Personal Income, Disposable Income, and Personal Consumption Expenditures All Increased in March 2022

The U.S. Bureau of Economic Analysis (BEA) reported on Friday (4-29-22) that personal income (PI) increased $107.2 billion (0.5%) in March, according to their estimates. Disposable personal income (DPI) increased $89.7 billion (0.5%). Personal consumption expenditures (PCE) increased $185.0 billion (1.1%).

Real DPI decreased -0.4% in March, while Real PCE increased 0.2%; goods decreased -0.5% and spending on services increased 0.6%. The PCE price index for March increased 0.9%. Excluding food and energy, the PCE price index for March increased 0.3%.

Year-over-year, the PCE price index for March increased 6.6%, reflecting increases in both goods and services. Energy prices increased 33.9% while food prices increased 9.2%. Excluding food and energy, the PCE price index for March increased 5.2% from one year ago.

Personal outlays increased $188.9 billion in March. Personal saving was $1.15 trillion in March and the personal saving rate—personal saving as a percentage of disposable personal income—was 6.2%.