Personal income increased $40.0 billion (0.2 percent) in March according to estimates released today
by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $35.0 billion (0.2 percent)
and personal consumption expenditures (PCE) increased $5.7 billion (less than 0.1 percent).

Real DPI increased 0.5 percent in March and Real PCE increased 0.3 percent. The PCE price index
decreased 0.2 percent. Excluding food and energy, the PCE price index decreased 0.1 percent.

                                                2016            2017
                                                Nov.    Dec.    Jan.    Feb.    Mar.
                                                Percent change from preceding month
Personal income:
 Current dollars                                0.2     0.3     0.4     0.3     0.2
Disposable personal income:
 Current dollars                                0.2     0.3     0.3     0.3     0.2
 Chained (2009) dollars                         0.1     0.1    -0.1     0.2     0.5
Personal consumption expenditures (PCE):
 Current dollars                                0.3     0.6     0.2     0.0     0.0
 Chained (2009) dollars                         0.2     0.4    -0.3    -0.1     0.3
Price indexes:
 PCE                                            0.1     0.2     0.4     0.1    -0.2
 PCE, excluding food and energy                 0.0     0.1     0.3     0.2    -0.1

Price indexes:
                                                Percent change from month one year ago
 PCE                                            1.3     1.6     1.9     2.1     1.8
 PCE, excluding food and energy                 1.7     1.7     1.8     1.8     1.6

The increase in personal income in March primarily reflected increases in government social benefits
to persons, nonfarm proprietors’ income, and compensation of employees (table 3).

The increase in real PCE in March was more than accounted for by an increase in spending for services,
notably spending for household utilities. This increase was partially offset by a decrease in spending
for durable goods, which was more than accounted for by a decrease in motor vehicles and parts.

Personal outlays increased $4.9 billion in March (table 3). Personal saving was $849.1 billion in March
and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.9
percent (table 1).

                                Updates

Estimates have been updated for January and February. The percent change from the preceding month for
current-dollar personal income, and for current-dollar and chained (2009) dollar DPI and PCE -- revised
and previously published -- 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                    74.5      70.8        0.5       0.4       57.7      55.7        0.4       0.3
Disposable personal income:
 Current dollars                    50.2      44.5        0.4       0.3       44.6      41.4        0.3       0.3
 Chained (2009) dollars             -9.0     -17.4       -0.1      -0.1       23.0      21.8        0.2       0.2
Personal consumption expenditures:
 Current dollars                    27.4      24.9        0.2       0.2        7.4      -2.4        0.1       0.0
 Chained (2009) dollars            -24.6     -30.0       -0.2      -0.3       -8.7     -15.9       -0.1      -0.1

BOX.________________________
                Upcoming Annual Update of the National Income and Product Accounts

As part of the annual update of the national income and product accounts (NIPAs), revised estimates of
personal income and outlays will be released in conjunction with initial estimates for June 2017 on
August 1, 2017. This regular update of the accounts will cover the most recent 3 years and the first
5 months of 2017. For more information, see the GDP Technical Note.
____________________________

                                Next release:  May 30, 2017 at 8:30 A.M. EDT
                                  Personal Income and Outlays:  April 2017