Personal Income and Outlays, March 2018
Personal income increased $47.8 billion (0.3 percent) in March according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $39.8 billion (0.3 percent) and personal consumption expenditures (PCE) increased $61.7 billion (0.4 percent).
Real DPI increased 0.2 percent in March and Real PCE increased 0.4 percent. The PCE price index increased less than 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.
|Percent change from preceding month|
|Disposable personal income:|
|Chained (2009) dollars||0.1||0.2||0.5||0.1||0.2|
|Personal consumption expenditures (PCE):|
|Chained (2009) dollars||0.5||0.3||-0.1||-0.2||0.4|
|PCE, excluding food and energy||0.1||0.2||0.3||0.2||0.2|
|Price indexes:||Percent change from month one year ago|
|PCE, excluding food and energy||1.5||1.5||1.5||1.6||1.9|
The increase in personal income in March primarily reflected increases in wages and salaries, social security benefits, and dividend income (table 3).
The $50.0 billion increase in real PCE in March reflected an increase of $24.2 billion in spending for goods and a $26.8 billion increase in spending for services (table 7). Within goods, purchases of recreational goods and vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for household electricity and gas. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.
Personal outlays increased $62.3 billion in March (table 3). Personal saving was $460.6 billion in March and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.1 percent (table 1).
Updates to Personal Income and Outlays
Estimates have been revised 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 as published in last month's release -- are shown below.
|Change from preceeding month|
|(Billions of dollars)||(Percent)||(Billions of dollars)||(Percent)|
|Disposable Personal income:|
|Chained (2009) dollars||75.7||63.9||0.6||0.5||22.7||1.6||0.2||0.0|
|Personal consumption expenditures:|
|Chained (2009) dollars||-27.7||-17.9||-0.2||-0.1||1.4||-18.6||0.0||-0.2|
Next release: May 31, 2018 at 8:30 A.M. EDT
Personal Income and Outlays: April 2018