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Personal Income and Spending Rise, Savings Decrease
Monday, May 5, 2014 6:55 AM

Personal income increased $78.4 billion, or 0.5 percent, and disposable personal income (DPI) increased $68.0 billion, or 0.5 percent, in March, according to the Bureau of Economic Analysis.  Personal consumption expenditures (PCE) increased $107.2 billion, or 0.9 percent.  In February, personal income increased $54.3 billion, or 0.4 percent, DPI increased $47.6 billion, or 0.4 percent, and PCE increased $54.7 billion, or 0.5 percent, based on revised estimates.

Private wages and salaries increased $42.3 billion in March, compared with an increase of $17.4 billion in February. Goods producing industries' payrolls increased $10.4 billion, compared with an increase of $7.6 billion; manufacturing payrolls increased $7.0 billion, compared with an increase of $1.6 billion. Services-producing industries' payrolls increased $31.8 billion, compared with an increase of $9.9 billion. Government wages and salaries increased $0.9 billion, compared with an increase of $1.9 billion.

Although wages increased, consumers saved less. Personal saving (DPI less personal outlays) was $487.7 billion in March, compared with $529.4 billion in February. The personal saving rate (personal saving as a percentage of disposable personal income) was 3.8 percent in March, compared with 4.2 percent in February.

 

(Source: Economic and Statistics Administration)