Personal Income and Consumption Rose in June

Personal income increased 0.2% ($29.3 billion) in June, according to the Bureau of Economic Analysis, the same increase as in May. Personal consumption expenditures also increased, rising 0.4% or $53.0 billion. Real disposable income – personal income less personal taxes – increased 0.1%, after remaining unchanged in May.

The personal savings rate – personal savings as a percentage of personal income – was 5.3%, down from 5.5% in the previous month.

The increase in personal income was primarily due to a rise in personal wages and salaries, which increased by $25.4 billion in June, up from a $19.5 billion May increase.

The price index for PCE increased 0.1%, compared with a 0.2% May increase. Excluding food and energy, the index also increased 0.1%.

Read the BEA release.