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Nominal personal income increased at a nonannualized rate of 0.3 percent in April following increases of 0.4 percent and 0.5 percent in February and March, respectively. Over the past year, nominal personal income has increased 3.6 percent. Disposable personal income (DPI)—personal income less current personal taxes—increased 0.3 percent in April, and is also up 3.6 percent since March of last year. After controlling for price changes, real disposable personal income increased 0.2 percent in April. This follows increases of 0.3 percent in each of the previous two months, and on a year-over-year basis, real DPI has increased 2.0 percent.
Real personal consumption expenditures declined 0.3 percent in April. This follows increases of 0.5 percent in February and 0.8 percent in March. On a year-over-year basis, real consumption has increased 2.7 percent. The decline in April was the result of declines in both goods and services consumption. Durable goods consumption declined 0.5 percent, while consumption of nondurable goods declined 0.3 percent and services consumption declined 0.2 percent. On a year-over-year basis, durable and nondurable goods consumption have increased 6.1 percent and 2.3 percent, respectively, while services consumption has increased 2.2 percent. Both the increase in income and the decline in consumption contributed to an increase in the personal savings rate from 3.6 percent to 4.0 percent.