News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, DECEMBER 22, 2005
BEA 05-58

Personal Income and Outlays, November 2005



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James E. Rankin:    (202)    606-5301  (Personal Income)BEA 05-58
Michael Armah:      (202)    606-5302  (Personal Outlays)



              PERSONAL INCOME AND OUTLAYS:  NOVEMBER 2005

 Personal income increased $29.8 billion, or 0.3 percent, and disposable personal income
(DPI) increased $25.1 billion, or 0.3 percent, in November, according to the Bureau of Economic
Analysis.  Personal consumption expenditures (PCE) increased $25.3 billion, or 0.3 percent.  In
October, personal income increased $53.5 billion, or 0.5 percent, DPI increased $40.0 billion, or
0.4 percent, and PCE increased $13.4 billion, or 0.2 percent, based on revised estimates.


                                                          2005
                                       July     Aug.     Sept.    Oct.     Nov.
                                         (Percent change from preceding month)
Personal income, current dollars        0.4     -2.1       3.0     0.5      0.3
Disposable personal income:
Current dollars                         0.5     -2.4       3.4     0.4      0.3
Chained (2000) dollars                  0.2     -2.8       2.4     0.3      0.7
Personal consumption expenditures:
Current dollars                         1.4     -0.4       0.4     0.2      0.3
Chained (2000) dollars                  1.1     -0.9      -0.5     0.0      0.7


                         Wages and salaries

 Private wage and salary disbursements increased $7.8 billion in November, compared with an
increase of $31.0 billion in October.  Goods-producing industries' payrolls increased $1.2 billion,
compared with an increase of $12.6 billion; manufacturing payrolls decreased $0.7 billion, in
contrast to an increase of $9.5 billion.  Services-producing industries' payrolls increased $6.5
billion, compared with an increase of $18.5 billion.  Government wage and salary disbursements
increased $1.8 billion, compared with an increase of $0.9 billion.


                        Other personal income

 Supplements to wages and salaries increased $4.0 billion in November, compared with an
increase of $6.2 billion in October.

 Proprietors' income increased $1.0 billion in November, in contrast to a decrease of $0.4
billion in October.  Farm proprietors' income decreased $1.0 billion, compared with a decrease of
$0.7 billion.  Nonfarm proprietors' income increased $1.9 billion, compared with an increase of
0.4 billion.

 Rental income of persons increased $6.4 billion in November, in contrast to a decrease of
$11.7 billion in October.  The changes in rental income reflected the impact of Hurricane Wilma,
which subtracted $9.0 billion (at an annual rate) in October.

 Personal income receipts on assets (personal interest income plus personal dividend income)
increased $13.3 billion in November, compared with an increase of $13.4 billion in October.

 Personal current transfer receipts decreased $3.7 billion in November, in contrast to an
increase of $17.7 billion in October. Changes in personal current transfer receipts reflected the
impact of net insurance settlements associated with Hurricane Wilma, which added $12.7 billion
(at an annual rate) in October.

 Contributions for government social insurance -- a subtraction in calculating personal income
-- increased $0.8 billion in November, compared with an increase of $3.8 billion in October.


        Personal current taxes and disposable personal income

 Personal current taxes increased $4.7 billion in November, compared with an increase of
$13.4 billion in October.  Disposable personal income (DPI) -- personal income less personal
current taxes -- increased $25.1 billion, or 0.3 percent, in November, compared with an increase
 of $40.0 billion, or 0.4 percent, in October.

                Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $25.9 billion in November, compared with an increase of $14.0 billion in October.  PCE
increased $25.3 billion, compared with an increase of $13.4 billion.

 Personal saving -- DPI less personal outlays -- was a negative $19.1 billion in November,
compared with a negative $18.3 billion in October.  Personal saving as a percentage of disposable
personal income was a negative 0.2 percent in both November and October.  Negative personal
saving reflects personal outlays that exceed disposable personal income.  Saving from current
income may be near zero or negative when outlays are financed by borrowing (including borrowing
financed through credit cards or home equity loans), by selling investments or other assets, or by
using savings from previous periods.  For more information, see the FAQs on "Personal Saving"
on BEA's Web site.


                        Real DPI and real PCE

 Real DPI -- DPI adjusted to remove price changes -- increased 0.7 percent in November,
compared with an increase of 0.3 percent in October.  In November, the larger increase in real DPI
than in current-dollar DPI reflected a decrease in the PCE implicit price deflator, which is used to
deflate DPI.  The decrease in the PCE implicit price deflator was largely accounted for by large
decreases in energy prices.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.7 percent in November,
compared with an increase of less 0.1 percent in October.  Purchases of durable goods increased
2.9 percent, in contrast to a decrease of 2.4 percent.  Purchases of motor vehicles and parts
accounted for two-thirds of the increase in November and more than accounted for the decrease in
October.  Purchases of nondurable goods increased 0.9 percent in November, the same increase as
in October.  Purchases of services increased 0.2 percent in November, compared with an increase
of 0.1 percent in October.

                              Revisions

 Estimates have been revised for July through October.  Changes in personal income, current-
dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for
September and October -- revised and as published in last month's release -- are shown below.
Revisions to August reflect revised estimates of the damage and insurance settlements from
Hurricane Katrina.  For more information on these revisions, see the Hurricane Katrina FAQs on
"What are the effects of Hurricanes Katrina, Rita, and Wilma on Monthly Personal Income?" on
BEA's Web site.



                                                   Change from preceding month
                                         September                               October
                        Previous  Revised   Previous  Revised   Previous  Revised   Previous  Revised
                     (Billions of dollars)     (Percent)      (Billions of dollars)     (Percent)
Personal Income:
Current dollars............174.8    300.9        1.7      3.0       42.5     53.5        0.4      0.5
Disposable personal income:
Current dollars............172.0    297.6        1.9      3.4       26.4     40.0        0.3      0.4
Chained (2000) dollars..... 79.1    189.8        1.0      2.4       15.2     26.2        0.2      0.3
Personal consumption expenditures:
Current dollars............ 46.8     35.7        0.5      0.4       15.1     13.4        0.2      0.2
Chained (2000) dollars.....-31.0    -42.3       -0.4     -0.5        5.4      2.9        0.1      0.0


 BEA's national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov.
By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and
                           announcements.

                        *          *          *

Next release -- Personal Income and Outlays for December will be released on
                  January 30, 2006, at 8:30 A.M. EST.


Release dates in 2006


December 2005...     January 30 April 2006.... May 26        August 2006........ September 29
January 2006.......  March 1    May 2006.....  June 30       September 2006...   October 30
February 2006.....   March 31   June 2006..... August 1      October 2006....... November 30
March 2006.........  May 1      July 2006..... August 31     November 2006...    December 22

                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 05     May 05     Jun 05     Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\r\  Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,145.1   10,180.6   10,231.5   10,274.7   10,058.7   10,359.6   10,413.1   10,442.9

  Compensation of employees, received......    7,035.6    7,058.8    7,086.1    7,139.9    7,147.6    7,178.7    7,216.8    7,230.5

    Wage and salary disbursements..........    5,650.1    5,671.1    5,695.7    5,734.4    5,734.1    5,756.3    5,788.3    5,797.8
      Private industries...................    4,684.2    4,703.6    4,727.4    4,762.8    4,759.5    4,777.4    4,808.4    4,816.2
        Goods-producing industries.........    1,102.9    1,106.8    1,111.8    1,117.0    1,120.1    1,119.9    1,132.5    1,133.7
          Manufacturing....................      713.9      715.1      717.5      720.5      721.8      720.0      729.5      728.8
        Services-producing industries......    3,581.2    3,596.8    3,615.6    3,645.8    3,639.4    3,657.5    3,676.0    3,682.5
          Trade, transportation, and
           utilities.......................      946.4      950.9      955.9      964.2      960.2      961.4      965.0      965.6
          Other services-producing
           industries......................    2,634.8    2,645.9    2,659.7    2,681.7    2,679.2    2,696.1    2,711.0    2,716.9
      Government...........................      965.9      967.5      968.4      971.6      974.6      978.9      979.8      981.6

    Supplements to wages and salaries......    1,385.5    1,387.7    1,390.4    1,405.5    1,413.5    1,422.4    1,428.6    1,432.6
      Employer contributions for employee
       pension and insurance funds.........      963.2      964.4      965.6      978.5      987.0      994.8      999.1    1,003.0
      Employer contributions for government
       social insurance....................      422.3      423.4      424.8      427.0      426.5      427.6      429.5      429.6

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      930.8      933.5      945.7      947.3      891.4      958.4      958.0      959.0
    Farm...................................       23.2       19.7       15.8       19.0       17.4       17.7       17.0       16.0
    Nonfarm................................      907.5      913.8      929.9      928.2      874.1      940.7      941.1      943.0

  Rental income of persons with capital
   consumption adjustment..................      109.4      104.1       99.7       96.5     -213.4       83.6       71.9       78.3

  Personal income receipts on assets.......    1,426.8    1,439.7    1,452.8    1,460.9    1,468.8    1,476.9    1,490.3    1,503.6
    Personal interest income...............      927.0      936.0      944.9      948.1      951.2      954.4      962.6      970.7
    Personal dividend income...............      499.8      503.8      507.9      512.8      517.6      522.5      527.7      532.9

  Personal current transfer receipts.......    1,504.9    1,509.1    1,514.8    1,502.4    1,635.9    1,536.0    1,553.7    1,550.0
    Government social benefits to persons..    1,475.7    1,479.8    1,485.5    1,473.1    1,478.1    1,498.5    1,511.6    1,520.6
      Old-age, survivors, disability, and
       health insurance benefits...........      838.8      842.2      845.6      847.3      851.2      851.9      855.7      857.1
      Government unemployment insurance
       benefits............................       28.1       27.7       28.1       27.9       27.6       30.0       30.7       29.6
      Other................................      608.8      609.9      611.8      597.9      599.3      616.5      625.2      633.9
    Other current transfer receipts, from
     business (net)........................       29.2       29.2       29.3       29.3      157.8       37.5       42.1       29.5

  Less: Contributions for government social
   insurance...............................      862.4      864.7      867.6      872.2      871.6      873.9      877.7      878.5

Less: Personal current taxes...............    1,196.1    1,206.0    1,216.1    1,215.0    1,214.6    1,218.1    1,231.5    1,236.2

Equals: Disposable personal income.........    8,949.0    8,974.6    9,015.4    9,059.6    8,844.0    9,141.6    9,181.6    9,206.7

Less: Personal outlays.....................    8,966.7    8,971.4    9,065.4    9,186.8    9,149.1    9,185.9    9,199.9    9,225.8

  Personal consumption expenditures........    8,646.6    8,647.2    8,737.3    8,858.0    8,819.1    8,854.8    8,868.2    8,893.5
    Durable goods..........................    1,046.4    1,008.9    1,051.2    1,130.0    1,031.7      990.9      966.7      993.1
    Nondurable goods.......................    2,529.2    2,525.1    2,546.8    2,566.9    2,603.6    2,644.1    2,657.4    2,631.0
    Services...............................    5,071.0    5,113.2    5,139.2    5,161.2    5,183.8    5,219.8    5,244.1    5,269.4
  Personal interest payments\1\............      201.8      205.3      208.8      209.5      210.1      210.7      210.8      210.9
  Personal current transfer payments.......      118.3      118.8      119.3      119.4      119.8      120.4      120.9      121.4
    To government..........................       73.4       74.0       74.4       75.0       75.4       76.0       76.5       77.0
    To the rest of the world (net).........       44.9       44.9       44.9       44.4       44.4       44.4       44.4       44.4

Equals: Personal saving....................      -17.7        3.2      -50.0     -127.2     -305.0      -44.4      -18.3      -19.1

  Personal saving as a percentage of
   disposable personal income..............        -.2         .0        -.6       -1.4       -3.4        -.5        -.2        -.2

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,077.9    8,097.1    8,133.0    8,148.8    7,921.5    8,111.3    8,137.5    8,194.9
    Per capita:
      Current dollars......................     30,218     30,281     30,393     30,516     29,762     30,736     30,843     30,901
      Chained (2000) dollars...............     27,277     27,320     27,418     27,448     26,658     27,272     27,336     27,505
  Population (midperiod, thousands)\3\.....    296,144    296,381    296,626    296,884    297,156    297,427    297,686    297,938
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                                Table 2.--Personal Income and Its Disposition (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004      II 04     III 04      IV 04       I 05      II 05     III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................    9,169.1    9,713.3    9,614.3    9,729.2   10,024.8   10,073.4   10,185.7   10,231.0

  Compensation of employees, received......    6,321.1    6,687.6    6,603.6    6,724.2    6,895.8    7,001.7    7,060.2    7,155.4

    Wage and salary disbursements..........    5,111.1    5,389.4    5,318.1    5,422.0    5,562.9    5,629.9    5,672.3    5,741.6
      Private industries...................    4,207.8    4,450.0    4,380.3    4,479.2    4,612.9    4,668.1    4,705.0    4,766.6
        Goods-producing industries.........    1,007.2    1,049.9    1,035.6    1,062.3    1,083.0    1,099.2    1,107.2    1,119.0
          Manufacturing....................      668.7      687.7      677.6      696.1      707.8      715.3      715.5      720.8
        Services-producing industries......    3,200.6    3,400.1    3,344.8    3,416.8    3,529.9    3,568.8    3,597.9    3,647.6
          Trade, transportation, and
           utilities.......................      858.6      899.7      889.5      906.3      931.1      937.8      951.1      961.9
          Other services-producing
           industries......................    2,342.0    2,500.4    2,455.3    2,510.5    2,598.8    2,631.0    2,646.8    2,685.6
      Government...........................      903.3      939.5      937.7      942.8      950.0      961.8      967.3      975.0

    Supplements to wages and salaries......    1,210.0    1,298.1    1,285.5    1,302.3    1,332.9    1,371.8    1,387.9    1,413.8
      Employer contributions for employee
       pension and insurance funds.........      830.0      895.5      887.5      897.9      919.6      950.0      964.4      986.8
      Employer contributions for government
       social insurance....................      380.0      402.7      398.0      404.4      413.4      421.9      423.5      427.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      810.2      889.6      898.4      889.1      900.9      917.9      936.6      932.4
    Farm...................................       27.7       35.8       44.1       29.7       24.6       24.7       19.6       18.0
    Nonfarm................................      782.4      853.8      854.2      859.4      876.3      893.2      917.1      914.3

  Rental income of persons with capital
   consumption adjustment..................      131.7      134.2      141.8      122.1      128.7      118.0      104.4      -11.1

  Personal income receipts on assets.......    1,338.7    1,396.5    1,363.9    1,378.2    1,493.6    1,407.9    1,439.8    1,468.9
    Personal interest income...............      917.6      905.9      905.1      904.7      907.4      915.4      936.0      951.2
    Personal dividend income...............      421.1      490.6      458.8      473.5      586.2      492.5      503.8      517.6

  Personal current transfer receipts.......    1,344.0    1,427.5    1,419.8    1,441.5    1,449.2    1,488.8    1,509.6    1,558.1
    Government social benefits to persons..    1,313.5    1,394.5    1,390.8    1,397.1    1,419.5    1,459.7    1,480.4    1,483.2
      Old-age, survivors, disability, and
       health insurance benefits...........      739.3      789.3      784.9      793.7      805.5      828.0      842.2      850.1
      Government unemployment insurance
       benefits............................       52.8       36.0       35.3       33.3       32.4       29.4       28.0       28.5
      Other................................      521.4      569.2      570.7      570.1      581.5      602.2      610.2      604.6
    Other current transfer receipts, from
     business (net)........................       30.5       33.0       28.9       44.4       29.8       29.1       29.2       74.8

  Less: Contributions for government social
   insurance...............................      776.6      822.2      813.0      825.9      843.5      861.0      864.9      872.6

Less: Personal current taxes...............      999.9    1,049.1    1,034.0    1,058.4    1,094.3    1,171.4    1,206.0    1,215.9

Equals: Disposable personal income.........    8,169.2    8,664.2    8,580.3    8,670.9    8,930.4    8,902.0    8,979.7    9,015.1

Less: Personal outlays.....................    7,996.3    8,512.5    8,439.1    8,566.3    8,725.0    8,854.6    9,001.2    9,173.9

  Personal consumption expenditures........    7,709.9    8,214.3    8,145.6    8,263.2    8,416.1    8,535.8    8,677.0    8,844.0
    Durable goods..........................      950.1      987.8      974.6      993.8    1,008.6    1,017.3    1,035.5    1,050.9
    Nondurable goods.......................    2,189.0    2,368.3    2,355.2    2,378.4    2,437.1    2,476.6    2,533.7    2,604.9
    Services...............................    4,570.8    4,858.2    4,815.9    4,891.0    4,970.4    5,041.8    5,107.8    5,188.3
  Personal interest payments\1\............      183.2      186.7      182.2      190.3      196.2      198.1      205.3      210.1
  Personal current transfer payments.......      103.3      111.5      111.3      112.8      112.7      120.8      118.8      119.9
    To government..........................       62.1       68.6       67.8       69.4       71.0       72.5       73.9       75.4
    To the rest of the world (net).........       41.2       42.9       43.5       43.4       41.7       48.3       44.9       44.4

Equals: Personal saving....................      172.8      151.8      141.2      104.6      205.4       47.4      -21.5     -158.9

  Personal saving as a percentage of
   disposable personal income..............        2.1        1.8        1.6        1.2        2.3         .5        -.2       -1.8

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    7,741.8    8,004.3    7,938.8    7,993.3    8,169.2    8,098.1    8,102.6    8,060.8
    Per capita:
      Current dollars......................     28,065     29,475     29,231     29,461     30,265     30,103     30,298     30,338
      Chained (2000) dollars...............     26,596     27,230     27,045     27,159     27,685     27,384     27,338     27,127
  Population (midperiod, thousands)\3\.....    291,085    293,951    293,540    294,315    295,077    295,720    296,383    297,155
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for
   personal consumption expenditures.
3. Population is the total population of the United States, including the Armed
   Forces overseas and the institutionalized population.  The monthly estimate
   is the average of estimates for the first of the month and the first of the
   following month; the annual and quarterly estimates are averages of the
   monthly estimates.

                       Table 3.--Personal Income and Its Disposition, Change from Preceding Period (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 05     May 05     Jun 05     Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\r\  Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       23.1       35.5       50.9       43.2     -216.0      300.9       53.5       29.8

  Compensation of employees, received......       -4.7       23.2       27.3       53.8        7.7       31.1       38.1       13.7

    Wage and salary disbursements..........       -5.2       21.0       24.6       38.7        -.3       22.2       32.0        9.5
      Private industries...................       -6.9       19.4       23.8       35.4       -3.3       17.9       31.0        7.8
        Goods-producing industries.........       -3.0        3.9        5.0        5.2        3.1        -.2       12.6        1.2
          Manufacturing....................       -5.3        1.2        2.4        3.0        1.3       -1.8        9.5        -.7
        Services-producing industries......       -4.0       15.6       18.8       30.2       -6.4       18.1       18.5        6.5
          Trade, transportation, and
           utilities.......................        4.4        4.5        5.0        8.3       -4.0        1.2        3.6         .6
          Other services-producing
           industries......................       -8.4       11.1       13.8       22.0       -2.5       16.9       14.9        5.9
      Government...........................        1.8        1.6         .9        3.2        3.0        4.3         .9        1.8

    Supplements to wages and salaries......         .5        2.2        2.7       15.1        8.0        8.9        6.2        4.0
      Employer contributions for employee
       pension and insurance funds.........        1.4        1.2        1.2       12.9        8.5        7.8        4.3        3.9
      Employer contributions for government
       social insurance....................        -.9        1.1        1.4        2.2        -.5        1.1        1.9         .1

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        6.7        2.7       12.2        1.6      -55.9       67.0        -.4        1.0
    Farm...................................       -2.7       -3.5       -3.9        3.2       -1.6         .3        -.7       -1.0
    Nonfarm................................        9.3        6.3       16.1       -1.7      -54.1       66.6         .4        1.9

  Rental income of persons with capital
   consumption adjustment..................       -5.0       -5.3       -4.4       -3.2     -309.9      297.0      -11.7        6.4

  Personal income receipts on assets.......       13.7       12.9       13.1        8.1        7.9        8.1       13.4       13.3
    Personal interest income...............        8.9        9.0        8.9        3.2        3.1        3.2        8.2        8.1
    Personal dividend income...............        4.8        4.0        4.1        4.9        4.8        4.9        5.2        5.2

  Personal current transfer receipts.......       10.9        4.2        5.7      -12.4      133.5      -99.9       17.7       -3.7
    Government social benefits to persons..       10.9        4.1        5.7      -12.4        5.0       20.4       13.1        9.0
      Old-age, survivors, disability, and
       health insurance benefits...........        6.7        3.4        3.4        1.7        3.9         .7        3.8        1.4
      Government unemployment insurance
       benefits............................       -1.1        -.4         .4        -.2        -.3        2.4         .7       -1.1
      Other................................        5.2        1.1        1.9      -13.9        1.4       17.2        8.7        8.7
    Other current transfer receipts, from
     business (net)........................         .1         .0         .1         .0      128.5     -120.3        4.6      -12.6

  Less: Contributions for government social
   insurance...............................       -1.4        2.3        2.9        4.6        -.6        2.3        3.8         .8

Less: Personal current taxes...............       16.3        9.9       10.1       -1.1        -.4        3.5       13.4        4.7

Equals: Disposable personal income.........        6.8       25.6       40.8       44.2     -215.6      297.6       40.0       25.1

Less: Personal outlays.....................       64.5        4.7       94.0      121.4      -37.7       36.8       14.0       25.9

  Personal consumption expenditures........       64.0         .6       90.1      120.7      -38.9       35.7       13.4       25.3
    Durable goods..........................       15.7      -37.5       42.3       78.8      -98.3      -40.8      -24.2       26.4
    Nondurable goods.......................       43.8       -4.1       21.7       20.1       36.7       40.5       13.3      -26.4
    Services...............................        4.5       42.2       26.0       22.0       22.6       36.0       24.3       25.3
  Personal interest payments\1\............        3.4        3.5        3.5         .7         .6         .6         .1         .1
  Personal current transfer payments.......       -3.0         .5         .5         .1         .4         .6         .5         .5
    To government..........................         .5         .6         .4         .6         .4         .6         .5         .5
    To the rest of the world (net).........       -3.4         .0         .0        -.5         .0         .0         .0         .0

Equals: Personal saving....................      -57.7       20.9      -53.2      -77.2     -177.8      260.6       26.1        -.8

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      -27.7       19.2       35.9       15.8     -227.3      189.8       26.2       57.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                 Table 4.--Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
                                [Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004      II 04     III 04      IV 04       I 05      II 05     III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      287.2      544.2      129.5      114.9      295.6       48.6      112.3       45.3

  Compensation of employees, received......      229.9      366.5       76.9      120.6      171.6      105.9       58.5       95.2

    Wage and salary disbursements..........      130.2      278.3       63.3      103.9      140.9       67.0       42.4       69.3
      Private industries...................       92.8      242.2       52.8       98.9      133.7       55.2       36.9       61.6
        Goods-producing industries.........       -3.5       42.7       16.9       26.7       20.7       16.2        8.0       11.8
          Manufacturing....................       -6.8       19.0        8.3       18.5       11.7        7.5         .2        5.3
        Services-producing industries......       96.4      199.5       36.1       72.0      113.1       38.9       29.1       49.7
          Trade, transportation, and
           utilities.......................       15.5       41.1       17.7       16.8       24.8        6.7       13.3       10.8
          Other services-producing
           industries......................       80.9      158.4       18.3       55.2       88.3       32.2       15.8       38.8
      Government...........................       37.4       36.2       10.4        5.1        7.2       11.8        5.5        7.7

    Supplements to wages and salaries......       99.7       88.1       13.6       16.8       30.6       38.9       16.1       25.9
      Employer contributions for employee
       pension and insurance funds.........       84.9       65.5       10.5       10.4       21.7       30.4       14.4       22.4
      Employer contributions for government
       social insurance....................       14.8       22.7        3.1        6.4        9.0        8.5        1.6        3.5

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       41.8       79.4       28.2       -9.3       11.8       17.0       18.7       -4.2
    Farm...................................       17.1        8.1        -.7      -14.4       -5.1         .1       -5.1       -1.6
    Nonfarm................................       24.6       71.4       28.8        5.2       16.9       16.9       23.9       -2.8

  Rental income of persons with capital
   consumption adjustment..................      -21.2        2.5       -2.4      -19.7        6.6      -10.7      -13.6     -115.5

  Personal income receipts on assets.......        5.5       57.8       13.5       14.3      115.4      -85.7       31.9       29.1
    Personal interest income...............      -18.5      -11.7       -1.5        -.4        2.7        8.0       20.6       15.2
    Personal dividend income...............       23.9       69.5       14.9       14.7      112.7      -93.7       11.3       13.8

  Personal current transfer receipts.......       57.8       83.5       20.2       21.7        7.7       39.6       20.8       48.5
    Government social benefits to persons..       64.6       81.0       20.2        6.3       22.4       40.2       20.7        2.8
      Old-age, survivors, disability, and
       health insurance benefits...........       31.8       50.0       12.0        8.8       11.8       22.5       14.2        7.9
      Government unemployment insurance
       benefits............................        -.4      -16.8       -7.8       -2.0        -.9       -3.0       -1.4         .5
      Other................................       33.2       47.8       16.1        -.6       11.4       20.7        8.0       -5.6
    Other current transfer receipts, from
     business (net)........................       -6.8        2.5        -.1       15.5      -14.6        -.7         .1       45.6

  Less: Contributions for government social
   insurance...............................       26.6       45.6        6.7       12.9       17.6       17.5        3.9        7.7

Less: Personal current taxes...............      -51.9       49.2       24.4       24.4       35.9       77.1       34.6        9.9

Equals: Disposable personal income.........      339.1      495.0      105.0       90.6      259.5      -28.4       77.7       35.4

Less: Personal outlays.....................      351.0      516.2      119.7      127.2      158.7      129.6      146.6      172.7

  Personal consumption expenditures........      359.2      504.4      113.3      117.6      152.9      119.7      141.2      167.0
    Durable goods..........................       26.2       37.7         .4       19.2       14.8        8.7       18.2       15.4
    Nondurable goods.......................      109.4      179.3       52.5       23.2       58.7       39.5       57.1       71.2
    Services...............................      223.6      287.4       60.5       75.1       79.4       71.4       66.0       80.5
  Personal interest payments\1\............      -13.2        3.5        4.2        8.1        5.9        1.9        7.2        4.8
  Personal current transfer payments.......        5.1        8.2        2.1        1.5        -.1        8.1       -2.0        1.1
    To government..........................        3.9        6.5        1.7        1.6        1.6        1.5        1.4        1.5
    To the rest of the world (net).........        1.2        1.7         .5        -.1       -1.7        6.6       -3.4        -.5

Equals: Personal saving....................      -11.9      -21.0      -14.6      -36.6      100.8     -158.0      -68.9     -137.4

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............      179.6      262.5       23.7       54.5      175.9      -71.1        4.5      -41.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator
   for personal consumption expenditures.

                   Table 5.--Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
                                           [Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 05     May 05     Jun 05     Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\r\  Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .2         .4         .5         .4       -2.1        3.0         .5         .3
  Compensation of employees, received......        -.1         .3         .4         .8         .1         .4         .5         .2
    Wage and salary disbursements..........        -.1         .4         .4         .7         .0         .4         .6         .2
    Supplements to wages and salaries......         .0         .2         .2        1.1         .6         .6         .4         .3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .7         .3        1.3         .2       -5.9        7.5         .0         .1
  Rental income of persons with capital
   consumption adjustment..................       -4.3       -4.8       -4.3       -3.2      .....      .....      -13.9        8.8
  Personal income receipts on assets.......        1.0         .9         .9         .6         .5         .5         .9         .9
    Personal interest income...............        1.0        1.0        1.0         .3         .3         .3         .9         .8
    Personal dividend income...............        1.0         .8         .8        1.0         .9         .9        1.0        1.0
  Personal current transfer receipts.......         .7         .3         .4        -.8        8.9       -6.1        1.2        -.2

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

Less: Personal current taxes...............        1.4         .8         .8        -.1         .0         .3        1.1         .4

Equals: Disposable personal income.........         .1         .3         .5         .5       -2.4        3.4         .4         .3

Addenda:
  Personal consumption expenditures........         .7         .0        1.0        1.4        -.4         .4         .2         .3
    Durable goods..........................        1.5       -3.6        4.2        7.5       -8.7       -4.0       -2.4        2.7
    Nondurable goods.......................        1.8        -.2         .9         .8        1.4        1.6         .5       -1.0
    Services...............................         .1         .8         .5         .4         .4         .7         .5         .5

  Real disposable personal income..........        -.3         .2         .4         .2       -2.8        2.4         .3         .7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised


>
             Table 6.--Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004      II 04     III 04      IV 04       I 05      II 05     III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        3.2        5.9        5.6        4.9       12.7        2.0        4.5        1.8
  Compensation of employees, received......        3.8        5.8        4.8        7.5       10.6        6.3        3.4        5.5
    Wage and salary disbursements..........        2.6        5.4        4.9        8.0       10.8        4.9        3.0        5.0
    Supplements to wages and salaries......        9.0        7.3        4.3        5.3        9.8       12.2        4.8        7.7
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        5.4        9.8       13.6       -4.0        5.4        7.8        8.4       -1.8
  Rental income of persons with capital
   consumption adjustment..................      -13.9        1.9       -6.7      -44.9       23.6      -29.5      -38.6      .....
  Personal income receipts on assets.......         .4        4.3        4.0        4.3       37.9      -21.0        9.4        8.3
    Personal interest income...............       -2.0       -1.3        -.6        -.2        1.2        3.6        9.3        6.7
    Personal dividend income...............        6.0       16.5       14.1       13.5      134.9      -50.2        9.5       11.4
  Personal current transfer receipts.......        4.5        6.2        5.9        6.3        2.2       11.4        5.7       13.5

  Less: Contributions for government social
   insurance...............................        3.5        5.9        3.4        6.5        8.8        8.5        1.8        3.6

Less: Personal current taxes...............       -4.9        4.9       10.0        9.8       14.3       31.3       12.4        3.3

Equals: Disposable personal income.........        4.3        6.1        5.1        4.3       12.5       -1.3        3.5        1.6

Addenda:
  Personal consumption expenditures........        4.9        6.5        5.8        5.9        7.6        5.8        6.8        7.9
    Durable goods..........................        2.8        4.0         .2        8.1        6.1        3.5        7.3        6.1
    Nondurable goods.......................        5.3        8.2        9.4        4.0       10.3        6.6        9.5       11.7
    Services...............................        5.1        6.3        5.2        6.4        6.7        5.9        5.3        6.5

  Real disposable personal income..........        2.4        3.4        1.2        2.8        9.1       -3.4         .2       -2.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 05     May 05     Jun 05     Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\r\  Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,804.9    7,801.7    7,882.1    7,967.5    7,899.2    7,856.9    7,859.8    7,916.2
  Durable goods............................    1,156.1    1,112.1    1,163.5    1,255.9    1,149.8    1,103.6    1,077.0    1,108.2
  Nondurable goods.........................    2,273.5    2,279.8    2,304.3    2,306.1    2,314.5    2,296.7    2,317.5    2,338.2
  Services.................................    4,396.2    4,421.5    4,435.0    4,443.7    4,452.2    4,464.5    4,467.2    4,477.4
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........       25.2       -3.2       80.4       85.4      -68.3      -42.3        2.9       56.4
  Durable goods............................       18.3      -44.0       51.4       92.4     -106.1      -46.2      -26.6       31.2
  Nondurable goods.........................       18.1        6.3       24.5        1.8        8.4      -17.8       20.8       20.7
  Services.................................       -7.5       25.3       13.5        8.7        8.5       12.3        2.7       10.2
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .3         .0        1.0        1.1        -.9        -.5         .0         .7
  Durable goods............................        1.6       -3.8        4.6        7.9       -8.5       -4.0       -2.4        2.9
  Nondurable goods.........................         .8         .3        1.1         .1         .4        -.8         .9         .9
  Services.................................        -.2         .6         .3         .2         .2         .3         .1         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

                  Table 8.--Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
                                          [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                  2003       2004      II 04     III 04      IV 04       I 05      II 05     III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,306.6    7,588.6    7,536.6    7,617.5    7,698.8    7,764.9    7,829.5    7,907.9
  Durable goods............................    1,028.5    1,089.9    1,072.5    1,100.4    1,115.1    1,122.3    1,143.9    1,169.7
  Nondurable goods.........................    2,101.8    2,200.4    2,186.1    2,206.9    2,236.5    2,265.6    2,285.9    2,305.8
  Services.................................    4,183.9    4,310.9    4,288.6    4,324.0    4,362.1    4,392.0    4,417.6    4,453.5
                                           ----------------------------------------------------------------------------------------
                                                                       Change from preceding period in
                                                                      billions of chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........      207.3      282.0       35.2       80.9       81.3       66.1       64.6       78.4
  Durable goods............................       63.7       61.4         .9       27.9       14.7        7.2       21.6       25.8
  Nondurable goods.........................       64.7       98.6       14.2       20.8       29.6       29.1       20.3       19.9
  Services.................................       83.5      127.0       19.6       35.4       38.1       29.9       25.6       35.9
                                           ----------------------------------------------------------------------------------------
                                                                     Percent change from preceding period
                                                                          in chained (2000) dollars
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        2.9        3.9        1.9        4.4        4.3        3.5        3.4        4.1
  Durable goods............................        6.6        6.0         .4       10.8        5.5        2.6        7.9        9.3
  Nondurable goods.........................        3.2        4.7        2.6        3.9        5.5        5.3        3.6        3.5
  Services.................................        2.0        3.0        1.8        3.4        3.6        2.8        2.3        3.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised

      Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 05     May 05     Jun 05     Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\r\  Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    110.792    110.847    110.858    111.181    111.651    112.707    112.835    112.351
  Durable goods............................     90.512     90.715     90.354     89.979     89.742     89.795     89.771     89.621
  Nondurable goods.........................    111.257    110.769    110.536    111.318    112.499    115.138    114.677    112.531
  Services.................................    115.358    115.653    115.888    116.154    116.442    116.929    117.399    117.698
Addenda:
  PCE excluding food and energy............    108.901    109.146    109.203    109.264    109.428    109.658    109.819    109.964
  Market-based PCE\1\......................    109.849    109.867    109.864    110.213    110.704    111.834    111.939    111.377
  Market-based PCE excluding food
   and energy\1\...........................    107.331    107.569    107.617    107.657    107.787    107.946    108.086    108.260
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .4         .0         .0         .3         .4         .9         .1        -.4
  Durable goods............................        -.1         .2        -.4        -.4        -.3         .1         .0        -.2
  Nondurable goods.........................         .9        -.4        -.2         .7        1.1        2.3        -.4       -1.9
  Services.................................         .3         .3         .2         .2         .2         .4         .4         .3
Addenda:
  PCE excluding food and energy............         .1         .2         .1         .1         .2         .2         .1         .1
  Market-based PCE\1\......................         .4         .0         .0         .3         .4        1.0         .1        -.5
  Market-based PCE excluding food
   and energy\1\...........................         .0         .2         .0         .0         .1         .1         .1         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 05     May 05     Jun 05     Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\r\  Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        1.8        1.9        2.5        2.2       -1.0        1.4        1.2        1.5

Personal consumption expenditures..........        4.0        3.1        4.6        4.7        3.8        2.9        2.5        3.0
  Durable goods............................        9.2        1.8        9.1       13.1        5.0         .7       -2.1         .1
  Nondurable goods.........................        4.5        3.8        5.4        5.0        5.2        3.3        3.6        4.8
  Services.................................        2.8        3.0        3.3        3.0        3.0        3.0        2.8        2.7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Apr 05     May 05     Jun 05     Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\r\  Nov 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        2.9        2.5        2.2        2.6        2.9        3.8        3.4        2.7
  Durable goods............................        -.4        -.2        -.5        -.6        -.5        -.5        -.7        -.9
  Nondurable goods.........................        4.1        2.5        2.0        3.3        4.4        6.8        5.1        3.1
  Services.................................        3.0        3.0        2.9        2.9        2.9        3.2        3.3        3.2
Addenda:
  PCE excluding food and energy............        2.0        2.0        1.9        1.9        2.0        2.0        1.9        1.8
  Market-based PCE\1\......................        2.7        2.3        2.1        2.4        2.9        3.8        3.4        2.7
  Market-based PCE excluding food
   and energy\1\...........................        1.6        1.7        1.6        1.6        1.7        1.7        1.6        1.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.