EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, APRIL 29, 2013
BEA 13-19


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Brian Smith: (202) 606-5301 (Personal Income) piniwd@bea.gov
Harvey Davis: (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
PERSONAL INCOME AND OUTLAYS, MARCH 2013
Personal income increased $30.9 billion, or 0.2 percent, and disposable personal income (DPI)
increased $20.7 billion, or 0.2 percent, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $21.0 billion, or 0.2 percent.  In February,
personal income increased $151.2 billion, or 1.1 percent, DPI increased $134.0 billion, or 1.1
percent, and PCE increased $81.6 billion, or 0.7 percent, based on revised estimates.

Real disposable income increased 0.3 percent in March, compared with an increase of 0.7
percent in February.  Real PCE increased 0.3 percent in March, the same as in February.

                                        2012                            2013
                                        Nov.            Dec.            Jan.            Feb.            Mar.
                                                       (Percent change from preceding month)
Personal income, current dollars        1.1             2.6            -3.6             1.1             0.2
Disposable personal income:
 Current dollars                        1.0             2.7            -4.0             1.1             0.2
 Chained (2005) dollars                 1.2             2.7            -4.0             0.7             0.3
Personal consumption expenditures:
 Current dollars                        0.3             0.2             0.3             0.7             0.2
 Chained (2005) dollars                 0.5             0.2             0.2             0.3             0.3

FOOTNOTE.________
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.
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                                Wages and salaries

Private wage and salary disbursements increased $14.9 billion in March, compared with an increase of
$44.6 billion in February.  The March, February, and January levels of private wages and salaries were
reduced by $15.0 billion (at an annual rate), reflecting the impact of accelerated bonuses in November
and in December of 2012 in anticipation of changes to individual income tax rates.  Goods-producing
industries' payrolls decreased $0.1 billion in March, in contrast to an increase of $15.1 billion in February;
manufacturing payrolls decreased $0.3 billion, in contrast to an increase of $9.8 billion.  Services-producing
industries' payrolls increased $15.0 billion, compared with an increase of $29.5 billion.  Government wage
and salary disbursements increased $0.4 billion, compared with an increase of $1.7 billion.

                                Other personal income

Supplements to wages and salaries increased $3.2 billion in March, compared with an increase of $5.7 billion in February.

Proprietors' income increased $8.8 billion in March, compared with an increase of $17.1 billion in February.  Farm proprietors'
income increased $6.3 billion in March, the same increase as in February. Nonfarm proprietors' income increased $2.5 billion
in March, compared with an increase of $10.8 billion in February.

Rental income of persons increased $9.5 billion in March, compared with an increase of $9.1 billion in February.
Personal income receipts on assets (personal interest income plus personal dividend income) decreased $7.3 billion,
in contrast to an increase of $68.2 billion.  The February change in personal dividend income reflected a rebound
from January.  The level of personal dividend income was reduced by $81.0 billion in January, resulting from accelerated
and special dividend distributions paid in November and in December.  Personal current transfer receipts increased $3.7 billion,
compared with an increase of $11.3 billion.

Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.4 billion
in March, compared with an increase of $6.4 billion in February.

                                Personal current taxes and disposable personal income

Personal current taxes increased $10.2 billion in March, compared with an increase of $17.1 billion in February.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $20.7 billion, or 0.2 percent,
in March, compared with an increase of $134.0 billion, or 1.1 percent in February.  The February and January changes in
disposable personal income (DPI) mainly reflected the effect of special factors in January, such as the expiration of the
“payroll tax holiday” and the acceleration of bonuses and personal dividends to November and to December in anticipation
of changes in individual tax rates.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $22.6 billion in March,
compared with an increase of $83.1 billion in February.  PCE increased $21.0 billion, compared with an increase of $81.6 billion.

Personal saving -- DPI less personal outlays -- was $329.1 billion in March, compared with $330.9 billion in February.  The
personal saving rate -- personal saving as a percentage of disposable personal income -- was 2.7 percent in March,
the same as 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 price index

Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in March, compared with an increase of 0.7 percent
in February.

Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in March, the same increase as in February.
Purchases of durable goods decreased less than 0.1 percent in March, in contrast to an increase of 0.3 percent in March.
Purchases of nondurable goods decreased 0.4 percent, in contrast to an increase of 0.2 percent. Purchases of services
increased 0.6 percent, compared with an increase of 0.4 percent.

PCE price index -- The price index for PCE decreased 0.1 percent in March, in contrast to an increase of 0.4 percent in
February.  The PCE price index, excluding food and energy, increased less than 0.1 percent, compared with an increase
of 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                          -513.5    -507.2       -3.7      -3.6      143.2     151.2        1.1       1.1
Disposable personal income:
 Current dollars                          -498.3    -493.7       -4.0      -4.0      127.8     134.0        1.1       1.1
 Chained (2005) dollars                   -431.8    -429.5       -4.0      -4.0       69.6      74.5        0.7       0.7
Personal consumption expenditures:
 Current dollars                            40.8      28.6        0.4       0.3       77.2      81.6        0.7       0.7
 Chained (2005) dollars                     31.6      19.7        0.3       0.2       28.4      31.6        0.3       0.3

BOX._____________
                                Comprehensive Revision of the National Income and Product Accounts

As part of the 14th comprehensive (or benchmark) revision of the national income and product accounts (NIPAs), revised
estimates of personal income and outlays will be released in conjunction with preliminary estimates for June 2013 on
August 2, 2013.  More information on the revision is available on BEA’s Web site at www.bea.gov/gdp-revisions, including
a link to an article in the March 2013 issue of the Survey of Current Business that discusses the upcoming changes in
definitions and presentations, including capitalizing spending on research and development and on entertainment originals
and measuring transactions of defined benefit pension plans on an accrual accounting basis. An article in the May Survey
will describe changes in statistical methods, and an article in the September Survey will describe the results of the
revision in detail.  Revised NIPA table stubs and press release stubs will be available in June.
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Next release - May 31, 2013 at 8:30 A.M. EDT for Personal Income and Outlays for April