May 14, 2024 • 5 mins
WASHINGTON, D.C. — In a welcomed economic development, personal income across the United States surged by $122.0 billion, marking a 0.5 percent increase on a monthly rate for March 2024. This data, released today by the Bureau of Economic Analysis (BEA), highlights a robust period for economic growth as consumers' disposable income and spending power continue to climb.
Here are the the Key Figures from March 2024.
Personal Income: Increased by $122.0 billion (0.5%).
Disposable Personal Income (DPI): Rose by $104.0 billion (0.5%).
Personal Consumption Expenditures (PCE): Jumped by $160.9 billion (0.8%).
The rise in personal income was driven primarily by increased compensation across various sectors. As for disposable personal income, the measure of income left after personal current taxes, it reflected a parallel increase, empowering consumers to spend more.
The PCE price index, a key indicator of inflation, rose by 0.3 percent in March. Excluding the volatile food and energy sectors, the PCE price index also saw a 0.3 percent increase. These figures suggest a steady but controlled inflation rate, maintaining a balance between economic growth and price stability.
Real Disposable Personal Income (DPI): Adjusted for inflation, real DPI increased by 0.2 percent.
Real Personal Consumption Expenditures (PCE): Adjusted for inflation, real PCE increased by 0.5 percent, with goods up by 1.1 percent and services up by 0.2 percent.
Examining the month-by-month performance from November 2023 to March 2024:
Personal Income: Consistent increases with notable growth in January (1.0%) and March (0.5%).
Disposable Personal Income: Mirrored the pattern of personal income with steady growth.
Personal Consumption Expenditures: Exhibited significant jumps in February (0.8%) and March (0.8%).
Comparing March 2024 to the same month a year ago, the PCE price index rose by 2.7 percent, reflecting overall price increases for services (4.0%) and a modest increase for goods (0.1%). Food prices rose by 1.5 percent, and energy prices were up by 2.6 percent. Excluding food and energy, the year-over-year PCE price index increased by 2.8 percent.
The $160.9 billion increase in current-dollar PCE was split almost equally between services ($80.6 billion) and goods ($80.3 billion). In the services sector, health care and housing were the primary contributors to the growth. For goods, significant spending was observed in motor vehicle fuels, recreational items, and food and beverages.
Personal outlays, which include PCE, personal interest payments, and personal current transfer payments, saw a total increase of $172.1 billion. This rise in spending contributed to a personal saving rate of 3.2 percent, with personal savings amounting to $671.0 billion.
Month-over-month, the PCE price index saw a 0.3 percent rise in March. Service prices increased by 0.4 percent, and goods prices edged up by 0.1 percent. Food prices showed a marginal decrease of less than 0.1 percent, while energy prices rose by 1.2 percent.
Year-over-year, the PCE price index's 2.7 percent increase was driven by higher costs in services and slight upticks in goods and energy prices. Excluding food and energy, the index's 2.8 percent rise indicates a steady inflation rate within manageable bounds.
The BEA also revised estimates for January and February, providing a more accurate picture of the economic landscape. For instance, personal income in January was revised upwards to $241.9 billion, while February saw a slight downward adjustment to $65.1 billion.
Looking ahead, the next report on Personal Income and Outlays for April 2024 will be released on May 31, 2024, at 8:30 a.m. EDT. As the economy continues to navigate through fluctuations, these updates will be crucial for policymakers, investors, and consumers alike.
Susbscribe so you can Stay tuned for the next report on PErsonal Income and Outlays.PC
This content was created in partnership and with the help of Artificial Intelligence AI
Here are the the Key Figures from March 2024.
Personal Income: Increased by $122.0 billion (0.5%).
Disposable Personal Income (DPI): Rose by $104.0 billion (0.5%).
Personal Consumption Expenditures (PCE): Jumped by $160.9 billion (0.8%).
The rise in personal income was driven primarily by increased compensation across various sectors. As for disposable personal income, the measure of income left after personal current taxes, it reflected a parallel increase, empowering consumers to spend more.
The PCE price index, a key indicator of inflation, rose by 0.3 percent in March. Excluding the volatile food and energy sectors, the PCE price index also saw a 0.3 percent increase. These figures suggest a steady but controlled inflation rate, maintaining a balance between economic growth and price stability.
Real Disposable Personal Income (DPI): Adjusted for inflation, real DPI increased by 0.2 percent.
Real Personal Consumption Expenditures (PCE): Adjusted for inflation, real PCE increased by 0.5 percent, with goods up by 1.1 percent and services up by 0.2 percent.
Examining the month-by-month performance from November 2023 to March 2024:
Personal Income: Consistent increases with notable growth in January (1.0%) and March (0.5%).
Disposable Personal Income: Mirrored the pattern of personal income with steady growth.
Personal Consumption Expenditures: Exhibited significant jumps in February (0.8%) and March (0.8%).
Comparing March 2024 to the same month a year ago, the PCE price index rose by 2.7 percent, reflecting overall price increases for services (4.0%) and a modest increase for goods (0.1%). Food prices rose by 1.5 percent, and energy prices were up by 2.6 percent. Excluding food and energy, the year-over-year PCE price index increased by 2.8 percent.
The $160.9 billion increase in current-dollar PCE was split almost equally between services ($80.6 billion) and goods ($80.3 billion). In the services sector, health care and housing were the primary contributors to the growth. For goods, significant spending was observed in motor vehicle fuels, recreational items, and food and beverages.
Personal outlays, which include PCE, personal interest payments, and personal current transfer payments, saw a total increase of $172.1 billion. This rise in spending contributed to a personal saving rate of 3.2 percent, with personal savings amounting to $671.0 billion.
Month-over-month, the PCE price index saw a 0.3 percent rise in March. Service prices increased by 0.4 percent, and goods prices edged up by 0.1 percent. Food prices showed a marginal decrease of less than 0.1 percent, while energy prices rose by 1.2 percent.
Year-over-year, the PCE price index's 2.7 percent increase was driven by higher costs in services and slight upticks in goods and energy prices. Excluding food and energy, the index's 2.8 percent rise indicates a steady inflation rate within manageable bounds.
The BEA also revised estimates for January and February, providing a more accurate picture of the economic landscape. For instance, personal income in January was revised upwards to $241.9 billion, while February saw a slight downward adjustment to $65.1 billion.
Looking ahead, the next report on Personal Income and Outlays for April 2024 will be released on May 31, 2024, at 8:30 a.m. EDT. As the economy continues to navigate through fluctuations, these updates will be crucial for policymakers, investors, and consumers alike.
Susbscribe so you can Stay tuned for the next report on PErsonal Income and Outlays.PC
This content was created in partnership and with the help of Artificial Intelligence AI
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Washington, d C. In awelcomed economic development, Personal income across the
United States surged by one hundred andtwenty two point zero billion dollars, marking
a zero point five percent increase ona monthly rate for March twenty twenty four.
This data, released today by theBureau of Economic Analysis b EA,
(00:23):
highlights a robust period for economic growthas consumers, disposable income, and spending
power continue to climb. Here arethe key figures from March twenty twenty four.
Personal income increased by one twenty twopoint zero billion dollars zero point five
percent. Disposable personal income DPI rowsby one hundred and four point zero billion
(00:48):
dollars zero point five percent. Personalconsumption expenditures PCEE jumped by one hundred and
sixty point nine billion dollars zero pointeight percent. The rise in personal income
was driven primarily by increased compensation acrossvarious sectors. As for disposable personal income,
(01:10):
the measure of income left after personalcurrent taxes, it reflected a parallel
increase, empowering consumers to spend more. The PCE Price Index, a key
indicator of inflation, rose by zeropoint three percent in March excluding the volatile
food and energy sectors, the pceprice index also saw a zero point three
(01:36):
percent increase. These figures suggest asteady but controlled inflation rate, maintaining a
balance between economic growth and price stability. Real disposable personal income DPI adjusted for
inflation real DPI increased by zero pointtwo percent. Real personal consumption expenditures PCEE
(01:59):
adjusted for infeve inflation real PCEE increasedby zero point five percent, with goods
up by one point one percent andservices up by zero point two percent.
Examining the month by month performance fromNovember twenty twenty three to March twenty twenty
four, personal income consistent increases,with notable growth in January one point zero
(02:22):
percent and March zero point five percent. Disposable personal income mirrored the pattern of
personal income with steady growth. Personalconsumption expenditures exhibited significant jumps in February zero
point eight percent and March zero pointeight percent. Comparing March twenty twenty four
(02:43):
to the same month a year ago, the PCEE price index rose by two
point seven percent, reflecting overall priceincreases for services four point zero percent and
a modest increase for goods. Zeropoint one percent. Food prices rose by
one point five percent, and energyprices were up by two point six percent.
(03:07):
Excluding food and energy, the yearover year PCEE price Index increased by
two point eight percent. The onehundred and sixty point nine billion dollars increase
in current dollar PCEE was split almostequally between services eighty point six billion dollars
and goods eighty point three billion dollars. In the services sector, health care
(03:30):
and housing were the primary contributors tothe growth. For goods, significant spending
was observed in motor vehicle fuels,recreational items, and food and beverages.
Personal outlays, which include PCEE personalinterest payments and personal current transfer payments,
saw a total increase of one seventytwo point one billion dollars. This rise
(03:54):
in spending contributed to a personal savingrate of three point two p percent,
with personal savings amounting to six seventyone point zero billion dollars. Month over
month, the PCEE price index sawa zero point three percent rise in March.
Service prices increased by zero point fourpercent and goods prices edged up by
(04:16):
zero point one percent. Food pricesshowed a marginal decrease of less than zero
point one percent, while energy pricesrose by one point two percent year over
year. The PCEE Price indexes twopoint seven per cent increase was driven by
higher costs in services and slight upticksin goods and energy prices. Excluding food
(04:41):
and energy, the index's two pointeight percent rise indicates a steady inflation rate
within manageable bounds. The BA alsorevised estimates for January and February, providing
a more accurate picture of the economiclandscape. For instance, personal income in
January was revised upwards to two fortyone point nine billion dollars, while February
(05:05):
saw a slight downward adjustment to sixtyfive point one billion dollars. Looking ahead,
the next report on Personal income andOutlays for April twenty twenty four will
be released on May thirty first,twenty twenty four, at eight thirty a
m d t. As the economycontinues to navigate through fluctuations, these updates
(05:30):
will be crucial for policymakers, investors, and consumers alike. Subscribe so you
can stay tuned for the next reporton Personal income and Outlays.
Washington, d C. In awelcomed economic development, Personal income across the
United States surged by one hundred andtwenty two point zero billion dollars, marking
a zero point five percent increase ona monthly rate for March twenty twenty four.
This data, released today by theBureau of Economic Analysis b EA,
(00:23):
highlights a robust period for economic growthas consumers, disposable income, and spending
power continue to climb. Here arethe key figures from March twenty twenty four.
Personal income increased by one twenty twopoint zero billion dollars zero point five
percent. Disposable personal income DPI rowsby one hundred and four point zero billion
(00:48):
dollars zero point five percent. Personalconsumption expenditures PCEE jumped by one hundred and
sixty point nine billion dollars zero pointeight percent. The rise in personal income
was driven primarily by increased compensation acrossvarious sectors. As for disposable personal income,
(01:10):
the measure of income left after personalcurrent taxes, it reflected a parallel
increase, empowering consumers to spend more. The PCE Price Index, a key
indicator of inflation, rose by zeropoint three percent in March excluding the volatile
food and energy sectors, the pceprice index also saw a zero point three
(01:36):
percent increase. These figures suggest asteady but controlled inflation rate, maintaining a
balance between economic growth and price stability. Real disposable personal income DPI adjusted for
inflation real DPI increased by zero pointtwo percent. Real personal consumption expenditures PCEE
(01:59):
adjusted for infeve inflation real PCEE increasedby zero point five percent, with goods
up by one point one percent andservices up by zero point two percent.
Examining the month by month performance fromNovember twenty twenty three to March twenty twenty
four, personal income consistent increases,with notable growth in January one point zero
(02:22):
percent and March zero point five percent. Disposable personal income mirrored the pattern of
personal income with steady growth. Personalconsumption expenditures exhibited significant jumps in February zero
point eight percent and March zero pointeight percent. Comparing March twenty twenty four
(02:43):
to the same month a year ago, the PCEE price index rose by two
point seven percent, reflecting overall priceincreases for services four point zero percent and
a modest increase for goods. Zeropoint one percent. Food prices rose by
one point five percent, and energyprices were up by two point six percent.
(03:07):
Excluding food and energy, the yearover year PCEE price Index increased by
two point eight percent. The onehundred and sixty point nine billion dollars increase
in current dollar PCEE was split almostequally between services eighty point six billion dollars
and goods eighty point three billion dollars. In the services sector, health care
(03:30):
and housing were the primary contributors tothe growth. For goods, significant spending
was observed in motor vehicle fuels,recreational items, and food and beverages.
Personal outlays, which include PCEE personalinterest payments and personal current transfer payments,
saw a total increase of one seventytwo point one billion dollars. This rise
(03:54):
in spending contributed to a personal savingrate of three point two p percent,
with personal savings amounting to six seventyone point zero billion dollars. Month over
month, the PCEE price index sawa zero point three percent rise in March.
Service prices increased by zero point fourpercent and goods prices edged up by
(04:16):
zero point one percent. Food pricesshowed a marginal decrease of less than zero
point one percent, while energy pricesrose by one point two percent year over
year. The PCEE Price indexes twopoint seven per cent increase was driven by
higher costs in services and slight upticksin goods and energy prices. Excluding food
(04:41):
and energy, the index's two pointeight percent rise indicates a steady inflation rate
within manageable bounds. The BA alsorevised estimates for January and February, providing
a more accurate picture of the economiclandscape. For instance, personal income in
January was revised upwards to two fortyone point nine billion dollars, while February
(05:05):
saw a slight downward adjustment to sixtyfive point one billion dollars. Looking ahead,
the next report on Personal income andOutlays for April twenty twenty four will
be released on May thirty first,twenty twenty four, at eight thirty a
m d t. As the economycontinues to navigate through fluctuations, these updates
(05:30):
will be crucial for policymakers, investors, and consumers alike. Subscribe so you
can stay tuned for the next reporton Personal income and Outlays.
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