News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, DECEMBER 1, 2005
BEA 05-51

Personal Income and Outlays, October 2005



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                                       James E. Rankin:       (202) 606-5301  (Personal Income)BEA 05-51
Michael Armah:      (202)    606-5302  (Personal Outlays)

              PERSONAL INCOME AND OUTLAYS: OCTOBER 2005

 Personal income increased $42.5 billion, or 0.4 percent, and disposable personal income (DPI)
increased $26.4 billion, or 0.3 percent, in October, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $15.1 billion, or 0.2 percent.  In September,
personal income rebounded from the effects of Hurricane Katrina and increased $174.8 billion, or
1.7 percent, DPI increased $172.0 billion, or 1.9 percent, and PCE increased $46.8 billion, or 0.5
percent, based on revised estimates.





                                                          2005
                                        June     July     Aug.     Sept.    Oct.
                                         (Percent change from preceding month)
Personal income, current dollars         0.5      0.4     -1.0       1.7     0.4
Disposable personal income:
Current dollars                          0.5      0.4     -1.1       1.9     0.3
Chained (2000) dollars                   0.4      0.1     -1.5       1.0     0.2
Personal consumption expenditures:
Current dollars                          1.0      1.4     -0.5       0.5     0.2
Chained (2000) dollars                   1.0      1.1     -0.9      -0.4     0.1




       This news release also presents revised estimates of wages and salaries, personal taxes, and
contributions for government social insurance for April through June 2005 (second quarter).  These
estimates reflect newly available second-quarter wage and salary tabulations from the quarterly
census of employment and wages from the Bureau of Labor Statistics.



         The October, September, and August estimates of personal income reflect the effects of
Hurricanes Wilma, Rita and Katrina.  Rental income of persons and proprietors' income together
were reduced by about $10 billion (at an annual rate) in October, by about $5 billion in September,
and by about $240 billion in August to reflect the uninsured losses of residential and business
property.  "Other current transfer receipts from business (net)" was boosted by about $13 billion (at
an annual rate) in October, by about $7 billion in September, and by about $120 billion in August to
reflect insurance benefits payments to persons.  Excluding these effects, which are discussed more
fully below, personal income increased $42.1 billion, or 0.4 percent, in October, after increasing
$52.1 billion, or 0.5 percent, in September, and $19.8 billion, or 0.2 percent, in August.  Because
other effects of the hurricanes were embedded in BEA's source data and could not be separately
identified, BEA did not attempt to quantify their impact.

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


                         Wages and salaries

 Private wage and salary disbursements increased $32.9 billion in October, compared with an
increase of $15.2 billion in September.  Goods-producing industries' payrolls increased $12.6
billion, in contrast to a decrease of $1.9 billion; manufacturing payrolls increased $10.2 billion, in
contrast to a decrease of $3.0 billion.  Services-producing industries' payrolls increased $20.3
billion, compared with an increase of $17.1 billion.  Government wage and salary disbursements
increased $1.5 billion, compared with an increase of $4.3 billion.

                        Other personal income

 Supplements to wages and salaries increased $7.1 billion in October, compared with an
increase of $8.5 billion in September.

 Proprietors' income decreased $1.7 billion in October, in contrast to an increase of $43.9 billion
in September.  Farm proprietors' income decreased $0.4 billion, in contrast to an increase of $0.5
billion.  Nonfarm proprietors' income decreased $1.4 billion, in contrast to an increase of $43.3
billion.  Changes in nonfarm proprietors' income reflected the impact of Hurricanes Wilma, Rita,
and Katrina, which subtracted $1.5 billion (at an annual rate) in October, subtracted $0.5 billion in
September, and subtracted $41.6 billion in August.

 Rental income of persons decreased $13.8 billion in October, in contrast to an increase of
$192.6 billion in September.  Changes in rental income reflected the impact of the hurricanes, which
subtracted $9.0 billion (at an annual rate) in October, subtracted $4.8 billion in September, and
subtracted $199.6 billion in August.

   Personal income receipts on assets (personal interest income plus personal dividend income)
increased $8.1 billion in October, compared with an increase of $6.3 billion in September.

 Personal current transfer receipts increased $12.4 billion in October, in contrast to a decrease of
$94.0 billion in September.  Changes in personal current transfer receipts reflected the impact of net
insurance settlements associated with the hurricanes, which added $12.7 billion (at an annual rate) in
October, added $7.1 billion in September, and added $120.3 billion in August.

 Contributions for government social insurance -- a subtraction in calculating personal income --
increased $4.1 billion in October, compared with an increase $1.9 billion in September.



        Personal current taxes and disposable personal income

 Personal current taxes was increased $16.0 billion in October, compared with an increase of
$2.9 billion in September.  Disposable personal income (DPI) -- personal income less personal
current taxes -- increased $26.4 billion, or 0.3 percent, in October, compared with an increase of
$172.0 billion, or 1.9 percent, in September.


                Personal outlays and personal saving

 Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $17.0 billion in October, compared with an increase of $48.1 billion in September.  PCE
increased $15.1 billion, compared with an increase of $46.8 billion.

 Personal saving -- DPI less personal outlays -- was a negative $61.5 billion in October,
compared with a negative $70.9 billion in September.  Personal saving as a percentage of disposable
personal income was a negative 0.7 percent in October, compared with a negative 0.8 percent in
September.  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 0.2 percent in October,
compared with an increase of 1.0 percent in September.

 Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in October, in
contrast to a decrease of 0.4 percent in September.  Purchases of durable goods decreased 2.5
percent, compared with a decrease of 3.0 percent.  Purchases of motor vehicles and parts accounted
for most of the decreases in October and in September.  Purchases of nondurable goods increased
1.0 percent in October, in contrast to a decrease of 0.7 percent in September.  Purchases of services
increased 0.1 percent, compared with an increase of 0.3 percent.










                              Revisions

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

    For April through September, the revisions to wages and salaries reflected the incorporation of
the most recently available BLS tabulations of second-quarter private wages and salaries from the
quarterly census of employment and wages.  Wages and salaries were revised down for all six
months.  Revisions to personal current taxes and to contributions for government social insurance
           reflected the revisions to wages and salaries.



                                        Change from preceding month
                                         August                                  September
                        Previous  Revised   Previous  Revised   Previous  Revised   Previous  Revised
                      (Billions of dollars)     (Percent)     (Billions of dollars)     (Percent)
Personal Income:
Current dollars............-94.9   -101.1       -0.9     -1.0      173.5    174.8        1.7      1.7
Disposable personal income:
Current dollars............-95.4   -100.6       -1.1     -1.1      171.2    172.0        1.9      1.9
Chained (2000) dollars....-118.7   -123.6       -1.5     -1.5       77.9     79.1        1.0      1.0
Personal consumption expenditures:
Current dollars............-48.4    -40.1       -0.5     -0.5       44.1     46.8        0.5      0.5
Chained (2000) dollars.....-76.0    -68.6       -1.0     -0.9      -33.4    -31.0       -0.4     -0.4




    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 November will be released on
                 December 22, 2005, at 8:30 A.M. EST.



                                      Table 1.--Personal Income and Its Disposition (Months)
                                 [Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 05     Apr 05\r\  May 05\r\  Jun 05\r\  Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................   10,122.0   10,145.1   10,180.6   10,231.5   10,268.8   10,167.7   10,342.5   10,385.0

  Compensation of employees, received......    7,040.3    7,035.6    7,058.8    7,086.1    7,135.4    7,141.7    7,169.6    7,211.3

    Wage and salary disbursements..........    5,655.3    5,650.1    5,671.1    5,695.7    5,734.7    5,734.4    5,753.9    5,788.3
      Private industries...................    4,691.1    4,684.2    4,703.6    4,727.4    4,763.1    4,759.8    4,775.0    4,807.9
        Goods-producing industries.........    1,105.9    1,102.9    1,106.8    1,111.8    1,117.0    1,120.1    1,118.2    1,130.8
          Manufacturing....................      719.2      713.9      715.1      717.5      720.5      721.8      718.8      729.0
        Services-producing industries......    3,585.2    3,581.2    3,596.8    3,615.6    3,646.1    3,639.7    3,656.8    3,677.1
          Trade, transportation, and
           utilities.......................      942.0      946.4      950.9      955.9      964.2      960.2      961.1      964.9
          Other services-producing
           industries......................    2,643.2    2,634.8    2,645.9    2,659.7    2,682.0    2,679.4    2,695.7    2,712.2
      Government...........................      964.1      965.9      967.5      968.4      971.6      974.6      978.9      980.4

    Supplements to wages and salaries......    1,385.0    1,385.5    1,387.7    1,390.4    1,400.7    1,407.3    1,415.8    1,422.9
      Employer contributions for employee
       pension and insurance funds.........      961.8      963.2      964.4      965.6      973.8      980.8      988.4      993.6
      Employer contributions for government
       social insurance....................      423.2      422.3      423.4      424.8      427.0      426.5      427.4      429.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      924.1      930.8      933.5      945.7      946.4      912.3      956.2      954.5
    Farm...................................       25.9       23.2       19.7       15.8       19.1       17.5       18.0       17.6
    Nonfarm................................      898.2      907.5      913.8      929.9      927.3      894.9      938.2      936.8

  Rental income of persons with capital
   consumption adjustment..................      114.4      109.4      104.1       99.7       97.7     -104.8       87.8       74.0

  Personal income receipts on assets.......    1,413.1    1,426.8    1,439.7    1,452.8    1,459.1    1,465.3    1,471.6    1,479.7
    Personal interest income...............      918.1      927.0      936.0      944.9      946.3      947.7      949.1      952.0
    Personal dividend income...............      495.0      499.8      503.8      507.9      512.8      517.6      522.5      527.7

  Personal current transfer receipts.......    1,494.0    1,504.9    1,509.1    1,514.8    1,502.4    1,624.8    1,530.8    1,543.2
    Government social benefits to persons..    1,464.8    1,475.7    1,479.8    1,485.5    1,473.1    1,475.1    1,494.3    1,501.0
      Old-age, survivors, disability, and
       health insurance benefits...........      832.1      838.8      842.2      845.6      847.3      851.2      851.9      855.7
      Government unemployment insurance
       benefits............................       29.2       28.1       27.7       28.1       27.9       27.6       30.0       30.7
      Other................................      603.6      608.8      609.9      611.8      597.9      596.3      612.4      614.6
    Other current transfer receipts, from
     business (net)........................       29.1       29.2       29.2       29.3       29.3      149.7       36.5       42.1

  Less: Contributions for government social
   insurance...............................      863.8      862.4      864.7      867.6      872.2      871.6      873.5      877.6

Less: Personal current taxes...............    1,179.8    1,196.1    1,206.0    1,216.1    1,216.2    1,215.7    1,218.6    1,234.6

Equals: Disposable personal income.........    8,942.2    8,949.0    8,974.6    9,015.4    9,052.6    8,952.0    9,124.0    9,150.4

Less: Personal outlays.....................    8,902.2    8,966.7    8,971.4    9,065.4    9,185.5    9,146.8    9,194.9    9,211.9

  Personal consumption expenditures........    8,582.6    8,646.6    8,647.2    8,737.3    8,856.5    8,816.4    8,863.2    8,878.3
    Durable goods..........................    1,030.7    1,046.4    1,008.9    1,051.2    1,129.9    1,030.5    1,000.2      975.1
    Nondurable goods.......................    2,485.4    2,529.2    2,525.1    2,546.8    2,566.8    2,603.7    2,645.4    2,661.5
    Services...............................    5,066.5    5,071.0    5,113.2    5,139.2    5,159.8    5,182.2    5,217.6    5,241.7
  Personal interest payments\1\............      198.4      201.8      205.3      208.8      209.7      210.5      211.4      212.7
  Personal current transfer payments.......      121.3      118.3      118.8      119.3      119.3      119.8      120.3      120.8
    To government..........................       72.9       73.4       74.0       74.4       75.0       75.4       76.0       76.5
    To the rest of the world (net).........       48.3       44.9       44.9       44.9       44.4       44.4       44.4       44.4

Equals: Personal saving....................       40.0      -17.7        3.2      -50.0     -132.9     -194.8      -70.9      -61.5

  Personal saving as a percentage of
   disposable personal income..............         .4        -.2         .0        -.6       -1.5       -2.2        -.8        -.7

Addenda:
  Disposable personal income:
    Total, billions of chained (2000)
     dollars\2\............................    8,105.6    8,077.9    8,097.1    8,133.0    8,143.8    8,020.2    8,099.3    8,114.5
    Per capita:
      Current dollars......................     30,218     30,218     30,281     30,393     30,492     30,125     30,676     30,736
      Chained (2000) dollars...............     27,391     27,277     27,320     27,418     27,431     26,990     27,231     27,257
  Population (midperiod, thousands)\3\.....    295,924    296,144    296,381    296,626    296,884    297,156    297,432    297,707
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2005.
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\r\  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   10,259.7

  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    7,148.9

    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    5,741.0
      Private industries...................    4,207.8    4,450.0    4,380.3    4,479.2    4,612.9    4,668.1    4,705.0    4,766.0
        Goods-producing industries.........    1,007.2    1,049.9    1,035.6    1,062.3    1,083.0    1,099.2    1,107.2    1,118.4
          Manufacturing....................      668.7      687.7      677.6      696.1      707.8      715.3      715.5      720.4
        Services-producing industries......    3,200.6    3,400.1    3,344.8    3,416.8    3,529.9    3,568.8    3,597.9    3,647.5
          Trade, transportation, and
           utilities.......................      858.6      899.7      889.5      906.3      931.1      937.8      951.1      961.8
          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    2,685.7
      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    1,408.0
      Employer contributions for employee
       pension and insurance funds.........      830.0      895.5      887.5      897.9      919.6      950.0      964.4      981.0
      Employer contributions for government
       social insurance....................      380.0      402.7      398.0      404.4      413.4      421.9      423.5      426.9

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      810.2      889.6      898.4      889.1      900.9      917.9      936.6      938.3
    Farm...................................       27.7       35.8       44.1       29.7       24.6       24.7       19.6       18.2
    Nonfarm................................      782.4      853.8      854.2      859.4      876.3      893.2      917.1      920.1

  Rental income of persons with capital
   consumption adjustment..................      131.7      134.2      141.8      122.1      128.7      118.0      104.4       26.9

  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    1,465.4
    Personal interest income...............      917.6      905.9      905.1      904.7      907.4      915.4      936.0      947.7
    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    1,552.7
    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    1,480.8
      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      602.2
    Other current transfer receipts, from
     business (net)........................       30.5       33.0       28.9       44.4       29.8       29.1       29.2       71.8

  Less: Contributions for government social
   insurance...............................      776.6      822.2      813.0      825.9      843.5      861.0      864.9      872.5

Less: Personal current taxes...............      999.9    1,049.1    1,034.0    1,058.4    1,094.3    1,171.4    1,206.0    1,216.8

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    9,042.8

Less: Personal outlays.....................    7,996.3    8,512.5    8,439.1    8,566.3    8,725.0    8,854.6    9,001.2    9,175.7

  Personal consumption expenditures........    7,709.9    8,214.3    8,145.6    8,263.2    8,416.1    8,535.8    8,677.0    8,845.4
    Durable goods..........................      950.1      987.8      974.6      993.8    1,008.6    1,017.3    1,035.5    1,053.5
    Nondurable goods.......................    2,189.0    2,368.3    2,355.2    2,378.4    2,437.1    2,476.6    2,533.7    2,605.3
    Services...............................    4,570.8    4,858.2    4,815.9    4,891.0    4,970.4    5,041.8    5,107.8    5,186.5
  Personal interest payments\1\............      183.2      186.7      182.2      190.3      196.2      198.1      205.3      210.5
  Personal current transfer payments.......      103.3      111.5      111.3      112.8      112.7      120.8      118.8      119.8
    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     -132.9

  Personal saving as a percentage of
   disposable personal income..............        2.1        1.8        1.6        1.2        2.3         .5        -.2       -1.5

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    8,088.0
    Per capita:
      Current dollars......................     28,065     29,475     29,231     29,461     30,265     30,103     30,298     30,431
      Chained (2000) dollars...............     26,596     27,230     27,045     27,159     27,685     27,384     27,338     27,218
  Population (midperiod, thousands)\3\.....    291,085    293,951    293,540    294,315    295,077    295,720    296,383    297,157
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2005.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 05     Apr 05\r\  May 05\r\  Jun 05\r\  Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................       49.1       23.1       35.5       50.9       37.3     -101.1      174.8       42.5

  Compensation of employees, received......       38.7       -4.7       23.2       27.3       49.3        6.3       27.9       41.7

    Wage and salary disbursements..........       25.5       -5.2       21.0       24.6       39.0        -.3       19.5       34.4
      Private industries...................       23.6       -6.9       19.4       23.8       35.7       -3.3       15.2       32.9
        Goods-producing industries.........        6.8       -3.0        3.9        5.0        5.2        3.1       -1.9       12.6
          Manufacturing....................        4.0       -5.3        1.2        2.4        3.0        1.3       -3.0       10.2
        Services-producing industries......       16.8       -4.0       15.6       18.8       30.5       -6.4       17.1       20.3
          Trade, transportation, and
           utilities.......................        4.4        4.4        4.5        5.0        8.3       -4.0         .9        3.8
          Other services-producing
           industries......................       12.4       -8.4       11.1       13.8       22.3       -2.6       16.3       16.5
      Government...........................        1.7        1.8        1.6         .9        3.2        3.0        4.3        1.5

    Supplements to wages and salaries......       13.3         .5        2.2        2.7       10.3        6.6        8.5        7.1
      Employer contributions for employee
       pension and insurance funds.........       11.9        1.4        1.2        1.2        8.2        7.0        7.6        5.2
      Employer contributions for government
       social insurance....................        1.4        -.9        1.1        1.4        2.2        -.5         .9        2.0

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        7.3        6.7        2.7       12.2         .7      -34.1       43.9       -1.7
    Farm...................................        1.3       -2.7       -3.5       -3.9        3.3       -1.6         .5        -.4
    Nonfarm................................        6.0        9.3        6.3       16.1       -2.6      -32.4       43.3       -1.4

  Rental income of persons with capital
   consumption adjustment..................       -4.1       -5.0       -5.3       -4.4       -2.0     -202.5      192.6      -13.8

  Personal income receipts on assets.......        5.7       13.7       12.9       13.1        6.3        6.2        6.3        8.1
    Personal interest income...............        2.7        8.9        9.0        8.9        1.4        1.4        1.4        2.9
    Personal dividend income...............        3.0        4.8        4.0        4.1        4.9        4.8        4.9        5.2

  Personal current transfer receipts.......        4.4       10.9        4.2        5.7      -12.4      122.4      -94.0       12.4
    Government social benefits to persons..        4.4       10.9        4.1        5.7      -12.4        2.0       19.2        6.7
      Old-age, survivors, disability, and
       health insurance benefits...........        3.5        6.7        3.4        3.4        1.7        3.9         .7        3.8
      Government unemployment insurance
       benefits............................        -.2       -1.1        -.4         .4        -.2        -.3        2.4         .7
      Other................................        1.2        5.2        1.1        1.9      -13.9       -1.6       16.1        2.2
    Other current transfer receipts, from
     business (net)........................         .0         .1         .0         .1         .0      120.4     -113.2        5.6

  Less: Contributions for government social
   insurance...............................        2.9       -1.4        2.3        2.9        4.6        -.6        1.9        4.1

Less: Personal current taxes...............        8.3       16.3        9.9       10.1         .1        -.5        2.9       16.0

Equals: Disposable personal income.........       40.8        6.8       25.6       40.8       37.2     -100.6      172.0       26.4

Less: Personal outlays.....................       41.7       64.5        4.7       94.0      120.1      -38.7       48.1       17.0

  Personal consumption expenditures........       41.0       64.0         .6       90.1      119.2      -40.1       46.8       15.1
    Durable goods..........................       13.2       15.7      -37.5       42.3       78.7      -99.4      -30.3      -25.1
    Nondurable goods.......................        2.1       43.8       -4.1       21.7       20.0       36.9       41.7       16.1
    Services...............................       25.7        4.5       42.2       26.0       20.6       22.4       35.4       24.1
  Personal interest payments\1\............         .3        3.4        3.5        3.5         .9         .8         .9        1.3
  Personal current transfer payments.......         .5       -3.0         .5         .5         .0         .5         .5         .5
    To government..........................         .4         .5         .6         .4         .6         .4         .6         .5
    To the rest of the world (net).........         .0       -3.4         .0         .0        -.5         .0         .0         .0

Equals: Personal saving....................        -.9      -57.7       20.9      -53.2      -82.9      -61.9      123.9        9.4

Addendum:
  Real disposable personal income, billions
   of chained (2000) dollars\2\............        3.8      -27.7       19.2       35.9       10.8     -123.6       79.1       15.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2005.
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\r\  III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................      287.2      544.2      129.5      114.9      295.6       48.6      112.3       74.0

  Compensation of employees, received......      229.9      366.5       76.9      120.6      171.6      105.9       58.5       88.7

    Wage and salary disbursements..........      130.2      278.3       63.3      103.9      140.9       67.0       42.4       68.7
      Private industries...................       92.8      242.2       52.8       98.9      133.7       55.2       36.9       61.0
        Goods-producing industries.........       -3.5       42.7       16.9       26.7       20.7       16.2        8.0       11.2
          Manufacturing....................       -6.8       19.0        8.3       18.5       11.7        7.5         .2        4.9
        Services-producing industries......       96.4      199.5       36.1       72.0      113.1       38.9       29.1       49.6
          Trade, transportation, and
           utilities.......................       15.5       41.1       17.7       16.8       24.8        6.7       13.3       10.7
          Other services-producing
           industries......................       80.9      158.4       18.3       55.2       88.3       32.2       15.8       38.9
      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       20.1
      Employer contributions for employee
       pension and insurance funds.........       84.9       65.5       10.5       10.4       21.7       30.4       14.4       16.6
      Employer contributions for government
       social insurance....................       14.8       22.7        3.1        6.4        9.0        8.5        1.6        3.4

  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................       41.8       79.4       28.2       -9.3       11.8       17.0       18.7        1.7
    Farm...................................       17.1        8.1        -.7      -14.4       -5.1         .1       -5.1       -1.4
    Nonfarm................................       24.6       71.4       28.8        5.2       16.9       16.9       23.9        3.0

  Rental income of persons with capital
   consumption adjustment..................      -21.2        2.5       -2.4      -19.7        6.6      -10.7      -13.6      -77.5

  Personal income receipts on assets.......        5.5       57.8       13.5       14.3      115.4      -85.7       31.9       25.6
    Personal interest income...............      -18.5      -11.7       -1.5        -.4        2.7        8.0       20.6       11.7
    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       43.1
    Government social benefits to persons..       64.6       81.0       20.2        6.3       22.4       40.2       20.7         .4
      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       -8.0
    Other current transfer receipts, from
     business (net)........................       -6.8        2.5        -.1       15.5      -14.6        -.7         .1       42.6

  Less: Contributions for government social
   insurance...............................       26.6       45.6        6.7       12.9       17.6       17.5        3.9        7.6

Less: Personal current taxes...............      -51.9       49.2       24.4       24.4       35.9       77.1       34.6       10.8

Equals: Disposable personal income.........      339.1      495.0      105.0       90.6      259.5      -28.4       77.7       63.1

Less: Personal outlays.....................      351.0      516.2      119.7      127.2      158.7      129.6      146.6      174.5

  Personal consumption expenditures........      359.2      504.4      113.3      117.6      152.9      119.7      141.2      168.4
    Durable goods..........................       26.2       37.7         .4       19.2       14.8        8.7       18.2       18.0
    Nondurable goods.......................      109.4      179.3       52.5       23.2       58.7       39.5       57.1       71.6
    Services...............................      223.6      287.4       60.5       75.1       79.4       71.4       66.0       78.7
  Personal interest payments\1\............      -13.2        3.5        4.2        8.1        5.9        1.9        7.2        5.2
  Personal current transfer payments.......        5.1        8.2        2.1        1.5        -.1        8.1       -2.0        1.0
    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     -111.4

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      -14.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2005.
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]
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 05     Apr 05\r\  May 05\r\  Jun 05\r\  Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................         .5         .2         .4         .5         .4       -1.0        1.7         .4
  Compensation of employees, received......         .6        -.1         .3         .4         .7         .1         .4         .6
    Wage and salary disbursements..........         .5        -.1         .4         .4         .7         .0         .3         .6
    Supplements to wages and salaries......        1.0         .0         .2         .2         .7         .5         .6         .5
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................         .8         .7         .3        1.3         .1       -3.6        4.8        -.2
  Rental income of persons with capital
   consumption adjustment..................       -3.5       -4.3       -4.8       -4.3       -2.0      .....      .....      .....
  Personal income receipts on assets.......         .4        1.0         .9         .9         .4         .4         .4         .6
    Personal interest income...............         .3        1.0        1.0        1.0         .1         .1         .1         .3
    Personal dividend income...............         .6        1.0         .8         .8        1.0         .9         .9        1.0
  Personal current transfer receipts.......         .3         .7         .3         .4        -.8        8.1       -5.8         .8

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

Less: Personal current taxes...............         .7        1.4         .8         .8         .0         .0         .2        1.3

Equals: Disposable personal income.........         .5         .1         .3         .5         .4       -1.1        1.9         .3

Addenda:
  Personal consumption expenditures........         .5         .7         .0        1.0        1.4        -.5         .5         .2
    Durable goods..........................        1.3        1.5       -3.6        4.2        7.5       -8.8       -2.9       -2.5
    Nondurable goods.......................         .1        1.8        -.2         .9         .8        1.4        1.6         .6
    Services...............................         .5         .1         .8         .5         .4         .4         .7         .5

  Real disposable personal income..........         .0        -.3         .2         .4         .1       -1.5        1.0         .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2005.

             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\r\  III 05\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................        3.2        5.9        5.6        4.9       12.7        2.0        4.5        2.9
  Compensation of employees, received......        3.8        5.8        4.8        7.5       10.6        6.3        3.4        5.1
    Wage and salary disbursements..........        2.6        5.4        4.9        8.0       10.8        4.9        3.0        4.9
    Supplements to wages and salaries......        9.0        7.3        4.3        5.3        9.8       12.2        4.8        5.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................        5.4        9.8       13.6       -4.0        5.4        7.8        8.4         .7
  Rental income of persons with capital
   consumption adjustment..................      -13.9        1.9       -6.7      -44.9       23.6      -29.5      -38.6      -99.6
  Personal income receipts on assets.......         .4        4.3        4.0        4.3       37.9      -21.0        9.4        7.3
    Personal interest income...............       -2.0       -1.3        -.6        -.2        1.2        3.6        9.3        5.1
    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       11.9

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

Less: Personal current taxes...............       -4.9        4.9       10.0        9.8       14.3       31.3       12.4        3.6

Equals: Disposable personal income.........        4.3        6.1        5.1        4.3       12.5       -1.3        3.5        2.8

Addenda:
  Personal consumption expenditures........        4.9        6.5        5.8        5.9        7.6        5.8        6.8        8.0
    Durable goods..........................        2.8        4.0         .2        8.1        6.1        3.5        7.3        7.1
    Nondurable goods.......................        5.3        8.2        9.4        4.0       10.3        6.6        9.5       11.8
    Services...............................        5.1        6.3        5.2        6.4        6.7        5.9        5.3        6.3

  Real disposable personal income..........        2.4        3.4        1.2        2.8        9.1       -3.4         .2        -.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2005.

                        Table 7.--Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 05     Apr 05     May 05     Jun 05     Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........    7,779.7    7,804.9    7,801.7    7,882.1    7,967.4    7,898.8    7,867.8    7,873.2
  Durable goods............................    1,137.8    1,156.1    1,112.1    1,163.5    1,255.8    1,148.4    1,113.9    1,086.2
  Nondurable goods.........................    2,255.4    2,273.5    2,279.8    2,304.3    2,306.1    2,314.7    2,298.0    2,321.3
  Services.................................    4,403.7    4,396.2    4,421.5    4,435.0    4,443.6    4,452.7    4,465.6    4,469.3
                                           ----------------------------------------------------------------------------------------
                                                     Change from preceding period in billions of chained (2000) dollars,
                                                                     seasonally adjusted at annual rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........        5.4       25.2       -3.2       80.4       85.3      -68.6      -31.0        5.4
  Durable goods............................       14.9       18.3      -44.0       51.4       92.3     -107.4      -34.5      -27.7
  Nondurable goods.........................      -20.9       18.1        6.3       24.5        1.8        8.6      -16.7       23.3
  Services.................................       13.3       -7.5       25.3       13.5        8.6        9.1       12.9        3.7
                                           ----------------------------------------------------------------------------------------
                                                       Percent change from preceding period in chained (2000) dollars,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures..........         .1         .3         .0        1.0        1.1        -.9        -.4         .1
  Durable goods............................        1.3        1.6       -3.8        4.6        7.9       -8.5       -3.0       -2.5
  Nondurable goods.........................        -.9         .8         .3        1.1         .1         .4        -.7        1.0
  Services.................................         .3        -.2         .6         .3         .2         .2         .3         .1
-----------------------------------------------------------------------------------------------------------------------------------
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    7,911.4
  Durable goods............................    1,028.5    1,089.9    1,072.5    1,100.4    1,115.1    1,122.3    1,143.9    1,172.7
  Nondurable goods.........................    2,101.8    2,200.4    2,186.1    2,206.9    2,236.5    2,265.6    2,285.9    2,306.3
  Services.................................    4,183.9    4,310.9    4,288.6    4,324.0    4,362.1    4,392.0    4,417.6    4,454.0
                                           ----------------------------------------------------------------------------------------
                                                                       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       81.9
  Durable goods............................       63.7       61.4         .9       27.9       14.7        7.2       21.6       28.8
  Nondurable goods.........................       64.7       98.6       14.2       20.8       29.6       29.1       20.3       20.4
  Services.................................       83.5      127.0       19.6       35.4       38.1       29.9       25.6       36.4
                                           ----------------------------------------------------------------------------------------
                                                                     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        4.2
  Durable goods............................        6.6        6.0         .4       10.8        5.5        2.6        7.9       10.5
  Nondurable goods.........................        3.2        4.7        2.6        3.9        5.5        5.3        3.6        3.6
  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)
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 05     Apr 05     May 05     Jun 05     Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
                                           ----------------------------------------------------------------------------------------
                                                                     Chain-type price indexes (2000=100),
                                                                             seasonally adjusted
                                           ----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....    110.329    110.792    110.847    110.858    111.165    111.622    112.657    112.771
  Durable goods............................     90.584     90.512     90.715     90.354     89.978     89.740     89.797     89.781
  Nondurable goods.........................    110.211    111.257    110.769    110.536    111.314    112.495    115.125    114.668
  Services.................................    115.060    115.358    115.653    115.888    116.127    116.393    116.847    117.290
Addenda:
  PCE excluding food and energy............    108.812    108.901    109.146    109.203    109.245    109.394    109.607    109.757
  Market-based PCE\1\......................    109.358    109.849    109.867    109.864    110.204    110.693    111.813    111.911
  Market-based PCE excluding food
   and energy\1\...........................    107.282    107.331    107.569    107.617    107.648    107.774    107.931    108.069
                                           ----------------------------------------------------------------------------------------
                                                            Percent change from preceding period in price indexes,
                                                                     seasonally adjusted at monthly rates
                                           ----------------------------------------------------------------------------------------
PCE........................................         .4         .4         .0         .0         .3         .4         .9         .1
  Durable goods............................         .0        -.1         .2        -.4        -.4        -.3         .1         .0
  Nondurable goods.........................        1.0         .9        -.4        -.2         .7        1.1        2.3        -.4
  Services.................................         .2         .3         .3         .2         .2         .2         .4         .4
Addenda:
  PCE excluding food and energy............         .2         .1         .2         .1         .0         .1         .2         .1
  Market-based PCE\1\......................         .4         .4         .0         .0         .3         .4        1.0         .1
  Market-based PCE excluding food
   and energy\1\...........................         .2         .0         .2         .0         .0         .1         .1         .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. This index is a supplemental measure that is based on household
   expenditures for which there are observable price measures.  It
   excludes most implicit prices (for example, the services furnished
   without payment by financial intermediaries) and the expenses of
   nonprofit institutions.

   Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 05     Apr 05\r\  May 05\r\  Jun 05\r\  Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income.................        2.3        1.8        1.9        2.5        2.2         .2        1.2         .9

Personal consumption expenditures..........        3.4        4.0        3.1        4.6        4.7        3.8        3.0        2.6
  Durable goods............................        5.0        9.2        1.8        9.1       13.1        4.9        1.6       -1.3
  Nondurable goods.........................        3.1        4.5        3.8        5.4        5.0        5.2        3.4        3.8
  Services.................................        3.3        2.8        3.0        3.3        3.0        3.0        3.1        2.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised.  Revisions include changes to series affected by the introduction
   of revised wage and salary estimates for the second quarter of 2005.

              Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
                                                Mar 05     Apr 05     May 05     Jun 05     Jul 05\r\  Aug 05\r\  Sep 05\r\  Oct 05\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)....        2.7        2.9        2.5        2.2        2.6        2.9        3.7        3.3
  Durable goods............................        -.3        -.4        -.2        -.5        -.6        -.5        -.5        -.7
  Nondurable goods.........................        3.2        4.1        2.5        2.0        3.3        4.4        6.8        5.1
  Services.................................        3.0        3.0        3.0        2.9        2.9        2.9        3.1        3.2
Addenda:
  PCE excluding food and energy............        2.1        2.0        2.0        1.9        1.9        1.9        2.0        1.8
  Market-based PCE\1\......................        2.5        2.7        2.3        2.1        2.4        2.9        3.8        3.4
  Market-based PCE excluding food
   and energy\1\...........................        1.7        1.6        1.7        1.6        1.6        1.7        1.7        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.