Spending Outpaced Income Growth in March

Washington, DC, April 29, 2019-Personal consumption expenditures (PCE) increased $123.5 billion (0.9%), according to estimates released by the Bureau of Economic Analysis.

Personal income increased $11.4 billion (0.1%) in March.

Disposable personal income (DPI) increased $0.6 billion, (less than 0.1%).

Real DPI decreased 0.2% in March, and real PCE increased 0.7%. The PCE price index increased 0.2%. Excluding food and energy, the PCE price index increased less than 0.1%.

The increase in personal income in March primarily reflected increases in compensation of employees and government social benefits to persons that were partially offset by decreases in personal interest income and farm proprietors’ income.