US personal income declined 0.3 percent in March. Wages and salaries, the largest component of personal income, fell 0.5 percent after falling 0.4 percent in February. Proprietors’ income (mainly from partnerships and sole proprietorships) turned down.

Real disposable personal income (DPI), income adjusted for inflation and taxes, was flat in March. Taxes fell $33 billion after falling $25 billion. Tax credits from the American Recovery and Reinvestment Act of 2009  (the Obama stimulus program) reduced taxes $11 billion in March.

Real consumer spending, adjusted for price changes, decreased 0.2 percent in March after increasing 0.1 percent in February.

PCE prices were essentially flat in March after increasing 0.3 percent. Excluding food and energy, prices rose 0.2 percent, the same as in February.

Personal saving as a percent of disposable income rose to 4.2 percent in March.