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Financial News: U.S. Personal Income Climbs 0.5% In May, More

U.S. Personal Income Climbs 0.5% In May, More Than Expected

06/28/2019 - 09:14:00 (RTTNews)

(RTTNews) - The Commerce Department released a report on Friday showing U.S. personal income increased by more than expected in the month of May, while personal spending rose in line with estimates.

Personal income climbed by 0.5 percent in May, matching the advance seen in April. Economists had expected income to rise by 0.3 percent.

The report said disposable personal income, or personal income less personal current taxes, also increased by 0.5 percent for the second straight month.

Meanwhile, the Commerce Department said personal spending rose by 0.4 percent in May following an upwardly revised 0.6 percent increase in April.

Economists had expected spending to climb by 0.4 percent compared to the 0.3 percent uptick originally reported for the previous month.

Real spending, which is adjusted to remove price changes, edged up by just 0.2 percent for the second consecutive month.

With income and spending both rising, personal saving as a percentage of disposable personal income was unchanged from the previous month at 6.1 percent.

A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth was also unchanged at 1.6 percent.

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