EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 27, 2013
BEA 13-31


* See the navigation bar at the right side of the news release text for links to data tables,
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James Rankin: (202) 606-5301 (Personal Income) piniwd@bea.gov
Harvey Davis: (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
PERSONAL INCOME AND OUTLAYS, MAY 2013
Personal income increased $69.4 billion, or 0.5 percent, and disposable personal income (DPI)
increased $57.0 billion, or 0.5 percent, in May, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $29.0 billion, or 0.3 percent.  In April,
personal income increased $18.3 billion, or 0.1 percent, DPI increased $6.5 billion, or 0.1 percent,
and PCE decreased $39.6 billion, or 0.3 percent, based on revised estimates.

Real disposable income increased 0.4 percent in May, compared with an increase of 0.3
percent in April.  Real PCE increased 0.2 percent, in contrast to a decrease of 0.1 percent.

                                        2013
                                        Jan.            Feb.            Mar.            Apr.            May
                                                       (Percent change from preceding month)
Personal income, current dollars       -4.4             1.2             0.2             0.1             0.5
Disposable personal income:
 Current dollars                       -5.2             1.2             0.2             0.1             0.5
 Chained (2005) dollars                -5.2             0.8             0.3             0.3             0.4
Personal consumption expenditures:
 Current dollars                        0.1             0.7             0.2            -0.3             0.3
 Chained (2005) dollars                 0.1             0.3             0.3            -0.1             0.2

FOOTNOTE.________
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 BEA’s Web site at www.bea.gov/newsreleases/rels.htm.
_________________

                                Wages and salaries

Private wage and salary disbursements increased $19.7 billion in May, compared with an increase of
$6.5 billion in April.  Goods-producing industries' payrolls increased $3.9 billion, in contrast to a decrease
of $0.8 billion; manufacturing payrolls increased $0.6 billion, in contrast to a decrease of $1.1 billion.
Services-producing industries' payrolls increased $15.8 billion, compared with an increase of $7.4 billion.
Government wage and salary disbursements increased $0.8 billion, compared with an increase of $0.2 billion.

                                Other personal income

Supplements to wages and salaries increased $3.4 billion in May, compared with an increase of $2.5 billion in April.

Proprietors' income decreased $1.3 billion in May, in contrast to an increase of $1.1 billion in April.
Farm proprietors' income decreased $6.7 billion in May, the same decrease as in April.  Nonfarm proprietors'
income increased $5.4 billion in May, compared with an increase of $7.8 billion in April.

Rental income of persons decreased $0.7 billion in May, compared with a decrease of $1.5 billion in April.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $31.2 billion,
compared with an increase of $26.7 billion.

Personal current transfer receipts increased $19.4 billion in May, in contrast to a decrease of $15.7 billion in April.
Within current transfer receipts, government social benefits to persons for social security increased $11.8 billion, in
contrast to a decrease of $9.6 billion.

Contributions for government social insurance -- a subtraction in calculating personal income --  increased $3.1 billion
in May, compared with an increase of $1.4 billion in April.

                                Personal current taxes and disposable personal income

Personal current taxes increased $12.5 billion in May, compared with an increase of $11.8 billion in April.  Disposable
personal income (DPI) -- personal income less personal current taxes -- increased $57.0 billion, or 0.5 percent, in May,
compared with an increase of $6.5 billion, or 0.1 percent in April.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $28.5 billion in May, in
contrast to a decrease of $40.0 billion in April.  PCE increased $29.0 billion, in contrast to a decrease of $39.6 billion.

Personal saving -- DPI less personal outlays -- was $387.6 billion in May, compared with $359.2 billion in April.  The personal saving rate
-- personal saving as a percentage of disposable personal income -- was 3.2 percent in May, compared with 3.0 percent in April.  For a
comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's flow of
funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp.

                                Real DPI, real PCE, and PCE price index

Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in May, compared with an increase of 0.3 percent in April.

Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in May, in contrast to a decrease of 0.1 percent in April.
Purchases of durable goods increased 1.0 percent, compared with an increase of 0.2 percent. Purchases of nondurable goods increased
0.5 percent, in contrast to a decrease of 0.3 percent.  Purchases of services decreased 0.1 percent in May, the same decrease as in April.

The price index for PCE increased 0.1 percent in May, in contrast to a decrease of 0.3 percent in April.  The PCE price index,
excluding food and energy, increased 0.1 percent, compared with an increase of less than 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                            36.2      33.5        0.3       0.2       -5.6      18.3        0.0       0.1
Disposable personal income:
 Current dollars                            25.4      22.0        0.2       0.2      -16.1       6.5       -0.1       0.1
 Chained (2005) dollars                     33.7      31.3        0.3       0.3       12.0      31.9        0.1       0.3
Personal consumption expenditures:
 Current dollars                            14.2      20.3        0.1       0.2      -20.5     -39.6       -0.2      -0.3
 Chained (2005) dollars                     23.4      29.1        0.2       0.3        6.9      -9.2        0.1      -0.1

BOX._____________
                                Comprehensive Revision of the National Income and Product Accounts

As part of the 14th comprehensive (or benchmark) revision of the national income and product accounts (NIPAs), BEA will release
revised estimates of personal income and outlays in conjunction with preliminary estimates for June 2013 on August 2, 2013.
More information on the revision is available on BEA’s Web site at www.bea.gov/gdp-revisions.  An article in the March 2013
issue of the Survey of Current Business discusses the upcoming changes in definitions and presentations, and an article in the May
Survey describes the changes in statistical methods.  Revised NIPA table stubs and news release stubs are also available on
the Web site.  An article in the September Survey will describe the estimates in detail.
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BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available
without charge on BEA’s 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 2, 2013 at 8:30 A.M. EDT for Personal Income and Outlays for June and Revised Estimates for 1959 through May 2013
________________________

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 BEA's Web site at www.bea.gov/newsreleases/rels.htm.