WASHINGTON—Personal income increased $6.2 billion, or less than 0.1%, and disposable personal income (DPI) increased $1.6 billion, also less than 0.1%, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $53.4 billion (0.4%). In February, personal income increased $66.4 billion (0.4%), DPI increased $61.2 billion (0.5%), and PCE increased $20.8 billion (0.2%), based on revised estimates.
The BEA said real DPI decreased 0.2% in March, in contrast to an increase of 0.3% in February. Real PCE increased 0.3%, in contrast to a decrease of less than 0.1%. Meanwhile, wages and salaries increased $16.3 billion in March, compared with an increase of $24.2 billion in February. Private wages and salaries increased $15.2 billion, compared with an increase of $22.6 billion. Government wages and salaries increased $1.0 billion, compared with an increase of $1.7 billion, the BEA said.
Supplements to wages and salaries increased $4.2 billion in March, compared with an increase of $5.1 billion in February.
Personal current taxes increased $4.6 billion in March, compared with an increase of $5.1 billion in February. Disposable personal income (DPI) – personal income less personal current taxes – increased $1.6 billion, or less than 0.1%, in March, compared with an increase of $61.2 billion, or 0.5%, in February, according to the BEA.
In an area of great interest to credit unions, personal outlays were up in March. The BEA said personal outlays – PCE, personal interest payments, and personal current transfer payments – increased $57.6 billion in March, compared with an increase of $24.9 billion in February. PCE increased $53.4 billion, compared with an increase of $20.8 billion. Personal saving – DPI less personal outlays – was $702.6 billion in March, compared with $758.6 billion in February. The personal saving rate – personal saving as a percentage of disposable personal income – was 5.3% in March, compared with 5.7% in February.
