WASHINGTON–Personal income increased $71.7 billion (0.4%) in June according to estimates released by the Bureau of Economic Analysis.
Disposable personal income (DPI) increased $65.3 billion (0.4%) and personal consumption expenditures (PCE) increased $57.1 billion (0.4%), the BEA said.
Real DPI increased 0.3% in June and Real PCE increased 0.3%. The PCE price index increased 0.1%. Excluding food and energy, the PCE price index increased 0.1%, the BEA reported.
The increase in personal income in June primarily reflected increases in wages and salaries and personal dividend income. The $39.7 billion increase in real PCE in June primarily reflected an increase of $36.4 billion in spending for services. The largest contributor to the increase was spending for food services and accommodations, the data show. Meanwhile, personal outlays increased $62.7 billion in June.
Personal saving was $1,049.7 billion in June and the personal saving rate, personal saving as a percentage of disposable personal income, was 6.8%, the BEA said.