income increased $59.4 billion, or 0.5 percent, DPI increased $63.7 billion, or 0.6 percent, and PCE increased $1.4 billion, or less than 0.1 percent, based on revised estimates.
Real disposable income increased 0.5 percent in May, compared with an increase of 0.6 percent in April. Real PCE increased 0.3 percent, in contrast to a decrease of less than 0.1 percent.
Wages and salaries
Private wage and salary disbursements increased $22.8 billion in May, compared with an increase of $28.5 billion in April. Goods-producing industries' payrolls increased $10.3 billion, compared with an increase of $6.1 billion; manufacturing payrolls increased $7.8 billion, compared with an increase of $4.6 billion. Services-producing industries' payrolls increased $12.6 billion, compared with an increase of $22.2 billion.
Government wage and salary disbursements increased $6.6 billion in May, compared with an increase of $2.5 billion in April. Census decennial temporary and intermittent workers boosted government wages and salaries by $5.7 billion in May.
Other personal income
Supplements to wages and salaries increased $4.6 billion in May, compared with an increase of $3.8 billion in April.
Proprietors' income increased $6.5 billion in May, compared with an increase of $12.2 billion in April.
Farm proprietors' income increased $2.3 billion, the same increase as in April. Nonfarm proprietors' income increased $4.2 billion in May, compared with an increase of $9.9 billion in April.
Rental income of persons increased $3.6 billion in May, compared with an increase of $2.1 billion in April.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $10.9 billion, the same increase as in April. Personal current transfer receipts increased $2.7 billion in May, compared with an increase of $3.3 billion in April.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $4.1 billion in May, compared with an increase of $3.9 billion in April.
Personal current taxes and disposable personal income
Personal current taxes increased $4.8 billion in May, in contrast to a decrease of $4.5 billion in April.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $49.0 billion, or 0.4 percent, in May, compared with an increase of $63.7 billion, or 0.6 percent, in April.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $21.8 billion in May, in contrast to a decrease of $1.2 billion in April. PCE increased $24.4 billion, compared with an increase of $1.4 billion.
Personal saving -- DPI less personal outlays -- was $454.3 billion in May, compared with $427.2 billion in April.
Personal saving as a percentage of disposable personal income was 4.0 percent in May, compared with 3.8 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 price index
Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in May, compared with an increase of 0.6 percent in April.
Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in May, in contrast to a decrease of less than 0.1 percent in April. Purchases of durable goods increased 1.1 percent, in contrast to a decrease of 0.5 percent. Purchases of motor vehicles and parts accounted for about half of the increase in durable goods in May and more than accounted for the decrease in April. Purchases of nondurable goods decreased 0.2 percent in May, in contrast to an increase of
0.1 percent in April. Purchases of services increased 0.3 percent, compared with an increase of 0.1 percent.
PCE price index -- The price index for PCE decreased less than 0.1 percent in May, in contrast to an increase of less than 0.1 percent in April. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 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
As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays covering January 2007 through May 2010 will be released along with estimates for June 2010 on August 3.
Information about changes in the new release tables, the NIPA interactive tables, and the underlying detail tables is available on BEA’s Web site at www.bea.gov/national/an1.htm. An article describing the annual revision will appear in the August 2010 issue of the Survey of Current Business.
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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.
Source www.bea.gov/newsreleases/rels.htm.
Original content Bob DeMarco, All American Investor
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