Personal income increased $46.1 billion, or 0.4 percent, and disposable personal income (DPI)
increased $35.1 billion, or 0.3 percent, in April, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $41.5 billion, or 0.4 percent. In March,
personal income increased $54.6 billion, or 0.4 percent, DPI increased $46.3 billion, or 0.4 percent,
and PCE increased $54.8 billion, or 0.5 percent, based on revised estimates.
Real DPI decreased less than 0.1 percent in April, in contrast to an increase of less than
0.1 percent in March. Real PCE increased 0.1 percent in April, the same increase as in March.
2010 2011
Dec. Jan. Feb. Mar. Apr.
(Percent change from preceding month)
Personal income, current dollars 0.4 1.1 0.4 0.4 0.4
Disposable personal income:
Current dollars 0.4 0.4 0.3 0.4 0.3
Chained (2005) dollars 0.2 0.1 -0.1 0.0 0.0
Personal consumption expenditures:
Current dollars 0.4 0.4 0.8 0.5 0.4
Chained (2005) dollars 0.1 0.1 0.4 0.1 0.1
Wages and salaries
Private wage and salary disbursements increased $27.3 billion in April, compared with an increase
of $20.6 billion in March. Goods-producing industries' payrolls increased $6.3 billion, compared
with an increase of $7.5 billion; manufacturing payrolls increased $0.8 billion, compared with an
increase of $6.6 billion. Services-producing industries' payrolls increased $20.9 billion, compared
with an increase of $13.1 billion. Government wage and salary disbursements increased $0.3 billion,
compared with an increase of $1.3 billion.
Other personal income
Supplements to wages and salaries increased $4.2 billion in April, compared with an increase of $4.3 billion in March.
Proprietors' income increased $4.4 billion in April, compared with an increase of $5.4 billion in March. Farm
proprietors' income decreased $2.1 billion, in contrast to an increase of $0.2 billion. Nonfarm proprietors'
income increased $6.5 billion, compared with an increase of $5.3 billion.
Rental income of persons increased $3.1 billion in April, compared with an increase of $8.4 billion in March.
Personal income receipts on assets (personal interest income plus personal dividend income) increased
$5.0 billion, in contrast to a decrease of $2.1 billion. Personal current transfer receipts increased
$5.5 billion, compared with an increase of $20.1 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased
$3.8 billion in April, compared with an increase of $3.3 billion in March.
Personal current taxes and disposable personal income
Personal current taxes increased $11.0 billion in April, compared with an increase of $8.3 billion in March.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $35.1 billion,
or 0.3 percent, in April, compared with an increase of $46.3 billion, or 0.4 percent in March.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased
$41.3 billion in April, compared with an increase of $54.8 billion in March. PCE increased
$41.5 billion, compared with an increase of $54.8 billion.
Personal saving -- DPI less personal outlays -- was $570.6 billion in April, compared with $576.7 billion
in March. Personal saving as a percentage of disposable personal income was 4.9 percent in April, the
same as in March. 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 /national/nipaweb/Nipa-Frb.asp.
Real DPI, real PCE and price index
Real DPI -- DPI adjusted to remove price changes -- decreased less than 0.1 percent in April, in contrast to an
increase of less than 0.1 percent in March.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in April, the
same increase as in March. Purchases of durable goods increased less than 0.1 percent in April, in contrast to a
decrease of 0.6 percent in March. Purchases of nondurable goods increased less than 0.1 percent, in contrast
to a decrease of 0.2 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.4 percent.
PCE price index -- The price index for PCE increased 0.3 percent in April, compared with an increase of 0.4 percent
in March. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent.
Revisions
Estimates for personal income and DPI have been revised for October through March; estimates for PCE have been revised
for January through March. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar
and chained (2005) dollar PCE for February and March -- revised and as published in last month's release -- are shown below.
For October through December 2010, the revisions to wages and salaries reflect the incorporation of newly available
BLS tabulations of fourth-quarter private wages and salaries from the quarterly census of employment and wages.
Change from preceding month
February March
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars 53.1 47.8 0.4 0.4 67.0 54.6 0.5 0.4
Disposable personal income:
Current dollars 49.6 37.8 0.4 0.3 64.4 46.3 0.6 0.4
Chained (2005) dollars 1.3 -8.1 0.0 -0.1 15.4 1.4 0.1 0.0
Personal consumption expenditures:
Current dollars 94.4 80.2 0.9 0.8 60.7 54.8 0.6 0.5
Chained (2005) dollars 44.9 33.1 0.5 0.4 15.7 12.2 0.2 0.1
This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government
social insurance for October through December 2010 (fourth quarter). These estimates reflect newly available
fourth-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics.
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 along with estimates for June 2011 on August 2. Personal income, disposable personal income,
and their components will be revised back to January 2008, and PCE and personal saving will be revised back to January 2003.
The August Survey of Current Business will contain an article that describes the annual revision in detail.
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 – June 27, 2011 at 8:30 A.M. EDT for Personal Income and Outlays for May
________________________
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.
