Personal Income and Outlays, March 2015

Historical release narrative reproduced from the official public-domain U.S. Bureau of Economic Analysis source. Statistical tables, charts, standard technical appendices and administrative material are omitted; formatting is adapted for reading. Figures retain the release's original vintage and may have been revised. Consult the linked source for the complete release and current data.

Personal income increased $6.2 billion, or less than 0.1 percent, and disposable personal income (DPI) increased $1.6 billion, or less than 0.1 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $53.4 billion, or 0.4 percent. In February, personal income increased $66.4 billion, or 0.4 percent, DPI increased $61.2 billion, or 0.5 percent, and PCE increased $20.8 billion, or 0.2 percent, based on revised estimates.

Real DPI decreased 0.2 percent in March, in contrast to an increase of 0.3 percent in February. Real PCE increased 0.3 percent, in contrast to a decrease of less than 0.1 percent.

Compensation

Wages and salaries increased $16.3 billion in March, compared with an increase of $24.2 billion in February. Private wages and salaries increased $15.2 billion, compared with an increase of $22.6 billion. Government wages and salaries increased $1.0 billion, compared with an increase of $1.7 billion.

Supplements to wages and salaries increased $4.2 billion in March, compared with an increase of $5.1 billion in February.

Other personal income

Proprietors' income decreased $1.5 billion in March, compared with a decrease of $7.7 billion in February. Farm proprietors' income decreased $7.7 billion, compared with a decrease of $7.6 billion. Nonfarm proprietors' income increased $6.1 billion in March; nonfarm proprietors' income was unchanged in February.

Rental income of persons increased $3.2 billion in March, compared with an increase of $2.6 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $33.1 billion, in contrast to an increase of $29.7 billion. Personal current transfer receipts increased $18.8 billion, compared with an increase of $15.6 billion.

Contributions for government social insurance -- a subtraction in calculating personal income -- increased $1.8 billion in March, compared with an increase of $3.0 billion in February.

Personal current taxes and disposable personal income

Personal current taxes increased $4.6 billion in March, compared with an increase of $5.1 billion in February. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $1.6 billion, or less than 0.1 percent, in March, compared with an increase of $61.2 billion, or 0.5 percent, in February.

Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $57.6 billion in March, compared with an increase of $24.9 billion in February. PCE increased $53.4 billion, compared with an increase of $20.8 billion.

Personal saving -- DPI less personal outlays -- was $702.6 billion in March, compared with $758.6 billion in February. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.3 percent in March, compared with 5.7 percent in February. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp.

Real DPI, real PCE, and price index

Real DPI -- DPI adjusted to remove price changes -- decreased 0.2 percent in March, in contrast to an increase of 0.3 percent in February.

Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in March, in contrast to a decrease of less than 0.1 percent in February. Purchases of durable goods increased 2.0 percent, in contrast to a decrease of 1.1 percent. Purchases of motor vehicles and parts accounted for most of the increase in March and for most of the decrease in February. Purchases of nondurable goods increased 0.2 percent in March, in contrast to a decrease of 0.1 percent in February. Purchases of services increased less than 0.1 percent, compared with an increase of 0.2 percent.

The price index for PCE increased 0.2 percent in March, the same increase as in February. The PCE price index, excluding food and energy, increased 0.1 percent in March, the same increase as in February.

The March price index for PCE increased 0.3 percent from March a year ago. The March PCE price index, excluding food and energy, increased 1.3 percent from March a year ago.

Revisions

Estimates have been revised for January and February. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for January and February -- revised and as published in last month's release -- are shown below.

Upcoming 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 in conjunction with preliminary estimates for June 2015 on August 3, 2015. In addition to the regular revision of estimates for the most recent 3 years and for the first 5 months of 2015, personal income and select components will be revised back further (for more information, see the GDP Technical Note). The June Survey of Current Business will contain an article that previews the annual revision and the August Survey will contain an article that describes the results.