EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 1, 2014
BEA 14-19


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James Rankin: (202) 606-5301 (Personal Income) piniwd@bea.gov
Harvey Davis: (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
PERSONAL INCOME AND OUTLAYS, MARCH 2014
Personal income increased $78.4 billion, or 0.5 percent, and disposable personal income (DPI) increased $68.0 billion,
or 0.5 percent, in March, according to the Bureau of Economic Analysis.  Personal consumption expenditures (PCE)
increased $107.2 billion, or 0.9 percent.  In February, personal income increased $54.3 billion, or 0.4 percent,
DPI increased $47.6 billion, or 0.4 percent, and PCE increased $54.7 billion, or 0.5 percent, based on revised estimates.

Real DPI increased 0.3 percent in March, the same increase as in February.  Real PCE increased 0.7 percent in March,
compared with an increase of 0.4 percent in February.

                                        2013                            2014
                                        Nov.            Dec.            Jan.            Feb.            Mar.
                                                       (Percent change from preceding month)
Personal income, current dollars        0.3            -0.1             0.4             0.4             0.5
Disposable personal income:
 Current dollars                        0.2            -0.1             0.4             0.4             0.5
 Chained (2009) dollars                 0.1            -0.3             0.3             0.3             0.3
Personal consumption expenditures:
 Current dollars                        0.6             0.1             0.2             0.5             0.9
 Chained (2009) dollars                 0.5            -0.1             0.1             0.4             0.7

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 (2009) dollars.

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

                                Wages and salaries

Private wages and salaries increased $42.3 billion in March, compared with an increase of $17.4 billion in February.
Goods producing industries' payrolls increased $10.4 billion, compared with an increase of $7.6 billion; manufacturing
payrolls increased $7.0 billion, compared with an increase of $1.6 billion.  Services-producing industries' payrolls
increased $31.8 billion, compared with an increase of $9.9 billion.  Government wages and salaries increased $0.9 billion,
compared with an increase of $1.9 billion.

                                Other personal income

Supplements to wages and salaries increased $4.8 billion in March, compared with an increase of $3.3 billion in February.

Proprietors' income increased $9.3 billion in March, compared with an increase of $4.6 billion in February.
Farm proprietors' income increased $2.5 billion, compared with an increase of $2.4 billion.  Nonfarm proprietors' income
increased $6.8 billion, compared with an increase of $2.2 billion.

Rental income of persons increased $4.6 billion in March, compared with an increase of $3.3 billion in February.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $6.9 billion,
compared with an increase of $7.0 billion.

Personal current transfer receipts increased $15.5 billion, compared with an increase of $19.4 billion.  Medicaid benefits
increased $6.5 billion in March, $11.4 billion in February, and $19.3 billion in January, primarily due to expanded
coverage under the Affordable Care Act.

Contributions for government social insurance -- a subtraction in calculating personal income -- increased $5.9 billion
in March, compared with an increase of $2.7 billion in February.

                                Personal current taxes and disposable personal income

Personal current taxes increased $10.4 billion in March, compared with an increase of $6.7 billion in February.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $68.0 billion, or 0.5 percent,
in March, compared with an increase of $47.6 billion, or 0.4 percent, in February.

                                Personal outlays and saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $109.7 billion
in March, compared with an increase of $57.2 billion in February.  PCE increased $107.2 billion, compared with an
increase of $54.7 billion.

Personal saving -- DPI less personal outlays -- was $487.7 billion in March, compared with $529.4 billion in February.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.8 percent in March,
compared with 4.2 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 financial accounts of the United States and data on changes in net
worth, go to 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, the same increase as in February.

Real PCE -- PCE adjusted to remove price changes -- increased 0.7 percent in March, compared with an increase of 0.4 percent
in February.  Purchases of durable goods increased 2.7 percent, compared with an increase of 1.3 percent.  Purchases of
motor vehicles and parts accounted for more than half of the March increase.  Purchases of nondurable goods increased 0.9 percent
in March, compared with an increase of 0.4 percent in February.  Purchases of services increased 0.4 percent, compared
with an increase of 0.2 percent.

The price index for PCE increased 0.2 percent in March, compared with an increase of 0.1 percent in February.  The PCE
price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent.

                                Revisions

Estimates have been revised for January and February.  Changes in personal income, in current-dollar and chained (2009) dollar DPI,
and in current-dollar and chained (2009) 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                            41.3      53.7        0.3       0.4       47.7      54.3        0.3       0.4
Disposable personal income:
 Current dollars                            40.3      49.9        0.3       0.4       42.3      47.6        0.3       0.4
 Chained (2009) dollars                     24.4      33.2        0.2       0.3       30.5      36.3        0.3       0.3
Personal consumption expenditures:
 Current dollars                            20.0      26.7        0.2       0.2       30.8      54.7        0.3       0.5
 Chained (2009) dollars                      6.7      12.7        0.1       0.1       20.4      43.5        0.2       0.4

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 free e-mail
summaries of BEA releases and announcements.

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Next release - May 30, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for April