Personal income increased $53.7 billion, or 0.4 percent, and disposable personal income (DPI)
increased $49.0 billion, or 0.4 percent, inMay, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $24.4 billion, or 0.2 percent. In April, personal
income increased $59.4 billion, or 0.5 percent, DPI increased $63.7 billion, or 0.6 percent, and
PCE increased $1.4 billion, or less than 0.1 percent, based on revised estimates.
Real disposable income increased 0.5 percent in May, compared with an increase of 0.6
percent in April. Real PCE increased 0.3 percent, in contrast to a decrease of less than 0.1 percent.
2010
Jan. Feb. Mar. Apr. May
(Percent change from preceding month)
Personal income, current dollars 0.4 0.0 0.4 0.5 0.4
Disposable personal income:
Current dollars 0.3 0.0 0.5 0.6 0.4
Chained (2005) dollars 0.1 0.0 0.3 0.6 0.5
Personal consumption expenditures:
Current dollars 0.2 0.5 0.6 0.0 0.2
Chained (2005) dollars 0.1 0.5 0.4 0.0 0.3
Wages and salaries
Private wage and salary disbursements increased $22.8 billion in May, compared with an increase
of $28.5 billion in April. Goods-producing industries' payrolls increased $10.3 billion, compared
with an increase of $6.1 billion; manufacturing payrolls increased $7.8 billion, compared with
an increase of $4.6 billion. Services-producing industries' payrolls increased $12.6 billion, compared
with an increase of $22.2 billion.
Government wage and salary disbursements increased $6.6 billion in May, compared with an increase
of $2.5 billion in April. Census decennial temporary and intermittent workers boosted government wages
and salaries by $5.7 billion in May.
Other personal income
Supplements to wages and salaries increased $4.6 billion in May, compared with an increase of $3.8 billion in April.
Proprietors' income increased $6.5 billion in May, compared with an increase of $12.2 billion in April.
Farm proprietors' income increased $2.3 billion, the same increase as in April. Nonfarm proprietors' income
increased $4.2 billion in May, compared with an increase of $9.9 billion in April.
Rental income of persons increased $3.6 billion in May, compared with an increase of $2.1 billion in April.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $10.9 billion,
the same increase as in April. Personal current transfer receipts increased $2.7 billion in May, compared with
an increase of $3.3 billion in April.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased
$4.1 billion in May, compared with an increase of $3.9 billion in April.
Personal current taxes and disposable personal income
Personal current taxes increased $4.8 billion in May, in contrast to a decrease of $4.5 billion in April.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $49.0 billion,
or 0.4 percent, in May, compared with an increase of $63.7 billion, or 0.6 percent, in April.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $21.8 billion inMay, in
contrast to a decrease of $1.2 billion in April. PCE increased $24.4 billion, compared with an increase of $1.4 billion.
Personal saving -- DPI less personal outlays -- was $454.3 billion in May, compared with $427.2 billion in April.
Personal saving as a percentage of disposable personal income was 4.0 percent in May, compared with 3.8 percent in
April. For a comparison of personal saving in BEAs national income and product accounts with personal saving
in the Federal Reserve Boards flow of funds accounts and data on changes in net worth, go to
/national/nipaweb/Nipa-Frb.asp.
Real DPI, real PCE and price index
Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in May, compared with an increase of 0.6 percent
in April.
Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in May, in contrast to a decrease of less than 0.1
percent in April. Purchases of durable goods increased 1.1 percent, in contrast to a decrease of 0.5 percent. Purchases
of motor vehicles and parts accounted for about half of the increase in durable goods in May and more than accounted for
the decrease in April. Purchases of nondurable goods decreased 0.2 percent in May, in contrast to an increase of
0.1 percent in April. Purchases of services increased 0.3 percent, compared with an increase of 0.1 percent.
PCE price index -- The price index for PCE decreased less than 0.1 percent in May, in contrast to an increase of
less than 0.1 percent in April. The PCE price index, excluding food and energy, increased 0.2 percent, compared
with an increase of 0.1 percent.
Revisions
Estimates have been revised for January through April. Changes in personal income, current-dollar and chained (2005) dollar
DPI, and current-dollar and chained (2005) dollar PCE for March and April -- revised and as 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 46.7 54.3 0.4 0.4 54.4 59.4 0.4 0.5
Disposable personal income:
Current dollars 44.1 51.2 0.4 0.5 57.6 63.7 0.5 0.6
Chained (2005) dollars 29.2 34.3 0.3 0.3 50.5 55.8 0.5 0.6
Personal consumption expenditures:
Current dollars 59.8 57.3 0.6 0.6 4.0 1.4 0.0 0.0
Chained (2005) dollars 44.2 40.7 0.5 0.4 2.2 -0.5 0.0 0.0
Annual Revision of the National Income and Product Accounts
As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income
and outlays covering January 2007 through May 2010 will be released along with estimates for June 2010 on August 3.
Information about changes in the new release tables, the NIPA interactive tables, and the underlying detail tables
is available on BEAs Web site at www.bea.gov/national/an1.htm. An article describing the annual revision will appear
in the August 2010 issue of the Survey of Current Business.
BEAs national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases
are available without charge on BEAs Web site at www.bea.gov. By visiting the site, you can also subscribe to receive
free e-mail summaries of BEA releases and announcements.
* * *
Next release -- August 3, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for June.
________________________
NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified.
Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes
are calculated from unrounded data and are not annualized. Real estimates are in chained (2005) dollars.
This news release is available on BEAs Web site at www.bea.gov/newsreleases/rels.htm.
