Home > News Release: Personal Income and Outlays, March 2010
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, MAY 3, 2010
BEA 10-17


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Personal Income and Outlays, March 2010
Personal income increased $36.0 billion, or 0.3 percent, and disposable personal income (DPI)
increased $32.3 billion, or 0.3 percent, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $58.6 billion, or 0.6 percent.  In February,
personal income increased $7.1 billion, or 0.1 percent, DPI increased $4.3 billion, or less than 0.1
percent, and PCE increased $56.4 billion, or 0.5 percent, based on revised estimates.

Real disposable income increased 0.2 percent in March, compared with an increase of less than 0.1
percent in February.  Real PCE increased 0.5 percent, the same increase as in February.

                                        2009                            2010
                                        Nov.            Dec.            Jan.            Feb.            Mar.
                                                       (Percent change from preceding month)
Personal income, current dollars        0.4             0.4             0.4             0.1             0.3
Disposable personal income:
 Current dollars                        0.4             0.5            -0.2             0.0             0.3
 Chained (2005) dollars                 0.2             0.3            -0.4             0.0             0.2
Personal consumption expenditures:
 Current dollars                        0.5             0.4             0.3             0.5             0.6
 Chained (2005) dollars                 0.3             0.2             0.1             0.5             0.5

                                Wages and salaries

Private wage and salary disbursements increased $11.8 billion in March, compared with an increase
of $6.8 billion in February.  Goods-producing industries' payrolls increased $2.2 billion, in contrast
to a decrease of $3.3 billion; manufacturing payrolls increased $0.3 billion, in contrast to a decrease
of $1.1 billion.  Services-producing industries' payrolls increased $9.6 billion, compared with an
increase of $10.0 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 $3.2 billion in March, compared with an increase of $3.0 billion in February.

Proprietors' income increased $2.7 billion in March, in contrast to a decrease of $3.3 billion in February.
Farm proprietors' income decreased $5.2 billion in March, the same decrease as in February.  Nonfarm
proprietors' income increased $7.9 billion in March, compared with an increase of $2.0 billion in February.

Rental income of persons increased $1.9 billion in March, compared with an increase of $1.8 billion
in February. Personal income receipts on assets (personal interest income plus personal dividend income)
decreased $8.3 billion, compared with a decrease of $8.4 billion.

Personal current transfer receipts increased $24.9 billion in March, compared with an increase
of $7.3 billion in February.  Emergency unemployment compensation boosted the level of “other”
personal current transfer receipts by $12.0 billion at an annual rate in March.

Contributions for government social insurance -- a subtraction in calculating personal income --
increased $2.0 billion in March, compared with an increase of $1.0 billion in February.

                                Personal current taxes and disposable personal income

Personal current taxes increased $3.7 billion in March, compared with an increase of $2.8 billion in
February.  Disposable personal income (DPI) -- personal income less personal current taxes -- increased
$32.3 billion, or 0.3 percent, in March, compared with an increase of $4.3 billion, or less than
0.1 percent, in February.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased
$60.6 billion in March, compared with an increase of $58.3 billion in February.  PCE increased
$58.6 billion, compared with an increase of $56.4 billion.

Personal saving -- DPI less personal outlays -- was $304.0 billion in March, compared with $332.2 billion
in February.  Personal saving as a percentage of disposable personal income was 2.7 percent in March,
compared with 3.0 percent in February.  For a comparison of personal saving in BEA’s national income and
product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data
on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp.

                                Real DPI, real PCE and PCE price index

Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in March, compared with an increase
of less 0.1 percent in February.

Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in March, the same increase as
in February.  Purchases of durable goods increased 3.4 percent in March, compared with an increase of
1.0 percent in February.  Purchases of motor vehicles and parts accounted for most of the increase in
durable goods in March. Purchases of nondurable goods increased 0.4 percent in March, compared
with an increase of 0.7 percent in February.  Purchases of services increased less than 0.1 percent,
compared with an increase of 0.4 percent.

PCE price index -- The price index for PCE increased 0.1 percent in March, compared with an increase of less
than 0.1 percent in February. The PCE price index, excluding food and energy, increased 0.1 percent,
compared with an increase of less than 0.1 percent.

                                Revisions

Estimates have been revised for January and February.  Changes in personal income, current-dollar
and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for January and
February -- revised and as published in last month's release -- are shown below.

                                                                Change from preceding month
                                        January                                   February
                                        Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                                       (Billions of dollars)     (Percent)       (Billions of dollars)     (Percent)
Personal Income:
 Current dollars                        30.4       48.0      0.3        0.4       1.2        7.1       0.0        0.1
Disposable personal income:
 Current dollars                       -26.0      -20.7     -0.2       -0.2       1.6        4.3       0.0        0.0
 Chained (2005) dollars                -40.1      -36.2     -0.4       -0.4       1.8        2.9       0.0        0.0
Personal consumption expenditures:
 Current dollars                        38.5       31.2      0.4        0.3       34.7       56.4      0.3        0.5
 Chained (2005) dollars                 19.6       12.1      0.2        0.1       31.7       50.0      0.3        0.5

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 – May 28, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for April.

                                        -more-

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NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified.
Month-to-month dollar changes are differences between these published estimates.  Month-to-month percent
changes are calculated from unrounded data and are not annualized.  “Real” estimates are in chained (2005) dollars.

This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm.