EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Monday, May 1, 2017
BEA 17—20

* 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 (301) 278-9087 (Personal Income) piniwd@bea.gov
  Harvey Davis (301) 278-9086 (PCE) pce@bea.gov
Media: Jeannine Aversa (301) 278-9003   jeannine.aversa@bea.gov
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).


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

                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

                                       Additional Information


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•	Access BEA data by registering for BEA’s Data Application Programming Interface (API).
•	For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business.
•	BEA's news release scheduleNIPA Handbook:  Concepts and Methods of the U.S. National Income and Product Accounts


Personal income is the income received by, or on behalf of, all persons from all sources:  from
participation as laborers in production, from owning a home or business, from the ownership of
financial assets, and from government and business in the form of transfers. It includes income from
domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or

Disposable personal income is the income available to persons for spending or saving. It is equal to
personal income less personal current taxes.

Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the
behalf of, “persons” who reside in the United States.

Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments.

Personal saving is personal income less personal outlays and personal current taxes.

The personal saving rate is personal saving as a percentage of disposable personal income.

Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is,
at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.”

Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes.

For more definitions, see the Glossary: National Income and Product Accounts.

Statistical conventions

Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR).
Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ
“Why does BEA publish estimates at annual rates?”

Month-to-month percent changes are calculated from unrounded data and are not annualized.

Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual
rates. For detail, see the FAQ “How is average annual growth calculated?”

Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index
numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are
calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent
periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by
multiplying the published quantity index by the current dollar value in the reference year (2009) and
then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels
are conceptually the same; any differences are due to rounding.

Chained-dollar values are not additive because the relative weights for a given period differ from those
of the reference year.