Consumers had more money in their pockets in March -- but not a lot more.
The Bureau of Economic Analysis (BEA) reports personal income rose 0.2%, or $40.0 billion in March with disposable personal income (DPI) -- what's left over after taxes are deducted -- also up 0.2%.
The increase came largely from advances in things like Social Security, Medicare & Medicaid benefits, nonfarm proprietors’ income, and employee paychecks.
Personal consumption expenditures (PCE) were nearly flat, totaling $5.7 billion or less than 0.1%. What increase there was was more than accounted for by an rise in spending for services -- mostly household utilities. That was partially offset by a drop in spending for durable goods -- motor vehicles and parts.
Personal saving came to $849.1 billion in March for a personal saving rate -- personal saving as a percentage of disposable personal income -- of 5.9, up 0.3% from the February rate.
The complete report is available on the BEA website.
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