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News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Friday, June 30, 2017
BEA 17-33

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