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


Personal income decreased $34.4 billion, or 0.3 percent, and disposable personal income (DPI) decreased $1.8 billion, or less than 0.1 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $24.2 billion, or 0.2 percent. In February, personal income decreased $24.3 billion, or 0.2 percent, DPI increased $0.2 billion, or less than 0.1 percent, and PCE increased $39.1 billion, or 0.4 percent, based on revised estimates.


Real disposable income increased less than 0.1 percent in March, in contrast to a decrease of 0.3 percent in February. Real PCE decreased 0.2 percent, in contrast to an increase of 0.1 percent.

Wages and salaries

Private wage and salary disbursements decreased $32.9 billion in March, compared with a decrease of $28.8 billion in February. Goods-producing industries'' payrolls decreased $15.3 billion, compared with a decrease of $14.2 billion; manufacturing payrolls decreased $7.8 billion, compared with a decrease of $7.4 billion. Services-producing industries'' payrolls decreased $17.6 billion, compared with a decrease of $14.6 billion. Government wage and salary disbursements increased $2.9 billion compared with an increase of $1.9 billion.

Other personal income

Supplements to wages and salaries increased $2.1 billion in March, compared with an increase of $2.5 billion in February.

Proprietors'' income decreased $5.9 billion in March, in contrast to an increase of $1.9 billion in February. Farm proprietors'' income increased $0.2 billion, in contrast to a decrease of $1.2 billion. Nonfarm proprietors'' income decreased $5.9 billion, in contrast to an increase of $3.0 billion.

Rental income of persons decreased $3.3 billion in March, compared with a decrease of $2.6 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $20.7 billion, compared with a decrease of $20.6 billion. Personal current transfer receipts increased $18.8 billion, compared with an increase of $17.2 billion.

Contributions for government social insurance -- a subtraction in calculating personal income – decreased $4.4 billion in March, compared with a decrease of $4.3 billion in February.

Personal current taxes and disposable personal income

Personal current taxes decreased $32.7 billion in March, compared with a decrease of $24.6 billion in February. The Making Work Pay Credit provision of the American Recovery and Reinvestment Act of 2009 reduced personnel current taxes $11.2 billion at an annual rate. The act provides for a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. (The credit is subject to income limitations.)

Disposable personal income (DPI) -- personal income less personal current taxes – decreased $1.8 billion, or less than 0.1 percent in March, in contrast to an increase of $0.2 billion, or less than 0.1 percent, in February.

Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments – decreased $24.5 billion in March, in contrast to an increase of $38.7 billion in February. PCE decreased $24.2 billion, in contrast to an increase of $39.1 billion.

Personal saving -- DPI less personal outlays – was $455.3 billion in March, compared with $432.6 billion in February. Personal saving as a percentage of disposable personal income was 4.2 percent in March, compared with 4.0 percent in February.

Real DPI and real PCE

Real DPI --DPI adjusted to remove price changes -- increased less than 0.1 percent in March, in contrast to a decrease of 0.3 percent in February.