U.S. Bureau of Economic Analysis Reports Personal Income and Outlay Data for May 2024

The US Bureau of Economic Analysis (BEA) reported on Friday (6-28-24) that, according to their estimates, Personal Income (PI) increased $114.1 billion, or 0.5% at a monthly rate in May. Disposable Personal Income (DPI), personal income less personal current taxes, increased $94.0 billion, or 0.5%, in May. Personal Consumption Expenditures (PCE) increased $47.8 billion, or 0.2%, in May.

Real DPI decreased 0.5% in May, and Real PCE increased 0.3%; goods increased 0.6%, while spending on services increased 0.1%. The PCE price index for May decreased 0.1%. Excluding food and energy, the PCE price index for May increased 0.1%.

Year-over-year (May 23 – May 24) the PCE price index for May increased 2.6%. Reflecting prices for goods decreased 0.1% and the prices for service increasing 3.9%. Energy prices increased 4.8% in May, while food prices increased 1.2%. Excluding food and energy, the PCE price index for May increased 2.6% from one year ago.

Personal outlays – the sum of PCE, personal interest payments, and personal current transfer payments – increased $56.4 billion in May. Personal saving was $806.1 billion in May, and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.9.%