According to the Bureau of Economic Analysis, personal income in May increased $113.4 billion (0.5%), and disposable personal income increased $96.5 billion (0.5%). In turn, consumer spending increased $32.7 billion (0.2%). More specifically, an increase in spending on services (+$76.2 billion) was offset by a decrease in spending on goods (-$43.5 billion).

Additionally, personal saving was $1.01 trillion in May, creating a personal saving rate of 5.4%. This is likely to better prepare as costs are rising, especially for food and energy.

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