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Statement from U.S. Commerce Department Chief Economist Mark Doms on Personal Income and Outlays in March 2011

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FOR IMMEDIATE RELEASE
Friday, April 29, 2011
CONTACT OFFICE OF PUBLIC AFFAIRS
202-482-4883

The U.S. Commerce Department’s Bureau of Economic Analysis today released personal income and outlays for March 2011. Personal income rose 0.5 percent, and real disposable income increased 0.1 percent. The personal saving rate stayed constant at 5.5 percent. Real personal consumption expenditures increased 0.2 percent for the month and at a 2.7-percent annual rate in the first quarter.

“Personal income continues to show strong growth – for the first quarter of 2011, personal income grew at an 8.1-percent annual rate, boosted by the Middle Class Tax Relief Act of 2010 and by strong employment gains,” said U.S. Commerce Department Chief Economist Mark Doms. “From December to March, the private sector added 564,000 jobs with 13 consecutive months of private employment growth.”

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