This document reports on academic enrollments (including Fall 2006) and degrees conferred at the bachelor's, master's, and doctorate levels (including academic year 2005-2006) at colleges and universities with physics or astronomy degree-granting programs. The findings presented in this report are based on an annual survey of all the physics and astronomy departments in the United States and Puerto Rico. Among the findings are that the class of 2006 represents the seventh consecutive year that undergraduate physics degree production has increased. The 5,373 physics bachelors in the class of 2006 represent a gain of 5% from the previous year and a 47% increase over the class of 1999. There were 1,380 physics PhDs produced in the class of 2006, up 11% from the previous year and 26% during the last two years. The median number of degrees produced by the 187 physics doctoral departments for the class of 2006 was 5. Thirty-three (18%) of the doctoral-granting departments averaged eleven or more PhDs. These departments were responsible for producing half of the PhDs conferred during this time period. Undergraduate astronomy degree production has also increased sharply during the past decade, up 98% since a recent low in 1997. (Contains 14 tables and 19 figures.) [This report is a companion to the "Rosters of Physics and Astronomy Departments," which provides detailed aggregate data and in-depth analysis of enrollments and degree trends.]