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Friday, April 26, 2024 Contact: Connie O’Connell, (301) 278-9003 Personal Income and Outlays, March 2024 Personal income increased $122.0 billion (0.5 percent at a monthly rate) in March. Disposable personal income (DPI)—personal income less personal current taxes—increased $104.0 billion (0.5 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $172.1 billion (0.9 percent) and consumer spending increased $160.9 billion (0.8 percent). Personal saving was $671.0 billion and the personal saving rate— personal saving as a percentage of disposable personal income—was 3.2 percent in March. 5.0 0.8 4.0 0.6 3.0 0.4 2.0 0.2 1.0 0.0 0.0 Sep. Oct. Nov. Dec. Jan. 2023 DPI, % change from prior period U.S. Bureau of Economic Analysis Feb. Percent Percent change from prior period Disposable Personal Income, Outlays, and Saving 1.0 Mar. 2024 Outlays, % change from prior period Personal saving as % of DPI Seasonally adjusted Personal income In March, personal income increased, primarily reflecting an increase in compensation. • Within compensation, the increase was led by private wages and salaries, based on data from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES). Services-producing industries increased $53.1 billion and goods-producing industries increased $18.0 billion. BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and regional economic data—are available at www.bea.gov. Email alerts are also available. Estimates of April 2024 Personal Income and Outlays will be released on May 31, 2024. Consumer spending The $160.9 billion increase in consumer spending in March reflected an increase in spending for both services and goods. 1.5 1.0 Within services, the largest contributors to the increase were health care (both outpatient and hospital services), based on BLS CES data, and housing and utilities (led by housing). 0.5 Percent • Month-to-Month Change in Consumer Spending Consumer spending Goods Services 0.0 -0.5 -1.0 -1.5 • Within goods, the largest contributors -2.0 Nov. Dec. Jan. Feb. Mar. to the increase were gasoline and other energy goods (led by motor 2023 2024 vehicle fuels, lubricants, and fluids), U.S. Bureau of Economic Analysis Seasonally adjusted based on Energy Information Administration data; other nondurable goods (led by recreational items), based on Monthly Retail Trade Survey (MRTS) data; and food and beverages, based on MRTS data. Changes in Monthly Consumer Spending, March 2024 Consumer spending increased $160.9 billion Goods Services Gasoline and other energy goods 26.1 Health care 22.9 Other nondurable goods 17.1 Housing and utilities 16.6 Food and beverages 15.8 Financial services and insurance 13.1 Recreational goods and vehicles 11.3 Recreation services 7.4 Food services and accommodations 7.3 Final expenditures of NPISHs 7.0 Transportation services 5.3 Furnishings and durable household equipment 4.8 Other durable goods 3.5 Motor vehicles and parts 1.9 Other services Clothing and footwear U.S. Bureau of Economic Analysis 0.9 -0.2 Billions of dollars Seasonally adjusted annual rates Page 2 of 3 PCE price index From the preceding month, the PCE price index for March increased 0.3 percent. Prices for services increased 0.4 percent and prices for goods increased 0.1 percent. Food prices decreased less than 0.1 percent and energy prices increased 1.2 percent. Excluding food and energy, the PCE price index increased 0.3 percent. For a comparison of PCE prices to BLS consumer price indexes, refer to Table 9.1U. Reconciliation of Percent Change in the CPI with Percent Change in the PCE Price Index. From the same month one year ago, the PCE price index for March increased 2.7 percent. Prices for services increased 4.0 percent and prices for goods increased 0.1 percent. Food prices increased 1.5 percent and energy prices increased 2.6 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago. Percent Change in PCE Price Indexes from Month One Year Ago PCE 5.0 PCE excluding food and energy Percent 4.0 3.0 2.0 1.0 0.0 0.0 Mar. Apr. May Jun. Jul. Aug. 2023 U.S. Bureau of Economic Analysis Sep. Oct. Nov. Dec. Jan. Feb. Mar. 2024 Seasonally adjusted Real disposable personal income and consumer spending Real DPI increased 0.2 percent in March. Real consumer spending increased 0.5 percent, reflecting an increase in spending on goods of 1.1 percent and an increase in spending on services of 0.2 percent. Within goods, the leading contributors to the increase were gasoline and other energy goods (led by motor vehicle fuels, lubricants, and fluids), other nondurable goods (led by recreational items), and food and beverages. Within services, the largest contributor to the increase was health care (both outpatient and hospital services). Page 3 of 3
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