Personal income increased $4.21 trillion (21.1 percent) in March according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $4.18 trillion (23.6 percent) and
personal consumption expenditures (PCE) increased $616.0 billion (4.2 percent).
Real DPI increased 23.0 percent in March and Real PCE increased 3.6 percent; goods increased 7.3 percent and services increased 1.7 percent. The PCE price index increased 0.5 percent. Excluding food and energy, the PCE price index increased 0.4 percent .
emphasis added
The March PCE price index increased 2.3 percent year-over-year and the March PCE price index, excluding food and energy, increased 1.8 percent year-over-year.
The following graph shows real Personal Consumption Expenditures (PCE) through March 2021 (2012 dollars). Note that the y-axis doesn t start at zero to better show the change.
April 30, 2021 • Blog
By Chair Cecilia Rouse
The three data releases (Gross Domestic Product, Personal Income, and the Employment Cost Index) from the last two days show how recent policies enacted to support households through the pandemic are helping to boost incomes and spending, providing a lift to the current economic expansion. However, they also are a reminder that there is still more work to be done before the economy and households fully recover.
1.
The GDP report showed a strong pace of growth.
Yet it also serves as a reminder that the work of the recovery is not yet over: the U.S. economy is still about one percent below where it was pre-pandemic and more than 3 percent below its pre-pandemic trend.
U.S. Steel reported its Q1 financial results; and, lastly,
Intel cited the “explosive growth” in semiconductors in its Q1 2021 financial report.
US GDP grows 6.4% in Q1
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US GDP grew at an annual rate of 6.4% in Q1 2021, the Bureau of Economic Analysis (BEA) reported this week.
Real GDP had increased by 4.3% in Q4 2020. After GDP plunged a record 33% in Q2 2020, GDP has increased each of the past three quarters.
“The increase in first quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic,” the BEA said in its report. “In the first quarter, government assistance payments, such as direct economic impact payments, expanded unemployment benefits, and Paycheck Protection Program loans, were distributed to households and businesses through the Coronavirus Response and Relief Supplemental Appropriations Act and the American Rescue Plan Act.”
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