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Statement from Deputy U.S. Commerce Secretary Rebecca Blank on Personal Income and Outlays in March 2012

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Monday, April 30, 2012

The Commerce Department’s Bureau of Economic Analysis today released personal income and outlays (PDF) for March 2012. Personal income increased 0.4 percent from February to March, slightly above private sector expectations for an 0.2 percent rise. Real personal consumption expenditures (PCE) increased 0.1 percent and nominal PCE rose 0.3 percent. Real disposable personal income (DPI) increased 0.2 percent and nominal DPI rose 0.4 percent. The personal saving rate as a percentage of DPI was 3.8 percent in March.

“Today’s numbers show that personal income in March rose for the 28th consecutive month at a rate of 0.4 percent,” said Deputy U.S. Commerce Secretary Rebecca Blank. “Today’s data is consistent with first quarter growth in consumer spending released last week showing that consumer spending rose 2.9 percent in the first quarter of this year. While the data are encouraging, we must continue to do everything possible to support American businesses and create jobs as we continue to heal from the worst recession since the Great Depression. Key to the recovery is supporting our next generation of entrepreneurs and leaders by ensuring that every child has access to a world-class education. The president’s proposal to prevent interest rates on student loans from doubling on seven and a half million students on July 1 is a responsible and common sense place to start.”