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June 28, 2024US PERSONAL INCOME AND OUTLAY, MAY 2024 Month over month (May 2024 vs April 2024, seasonally adjusted)
The US Bureau of Economic Analysis reported that US personal income increased by $114.1 billion (+0.48%). Employee compensation was up $94.4 billion (+0.64%). Personal disposable income was up $93.9 billion (+0.45%) while personal consumption expenditures (PCE) grew by $47.9 billion (+0.25%).
US personal savings grew by $37.6 billion (+4.9%)
US personal income is calculated as the sum of employee compensation ($14.86 trillion), proprietors' income ($1.89 trillion), rental income ($1.04 trillion), receipts on assets ($3.70 trillion) and current transfers received ($4.31 trillion), less contributions to social insurance programs ($1.89 trillion). Personal income ($23.92 trillion) less personal current taxes ($3.00 trillion) equals disposable income ($20.93 trillion).
The outlay of US personal disposable income consists of personal consumption expenditures ($19.34 trillion), interest payments ($0.53 trillion) and current transfers paid ($0.25 trillion) with personal savings ($0.81 trillion) accounting for the remaining amount.
Trends
In May, US personal consumption expenditures growth was lower than growth in personal income.
Growth in the price index for personal consumption expenditures declined to 2.6% year-over-year. Year-over-year growth in the price index for all items excluding food and energy declined to 2.6%, and outpaced all items PCE inflation for the 14th consecutive month.
With growth in personal income and consumer spending at a similar pace, the US personal savings rate increased to 3.9% of disposable personal income.
Year-to-date (January-May 2024 vs January-May 2023)
In the first five months of 2024, US personal income increased by 4.4% from the same period in 2023. There were gains from all income sources led by growth in rental income (+8.3%). With an increase in personal current taxes (+8.3%), year-to-date growth in personal disposable income (+3.9%) has fallen behind growth in total personal income (+4.4%).
US personal consumption expenditures increased by 4.9% year-to-date. This was outpaced by a 20.3% increase in interest payments.
In Jan-May 2024, sources of income were: employee compensation ($73.56 trillion), proprietors' income ($9.46 trillion), rental income ($5.15 trillion), receipts on assets ($18.49 trillion) and current transfers received ($21.36 trillion), less contributions to social insurance programs ($9.36 trillion). Personal income equaled $118.67 trillion. Personal current taxes were $14.82 trillion and the outlay of US personal disposable income consists of personal consumption expenditures ($103.84 trillion), interest payments ($2.63 trillion) and current transfers paid ($1.25 trillion) with personal savings ($3.91 trillion) accounting for the remaining amount.
US Bureau of Economic Analysis. Press release, May 2024; Data retrieved Federal Bank of St Louis, Table 2.6. Personal Income and Its Disposition, Monthly NIPA.
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