The following is the unedited transcript of the news release from the Bureau of Economic Analysis.



Personal income increased $20.1 billion, or 0.2 percent, and disposable personal income (DPI) increased $23.4 billion, or 0.2 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $21.4 billion, or 0.2 percent. In March, personal income increased $44.7 billion, or 0.4 percent, DPI increased $35.4 billion, or 0.3 percent, and PCE increased $41.7 billion, or 0.4 percent, based on revised estimates.

Real disposable personal income decreased less than 0.1 percent in April, in contrast to an increase of less than 0.1 percent in March. Real PCE decreased less than 0.1 percent, in contrast to an increase of 0.1 percent.

Wages and salaries

Private wage and salary disbursements decreased $18.2 billion in April, in contrast to an increase of $26.9 billion in March. Private wages and salaries had been boosted by $15.0 billion at an annual rate in January, in February, and in March to reflect large bonus payments. These types of irregular payments are not accounted for in the primary monthly source data for wages and salaries. This adjustment for one-time bonuses has not been carried forward in the estimates of wage and salary disbursements for April and subsequent months. Goods-producing industries'' payrolls decreased $11.4 billion, in contrast to an increase of $4.5 billion; manufacturing payrolls decreased $5.1 billion, in contrast to an increase of $2.5 billion. Services-producing industries'' payrolls decreased $6.8 billion, in contrast to an increase of $22.4 billion. Government wage and salary disbursements increased $3.7 billion, compared with an increase of $3.4 billion.

Other personal income

Supplements to wages and salaries increased $3.7 billion in April, compared with an increase of $5.9 billion in March. Proprietors'' income decreased $0.9 billion in April, compared with a decrease of $4.9 billion in March. Farm proprietors'' income was unchanged in April; farm proprietors'' income decreased $4.9 billion in March. Nonfarm proprietors'' income decreased $1.0 billion in April; nonfarm proprietors'' was unchanged in March.

Rental income of persons increased $10.0 billion in April, in contrast to a decrease of $1.2 billion in March. Personal income receipts on assets (personal interest income plus personal dividend income) increased $5.4 billion, compared with an increase $4.9 billion.

Personal current transfer receipts increased $14.3 billion in April, compared with an increase of $13.7 billion in March. The April change in personal current transfer receipts was boosted $7.8 billion at an annual rate to reflect payments under the Economic Stimulus Act of 2008 to individuals who either paid no income tax or whose payment exceeded the amount of income tax paid.

Personal contributions for social insurance -- a subtraction in calculating personal income -decreased $2.0 billion in April, in contrast to an increase of $3.9 billion in March.

Personal current taxes and disposable personal income

Personal current taxes decreased $3.4 billion in April, in contrast to an increase of $9.3 billion in March. The April change in personal current taxes was reduced by $15.5 billion at an annual rate to reflect rebates that began at the end of the month under the Economic Stimulus Act of 2008.Disposable personal income (DPI) -- personal income less personal current taxes -- increased $23.4 billion, or 0.2 percent, in April, compared with an increase of $35.4 billion, or 0.3 percent, in March.

Personal outlays and personal saving

Personal outlays -- PCE, interest paid by persons, and personal transfer payments to the rest of the world (net) -- increased $27.3 billion in April, compared with an increase of $34.2 billion in March. PCE increased $21.4 billion, compared with an increase of $41.7 billion.

Personal saving -- DPI less personal outlays -- was $75.0 billion in April, compared with $78.9 billion in March. Personal saving as a percentage of disposable personal income was 0.7 percent in April, the same percentage as in March. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods.

Real DPI and real PCE

Real DPI -- DPI adjusted to remove price changes -- decreased less than 0.1 percent in April, in contrast to an increase of less than 0.1 percent in March.