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


Personal income increased $38.8 billion, or 0.3 percent, and disposable personal income (DPI) increased $29.6 billion, or 0.3 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $42.9 billion, or 0.4 percent. In February, personal income increased $58.2 billion, or 0.5 percent, DPI increased $50.3 billion, or 0.5 percent, and PCE increased $11.0 billion, or 0.1 percent, based on revised estimates.

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

Wages and salaries

Private wage and salary disbursements increased $26.1 billion in March, compared with an increase of $17.3 billion in February. Goods-producing industries'' payrolls increased $4.8 billion, compared with an increase of $3.3 billion; manufacturing payrolls increased $2.4 billion, compared with an increase of $1.9 billion. Services-producing industries'' payrolls increased $21.3 billion, compared with an increase of $14.0 billion. Government wage and salary disbursements increased $3.6 billion, compared with an increase of $5.3 billion.

Other personal income

Supplements to wages and salaries increased $5.9 billion in March, compared with an increase of $5.8 billion in February. Proprietors'' income decreased $4.9 billion in March, compared with a decrease of $7.2 billion in February. Farm proprietors'' income decreased $3.2 billion, compared with a decrease of $3.0 billion. Nonfarm proprietors'' income decreased $1.6 billion, compared with a decrease of $4.1 billion.

Rental income of persons decreased $1.0 billion in March, compared with a decrease of $1.3 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) increased $4.9 billion, compared with an increase of $5.3 billion.

Personal current transfer receipts increased $8.1 billion in March, compared with an increase of $36.0 billion in February, and a decrease of $12.0 billion in January. The changes in personal current transfer receipts primarily reflect the pattern of federal Medicare part D prescription drug payments; these payments were reduced in January to recover overpayments that were made in 2006.

Contributions for government social insurance -- a subtraction in calculating personal income --increased $3.9 billion in March, compared with an increase of $3.0 billion in February.

[Personal current taxes and disposable personal income

Personal current taxes increased $9.2 billion in March, compared with an increase of $7.9 billion in February. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $29.6 billion, or 0.3 percent, in March, compared with an increase of $50.3 billion, or 0.5 percent, in February.

Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $42.1 billion in March, compared with an increase of $10.4 billion in February. PCE increased $42.9 billion, compared with an increase of $11.0 billion.

Personal saving -- DPI less personal outlays -- was $25.2 billion in March, compared with $37.7 billion in February. Personal saving as a percentage of disposable personal income was 0.2 percent in March, compared with 0.4 percent in February. 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 March,
in contrast to an increase of 0.3 percent in February. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in March, in contrast to a decrease of less than 0.1 percent in February. Purchases of durable goods decreased 0.5 percent, in contrast to an increase of 0.1 percent. Purchases of nondurable goods increased 0.2 percent, in contrast to a decrease of less than 0.1 percent. Purchases of services increased 0.2 percent, in contrast to a decrease of 0.1 percent.

PCE prices -- The price index for PCE increased 0.3 percent in March, compared with an increase of 0.1 percent in February. Prices, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent.