Personal income decreased, savings increased in April
By Paula Aven Gladych
Personal income decreased in April, but personal savings increased, according to new data from the Bureau of Economic Analysis.
Personal income decreased $5.6 billion from March and disposable personal income decreased $16.1 billion. In March, personal income increased $36.2 billion and disposable personal income increased $25.4 billion.
Personal saving was $306.9 billion in April compared with $301.4 billion in March. The personal saving rate—personal saving as a percentage of disposable personal income—was 2.5 percent in April, which was the same as it was in March.
Private wage and salary disbursements increased $1.6 billion in April, compared with an increase of $16.3 billion in March. Goods-producing industries’ payrolls decreased $2 billion; manufacturing payrolls decreased $2.1 billion; services-producing industries’ payrolls increased $3.7 billion and government wage and salary disbursements increased $0.2 billion.
Supplements to wages and salaries increased $2.1 billion in April, compared to $3.1 billion in March.
Originally published on BenefitsPro.com