WASHINGTON–Americans’ personal income increased $68.1 billion, or 0.4%, and disposable personal income (DPI) increased $60.6 billion, or 0.5%, in June, according to new data released by the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $25.9 billion, or 0.2%. In May, personal income increased $66.3 billion, or 0.4%, DPI increased $53.8 billion, or 0.4%, and PCE increased $90.8 billion, or 0.7%, based on revised estimates.
The BEA said that real DPI increased 0.2% in June, compared with an increase of 0.1% in May. Real PCE decreased less than 0.1%, in contrast to an increase of 0.4%. Wages and salaries increased $18.3 billion in June, compared with an increase of $32.0 billion in May. Private wages and salaries increased $16.0 billion in June, compared with an increase of $29.6 billion in May. Government wages and salaries increased $2.3 billion, compared with an increase of $2.4 billion, the BEA said.
Supplements to wages and salaries increased $4.4 billion in June, compared with an increase of $5.6 billion in May. Proprietors' income increased $11.0 billion in June, compared with an increase of $7.4 billion in May. Farm proprietors' income increased $4.3 billion in June, the same increase as in May. Nonfarm proprietors' income increased $6.7 billion in June, compared with an increase of $3.1 billion in May.
Personal outlays – PCE, personal interest payments, and personal current transfer payments – increased $30.5 billion in June, compared with an increase of $95.4 billion in May. PCE increased $25.9 billion, compared with an increase of $90.8 billion.
Personal savings – DPI less personal outlays – was $646.3 billion in June, compared with $616.2 billion in May, according to the BEA. The personal saving rate – personal saving as a percentage of disposable personal income – was 4.8%in June, compared with 4.6% in May.