2   10,024.8   10,073.4   10,221.2

  Compensation of employees, received......    6,321.1    6,687.6    6,526.7    6,603.6    6,724.2    6,895.8    7,001.7    7,100.9

    Wage and salary disbursements..........    5,111.1    5,389.4    5,254.8    5,318.1    5,422.0    5,562.9    5,629.9    5,710.2
      Private industries...................    4,207.8    4,450.0    4,327.5    4,380.3    4,479.2    4,612.9    4,668.1    4,743.0
        Goods-producing industries.........    1,007.2    1,049.9    1,018.7    1,035.6    1,062.3    1,083.0    1,099.2    1,116.7
          Manufacturing....................      668.7      687.7      669.3      677.6      696.1      707.8      715.3      724.4
        Services-producing industries......    3,200.6    3,400.1    3,308.7    3,344.8    3,416.8    3,529.9    3,568.8    3,626.3
          Trade, transportation, and
           utilities.......................      858.6      899.7      871.8      889.5      906.3      931.1      937.8      949.1
          Other services-producing
           industries......................    2,342.0    2,500.4    2,437.0    2,455.3    2,510.5    2,598.8    2,631.0    2,677.2
      Government...........................      903.3      939.5      927.3      937.7      942.8      950.0      961.8      967.3

    Supplements to wages and salaries......    1,210.0    1,298.1    1,271.9    1,285.5    1,302.3    1,332.9    1,371.8    1,390.6
      Employer contributions for employee
       pension and insurance funds.........      830.0      895.5      877.0      887.5      897.9      919.6      950.0      964.4
      Employer contributions for government
       social insurance....................      380.0      402.7      394.9      398.0      404.4      413.4      421.9      426.2

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      810.2      889.6      870.2      898.4      889.1      900.9      917.9      936.6
    Farm...................................       27.7       35.8       44.8       44.1       29.7       24.6       24.7       19.6
    Nonfarm................................      782.4      853.8      825.4      854.2      859.4      876.3      893.2      917.1

  Rental income of persons with capital
   consumption adjustment..................      131.7      134.2      144.2      141.8      122.1      128.7      118.0      104.4

  Personal income receipts on assets.......    1,338.7    1,396.5    1,350.4    1,363.9    1,378.2    1,493.6    1,407.9    1,439.8
    Personal interest income...............      917.6      905.9      906.6      905.1      904.7      907.4      915.4      936.0
    Personal dividend income...............      421.1      490.6      443.9      458.8      473.5      586.2      492.5      503.8

  Personal current transfer receipts.......    1,344.0    1,427.5    1,399.6    1,419.8    1,441.5    1,449.2    1,488.8    1,509.6
    Government social benefits to persons..    1,313.5    1,394.5    1,370.6    1,390.8    1,397.1    1,419.5    1,459.7    1,480.4
      Old-age, survivors, disability, and
       health insurance benefits...........      739.3      789.3      772.9      784.9      793.7      805.5      828.0      842.2
      Government unemployment insurance
       benefits............................       52.8       36.0       43.1       35.3       33.3       32.4       29.4       28.0
      Other................................      521.4      569.2      554.6      570.7      570.1      581.5      602.2      610.2
    Other current transfer receipts, from
     business (net)........................       30.5       33.0       29.0       28.9       44.4       29.8       29.1       29.2

  Less: Contributions for government social
   insurance...............................      776.6      822.2      806.3      813.0      825.9      843.5      861.0      870.1

Less: Personal current taxes...............      999.9    1,049.1    1,009.6    1,034.0    1,058.4    1,094.3    1,171.4    1,212.6

Equals: Disposable personal income.........    8,169.2    8,664.2    8,475.3    8,580.3    8,670.9    8,930.4    8,902.0    9,008.6

Less: Personal outlays.....................    7,996.3    8,512.5    8,319.4    8,439.1    8,566.3    8,725.0    8,854.6    9,001.2

  Personal consumption expenditures........    7,709.9    8,214.3    8,032.3    8,145.6    8,263.2    8,416.1    8,535.8    8,677.0
    Durable goods..........................      950.1      987.8      974.2      974.6      993.8    1,008.6    1,017.3    1,035.5
    Nondurable goods.......................    2,189.0    2,368.3    2,302.7    2,355.2    2,378.4    2,437.1    2,476.6    2,533.7
    Services...............................    4,570.8    4,858.2    4,755.4    4,815.9    4,891.0    4,970.4    5,041.8    5,107.8
  Personal interest payments\1\............      183.2      186.7      178.0      182.2      190.3      196.2      198.1      205.3
  Personal current transfer payments.......      103.3      111.5      109.2      111.3      112.8      112.7      120.8      118.8
    To government..........................       62.1       68.6       66.1       67.8       69.4       71.0       72.5       73.9
    To the rest of the world (net).........       41.2       42.9       43.0       43.5       43.4       41.7       48.3       44.9

Equals: Personal saving....................      172.8      151.8      155.8      141.2      104.6      205.4       47.4        7.4

  Personal saving as a percentage of
   disposable personal income..............        2.1        1.8        1.8        1.6        1.2        2.3         .5         .1

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,741.8    8,004.3    7,915.1    7,938.8    7,993.3    8,169.2    8,098.1    8,128.7
    Per capita:
      Current dollars......................     28,065     29,475     28,939     29,231     29,461     30,265     30,103     30,395
      Chained (2000) dollars...............     26,596     27,230     27,026     27,045     27,159     27,685     27,384     27,426
  Population (midperiod, thousands)\3\.....    291,085    293,951    292,872    293,540    294,315    295,077    295,720    296,383
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                       Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jan 05     Feb 05     Mar 05    Apr 05\r\  May 05\r\  Jun 05\r\  Jul 05\r\  Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................     -265.8       47.7       49.1       68.6       23.5       44.7       34.9       -5.3

  Compensation of employees, received......        9.0       38.3       38.7       47.5        9.5       20.2       45.9       14.1

    Wage and salary disbursements..........       -7.6       25.2       25.5       43.5        8.1       18.1       40.5       11.1
      Private industries...................      -15.1       21.9       23.6       41.7        6.6       17.2       38.2        9.1
        Goods-producing industries.........        3.7        6.4        6.8        7.6        3.8        2.1        6.4        3.2
          Manufacturing....................         .2        3.6        4.0        3.2        3.0        -.2        3.5        1.0
        Services-producing industries......      -18.8       15.5       16.8       34.1        2.8       15.2       31.7        5.9
          Trade, transportation, and
           utilities.......................       -3.8        3.8        4.4        7.8       -1.9        1.7        8.3         .3
          Other services-producing
           industries......................      -15.0       11.7       12.4       26.4        4.7       13.4       23.4        5.5
      Government...........................        7.5        3.4        1.7        1.8        1.6         .9        2.3        2.1

    Supplements to wages and salaries......       16.6       13.0       13.3        4.0        1.4        2.1        5.4        3.0
      Employer contributions for employee
       pension and insurance funds.........       12.5       11.7       11.9        1.4        1.2        1.2        3.1        2.8
      Employer contributions for government
       social insurance....................        4.1        1.3        1.4        2.6         .2         .9        2.4         .1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        9.9        3.9        7.3        6.7        2.7       12.2        -.1       -6.2
    Farm...................................         .7         .9        1.3       -2.7       -3.5       -3.9        2.9       -2.1
    Nonfarm................................        9.2        3.0        6.0        9.3        6.3       16.1       -3.0       -4.1

  Rental income of persons with capital
   consumption adjustment..................       -4.3       -2.6       -4.1       -5.0       -5.3       -4.4       -3.3      -92.0

  Personal income receipts on assets.......     -295.2        4.1        5.7       13.7       12.9       13.1        8.0        7.9
    Personal interest income...............        2.7        2.7        2.7        8.9        9.0        8.9        3.1        3.1
    Personal dividend income...............     -297.9        1.4        3.0        4.8        4.0        4.1        4.9        4.8

  Personal current transfer receipts.......       23.4        6.8        4.4       10.9        4.2        5.7      -10.8       71.6
    Government social benefits to persons..       24.4        6.7        4.4       10.9        4.1        5.7      -10.8        1.4
      Old-age, survivors, disability, and
       health insurance benefits...........       13.0        5.3        3.5        6.7        3.4        3.4        1.7        3.9
      Government unemployment insurance
       benefits............................       -1.1        -.2        -.2       -1.1        -.4         .4        -.2        -.3
      Other................................       12.5        1.6        1.2        5.2        1.1        1.9      -12.3       -2.2
    Other current transfer receipts, from
     business (net)........................        -.9         .0         .0         .1         .0         .1         .0       70.3

  Less: Contributions for government social
   insurance...............................        8.6        2.7        2.9        5.3         .5        2.0        4.9         .8

Less: Personal current taxes...............       54.0        8.6        8.3       24.7        7.7        8.9         .8        2.1

Equals: Disposable personal income.........     -319.8       39.1       40.8       43.9       15.9       35.7       34.1       -7.4

Less: Personal outlays.....................       22.9       59.3       41.7       64.5        4.7       94.0      107.3      -46.5

  Personal consumption expenditures........       15.5       58.5       41.0       64.0         .6       90.1      106.5      -47.2
    Durable goods..........................      -26.3       13.7       13.2       15.7      -37.5       42.3       67.3      -99.1
    Nondurable goods.......................       25.3       22.1        2.1       43.8       -4.1       21.7       18.9       28.8
    Services...............................       16.5       22.7       25.7        4.5       42.2       26.0       20.4       23.2
  Personal interest payments\1\............         .3         .3         .3        3.4        3.5        3.5         .3         .2
  Personal current transfer payments.......        7.1         .5         .5       -3.0         .5         .5         .5         .5
    To government..........................         .5         .5         .4         .5         .6         .4         .6         .4
    To the rest of the world (net).........        6.6         .0         .0       -3.4         .0         .0         .0         .0

Equals: Personal saving....................     -342.7      -20.2        -.9      -20.6       11.2      -58.3      -73.2       39.1

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............     -306.2       15.1        3.8        5.8       10.3       31.4        6.3      -43.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                 Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004       I 04      II 04     III 04      IV 04       I 05   II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      287.2      544.2      156.1      129.5      114.9      295.6       48.6      147.8

  Compensation of employees, received......      229.9      366.5       99.3       76.9      120.6      171.6      105.9       99.2

    Wage and salary disbursements..........      130.2      278.3       67.5       63.3      103.9      140.9       67.0       80.3
      Private industries...................       92.8      242.2       50.1       52.8       98.9      133.7       55.2       74.9
        Goods-producing industries.........       -3.5       42.7       -3.9       16.9       26.7       20.7       16.2       17.5
          Manufacturing....................       -6.8       19.0       -7.8        8.3       18.5       11.7        7.5        9.1
        Services-producing industries......       96.4      199.5       53.9       36.1       72.0      113.1       38.9       57.5
          Trade, transportation, and
           utilities.......................       15.5       41.1        3.0       17.7       16.8       24.8        6.7       11.3
          Other services-producing
           industries......................       80.9      158.4       51.0       18.3       55.2       88.3       32.2       46.2
      Government...........................       37.4       36.2       17.4       10.4        5.1        7.2       11.8        5.5

    Supplements to wages and salaries......       99.7       88.1       31.8       13.6       16.8       30.6       38.9       18.8
      Employer contributions for employee
       pension and insurance funds.........       84.9       65.5       21.6       10.5       10.4       21.7       30.4       14.4
      Employer contributions for government
       social insurance....................       14.8       22.7       10.2        3.1        6.4        9.0        8.5        4.3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       41.8       79.4       30.2       28.2       -9.3       11.8       17.0       18.7
    Farm...................................       17.1        8.1        9.7        -.7      -14.4       -5.1         .1       -5.1
    Nonfarm................................       24.6       71.4       20.6       28.8        5.2       16.9       16.9       23.9

  Rental income of persons with capital
   consumption adjustment..................      -21.2        2.5        1.0       -2.4      -19.7        6.6      -10.7      -13.6

  Personal income receipts on assets.......        5.5       57.8        8.3       13.5       14.3      115.4      -85.7       31.9
    Personal interest income...............      -18.5      -11.7       -5.6       -1.5        -.4        2.7        8.0       20.6
    Personal dividend income...............       23.9       69.5       14.0       14.9       14.7      112.7      -93.7       11.3

  Personal current transfer receipts.......       57.8       83.5       37.3       20.2       21.7        7.7       39.6       20.8
    Government social benefits to persons..       64.6       81.0       37.6       20.2        6.3       22.4       40.2       20.7
      Old-age, survivors, disability, and
       health insurance benefits...........       31.8       50.0       21.0       12.0        8.8       11.8       22.5       14.2
      Government unemployment insurance
       benefits............................        -.4      -16.8       -8.2       -7.8       -2.0        -.9       -3.0       -1.4
      Other................................       33.2       47.8       24.9       16.1        -.6       11.4       20.7        8.0
    Other current transfer receipts, from
     business (net)........................       -6.8        2.5        -.3        -.1       15.5      -14.6        -.7         .1

  Less: Contributions for government social
   insurance...............................       26.6       45.6       20.0        6.7       12.9       17.6       17.5        9.1

Less: Personal current taxes...............      -51.9       49.2        2.0       24.4       24.4       35.9       77.1       41.2

Equals: Disposable personal income.........      339.1      495.0      154.3      105.0       90.6      259.5      -28.4      106.6

Less: Personal outlays.....................      351.0      516.2      161.0      119.7      127.2      158.7      129.6      146.6

  Personal consumption expenditures........      359.2      504.4      165.7      113.3      117.6      152.9      119.7      141.2
    Durable goods..........................       26.2       37.7       10.6         .4       19.2       14.8        8.7       18.2
    Nondurable goods.......................      109.4      179.3       69.1       52.5       23.2       58.7       39.5       57.1
    Services...............................      223.6      287.4       85.9       60.5       75.1       79.4       71.4       66.0
  Personal interest payments\1\............      -13.2        3.5       -5.4        4.2        8.1        5.9        1.9        7.2
  Personal current transfer payments.......        5.1        8.2         .8        2.1        1.5        -.1        8.1       -2.0
    To government..........................        3.9        6.5        1.9        1.7        1.6        1.6        1.5        1.4
    To the rest of the world (net).........        1.2        1.7       -1.2         .5        -.1       -1.7        6.6       -3.4

Equals: Personal saving....................      -11.9      -21.0       -6.8      -14.6      -36.6      100.8     -158.0      -40.0

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      179.6      262.5       70.3       23.7       54.5      175.9      -71.1       30.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                   Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jan 05     Feb 05     Mar 05    Apr 05\r\  May 05\r\  Jun 05\r\  Jul 05\r\  Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       -2.6         .5         .5         .7         .2         .4         .3        -.1
  Compensation of employees, received......         .1         .5         .6         .7         .1         .3         .6         .2
    Wage and salary disbursements..........        -.1         .5         .5         .8         .1         .3         .7         .2
    Supplements to wages and salaries......        1.2        1.0        1.0         .3         .1         .2         .4         .2
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        1.1         .4         .8         .7         .3        1.3         .0        -.7
  Rental income of persons with capital
   consumption adjustment..................       -3.5       -2.1       -3.5       -4.3       -4.8       -4.3       -3.3      -95.4
  Personal income receipts on assets.......      -17.4         .3         .4        1.0         .9         .9         .5         .5
    Personal interest income...............         .3         .3         .3        1.0        1.0        1.0         .3         .3
    Personal dividend income...............      -37.8         .3         .6        1.0         .8         .8        1.0         .9
  Personal current transfer receipts.......        1.6         .5         .3         .7         .3         .4        -.7        4.8

  Less: Contributions for government social
   insurance...............................        1.0         .3         .3         .6         .1         .2         .6         .1

Less: Personal current taxes...............        4.9         .7         .7        2.1         .6         .7         .1         .2

Equals: Disposable personal income.........       -3.5         .4         .5         .5         .2         .4         .4        -.1

Addenda:
  Personal consumption expenditures........         .2         .7         .5         .7         .0        1.0        1.2        -.5
    Durable goods..........................       -2.6        1.4        1.3        1.5       -3.6        4.2        6.4       -8.9
    Nondurable goods.......................        1.0         .9         .1        1.8        -.2         .9         .7        1.1
    Services...............................         .3         .5         .5         .1         .8         .5         .4         .4

  Real disposable personal income..........       -3.6         .2         .0         .1         .1         .4         .1        -.5
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004       I 04      II 04     III 04      IV 04       I 05   II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        3.2        5.9        6.9        5.6        4.9       12.7        2.0        6.0
  Compensation of employees, received......        3.8        5.8        6.3        4.8        7.5       10.6        6.3        5.8
    Wage and salary disbursements..........        2.6        5.4        5.3        4.9        8.0       10.8        4.9        5.8
    Supplements to wages and salaries......        9.0        7.3       10.7        4.3        5.3        9.8       12.2        5.6
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        5.4        9.8       15.2       13.6       -4.0        5.4        7.8        8.4
  Rental income of persons with capital
   consumption adjustment..................      -13.9        1.9        2.9       -6.7      -44.9       23.6      -29.5      -38.6
  Personal income receipts on assets.......         .4        4.3        2.5        4.0        4.3       37.9      -21.0        9.4
    Personal interest income...............       -2.0       -1.3       -2.5        -.6        -.2        1.2        3.6        9.3
    Personal dividend income...............        6.0       16.5       13.6       14.1       13.5      134.9      -50.2        9.5
  Personal current transfer receipts.......        4.5        6.2       11.4        5.9        6.3        2.2       11.4        5.7

  Less: Contributions for government social
   insurance...............................        3.5        5.9       10.6        3.4        6.5        8.8        8.5        4.3

Less: Personal current taxes...............       -4.9        4.9         .8       10.0        9.8       14.3       31.3       14.8

Equals: Disposable personal income.........        4.3        6.1        7.6        5.1        4.3       12.5       -1.3        4.9

Addenda:
  Personal consumption expenditures........        4.9        6.5        8.7        5.8        5.9        7.6        5.8        6.8
    Durable goods..........................        2.8        4.0        4.5         .2        8.1        6.1        3.5        7.3
    Nondurable goods.......................        5.3        8.2       13.0        9.4        4.0       10.3        6.6        9.5
    Services...............................        5.1        6.3        7.6        5.2        6.4        6.7        5.9        5.3

  Real disposable personal income..........        2.4        3.4        3.6        1.2        2.8        9.1       -3.4        1.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jan 05     Feb 05     Mar 05    Apr 05\r\  May 05\r\  Jun 05\r\  Jul 05\r\  Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,740.7    7,774.3    7,779.7    7,804.9    7,801.7    7,882.1    7,954.4    7,876.0
  Durable goods............................    1,106.2    1,122.9    1,137.8    1,156.1    1,112.1    1,163.5    1,243.9    1,132.6
  Nondurable goods.........................    2,265.1    2,276.3    2,255.4    2,273.5    2,279.8    2,304.3    2,304.9    2,306.3
  Services.................................    4,381.9    4,390.4    4,403.7    4,396.2    4,421.5    4,435.0    4,441.1    4,450.8
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .9       33.6        5.4       25.2       -3.2       80.4       72.3      -78.4
  Durable goods............................      -32.1       16.7       14.9       18.3      -44.0       51.4       80.4     -111.3
  Nondurable goods.........................       24.4       11.2      -20.9       18.1        6.3       24.5         .6        1.4
  Services.................................        2.9        8.5       13.3       -7.5       25.3       13.5        6.1        9.7
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .0         .4         .1         .3         .0        1.0         .9       -1.0
  Durable goods............................       -2.8        1.5        1.3        1.6       -3.8        4.6        6.9       -8.9
  Nondurable goods.........................        1.1         .5        -.9         .8         .3        1.1         .0         .1
  Services.................................         .1         .2         .3        -.2         .6         .3         .1         .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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004       I 04      II 04     III 04      IV 04       I 05   II 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,306.6    7,588.6    7,501.4    7,536.6    7,617.5    7,698.8    7,764.9    7,829.5
  Durable goods............................    1,028.5    1,089.9    1,071.6    1,072.5    1,100.4    1,115.1    1,122.3    1,143.9
  Nondurable goods.........................    2,101.8    2,200.4    2,171.9    2,186.1    2,206.9    2,236.5    2,265.6    2,285.9
  Services.................................    4,183.9    4,310.9    4,269.0    4,288.6    4,324.0    4,362.1    4,392.0    4,417.6
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      207.3      282.0       85.0       35.2       80.9       81.3       66.1       64.6
  Durable goods............................       63.7       61.4       11.6         .9       27.9       14.7        7.2       21.6
  Nondurable goods.........................       64.7       98.6       34.6       14.2       20.8       29.6       29.1       20.3
  Services.................................       83.5      127.0       39.6       19.6       35.4       38.1       29.9       25.6
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        2.9        3.9        4.7        1.9        4.4        4.3        3.5        3.4
  Durable goods............................        6.6        6.0        4.4         .4       10.8        5.5        2.6        7.9
  Nondurable goods.........................        3.2        4.7        6.6        2.6        3.9        5.5        5.3        3.6
  Services.................................        2.0        3.0        3.8        1.8        3.4        3.6        2.8        2.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jan 05     Feb 05     Mar 05    Apr 05\r\  May 05\r\  Jun 05\r\  Jul 05\r\  Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    109.599    109.878    110.329    110.792    110.847    110.858    111.190    111.696
  Durable goods............................     90.741     90.620     90.584     90.512     90.715     90.354     89.919     90.004
  Nondurable goods.........................    108.667    109.102    110.211    111.257    110.769    110.536    111.326    112.505
  Services.................................    114.526    114.824    115.060    115.358    115.653    115.888    116.188    116.455
Addenda:
  PCE excluding food and energy............    108.427    108.611    108.812    108.901    109.146    109.203    109.272    109.481
  Market-based PCE\1\......................    108.602    108.884    109.358    109.849    109.867    109.864    110.216    110.761
  Market-based PCE excluding food
   and energy\1\...........................    106.934    107.103    107.282    107.331    107.569    107.617    107.659    107.856
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .2         .3         .4         .4         .0         .0         .3         .5
  Durable goods............................         .3        -.1         .0        -.1         .2        -.4        -.5         .1
  Nondurable goods.........................        -.1         .4        1.0         .9        -.4        -.2         .7        1.1
  Services.................................         .3         .3         .2         .3         .3         .2         .3         .2
Addenda:
  PCE excluding food and energy............         .3         .2         .2         .1         .2         .1         .1         .2
  Market-based PCE\1\......................         .2         .3         .4         .4         .0         .0         .3         .5
  Market-based PCE excluding food
   and energy\1\...........................         .3         .2         .2         .0         .2         .0         .0         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jan 05     Feb 05     Mar 05    Apr 05\r\  May 05\r\  Jun 05\r\  Jul 05\r\  Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        2.3        2.3        2.3        2.2        2.2        2.7        2.4        1.4

Personal consumption expenditures..........        3.3        3.8        3.4        4.0        3.1        4.6        4.6        3.5
  Durable goods............................        4.2        5.0        5.0        9.2        1.8        9.1       12.0        3.4
  Nondurable goods.........................        4.2        5.7        3.1        4.5        3.8        5.4        4.9        4.8
  Services.................................        2.7        2.7        3.3        2.8        3.0        3.3        2.9        2.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jan 05     Feb 05     Mar 05    Apr 05\r\  May 05\r\  Jun 05\r\  Jul 05\r\  Aug 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        2.7        2.6        2.7        2.9        2.5        2.2        2.6        3.0
  Durable goods............................        -.1        -.3        -.3        -.4        -.2        -.5        -.7        -.2
  Nondurable goods.........................        3.1        3.0        3.2        4.1        2.5        2.0        3.3        4.4
  Services.................................        3.1        3.0        3.0        3.0        3.0        2.9        2.9        2.9
Addenda:
  PCE excluding food and energy............        2.2        2.2        2.1        2.0        2.0        1.9        1.9        2.0
  Market-based PCE\1\......................        2.4        2.4        2.5        2.7        2.3        2.1        2.5        2.9
  Market-based PCE excluding food
   and energy\1\...........................        1.8        1.8        1.7        1.6        1.7        1.6        1.6        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.