Personal Income and Disposable Income Decline While Personal Consumption Expenditures Rise in May

The U.S. Bureau of Economic Analysis (BEA) reported on Friday (6-25-21) that according to their estimates, Personal Income decreased -$414.3 billion or -2.0% in May 2021. Disposable personal income (DPI) decreased -$436.3 billion or -2.3% and personal consumption expenditures (PCE) increased $2.9 billion, or less than 0.1%. Real DPI decreased -2.8% in May and Real PCE decreased -0.4%; goods decreased -2.0%, while services increased 0.4%. The PCE price index increased 0.4%. Excluding food and energy, the PCE price index increased 0.5%. The BEA estimate for May personal income and outlays reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. The decrease in personal income for May reflected declines in pandemic-related assistance programs. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified.


FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Original Source:
Personal Income and Outlays, May 2021