News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, MARCH 31, 2005
BEA 05-13

Personal Income and Outlays, February 2005



The entire release is available in PDF format. The tables in this release are available in an XLS spreadsheet.
Also available: a brief summary of highlights.

Note: The Microsoft Corporation paid a special dividend to shareholders of record in the fourth quarter of 2004. The dividend payments will affect the fourth-quarter estimates of personal income, corporate profits, national income, and government current receipts. More information is available.

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James E. Rankin:       (202) 606-5301      (Personal Income)                                BEA 05-13
Michael Armah:         (202) 606-5302      (Personal Outlays)
Recorded message:      (202) 606-5303


             PERSONAL INCOME AND OUTLAYS:  FEBRUARY 2005

 Personal income increased $33.2 billion, or 0.3 percent, and disposable personal income (DPI)
increased $29.6 billion, or 0.3 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $46.6 billion, or 0.5 percent.  In January, personal
income decreased $250.6 billion, or 2.5 percent, DPI decreased $255.6 billion, or 2.8 percent, and PCE
increased $4.7 billion, or 0.1 percent, based on revised estimates.

                                                          2004          2005
                                         Oct.     Nov.     Dec.     Jan.     Feb.
                                          (Percent change from preceding month)
Personal income, current dollars          0.8      0.4      3.7     -2.5      0.3
Disposable personal income:
Current dollars                           0.8      0.4      4.1     -2.8      0.3
Chained (2000) dollars                    0.3      0.2      4.2     -3.0      0.1
Personal consumption expenditures:
Current dollars                           0.7      0.4      0.9      0.1      0.5
Chained (2000) dollars                    0.2      0.2      0.9     -0.1      0.3







       The 2.5-percent decrease in January personal income mainly reflected the effect of the payment of a
special dividend by the Microsoft Corporation, which had boosted personal income in December.
Excluding this special factor and others, which are discussed more fully below, personal income
increased $40.3 billion, or 0.4 percent, in January, after increasing $63.5 billion, or 0.6 percent in
December.

                                                         Compensation of employees

 Private wage and salary disbursements increased $6.3 billion in February, compared with an
increase of $23.6 billion in January.  Goods-producing industries' payrolls increased $3.6 billion,
compared with an increase of $1.8 billion; manufacturing payrolls increased $1.5 billion, compared
with an increase of $1.7 billion.  Services-producing industries' payrolls increased $2.8 billion,
compared with an increase of $21.7 billion.

 Government wage and salary disbursements increased $3.9 billion in February, compared with
an increase of $8.9 billion in January.  Pay raises for federal civilian personnel added an additional
$1.1 billion to the change in government payrolls in February; pay raises for federal civilian and
military personnel added $5.9 billion to government payrolls in January.
                                   
 Employer contributions for employee pension and insurance funds increased $6.1 billion in
February, compared with an increase of $6.5 billion in January.

 Employer contributions for government social insurance increased $0.5 billion in February,
compared with an increase of $6.8 billion in January.  The January increase reflected an increase in
the tax rate paid by employers to state unemployment insurance funds and an increase in the social
security taxable wage base (from $87,900 to $90,000); together, these changes added $4.1 billion to
January.  (Changes in employer contributions for government social insurance do not affect personal
income, because employer contributions for government social insurance are also included in total
contributions for government social insurance, which is a subtraction in the calculation of personal
income.)

                        Other personal income

 Proprietors' income increased $7.4 billion in February, compared with an increase of $1.4
billion in January.  Farm proprietors' income decreased $0.8 billion, compared with a decrease of
$0.5 billion.  Nonfarm proprietors' income increased $8.0 billion, compared with an increase of $2.1
billion.

 Rental income of persons decreased $4.7 billion in February, the same decrease as in January.

 Personal income receipts on assets (personal interest income plus personal dividend income)
increased $6.4 billion in February, in contrast to a decrease of $291.3 billion in January.  Personal
interest income increased $4.5 billion, the same increase as in January.  Personal dividend income
increased $2.0 billion in February, in contrast to a decrease of $295.8 billion in January.  Personal
dividend income had been boosted $298.2 billion at an annual rate ($24.8 billion at a monthly rate)
in December by the payment of a special dividend by the Microsoft Corporation.

 Personal current transfer receipts increased $8.6 billion in February, compared with an increase
of $12.7 billion in January.  The January change in current transfer receipts reflected 2.7-percent
cost-of-living adjustments to social security benefits and to several other federal transfer payment
programs; together, these changes added $15.3 billion to the January increase.  The January change
in current transfer receipts was reduced by lump-sum social security benefits payments, which had
added $7.4 billion to December benefit payments; these benefit payments resulted from a
recalculation of the earnings base underlying the benefits for recent retirees.
 Contributions for government social insurance -- a subtraction in calculating personal income --
increased $1.4 billion in February, compared with an increase of $14.4 billion in January.  The
January increase reflected increases in both employer and personal contributions for government
social insurance.  As noted above, employer contributions were boosted $4.1 billion in January by
increases in unemployment-insurance rates and in the social security taxable wage base.  The
January increase in personal contributions for government social insurance reflected an increase in
the monthly premium paid by participants in the supplementary medical insurance program
(Medicare B) and the increase in the social security taxable wage base; together, these changes
added $6.5 billion to January personal contributions.

        Personal current taxes and disposable personal income

 Personal current taxes increased $3.5 billion in February, compared with an increase of $5.1
billion in January.  Indexation provisions of current tax law reduced federal withheld income taxes
by $3.2 billion in January.  Federal net nonwithheld income taxes (payments of estimated taxes plus
final settlements less refunds) was reduced by $1.4 billion in January, based on federal budget
projections for 2005.

 Disposable personal income (DPI) -- personal income less personal current taxes -- increased
$29.6 billion, or 0.3 percent, in February, in contrast to a decrease of $255.6 billion, or 2.8 percent,
in January.  The January decrease in DPI reflected the effects of the special dividend paid by the
Microsoft Corporation in December.

                Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $48.7 billion in February, compared with an increase of $6.7 billion in January.  PCE
increased $46.6 billion, compared with an increase of $4.7 billion.

 Personal saving -- DPI less personal outlays -- was $52.7 billion in February, compared with
$71.6 billion in January.  Personal saving as a percentage of disposable personal income was 0.6
percent in February, compared with 0.8 percent in January.








                        Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in February, in
          contrast to a decrease of 3.0 percent in January.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in February, in
contrast to a decrease of 0.1 percent in January.  Purchases of durable goods increased 1.0 percent,
in contrast to a decrease of 4.0 percent.  Purchases of motor vehicles and parts accounted for about
one half of the increase in February and more than accounted for the decrease in January.  Purchases
of nondurable goods increased 0.2 percent in February, compared with an increase of 1.2 percent in
January.  Purchases of services increased 0.2 percent, compared with an increase of 0.1 percent.

                              Revisions

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


                                                    Change from preceding month
                                      December                                January
                        Previous  Revised   Previous  Revised    Previous  Revised   Previous  Revised
                      (Billions of dollars)     (Percent)      (Billions of dollars)    (Percent)
Personal Income:
Current dollars.......... 368.2     369.1        3.7      3.7      -238.6   -250.6       -2.3     -2.5
Disposable personal income:
Current dollars.......... 360.7     362.3        4.1      4.1      -241.4   -255.6       -2.6     -2.8
Chained (2000) dollars... 335.5     336.8        4.2      4.2      -237.1   -248.3       -2.8     -3.0
Personal consumption expenditures:
Current dollars..........  70.2      74.7        0.8      0.9        -3.9      4.7        0.0      0.1
Chained (2000) dollars...  68.2      72.3        0.9      0.9       -18.1     -8.4       -0.2     -0.1


                                    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
       (202)  606-5362   U.S. international transactions


                        *          *          *


Next release -- Personal Income and Outlays for March will be released on
                   April 29, 2005 at 8:30 A.M. EDT.


                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 04     Aug 04     Sep 04    Oct 04\r\  Nov 04\r\  Dec 04\r\  Jan 05\r\  Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,668.5    9,706.3    9,726.4    9,803.4    9,844.4   10,213.5    9,962.9    9,996.1

  Compensation of employees, received......    6,660.2    6,688.1    6,713.8    6,752.0    6,766.1    6,799.5    6,845.2    6,862.1

    Wage and salary disbursements..........    5,381.3    5,403.6    5,424.0    5,454.7    5,461.7    5,487.1    5,519.4    5,529.7
      Private industries...................    4,455.5    4,474.9    4,493.8    4,523.1    4,528.2    4,552.3    4,575.9    4,582.2
        Goods-producing industries.........    1,051.1    1,060.2    1,063.9    1,066.5    1,067.8    1,073.8    1,075.6    1,079.2
          Manufacturing....................      691.6      698.5      700.9      700.2      700.1      703.5      705.2      706.7
        Services-producing industries......    3,404.4    3,414.7    3,429.9    3,456.6    3,460.4    3,478.5    3,500.2    3,503.0
          Trade, transportation, and
           utilities.......................      897.3      898.3      903.3      905.2      905.9      909.6      918.1      916.7
          Other services-producing
           industries......................    2,507.1    2,516.4    2,526.6    2,551.4    2,554.5    2,568.9    2,582.1    2,586.4
      Government...........................      925.8      928.7      930.2      931.6      933.5      934.7      943.6      947.5

    Supplements to wages and salaries......    1,278.9    1,284.5    1,289.8    1,297.3    1,304.3    1,312.4    1,325.8    1,332.4
      Employer contributions for employee
       pension and insurance funds.........      877.5      881.6      885.7      891.3      897.9      904.5      911.0      917.1
      Employer contributions for government
       social insurance....................      401.4      402.9      404.1      406.0      406.4      408.0      414.8      415.3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      905.6      904.9      898.1      921.2      933.8      949.8      951.2      958.6
    Farm...................................       15.0       13.6       12.3       18.6       22.8       25.7       25.2       24.4
    Nonfarm................................      890.6      891.3      885.8      902.5      911.0      924.0      926.1      934.1

  Rental income of persons with capital
   consumption adjustment..................      170.5      156.8      134.2      163.2      160.8      159.9      155.2      150.5

  Personal income receipts on assets.......    1,363.6    1,367.8    1,372.1    1,382.4    1,392.5    1,700.8    1,409.5    1,415.9
    Personal interest income...............      945.8      946.5      947.2      953.9      960.5      967.2      971.7      976.2
    Personal dividend income...............      417.8      421.3      424.9      428.5      431.9      733.6      437.8      439.8

  Personal current transfer receipts.......    1,392.4    1,415.7    1,438.1    1,418.7    1,426.3    1,441.7    1,454.4    1,463.0
    Government social benefits to persons..    1,363.1    1,372.9    1,381.3    1,389.5    1,397.1    1,412.5    1,425.2    1,433.8
      Old-age, survivors, disability, and
       health insurance benefits...........      778.0      782.3      786.9      791.2      795.6      807.5      813.6      821.5
      Government unemployment insurance
       benefits............................       32.0       32.6       32.5       31.3       31.0       31.0       29.9       29.7
      Other................................      553.2      558.0      561.9      567.0      570.5      574.0      581.7      582.6
    Other current transfer receipts, from
     business (net)........................       29.2       42.8       56.8       29.2       29.2       29.2       29.2       29.2

  Less: Contributions for government social
   insurance...............................      823.8      827.0      829.9      834.1      835.0      838.2      852.6      854.0

Less: Personal current taxes...............    1,044.4    1,049.0    1,053.3    1,064.9    1,068.5    1,075.3    1,080.4    1,083.9

Equals: Disposable personal income.........    8,624.1    8,657.3    8,673.1    8,738.5    8,775.9    9,138.2    8,882.6    8,912.2

Less: Personal outlays.....................    8,561.9    8,573.2    8,629.2    8,687.7    8,725.9    8,804.2    8,810.9    8,859.6

  Personal consumption expenditures........    8,259.7    8,267.6    8,320.2    8,375.3    8,409.9    8,484.6    8,489.3    8,535.9
    Durable goods..........................    1,016.0      996.5    1,008.4    1,004.4    1,001.4    1,045.1    1,006.3    1,014.9
    Nondurable goods.......................    2,375.6    2,384.0    2,402.1    2,442.4    2,451.8    2,454.8    2,482.0    2,495.8
    Services...............................    4,868.1    4,887.0    4,909.7    4,928.5    4,956.6    4,984.7    5,000.9    5,025.1
  Personal interest payments\1\............      187.8      190.6      193.5      196.5      199.5      202.5      204.0      205.6
  Personal current transfer payments.......      114.5      115.0      115.6      115.9      116.5      117.1      117.6      118.1
    To government..........................       71.2       71.8       72.4       72.9       73.5       74.1       74.6       75.0
    To the rest of the world (net).........       43.2       43.2       43.2       43.0       43.0       43.0       43.0       43.0

Equals: Personal saving....................       62.2       84.1       43.9       50.8       50.0      334.1       71.6       52.7

  Personal saving as a percentage of
   disposable personal income..............         .7        1.0         .5         .6         .6        3.7         .8         .6

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,989.8    8,016.1    8,022.4    8,047.2    8,064.4    8,401.2    8,152.9    8,158.4
    Per capita:
      Current dollars......................     29,329     29,415     29,442     29,638     29,740     30,945     30,058     30,137
      Chained (2000) dollars...............     27,172     27,236     27,233     27,293     27,329     28,449     27,589     27,588
  Population (midperiod, thousands)\3\.....    294,042    294,315    294,587    294,846    295,083    295,303    295,517    295,722
-----------------------------------------------------------------------------------------------------------------------------------
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\r\    III 03      IV 03       I 04      II 04     III 04    IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,161.8    9,673.0    9,209.3    9,330.0    9,445.0    9,592.7    9,700.4    9,953.8

  Compensation of employees, received......    6,289.0    6,632.0    6,324.7    6,406.7    6,487.9    6,580.0    6,687.4    6,772.5

    Wage and salary disbursements..........    5,103.6    5,355.7    5,128.6    5,188.9    5,239.2    5,312.8    5,403.0    5,467.8
      Private industries...................    4,205.6    4,430.1    4,227.5    4,283.9    4,321.8    4,389.3    4,474.7    4,534.6
        Goods-producing industries.........    1,007.7    1,045.4    1,005.8    1,025.6    1,019.0    1,034.9    1,058.4    1,069.4
          Manufacturing....................      668.8      687.2      665.9      680.1      669.9      680.5      697.0      701.2
        Services-producing industries......    3,198.0    3,384.7    3,221.6    3,258.3    3,302.9    3,354.4    3,416.3    3,465.2
          Trade, transportation, and
           utilities.......................      858.6      891.3      860.7      872.0      872.4      886.2      899.6      906.9
          Other services-producing
           industries......................    2,339.4    2,493.4    2,360.9    2,386.4    2,430.5    2,468.3    2,516.7    2,558.3
      Government...........................      897.9      925.6      901.1      905.0      917.3      923.5      928.2      933.3

    Supplements to wages and salaries......    1,185.5    1,276.3    1,196.1    1,217.8    1,248.8    1,267.2    1,284.4    1,304.7
      Employer contributions for employee
       pension and insurance funds.........      808.9      876.6      817.9      835.9      856.5      870.4      881.6      897.9
      Employer contributions for government
       social insurance....................      376.6      399.7      378.2      381.9      392.3      396.8      402.8      406.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      834.1      902.8      852.0      864.7      872.1      901.4      902.9      934.9
    Farm...................................       21.8       18.2       24.8       24.7       17.9       18.9       13.6       22.4
    Nonfarm................................      812.3      884.6      827.2      840.0      854.2      882.5      889.3      912.5

  Rental income of persons with capital
   consumption adjustment..................      153.8      165.1      148.8      167.1      172.8      172.6      153.8      161.3

  Personal income receipts on assets.......    1,322.7    1,387.3    1,314.4    1,325.8    1,337.1    1,352.3    1,367.8    1,491.9
    Personal interest income...............      929.9      946.2      922.8      932.0      936.2      941.7      946.5      960.5
    Personal dividend income...............      392.8      441.1      391.6      393.8      400.9      410.6      421.3      531.4

  Personal current transfer receipts.......    1,335.4    1,405.9    1,346.2    1,350.7    1,379.0    1,400.4    1,415.4    1,428.9
    Government social benefits to persons..    1,306.4    1,373.2    1,317.4    1,322.0    1,349.6    1,371.1    1,372.5    1,399.7
      Old-age, survivors, disability, and
       health insurance benefits...........      733.8      779.2      736.6      744.9      762.1      774.0      782.4      798.1
      Government unemployment insurance
       benefits............................       52.8       34.6       54.3       51.6       41.4       33.5       32.4       31.1
      Other................................      519.8      559.5      526.5      525.5      546.1      563.6      557.7      570.5
    Other current transfer receipts, from
     business (net)........................       28.9       32.7       28.9       28.8       29.3       29.3       42.9       29.2

  Less: Contributions for government social
   insurance...............................      773.2      820.2      776.7      785.0      803.9      814.0      826.9      835.7

Less: Personal current taxes...............    1,001.9    1,038.9      941.7    1,009.4    1,006.6    1,030.6    1,048.9    1,069.5

Equals: Disposable personal income.........    8,159.9    8,634.0    8,267.6    8,320.5    8,438.4    8,562.1    8,651.5    8,884.2

Less: Personal outlays.....................    8,049.3    8,531.9    8,107.8    8,209.4    8,351.6    8,448.7    8,588.1    8,739.3

  Personal consumption expenditures........    7,760.9    8,229.9    7,822.5    7,914.9    8,060.2    8,153.8    8,282.5    8,423.3
    Durable goods..........................      950.7      993.9      972.7      971.1      976.3      975.5    1,007.0    1,017.0
    Nondurable goods.......................    2,200.1    2,377.0    2,219.2    2,250.1    2,316.6    2,354.6    2,387.2    2,449.7
    Services...............................    4,610.1    4,859.0    4,630.6    4,693.6    4,767.3    4,823.8    4,888.2    4,956.6
  Personal interest payments\1\............      185.3      188.5      183.3      185.9      181.1      182.6      190.6      199.5
  Personal current transfer payments.......      103.1      113.5      102.1      108.6      110.3      112.2      115.0      116.5
    To government..........................       64.9       71.0       65.6       67.0       68.6       70.2       71.8       73.5
    To the rest of the world (net).........       38.2       42.5       36.5       41.6       41.7       42.1       43.2       43.0

Equals: Personal saving....................      110.6      102.1      159.8      111.1       86.8      113.4       63.4      145.0

  Personal saving as a percentage of
   disposable personal income..............        1.4        1.2        1.9        1.3        1.0        1.3         .7        1.6

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,733.8    8,007.3    7,822.9    7,849.6    7,897.0    7,951.5    8,009.5    8,170.9
    Per capita:
      Current dollars......................     28,034     29,372     28,368     28,474     28,813     29,168     29,395     30,108
      Chained (2000) dollars...............     26,570     27,240     26,842     26,862     26,964     27,088     27,214     27,691
  Population (midperiod, thousands)\3\.....    291,073    293,951    291,442    292,217    292,872    293,540    294,315    295,077
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 04     Aug 04     Sep 04    Oct 04\r\  Nov 04\r\  Dec 04\r\  Jan 05\r\  Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       44.3       37.8       20.1       77.0       41.0      369.1     -250.6       33.2

  Compensation of employees, received......       66.1       27.9       25.7       38.2       14.1       33.4       45.7       16.9

    Wage and salary disbursements..........       58.6       22.3       20.4       30.7        7.0       25.4       32.3       10.3
      Private industries...................       56.0       19.4       18.9       29.3        5.1       24.1       23.6        6.3
        Goods-producing industries.........       13.2        9.1        3.7        2.6        1.3        6.0        1.8        3.6
          Manufacturing....................        9.0        6.9        2.4        -.7        -.1        3.4        1.7        1.5
        Services-producing industries......       42.8       10.3       15.2       26.7        3.8       18.1       21.7        2.8
          Trade, transportation, and
           utilities.......................       10.2        1.0        5.0        1.9         .7        3.7        8.5       -1.4
          Other services-producing
           industries......................       32.6        9.3       10.2       24.8        3.1       14.4       13.2        4.3
      Government...........................        2.6        2.9        1.5        1.4        1.9        1.2        8.9        3.9

    Supplements to wages and salaries......        7.5        5.6        5.3        7.5        7.0        8.1       13.4        6.6
      Employer contributions for employee
       pension and insurance funds.........        3.6        4.1        4.1        5.6        6.6        6.6        6.5        6.1
      Employer contributions for government
       social insurance....................        4.0        1.5        1.2        1.9         .4        1.6        6.8         .5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       -3.8        -.7       -6.8       23.1       12.6       16.0        1.4        7.4
    Farm...................................       -4.5       -1.4       -1.3        6.3        4.2        2.9        -.5        -.8
    Nonfarm................................         .7         .7       -5.5       16.7        8.5       13.0        2.1        8.0

  Rental income of persons with capital
   consumption adjustment..................       -2.4      -13.7      -22.6       29.0       -2.4        -.9       -4.7       -4.7

  Personal income receipts on assets.......        4.2        4.2        4.3       10.3       10.1      308.3     -291.3        6.4
    Personal interest income...............         .7         .7         .7        6.7        6.6        6.7        4.5        4.5
    Personal dividend income...............        3.5        3.5        3.6        3.6        3.4      301.7     -295.8        2.0

  Personal current transfer receipts.......      -11.7       23.3       22.4      -19.4        7.6       15.4       12.7        8.6
    Government social benefits to persons..      -11.7        9.8        8.4        8.2        7.6       15.4       12.7        8.6
      Old-age, survivors, disability, and
       health insurance benefits...........        3.4        4.3        4.6        4.3        4.4       11.9        6.1        7.9
      Government unemployment insurance
       benefits............................        -.6         .6        -.1       -1.2        -.3         .0       -1.1        -.2
      Other................................      -14.3        4.8        3.9        5.1        3.5        3.5        7.7         .9
    Other current transfer receipts, from
     business (net)........................        -.1       13.6       14.0      -27.6         .0         .0         .0         .0

  Less: Contributions for government social
   insurance...............................        8.1        3.2        2.9        4.2         .9        3.2       14.4        1.4

Less: Personal current taxes...............        9.8        4.6        4.3       11.6        3.6        6.8        5.1        3.5

Equals: Disposable personal income.........       34.5       33.2       15.8       65.4       37.4      362.3     -255.6       29.6

Less: Personal outlays.....................      100.9       11.3       56.0       58.5       38.2       78.3        6.7       48.7

  Personal consumption expenditures........       96.4        7.9       52.6       55.1       34.6       74.7        4.7       46.6
    Durable goods..........................       57.3      -19.5       11.9       -4.0       -3.0       43.7      -38.8        8.6
    Nondurable goods.......................        9.8        8.4       18.1       40.3        9.4        3.0       27.2       13.8
    Services...............................       29.3       18.9       22.7       18.8       28.1       28.1       16.2       24.2
  Personal interest payments\1\............        2.9        2.8        2.9        3.0        3.0        3.0        1.5        1.6
  Personal current transfer payments.......        1.7         .5         .6         .3         .6         .6         .5         .5
    To government..........................         .5         .6         .6         .5         .6         .6         .5         .4
    To the rest of the world (net).........        1.1         .0         .0        -.2         .0         .0         .0         .0

Equals: Personal saving....................      -66.4       21.9      -40.2        6.9        -.8      284.1     -262.5      -18.9

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............       35.3       26.3        6.3       24.8       17.2      336.8     -248.3        5.5
-----------------------------------------------------------------------------------------------------------------------------------
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\r\    III 03      IV 03       I 04      II 04     III 04    IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      282.9      511.2      103.6      120.7      115.0      147.7      107.7      253.4

  Compensation of employees, received......      219.5      343.0       77.7       82.0       81.2       92.1      107.4       85.1

    Wage and salary disbursements..........      127.3      252.1       55.3       60.3       50.3       73.6       90.2       64.8
      Private industries...................       91.9      224.5       51.9       56.4       37.9       67.5       85.4       59.9
        Goods-producing industries.........       -2.5       37.7        6.1       19.8       -6.6       15.9       23.5       11.0
          Manufacturing....................       -6.4       18.4        2.5       14.2      -10.2       10.6       16.5        4.2
        Services-producing industries......       94.5      186.7       45.7       36.7       44.6       51.5       61.9       48.9
          Trade, transportation, and
           utilities.......................       15.0       32.7        7.8       11.3         .4       13.8       13.4        7.3
          Other services-producing
           industries......................       79.5      154.0       38.0       25.5       44.1       37.8       48.4       41.6
      Government...........................       35.3       27.7        3.3        3.9       12.3        6.2        4.7        5.1

    Supplements to wages and salaries......       92.3       90.8       22.4       21.7       31.0       18.4       17.2       20.3
      Employer contributions for employee
       pension and insurance funds.........       79.3       67.7       18.9       18.0       20.6       13.9       11.2       16.3
      Employer contributions for government
       social insurance....................       13.0       23.1        3.6        3.7       10.4        4.5        6.0        4.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       64.5       68.7       26.3       12.7        7.4       29.3        1.5       32.0
    Farm...................................       12.1       -3.6         .7        -.1       -6.8        1.0       -5.3        8.8
    Nonfarm................................       52.4       72.3       25.6       12.8       14.2       28.3        6.8       23.2

  Rental income of persons with capital
   consumption adjustment..................      -17.1       11.3        4.7       18.3        5.7        -.2      -18.8        7.5

  Personal income receipts on assets.......      -11.9       64.6      -10.3       11.4       11.3       15.2       15.5      124.1
    Personal interest income...............      -16.8       16.3       -9.6        9.2        4.2        5.5        4.8       14.0
    Personal dividend income...............        4.9       48.3        -.7        2.2        7.1        9.7       10.7      110.1

  Personal current transfer receipts.......       52.7       70.5       13.1        4.5       28.3       21.4       15.0       13.5
    Government social benefits to persons..       57.5       66.8       13.3        4.6       27.6       21.5        1.4       27.2
      Old-age, survivors, disability, and
       health insurance benefits...........       25.5       45.4        5.5        8.3       17.2       11.9        8.4       15.7
      Government unemployment insurance
       benefits............................        -.4      -18.2        -.5       -2.7      -10.2       -7.9       -1.1       -1.3
      Other................................       32.3       39.7        8.2       -1.0       20.6       17.5       -5.9       12.8
    Other current transfer receipts, from
     business (net)........................       -4.8        3.8        -.1        -.1         .5         .0       13.6      -13.7

  Less: Contributions for government social
   insurance...............................       24.9       47.0        7.8        8.3       18.9       10.1       12.9        8.8

Less: Personal current taxes...............      -49.3       37.0      -89.0       67.7       -2.8       24.0       18.3       20.6

Equals: Disposable personal income.........      332.2      474.1      192.6       52.9      117.9      123.7       89.4      232.7

Less: Personal outlays.....................      380.8      482.6      124.9      101.6      142.2       97.1      139.4      151.2

  Personal consumption expenditures........      384.8      469.0      126.2       92.4      145.3       93.6      128.7      140.8
    Durable goods..........................       34.5       43.2       25.9       -1.6        5.2        -.8       31.5       10.0
    Nondurable goods.......................      120.0      176.9       55.6       30.9       66.5       38.0       32.6       62.5
    Services...............................      230.3      248.9       44.7       63.0       73.7       56.5       64.4       68.4
  Personal interest payments\1\............      -11.9        3.2       -1.5        2.6       -4.8        1.5        8.0        8.9
  Personal current transfer payments.......        7.8       10.4         .3        6.5        1.7        1.9        2.8        1.5
    To government..........................        5.4        6.1        1.4        1.4        1.6        1.6        1.6        1.7
    To the rest of the world (net).........        2.5        4.3       -1.1        5.1         .1         .4        1.1        -.2

Equals: Personal saving....................      -48.6       -8.5       67.7      -48.7      -24.3       26.6      -50.0       81.6

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      174.3      273.5      151.8       26.7       47.4       54.5       58.0      161.4
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 04     Aug 04     Sep 04    Oct 04\r\  Nov 04\r\  Dec 04\r\  Jan 05\r\  Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .5         .4         .2         .8         .4        3.7       -2.5         .3
  Compensation of employees, received......        1.0         .4         .4         .6         .2         .5         .7         .2
    Wage and salary disbursements..........        1.1         .4         .4         .6         .1         .5         .6         .2
    Supplements to wages and salaries......         .6         .4         .4         .6         .5         .6        1.0         .5
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        -.4        -.1        -.8        2.6        1.4        1.7         .2         .8
  Rental income of persons with capital
   consumption adjustment..................       -1.4       -8.0      -14.4       21.6       -1.4        -.6       -3.0       -3.0
  Personal income receipts on assets.......         .3         .3         .3         .7         .7       22.1      -17.1         .5
    Personal interest income...............         .1         .1         .1         .7         .7         .7         .5         .5
    Personal dividend income...............         .9         .8         .9         .9         .8       69.8      -40.3         .4
  Personal current transfer receipts.......        -.8        1.7        1.6       -1.3         .5        1.1         .9         .6

  Less: Contributions for government social
   insurance...............................        1.0         .4         .3         .5         .1         .4        1.7         .2

Less: Personal current taxes...............         .9         .4         .4        1.1         .3         .6         .5         .3

Equals: Disposable personal income.........         .4         .4         .2         .8         .4        4.1       -2.8         .3

Addenda:
  Personal consumption expenditures........        1.2         .1         .6         .7         .4         .9         .1         .5
    Durable goods..........................        6.0       -1.9        1.2        -.4        -.3        4.4       -3.7         .9
    Nondurable goods.......................         .4         .4         .8        1.7         .4         .1        1.1         .6
    Services...............................         .6         .4         .5         .4         .6         .6         .3         .5

  Real disposable personal income..........         .4         .3         .1         .3         .2        4.2       -3.0         .1
-----------------------------------------------------------------------------------------------------------------------------------
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\r\    III 03      IV 03       I 04      II 04     III 04    IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        3.2        5.6        4.6        5.3        5.0        6.4        4.6       10.9
  Compensation of employees, received......        3.6        5.5        5.1        5.3        5.2        5.8        6.7        5.2
    Wage and salary disbursements..........        2.6        4.9        4.4        4.8        3.9        5.7        7.0        4.9
    Supplements to wages and salaries......        8.4        7.7        7.9        7.5       10.6        6.0        5.5        6.5
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        8.4        8.2       13.4        6.1        3.5       14.1         .7       15.0
  Rental income of persons with capital
   consumption adjustment..................      -10.0        7.3       13.6       59.0       14.6        -.6      -36.8       20.8
  Personal income receipts on assets.......        -.9        4.9       -3.1        3.5        3.5        4.6        4.7       41.5
    Personal interest income...............       -1.8        1.8       -4.1        4.1        1.8        2.4        2.1        6.1
    Personal dividend income...............        1.3       12.3        -.7        2.2        7.4       10.1       10.8      153.0
  Personal current transfer receipts.......        4.1        5.3        4.0        1.3        8.6        6.4        4.3        3.9

  Less: Contributions for government social
   insurance...............................        3.3        6.1        4.1        4.3       10.0        5.1        6.5        4.4

Less: Personal current taxes...............       -4.7        3.7      -30.3       32.0       -1.1        9.9        7.3        8.1

Equals: Disposable personal income.........        4.2        5.8        9.9        2.6        5.8        6.0        4.2       11.2

Addenda:
  Personal consumption expenditures........        5.2        6.0        6.7        4.8        7.5        4.7        6.5        7.0
    Durable goods..........................        3.8        4.5       11.4        -.6        2.2        -.4       13.6        4.0
    Nondurable goods.......................        5.8        8.0       10.7        5.7       12.3        6.7        5.7       10.9
    Services...............................        5.3        5.4        4.0        5.6        6.4        4.8        5.5        5.7

  Real disposable personal income..........        2.3        3.5        8.2        1.4        2.4        2.8        2.9        8.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
                                   [Months seasonally adjusted at annual rates except as noted]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 04     Aug 04     Sep 04    Oct 04\r\  Nov 04\r\  Dec 04\r\  Jan 05\r\  Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,652.2    7,655.2    7,696.0    7,712.7    7,728.0    7,800.3    7,791.9    7,813.9
  Durable goods............................    1,124.8    1,108.9    1,121.1    1,114.9    1,111.5    1,160.5    1,113.6    1,124.3
  Nondurable goods.........................    2,202.8    2,211.3    2,225.5    2,237.3    2,243.7    2,255.1    2,281.1    2,285.1
  Services.................................    4,342.2    4,349.7    4,365.5    4,375.1    4,386.4    4,406.0    4,410.2    4,419.0
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       92.5        3.0       40.8       16.7       15.3       72.3       -8.4       22.0
  Durable goods............................       67.7      -15.9       12.2       -6.2       -3.4       49.0      -46.9       10.7
  Nondurable goods.........................       17.9        8.5       14.2       11.8        6.4       11.4       26.0        4.0
  Services.................................       17.3        7.5       15.8        9.6       11.3       19.6        4.2        8.8
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                   chained (2000) dollars at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        1.2         .0         .5         .2         .2         .9        -.1         .3
  Durable goods............................        6.4       -1.4        1.1        -.6        -.3        4.4       -4.0        1.0
  Nondurable goods.........................         .8         .4         .6         .5         .3         .5        1.2         .2
  Services.................................         .4         .2         .4         .2         .3         .4         .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\r\    III 03      IV 03       I 04      II 04     III 04    IV 04\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,355.6    7,632.5    7,401.7    7,466.8    7,543.0    7,572.4    7,667.8    7,747.0
  Durable goods............................    1,030.6    1,099.3    1,059.6    1,069.7    1,075.5    1,074.7    1,118.3    1,129.0
  Nondurable goods.........................    2,112.4    2,208.5    2,125.3    2,152.0    2,187.3    2,188.0    2,213.2    2,245.3
  Services.................................    4,220.3    4,338.3    4,227.9    4,256.7    4,291.7    4,320.0    4,352.4    4,389.2
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      232.2      276.9       90.3       65.1       76.2       29.4       95.4       79.2
  Durable goods............................       71.0       68.7       39.6       10.1        5.8        -.8       43.6       10.7
  Nondurable goods.........................       75.0       96.1       35.2       26.7       35.3         .7       25.2       32.1
  Services.................................       91.7      118.0       20.2       28.8       35.0       28.3       32.4       36.8
                                           ----------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in
                                                                    chained (2000) dollars at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        3.3        3.8        5.0        3.6        4.1        1.6        5.1        4.2
  Durable goods............................        7.4        6.7       16.5        3.9        2.2        -.3       17.2        3.9
  Nondurable goods.........................        3.7        4.5        6.9        5.1        6.7         .1        4.7        5.9
  Services.................................        2.2        2.8        1.9        2.8        3.3        2.7        3.0        3.4
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 04     Aug 04     Sep 04    Oct 04\r\  Nov 04\r\  Dec 04\r\  Jan 05\r\  Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------

Personal consumption expenditures
 (PCE).....................................    107.943    108.004    108.116    108.596    108.827    108.777    108.954    109.245
  Durable goods............................     90.291     89.827     89.904     90.049     90.050     90.018     90.324     90.232
  Nondurable goods.........................    107.848    107.815    107.944    109.176    109.281    108.862    108.809    109.228
  Services.................................    112.115    112.358    112.470    112.652    113.004    113.139    113.401    113.721
Addenda:
  PCE excluding food and energy............    106.661    106.726    106.872    107.086    107.269    107.296    107.590    107.794
  Market-based PCE\1\......................    107.623    107.666    107.732    108.263    108.502    108.455    108.605    108.879
  Market-based PCE excluding food
   and energy\1\...........................    105.999    106.043    106.139    106.361    106.546    106.592    106.876    107.041
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                      in price indexes at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .0         .1         .1         .4         .2         .0         .2         .3
  Durable goods............................        -.4        -.5         .1         .2         .0         .0         .3        -.1
  Nondurable goods.........................        -.4         .0         .1        1.1         .1        -.4         .0         .4
  Services.................................         .2         .2         .1         .2         .3         .1         .2         .3
Addenda:
  PCE excluding food and energy............         .0         .1         .1         .2         .2         .0         .3         .2
  Market-based PCE\1\......................         .0         .0         .1         .5         .2         .0         .1         .3
  Market-based PCE excluding food
   and energy\1\...........................         .0         .0         .1         .2         .2         .0         .3         .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
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 04     Aug 04     Sep 04    Oct 04\r\  Nov 04\r\  Dec 04\r\  Jan 05\r\  Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        2.3        1.8        3.1        3.1        2.6        6.6        3.4        3.3

Personal consumption expenditures..........        3.8        3.0        4.0        4.0        3.3        3.9        3.6        3.5
  Durable goods............................        7.9        3.1        5.7        7.0        4.0        5.7        4.8        4.2
  Nondurable goods.........................        4.1        3.4        4.9        4.7        3.8        4.5        4.5        4.6
  Services.................................        2.8        2.9        3.2        3.1        3.0        3.2        2.9        2.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
r Revised.

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Jul 04     Aug 04     Sep 04    Oct 04\r\  Nov 04\r\  Dec 04\r\  Jan 05\r\  Feb 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures
 (PCE).....................................        2.4        2.2        2.1        2.5        2.7        2.5        2.2        2.3
  Durable goods............................       -2.0       -2.2       -1.6       -1.0        -.8        -.5        -.4        -.5
  Nondurable goods.........................        4.0        3.2        2.7        4.2        4.7        4.1        3.3        3.2
  Services.................................        2.5        2.6        2.6        2.4        2.5        2.3        2.3        2.3
Addenda:
  PCE excluding food and energy............        1.4        1.5        1.6        1.6        1.7        1.5        1.6        1.6
  Market-based PCE\1\......................        2.5        2.2        2.0        2.6        3.0        2.7        2.4        2.4
  Market-based PCE excluding food
   and energy\1\...........................        1.4        1.4        1.4        1.5        1.7        1.7        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.