Personal income increased $67.1 billion (0.4 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $71.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $7.3 billion (0.1 percent).

Real DPI increased 0.6 percent in May and Real PCE increased 0.1 percent. The PCE price index decreased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.

The largest contributor to the increase in real PCE in May was spending for services, specifically electricity and gas.

Personal outlays increased $9.5 billion in May. Personal saving was $791.0 billion in May and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.5 percent.