Research >> Economics
Personal Income increased 0.5%, Spending increased 0.4%
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Personal income increased $88.6 billion (0.5 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $72.6 billion (0.5 percent) and personal consumption expenditures (PCE) increased $59.7 billion (0.4 percent).
Real DPI increased 0.3 percent in May, and real PCE increased 0.2 percent. The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent.
The increase in personal income in May primarily reflected increases in personal interest income, wages and salaries, and government social benefits to persons.
The $32.9 billion increase in real PCE in May reflected an increase of $18.5 billion in spending for goods and a $15.8 billion increase in spending for services. Within goods, new motor vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for food services and accommodations. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.
Personal outlays increased$62.1 billion in May. Personal saving was $985.4 billion in May and the personal saving rate, personal saving as a percentage of disposable personal income, was 6.1 percent.
Posted: June 28, 2019 Friday 08:30 AM