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Personal Income and Outlays, May 2019

Summary:
Personal income increased .6 billion (0.5 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased.6 billion (0.5 percent) and personal consumption expenditures (PCE) increased .7 billion (0.4 percent). Real DPI increased 0.3 percent in May, and real PCE increased 0.2 percent. The PCE price indexincreased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent.   2019 Jan. Feb. Mar. Apr. May Percent change from preceding month Personal income:        Current dollars -0.1 0.2 0.1 0.5 0.5 Disposable personal income:        Current dollars -0.2 0.1 0.0 0.5 0.5      Chained (2012) dollars -0.2 0.1 -0.2

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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 indexincreased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

  2019
Jan. Feb. Mar. Apr. May
Percent change from preceding month
Personal income:  
     Current dollars -0.1 0.2 0.1 0.5 0.5
Disposable personal income:  
     Current dollars -0.2 0.1 0.0 0.5 0.5
     Chained (2012) dollars -0.2 0.1 -0.2 0.1 0.3
Personal consumption expenditures (PCE):  
     Current dollars 0.3 -0.2 1.0 0.6 0.4
     Chained (2012) dollars 0.4 -0.3 0.8 0.2 0.2
Price indexes:  
     PCE -0.1 0.1 0.2 0.3 0.2
     PCE, excluding food and energy 0.1 0.0 0.1 0.2 0.2
Price indexes: Percent change from month one year ago
     PCE 1.4 1.3 1.5 1.6 1.5
     PCE, excluding food and energy 1.8 1.7 1.5 1.6 1.6

The increase in personal income in May primarily reflected increases in personal interest income, wages and salaries, and government social benefits to persons (table 3).

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 (table 7). 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 (table 3). 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 (table 1).

Updates to Personal Income and Outlays

Estimates have been updated for January through April. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE -- revised and previously published in last month's release -- are shown below.

  Change from preceding month
March April
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:  
     Current dollars 21.0 16.4 0.1 0.1 92.8 94.7 0.5 0.5
Disposable personal income:  
     Current dollars 8.3 4.2 0.1 0.0 69.3 73.3 0.4 0.5
     Chained (2012) dollars -21.9 -27.0 -0.2 -0.2 17.9 21.1 0.1 0.1
Personal consumption expenditures:  
     Current dollars 157.3 147.5 1.1 1.0 40.8 79.5 0.3 0.6
     Chained (2012) dollars 117.8 107.5 0.9 0.8 -3.7 31.4 0.0 0.2

Next release: July 30, 2019 at 8:30 A.M. EDT
Personal Income and Outlays: June 2019

Upcoming Annual Update of the National Income and Product Accounts

The annual update of the national income and product accounts, covering the first quarter of 2014 through the first quarter of 2019, will be released along with the "advance" estimate of GDP for the second quarter of 2019 on July 26. For more information, see the Technical Note.
Bureau of Economic Analysis
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

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