News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, AUGUST 2, 2005
BEA 05-35

Personal Income and Outlays, June 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.

2005 Annual Revision of the National Income and Product Accounts
Table Headers and Stubs for the 2005 Annual Revision to the Personal Income and Outlays Accounts

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James E. Rankin:       (202) 606-5301  (Personal Income)BEA 05-35
Michael Armah:               606-5302  (Personal Outlays)
Recorded message:            606-5303
Kurt Kunze:                  606-9748   (Annual Revision)

               PERSONAL INCOME AND OUTLAYS:  JUNE 2005
               REVISED ESTIMATES:  2002 THROUGH MAY 2005

 Personal income increased $52.9 billion, or 0.5 percent, and disposable personal income
(DPI) increased $44.9 billion, or 0.5 percent, in June, according to the Bureau of Economic
Analysis.  Personal consumption expenditures (PCE) increased $72.2 billion, or 0.8 percent.  In
May, personal income increased $23.2 billion, or 0.2 percent, DPI increased $15.9 billion, or 0.2
percent, and PCE decreased $2.7 billion, or less than 0.1 percent, based on revised estimates.





                                                          2005
                                         Feb.     Mar.     Apr.     May      June
                                           (Percent change from preceding month)
Personal income, current dollars         0.5      0.4      0.7      0.2      0.5
Disposable personal income:
Current dollars                          0.4      0.4      0.5      0.2      0.5
Chained (2000) dollars                   0.2      0.0      0.1      0.1      0.5
Personal consumption expenditures:
Current dollars                          0.7      0.5      0.8      0.0      0.8
Chained (2000) dollars                   0.4      0.1      0.4     -0.1      0.8



       The estimates released today reflect the annual revision to the national income and product accounts
(NIPAs), beginning with the estimates for January 2002.  Annual revisions, which are usually released in
July, incorporate source data that are more complete, more detailed, and otherwise more reliable than
previously available.  This release includes revised monthly personal income, disposable personal income,
and outlays and provides an overview of the effects of the revision.  The August 2005 Survey of Current
Business will contain NIPA tables and an article describing the revisions.  The revised estimates will be
available on BEA's Web site at www.bea.gov.



Wages and salaries

 Private wage and salary disbursements increased $11.5 billion in June, compared with an
increase of $4.4 billion in May.  Goods-producing industries' payrolls increased $0.2 billion,
compared with an increase of $3.3 billion; manufacturing payrolls decreased $1.4 billion, in
contrast to an increase of $2.6 billion.  Services-producing industries' payrolls increased $11.3
billion, compared with an increase of $1.1 billion.  Government wage and salary disbursements
 increased $0.5 billion, compared with an increase of $1.4 billion.

 Other personal income

 Supplements to wages and salaries increased $3.5 billion in June, compared with an increase
 of $2.9 billion in May.

 Proprietors' income increased $19.1 billion in June, compared with an increase of $5.2
billion in May.  Farm proprietors' income decreased $0.6 billion, compared with a decrease of
$0.7 billion.  Nonfarm proprietors' income increased $19.6 billion, compared with an increase of
 $6.0 billion.

 Rental income of persons decreased $5.6 billion in June, compared with a decrease of $6.4
billion in May.  Personal income receipts on assets (personal interest income plus personal
dividend income) increased $18.0 billion, compared with an increase of $11.8 billion.  Personal
current transfer receipts increased $7.0 billion, compared with an increase of $4.2 billion.

 Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $1.2 billion in June, compared with an increase of $0.3 billion in May.

 Personal current taxes and disposable personal income

 Personal current taxes increased $8.0 billion in June, compared with an increase of $7.3
billion in May.  Disposable personal income (DPI) -- personal income less personal current taxes
-- increased $44.9 billion, or 0.5 percent, in June, compared with an increase of $15.9 billion, or
0.2 percent, in May.

 Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $76.7 billion in June, compared with an increase of $1.7 billion in May.  PCE increased
$72.2 billion, in contrast to a decrease of $2.7 billion.

 Personal saving -- DPI less personal outlays -- was $1.9 billion in June, compared with $33.7
billion in May.  Saving from current income may be near zero or negative when outlays are
financed by borrowing (including borrowing financed through credit cards or home equity loans),
by selling investments or other assets, or by using savings from previous periods.  Personal saving
as a percentage of disposable personal income was 0.0 percent in June, compared with 0.4 percent
in May.







Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in June, compared
with an increase of 0.1 percent in May.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.8 percent in June, in
contrast to a decrease of 0.1 percent in May.  Purchases of durable goods increased 3.3 percent, in
contrast to a decrease of 3.1 percent.  Purchases of motor vehicles and parts accounted for most
of the June increase and accounted for most of the May decrease.  Purchases of nondurable goods
increased 0.9 percent in June, compared with an increase of 0.3 percent in May.  Purchases of
services increased 0.3 percent, compared with an increase of 0.4 percent.

Revision of the Personal Income and Outlays Estimates

 Personal income, personal outlays, DPI, and personal saving are revised beginning with
January 2002 to reflect the results of the annual revision to the national income and product
accounts (NIPAs) released last week.  The NIPAs usually are revised each July to incorporate
newly available and more comprehensive source data, as well as improved estimating
methodologies.

 Annual revisions to the estimates of personal income and outlays, which begin with 2002, are
shown in table 12.  Changes in revised and previously published monthly estimates of personal
income, DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in
table 13; changes in revised and previously published annual and quarterly estimates are shown in
table 14.

 Personal income was revised up for all 3 years:  $3.0 billion, or less than 0.1 percent, for
2002; $7.3 billion, or 0.1 percent, for 2003; and $23.7 billion, or 0.2 percent, for 2004.  For
2002, upward revisions to compensation of employees and to personal dividend income were
partly offset by downward revisions to rental income of persons and to personal interest income.
For 2003 and 2004, upward revisions to compensation of employees, to personal dividend
income, to personal current transfer receipts, and to farm proprietors' income were partly offset
by downward revisions to nonfarm proprietors' income, to rental income of persons, and to
personal interest income.

 Personal current taxes was revised up $0.6 billion for 2002, was revised down $2.0 billion
for 2003, and was revised up $6.5 billion for 2004.  DPI was revised up for all 3 years:  $2.4
billion, or less than 0.1 percent, for 2002;  $9.3 billion, or 0.1 percent, for 2003; and $17.3
billion, or 0.2 percent, for 2004.  The percent change from the preceding year in real DPI was
unrevised at 3.1 percent for 2002, was revised up from 2.3 percent to 2.4 percent for 2003, and
was revised down from 3.7 percent to 3.4 percent for 2004.

 Personal outlays was revised down for all 3 years:  $23.2 billion for 2002, $53.0 billion for
2003, and $19.4 billion for 2004.  Revisions to PCE accounted for most of the revisions for all 3
years.  The personal saving rate (personal saving as a percentage of DPI) was revised up for all 3
years:  From 2.0 percent to 2.4 percent for 2002, from 1.4 percent to 2.1 percent for 2003, and
from 1.3 percent to 1.8 percent for 2004.


    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 July will be released on
September 1, 2005, at 8:30 A.M. EDT.

                                                      Table 1.--Personal Income and Its Disposition (Months)
                                                 [Billions of dollars; months seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 01  Jan 02  Feb 02  Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 8,769.6 8,789.9 8,814.2 8,840.2 8,879.0 8,889.3 8,907.6 8,894.8 8,892.7 8,898.8 8,910.3 8,920.8 8,945.3 8,976.3 9,011.5

  Compensation of employees, received...... 5,950.8 5,992.4 6,022.0 6,061.5 6,073.6 6,087.5 6,113.4 6,102.0 6,115.7 6,125.9 6,125.9 6,131.1 6,143.3 6,176.8 6,211.5

    Wage and salary disbursements.......... 4,932.2 4,949.1 4,958.3 4,976.1 4,978.3 4,985.9 5,004.0 4,982.1 4,989.6 4,993.8 4,982.2 4,982.5 4,988.8 5,008.8 5,031.7
      Private industries................... 4,096.2 4,096.9 4,102.4 4,117.9 4,118.2 4,121.3 4,137.7 4,115.8 4,119.6 4,122.4 4,108.7 4,107.4 4,111.4 4,118.8 4,137.1
        Goods-producing industries......... 1,012.1 1,012.9 1,014.9 1,019.7 1,016.4 1,017.5 1,019.3 1,013.0 1,008.7 1,006.7   999.8   998.8 1,001.2 1,001.2 1,001.8
          Manufacturing....................   674.1   673.7   674.5   680.1   680.3   683.2   685.7   679.1   674.8   672.7   667.3   666.5   667.6   667.5   669.5
        Services-producing industries...... 3,084.1 3,084.0 3,087.5 3,098.2 3,101.8 3,103.7 3,118.5 3,102.8 3,110.8 3,115.6 3,108.9 3,108.6 3,110.1 3,117.7 3,135.3
          Trade, transportation, and
           utilities.......................   834.6   837.7   837.5   842.4   841.9   845.1   848.4   846.1   845.6   846.5   841.1   842.0   842.9   846.0   850.6
          Other services-producing
           industries...................... 2,249.6 2,246.3 2,250.1 2,255.8 2,259.9 2,258.7 2,270.1 2,256.8 2,265.2 2,269.1 2,267.8 2,266.5 2,267.2 2,271.7 2,284.8
      Government...........................   836.0   852.2   855.9   858.1   860.1   864.6   866.3   866.3   870.1   871.4   873.6   875.1   877.4   890.0   894.6

    Supplements to wages and salaries...... 1,018.7 1,043.4 1,063.7 1,085.4 1,095.3 1,101.6 1,109.3 1,119.8 1,126.1 1,132.1 1,143.7 1,148.6 1,154.5 1,168.0 1,179.7
      Employer contributions for employee
       pension and insurance funds.........   661.0   680.9   700.5   720.8   730.3   736.1   742.4   754.4   760.2   765.7   778.1   783.1   788.3   795.0   805.1
      Employer contributions for government
       social insurance....................   357.6   362.5   363.2   364.6   365.1   365.6   366.9   365.5   365.9   366.3   365.6   365.5   366.3   373.0   374.7

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................   773.6   763.5   764.4   761.1   761.9   763.4   765.2   773.9   767.6   765.7   775.4   779.4   779.6   777.4   775.3
    Farm...................................    18.7    12.7     8.5     5.5     3.9     3.6     4.6     8.6    11.0    13.4    16.8    18.6    19.9    19.1    20.3
    Nonfarm................................   754.9   750.8   756.0   755.5   758.0   759.8   760.6   765.3   756.6   752.3   758.6   760.7   759.7   758.3   755.0

  Rental income of persons with capital
   consumption adjustment..................   176.9   173.8   172.1   170.3   172.1   168.4   162.4   149.5   142.5   136.6   130.5   128.4   128.7   138.0   138.5

  Personal income receipts on assets....... 1,354.4 1,345.9 1,340.2 1,335.5 1,339.0 1,336.7 1,333.8 1,330.9 1,327.1 1,324.3 1,327.1 1,328.3 1,330.0 1,331.9 1,334.7
    Personal interest income...............   986.0   971.0   959.5   949.8   949.0   942.4   935.7   929.5   922.8   917.7   918.5   918.1   918.7   919.1   920.7
    Personal dividend income...............   368.4   374.9   380.7   385.7   390.0   394.2   398.1   401.5   404.3   406.6   408.6   410.2   411.4   412.8   414.0

  Personal current transfer receipts....... 1,247.3 1,259.7 1,262.0 1,260.9 1,282.0 1,284.0 1,286.1 1,288.8 1,291.0 1,298.2 1,301.9 1,304.0 1,315.4 1,314.9 1,317.5
    Government social benefits to persons.. 1,202.3 1,216.4 1,219.8 1,219.7 1,242.3 1,245.4 1,248.6 1,252.6 1,255.7 1,263.7 1,268.1 1,271.1 1,283.3 1,282.9 1,286.0
      Old-age, survivors, disability, and
       health insurance benefits...........   685.5   697.1   701.4   696.6   703.4   704.3   705.9   707.6   710.5   712.8   711.4   716.0   722.7   723.4   726.3
      Government unemployment insurance
       benefits............................    42.3    42.5    41.4    44.6    59.3    60.8    60.2    58.1    55.2    57.0    54.6    50.4    54.3    49.8    49.8
      Other................................   474.5   476.8   477.0   478.4   479.7   480.3   482.5   487.0   489.9   494.0   502.1   504.6   506.3   509.7   509.9
    Other current transfer receipts, from
     business (net)........................    45.0    43.2    42.3    41.3    39.7    38.6    37.5    36.2    35.4    34.5    33.7    32.9    32.1    32.0    31.6

  Less: Contributions for government social
   insurance...............................   733.4   745.4   746.6   749.2   749.6   750.6   753.1   750.3   751.1   751.9   750.4   750.4   751.7   762.7   765.9

Less: Personal current taxes............... 1,224.9 1,071.0 1,062.5 1,056.2 1,051.7 1,049.1 1,050.2 1,049.7 1,050.4 1,050.0 1,046.1 1,043.7 1,041.6 1,023.6 1,024.4

Equals: Disposable personal income......... 7,544.7 7,718.9 7,751.7 7,784.0 7,827.3 7,840.3 7,857.4 7,845.1 7,842.3 7,848.9 7,864.2 7,877.1 7,903.7 7,952.7 7,987.1

Less: Personal outlays..................... 7,459.8 7,493.4 7,537.5 7,547.4 7,627.6 7,593.9 7,639.9 7,693.9 7,707.0 7,676.4 7,707.8 7,733.4 7,786.0 7,803.5 7,819.5

  Personal consumption expenditures........ 7,165.9 7,196.5 7,242.0 7,252.3 7,330.2 7,296.2 7,342.6 7,396.4 7,411.0 7,382.3 7,414.3 7,443.6 7,501.3 7,523.4 7,539.9
    Durable goods..........................   890.8   909.3   924.1   912.3   939.7   899.7   917.3   944.9   959.1   916.4   905.2   912.4   946.9   926.3   906.1
    Nondurable goods....................... 2,029.2 2,037.6 2,044.0 2,053.1 2,083.8 2,067.1 2,085.8 2,085.6 2,084.1 2,085.5 2,100.9 2,111.4 2,116.9 2,133.8 2,152.4
    Services............................... 4,245.9 4,249.7 4,273.9 4,286.9 4,306.7 4,329.5 4,339.5 4,365.9 4,367.7 4,380.4 4,408.3 4,419.8 4,437.5 4,463.3 4,481.4
  Personal interest payments\1\............   204.6   200.5   198.9   198.3   200.9   200.8   200.2   198.9   197.2   195.0   193.2   189.3   183.9   179.5   178.6
  Personal current transfer payments.......    89.3    96.3    96.6    96.8    96.5    96.8    97.1    98.6    98.9    99.1   100.2   100.5   100.8   100.6   100.9
    To government..........................    56.4    56.8    57.0    57.3    57.6    57.8    58.1    58.3    58.6    58.9    59.1    59.4    59.7    59.9    60.2
    To the rest of the world (net).........    32.9    39.5    39.5    39.5    39.0    39.0    39.0    40.2    40.2    40.2    41.1    41.1    41.1    40.8    40.8

Equals: Personal saving....................    84.9   225.5   214.3   236.6   199.7   246.4   217.5   151.2   135.3   172.5   156.5   143.7   117.8   149.2   167.6

  Personal saving as a percentage of
   disposable personal income..............     1.1     2.9     2.8     3.0     2.6     3.1     2.8     1.9     1.7     2.2     2.0     1.8     1.5     1.9     2.1

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................ 7,374.2 7,532.3 7,554.1 7,563.4 7,573.2 7,586.4 7,595.8 7,571.1 7,551.6 7,543.5 7,549.4 7,554.6 7,574.0 7,604.0 7,602.4
    Per capita:
      Current dollars......................  26,312  26,899  26,995  27,088  27,218  27,241  27,278  27,211  27,176  27,173  27,203  27,225  27,297  27,445  27,544
      Chained (2000) dollars...............  25,718  26,249  26,307  26,320  26,335  26,359  26,369  26,261  26,169  26,116  26,114  26,110  26,158  26,242  26,217
  Population (midperiod, thousands)\3\..... 286,736 286,952 287,154 287,357 287,574 287,809 288,051 288,306 288,575 288,843 289,099 289,333 289,551 289,767 289,976
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                                 Table 1.--Personal Income and Its Disposition (Months)--Continued
                                                 [Billions of dollars; months seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 03  Apr 03  May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04  May 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 9,053.2 9,067.9 9,124.5 9,163.4 9,188.2 9,214.2 9,243.7 9,271.7 9,339.4 9,374.8 9,435.9 9,487.9 9,530.7 9,571.8 9,628.3

  Compensation of employees, received...... 6,238.9 6,252.4 6,293.7 6,317.9 6,337.0 6,362.6 6,380.5 6,403.6 6,442.1 6,436.4 6,497.4 6,529.8 6,552.9 6,573.6 6,616.4

    Wage and salary disbursements.......... 5,048.4 5,058.0 5,092.8 5,112.5 5,124.0 5,142.4 5,153.1 5,170.8 5,201.4 5,189.6 5,232.6 5,257.3 5,274.6 5,293.1 5,329.8
      Private industries................... 4,151.7 4,159.1 4,189.8 4,203.3 4,217.9 4,235.9 4,247.6 4,263.1 4,291.8 4,277.3 4,309.4 4,330.4 4,342.7 4,353.5 4,393.5
        Goods-producing industries......... 1,002.0   997.1 1,002.3 1,004.0   998.2 1,002.9 1,009.0 1,018.3 1,027.7 1,021.9 1,017.8 1,018.1 1,020.4 1,025.7 1,040.5
          Manufacturing....................   668.5   662.6   666.4   666.6   661.2   663.6   667.3   673.7   681.4   676.2   670.3   669.6   668.0   670.2   681.7
        Services-producing industries...... 3,149.7 3,162.0 3,187.5 3,199.3 3,219.6 3,233.0 3,238.6 3,244.8 3,264.1 3,255.4 3,291.6 3,312.3 3,322.3 3,327.7 3,353.1
          Trade, transportation, and
           utilities.......................   853.5   852.2   855.4   856.2   857.7   862.1   863.2   870.3   871.8   864.3   868.0   871.6   875.7   885.1   891.5
          Other services-producing
           industries...................... 2,296.2 2,309.8 2,332.1 2,343.1 2,361.9 2,370.9 2,375.4 2,374.5 2,392.3 2,391.1 2,423.7 2,440.7 2,446.6 2,442.6 2,461.6
      Government...........................   896.7   898.9   903.0   909.2   906.1   906.5   905.5   907.7   909.6   912.3   923.1   926.9   931.9   939.6   936.3

    Supplements to wages and salaries...... 1,190.4 1,194.5 1,200.8 1,205.4 1,213.0 1,220.3 1,227.4 1,232.8 1,240.7 1,246.8 1,264.9 1,272.5 1,278.3 1,280.5 1,286.6
      Employer contributions for employee
       pension and insurance funds.........   814.3   817.7   821.9   825.2   831.9   838.1   844.4   849.0   855.0   862.2   871.3   877.2   882.4   884.3   887.5
      Employer contributions for government
       social insurance....................   376.1   376.8   378.9   380.2   381.1   382.2   383.0   383.8   385.7   384.6   393.6   395.3   395.9   396.2   399.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................   782.2   788.3   803.3   812.4   815.2   819.4   828.8   831.0   838.6   850.3   859.6   868.0   882.9   893.8   899.6
    Farm...................................    22.0    25.8    27.4    28.4    27.0    28.0    29.6    32.4    35.0    37.9    43.1    45.2    46.1    45.9    44.5
    Nonfarm................................   760.1   762.5   775.9   784.0   788.3   791.5   799.2   798.6   803.5   812.4   816.5   822.8   836.8   847.9   855.1

  Rental income of persons with capital
   consumption adjustment..................   136.7   128.5   125.2   122.6   124.0   118.4   118.9   129.8   146.0   153.8   144.4   144.4   144.0   143.0   141.9

  Personal income receipts on assets....... 1,337.2 1,338.4 1,340.8 1,342.3 1,340.6 1,337.9 1,334.2 1,337.3 1,341.9 1,347.3 1,349.5 1,350.3 1,351.5 1,357.5 1,363.8
    Personal interest income...............   922.0   921.8   922.9   923.1   920.1   915.6   909.8   910.7   912.2   913.8   910.8   906.5   902.5   903.8   905.1
    Personal dividend income...............   415.2   416.6   417.9   419.1   420.6   422.3   424.4   426.5   429.6   433.5   438.8   443.8   449.0   453.7   458.7

  Personal current transfer receipts....... 1,327.0 1,330.3 1,335.8 1,344.7 1,350.0 1,356.7 1,363.8 1,354.5 1,359.1 1,373.3 1,388.4 1,402.6 1,407.9 1,413.4 1,421.7
    Government social benefits to persons.. 1,295.8 1,299.2 1,305.0 1,314.1 1,319.6 1,326.6 1,333.9 1,324.9 1,329.8 1,344.2 1,359.3 1,373.5 1,378.9 1,384.5 1,392.8
      Old-age, survivors, disability, and
       health insurance benefits...........   730.2   731.6   737.9   738.4   738.8   743.9   745.1   747.0   749.8   758.9   764.4   775.8   778.5   781.9   784.9
      Government unemployment insurance
       benefits............................    53.8    54.3    52.1    57.0    54.2    53.5    55.3    51.3    51.2    51.4    46.8    43.3    39.1    34.2    36.9
      Other................................   511.8   513.3   515.0   518.7   526.6   529.2   533.5   526.5   528.8   533.9   548.1   554.4   561.3   568.4   571.0
    Other current transfer receipts, from
     business (net)........................    31.2    31.1    30.8    30.6    30.3    30.1    29.8    29.5    29.3    29.1    29.1    29.0    29.0    28.9    28.9

  Less: Contributions for government social
   insurance...............................   768.6   769.9   774.2   776.6   778.6   780.9   782.4   784.4   788.3   786.3   803.4   807.0   808.5   809.4   815.1

Less: Personal current taxes............... 1,025.0 1,020.4 1,027.1 1,033.3   934.5   887.7 1,000.1 1,003.3 1,009.7 1,009.9 1,003.3 1,009.6 1,015.7 1,026.4 1,036.3

Equals: Disposable personal income......... 8,028.3 8,047.5 8,097.5 8,130.1 8,253.7 8,326.4 8,243.6 8,268.4 8,329.7 8,364.9 8,432.6 8,478.3 8,515.0 8,545.4 8,592.0

Less: Personal outlays..................... 7,883.2 7,890.2 7,908.6 7,967.6 8,001.0 8,107.1 8,100.3 8,104.1 8,161.9 8,209.2 8,286.2 8,303.6 8,368.5 8,366.4 8,480.3

  Personal consumption expenditures........ 7,602.2 7,605.8 7,621.5 7,678.8 7,714.5 7,819.8 7,812.8 7,812.6 7,870.4 7,916.8 7,997.1 8,016.6 8,083.1 8,076.6 8,186.7
    Durable goods..........................   926.8   938.7   938.2   949.8   955.7   995.6   972.8   947.5   964.5   978.7   964.6   972.5   985.3   962.3   993.1
    Nondurable goods....................... 2,181.7 2,153.5 2,136.0 2,169.8 2,181.2 2,227.4 2,231.9 2,223.9 2,238.4 2,238.4 2,290.9 2,281.3 2,335.9 2,325.8 2,371.3
    Services............................... 4,493.7 4,513.6 4,547.2 4,559.2 4,577.6 4,596.8 4,608.1 4,641.3 4,667.5 4,699.7 4,741.6 4,762.8 4,761.8 4,788.6 4,822.3
  Personal interest payments\1\............   179.7   182.9   185.2   186.4   185.1   185.4   185.2   183.6   183.1   183.4   180.5   177.9   175.6   179.1   182.2
  Personal current transfer payments.......   101.3   101.6   102.0   102.4   101.4   101.9   102.4   107.8   108.4   109.0   108.5   109.2   109.8   110.7   111.3
    To government..........................    60.5    60.9    61.3    61.7    62.2    62.6    63.1    63.6    64.2    64.8    65.5    66.1    66.7    67.3    67.8
    To the rest of the world (net).........    40.8    40.7    40.7    40.7    39.3    39.3    39.3    44.2    44.2    44.2    43.0    43.0    43.0    43.5    43.5

Equals: Personal saving....................   145.1   157.3   188.8   162.5   252.7   219.3   143.3   164.3   167.9   155.7   146.4   174.7   146.5   179.0   111.8

  Personal saving as a percentage of
   disposable personal income..............     1.8     2.0     2.3     2.0     3.1     2.6     1.7     2.0     2.0     1.9     1.7     2.1     1.7     2.1     1.3

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................ 7,610.2 7,644.6 7,701.1 7,726.0 7,829.6 7,874.1 7,775.3 7,799.6 7,859.6 7,875.3 7,902.2 7,919.2 7,924.2 7,936.7 7,944.1
    Per capita:
      Current dollars......................  27,666  27,711  27,860  27,948  28,347  28,570  28,259  28,318  28,505  28,603  28,813  28,949  29,054  29,135  29,271
      Chained (2000) dollars...............  26,225  26,323  26,496  26,559  26,891  27,018  26,653  26,713  26,896  26,929  27,001  27,040  27,038  27,060  27,064
  Population (midperiod, thousands)\3\..... 290,187 290,412 290,653 290,903 291,166 291,442 291,718 291,982 292,223 292,448 292,666 292,872 293,078 293,299 293,537
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                               Table 1.--Personal Income and Its Disposition (Months)--Continued
                                               [Billions of dollars; months seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------------------------------
                                              Jun 04   Jul 04   Aug 04   Sep 04   Oct 04   Nov 04   Dec 04   Jan 05   Feb 05   Mar 05   Apr 05   May 05  Jun 05/p/
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................  9,642.8  9,689.0  9,739.8  9,759.0  9,858.4  9,924.9 10,291.0 10,044.8 10,091.3 10,131.3 10,199.1 10,222.3 10,275.2

  Compensation of employees, received......  6,620.7  6,679.8  6,721.0  6,772.0  6,836.6  6,896.6  6,954.3  6,985.8  7,022.6  7,051.0  7,100.1  7,108.7  7,124.4

    Wage and salary disbursements..........  5,331.4  5,384.2  5,418.9  5,462.8  5,513.2  5,563.2  5,612.2  5,625.6  5,649.5  5,665.2  5,708.0  5,713.8  5,725.8
      Private industries...................  4,394.0  4,444.6  4,475.8  4,517.0  4,564.8  4,613.2  4,660.7  4,666.6  4,687.1  4,701.1  4,742.1  4,746.5  4,758.0
        Goods-producing industries.........  1,040.5  1,053.3  1,063.2  1,070.5  1,079.4  1,080.5  1,089.0  1,091.3  1,096.3  1,098.1  1,105.6  1,108.9  1,109.1
          Manufacturing....................    681.0    689.8    696.9    701.7    706.3    705.6    711.4    713.8    716.2    715.5    718.6    721.2    719.8
        Services-producing industries......  3,353.5  3,391.3  3,412.6  3,446.5  3,485.4  3,532.6  3,571.7  3,575.3  3,590.8  3,602.9  3,636.5  3,637.6  3,648.9
          Trade, transportation, and
           utilities.......................    891.8    899.9    904.3    914.7    924.5    931.2    937.6    945.1    947.6    949.7    957.5    955.5    955.7
          Other services-producing
           industries......................  2,461.7  2,491.4  2,508.3  2,531.8  2,560.8  2,601.4  2,634.1  2,630.3  2,643.2  2,653.2  2,679.0  2,682.1  2,693.1
      Government...........................    937.4    939.6    943.2    945.8    948.4    950.1    951.5    959.0    962.4    964.1    965.9    967.3    967.8

    Supplements to wages and salaries......  1,289.3  1,295.6  1,302.0  1,309.2  1,323.4  1,333.4  1,342.1  1,360.2  1,373.2  1,385.8  1,392.1  1,395.0  1,398.5
      Employer contributions for employee
       pension and insurance funds.........    890.6    893.5    897.7    902.4    913.2    919.9    925.7    938.2    949.9    961.8    965.6    968.5    971.6
      Employer contributions for government
       social insurance....................    398.7    402.0    404.3    406.8    410.2    413.5    416.4    422.0    423.3    424.0    426.5    426.4    426.9

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    901.7    898.6    890.0    878.8    899.7    900.1    903.0    912.9    916.8    924.1    932.6    937.8    956.9
    Farm...................................     42.0     35.2     29.3     24.7     26.5     24.5     23.0     23.7     24.6     25.9     25.9     25.2     24.6
    Nonfarm................................    859.7    863.4    860.6    854.1    873.2    875.6    880.0    889.2    892.2    898.2    906.7    912.7    932.3

  Rental income of persons with capital
   consumption adjustment..................    140.4    138.7    132.2     95.5    132.5    128.3    125.4    121.1    118.5    114.4    108.3    101.9     96.3

  Personal income receipts on assets.......  1,370.4  1,375.2  1,378.4  1,381.0  1,388.1  1,394.2  1,698.5  1,403.3  1,407.4  1,413.1  1,423.7  1,435.5  1,453.5
    Personal interest income...............    906.5    906.3    904.9    902.8    904.9    907.2    910.0    912.7    915.4    918.1    923.9    931.8    945.6
    Personal dividend income...............    463.9    468.8    473.5    478.2    483.2    487.0    788.5    490.6    492.0    495.0    499.8    503.8    507.9

  Personal current transfer receipts.......  1,424.2  1,418.1  1,443.9  1,462.5  1,439.0  1,449.4  1,459.4  1,482.8  1,489.6  1,494.0  1,504.8  1,509.0  1,516.0
    Government social benefits to persons..  1,395.2  1,389.0  1,399.8  1,402.5  1,409.5  1,419.6  1,429.3  1,453.7  1,460.4  1,464.8  1,475.6  1,479.7  1,486.7
      Old-age, survivors, disability, and
       health insurance benefits...........    787.9    790.4    794.4    796.4    801.0    805.3    810.3    823.3    828.6    832.1    838.8    842.2    846.9
      Government unemployment insurance
       benefits............................     34.6     32.7     36.0     31.2     33.0     33.4     30.7     29.6     29.4     29.2     28.1     27.6     28.1
      Other................................    572.7    565.9    569.5    574.9    575.5    580.8    588.3    600.8    602.4    603.6    608.7    609.9    611.7
    Other current transfer receipts, from
     business (net)........................     29.0     29.0     44.1     60.0     29.5     29.8     30.0     29.1     29.1     29.1     29.2     29.2     29.3

  Less: Contributions for government social
   insurance...............................    814.6    821.3    825.6    830.8    837.3    843.7    849.6    861.1    863.6    865.2    870.3    870.6    871.8

Less: Personal current taxes...............  1,039.2  1,048.9  1,057.6  1,068.7  1,080.0  1,094.0  1,108.9  1,166.1  1,174.8  1,181.1  1,204.6  1,211.9  1,219.9

Equals: Disposable personal income.........  8,603.5  8,640.1  8,682.2  8,690.3  8,778.4  8,830.9  9,182.1  8,878.7  8,916.5  8,950.2  8,994.5  9,010.4  9,055.3

Less: Personal outlays.....................  8,470.6  8,544.3  8,553.4  8,601.1  8,677.9  8,718.9  8,778.3  8,801.2  8,860.5  8,902.2  8,975.0  8,976.7  9,053.4

  Personal consumption expenditures........  8,173.6  8,244.2  8,250.2  8,295.1  8,371.0  8,409.8  8,467.6  8,483.1  8,541.6  8,582.6  8,654.0  8,651.3  8,723.5
    Durable goods..........................    968.5  1,004.9    987.6    988.9    994.7  1,000.9  1,030.1  1,003.8  1,017.5  1,030.7  1,046.8  1,016.6  1,046.2
    Nondurable goods.......................  2,368.4  2,368.0  2,370.7  2,396.5  2,439.2  2,436.2  2,435.9  2,461.2  2,483.3  2,485.4  2,529.3  2,524.7  2,541.4
    Services...............................  4,836.7  4,871.3  4,891.9  4,909.8  4,937.1  4,972.6  5,001.6  5,018.1  5,040.8  5,066.5  5,077.9  5,110.0  5,135.9
  Personal interest payments\1\............    185.2    187.8    190.4    192.7    194.7    196.3    197.5    197.8    198.1    198.4    202.3    206.2    210.1
  Personal current transfer payments.......    111.8    112.3    112.8    113.3    112.2    112.7    113.2    120.3    120.8    121.3    118.7    119.3    119.7
    To government..........................     68.3     68.9     69.4     70.0     70.5     71.0     71.5     72.0     72.5     72.9     73.4     74.0     74.4
    To the rest of the world (net).........     43.5     43.4     43.4     43.4     41.7     41.7     41.7     48.3     48.3     48.3     45.3     45.3     45.3

Equals: Personal saving....................    132.9     95.7    128.8     89.2    100.5    112.0    403.8     77.5     56.0     48.0     19.5     33.7      1.9

  Personal saving as a percentage of
   disposable personal income..............      1.5      1.1      1.5      1.0      1.1      1.3      4.4       .9       .6       .5       .2       .4       .0

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  7,935.6  7,972.0  8,005.4  8,002.6  8,043.4  8,071.2  8,392.9  8,101.7  8,115.5  8,112.9  8,117.6  8,128.6  8,169.1
    Per capita:
      Current dollars......................   29,285   29,384   29,500   29,500   29,773   29,927   31,094   30,045   30,152   30,245   30,372   30,402   30,528
      Chained (2000) dollars...............   27,012   27,112   27,200   27,165   27,280   27,352   28,421   27,415   27,443   27,415   27,411   27,426   27,540
  Population (midperiod, thousands)\3\.....  293,783  294,042  294,315  294,587  294,846  295,083  295,303  295,517  295,720  295,924  296,144  296,381  296,627
----------------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                             Table 2.--Personal Income and Its Disposition (Years and Quarters)
                            [Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------
                                                2001     2002     2003     2004    IV 01     I 02    II 02   III 02    IV 02
----------------------------------------------------------------------------------------------------------------------------
Personal income............................  8,724.1  8,881.9  9,169.1  9,713.3  8,754.8  8,814.7  8,892.0  8,895.4  8,925.5

  Compensation of employees, received......  5,942.1  6,091.2  6,321.1  6,687.6  5,938.3  6,025.3  6,091.5  6,114.5  6,133.4

    Wage and salary disbursements..........  4,942.8  4,980.9  5,111.1  5,389.4  4,923.5  4,961.2  4,989.4  4,988.5  4,984.5
      Private industries...................  4,126.9  4,115.0  4,207.8  4,450.0  4,089.4  4,105.7  4,125.7  4,119.2  4,109.1
        Goods-producing industries.........  1,044.3  1,010.7  1,007.2  1,049.9  1,012.8  1,015.8  1,017.7  1,009.5    999.9
          Manufacturing....................    708.8    675.5    668.7    687.7    675.8    676.1    683.1    675.5    667.1
        Services-producing industries......  3,082.6  3,104.2  3,200.6  3,400.1  3,076.6  3,089.9  3,108.0  3,109.8  3,109.2
          Trade, transportation, and
           utilities.......................    844.6    843.1    858.6    899.7    834.6    839.2    845.1    846.1    842.0
          Other services-producing
           industries......................  2,238.0  2,261.1  2,342.0  2,500.4  2,241.9  2,250.7  2,262.9  2,263.7  2,267.2
      Government...........................    815.9    865.9    903.3    939.5    834.1    855.4    863.7    869.3    875.4

    Supplements to wages and salaries......    999.3  1,110.3  1,210.0  1,298.1  1,014.8  1,064.2  1,102.1  1,126.0  1,148.9
      Employer contributions for employee
       pension and insurance funds.........    642.7    745.1    830.0    895.5    657.9    700.7    736.2    760.1    783.2
      Employer contributions for government
       social insurance....................    356.6    365.2    380.0    402.7    356.9    363.4    365.8    365.9    365.8

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    771.9    768.4    810.2    889.6    774.2    763.0    763.5    769.1    778.1
    Farm...................................     19.7     10.6     27.7     35.8     20.0      8.9      4.0     11.0     18.4
    Nonfarm................................    752.2    757.8    782.4    853.8    754.1    754.1    759.4    758.1    759.7

  Rental income of persons with capital
   consumption adjustment..................    167.4    152.9    131.7    134.2    176.2    172.1    167.7    142.9    129.2

  Personal income receipts on assets.......  1,380.0  1,333.2  1,338.7  1,396.5  1,360.3  1,340.6  1,336.5  1,327.4  1,328.5
    Personal interest income...............  1,011.0    936.1    917.6    905.9    994.0    960.1    942.4    923.3    918.4
    Personal dividend income...............    369.0    397.2    421.1    490.6    366.4    380.5    394.1    404.1    410.0

  Personal current transfer receipts.......  1,193.9  1,286.2  1,344.0  1,427.5  1,237.8  1,260.9  1,284.0  1,292.7  1,307.1
    Government social benefits to persons..  1,143.9  1,248.9  1,313.5  1,394.5  1,190.9  1,218.6  1,245.4  1,257.3  1,274.2
      Old-age, survivors, disability, and
       health insurance benefits...........    668.5    707.5    739.3    789.3    680.4    698.4    704.5    710.3    716.7
      Government unemployment insurance
       benefits............................     31.7     53.2     52.8     36.0     40.6     42.8     60.1     56.8     53.1
      Other................................    443.7    488.2    521.4    569.2    470.0    477.4    480.8    490.3    504.4
    Other current transfer receipts, from
     business (net)........................     50.0     37.3     30.5     33.0     46.9     42.3     38.6     35.4     32.9

  Less: Contributions for government social
   insurance...............................    731.1    750.0    776.6    822.2    731.9    747.1    751.1    751.1    750.9

Less: Personal current taxes...............  1,237.3  1,051.8    999.9  1,049.1  1,230.0  1,063.2  1,050.3  1,050.0  1,043.8

Equals: Disposable personal income.........  7,486.8  7,830.1  8,169.2  8,664.2  7,524.8  7,751.5  7,841.7  7,845.4  7,881.7

Less: Personal outlays.....................  7,354.5  7,645.3  7,996.3  8,512.5  7,484.4  7,526.1  7,620.5  7,692.4  7,742.4

  Personal consumption expenditures........  7,055.0  7,350.7  7,709.9  8,214.3  7,188.4  7,230.3  7,323.0  7,396.6  7,453.1
    Durable goods..........................    883.7    923.9    950.1    987.8    932.8    915.2    918.9    940.1    921.5
    Nondurable goods.......................  2,017.1  2,079.6  2,189.0  2,368.3  2,027.5  2,044.9  2,078.9  2,085.1  2,109.7
    Services...............................  4,154.3  4,347.2  4,570.8  4,858.2  4,228.0  4,270.2  4,325.2  4,371.4  4,421.8
  Personal interest payments\1\............    212.2    196.4    183.2    186.7    207.2    199.2    200.6    197.0    188.8
  Personal current transfer payments.......     87.2     98.2    103.3    111.5     88.8     96.6     96.8     98.9    100.5
    To government..........................     54.2     58.2     62.1     68.6     56.0     57.0     57.8     58.6     59.4
    To the rest of the world (net).........     33.0     40.0     41.2     42.9     32.9     39.5     39.0     40.2     41.1

Equals: Personal saving....................    132.3    184.7    172.8    151.8     40.5    225.4    221.2    153.0    139.3

  Personal saving as a percentage of
   disposable personal income..............      1.8      2.4      2.1      1.8       .5      2.9      2.8      2.0      1.8

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  7,333.3  7,562.2  7,741.8  8,004.3  7,346.0  7,549.9  7,585.2  7,555.5  7,559.3
    Per capita:
      Current dollars......................   26,236   27,165   28,065   29,475   26,264   26,994   27,246   27,187   27,241
      Chained (2000) dollars...............   25,698   26,236   26,596   27,230   25,640   26,292   26,355   26,182   26,127
  Population (midperiod, thousands)\3\.....  285,366  288,240  291,085  293,951  286,502  287,154  287,812  288,575  289,328
----------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                            Table 2.--Personal Income and Its Disposition (Years and Quarters)--Continued
                                 [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
                                                I 03    II 03   III 03    IV 03     I 04    II 04   III 04    IV 04     I 05    II 05
-------------------------------------------------------------------------------------------------------------------------------------
Personal income............................  9,013.7  9,118.6  9,215.4  9,328.7  9,484.8  9,614.3  9,729.2 10,024.8 10,089.2 10,232.2

  Compensation of employees, received......  6,209.0  6,288.0  6,360.1  6,427.4  6,526.7  6,603.6  6,724.2  6,895.8  7,019.8  7,111.1

    Wage and salary disbursements..........  5,029.7  5,087.8  5,139.8  5,187.3  5,254.8  5,318.1  5,422.0  5,562.9  5,646.8  5,715.9
      Private industries...................  4,135.9  4,184.1  4,233.8  4,277.4  4,327.5  4,380.3  4,479.2  4,612.9  4,684.9  4,748.9
        Goods-producing industries.........  1,001.7  1,001.2  1,003.4  1,022.6  1,018.7  1,035.6  1,062.3  1,083.0  1,095.2  1,107.9
          Manufacturing....................    668.5    665.2    664.0    677.1    669.3    677.6    696.1    707.8    715.1    719.9
        Services-producing industries......  3,134.2  3,182.9  3,230.4  3,254.8  3,308.7  3,344.8  3,416.8  3,529.9  3,589.7  3,641.0
          Trade, transportation, and
           utilities.......................    850.0    854.6    861.0    868.8    871.8    889.5    906.3    931.1    947.5    956.3
          Other services-producing
           industries......................  2,284.2  2,328.3  2,369.4  2,386.0  2,437.0  2,455.3  2,510.5  2,598.8  2,642.2  2,684.7
      Government...........................    893.7    903.7    906.1    909.9    927.3    937.7    942.8    950.0    961.8    967.0

    Supplements to wages and salaries......  1,179.4  1,200.2  1,220.2  1,240.1  1,271.9  1,285.5  1,302.3  1,332.9  1,373.1  1,395.2
      Employer contributions for employee
       pension and insurance funds.........    804.8    821.6    838.1    855.4    877.0    887.5    897.9    919.6    950.0    968.6
      Employer contributions for government
       social insurance....................    374.6    378.6    382.1    384.7    394.9    398.0    404.4    413.4    423.1    426.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    778.3    801.4    821.1    840.0    870.2    898.4    889.1    900.9    917.9    942.4
    Farm...................................     20.5     27.2     28.2     35.1     44.8     44.1     29.7     24.6     24.7     25.2
    Nonfarm................................    757.8    774.1    793.0    804.8    825.4    854.2    859.4    876.3    893.2    917.2

  Rental income of persons with capital
   consumption adjustment..................    137.7    125.4    120.4    143.2    144.2    141.8    122.1    128.7    118.0    102.1

  Personal income receipts on assets.......  1,334.6  1,340.5  1,337.6  1,342.1  1,350.4  1,363.9  1,378.2  1,493.6  1,407.9  1,437.6
    Personal interest income...............    920.6    922.6    915.1    912.2    906.6    905.1    904.7    907.4    915.4    933.8
    Personal dividend income...............    414.0    417.9    422.4    429.9    443.9    458.8    473.5    586.2    492.5    503.8

  Personal current transfer receipts.......  1,319.8  1,336.9  1,356.8  1,362.3  1,399.6  1,419.8  1,441.5  1,449.2  1,488.8  1,509.9
    Government social benefits to persons..  1,288.2  1,306.1  1,326.7  1,333.0  1,370.6  1,390.8  1,397.1  1,419.5  1,459.7  1,480.7
      Old-age, survivors, disability, and
       health insurance benefits...........    726.6    736.0    742.6    751.9    772.9    784.9    793.7    805.5    828.0    842.6
      Government unemployment insurance
       benefits............................     51.1     54.5     54.4     51.3     43.1     35.3     33.3     32.4     29.4     27.9
      Other................................    510.5    515.6    529.8    529.7    554.6    570.7    570.1    581.5    602.2    610.1
    Other current transfer receipts, from
     business (net)........................     31.6     30.8     30.1     29.3     29.0     28.9     44.4     29.8     29.1     29.2

  Less: Contributions for government social
   insurance...............................    765.8    773.6    780.7    786.3    806.3    813.0    825.9    843.5    863.3    870.9

Less: Personal current taxes...............  1,024.3  1,026.9    940.8  1,007.6  1,009.6  1,034.0  1,058.4  1,094.3  1,174.0  1,212.1

Equals: Disposable personal income.........  7,989.4  8,091.7  8,274.6  8,321.0  8,475.3  8,580.3  8,670.9  8,930.4  8,915.1  9,020.1

Less: Personal outlays.....................  7,835.4  7,922.1  8,069.5  8,158.4  8,319.4  8,439.1  8,566.3  8,725.0  8,854.6  9,001.7

  Personal consumption expenditures........  7,555.2  7,635.3  7,782.4  7,866.6  8,032.3  8,145.6  8,263.2  8,416.1  8,535.8  8,676.3
    Durable goods..........................    919.7    942.2    974.7    963.6    974.2    974.6    993.8  1,008.6  1,017.3  1,036.6
    Nondurable goods.......................  2,156.0  2,153.1  2,213.5  2,233.6  2,302.7  2,355.2  2,378.4  2,437.1  2,476.6  2,531.8
    Services...............................  4,479.5  4,540.0  4,594.2  4,669.5  4,755.4  4,815.9  4,891.0  4,970.4  5,041.8  5,107.9
  Personal interest payments\1\............    179.3    184.8    185.2    183.4    178.0    182.2    190.3    196.2    198.1    206.2
  Personal current transfer payments.......    101.0    102.0    101.9    108.4    109.2    111.3    112.8    112.7    120.8    119.2
    To government..........................     60.2     61.3     62.6     64.2     66.1     67.8     69.4     71.0     72.5     73.9
    To the rest of the world (net).........     40.8     40.7     39.3     44.2     43.0     43.5     43.4     41.7     48.3     45.3

Equals: Personal saving....................    154.0    169.6    205.1    162.6    155.8    141.2    104.6    205.4     60.5     18.4

  Personal saving as a percentage of
   disposable personal income..............      1.9      2.1      2.5      2.0      1.8      1.6      1.2      2.3       .7       .2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................  7,605.5  7,690.5  7,826.2  7,844.8  7,915.1  7,938.8  7,993.3  8,169.2  8,110.0  8,138.4
    Per capita:
      Current dollars......................   27,552   27,839   28,392   28,475   28,939   29,231   29,461   30,265   30,147   30,434
      Chained (2000) dollars...............   26,228   26,459   26,853   26,846   27,026   27,045   27,159   27,685   27,425   27,459
  Population (midperiod, thousands)\3\.....  289,977  290,656  291,442  292,217  292,872  293,540  294,315  295,077  295,720  296,384
-------------------------------------------------------------------------------------------------------------------------------------
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 02  Feb 02  Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................    20.3    24.3    26.0    38.8    10.3    18.3   -12.8    -2.1     6.1    11.5    10.5    24.5    31.0    35.2

  Compensation of employees, received......    41.6    29.6    39.5    12.1    13.9    25.9   -11.4    13.7    10.2      .0     5.2    12.2    33.5    34.7

    Wage and salary disbursements..........    16.9     9.2    17.8     2.2     7.6    18.1   -21.9     7.5     4.2   -11.6      .3     6.3    20.0    22.9
      Private industries...................      .7     5.5    15.5      .3     3.1    16.4   -21.9     3.8     2.8   -13.7    -1.3     4.0     7.4    18.3
        Goods-producing industries.........      .8     2.0     4.8    -3.3     1.1     1.8    -6.3    -4.3    -2.0    -6.9    -1.0     2.4      .0      .6
          Manufacturing....................     -.4      .8     5.6      .2     2.9     2.5    -6.6    -4.3    -2.1    -5.4     -.8     1.1     -.1     2.0
        Services-producing industries......     -.1     3.5    10.7     3.6     1.9    14.8   -15.7     8.0     4.8    -6.7     -.3     1.5     7.6    17.6
          Trade, transportation, and
           utilities.......................     3.1     -.2     4.9     -.5     3.2     3.3    -2.3     -.5      .9    -5.4      .9      .9     3.1     4.6
          Other services-producing
           industries......................    -3.3     3.8     5.7     4.1    -1.2    11.4   -13.3     8.4     3.9    -1.3    -1.3      .7     4.5    13.1
      Government...........................    16.2     3.7     2.2     2.0     4.5     1.7      .0     3.8     1.3     2.2     1.5     2.3    12.6     4.6

    Supplements to wages and salaries......    24.7    20.3    21.7     9.9     6.3     7.7    10.5     6.3     6.0    11.6     4.9     5.9    13.5    11.7
      Employer contributions for employee
       pension and insurance funds.........    19.9    19.6    20.3     9.5     5.8     6.3    12.0     5.8     5.5    12.4     5.0     5.2     6.7    10.1
      Employer contributions for government
       social insurance....................     4.9      .7     1.4      .5      .5     1.3    -1.4      .4      .4     -.7     -.1      .8     6.7     1.7

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................   -10.1      .9    -3.3      .8     1.5     1.8     8.7    -6.3    -1.9     9.7     4.0      .2    -2.2    -2.1
    Farm...................................    -6.0    -4.2    -3.0    -1.6     -.3     1.0     4.0     2.4     2.4     3.4     1.8     1.3     -.8     1.2
    Nonfarm................................    -4.1     5.2     -.5     2.5     1.8      .8     4.7    -8.7    -4.3     6.3     2.1    -1.0    -1.4    -3.3

  Rental income of persons with capital
   consumption adjustment..................    -3.1    -1.7    -1.8     1.8    -3.7    -6.0   -12.9    -7.0    -5.9    -6.1    -2.1      .3     9.3      .5

  Personal income receipts on assets.......    -8.5    -5.7    -4.7     3.5    -2.3    -2.9    -2.9    -3.8    -2.8     2.8     1.2     1.7     1.9     2.8
    Personal interest income...............   -15.0   -11.5    -9.7     -.8    -6.6    -6.7    -6.2    -6.7    -5.1      .8     -.4      .6      .4     1.6
    Personal dividend income...............     6.5     5.8     5.0     4.3     4.2     3.9     3.4     2.8     2.3     2.0     1.6     1.2     1.4     1.2

  Personal current transfer receipts.......    12.4     2.3    -1.1    21.1     2.0     2.1     2.7     2.2     7.2     3.7     2.1    11.4     -.5     2.6
    Government social benefits to persons..    14.1     3.4     -.1    22.6     3.1     3.2     4.0     3.1     8.0     4.4     3.0    12.2     -.4     3.1
      Old-age, survivors, disability, and
       health insurance benefits...........    11.6     4.3    -4.8     6.8      .9     1.6     1.7     2.9     2.3    -1.4     4.6     6.7      .7     2.9
      Government unemployment insurance
       benefits............................      .2    -1.1     3.2    14.7     1.5     -.6    -2.1    -2.9     1.8    -2.4    -4.2     3.9    -4.5      .0
      Other................................     2.3      .2     1.4     1.3      .6     2.2     4.5     2.9     4.1     8.1     2.5     1.7     3.4      .2
    Other current transfer receipts, from
     business (net)........................    -1.8     -.9    -1.0    -1.6    -1.1    -1.1    -1.3     -.8     -.9     -.8     -.8     -.8     -.1     -.4

  Less: Contributions for government social
   insurance...............................    12.0     1.2     2.6      .4     1.0     2.5    -2.8      .8      .8    -1.5      .0     1.3    11.0     3.2

Less: Personal current taxes...............  -153.9    -8.5    -6.3    -4.5    -2.6     1.1     -.5      .7     -.4    -3.9    -2.4    -2.1   -18.0      .8

Equals: Disposable personal income.........   174.2    32.8    32.3    43.3    13.0    17.1   -12.3    -2.8     6.6    15.3    12.9    26.6    49.0    34.4

Less: Personal outlays.....................    33.6    44.1     9.9    80.2   -33.7    46.0    54.0    13.1   -30.6    31.4    25.6    52.6    17.5    16.0

  Personal consumption expenditures........    30.6    45.5    10.3    77.9   -34.0    46.4    53.8    14.6   -28.7    32.0    29.3    57.7    22.1    16.5
    Durable goods..........................    18.5    14.8   -11.8    27.4   -40.0    17.6    27.6    14.2   -42.7   -11.2     7.2    34.5   -20.6   -20.2
    Nondurable goods.......................     8.4     6.4     9.1    30.7   -16.7    18.7     -.2    -1.5     1.4    15.4    10.5     5.5    16.9    18.6
    Services...............................     3.8    24.2    13.0    19.8    22.8    10.0    26.4     1.8    12.7    27.9    11.5    17.7    25.8    18.1
  Personal interest payments\1\............    -4.1    -1.6     -.6     2.6     -.1     -.6    -1.3    -1.7    -2.2    -1.8    -3.9    -5.4    -4.4     -.9
  Personal current transfer payments.......     7.0      .3      .2     -.3      .3      .3     1.5      .3      .2     1.1      .3      .3     -.2      .3
    To government..........................      .4      .2      .3      .3      .2      .3      .2      .3      .3      .2      .3      .3      .2      .3
    To the rest of the world (net).........     6.6      .0      .0     -.5      .0      .0     1.2      .0      .0      .9      .0      .0     -.3      .0

Equals: Personal saving....................   140.6   -11.2    22.3   -36.9    46.7   -28.9   -66.3   -15.9    37.2   -16.0   -12.8   -25.9    31.4    18.4

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............   158.1    21.8     9.3     9.8    13.2     9.4   -24.7   -19.5    -8.1     5.9     5.2    19.4    30.0    -1.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                              Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)--Continued
                                             [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 03  Apr 03  May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................    41.7    14.7    56.6    38.9    24.8    26.0    29.5    28.0    67.7    35.4    61.1    52.0    42.8    41.1

  Compensation of employees, received......    27.4    13.5    41.3    24.2    19.1    25.6    17.9    23.1    38.5    -5.7    61.0    32.4    23.1    20.7

    Wage and salary disbursements..........    16.7     9.6    34.8    19.7    11.5    18.4    10.7    17.7    30.6   -11.8    43.0    24.7    17.3    18.5
      Private industries...................    14.6     7.4    30.7    13.5    14.6    18.0    11.7    15.5    28.7   -14.5    32.1    21.0    12.3    10.8
        Goods-producing industries.........      .2    -4.9     5.2     1.7    -5.8     4.7     6.1     9.3     9.4    -5.8    -4.1      .3     2.3     5.3
          Manufacturing....................    -1.0    -5.9     3.8      .2    -5.4     2.4     3.7     6.4     7.7    -5.2    -5.9     -.7    -1.6     2.2
        Services-producing industries......    14.4    12.3    25.5    11.8    20.3    13.4     5.6     6.2    19.3    -8.7    36.2    20.7    10.0     5.4
          Trade, transportation, and
           utilities.......................     2.9    -1.3     3.2      .8     1.5     4.4     1.1     7.1     1.5    -7.5     3.7     3.6     4.1     9.4
          Other services-producing
           industries......................    11.4    13.6    22.3    11.0    18.8     9.0     4.5     -.9    17.8    -1.2    32.6    17.0     5.9    -4.0
      Government...........................     2.1     2.2     4.1     6.2    -3.1      .4    -1.0     2.2     1.9     2.7    10.8     3.8     5.0     7.7

    Supplements to wages and salaries......    10.7     4.1     6.3     4.6     7.6     7.3     7.1     5.4     7.9     6.1    18.1     7.6     5.8     2.2
      Employer contributions for employee
       pension and insurance funds.........     9.2     3.4     4.2     3.3     6.7     6.2     6.3     4.6     6.0     7.2     9.1     5.9     5.2     1.9
      Employer contributions for government
       social insurance....................     1.4      .7     2.1     1.3      .9     1.1      .8      .8     1.9    -1.1     9.0     1.7      .6      .3

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     6.9     6.1    15.0     9.1     2.8     4.2     9.4     2.2     7.6    11.7     9.3     8.4    14.9    10.9
    Farm...................................     1.7     3.8     1.6     1.0    -1.4     1.0     1.6     2.8     2.6     2.9     5.2     2.1      .9     -.2
    Nonfarm................................     5.1     2.4    13.4     8.1     4.3     3.2     7.7     -.6     4.9     8.9     4.1     6.3    14.0    11.1

  Rental income of persons with capital
   consumption adjustment..................    -1.8    -8.2    -3.3    -2.6     1.4    -5.6      .5    10.9    16.2     7.8    -9.4      .0     -.4    -1.0

  Personal income receipts on assets.......     2.5     1.2     2.4     1.5    -1.7    -2.7    -3.7     3.1     4.6     5.4     2.2      .8     1.2     6.0
    Personal interest income...............     1.3     -.2     1.1      .2    -3.0    -4.5    -5.8      .9     1.5     1.6    -3.0    -4.3    -4.0     1.3
    Personal dividend income...............     1.2     1.4     1.3     1.2     1.5     1.7     2.1     2.1     3.1     3.9     5.3     5.0     5.2     4.7

  Personal current transfer receipts.......     9.5     3.3     5.5     8.9     5.3     6.7     7.1    -9.3     4.6    14.2    15.1    14.2     5.3     5.5
    Government social benefits to persons..     9.8     3.4     5.8     9.1     5.5     7.0     7.3    -9.0     4.9    14.4    15.1    14.2     5.4     5.6
      Old-age, survivors, disability, and
       health insurance benefits...........     3.9     1.4     6.3      .5      .4     5.1     1.2     1.9     2.8     9.1     5.5    11.4     2.7     3.4
      Government unemployment insurance
       benefits............................     4.0      .5    -2.2     4.9    -2.8     -.7     1.8    -4.0     -.1      .2    -4.6    -3.5    -4.2    -4.9
      Other................................     1.9     1.5     1.7     3.7     7.9     2.6     4.3    -7.0     2.3     5.1    14.2     6.3     6.9     7.1
    Other current transfer receipts, from
     business (net)........................     -.4     -.1     -.3     -.2     -.3     -.2     -.3     -.3     -.2     -.2      .0     -.1      .0     -.1

  Less: Contributions for government social
   insurance...............................     2.7     1.3     4.3     2.4     2.0     2.3     1.5     2.0     3.9    -2.0    17.1     3.6     1.5      .9

Less: Personal current taxes...............      .6    -4.6     6.7     6.2   -98.8   -46.8   112.4     3.2     6.4      .2    -6.6     6.3     6.1    10.7

Equals: Disposable personal income.........    41.2    19.2    50.0    32.6   123.6    72.7   -82.8    24.8    61.3    35.2    67.7    45.7    36.7    30.4

Less: Personal outlays.....................    63.7     7.0    18.4    59.0    33.4   106.1    -6.8     3.8    57.8    47.3    77.0    17.4    64.9    -2.1

  Personal consumption expenditures........    62.3     3.6    15.7    57.3    35.7   105.3    -7.0     -.2    57.8    46.4    80.3    19.5    66.5    -6.5
    Durable goods..........................    20.7    11.9     -.5    11.6     5.9    39.9   -22.8   -25.3    17.0    14.2   -14.1     7.9    12.8   -23.0
    Nondurable goods.......................    29.3   -28.2   -17.5    33.8    11.4    46.2     4.5    -8.0    14.5      .0    52.5    -9.6    54.6   -10.1
    Services...............................    12.3    19.9    33.6    12.0    18.4    19.2    11.3    33.2    26.2    32.2    41.9    21.2    -1.0    26.8
  Personal interest payments\1\............     1.1     3.2     2.3     1.2    -1.3      .3     -.2    -1.6     -.5      .3    -2.9    -2.6    -2.3     3.5
  Personal current transfer payments.......      .4      .3      .4      .4    -1.0      .5      .5     5.4      .6      .6     -.5      .7      .6      .9
    To government..........................      .3      .4      .4      .4      .5      .4      .5      .5      .6      .6      .7      .6      .6      .6
    To the rest of the world (net).........      .0     -.1      .0      .0    -1.4      .0      .0     4.9      .0      .0    -1.2      .0      .0      .5

Equals: Personal saving....................   -22.5    12.2    31.5   -26.3    90.2   -33.4   -76.0    21.0     3.6   -12.2    -9.3    28.3   -28.2    32.5

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............     7.8    34.4    56.5    24.9   103.6    44.5   -98.8    24.3    60.0    15.7    26.9    17.0     5.0    12.5
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                              Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)--Continued
                                             [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05  Mar 05  Apr 05  May 05 Jun 05/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................    56.5    14.5    46.2    50.8    19.2    99.4    66.5   366.1  -246.2    46.5    40.0    67.8    23.2    52.9

  Compensation of employees, received......    42.8     4.3    59.1    41.2    51.0    64.6    60.0    57.7    31.5    36.8    28.4    49.1     8.6    15.7

    Wage and salary disbursements..........    36.7     1.6    52.8    34.7    43.9    50.4    50.0    49.0    13.4    23.9    15.7    42.8     5.8    12.0
      Private industries...................    40.0      .5    50.6    31.2    41.2    47.8    48.4    47.5     5.9    20.5    14.0    41.0     4.4    11.5
        Goods-producing industries.........    14.8      .0    12.8     9.9     7.3     8.9     1.1     8.5     2.3     5.0     1.8     7.5     3.3      .2
          Manufacturing....................    11.5     -.7     8.8     7.1     4.8     4.6     -.7     5.8     2.4     2.4     -.7     3.1     2.6    -1.4
        Services-producing industries......    25.4      .4    37.8    21.3    33.9    38.9    47.2    39.1     3.6    15.5    12.1    33.6     1.1    11.3
          Trade, transportation, and
           utilities.......................     6.4      .3     8.1     4.4    10.4     9.8     6.7     6.4     7.5     2.5     2.1     7.8    -2.0      .2
          Other services-producing
           industries......................    19.0      .1    29.7    16.9    23.5    29.0    40.6    32.7    -3.8    12.9    10.0    25.8     3.1    11.0
      Government...........................    -3.3     1.1     2.2     3.6     2.6     2.6     1.7     1.4     7.5     3.4     1.7     1.8     1.4      .5

    Supplements to wages and salaries......     6.1     2.7     6.3     6.4     7.2    14.2    10.0     8.7    18.1    13.0    12.6     6.3     2.9     3.5
      Employer contributions for employee
       pension and insurance funds.........     3.2     3.1     2.9     4.2     4.7    10.8     6.7     5.8    12.5    11.7    11.9     3.8     2.9     3.1
      Employer contributions for government
       social insurance....................     2.9     -.4     3.3     2.3     2.5     3.4     3.3     2.9     5.6     1.3      .7     2.5     -.1      .5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     5.8     2.1    -3.1    -8.6   -11.2    20.9      .4     2.9     9.9     3.9     7.3     8.5     5.2    19.1
    Farm...................................    -1.4    -2.5    -6.8    -5.9    -4.6     1.8    -2.0    -1.5      .7      .9     1.3      .0     -.7     -.6
    Nonfarm................................     7.2     4.6     3.7    -2.8    -6.5    19.1     2.4     4.4     9.2     3.0     6.0     8.5     6.0    19.6

  Rental income of persons with capital
   consumption adjustment..................    -1.1    -1.5    -1.7    -6.5   -36.7    37.0    -4.2    -2.9    -4.3    -2.6    -4.1    -6.1    -6.4    -5.6

  Personal income receipts on assets.......     6.3     6.6     4.8     3.2     2.6     7.1     6.1   304.3  -295.2     4.1     5.7    10.6    11.8    18.0
    Personal interest income...............     1.3     1.4     -.2    -1.4    -2.1     2.1     2.3     2.8     2.7     2.7     2.7     5.8     7.9    13.8
    Personal dividend income...............     5.0     5.2     4.9     4.7     4.7     5.0     3.8   301.5  -297.9     1.4     3.0     4.8     4.0     4.1

  Personal current transfer receipts.......     8.3     2.5    -6.1    25.8    18.6   -23.5    10.4    10.0    23.4     6.8     4.4    10.8     4.2     7.0
    Government social benefits to persons..     8.3     2.4    -6.2    10.8     2.7     7.0    10.1     9.7    24.4     6.7     4.4    10.8     4.1     7.0
      Old-age, survivors, disability, and
       health insurance benefits...........     3.0     3.0     2.5     4.0     2.0     4.6     4.3     5.0    13.0     5.3     3.5     6.7     3.4     4.7
      Government unemployment insurance
       benefits............................     2.7    -2.3    -1.9     3.3    -4.8     1.8      .4    -2.7    -1.1     -.2     -.2    -1.1     -.5      .5
      Other................................     2.6     1.7    -6.8     3.6     5.4      .6     5.3     7.5    12.5     1.6     1.2     5.1     1.2     1.8
    Other current transfer receipts, from
     business (net)........................      .0      .1      .0    15.1    15.9   -30.5      .3      .2     -.9      .0      .0      .1      .0      .1

  Less: Contributions for government social
   insurance...............................     5.7     -.5     6.7     4.3     5.2     6.5     6.4     5.9    11.5     2.5     1.6     5.1      .3     1.2

Less: Personal current taxes...............     9.9     2.9     9.7     8.7    11.1    11.3    14.0    14.9    57.2     8.7     6.3    23.5     7.3     8.0

Equals: Disposable personal income.........    46.6    11.5    36.6    42.1     8.1    88.1    52.5   351.2  -303.4    37.8    33.7    44.3    15.9    44.9

Less: Personal outlays.....................   113.9    -9.7    73.7     9.1    47.7    76.8    41.0    59.4    22.9    59.3    41.7    72.8     1.7    76.7

  Personal consumption expenditures........   110.1   -13.1    70.6     6.0    44.9    75.9    38.8    57.8    15.5    58.5    41.0    71.4    -2.7    72.2
    Durable goods..........................    30.8   -24.6    36.4   -17.3     1.3     5.8     6.2    29.2   -26.3    13.7    13.2    16.1   -30.2    29.6
    Nondurable goods.......................    45.5    -2.9     -.4     2.7    25.8    42.7    -3.0     -.3    25.3    22.1     2.1    43.9    -4.6    16.7
    Services...............................    33.7    14.4    34.6    20.6    17.9    27.3    35.5    29.0    16.5    22.7    25.7    11.4    32.1    25.9
  Personal interest payments\1\............     3.1     3.0     2.6     2.6     2.3     2.0     1.6     1.2      .3      .3      .3     3.9     3.9     3.9
  Personal current transfer payments.......      .6      .5      .5      .5      .5    -1.1      .5      .5     7.1      .5      .5    -2.6      .6      .4
    To government..........................      .5      .5      .6      .5      .6      .5      .5      .5      .5      .5      .4      .5      .6      .4
    To the rest of the world (net).........      .0      .0     -.1      .0      .0    -1.7      .0      .0     6.6      .0      .0    -3.0      .0      .0

Equals: Personal saving....................   -67.2    21.1   -37.2    33.1   -39.6    11.3    11.5   291.8  -326.3   -21.5    -8.0   -28.5    14.2   -31.8

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............     7.4    -8.5    36.4    33.4    -2.8    40.8    27.8   321.7  -291.2    13.8    -2.6     4.7    11.0    40.5
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

     Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
                    [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------
                                               2001    2002    2003    2004    I 02   II 02  III 02   IV 02
-----------------------------------------------------------------------------------------------------------
Personal income............................   294.4   157.8   287.2   544.2    59.9    77.3     3.4    30.1

  Compensation of employees, received......   159.4   149.1   229.9   366.5    87.0    66.2    23.0    18.9

    Wage and salary disbursements..........   113.6    38.1   130.2   278.3    37.7    28.2     -.9    -4.0
      Private industries...................    72.4   -11.9    92.8   242.2    16.3    20.0    -6.5   -10.1
        Goods-producing industries.........   -22.2   -33.6    -3.5    42.7     3.0     1.9    -8.2    -9.6
          Manufacturing....................   -40.5   -33.3    -6.8    19.0      .3     7.0    -7.6    -8.4
        Services-producing industries......    94.6    21.6    96.4   199.5    13.3    18.1     1.8     -.6
          Trade, transportation, and
           utilities.......................    18.1    -1.5    15.5    41.1     4.6     5.9     1.0    -4.1
          Other services-producing
           industries......................    76.5    23.1    80.9   158.4     8.8    12.2      .8     3.5
      Government...........................    41.2    50.0    37.4    36.2    21.3     8.3     5.6     6.1

    Supplements to wages and salaries......    45.9   111.0    99.7    88.1    49.4    37.9    23.9    22.9
      Employer contributions for employee
       pension and insurance funds.........    32.8   102.4    84.9    65.5    42.8    35.5    23.9    23.1
      Employer contributions for government
       social insurance....................    13.1     8.6    14.8    22.7     6.5     2.4      .1     -.1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    43.5    -3.5    41.8    79.4   -11.2      .5     5.6     9.0
    Farm...................................    -3.0    -9.1    17.1     8.1   -11.1    -4.9     7.0     7.4
    Nonfarm................................    46.5     5.6    24.6    71.4      .0     5.3    -1.3     1.6

  Rental income of persons with capital
   consumption adjustment..................    17.1   -14.5   -21.2     2.5    -4.1    -4.4   -24.8   -13.7

  Personal income receipts on assets.......    -7.0   -46.8     5.5    57.8   -19.7    -4.1    -9.1     1.1
    Personal interest income...............      .0   -74.9   -18.5   -11.7   -33.9   -17.7   -19.1    -4.9
    Personal dividend income...............    -7.1    28.2    23.9    69.5    14.1    13.6    10.0     5.9

  Personal current transfer receipts.......   109.9    92.3    57.8    83.5    23.1    23.1     8.7    14.4
    Government social benefits to persons..   102.3   105.0    64.6    81.0    27.7    26.8    11.9    16.9
      Old-age, survivors, disability, and
       health insurance benefits...........    47.7    39.0    31.8    50.0    18.0     6.1     5.8     6.4
      Government unemployment insurance
       benefits............................    11.4    21.5     -.4   -16.8     2.2    17.3    -3.3    -3.7
      Other................................    43.2    44.5    33.2    47.8     7.4     3.4     9.5    14.1
    Other current transfer receipts, from
     business (net)........................     7.6   -12.7    -6.8     2.5    -4.6    -3.7    -3.2    -2.5

  Less: Contributions for government social
   insurance...............................    28.4    18.9    26.6    45.6    15.2     4.0      .0     -.2

Less: Personal current taxes...............     1.6  -185.5   -51.9    49.2  -166.8   -12.9     -.3    -6.2

Equals: Disposable personal income.........   292.8   343.3   339.1   495.0   226.7    90.2     3.7    36.3

Less: Personal outlays.....................   328.9   290.8   351.0   516.2    41.7    94.4    71.9    50.0

  Personal consumption expenditures........   315.6   295.7   359.2   504.4    41.9    92.7    73.6    56.5
    Durable goods..........................    20.4    40.2    26.2    37.7   -17.6     3.7    21.2   -18.6
    Nondurable goods.......................    69.9    62.5   109.4   179.3    17.4    34.0     6.2    24.6
    Services...............................   225.5   192.9   223.6   287.4    42.2    55.0    46.2    50.4
  Personal interest payments\1\............     7.5   -15.8   -13.2     3.5    -8.0     1.4    -3.6    -8.2
  Personal current transfer payments.......     5.7    11.0     5.1     8.2     7.8      .2     2.1     1.6
    To government..........................     4.2     4.0     3.9     6.5     1.0      .8      .8      .8
    To the rest of the world (net).........     1.5     7.0     1.2     1.7     6.6     -.5     1.2      .9

Equals: Personal saving....................   -36.2    52.4   -11.9   -21.0   184.9    -4.2   -68.2   -13.7

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............   139.3   228.9   179.6   262.5   203.9    35.3   -29.7     3.8
-----------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

        Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)--Continued
                            [Billions of dollars; quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------
                                               I 03   II 03  III 03   IV 03    I 04   II 04  III 04   IV 04    I 05   II 05
---------------------------------------------------------------------------------------------------------------------------
Personal income............................    88.2   104.9    96.8   113.3   156.1   129.5   114.9   295.6    64.4   143.0

  Compensation of employees, received......    75.6    79.0    72.1    67.3    99.3    76.9   120.6   171.6   124.0    91.3

    Wage and salary disbursements..........    45.2    58.1    52.0    47.5    67.5    63.3   103.9   140.9    83.9    69.1
      Private industries...................    26.8    48.2    49.7    43.6    50.1    52.8    98.9   133.7    72.0    64.0
        Goods-producing industries.........     1.8     -.5     2.2    19.2    -3.9    16.9    26.7    20.7    12.2    12.7
          Manufacturing....................     1.4    -3.3    -1.2    13.1    -7.8     8.3    18.5    11.7     7.3     4.8
        Services-producing industries......    25.0    48.7    47.5    24.4    53.9    36.1    72.0   113.1    59.8    51.3
          Trade, transportation, and
           utilities.......................     8.0     4.6     6.4     7.8     3.0    17.7    16.8    24.8    16.4     8.8
          Other services-producing
           industries......................    17.0    44.1    41.1    16.6    51.0    18.3    55.2    88.3    43.4    42.5
      Government...........................    18.3    10.0     2.4     3.8    17.4    10.4     5.1     7.2    11.8     5.2

    Supplements to wages and salaries......    30.5    20.8    20.0    19.9    31.8    13.6    16.8    30.6    40.2    22.1
      Employer contributions for employee
       pension and insurance funds.........    21.6    16.8    16.5    17.3    21.6    10.5    10.4    21.7    30.4    18.6
      Employer contributions for government
       social insurance....................     8.8     4.0     3.5     2.6    10.2     3.1     6.4     9.0     9.7     3.5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      .2    23.1    19.7    18.9    30.2    28.2    -9.3    11.8    17.0    24.5
    Farm...................................     2.1     6.7     1.0     6.9     9.7     -.7   -14.4    -5.1      .1      .5
    Nonfarm................................    -1.9    16.3    18.9    11.8    20.6    28.8     5.2    16.9    16.9    24.0

  Rental income of persons with capital
   consumption adjustment..................     8.5   -12.3    -5.0    22.8     1.0    -2.4   -19.7     6.6   -10.7   -15.9

  Personal income receipts on assets.......     6.1     5.9    -2.9     4.5     8.3    13.5    14.3   115.4   -85.7    29.7
    Personal interest income...............     2.2     2.0    -7.5    -2.9    -5.6    -1.5     -.4     2.7     8.0    18.4
    Personal dividend income...............     4.0     3.9     4.5     7.5    14.0    14.9    14.7   112.7   -93.7    11.3

  Personal current transfer receipts.......    12.7    17.1    19.9     5.5    37.3    20.2    21.7     7.7    39.6    21.1
    Government social benefits to persons..    14.0    17.9    20.6     6.3    37.6    20.2     6.3    22.4    40.2    21.0
      Old-age, survivors, disability, and
       health insurance benefits...........     9.9     9.4     6.6     9.3    21.0    12.0     8.8    11.8    22.5    14.6
      Government unemployment insurance
       benefits............................    -2.0     3.4     -.1    -3.1    -8.2    -7.8    -2.0     -.9    -3.0    -1.5
      Other................................     6.1     5.1    14.2     -.1    24.9    16.1     -.6    11.4    20.7     7.9
    Other current transfer receipts, from
     business (net)........................    -1.3     -.8     -.7     -.8     -.3     -.1    15.5   -14.6     -.7      .1

  Less: Contributions for government social
   insurance...............................    14.9     7.8     7.1     5.6    20.0     6.7    12.9    17.6    19.8     7.6

Less: Personal current taxes...............   -19.5     2.6   -86.1    66.8     2.0    24.4    24.4    35.9    79.7    38.1

Equals: Disposable personal income.........   107.7   102.3   182.9    46.4   154.3   105.0    90.6   259.5   -15.3   105.0

Less: Personal outlays.....................    93.0    86.7   147.4    88.9   161.0   119.7   127.2   158.7   129.6   147.1

  Personal consumption expenditures........   102.1    80.1   147.1    84.2   165.7   113.3   117.6   152.9   119.7   140.5
    Durable goods..........................    -1.8    22.5    32.5   -11.1    10.6      .4    19.2    14.8     8.7    19.3
    Nondurable goods.......................    46.3    -2.9    60.4    20.1    69.1    52.5    23.2    58.7    39.5    55.2
    Services...............................    57.7    60.5    54.2    75.3    85.9    60.5    75.1    79.4    71.4    66.1
  Personal interest payments\1\............    -9.5     5.5      .4    -1.8    -5.4     4.2     8.1     5.9     1.9     8.1
  Personal current transfer payments.......      .5     1.0     -.1     6.5      .8     2.1     1.5     -.1     8.1    -1.6
    To government..........................      .8     1.1     1.3     1.6     1.9     1.7     1.6     1.6     1.5     1.4
    To the rest of the world (net).........     -.3     -.1    -1.4     4.9    -1.2      .5     -.1    -1.7     6.6    -3.0

Equals: Personal saving....................    14.7    15.6    35.5   -42.5    -6.8   -14.6   -36.6   100.8  -144.9   -42.1

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............    46.2    85.0   135.7    18.6    70.3    23.7    54.5   175.9   -59.2    28.4
---------------------------------------------------------------------------------------------------------------------------
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 02  Feb 02  Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................      .2      .3      .3      .4      .1      .2     -.1      .0      .1      .1      .1      .3      .3      .4
  Compensation of employees, received......      .7      .5      .7      .2      .2      .4     -.2      .2      .2      .0      .1      .2      .5      .6
    Wage and salary disbursements..........      .3      .2      .4      .0      .2      .4     -.4      .2      .1     -.2      .0      .1      .4      .5
    Supplements to wages and salaries......     2.4     2.0     2.0      .9      .6      .7      .9      .6      .5     1.0      .4      .5     1.2     1.0
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    -1.3      .1     -.4      .1      .2      .2     1.1     -.8     -.2     1.3      .5      .0     -.3     -.3
  Rental income of persons with capital
   consumption adjustment..................    -1.7    -1.0    -1.0     1.1    -2.2    -3.6    -7.9    -4.7    -4.1    -4.5    -1.6      .3     7.2      .4
  Personal income receipts on assets.......     -.6     -.4     -.3      .3     -.2     -.2     -.2     -.3     -.2      .2      .1      .1      .1      .2
    Personal interest income...............    -1.5    -1.2    -1.0     -.1     -.7     -.7     -.7     -.7     -.6      .1      .0      .1      .0      .2
    Personal dividend income...............     1.8     1.5     1.3     1.1     1.1     1.0      .9      .7      .6      .5      .4      .3      .4      .3
  Personal current transfer receipts.......     1.0      .2     -.1     1.7      .2      .2      .2      .2      .6      .3      .2      .9      .0      .2

  Less: Contributions for government social
   insurance...............................     1.6      .2      .3      .1      .1      .3     -.4      .1      .1     -.2      .0      .2     1.5      .4

Less: Personal current taxes...............   -12.6     -.8     -.6     -.4     -.3      .1      .0      .1      .0     -.4     -.2     -.2    -1.7      .1

Equals: Disposable personal income.........     2.3      .4      .4      .6      .2      .2     -.2      .0      .1      .2      .2      .3      .6      .4

Addenda:
  Personal consumption expenditures........      .4      .6      .1     1.1     -.5      .6      .7      .2     -.4      .4      .4      .8      .3      .2
    Durable goods..........................     2.1     1.6    -1.3     3.0    -4.3     2.0     3.0     1.5    -4.5    -1.2      .8     3.8    -2.2    -2.2
    Nondurable goods.......................      .4      .3      .4     1.5     -.8      .9      .0     -.1      .1      .7      .5      .3      .8      .9
    Services...............................      .1      .6      .3      .5      .5      .2      .6      .0      .3      .6      .3      .4      .6      .4

  Real disposable personal income..........     2.1      .3      .1      .1      .2      .1     -.3     -.3     -.1      .1      .1      .3      .4      .0
-----------------------------------------------------------------------------------------------------------------------------------------------------------

                          Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)--Continued
                                                       [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 03  Apr 03  May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................      .5      .2      .6      .4      .3      .3      .3      .3      .7      .4      .7      .6      .5      .4
  Compensation of employees, received......      .4      .2      .7      .4      .3      .4      .3      .4      .6     -.1      .9      .5      .4      .3
    Wage and salary disbursements..........      .3      .2      .7      .4      .2      .4      .2      .3      .6     -.2      .8      .5      .3      .4
    Supplements to wages and salaries......      .9      .3      .5      .4      .6      .6      .6      .4      .6      .5     1.5      .6      .5      .2
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      .9      .8     1.9     1.1      .3      .5     1.1      .3      .9     1.4     1.1     1.0     1.7     1.2
  Rental income of persons with capital
   consumption adjustment..................    -1.3    -6.0    -2.6    -2.0     1.1    -4.5      .4     9.2    12.5     5.3    -6.1      .0     -.3     -.7
  Personal income receipts on assets.......      .2      .1      .2      .1     -.1     -.2     -.3      .2      .3      .4      .2      .1      .1      .4
    Personal interest income...............      .1      .0      .1      .0     -.3     -.5     -.6      .1      .2      .2     -.3     -.5     -.4      .1
    Personal dividend income...............      .3      .3      .3      .3      .3      .4      .5      .5      .7      .9     1.2     1.1     1.2     1.0
  Personal current transfer receipts.......      .7      .3      .4      .7      .4      .5      .5     -.7      .3     1.0     1.1     1.0      .4      .4

  Less: Contributions for government social
   insurance...............................      .4      .2      .6      .3      .3      .3      .2      .2      .5     -.3     2.2      .4      .2      .1

Less: Personal current taxes...............      .1     -.4      .7      .6    -9.6    -5.0    12.7      .3      .6      .0     -.7      .6      .6     1.1

Equals: Disposable personal income.........      .5      .2      .6      .4     1.5      .9    -1.0      .3      .7      .4      .8      .5      .4      .4

Addenda:
  Personal consumption expenditures........      .8      .0      .2      .8      .5     1.4     -.1      .0      .7      .6     1.0      .2      .8     -.1
    Durable goods..........................     2.3     1.3      .0     1.2      .6     4.2    -2.3    -2.6     1.8     1.5    -1.4      .8     1.3    -2.3
    Nondurable goods.......................     1.4    -1.3     -.8     1.6      .5     2.1      .2     -.4      .7      .0     2.3     -.4     2.4     -.4
    Services...............................      .3      .4      .7      .3      .4      .4      .2      .7      .6      .7      .9      .4      .0      .6

  Real disposable personal income..........      .1      .5      .7      .3     1.3      .6    -1.3      .3      .8      .2      .3      .2      .1      .2
-----------------------------------------------------------------------------------------------------------------------------------------------------------

                          Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)--Continued
                                                       [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05  Mar 05  Apr 05  May 05 Jun 05/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income............................      .6      .2      .5      .5      .2     1.0      .7     3.7    -2.4      .5      .4      .7      .2      .5
  Compensation of employees, received......      .7      .1      .9      .6      .8     1.0      .9      .8      .5      .5      .4      .7      .1      .2
    Wage and salary disbursements..........      .7      .0     1.0      .6      .8      .9      .9      .9      .2      .4      .3      .8      .1      .2
    Supplements to wages and salaries......      .5      .2      .5      .5      .5     1.1      .8      .7     1.4     1.0      .9      .5      .2      .3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      .6      .2     -.3    -1.0    -1.3     2.4      .1      .3     1.1      .4      .8      .9      .6     2.0
  Rental income of persons with capital
   consumption adjustment..................     -.8    -1.0    -1.2    -4.7   -27.8    38.8    -3.1    -2.3    -3.5    -2.1    -3.5    -5.3    -5.9    -5.5
  Personal income receipts on assets.......      .5      .5      .3      .2      .2      .5      .4    21.8   -17.4      .3      .4      .7      .8     1.3
    Personal interest income...............      .1      .2      .0     -.2     -.2      .2      .3      .3      .3      .3      .3      .6      .8     1.5
    Personal dividend income...............     1.1     1.1     1.1     1.0     1.0     1.0      .8    61.9   -37.8      .3      .6     1.0      .8      .8
  Personal current transfer receipts.......      .6      .2     -.4     1.8     1.3    -1.6      .7      .7     1.6      .5      .3      .7      .3      .5

  Less: Contributions for government social
   insurance...............................      .7     -.1      .8      .5      .6      .8      .8      .7     1.4      .3      .2      .6      .0      .1

Less: Personal current taxes...............     1.0      .3      .9      .8     1.0     1.1     1.3     1.4     5.2      .7      .5     2.0      .6      .7

Equals: Disposable personal income.........      .5      .1      .4      .5      .1     1.0      .6     4.0    -3.3      .4      .4      .5      .2      .5

Addenda:
  Personal consumption expenditures........     1.4     -.2      .9      .1      .5      .9      .5      .7      .2      .7      .5      .8      .0      .8
    Durable goods..........................     3.2    -2.5     3.8    -1.7      .1      .6      .6     2.9    -2.6     1.4     1.3     1.6    -2.9     2.9
    Nondurable goods.......................     2.0     -.1      .0      .1     1.1     1.8     -.1      .0     1.0      .9      .1     1.8     -.2      .7
    Services...............................      .7      .3      .7      .4      .4      .6      .7      .6      .3      .5      .5      .2      .6      .5

  Real disposable personal income..........      .1     -.1      .5      .4      .0      .5      .3     4.0    -3.5      .2      .0      .1      .1      .5
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.

 Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                              [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------
                                               2001    2002    2003    2004    I 02   II 02  III 02   IV 02
-----------------------------------------------------------------------------------------------------------
Personal income............................     3.5     1.8     3.2     5.9     2.8     3.6      .2     1.4
  Compensation of employees, received......     2.8     2.5     3.8     5.8     6.0     4.5     1.5     1.2
    Wage and salary disbursements..........     2.4      .8     2.6     5.4     3.1     2.3     -.1     -.3
    Supplements to wages and salaries......     4.8    11.1     9.0     7.3    20.9    15.0     9.0     8.4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     6.0     -.5     5.4     9.8    -5.7      .3     3.0     4.8
  Rental income of persons with capital
   consumption adjustment..................    11.4    -8.6   -13.9     1.9    -9.0    -9.9   -47.3   -33.1
  Personal income receipts on assets.......     -.5    -3.4      .4     4.3    -5.7    -1.2    -2.7      .3
    Personal interest income...............      .0    -7.4    -2.0    -1.3   -13.0    -7.2    -7.9    -2.1
    Personal dividend income...............    -1.9     7.7     6.0    16.5    16.3    15.1    10.6     6.0
  Personal current transfer receipts.......    10.1     7.7     4.5     6.2     7.7     7.5     2.7     4.5

  Less: Contributions for government social
   insurance...............................     4.0     2.6     3.5     5.9     8.5     2.2      .0     -.1

Less: Personal current taxes...............      .1   -15.0    -4.9     4.9   -44.2    -4.8     -.1    -2.4

Equals: Disposable personal income.........     4.1     4.6     4.3     6.1    12.6     4.7      .2     1.9

Addenda:
  Personal consumption expenditures........     4.7     4.2     4.9     6.5     2.4     5.2     4.1     3.1
    Durable goods..........................     2.4     4.6     2.8     4.0    -7.3     1.6     9.6    -7.7
    Nondurable goods.......................     3.6     3.1     5.3     8.2     3.5     6.8     1.2     4.8
    Services...............................     5.7     4.6     5.1     6.3     4.0     5.3     4.3     4.7

  Real disposable personal income..........     1.9     3.1     2.4     3.4    11.6     1.9    -1.6      .2
-----------------------------------------------------------------------------------------------------------

    Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)--Continued
                                      [Quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------
                                               I 03   II 03  III 03   IV 03    I 04   II 04  III 04   IV 04    I 05   II 05
---------------------------------------------------------------------------------------------------------------------------
Personal income............................     4.0     4.7     4.3     5.0     6.9     5.6     4.9    12.7     2.6     5.8
  Compensation of employees, received......     5.0     5.2     4.7     4.3     6.3     4.8     7.5    10.6     7.4     5.3
    Wage and salary disbursements..........     3.7     4.7     4.2     3.7     5.3     4.9     8.0    10.8     6.2     5.0
    Supplements to wages and salaries......    11.0     7.3     6.8     6.7    10.7     4.3     5.3     9.8    12.6     6.6
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      .1    12.4    10.2     9.5    15.2    13.6    -4.0     5.4     7.8    11.1
  Rental income of persons with capital
   consumption adjustment..................    29.1   -31.2   -15.0    99.7     2.9    -6.7   -44.9    23.6   -29.5   -43.8
  Personal income receipts on assets.......     1.9     1.8     -.9     1.4     2.5     4.0     4.3    37.9   -21.0     8.7
    Personal interest income...............      .9      .9    -3.2    -1.3    -2.5     -.6     -.2     1.2     3.6     8.3
    Personal dividend income...............     3.9     3.8     4.4     7.3    13.6    14.1    13.5   134.9   -50.2     9.5
  Personal current transfer receipts.......     3.9     5.3     6.1     1.6    11.4     5.9     6.3     2.2    11.4     5.8

  Less: Contributions for government social
   insurance...............................     8.2     4.1     3.7     2.9    10.6     3.4     6.5     8.8     9.7     3.6

Less: Personal current taxes...............    -7.2     1.0   -29.6    31.6      .8    10.0     9.8    14.3    32.5    13.6

Equals: Disposable personal income.........     5.6     5.2     9.4     2.3     7.6     5.1     4.3    12.5     -.7     4.8

Addenda:
  Personal consumption expenditures........     5.6     4.3     7.9     4.4     8.7     5.8     5.9     7.6     5.8     6.7
    Durable goods..........................     -.8    10.1    14.5    -4.5     4.5      .2     8.1     6.1     3.5     7.8
    Nondurable goods.......................     9.1     -.5    11.7     3.7    13.0     9.4     4.0    10.3     6.6     9.2
    Services...............................     5.3     5.5     4.9     6.7     7.6     5.2     6.4     6.7     5.9     5.4

  Real disposable personal income..........     2.5     4.5     7.2     1.0     3.6     1.2     2.8     9.1    -2.9     1.4
---------------------------------------------------------------------------------------------------------------------------

                                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 01  Jan 02  Feb 02  Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                                     Billions of chained (2000) dollars,
                                                                                     seasonally adjusted at annual rates
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,004.0 7,022.6 7,057.3 7,046.7 7,092.3 7,060.0 7,098.1 7,138.1 7,136.3 7,095.1 7,117.5 7,138.8 7,188.4 7,193.5 7,176.8
  Durable goods............................   915.7   937.7   959.2   948.4   977.4   936.0   957.3   987.7 1,003.4   959.1   949.2   960.4 1,001.7   983.6   964.7
  Nondurable goods......................... 2,026.2 2,027.1 2,028.7 2,024.5 2,032.2 2,025.7 2,042.3 2,039.8 2,033.1 2,032.0 2,045.7 2,054.3 2,059.4 2,066.7 2,063.4
  Services................................. 4,062.7 4,059.9 4,072.4 4,076.0 4,086.8 4,099.2 4,101.1 4,115.2 4,105.6 4,106.2 4,123.6 4,126.1 4,132.7 4,146.7 4,149.8
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                                     seasonally adjusted at annual rates
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .4    18.6    34.7   -10.6    45.6   -32.3    38.1    40.0    -1.8   -41.2    22.4    21.3    49.6     5.1   -16.7
  Durable goods............................   -42.2    22.0    21.5   -10.8    29.0   -41.4    21.3    30.4    15.7   -44.3    -9.9    11.2    41.3   -18.1   -18.9
  Nondurable goods.........................    23.5      .9     1.6    -4.2     7.7    -6.5    16.6    -2.5    -6.7    -1.1    13.7     8.6     5.1     7.3    -3.3
  Services.................................    17.0    -2.8    12.5     3.6    10.8    12.4     1.9    14.1    -9.6      .6    17.4     2.5     6.6    14.0     3.1
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                       Percent change from preceding period in chained (2000) dollars,
                                                                                     seasonally adjusted at monthly rates
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .0      .3      .5     -.2      .6     -.5      .5      .6      .0     -.6      .3      .3      .7      .1     -.2
  Durable goods............................    -4.4     2.4     2.3    -1.1     3.1    -4.2     2.3     3.2     1.6    -4.4    -1.0     1.2     4.3    -1.8    -1.9
  Nondurable goods.........................     1.2      .0      .1     -.2      .4     -.3      .8     -.1     -.3     -.1      .7      .4      .2      .4     -.2
  Services.................................      .4     -.1      .3      .1      .3      .3      .0      .3     -.2      .0      .4      .1      .2      .3      .1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------

                               Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 03  Apr 03  May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Billions of chained (2000) dollars,
                                                                                 seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,206.3 7,225.0 7,248.4 7,297.2 7,318.1 7,395.0 7,368.9 7,369.6 7,426.3 7,453.4 7,494.1 7,487.9 7,522.2 7,501.3
  Durable goods............................   988.9 1,004.6 1,010.4 1,027.0 1,036.4 1,082.7 1,063.8 1,039.5 1,060.5 1,080.0 1,061.3 1,069.4 1,083.9 1,058.3
  Nondurable goods......................... 2,078.5 2,069.6 2,069.5 2,098.3 2,104.8 2,133.7 2,125.0 2,126.9 2,146.4 2,138.6 2,173.6 2,154.2 2,187.9 2,176.1
  Services................................. 4,142.9 4,156.0 4,173.8 4,179.3 4,185.4 4,193.1 4,192.1 4,211.1 4,229.7 4,247.2 4,268.7 4,274.5 4,263.7 4,275.8
                                           ----------------------------------------------------------------------------------------------------------------
                                                                 Change from preceding period in billions of chained (2000) dollars,
                                                                                 seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........    29.5    18.7    23.4    48.8    20.9    76.9   -26.1      .7    56.7    27.1    40.7    -6.2    34.3   -20.9
  Durable goods............................    24.2    15.7     5.8    16.6     9.4    46.3   -18.9   -24.3    21.0    19.5   -18.7     8.1    14.5   -25.6
  Nondurable goods.........................    15.1    -8.9     -.1    28.8     6.5    28.9    -8.7     1.9    19.5    -7.8    35.0   -19.4    33.7   -11.8
  Services.................................    -6.9    13.1    17.8     5.5     6.1     7.7    -1.0    19.0    18.6    17.5    21.5     5.8   -10.8    12.1
                                           ----------------------------------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in chained (2000) dollars,
                                                                                 seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .4      .3      .3      .7      .3     1.1     -.4      .0      .8      .4      .5     -.1      .5     -.3
  Durable goods............................     2.5     1.6      .6     1.6      .9     4.5    -1.7    -2.3     2.0     1.8    -1.7      .8     1.4    -2.4
  Nondurable goods.........................      .7     -.4      .0     1.4      .3     1.4     -.4      .1      .9     -.4     1.6     -.9     1.6     -.5
  Services.................................     -.2      .3      .4      .1      .1      .2      .0      .5      .4      .4      .5      .1     -.3      .3
-----------------------------------------------------------------------------------------------------------------------------------------------------------

                               Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05  Mar 05  Apr 05  May 05 Jun 05/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Billions of chained (2000) dollars,
                                                                                 seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,569.4 7,539.1 7,606.7 7,607.1 7,638.7 7,670.2 7,686.4 7,739.8 7,740.7 7,774.3 7,779.7 7,810.3 7,804.5 7,869.8
  Durable goods............................ 1,092.7 1,066.5 1,110.3 1,095.0 1,096.0 1,100.1 1,106.9 1,138.3 1,106.2 1,122.9 1,137.8 1,156.5 1,120.6 1,157.7
  Nondurable goods......................... 2,195.5 2,186.7 2,197.0 2,200.7 2,223.0 2,236.7 2,232.1 2,240.7 2,265.1 2,276.3 2,255.4 2,273.4 2,279.3 2,299.0
  Services................................. 4,294.7 4,295.2 4,315.3 4,324.3 4,332.5 4,346.2 4,360.9 4,379.0 4,381.9 4,390.4 4,403.7 4,401.2 4,418.2 4,432.8
                                           ----------------------------------------------------------------------------------------------------------------
                                                                 Change from preceding period in billions of chained (2000) dollars,
                                                                                 seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........    68.1   -30.3    67.6      .4    31.6    31.5    16.2    53.4      .9    33.6     5.4    30.6    -5.8    65.3
  Durable goods............................    34.4   -26.2    43.8   -15.3     1.0     4.1     6.8    31.4   -32.1    16.7    14.9    18.7   -35.9    37.1
  Nondurable goods.........................    19.4    -8.8    10.3     3.7    22.3    13.7    -4.6     8.6    24.4    11.2   -20.9    18.0     5.9    19.7
  Services.................................    18.9      .5    20.1     9.0     8.2    13.7    14.7    18.1     2.9     8.5    13.3    -2.5    17.0    14.6
                                           ----------------------------------------------------------------------------------------------------------------
                                                                   Percent change from preceding period in chained (2000) dollars,
                                                                                 seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures..........      .9     -.4      .9      .0      .4      .4      .2      .7      .0      .4      .1      .4     -.1      .8
  Durable goods............................     3.3    -2.4     4.1    -1.4      .1      .4      .6     2.8    -2.8     1.5     1.3     1.6    -3.1     3.3
  Nondurable goods.........................      .9     -.4      .5      .2     1.0      .6     -.2      .4     1.1      .5     -.9      .8      .3      .9
  Services.................................      .4      .0      .5      .2      .2      .3      .3      .4      .1      .2      .3     -.1      .4      .3
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.

          Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                  [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------
                                               2001    2002    2003    2004   IV 01    I 02   II 02  III 02   IV 02
-------------------------------------------------------------------------------------------------------------------
                                           ------------------------------------------------------------------------
                                                              Billions of chained (2000) dollars
                                           ------------------------------------------------------------------------
Personal consumption expenditures.......... 6,910.4 7,099.3 7,306.6 7,588.6 7,017.6 7,042.2 7,083.5 7,123.2 7,148.2
  Durable goods............................   900.7   964.8 1,028.5 1,089.9   958.7   948.4   956.9   983.4   970.4
  Nondurable goods......................... 1,986.7 2,037.1 2,101.8 2,200.4 2,010.3 2,026.8 2,033.4 2,035.0 2,053.1
  Services................................. 4,023.2 4,100.4 4,183.9 4,310.9 4,051.2 4,069.4 4,095.7 4,109.0 4,127.4
                                           ------------------------------------------------------------------------
                                                               Change from preceding period in
                                                              billions of chained (2000) dollars
                                           ------------------------------------------------------------------------
Personal consumption expenditures..........   171.0   188.9   207.3   282.0   117.1    24.6    41.3    39.7    25.0
  Durable goods............................    37.4    64.1    63.7    61.4    73.1   -10.3     8.5    26.5   -13.0
  Nondurable goods.........................    39.5    50.4    64.7    98.6    23.8    16.5     6.6     1.6    18.1
  Services.................................    94.4    77.2    83.5   127.0    23.4    18.2    26.3    13.3    18.4
                                           ------------------------------------------------------------------------
                                                             Percent change from preceding period
                                                                  in chained (2000) dollars
                                           ------------------------------------------------------------------------
Personal consumption expenditures..........     2.5     2.7     2.9     3.9     7.0     1.4     2.4     2.3     1.4
  Durable goods............................     4.3     7.1     6.6     6.0    37.4    -4.2     3.6    11.5    -5.2
  Nondurable goods.........................     2.0     2.5     3.2     4.7     4.9     3.3     1.3      .3     3.6
  Services.................................     2.4     1.9     2.0     3.0     2.3     1.8     2.6     1.3     1.8
-------------------------------------------------------------------------------------------------------------------

         Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)--Continued
                                      [Quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------
                                               I 03   II 03  III 03   IV 03    I 04   II 04  III 04   IV 04    I 05   II 05
---------------------------------------------------------------------------------------------------------------------------
                                           --------------------------------------------------------------------------------
                                                                  Billions of chained (2000) dollars
                                           --------------------------------------------------------------------------------
Personal consumption expenditures.......... 7,192.2 7,256.8 7,360.7 7,416.4 7,501.4 7,536.6 7,617.5 7,698.8 7,764.9 7,828.3
  Durable goods............................   979.1 1,014.0 1,061.0 1,060.0 1,071.6 1,072.5 1,100.4 1,115.1 1,122.3 1,144.9
  Nondurable goods......................... 2,069.5 2,079.1 2,121.2 2,137.3 2,171.9 2,186.1 2,206.9 2,236.5 2,265.6 2,283.9
  Services................................. 4,146.5 4,169.7 4,190.2 4,229.4 4,269.0 4,288.6 4,324.0 4,362.1 4,392.0 4,417.4
                                           --------------------------------------------------------------------------------
                                                                   Change from preceding period in
                                                                  billions of chained (2000) dollars
                                           --------------------------------------------------------------------------------
Personal consumption expenditures..........    44.0    64.6   103.9    55.7    85.0    35.2    80.9    81.3    66.1    63.4
  Durable goods............................     8.7    34.9    47.0    -1.0    11.6      .9    27.9    14.7     7.2    22.6
  Nondurable goods.........................    16.4     9.6    42.1    16.1    34.6    14.2    20.8    29.6    29.1    18.3
  Services.................................    19.1    23.2    20.5    39.2    39.6    19.6    35.4    38.1    29.9    25.4
                                           --------------------------------------------------------------------------------
                                                                 Percent change from preceding period
                                                                      in chained (2000) dollars
                                           --------------------------------------------------------------------------------
Personal consumption expenditures..........     2.5     3.6     5.8     3.1     4.7     1.9     4.4     4.3     3.5     3.3
  Durable goods............................     3.6    15.1    19.8     -.3     4.4      .4    10.8     5.5     2.6     8.3
  Nondurable goods.........................     3.2     1.9     8.3     3.1     6.6     2.6     3.9     5.5     5.3     3.3
  Services.................................     1.9     2.3     2.0     3.8     3.8     1.8     3.4     3.6     2.8     2.3
---------------------------------------------------------------------------------------------------------------------------

                      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 01  Jan 02  Feb 02  Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                                     Chain-type price indexes (2000=100),
                                                                                             seasonally adjusted
                                           ------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 102.315 102.480 102.620 102.921 103.357 103.349 103.448 103.621 103.853 104.050 104.174 104.273 104.357 104.589 105.064
  Durable goods............................  97.254  96.963  96.337  96.186  96.150  96.118  95.818  95.665  95.580  95.538  95.350  94.981  94.506  94.150  93.883
  Nondurable goods......................... 100.147 100.519 100.751 101.415 102.537 102.046 102.132 102.249 102.511 102.632 102.701 102.785 102.794 103.251 104.318
  Services................................. 104.514 104.679 104.953 105.179 105.385 105.622 105.818 106.096 106.390 106.683 106.908 107.123 107.380 107.641 107.995
Addenda:
  PCE excluding food and energy............ 102.778 102.875 103.062 103.155 103.412 103.491 103.609 103.763 104.009 104.180 104.219 104.304 104.378 104.464 104.587
  Market-based PCE\1\...................... 101.933 102.068 102.174 102.467 102.947 102.892 102.973 103.140 103.367 103.576 103.703 103.812 103.870 104.125 104.613
  Market-based PCE excluding food
   and energy\1\........................... 102.385 102.431 102.584 102.625 102.898 102.937 103.036 103.180 103.424 103.604 103.629 103.726 103.766 103.852 103.919
                                           ------------------------------------------------------------------------------------------------------------------------
                                                                             Percent change from preceding period price indexes,
                                                                                     seasonally adjusted at monthly rates
                                           ------------------------------------------------------------------------------------------------------------------------
PCE........................................     -.2      .2      .1      .3      .4      .0      .1      .2      .2      .2      .1      .1      .1      .2      .5
  Durable goods............................     -.1     -.3     -.6     -.2      .0      .0     -.3     -.2     -.1      .0     -.2     -.4     -.5     -.4     -.3
  Nondurable goods.........................     -.7      .4      .2      .7     1.1     -.5      .1      .1      .3      .1      .1      .1      .0      .4     1.0
  Services.................................      .1      .2      .3      .2      .2      .2      .2      .3      .3      .3      .2      .2      .2      .2      .3
Addenda:
  PCE excluding food and energy............      .0      .1      .2      .1      .2      .1      .1      .1      .2      .2      .0      .1      .1      .1      .1
  Market-based PCE\1\......................     -.2      .1      .1      .3      .5     -.1      .1      .2      .2      .2      .1      .1      .1      .2      .5
  Market-based PCE excluding food
   and energy\1\...........................      .0      .0      .1      .0      .3      .0      .1      .1      .2      .2      .0      .1      .0      .1      .1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

             Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 03  Apr 03  May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Chain-type price indexes (2000=100),
                                                                                         seasonally adjusted
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 105.499 105.275 105.151 105.234 105.422 105.751 106.029 106.016 105.988 106.224 106.720 107.068 107.464 107.677
  Durable goods............................  93.685  93.395  92.811  92.432  92.173  91.921  91.406  91.104  90.908  90.591  90.870  90.928  90.895  90.917
  Nondurable goods......................... 104.968 104.057 103.216 103.408 103.635 104.395 105.039 104.563 104.292 104.671 105.408 105.907 106.777 106.890
  Services................................. 108.472 108.609 108.955 109.096 109.377 109.634 109.930 110.223 110.358 110.661 111.086 111.429 111.691 112.003
Addenda:
  PCE excluding food and energy............ 104.723 104.775 104.882 104.919 105.137 105.274 105.366 105.527 105.593 105.738 106.072 106.307 106.579 106.776
  Market-based PCE\1\...................... 105.053 104.817 104.656 104.732 104.922 105.252 105.522 105.472 105.368 105.576 106.020 106.337 106.728 106.914
  Market-based PCE excluding food
   and energy\1\........................... 104.001 104.095 104.202 104.222 104.448 104.548 104.593 104.743 104.734 104.823 105.060 105.231 105.473 105.632
                                           ----------------------------------------------------------------------------------------------------------------
                                                                         Percent change from preceding period price indexes,
                                                                                 seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
PCE........................................      .4     -.2     -.1      .1      .2      .3      .3      .0      .0      .2      .5      .3      .4      .2
  Durable goods............................     -.2     -.3     -.6     -.4     -.3     -.3     -.6     -.3     -.2     -.3      .3      .1      .0      .0
  Nondurable goods.........................      .6     -.9     -.8      .2      .2      .7      .6     -.5     -.3      .4      .7      .5      .8      .1
  Services.................................      .4      .1      .3      .1      .3      .2      .3      .3      .1      .3      .4      .3      .2      .3
Addenda:
  PCE excluding food and energy............      .1      .0      .1      .0      .2      .1      .1      .2      .1      .1      .3      .2      .3      .2
  Market-based PCE\1\......................      .4     -.2     -.2      .1      .2      .3      .3      .0     -.1      .2      .4      .3      .4      .2
  Market-based PCE excluding food
   and energy\1\...........................      .1      .1      .1      .0      .2      .1      .0      .1      .0      .1      .2      .2      .2      .2
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

             Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05  Mar 05  Apr 05  May 05 Jun 05/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------------------------------
                                                                                 Chain-type price indexes (2000=100),
                                                                                         seasonally adjusted
                                           ----------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 108.165 108.425 108.389 108.462 108.601 109.146 109.420 109.411 109.599 109.878 110.329 110.810 110.857 110.856
  Durable goods............................  90.879  90.804  90.510  90.193  90.226  90.421  90.429  90.496  90.741  90.620  90.584  90.515  90.719  90.375
  Nondurable goods......................... 108.021 108.321 107.795 107.735 107.813 109.064 109.158 108.723 108.667 109.102 110.211 111.265 110.781 110.553
  Services................................. 112.292 112.615 112.894 113.134 113.332 113.603 114.036 114.225 114.526 114.824 115.060 115.385 115.665 115.869
Addenda:
  PCE excluding food and energy............ 106.974 107.147 107.239 107.325 107.508 107.795 108.033 108.112 108.427 108.611 108.812 108.921 109.158 109.201
  Market-based PCE\1\...................... 107.398 107.653 107.578 107.607 107.695 108.232 108.477 108.424 108.602 108.884 109.358 109.859 109.887 109.885
  Market-based PCE excluding food
   and energy\1\........................... 105.768 105.916 105.985 106.019 106.145 106.370 106.565 106.607 106.934 107.103 107.282 107.342 107.593 107.644
                                           ----------------------------------------------------------------------------------------------------------------
                                                                         Percent change from preceding period price indexes,
                                                                                 seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------------------------------
PCE........................................      .5      .2      .0      .1      .1      .5      .3      .0      .2      .3      .4      .4      .0      .0
  Durable goods............................      .0     -.1     -.3     -.4      .0      .2      .0      .1      .3     -.1      .0     -.1      .2     -.4
  Nondurable goods.........................     1.1      .3     -.5     -.1      .1     1.2      .1     -.4     -.1      .4     1.0     1.0     -.4     -.2
  Services.................................      .3      .3      .2      .2      .2      .2      .4      .2      .3      .3      .2      .3      .2      .2
Addenda:
  PCE excluding food and energy............      .2      .2      .1      .1      .2      .3      .2      .1      .3      .2      .2      .1      .2      .0
  Market-based PCE\1\......................      .5      .2     -.1      .0      .1      .5      .2      .0      .2      .3      .4      .5      .0      .0
  Market-based PCE excluding food
   and energy\1\...........................      .1      .1      .1      .0      .1      .2      .2      .0      .3      .2      .2      .1      .2      .0
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

                   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 01  Jan 02  Feb 02  Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................     1.7     3.5     3.8     3.7     4.3     4.7     4.7     2.6      .6      .9     3.1     2.9     2.7     1.0      .6

Personal consumption expenditures..........     2.2     2.6     2.8     2.8     3.5     2.6     3.2     3.4     2.9     3.3     1.0     1.9     2.6     2.4     1.7
  Durable goods............................     6.0     8.5     7.6     7.5    13.2     6.7     6.8    11.9    11.3     9.9    -5.3      .3     9.4     4.9      .6
  Nondurable goods.........................     2.2     2.2     2.6     3.1     2.9     2.2     3.8     2.5     1.7     3.1     2.2     2.6     1.6     2.0     1.7
  Services.................................     1.4     1.6     2.0     1.8     1.9     2.0     2.1     2.2     1.8     2.1     1.9     2.0     1.7     2.1     1.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------

         Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 03  Apr 03  May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................      .6      .9     1.5     1.7     3.4     4.3     3.1     3.3     4.0     4.0     3.9     4.2     4.1     3.8

Personal consumption expenditures..........     2.3     1.9     2.7     2.8     2.5     3.6     3.9     3.5     4.0     3.7     4.2     4.3     4.4     3.8
  Durable goods............................     4.3     2.8     7.9     7.3     4.9     7.9    10.9     9.5    10.4     7.8     7.9    10.9     9.6     5.3
  Nondurable goods.........................     2.7     1.8     2.2     2.7     3.2     4.9     4.6     4.0     4.5     3.8     5.2     4.4     5.3     5.1
  Services.................................     1.6     1.7     1.8     1.9     1.7     2.1     2.1     2.1     2.5     2.8     2.9     3.0     2.9     2.9
-----------------------------------------------------------------------------------------------------------------------------------------------------------

         Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05  Mar 05  Apr 05  May 05 Jun 05/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................     3.2     2.7     1.8     1.7     2.9     3.1     2.7     6.6     2.5     2.5     2.4     2.3     2.3     2.9

Personal consumption expenditures..........     4.4     3.3     3.9     2.9     3.7     4.1     3.5     3.8     3.3     3.8     3.4     4.1     3.1     4.4
  Durable goods............................     8.1     3.8     7.1     1.1     3.0     5.8     4.4     5.4     4.2     5.0     5.0     9.3     2.5     8.5
  Nondurable goods.........................     6.1     4.2     4.4     3.1     4.6     5.2     4.0     4.8     4.2     5.7     3.1     4.5     3.8     5.1
  Services.................................     2.9     2.8     3.1     3.1     3.4     3.2     3.1     3.1     2.7     2.7     3.3     2.9     2.9     3.2
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.

                              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Dec 01  Jan 02  Feb 02  Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....     1.5     1.1     1.1     1.3     1.5     1.1     1.0     1.2     1.4     1.9     1.6     1.7     2.0     2.1     2.4
  Durable goods............................    -2.3    -2.5    -2.8    -2.7    -2.6    -2.2    -2.4    -2.7    -2.3    -1.4    -2.0    -2.4    -2.8    -2.9    -2.5
  Nondurable goods.........................     -.8     -.7     -.6      .3      .9     -.3     -.3      .5     1.0      .2     1.1     1.9     2.6     2.7     3.5
  Services.................................     3.4     2.8     2.7     2.7     2.6     2.6     2.4     2.5     2.4     3.4     2.7     2.6     2.7     2.8     2.9
Addenda:
  PCE excluding food and energy............     2.2     1.9     1.8     1.8     1.8     1.8     1.7     1.6     1.7     2.4     1.6     1.5     1.6     1.5     1.5
  Market-based PCE\1\......................     1.0      .7      .6      .9     1.2      .8      .7     1.0     1.2     1.2     1.5     1.6     1.9     2.0     2.4
  Market-based PCE excluding food
   and energy\1\...........................     1.8     1.5     1.5     1.4     1.5     1.6     1.5     1.3     1.5     1.6     1.5     1.3     1.3     1.4     1.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

                     Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             Mar 03  Apr 03  May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....     2.5     1.9     1.7     1.7     1.7     1.8     1.9     1.8     1.6     1.8     2.0     1.9     1.9     2.3
  Durable goods............................    -2.6    -2.9    -3.4    -3.5    -3.7    -3.8    -4.3    -4.5    -4.3    -4.1    -3.5    -3.1    -3.0    -2.7
  Nondurable goods.........................     3.5     1.5     1.1     1.2     1.4     1.8     2.3     1.8     1.5     1.8     2.1     1.5     1.7     2.7
  Services.................................     3.1     3.1     3.2     3.1     3.1     3.0     3.0     3.1     3.0     3.1     3.2     3.2     3.0     3.1
Addenda:
  PCE excluding food and energy............     1.5     1.3     1.3     1.3     1.3     1.2     1.1     1.3     1.2     1.3     1.5     1.6     1.8     1.9
  Market-based PCE\1\......................     2.5     1.8     1.7     1.7     1.7     1.8     1.9     1.7     1.5     1.6     1.8     1.6     1.6     2.0
  Market-based PCE excluding food
   and energy\1\...........................     1.3     1.2     1.2     1.2     1.2     1.1     1.0     1.1     1.0     1.0     1.2     1.3     1.4     1.5
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

                     Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago--Continued
-----------------------------------------------------------------------------------------------------------------------------------------------------------
                                             May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05  Mar 05  Apr 05  May 05 Jun 05/p/
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....     2.9     3.0     2.8     2.6     2.4     3.0     3.2     3.0     2.7     2.6     2.7     2.9     2.5     2.2
  Durable goods............................    -2.1    -1.8    -1.8    -1.9    -1.3     -.7     -.5     -.1     -.1     -.3     -.3     -.4     -.2     -.5
  Nondurable goods.........................     4.7     4.8     4.0     3.2     2.6     4.3     4.7     3.9     3.1     3.0     3.2     4.1     2.6     2.1
  Services.................................     3.1     3.2     3.2     3.2     3.1     3.1     3.3     3.2     3.1     3.0     3.0     3.0     3.0     2.9
Addenda:
  PCE excluding food and energy............     2.0     2.1     2.0     1.9     2.0     2.1     2.3     2.2     2.2     2.2     2.1     2.0     2.0     1.9
  Market-based PCE\1\......................     2.6     2.8     2.5     2.2     2.1     2.6     3.0     2.7     2.4     2.4     2.5     2.8     2.3     2.1
  Market-based PCE excluding food
   and energy\1\...........................     1.5     1.6     1.5     1.4     1.5     1.6     1.7     1.7     1.8     1.8     1.7     1.6     1.7     1.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.



                                     Table 12.--Revisions to Personal Income and Its Disposition
-------------------------------------------------------------------------------------------------------------------------------------
                                                                   Billions of dollars
                                                 ------------------------      ------------------------           Revisions as a
                                                          Revised                   Revisions to                   percentage of
                                                         estimates                   previously                     previously
                                                                                     published                      published
                                                 ------------------------      ------------------------      ------------------------
                                                 2002      2003      2004      2002      2003      2004      2002      2003      2004
-------------------------------------------------------------------------------------------------------------------------------------
Personal income............................   8,881.9   9,169.1   9,713.3       3.0       7.3      23.7        .0        .1        .2

  Compensation of employees, received......   6,091.2   6,321.1   6,687.6      21.7      32.1      36.6        .4        .5        .6

    Wage and salary disbursements..........   4,980.9   5,111.1   5,389.4       4.6       7.5      15.9        .1        .1        .3
      Private industries...................   4,115.0   4,207.8   4,450.0       1.3       2.2       2.1        .0        .1        .0
        Goods-producing industries.........   1,010.7   1,007.2   1,049.9        .5       -.5       2.8        .0        .0        .3
          Manufacturing....................     675.5     668.7     687.7        .3       -.1       -.9        .0        .0       -.1
        Services-producing industries......   3,104.2   3,200.6   3,400.1        .7       2.6       -.7        .0        .1        .0
          Trade, transportation, and
           utilities.......................     843.1     858.6     899.7       -.5        .0       4.3       -.1        .0        .5
          Other services-producing
           industries......................   2,261.1   2,342.0   2,500.4       1.2       2.6      -5.0        .1        .1       -.2
      Government...........................     865.9     903.3     939.5       3.3       5.4      13.9        .4        .6       1.5

    Supplements to wages and salaries......   1,110.3   1,210.0   1,298.1      17.1      24.5      20.6       1.6       2.1       1.6
      Employer contributions for employee
       pension and insurance funds.........     745.1     830.0     895.5      15.5      21.1      18.9       2.1       2.6       2.2
      Employer contributions for government
       social insurance....................     365.2     380.0     402.7       1.6       3.4       1.8        .4        .9        .4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     768.4     810.2     889.6      -1.2     -23.9     -13.2       -.2      -2.9      -1.5
    Farm...................................      10.6      27.7      35.8        .9       5.9      17.6       9.3      27.1      96.7
    Nonfarm................................     757.8     782.4     853.8      -2.1     -29.9     -30.8       -.3      -3.7      -3.5

  Rental income of persons with capital
   consumption adjustment..................     152.9     131.7     134.2     -18.0     -22.1     -30.9     -10.5     -14.4     -18.7

  Personal income receipts on assets.......   1,333.2   1,338.7   1,396.5      -1.4      16.0       9.2       -.1       1.2        .7
    Personal interest income...............     936.1     917.6     905.9     -10.6     -12.3     -40.3      -1.1      -1.3      -4.3
    Personal dividend income...............     397.2     421.1     490.6       9.3      28.3      49.5       2.4       7.2      11.2

  Personal current transfer receipts.......   1,286.2   1,344.0   1,427.5       3.5       8.6      21.6        .3        .6       1.5
    Government social benefits to persons..   1,248.9   1,313.5   1,394.5        .0       7.1      21.3        .0        .5       1.6
      Old-age, survivors, disability, and
       health insurance benefits...........     707.5     739.3     789.3       -.8       5.5      10.1       -.1        .7       1.3
      Government unemployment insurance
       benefits............................      53.2      52.8      36.0        .0        .0       1.4        .0        .0       4.0
      Other................................     488.2     521.4     569.2        .7       1.6       9.7        .1        .3       1.7
    Other current transfer receipts, from
     business (net)........................      37.3      30.5      33.0       3.6       1.6        .3      10.7       5.5        .9

  Less: Contributions for government social
   insurance...............................     750.0     776.6     822.2       1.7       3.4       -.4        .2        .4        .0

Less: Personal current taxes...............   1,051.8     999.9   1,049.1        .6      -2.0       6.5        .1       -.2        .6

Equals: Disposable personal income.........   7,830.1   8,169.2   8,664.2       2.4       9.3      17.3        .0        .1        .2

Less: Personal outlays.....................   7,645.3   7,996.3   8,512.5     -23.2     -53.0     -19.4       -.3       -.7       -.2

  Personal consumption expenditures........   7,350.7   7,709.9   8,214.3     -25.4     -51.0     -15.6       -.3       -.7       -.2
    Durable goods..........................     923.9     950.1     987.8       7.7       -.6      -6.1        .8       -.1       -.6
    Nondurable goods.......................   2,079.6   2,189.0   2,368.3       -.5     -11.1      -8.7        .0       -.5       -.4
    Services...............................   4,347.2   4,570.8   4,858.2     -32.6     -39.3       -.8       -.7       -.9        .0
  Personal interest payments\1\............     196.4     183.2     186.7       -.8      -2.1      -1.8       -.4      -1.1      -1.0
  Personal current transfer payments.......      98.2     103.3     111.5       2.9        .2      -2.0       3.0        .2      -1.8
    To government..........................      58.2      62.1      68.6      -1.3      -2.8      -2.4      -2.2      -4.3      -3.4
    To the rest of the world (net).........      40.0      41.2      42.9       4.3       3.0        .4      12.0       7.9        .9

Equals: Personal saving....................     184.7     172.8     151.8      25.5      62.2      36.8      16.0      56.2      32.0

  Personal saving as a percentage of
   disposable personal income..............       2.4       2.1       1.8        .4        .7        .5      20.0      50.0      38.5

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................   7,562.2   7,741.8   8,004.3       2.7       8.0     -15.0        .0        .1       -.2
    Per capita:
      Current dollars......................    27,165    28,065    29,475         6        31        59         0         1         2
      Chained (2000) dollars...............    26,236    26,596    27,230         7        26       -51         0         1        -2
  Population (midperiod, thousands)\3\.....     288.2     291.1     294.0        .0        .0        .0        .0        .0        .0
-------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.


                    Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)
------------------------------------------------------------------------------------------------------------------------------------------------------------
                                      Dec 01  Jan 02  Feb 02  Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03
------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    ------------------------------------------------------------------------------------------------------------------------
                                                                              Seasonally adjusted at annual rates
                                    ------------------------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................    17.9    20.3    24.3    26.0    38.8    10.3    18.3   -12.8    -2.1     6.1    11.5    10.5    24.5    31.0    35.2
    Previously published............    17.9     6.7    26.0    30.0    47.2    14.9    23.1   -21.3    -3.0     4.6     8.6     9.7    18.9    29.3    36.3
  Disposable personal income........    21.2   174.2    32.8    32.3    43.3    13.0    17.1   -12.3    -2.8     6.6    15.3    12.9    26.6    49.0    34.4
    Previously published............    21.2   159.2    33.7    34.5    53.0    18.3    23.2   -17.8    -2.5     5.7    12.6    11.5    19.7    45.3    33.6
  Personal consumption expenditures.   -11.3    30.6    45.5    10.3    77.9   -34.0    46.4    53.8    14.6   -28.7    32.0    29.3    57.7    22.1    16.5
    Previously published............   -11.3    34.9    48.8    10.6    86.7   -39.0    55.2    74.3     3.2   -34.5    30.4    52.9    84.8    -1.8    28.3

Personal saving as a percentage
 of disposable personal income......     1.1     2.9     2.8     3.0     2.6     3.1     2.8     1.9     1.7     2.2     2.0     1.8     1.5     1.9     2.1
  Previously published..............     1.1     2.7     2.5     2.8     2.3     3.1     2.6     1.5     1.4     1.9     1.7     1.3      .5     1.0     1.1
                                    ------------------------------------------------------------------------------------------------------------------------
                                                                Percent change from previous period for current-dollar measures,
                                                                              seasonally adjusted at monthly rates
                                    ------------------------------------------------------------------------------------------------------------------------
Personal income.....................      .2      .2      .3      .3      .4      .1      .2     -.1      .0      .1      .1      .1      .3      .3      .4
  Previously published..............      .2      .1      .3      .3      .5      .2      .3     -.2      .0      .1      .1      .1      .2      .3      .4

Disposable personal income..........      .3     2.3      .4      .4      .6      .2      .2     -.2      .0      .1      .2      .2      .3      .6      .4
  Previously published..............      .3     2.1      .4      .4      .7      .2      .3     -.2      .0      .1      .2      .1      .2      .6      .4

Personal consumption expenditures...     -.2      .4      .6      .1     1.1     -.5      .6      .7      .2     -.4      .4      .4      .8      .3      .2
  Previously published..............     -.2      .5      .7      .1     1.2     -.5      .8     1.0      .0     -.5      .4      .7     1.1      .0      .4
                                    ------------------------------------------------------------------------------------------------------------------------
                                                            Percent change from previous period for chained (2000) dollar measures,
                                                                              seasonally adjusted at monthly rates
                                    ------------------------------------------------------------------------------------------------------------------------
Real disposable personal income.....      .4     2.1      .3      .1      .1      .2      .1     -.3     -.3     -.1      .1      .1      .3      .4      .0
  Previously published..............      .4     2.0      .3      .1      .3      .2      .2     -.4     -.2     -.1      .2      .0      .0      .4      .1

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

          Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continued
----------------------------------------------------------------------------------------------------------------------------------------------------
                                      Mar 03  Apr 03  May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04
----------------------------------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------------------------------
                                                                          Seasonally adjusted at annual rates
                                    ----------------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................    41.7    14.7    56.6    38.9    24.8    26.0    29.5    28.0    67.7    35.4    61.1    52.0    42.8    41.1
    Previously published............    41.0    14.5    53.6    41.4    24.3    33.5    34.8    32.9    61.3    37.4    28.8    41.8    39.0    65.1
  Disposable personal income........    41.2    19.2    50.0    32.6   123.6    72.7   -82.8    24.8    61.3    35.2    67.7    45.7    36.7    30.4
    Previously published............    39.0    18.1    46.9    35.7   124.9    81.0   -77.0    27.4    55.7    38.1    36.3    38.2    36.3    50.1
  Personal consumption expenditures.    62.3     3.6    15.7    57.3    35.7   105.3    -7.0     -.2    57.8    46.4    80.3    19.5    66.5    -6.5
    Previously published............    55.6    15.0    13.5    48.0    43.0    78.6   -17.2    17.2    66.1    49.2    45.8    52.0    30.2    10.6

Personal saving as a percentage
 of disposable personal income......     1.8     2.0     2.3     2.0     3.1     2.6     1.7     2.0     2.0     1.9     1.7     2.1     1.7     2.1
  Previously published..............      .9      .9     1.3     1.2     2.2     2.2     1.4     1.5     1.3     1.2     1.1      .9     1.0     1.5
                                    ----------------------------------------------------------------------------------------------------------------
                                                            Percent change from previous period for current-dollar measures,
                                                                          seasonally adjusted at monthly rates
                                    ----------------------------------------------------------------------------------------------------------------
Personal income.....................      .5      .2      .6      .4      .3      .3      .3      .3      .7      .4      .7      .6      .5      .4
  Previously published..............      .5      .2      .6      .5      .3      .4      .4      .4      .7      .4      .3      .4      .4      .7

Disposable personal income..........      .5      .2      .6      .4     1.5      .9    -1.0      .3      .7      .4      .8      .5      .4      .4
  Previously published..............      .5      .2      .6      .4     1.5     1.0     -.9      .3      .7      .5      .4      .5      .4      .6

Personal consumption expenditures...      .8      .0      .2      .8      .5     1.4     -.1      .0      .7      .6     1.0      .2      .8     -.1
  Previously published..............      .7      .2      .2      .6      .6     1.0     -.2      .2      .8      .6      .6      .6      .4      .1
                                    ----------------------------------------------------------------------------------------------------------------
                                                        Percent change from previous period for chained (2000) dollar measures,
                                                                          seasonally adjusted at monthly rates
                                    ----------------------------------------------------------------------------------------------------------------
Real disposable personal income.....      .1      .5      .7      .3     1.3      .6    -1.3      .3      .8      .2      .3      .2      .1      .2
  Previously published..............      .2      .4      .6      .3     1.4      .7    -1.1      .3      .7      .2      .0      .2      .1      .4

Real personal consumption
 expenditures.......................      .4      .3      .3      .7      .3     1.1     -.4      .0      .8      .4      .5     -.1      .5     -.3
  Previously published..............      .4      .4      .2      .5      .5      .8     -.4      .2      .9      .4      .2      .4      .1      .0
----------------------------------------------------------------------------------------------------------------------------------------------------

      Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continued
--------------------------------------------------------------------------------------------------------------------------------------------
                                      May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05  Mar 05  Apr 05  May 05
--------------------------------------------------------------------------------------------------------------------------------------------
                                    --------------------------------------------------------------------------------------------------------
                                                                      Seasonally adjusted at annual rates
                                    --------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................    56.5    14.5    46.2    50.8    19.2    99.4    66.5   366.1  -246.2    46.5    40.0    67.8    23.2
    Previously published............    53.8    20.4    44.3    37.8    20.1   102.2    88.4   397.8  -256.8    48.8    47.8    65.4    23.5
  Disposable personal income........    46.6    11.5    36.6    42.1     8.1    88.1    52.5   351.2  -303.4    37.8    33.7    44.3    15.9
    Previously published............    45.8    18.4    34.5    33.2    15.8    85.1    74.5   383.8  -310.9    39.7    40.6    41.9    16.0
  Personal consumption expenditures.   110.1   -13.1    70.6     6.0    44.9    75.9    38.8    57.8    15.5    58.5    41.0    71.4    -2.7
    Previously published............    81.5   -26.5    96.4     7.9    52.6    55.1    34.6    74.7    -2.9    50.7    68.9    55.4      .5

Personal saving as a percentage
 of disposable personal income......     1.3     1.5     1.1     1.5     1.0     1.1     1.3     4.4      .9      .6      .5      .2      .4
  Previously published..............     1.0     1.5      .7     1.0      .5      .8     1.2     4.5     1.1     1.0      .6      .5      .6
                                    --------------------------------------------------------------------------------------------------------
                                                        Percent change from previous period for current-dollar measures,
                                                                      seasonally adjusted at monthly rates
                                    --------------------------------------------------------------------------------------------------------
Personal income.....................      .6      .2      .5      .5      .2     1.0      .7     3.7    -2.4      .5      .4      .7      .2
  Previously published..............      .6      .2      .5      .4      .2     1.1      .9     4.0    -2.5      .5      .5      .6      .2

Disposable personal income..........      .5      .1      .4      .5      .1     1.0      .6     4.0    -3.3      .4      .4      .5      .2
  Previously published..............      .5      .2      .4      .4      .2     1.0      .8     4.3    -3.4      .4      .5      .5      .2

Personal consumption expenditures...     1.4     -.2      .9      .1      .5      .9      .5      .7      .2      .7      .5      .8      .0
  Previously published..............     1.0     -.3     1.2      .1      .6      .7      .4      .9      .0      .6      .8      .6      .0
                                    --------------------------------------------------------------------------------------------------------
                                                    Percent change from previous period for chained (2000) dollar measures,
                                                                      seasonally adjusted at monthly rates
                                    --------------------------------------------------------------------------------------------------------
Real disposable personal income.....      .1     -.1      .5      .4      .0      .5      .3     4.0    -3.5      .2      .0      .1      .1
  Previously published..............      .2      .0      .4      .3      .1      .5      .6     4.4    -3.5      .3      .0      .1      .1

Real personal consumption
 expenditures.......................      .9     -.4      .9      .0      .4      .4      .2      .7      .0      .4      .1      .4     -.1
  Previously published..............      .6     -.6     1.2      .0      .5      .2      .2      .9     -.2      .4      .4      .2      .0
--------------------------------------------------------------------------------------------------------------------------------------------

Table 14.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates
                                            (Years and Quarters)
                               [Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------
                                        2001    2002    2003    2004   IV 01    I 02   II 02  III 02   IV 02
------------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................   294.4   157.8   287.2   544.2    21.7    59.9    77.3     3.4    30.1
    Previously published............   294.4   154.8   282.9   527.8    21.7    48.8    93.5    -1.4    23.5
  Disposable personal income........   292.8   343.3   339.1   495.0   -98.0   226.7    90.2     3.7    36.3
    Previously published............   292.8   340.9   332.2   487.0   -98.0   213.0   107.2     4.0    29.8
  Personal consumption expenditures.   315.6   295.7   359.2   504.4   129.9    41.9    92.7    73.6    56.5
    Previously published............   315.6   321.1   384.8   469.0   129.9    48.5   102.4    88.7    72.0

Personal saving as a percentage
 of disposable personal income......     1.8     2.4     2.1     1.8      .5     2.9     2.8     2.0     1.8
  Previously published..............     1.8     2.0     1.4     1.3      .5     2.7     2.7     1.6     1.2
                                    ------------------------------------------------------------------------
                                        Percent change from previous period for current-dollar measures
                                    ------------------------------------------------------------------------
Personal income.....................     3.5     1.8     3.2     5.9     1.0     2.8     3.6      .2     1.4
  Previously published..............     3.5     1.8     3.2     5.8     1.0     2.2     4.3     -.1     1.1

Disposable personal income..........     4.1     4.6     4.3     6.1    -5.0    12.6     4.7      .2     1.9
  Previously published..............     4.1     4.6     4.2     6.0    -5.0    11.8     5.7      .2     1.5

Personal consumption expenditures...     4.7     4.2     4.9     6.5     7.6     2.4     5.2     4.1     3.1
  Previously published..............     4.7     4.6     5.2     6.0     7.6     2.7     5.8     4.9     3.9
                                    ------------------------------------------------------------------------
                                     Percent change from previous period for chained (2000) dollar measures
                                    ------------------------------------------------------------------------
Real disposable personal income.....     1.9     3.1     2.4     3.4    -5.6    11.6     1.9    -1.6      .2
  Previously published..............     1.9     3.1     2.3     3.7    -5.6    10.8     2.7    -1.7      .2

Real personal consumption
 expenditures.......................     2.5     2.7     2.9     3.9     7.0     1.4     2.4     2.3     1.4
  Previously published..............     2.5     3.1     3.3     3.8     7.0     1.8     2.8     2.9     2.5
------------------------------------------------------------------------------------------------------------

Table 14.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates
                                      (Years and Quarters)--Continued
                               [Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------
                                        I 03   II 03  III 03   IV 03    I 04   II 04  III 04   IV 04    I 05
------------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................    88.2   104.9    96.8   113.3   156.1   129.5   114.9   295.6    64.4
    Previously published............    83.0   103.5   103.6   120.7   115.0   147.7   107.7   319.7    86.3
  Disposable personal income........   107.7   102.3   182.9    46.4   154.3   105.0    90.6   259.5   -15.3
    Previously published............    97.7    98.5   192.6    52.9   117.9   123.7    89.4   284.3     9.8
  Personal consumption expenditures.   102.1    80.1   147.1    84.2   165.7   113.3   117.6   152.9   119.7
    Previously published............   109.8    86.5   126.2    92.4   145.3    93.6   128.7   140.8   115.2

Personal saving as a percentage
 of disposable personal income......     1.9     2.1     2.5     2.0     1.8     1.6     1.2     2.3      .7
  Previously published..............     1.0     1.1     1.9     1.3     1.0     1.3      .7     2.2      .9
                                    ------------------------------------------------------------------------
                                        Percent change from previous period for current-dollar measures
                                    ------------------------------------------------------------------------
Personal income.....................     4.0     4.7     4.3     5.0     6.9     5.6     4.9    12.7     2.6
  Previously published..............     3.8     4.7     4.6     5.3     5.0     6.4     4.6    13.9     3.5

Disposable personal income..........     5.6     5.2     9.4     2.3     7.6     5.1     4.3    12.5     -.7
  Previously published..............     5.1     5.0     9.9     2.6     5.8     6.0     4.2    13.8      .4

Personal consumption expenditures...     5.6     4.3     7.9     4.4     8.7     5.8     5.9     7.6     5.8
  Previously published..............     6.0     4.6     6.7     4.8     7.5     4.7     6.5     7.0     5.6
                                    ------------------------------------------------------------------------
                                     Percent change from previous period for chained (2000) dollar measures
                                    ------------------------------------------------------------------------
Real disposable personal income.....     2.5     4.5     7.2     1.0     3.6     1.2     2.8     9.1    -2.9
  Previously published..............     1.8     4.3     8.2     1.4     2.4     2.8     2.9    10.8    -1.4

Real personal consumption
 expenditures.......................     2.5     3.6     5.8     3.1     4.7     1.9     4.4     4.3     3.5
  Previously published..............     2.7     3.9     5.0     3.6     4.1     1.6     5.1     4.2     3.6
------------------------------------------------------------------------------------------------------------


                                     Table 12.--Revisions to Personal Income and Its Disposition
-------------------------------------------------------------------------------------------------------------------------------------
                                                                   Billions of dollars
                                                 ------------------------      ------------------------           Revisions as a
                                                          Revised                   Revisions to                   percentage of
                                                         estimates                   previously                     previously
                                                                                     published                      published
                                                 ------------------------      ------------------------      ------------------------
                                                 2002      2003      2004      2002      2003      2004      2002      2003      2004
-------------------------------------------------------------------------------------------------------------------------------------
Personal income............................   8,881.9   9,169.1   9,713.3       3.0       7.3      23.7        .0        .1        .2

  Compensation of employees, received......   6,091.2   6,321.1   6,687.6      21.7      32.1      36.6        .4        .5        .6

    Wage and salary disbursements..........   4,980.9   5,111.1   5,389.4       4.6       7.5      15.9        .1        .1        .3
      Private industries...................   4,115.0   4,207.8   4,450.0       1.3       2.2       2.1        .0        .1        .0
        Goods-producing industries.........   1,010.7   1,007.2   1,049.9        .5       -.5       2.8        .0        .0        .3
          Manufacturing....................     675.5     668.7     687.7        .3       -.1       -.9        .0        .0       -.1
        Services-producing industries......   3,104.2   3,200.6   3,400.1        .7       2.6       -.7        .0        .1        .0
          Trade, transportation, and
           utilities.......................     843.1     858.6     899.7       -.5        .0       4.3       -.1        .0        .5
          Other services-producing
           industries......................   2,261.1   2,342.0   2,500.4       1.2       2.6      -5.0        .1        .1       -.2
      Government...........................     865.9     903.3     939.5       3.3       5.4      13.9        .4        .6       1.5

    Supplements to wages and salaries......   1,110.3   1,210.0   1,298.1      17.1      24.5      20.6       1.6       2.1       1.6
      Employer contributions for employee
       pension and insurance funds.........     745.1     830.0     895.5      15.5      21.1      18.9       2.1       2.6       2.2
      Employer contributions for government
       social insurance....................     365.2     380.0     402.7       1.6       3.4       1.8        .4        .9        .4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................     768.4     810.2     889.6      -1.2     -23.9     -13.2       -.2      -2.9      -1.5
    Farm...................................      10.6      27.7      35.8        .9       5.9      17.6       9.3      27.1      96.7
    Nonfarm................................     757.8     782.4     853.8      -2.1     -29.9     -30.8       -.3      -3.7      -3.5

  Rental income of persons with capital
   consumption adjustment..................     152.9     131.7     134.2     -18.0     -22.1     -30.9     -10.5     -14.4     -18.7

  Personal income receipts on assets.......   1,333.2   1,338.7   1,396.5      -1.4      16.0       9.2       -.1       1.2        .7
    Personal interest income...............     936.1     917.6     905.9     -10.6     -12.3     -40.3      -1.1      -1.3      -4.3
    Personal dividend income...............     397.2     421.1     490.6       9.3      28.3      49.5       2.4       7.2      11.2

  Personal current transfer receipts.......   1,286.2   1,344.0   1,427.5       3.5       8.6      21.6        .3        .6       1.5
    Government social benefits to persons..   1,248.9   1,313.5   1,394.5        .0       7.1      21.3        .0        .5       1.6
      Old-age, survivors, disability, and
       health insurance benefits...........     707.5     739.3     789.3       -.8       5.5      10.1       -.1        .7       1.3
      Government unemployment insurance
       benefits............................      53.2      52.8      36.0        .0        .0       1.4        .0        .0       4.0
      Other................................     488.2     521.4     569.2        .7       1.6       9.7        .1        .3       1.7
    Other current transfer receipts, from
     business (net)........................      37.3      30.5      33.0       3.6       1.6        .3      10.7       5.5        .9

  Less: Contributions for government social
   insurance...............................     750.0     776.6     822.2       1.7       3.4       -.4        .2        .4        .0

Less: Personal current taxes...............   1,051.8     999.9   1,049.1        .6      -2.0       6.5        .1       -.2        .6

Equals: Disposable personal income.........   7,830.1   8,169.2   8,664.2       2.4       9.3      17.3        .0        .1        .2

Less: Personal outlays.....................   7,645.3   7,996.3   8,512.5     -23.2     -53.0     -19.4       -.3       -.7       -.2

  Personal consumption expenditures........   7,350.7   7,709.9   8,214.3     -25.4     -51.0     -15.6       -.3       -.7       -.2
    Durable goods..........................     923.9     950.1     987.8       7.7       -.6      -6.1        .8       -.1       -.6
    Nondurable goods.......................   2,079.6   2,189.0   2,368.3       -.5     -11.1      -8.7        .0       -.5       -.4
    Services...............................   4,347.2   4,570.8   4,858.2     -32.6     -39.3       -.8       -.7       -.9        .0
  Personal interest payments\1\............     196.4     183.2     186.7       -.8      -2.1      -1.8       -.4      -1.1      -1.0
  Personal current transfer payments.......      98.2     103.3     111.5       2.9        .2      -2.0       3.0        .2      -1.8
    To government..........................      58.2      62.1      68.6      -1.3      -2.8      -2.4      -2.2      -4.3      -3.4
    To the rest of the world (net).........      40.0      41.2      42.9       4.3       3.0        .4      12.0       7.9        .9

Equals: Personal saving....................     184.7     172.8     151.8      25.5      62.2      36.8      16.0      56.2      32.0

  Personal saving as a percentage of
   disposable personal income..............       2.4       2.1       1.8        .4        .7        .5      20.0      50.0      38.5

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................   7,562.2   7,741.8   8,004.3       2.7       8.0     -15.0        .0        .1       -.2
    Per capita:
      Current dollars......................    27,165    28,065    29,475         6        31        59         0         1         2
      Chained (2000) dollars...............    26,236    26,596    27,230         7        26       -51         0         1        -2
  Population (midperiod, thousands)\3\.....     288.2     291.1     294.0        .0        .0        .0        .0        .0        .0
-------------------------------------------------------------------------------------------------------------------------------------
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.


                    Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)
------------------------------------------------------------------------------------------------------------------------------------------------------------
                                      Dec 01  Jan 02  Feb 02  Mar 02  Apr 02  May 02  Jun 02  Jul 02  Aug 02  Sep 02  Oct 02  Nov 02  Dec 02  Jan 03  Feb 03
------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    ------------------------------------------------------------------------------------------------------------------------
                                                                              Seasonally adjusted at annual rates
                                    ------------------------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................    17.9    20.3    24.3    26.0    38.8    10.3    18.3   -12.8    -2.1     6.1    11.5    10.5    24.5    31.0    35.2
    Previously published............    17.9     6.7    26.0    30.0    47.2    14.9    23.1   -21.3    -3.0     4.6     8.6     9.7    18.9    29.3    36.3
  Disposable personal income........    21.2   174.2    32.8    32.3    43.3    13.0    17.1   -12.3    -2.8     6.6    15.3    12.9    26.6    49.0    34.4
    Previously published............    21.2   159.2    33.7    34.5    53.0    18.3    23.2   -17.8    -2.5     5.7    12.6    11.5    19.7    45.3    33.6
  Personal consumption expenditures.   -11.3    30.6    45.5    10.3    77.9   -34.0    46.4    53.8    14.6   -28.7    32.0    29.3    57.7    22.1    16.5
    Previously published............   -11.3    34.9    48.8    10.6    86.7   -39.0    55.2    74.3     3.2   -34.5    30.4    52.9    84.8    -1.8    28.3

Personal saving as a percentage
 of disposable personal income......     1.1     2.9     2.8     3.0     2.6     3.1     2.8     1.9     1.7     2.2     2.0     1.8     1.5     1.9     2.1
  Previously published..............     1.1     2.7     2.5     2.8     2.3     3.1     2.6     1.5     1.4     1.9     1.7     1.3      .5     1.0     1.1
                                    ------------------------------------------------------------------------------------------------------------------------
                                                                Percent change from previous period for current-dollar measures,
                                                                              seasonally adjusted at monthly rates
                                    ------------------------------------------------------------------------------------------------------------------------
Personal income.....................      .2      .2      .3      .3      .4      .1      .2     -.1      .0      .1      .1      .1      .3      .3      .4
  Previously published..............      .2      .1      .3      .3      .5      .2      .3     -.2      .0      .1      .1      .1      .2      .3      .4

Disposable personal income..........      .3     2.3      .4      .4      .6      .2      .2     -.2      .0      .1      .2      .2      .3      .6      .4
  Previously published..............      .3     2.1      .4      .4      .7      .2      .3     -.2      .0      .1      .2      .1      .2      .6      .4

Personal consumption expenditures...     -.2      .4      .6      .1     1.1     -.5      .6      .7      .2     -.4      .4      .4      .8      .3      .2
  Previously published..............     -.2      .5      .7      .1     1.2     -.5      .8     1.0      .0     -.5      .4      .7     1.1      .0      .4
                                    ------------------------------------------------------------------------------------------------------------------------
                                                            Percent change from previous period for chained (2000) dollar measures,
                                                                              seasonally adjusted at monthly rates
                                    ------------------------------------------------------------------------------------------------------------------------
Real disposable personal income.....      .4     2.1      .3      .1      .1      .2      .1     -.3     -.3     -.1      .1      .1      .3      .4      .0
  Previously published..............      .4     2.0      .3      .1      .3      .2      .2     -.4     -.2     -.1      .2      .0      .0      .4      .1

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

          Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continued
----------------------------------------------------------------------------------------------------------------------------------------------------
                                      Mar 03  Apr 03  May 03  Jun 03  Jul 03  Aug 03  Sep 03  Oct 03  Nov 03  Dec 03  Jan 04  Feb 04  Mar 04  Apr 04
----------------------------------------------------------------------------------------------------------------------------------------------------
                                    ----------------------------------------------------------------------------------------------------------------
                                                                          Seasonally adjusted at annual rates
                                    ----------------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................    41.7    14.7    56.6    38.9    24.8    26.0    29.5    28.0    67.7    35.4    61.1    52.0    42.8    41.1
    Previously published............    41.0    14.5    53.6    41.4    24.3    33.5    34.8    32.9    61.3    37.4    28.8    41.8    39.0    65.1
  Disposable personal income........    41.2    19.2    50.0    32.6   123.6    72.7   -82.8    24.8    61.3    35.2    67.7    45.7    36.7    30.4
    Previously published............    39.0    18.1    46.9    35.7   124.9    81.0   -77.0    27.4    55.7    38.1    36.3    38.2    36.3    50.1
  Personal consumption expenditures.    62.3     3.6    15.7    57.3    35.7   105.3    -7.0     -.2    57.8    46.4    80.3    19.5    66.5    -6.5
    Previously published............    55.6    15.0    13.5    48.0    43.0    78.6   -17.2    17.2    66.1    49.2    45.8    52.0    30.2    10.6

Personal saving as a percentage
 of disposable personal income......     1.8     2.0     2.3     2.0     3.1     2.6     1.7     2.0     2.0     1.9     1.7     2.1     1.7     2.1
  Previously published..............      .9      .9     1.3     1.2     2.2     2.2     1.4     1.5     1.3     1.2     1.1      .9     1.0     1.5
                                    ----------------------------------------------------------------------------------------------------------------
                                                            Percent change from previous period for current-dollar measures,
                                                                          seasonally adjusted at monthly rates
                                    ----------------------------------------------------------------------------------------------------------------
Personal income.....................      .5      .2      .6      .4      .3      .3      .3      .3      .7      .4      .7      .6      .5      .4
  Previously published..............      .5      .2      .6      .5      .3      .4      .4      .4      .7      .4      .3      .4      .4      .7

Disposable personal income..........      .5      .2      .6      .4     1.5      .9    -1.0      .3      .7      .4      .8      .5      .4      .4
  Previously published..............      .5      .2      .6      .4     1.5     1.0     -.9      .3      .7      .5      .4      .5      .4      .6

Personal consumption expenditures...      .8      .0      .2      .8      .5     1.4     -.1      .0      .7      .6     1.0      .2      .8     -.1
  Previously published..............      .7      .2      .2      .6      .6     1.0     -.2      .2      .8      .6      .6      .6      .4      .1
                                    ----------------------------------------------------------------------------------------------------------------
                                                        Percent change from previous period for chained (2000) dollar measures,
                                                                          seasonally adjusted at monthly rates
                                    ----------------------------------------------------------------------------------------------------------------
Real disposable personal income.....      .1      .5      .7      .3     1.3      .6    -1.3      .3      .8      .2      .3      .2      .1      .2
  Previously published..............      .2      .4      .6      .3     1.4      .7    -1.1      .3      .7      .2      .0      .2      .1      .4

Real personal consumption
 expenditures.......................      .4      .3      .3      .7      .3     1.1     -.4      .0      .8      .4      .5     -.1      .5     -.3
  Previously published..............      .4      .4      .2      .5      .5      .8     -.4      .2      .9      .4      .2      .4      .1      .0
----------------------------------------------------------------------------------------------------------------------------------------------------

      Table 13.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continued
--------------------------------------------------------------------------------------------------------------------------------------------
                                      May 04  Jun 04  Jul 04  Aug 04  Sep 04  Oct 04  Nov 04  Dec 04  Jan 05  Feb 05  Mar 05  Apr 05  May 05
--------------------------------------------------------------------------------------------------------------------------------------------
                                    --------------------------------------------------------------------------------------------------------
                                                                      Seasonally adjusted at annual rates
                                    --------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................    56.5    14.5    46.2    50.8    19.2    99.4    66.5   366.1  -246.2    46.5    40.0    67.8    23.2
    Previously published............    53.8    20.4    44.3    37.8    20.1   102.2    88.4   397.8  -256.8    48.8    47.8    65.4    23.5
  Disposable personal income........    46.6    11.5    36.6    42.1     8.1    88.1    52.5   351.2  -303.4    37.8    33.7    44.3    15.9
    Previously published............    45.8    18.4    34.5    33.2    15.8    85.1    74.5   383.8  -310.9    39.7    40.6    41.9    16.0
  Personal consumption expenditures.   110.1   -13.1    70.6     6.0    44.9    75.9    38.8    57.8    15.5    58.5    41.0    71.4    -2.7
    Previously published............    81.5   -26.5    96.4     7.9    52.6    55.1    34.6    74.7    -2.9    50.7    68.9    55.4      .5

Personal saving as a percentage
 of disposable personal income......     1.3     1.5     1.1     1.5     1.0     1.1     1.3     4.4      .9      .6      .5      .2      .4
  Previously published..............     1.0     1.5      .7     1.0      .5      .8     1.2     4.5     1.1     1.0      .6      .5      .6
                                    --------------------------------------------------------------------------------------------------------
                                                        Percent change from previous period for current-dollar measures,
                                                                      seasonally adjusted at monthly rates
                                    --------------------------------------------------------------------------------------------------------
Personal income.....................      .6      .2      .5      .5      .2     1.0      .7     3.7    -2.4      .5      .4      .7      .2
  Previously published..............      .6      .2      .5      .4      .2     1.1      .9     4.0    -2.5      .5      .5      .6      .2

Disposable personal income..........      .5      .1      .4      .5      .1     1.0      .6     4.0    -3.3      .4      .4      .5      .2
  Previously published..............      .5      .2      .4      .4      .2     1.0      .8     4.3    -3.4      .4      .5      .5      .2

Personal consumption expenditures...     1.4     -.2      .9      .1      .5      .9      .5      .7      .2      .7      .5      .8      .0
  Previously published..............     1.0     -.3     1.2      .1      .6      .7      .4      .9      .0      .6      .8      .6      .0
                                    --------------------------------------------------------------------------------------------------------
                                                    Percent change from previous period for chained (2000) dollar measures,
                                                                      seasonally adjusted at monthly rates
                                    --------------------------------------------------------------------------------------------------------
Real disposable personal income.....      .1     -.1      .5      .4      .0      .5      .3     4.0    -3.5      .2      .0      .1      .1
  Previously published..............      .2      .0      .4      .3      .1      .5      .6     4.4    -3.5      .3      .0      .1      .1

Real personal consumption
 expenditures.......................      .9     -.4      .9      .0      .4      .4      .2      .7      .0      .4      .1      .4     -.1
  Previously published..............      .6     -.6     1.2      .0      .5      .2      .2      .9     -.2      .4      .4      .2      .0
--------------------------------------------------------------------------------------------------------------------------------------------

Table 14.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates
                                            (Years and Quarters)
                               [Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------
                                        2001    2002    2003    2004   IV 01    I 02   II 02  III 02   IV 02
------------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................   294.4   157.8   287.2   544.2    21.7    59.9    77.3     3.4    30.1
    Previously published............   294.4   154.8   282.9   527.8    21.7    48.8    93.5    -1.4    23.5
  Disposable personal income........   292.8   343.3   339.1   495.0   -98.0   226.7    90.2     3.7    36.3
    Previously published............   292.8   340.9   332.2   487.0   -98.0   213.0   107.2     4.0    29.8
  Personal consumption expenditures.   315.6   295.7   359.2   504.4   129.9    41.9    92.7    73.6    56.5
    Previously published............   315.6   321.1   384.8   469.0   129.9    48.5   102.4    88.7    72.0

Personal saving as a percentage
 of disposable personal income......     1.8     2.4     2.1     1.8      .5     2.9     2.8     2.0     1.8
  Previously published..............     1.8     2.0     1.4     1.3      .5     2.7     2.7     1.6     1.2
                                    ------------------------------------------------------------------------
                                        Percent change from previous period for current-dollar measures
                                    ------------------------------------------------------------------------
Personal income.....................     3.5     1.8     3.2     5.9     1.0     2.8     3.6      .2     1.4
  Previously published..............     3.5     1.8     3.2     5.8     1.0     2.2     4.3     -.1     1.1

Disposable personal income..........     4.1     4.6     4.3     6.1    -5.0    12.6     4.7      .2     1.9
  Previously published..............     4.1     4.6     4.2     6.0    -5.0    11.8     5.7      .2     1.5

Personal consumption expenditures...     4.7     4.2     4.9     6.5     7.6     2.4     5.2     4.1     3.1
  Previously published..............     4.7     4.6     5.2     6.0     7.6     2.7     5.8     4.9     3.9
                                    ------------------------------------------------------------------------
                                     Percent change from previous period for chained (2000) dollar measures
                                    ------------------------------------------------------------------------
Real disposable personal income.....     1.9     3.1     2.4     3.4    -5.6    11.6     1.9    -1.6      .2
  Previously published..............     1.9     3.1     2.3     3.7    -5.6    10.8     2.7    -1.7      .2

Real personal consumption
 expenditures.......................     2.5     2.7     2.9     3.9     7.0     1.4     2.4     2.3     1.4
  Previously published..............     2.5     3.1     3.3     3.8     7.0     1.8     2.8     2.9     2.5
------------------------------------------------------------------------------------------------------------

Table 14.--Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates
                                      (Years and Quarters)--Continued
                               [Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------
                                        I 03   II 03  III 03   IV 03    I 04   II 04  III 04   IV 04    I 05
------------------------------------------------------------------------------------------------------------
Change from preceding period
  in billions of dollars:
  Personal income...................    88.2   104.9    96.8   113.3   156.1   129.5   114.9   295.6    64.4
    Previously published............    83.0   103.5   103.6   120.7   115.0   147.7   107.7   319.7    86.3
  Disposable personal income........   107.7   102.3   182.9    46.4   154.3   105.0    90.6   259.5   -15.3
    Previously published............    97.7    98.5   192.6    52.9   117.9   123.7    89.4   284.3     9.8
  Personal consumption expenditures.   102.1    80.1   147.1    84.2   165.7   113.3   117.6   152.9   119.7
    Previously published............   109.8    86.5   126.2    92.4   145.3    93.6   128.7   140.8   115.2

Personal saving as a percentage
 of disposable personal income......     1.9     2.1     2.5     2.0     1.8     1.6     1.2     2.3      .7
  Previously published..............     1.0     1.1     1.9     1.3     1.0     1.3      .7     2.2      .9
                                    ------------------------------------------------------------------------
                                        Percent change from previous period for current-dollar measures
                                    ------------------------------------------------------------------------
Personal income.....................     4.0     4.7     4.3     5.0     6.9     5.6     4.9    12.7     2.6
  Previously published..............     3.8     4.7     4.6     5.3     5.0     6.4     4.6    13.9     3.5

Disposable personal income..........     5.6     5.2     9.4     2.3     7.6     5.1     4.3    12.5     -.7
  Previously published..............     5.1     5.0     9.9     2.6     5.8     6.0     4.2    13.8      .4

Personal consumption expenditures...     5.6     4.3     7.9     4.4     8.7     5.8     5.9     7.6     5.8
  Previously published..............     6.0     4.6     6.7     4.8     7.5     4.7     6.5     7.0     5.6
                                    ------------------------------------------------------------------------
                                     Percent change from previous period for chained (2000) dollar measures
                                    ------------------------------------------------------------------------
Real disposable personal income.....     2.5     4.5     7.2     1.0     3.6     1.2     2.8     9.1    -2.9
  Previously published..............     1.8     4.3     8.2     1.4     2.4     2.8     2.9    10.8    -1.4

Real personal consumption
 expenditures.......................     2.5     3.6     5.8     3.1     4.7     1.9     4.4     4.3     3.5
  Previously published..............     2.7     3.9     5.0     3.6     4.1     1.6     5.1     4.2     3.6
------------------------------------------------------------------------------------------------------------