Thursday, June 25, 2015

Income and Expenditures Increased in May

Personal income increased $79.0 billion, or 0.5%, in May according to the Bureau of Economic Analysis, the same pace as the previous month. Personal consumption expenditures (PCE) increased $105.9 billion, or 0.9%, in May after increasing only 0.1% in April.

Disposable personal income – personal income less personal current taxes—increased $65.5 billion, or 0.5%, in May, after gaining 0.4% in April. Real disposable income increased 0.2% in May compared to a 0.4% increase in April.

The personal savings rate as a percentage of disposable income was 5.1%, down 3 basis points from April.

Wages and salaries increased $37.1 billion, compared with an increase of $21.6 billion in April. Goods-producing industries saw the most significant growth as payrolls increased 79% on the month to $33.7 billion. Manufacturing payrolls added 0.2% for a May total of $600 million.

The Price index for PCE increased 0.3% in May compared with an increase of less than 0.1% in April. The PCE price index, excluding food and energy increased 0.1% in May, consistent with April.

Read the BEA release.

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