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July 31, 2020US PERSONAL INCOME AND OUTLAY, JUNE 2020 The June 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; although to a lesser extent than previous months.. 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 $222.8 billion, or 1.1 per cent in June 2020 (seasonally adjusted annual level; growth rates are month-over-month and not annualized). The decline in personal income was more than accounted for with the decrease in government social benefits (other) which declined $610.9 billion or 45.1 per cent from May. Federal economy recovery programs in response to COVID-19 continued at lower levels than in May. Wages and salaries, 2.2% (+$197.6 billion), and proprietors income, 5.5% (+$79.9 billion) increased in June.
US disposable personal income declined $255.3 billion, or 1.4 per cent in May 2020 to an annualized value of $17.7 trillion. Personal consumption rose for the second month with an increase of 5.6 per cent or $737.7 billion. Personal consumption is 4.8 per cent lower than in June 2019.
Personal savings (disposable personal income minus personal consumer expenditures, interest paid, and transfers to government and the rest of the world) decreased $989.7 billion in June 2020 to $3.370 trillion. The personal savings rate was 19.0 per cent of disposable income, down from the recent high of 33.5 in April 2020, but elevated during COVID-19 pandemic.
US real disposable personal income per capita (taking into account population and inflation change) fell 1.8 per cent.
Source: US Bureau of Economic Analysis
Press Release and Table 2.6. Personal Income and Its Disposition, Monthly NIPA
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