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THURSDAY April 30, 2009 CONSUMER SPENDING DECLINES IN MARCH Personal income declined 0.3 percent in March. Wages and salaries, the largest component of personal income, fell 0.5 percent after falling 0.4 percent in February. Proprietors’ income (mainly from partnerships and sole proprietorships) turned down. Real disposable personal income (DPI), income adjusted for inflation and taxes, was flat in March. Taxes fell $33 billion after falling $25 billion. Tax credits from the American Recovery and Reinvestment Act of 2009 reduced taxes $11 billion in March. Real consumer spending, adjusted for price changes, decreased 0.2 percent in March after increasing 0.1 percent in February. Average growth, last 12 months February March Personal Income 0.0 % –0.2 % –0.3 % Real DPI 0.2 % –0.3 % 0.0 % –0.1 % 0.1 % –0.2 % 0.1 % 0.3% 0.0 % 12-month average February March 2.8% 4.0 % 4.2 % Real PCE PCE Prices PCE prices were essentially flat in March after increasing 0.3 percent. Excluding food and energy, prices rose 0.2 percent, the same as in February. Personal saving as a percent of disposable income rose to 4.2 percent in March. Personal Saving Rate Real Disposable Personal Income and Real Consumer Spending Percent change (monthly) 1.5 1.0 Real Disposable Personal Income 0.5 0.0 Real Consumer Spending -0.5 -1.0 Dec Jan Feb Mar BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: On June 1, 2009, the April estimates of Personal Income and Outlays will be released. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce