(1) Historically, real disposable personal income has been the dominant factor driving consumer spending.

(2) Household net worth rose to about 4.90 times disposable personal income in the fourth quarter from a third-quarter level of about 4.89 times income.

(3) Although disposable personal income rose at a seasonally adjusted rate of $178.1 billion in May, the Commerce Department also reported that private wages and salaries had decreased $12.4 billion.

(4) Table 8-8 shows the ratio of personal debt to disposable personal income.

(5) Household debt hit a record 133 per cent of disposable personal income.

(6) Even on their own terms, demand-siders' skepticism about the incipient recovery is inconsistent with the curiously unreported fact that real disposable personal income has increasedsince last August.

(7) Holiday economy means that a kind of economic phenomenon of mass consumption in the holidays with the development of economy and increasing of disposable personal income.

(8) In Figure 8-14 we show variations over time in the ratio of consumption to disposable personal income.