News Release
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Personal Income and Outlays, May 2017
Personal income increased $67.1 billion (0.4 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $71.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $7.3 billion (0.1 percent). Real DPI increased 0.6 percent in May and Real PCE increased 0.1 percent. The PCE price index decreased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent. 2017 Jan. Feb. Mar. Apr. May Percent change from preceding month Personal income: Current dollars 0.6 0.5 0.2 0.3 0.4 Disposable personal income: Current dollars 0.6 0.4 0.2 0.3 0.5 Chained (2009) dollars 0.1 0.3 0.4 0.2 0.6 Personal consumption expenditures (PCE): Current dollars 0.2 0.1 0.4 0.4 0.1 Chained (2009) dollars -0.3 0.0 0.6 0.2 0.1 Price indexes: PCE 0.4 0.1 -0.2 0.2 -0.1 PCE, excluding food and energy 0.3 0.2 -0.1 0.1 0.1 Price indexes: Percent change from month one year ago PCE 1.9 2.1 1.8 1.7 1.4 PCE, excluding food and energy 1.8 1.8 1.6 1.5 1.4 The increase in personal income in May primarily reflected increases in personal dividend income, compensation of employees, and nonfarm proprietors’ income. The largest contributor to the increase in real PCE in May was spending for services (table 7), specifically electricity and gas. Personal outlays increased $9.5 billion in May (table 3). Personal saving was $791.0 billion in May and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.5 percent (table 1). Updates 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 (2009) dollar DPI and PCE -- revised and previously published -- are shown below for March and April. 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 36.5 32.9 0.2 0.2 58.4 45.0 0.4 0.3 Disposable personal income: Current dollars 32.1 28.2 0.2 0.2 56.5 47.4 0.4 0.3 Chained (2009) dollars 57.4 53.8 0.4 0.4 26.2 20.2 0.2 0.2 Personal consumption expenditures: Current dollars 40.5 49.2 0.3 0.4 53.2 49.2 0.4 0.4 Chained (2009) dollars 62.4 70.0 0.5 0.6 25.3 23.7 0.2 0.2 Upcoming Annual Update of the National Income and Product Accounts As part of the annual update of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released with initial estimates for June 2017 on August 1, 2017. This regular update of the accounts will cover the most recent 3 years and the first 5 months of 2017. For more information, see the GDP Technical Note. Next release: August 1, 2017 at 8:30 A.M. EDT Personal Income and Outlays: June 2017