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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

June 26, 2020

The May estimate for personal income and outlays was impacted by the response to the spread of COVID-19, as federal economic recovery payments were distributed, and governments continued with “stay-at-home” orders. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate for May because the impacts are generally embedded in source data and cannot be separately identified.

The US Bureau of Economic Analysis reports that US personal income decreased $874.2 billion, or 4.2 per cent in May 2020 (seasonally adjusted levels at annualized rates).

"The decrease in personal income in May primarily reflected a decrease in government social benefits to persons as payments made to individuals from federal economic recovery programs in response to the COVID-19 pandemic continued, but at a lower level than in April ."

US personal disposable income decreased $911.1 billion, or 4.9 per cent in May 2020 to $17.8 trillion.


In real per capita terms, US disposable personal income decreased 5.0 per cent in May 2020.

US personal consumption expenditures increased $994.4 billion, or 8.2 per cent in May 2020

Personal savings (disposable personal income minus personal consumer expenditures, interest paid, and transfers to government and the rest of the world) decreased $1.901 trillion in May 2020 to $4.121 trillion.

The personal savings rate was 23.2 per cent of disposable income, down from 32.2 in April 2020.

Personal Outlays increased $989.9 billion in May 2020.

Source: US Bureau of Economic Analysis

Press Release and Table 2.6. Personal Income and Its Disposition, Monthly NIPA

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