Personal income increased $36.2 billion, or 0.3 percent, and disposable personal income (DPI)
increased $29.2 billion, or 0.2 percent, inMay, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $4.6 billion, or less than 0.1 percent. In April,
personal income increased $37.7 billion, or 0.3 percent, DPI increased $27.9 billion, or 0.2
percent, and PCE increased $28.8 billion, or 0.3 percent, based on revised estimates.
Real disposable income increased 0.1 percent in May, in contrast to a decrease of 0.1 percent
in April. Real PCE decreased 0.1 percent, the same decrease as in April.
2011
Jan. Feb. Mar. Apr. May
(Percent change from preceding month)
Personal income, current dollars 1.1 0.4 0.4 0.3 0.3
Disposable personal income:
Current dollars 0.5 0.3 0.4 0.2 0.2
Chained (2005) dollars 0.1 -0.1 0.0 -0.1 0.1
Personal consumption expenditures:
Current dollars 0.4 0.8 0.6 0.3 0.0
Chained (2005) dollars 0.0 0.4 0.2 -0.1 -0.1
Wages and salaries
Private wage and salary disbursements increased $14.1 billion in May, compared with an increase of
$26.4 billion in April. Goods-producing industries' payrolls increased $4.1 billion, compared with
an increase of $4.3 billion; manufacturing payrolls increased $2.9 billion in May; manufacturing
payrolls was unchanged in April. Services-producing industries' payrolls increased $9.8 billion
in May, compared with an increase of $22.2 billion in April. Government wage and salary disbursements
was unchanged in May; government wage and salary disbursements increased $0.4 billion in April.
Other personal income
Supplements to wages and salaries increased $3.4 billion in May, compared with an increase of $3.8 billion in April.
Proprietors' income decreased $1.7 billion in May, in contrast to an increase of $3.2 billion in April.
Farm proprietors' income decreased $1.3 billion, the same decrease as in April. Nonfarm proprietors' income
decreased $0.4 billion in May, in contrast to an increase of $4.5 billion in April.
Rental income of persons increased $3.3 billion in May, compared with an increase of $2.9 billion in April.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $10.0 billion,
compared with an increase of $6.0 billion. Personal current transfer receipts increased $9.3 billion, in contrast
to a decrease of $1.8 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.2 billion
in May, compared with an increase of $3.3 billion in April.
Personal current taxes and disposable personal income
Personal current taxes increased $6.9 billion in May, compared with an increase of $9.8 billion in April.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $29.2 billion,
or 0.2 percent, in May, compared with an increase of $27.9 billion, or 0.2 percent in April.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $6.2 billion inMay, compared
with an increase of $30.3 billion in April. PCE increased $4.6 billion, compared with an increase of $28.8 billion.
Personal saving -- DPI less personal outlays -- was $591.1 billion in May, compared with $568.0 billion in April.
Personal saving as a percentage of disposable personal income was 5.0 percent in May, compared with 4.9 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 0.1 percent in May, in contrast to a decrease of 0.1 percent in April.
Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in May, the same decrease as in April. Purchases of durable
goods decreased 1.7 percent in May, compared with a decrease of 0.3 percent in April. Purchases of motor vehicles and parts
accounted for most of the decrease in May and more than accounted for the decrease in April. Purchases of nondurable goods
decreased 0.3 percent in May, in contrast to an increase of 0.2 percent in April. Purchases of services increased 0.2 percent,
in contrast to a decrease of 0.1 percent.
PCE price index -- The price index for PCE increased 0.2 percent in May, compared with an increase of 0.3 percent in April.
The PCE price index, excluding food and energy, increased 0.3 percent, compared with an increase of 0.2 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 54.6 56.5 0.4 0.4 46.1 37.7 0.4 0.3
Disposable personal income:
Current dollars 46.3 49.0 0.4 0.4 35.1 27.9 0.3 0.2
Chained (2005) dollars 1.4 0.0 0.0 0.0 -3.4 -9.5 0.0 -0.1
Personal consumption expenditures:
Current dollars 54.8 64.3 0.5 0.6 41.5 28.8 0.4 0.3
Chained (2005) dollars 12.2 17.1 0.1 0.2 5.0 -6.0 0.1 -0.1
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 will be released along with estimates for June 2011 on August 2. Personal income, disposable personal income,
and their components will be revised back to January 2008, and PCE and personal saving will be revised back to January 2003.
The August Survey of Current Business will contain an article that describes the annual revision in detail.
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 2, 2011 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.
