March’s increase in personal income was only slightly below the revised 0.2% gain seen in February (See February Personal Income and Savings Up, Spending Flat ). After-tax incomes rose 0.3% in March, according to the Bureau of Economic Analysis (BEA).
Personal savings slipped to $293 billion, compared with $300.3 billion in February. Personal savings as a percentage of disposable personal income was 3.6% in March, compared with 3.7% in February. The recent release was broadly in line with expectations. A Dow Jones Newswires-CNBC survey of nine economists pegged personal-income growth at 0.3%.
Private wage and salary disbursements increased $22.1 billion in March, compared with an increase of $8.4 billion in February. By industry:
- manufacturing payrolls increased $0.1 billion
- distributive industries’ payrolls increased $3.3 billion
- goods-producing industries’ payrolls increased $3.6 billion
- service industries’ payrolls increased $15.2 billion.
Government wage and salary disbursements were also up in March, recording an increase of $2.9 billion, compared with an increase of $6.4 billion in February.
The BEA says April’s figures will be released on May 30, 2003. A full release of March data can be found at http://www.bea.gov/bea/newsrel/pi0303.htm .