Personal income increased $181.6 billion (0.7 percent at a monthly rate) in May, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). Disposable personal income (DPI)—personal income less personal current taxes—increased $164.9 billion (0.7 percent), and personal consumption expenditures (PCE) increased $156.1 billion (0.7 percent).
Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $159.9 billion in May. Personal saving was $704.2 billion in May, and the personal saving rate—personal saving as a percentage of DPI—was 3.0 percent.
The increase in current-dollar personal income in May primarily reflected increases in farm proprietors’ income and compensation.
The $156.1 billion increase in current-dollar PCE in May reflected increases of $94.3 billion in spending on services and $61.8 billion in spending on goods.
Real PCE increased $43.8 billion (0.3 percent at a monthly rate) in May.
From the preceding month, the PCE price index for May increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent.
From the same month one year ago, the PCE price index for May increased 4.1 percent. Excluding food and energy, the PCE price index increased 3.4 percent from one year ago.
| Personal Income and Related Measures |
||||
|---|---|---|---|---|
| April | May | |||
| Current-dollar personal income | 0.0 | 0.7 | ||
| Current-dollar DPI | -0.1 | 0.7 | ||
| Real DPI | -0.5 | 0.3 | ||
| Current-dollar PCE | 0.4 | 0.7 | ||
| Real PCE | 0.0 | 0.3 | ||
| PCE price index | 0.4 | 0.4 | ||
| PCE price index excluding food and energy | 0.3 | 0.3 | ||
Annual Update of the National and Regional Economic Accounts
For definitions, statistical conventions, updates to personal income and outlays, and more information about these statistics, visit “Additional Information.”
Next release: July 30, 2026, at 8:30 a.m. EDT
Personal Income and Outlays, June 2026
Technical Notes
Changes in personal income and outlays for May
The May increase of $181.6 billion in personal income primarily reflected increases in farm proprietors’ income and compensation.
- The increase in farm proprietors’ income reflected an increase in payments from the American Relief Act of 2025. In May, The U.S. Department of Agriculture issued a second round of Supplemental Disaster Relief Program payments to producers.
- Within compensation, the increase was led by private wages and salaries based on U.S. Bureau of Labor Statistics (BLS) Current Employment Statistics (CES).
Legal services prices
The PCE price index for legal services was adjusted for the months of January and March. No adjustment was made for February, April, or May. For more information on why BEA sometimes adjusts source data, refer to the FAQ “Does BEA adjust source data that are used to estimate GDP and related measures?”.
Revisions to personal income
Estimates have been updated for January through April reflecting updated BLS CES data. The revisions to Social Security benefits reflect revised payment data from the Social Security Administration. The revision to Medicaid benefits reflects updated information from the Centers for Medicare & Medicaid Services.
Related Data Tables
For the statistics highlighted in this release, as well as historical time series for these estimates, see the following data tables in BEA’s Interactive Data Application.
Table 2.6. Personal Income and Its Disposition
Table 2.8.1. Percent Change From Preceding Period in Real PCE by Major Type of Product
Table 2.8.5. PCE by Major Type of Product
Table 2.8.6. Real PCE by Major Type of Product
Table 2.8.7. Percent Change From Preceding Period in Prices for PCE by Major Type of Product
Table 2.8.11. Real PCE by Major Type of Product: Percent Change From Month One Year Ago
Note. With the next release of PIO, today’s data will be superseded, and the links above will reflect the latest data. The original data featured in this release can then be accessed in BEA’s Data Archive.
