U.S. Personal Income Shows Surprise 0.5% Increase in May; Spending Up 0.3%
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U.S. personal income showed a solid 0.5 percent rise in May and personal spending increased 0.3 percent. The income number was more than double the 0.2 percent rise economists were expecting, while the personal spending number was in-line.
In dollar terms, personal income rose $69.4 billion, while disposable personal income rose $57 billion. Personal spending increased $29 billion.
In April, personal income increased $18.3 billion, or 0.1 percent, while spending decreased $39.6 billion, or 0.3 percent, based on revised estimates.
On wages and salaries, data showed that private wage and salary disbursements increased $19.7 billion in May, compared with an increase of $6.5 billion in April. Goods-producing industries' payrolls increased $3.9 billion, in contrast to a decrease of $0.8 billion; manufacturing payrolls increased $0.6 billion, in contrast to a decrease of $1.1 billion. Services-producing industries' payrolls increased $15.8 billion, compared with an increase of $7.4 billion. Government wage and salary disbursements increased $0.8 billion, compared with an increase of $0.2 billion.
Supplements to wages and salaries increased $3.4 billion in May, compared with an increase of $2.5 billion in April.
Proprietors' income decreased $1.3 billion in May, in contrast to an increase of $1.1 billion in April. Farm proprietors' income decreased $6.7 billion in May, the same decrease as in April. Nonfarm proprietors' income increased $5.4 billion in May, compared with an increase of $7.8 billion in April.
Rental income of persons decreased $0.7 billion in May, compared with a decrease of $1.5 billion in April.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $31.2 billion, compared with an increase of $26.7 billion.
Personal current transfer receipts increased $19.4 billion in May, in contrast to a decrease of $15.7 billion in April. Within current transfer receipts, government social benefits to persons for social security increased $11.8 billion, in contrast to a decrease of $9.6 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.1 billion in May, compared with an increase of $1.4 billion in April.
In dollar terms, personal income rose $69.4 billion, while disposable personal income rose $57 billion. Personal spending increased $29 billion.
In April, personal income increased $18.3 billion, or 0.1 percent, while spending decreased $39.6 billion, or 0.3 percent, based on revised estimates.
On wages and salaries, data showed that private wage and salary disbursements increased $19.7 billion in May, compared with an increase of $6.5 billion in April. Goods-producing industries' payrolls increased $3.9 billion, in contrast to a decrease of $0.8 billion; manufacturing payrolls increased $0.6 billion, in contrast to a decrease of $1.1 billion. Services-producing industries' payrolls increased $15.8 billion, compared with an increase of $7.4 billion. Government wage and salary disbursements increased $0.8 billion, compared with an increase of $0.2 billion.
Supplements to wages and salaries increased $3.4 billion in May, compared with an increase of $2.5 billion in April.
Proprietors' income decreased $1.3 billion in May, in contrast to an increase of $1.1 billion in April. Farm proprietors' income decreased $6.7 billion in May, the same decrease as in April. Nonfarm proprietors' income increased $5.4 billion in May, compared with an increase of $7.8 billion in April.
Rental income of persons decreased $0.7 billion in May, compared with a decrease of $1.5 billion in April.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $31.2 billion, compared with an increase of $26.7 billion.
Personal current transfer receipts increased $19.4 billion in May, in contrast to a decrease of $15.7 billion in April. Within current transfer receipts, government social benefits to persons for social security increased $11.8 billion, in contrast to a decrease of $9.6 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.1 billion in May, compared with an increase of $1.4 billion in April.
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