www.bea.gov Open in urlscan Pro
2a02:26f0:2100::58dd:c411  Public Scan

Form analysis
1 forms found in the DOM

GET https://search.bea.gov/search

<form id="search-block-form" class="navbar-form navbar-right" role="search" action="https://search.bea.gov/search" method="get" accept-charset="UTF-8" data-drupal-form-fields="edit-keys">
  <input id="affiliate" name="affiliate" type="hidden" value="u.s.bureauofeconomicanalysis">
  <div class="form-group form-group-sm js-form-item form-item js-form-type-search form-item-keys js-form-item-keys form-no-label">
    <input id="edit-keys" class="form-search form-control usagov-search-autocomplete ui-autocomplete-input" title="" data-drupal-selector="edit-keys" placeholder="Search" name="query" value="" type="search" aria-labelledby="btnSearch"
      autocomplete="off">
  </div>
  <button id="btnSearch" class="btn btn-default js-form-submit button" type="submit" aria-label="Search">
    <span class="glyphicon glyphicon-search" aria-hidden="true"></span>
  </button>
  <div id="edit-actions" class="form-actions form-group js-form-wrapper form-wrapper" data-drupal-selector="edit-actions">
  </div>
</form>

Text Content

Skip to main content

An official website of the United States government

Toggle navigation


MAIN NAVIGATION

 * Data
   * by Topic
   * by Place
   * by Economic Account
 * Tools
   * Interactive Data
   * Application Programming Interface (API)
   * Country Facts
   * BEARFACTS
   * Industry Facts
   * GDP & Personal Income Mapping
   * RIMS II
   * eFile
 * News
   * Economy at a Glance
   * News Releases
   * Release Schedule
   * The BEA Wire | BEA's Official Blog
   * Survey of Current Business
   * Archive
   * For Journalists
 * Research
   * Offices of Research
   * Meet the Researchers
   * Papers
   * Special Sworn Researcher Program
   * Research Using Company-Level Data
   * Fellowship Program
 * Resources
   * Learning Center
   * Methodologies
   * Multimedia
   * Article Collections
   * For Congressional Users
   * For Developers
   * For Students
 * About
   * Who We Are
   * BEA Leadership
   * Advisory Committees
   * Budget and Performance
   * Policies and Information
   * Working at BEA
 * Help
   * Contact Us
   * Ask an Expert
   * For Survey Respondents
   * Frequently Asked Questions (FAQ)
   * Glossary
   * Guidelines for Citing BEA


 1. Home
 2. News
 3. Personal Income and Outlays, March 2024


NEWS RELEASE

Explore Product View
 * News Release
 * Related Materials
 * Contacts
 * Additional Information

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Friday, April 26, 2024
BEA 24—17


PERSONAL INCOME AND OUTLAYS, MARCH 2024

Personal income increased $122.0 billion (0.5 percent at a monthly rate) in
March, according to estimates released today by the Bureau of Economic Analysis
(tables 2 and 3). Disposable personal income (DPI), personal income less
personal current taxes, increased $104.0 billion (0.5 percent) and personal
consumption expenditures (PCE) increased $160.9 billion (0.8 percent).

The PCE price index increased 0.3 percent. Excluding food and energy, the PCE
price index increased 0.3 percent (table 5). Real DPI increased 0.2 percent in
March and real PCE increased 0.5 percent; goods increased 1.1 percent and
services increased 0.2 percent (tables 3 and 4).

  2023 2024 Nov. Dec. Jan. Feb. Mar. Percent change from preceding month
Personal income:        Current dollars 0.4 0.3 1.0 0.3  0.5 Disposable personal
income:        Current dollars 0.4 0.3 0.4 0.2  0.5      Chained (2017) dollars
0.4 0.2 0.0 -0.1  0.2 Personal consumption expenditures (PCE):        Current
dollars 0.4 0.6 0.1 0.8  0.8      Chained (2017) dollars 0.4 0.5 -0.3  0.5 0.5
Price indexes:        PCE 0.0 0.1 0.4 0.3 0.3      PCE, excluding food and
energy 0.1 0.2 0.5 0.3 0.3 Price indexes: Percent change from month one year ago
     PCE 2.7  2.6  2.5  2.5  2.7      PCE, excluding food and energy 3.2  2.9 
2.9  2.8  2.8

The increase in current-dollar personal income in March primarily reflected an
increase in compensation (table 2).

The $160.9 billion increase in current-dollar PCE in March reflected an increase
of $80.6 billion in spending for services and a $80.3 billion increase in
spending for goods (table 2). Within services, the largest contributors to the
increase were health care (both outpatient and hospital services) and housing
and utilities (led by housing). Within goods, the largest contributors to the
increase were gasoline and other energy goods (led by motor vehicle fuels,
lubricants, and fluids), other nondurable goods (led by recreational items), and
food and beverages. Detailed information on monthly PCE spending can be found on
Table 2.4.5U.

Personal outlays—the sum of PCE, personal interest payments, and personal
current transfer payments—increased $172.1 billion in March (table 2). Personal
saving was $671.0 billion in March and the personal saving rate—personal saving
as a percentage of disposable personal income—was 3.2 percent (table 1).

Prices

From the preceding month, the PCE price index for March increased 0.3 percent
(table 5). Prices for services increased 0.4 percent and prices for goods
increased 0.1 percent. Food prices decreased less than 0.1 percent and energy
prices increased 1.2 percent. Excluding food and energy, the PCE price index
increased 0.3 percent. Detailed monthly PCE price indexes can be found on Table
2.4.4U.

From the same month one year ago, the PCE price index for March increased 2.7
percent (table 7). Prices for services increased 4.0 percent and prices for
goods increased 0.1 percent. Food prices increased 1.5 percent and energy prices
increased 2.6 percent. Excluding food and energy, the PCE price index increased
2.8 percent from one year ago.

Real PCE

The 0.5 percent increase in real PCE in March reflected an increase of 1.1
percent in spending on goods and an increase of 0.2 percent in spending on
services (table 4). Within goods, the largest contributors to the increase were
gasoline and other energy goods (led by motor vehicle fuels, lubricants, and
fluids), other nondurable goods (led by recreational items), and food and
beverages. Within services, the largest contributor to the increase was health
care (both outpatient and hospital services). Detailed information on monthly
real PCE spending can be found on Table 2.4.6U.

Updates to Personal Income and Outlays

Estimates have been updated for January and February. Revised and previously
published changes from the preceding month for current-dollar personal income,
and for current-dollar and chained (2017) dollar DPI and PCE, are provided below
for January and February.

  Change from preceding month January  February Previous Revised Previous
Revised Previous Revised Previous Revised (Billions of dollars) (Percent)
(Billions of dollars) (Percent) Personal income:        Current dollars 230.9
241.9 1.0 1.0 66.5 65.1 0.3 0.3 Disposable personal income:        Current
dollars 77.8 88.1 0.4 0.4 50.3 49.7 0.2 0.2      Chained (2017) dollars 0.2 0.9
0.0 0.0 -15.1  -16.3  -0.1  -0.1  Personal consumption expenditures:  
     Current dollars 29.9 20.1 0.2 0.1 145.5 156.2 0.8 0.8      Chained (2017)
dollars -34.2  -49.3  -0.2  -0.3  67.1 75.2 0.4 0.5

*          *          *

Next release: May 31, 2024, at 8:30 a.m. EDT
Personal Income and Outlays, April 2024


FULL RELEASE & TABLES (PDF)


TABLES ONLY (EXCEL)


RELEASE HIGHLIGHTS (PDF)


HISTORICAL COMPARISONS (PDF)

 * Personal Income
   Lisa Mataloni 
   301-278-9083
   piniwd@bea.gov

 * PCE Goods
   Kyle Brown
   301-278-9086
   pce@bea.gov

 * PCE Services
   Harvey Davis
   (301) 278-9719
   pce@bea.gov

 * Media (BEA)
   Connie O'Connell
   301-278-9003
   Connie.OConnell@bea.gov


RESOURCES

Additional Resources available at www.bea.gov:

 * Stay informed about BEA developments by reading The BEA Wire, signing up for
   BEA's email subscription service, or following BEA on X, formerly known as
   Twitter @BEA_News(link is external).
 * Historical time series for these estimates can be accessed in BEA's
   Interactive Data Application.
 * Access BEA data by registering for BEA's Data Application Programming
   Interface (API).
 * For more on BEA's statistics, see BEA's online journal, the Survey of Current
   Business.
 * BEA's news release schedule
 * NIPA Handbook: Concepts and Methods of the U.S. National Income and Product
   Accounts


DEFINITIONS

Personal income is the income received by, or on behalf of, all persons from all
sources: from participation as laborers in production, from owning a home or
business, from the ownership of financial assets, and from government and
business in the form of transfers. It includes income from domestic sources as
well as the rest of world. It does not include realized or unrealized capital
gains or losses.

Disposable personal income is the income available to persons for spending or
saving. It is equal to personal income less personal current taxes. 

Personal consumption expenditures (PCE) is the value of the goods and services
purchased by, or on the behalf of, "persons" who reside in the United States.

Personal outlays is the sum of PCE, personal interest payments, and personal
current transfer payments.

Personal saving is personal income less personal outlays and personal current
taxes.

The personal saving rate is personal saving as a percentage of disposable
personal income.

Current-dollar estimates are valued in the prices of the period when the
transactions occurred—that is, at "market value." Also referred to as "nominal
estimates" or as "current-price estimates."

Real values are inflation-adjusted estimates—that is, estimates that exclude the
effects of price changes.

For more definitions, refer to the Glossary: National Income and Product
Accounts.


STATISTICAL CONVENTIONS

Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted
annual rates (SAAR). Dollar changes are calculated as the difference between
these SAAR values. For detail, refer to the FAQ "Why does BEA publish estimates
at annual rates?"

Month-to-month percent changes are calculated from unrounded data and are not
annualized.

Quarter-to-quarter percent changes are calculated from unrounded data and are
displayed at annual rates. For detail, refer to the FAQ "How is average annual
growth calculated?" and "Why does BEA publish percent changes in quarterly
series at annual rates?"

Quantities and prices. Quantities, or "real" volume measures, and prices are
expressed as index numbers with a specified reference year equal to 100
(currently 2017). Quantity and price indexes are calculated using a
Fisherchained weighted formula that incorporates weights from two adjacent
periods (months for monthly data, quarters for quarterly data and annuals for
annual data). For details on the calculation of quantity and price indexes,
refer to Chapter 4: Estimating Methods in the NIPA Handbook.

Chained-dollar values are calculated by multiplying the quantity index by the
current dollar value in the reference year (2017) and then dividing by 100.
Percent changes calculated from real quantity indexes and chained-dollar levels
are conceptually the same; any differences are due to rounding. Chained-dollar
values are not additive because the relative weights for a given period differ
from those of the reference year. In tables that display chained-dollar values,
a "residual" line shows the difference between the sum of detailed
chained-dollar series and its corresponding aggregate.

Download Acrobat Reader(link is external)
Page last modified on 4/26/24

BUREAU OF ECONOMIC ANALYSIS 4600 SILVER HILL ROAD • SUITLAND, MD 20746

 * Contact Us
 * Working at BEA
 * Frequently Asked Questions
 * Our Policies
 * Privacy

 * Commitment to Scientific Integrity
 * Data Dissemination Practices
 * Open Data
 * USA.gov
 * Business USA
 * No FEAR Act
 * FOIA
 * U.S. Department of Commerce
 * Emergency Status

 * The BEA Wire | BEA's Official Blog
 * BEA on Instagram(link is external)
 * BEA on Twitter(link is external)
 * BEA on Facebook(link is external)
 * BEA on LinkedIn(link is external)
 * BEA on YouTube(link is external)
 * News Release Feed (RSS)
 * Sign up for Email Notifications