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April 30, 2021US PERSONAL INCOME AND OUTLAY, MARCH 2021 Personal Income (Mar 2021 vs Feb 2021, seasonally adjusted annualized $values)
The US Bureau of Economic Analysis reports that US personal income increased $4,212.8 billion, or 21.1% . “The increase in personal income in March largely reflected an increase in government social benefits” from the American Rescue Plan.
US personal disposable income increased $4,181.4 billion, or 23.6% to $21.9 trillion.
In real per capita terms, US disposable personal income increased 22.9%.
Personal Consumption (Mar 2021 vs Feb 2021)
US personal consumption expenditures increased $616.1 billion, or 4.2%.
Personal savings (Mar 2021 vs Feb 2021)
(disposable personal income minus personal consumer expenditures, interest paid, and transfers to government and the rest of the world)
Personal saving increased $3,565.0 billio to $6.04 trillion. The personal savings rate was 27.6% of disposable income.
QUOTATIONS
COVID-19 Impact on February 2021 Personal Income and Outlays
The estimate for March personal income and outlays was impacted by the continued government response to COVID-19. Economic impact payments associated with the American Rescue Plan Act of 2021 (which was enacted on March 11, 2021) were distributed in March. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see “Effects of Selected Federal Pandemic Response Programs on Personal Income.”
Source:
US Bureau of Economic Analysis. Press release, March 2021
US Bureau of Economic Analysis. retrieved from FRED, Federal Bank of St Louis, Table 2.6. Personal Income and Its Disposition, Monthly NIPA, Monthly
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