U.S. personal income rose $66.5 billion in June, to 0.6 percent above May’s revised level, according to the U.S. Commerce Department’s Aug. 1 report. Disposable personal income (DPI) rose $53.2 billion, or 0.6 percent.
The revised figures for May showed personal income and DPI both rising 0.4 percent.
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Meanwhile, personal consumption expenditures (PCE) rose $35.4 billion, or 0.4 percent, after a May’s revised increase of $51.4 billion, or 0.6 percent. Personal outlays –PCE, interest payments and current transfer payments – rose $39.6 billion in June, after a $55.6 billion increase in May.
Personal savings – or DPI minus personal outlays – were a negative $138.9 billion in June, discouraging but somewhat better than May’s negative $152.5 billion. Savings as a percent disposable income were a negative 1.5 percent in June, after May’s negative 1.6 percent.
Private wage and salary disbursements rose $34.6 billion in June, after slipping $2.3 billion in May, and proprietors’ income increased $0.6 billion, after a May surge of $7.5 billion. But farmers, hard-hit by this summer’s extreme weather, saw their income slip 0.5 billion in June, after falling $2.3 billion in May.
The full, 28-page report – including annual revisions to the department’s previous estimates for 2003 to 2005 – can be found online, at www.commerce.gov/
