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Financial News: U.S. Personal Income Sees Further Downside In May

U.S. Personal Income Sees Further Downside In May

06/25/2021 - 09:49:00 (RTTNews)

(RTTNews) - After reporting a sharp pullback in U.S. personal income in the previous month, the Commerce Department released a report on Friday showing personal income saw further downside in the month of May.

The Commerce Department said personal income slumped by 2.0 percent in May after plunging by 13.1 percent in April. Economists had expected personal income to tumble by 2.5 percent.

Disposable personal income, or personal income less personal current taxes, also slid by 2.3 percent in May after plummeting by 14.6 percent in April.

The continued decrease in personal income in May primarily reflected a drop in government social benefits, as stimulus payments continued but at a lower level.

Meanwhile, the report showed personal spending was virtually unchanged in May after climbing by 0.9 percent in April. Personal spending was expected to rise by 0.4 percent.

Excluding price changes, personal spending fell by 0.4 percent in May after rising by 0.3 percent in the previous month.

Primarily reflecting the decrease in income, personal saving as a percentage of disposable personal income dropped to 12.4 percent in May from 14.5 percent in April.

A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth accelerated to 3.4 percent in May from 3.1 percent in April.

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