Average U.S. Disposable Income Decreases, Spending Increases
According to estimates recently released by the Bureau of Economic Analysis, disposable personal income (DPI) decreased $436.3 billion (nearly -$1,300 per person or -2.3%) in May, while personal consumption expenditures (PCE) increased $2.9 billion (nearly $9 per person or +0.1%). The decrease in DPI primarily reflected a decrease in government social benefits and unemployment insurance, while the increase in PCE reflected an increase in spending for services specifically. Within services, increases were widespread, led by spending for recreational services, food services and accommodations, as well as housing and utilities. Spending on goods decreased, primarily caused by the decrease in spending on motor vehicles and parts.
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The next report will be released on July 30th.
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