EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Friday, April 29, 2016
BEA 16—22


* See the navigation bar at the right side of the news release text for links to data tables,
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Technical: James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov
  Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
Media: Jeannine Aversa (202) 606-2649  
PERSONAL INCOME AND OUTLAYS, MARCH 2016
Personal income increased $57.4 billion, or 0.4 percent, and disposable personal income (DPI)
increased $50.4 billion, or 0.4 percent, in March, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $12.8 billion, or 0.1 percent.  In February,
personal income increased $12.0 billion, or 0.1 percent, DPI increased $11.4 billion, or 0.1 percent,
and PCE increased $21.4 billion, or 0.2 percent, based on revised estimates.

Real DPI increased 0.3 percent in March, compared with an increase of 0.2 percent in February.
Real PCE increased less than 0.1 percent, compared with an increase of 0.3 percent.

                                        2015                            2016
                                        Nov.            Dec.            Jan.            Feb.            Mar.
                                                       (Percent change from preceding month)
Personal income, current dollars        0.3             0.3             0.4             0.1             0.4
Disposable personal income:
 Current dollars                        0.2             0.3             0.4             0.1             0.4
 Chained (2009) dollars                 0.1             0.3             0.2             0.2             0.3
Personal consumption expenditures:
 Current dollars                        0.4             0.1             0.2             0.2             0.1
 Chained (2009) dollars                 0.3             0.2             0.0             0.3             0.0

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.
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                                Compensation

Wages and salaries increased $29.2 billion in March, in contrast to a decrease of $4.6 billion in February.
Private wages and salaries increased $26.3 billion, in contrast to a decrease of $8.0 billion.  Government
wages and salaries increased $2.8 billion, compared with an increase of $3.4 billion.

Supplements to wages and salaries increased $5.4 billion in March, compared with an increase of $3.0 billion in February.

                                Other personal income

Proprietors' income increased $0.6 billion in March, in contrast to a decrease of $2.4 billion in February.
Farm proprietors' income decreased $0.9 billion, the same decrease as in February.  Nonfarm proprietors'
income increased $1.5 billion in March, in contrast to a decrease of $1.6 billion in February.

Rental income of persons increased $5.4 billion in March, compared with an increase of $5.2 billion in February.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $12.5 billion,
in contrast to a decrease of $4.3 billion.

Personal current transfer receipts increased $7.6 billion in March, compared with an increase of $14.0 billion in February.

Contributions for government social insurance -- a subtraction in calculating personal income --  increased $3.3 billion
in March, in contrast to a decrease of $1.2 billion in February.

                                Personal current taxes and disposable personal income

Personal current taxes increased $6.9 billion in March, compared with an increase of $0.6 billion in February.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $50.4 billion, or 0.4 percent,
compared with an increase of $11.4 billion, or 0.1 percent.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $11.2 billion in
March, compared with an increase of $20.0 billion in February.  PCE increased $12.8 billion, compared with an increase of $21.4 billion.

Personal saving -- DPI less personal outlays -- was $735.5 billion in March, compared with $696.4 billion in February.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.4 percent, compared
with 5.1 percent.  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, compared with an increase of 0.2 percent in February.

Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in March, compared with an increase of 0.3 percent
in February.  Purchases of durable goods decreased 0.3 percent, in contrast to an increase of 0.4 percent.  Purchases of motor vehicles
and parts more than accounted for the decrease in March. Purchases of nondurable goods increased 0.7 percent in March, in contrast to a
decrease of 0.3 percent in February.  Purchases of services decreased 0.1 percent, in contrast to an increase of 0.4 percent.

The price index for PCE increased 0.1 percent in March, in contrast to a decrease of 0.1 percent in February.  The PCE price index,

excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent.

The March PCE price index increased 0.8 percent from March a year ago.  The March PCE price index, excluding food and energy, increased
1.6 percent from March a year ago.

                                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 for 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                            72.7      63.3        0.5       0.4       23.7      12.0        0.2       0.1
Disposable personal income:
 Current dollars                            57.2      49.9        0.4       0.4       23.7      11.4        0.2       0.1
 Chained (2009) dollars                     38.2      29.1        0.3       0.2       34.8      22.6        0.3       0.2
Personal consumption expenditures:
 Current dollars                            10.7      19.1        0.1       0.2       11.0      21.4        0.1       0.2
 Chained (2009) dollars                     -2.9       2.4        0.0       0.0       22.1      30.6        0.2       0.3

BOX._____________________
                                Upcoming Annual Revision of the National Income and Product Accounts

As part of the annual 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 2016 on August 2, 2016.  This regular revision of the estimates will cover
the most recent 3 years and the first 5 months of 2016.  For more information, see the GDP Technical Note.
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Next release – Tuesday, May 31, 2016 at 8:30 A.M. EDT Personal Income and Outlays for April