Research >> Economics
Personal Income increased 0.4%, Spending increased 0.2%
Personal income increased $60.0 billion (0.4 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $63.2 billion (0.4 percent) and personal consumption expenditures (PCE) increased $27.8 billion (0.2 percent).
Real DPI increased 0.2 percent in May and Real PCE decreased less than 0.1 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 wages and salaries, personal dividend income, and nonfarm proprietors’ income.
The $1.4 billion decrease in real PCE in May reflected a decrease in spending for services that was partially offset by an increase in spending for goods. Within goods, recreational goods and vehicles was the leading contributor to the increase. Within services, the largest contributor to the decrease was spending for household utilities. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.
Personal outlays increased $29.2 billion in May. Personal saving was $482.0 billion in May and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.2.
Posted: June 29, 2018 Friday 08:30 AM