U.S. Consumer Spending Soared 0.9% in May
Source: The Wall Street Journal.
Americans boosted spending in May at the fastest rate in almost six years
By Josh Mitchell
@JMitchellWSJ
joshua.mitchell@wsj.com
Updated June 25, 2015 10:12 a.m. ET
WASHINGTON—Americans boosted spending in May at the fastest rate in almost six years, the latest sign the economy is rebounding from a brutal winter.
Personal spending, which measures what consumers spend on everything from cars to medical care, jumped a seasonally adjusted 0.9% from a month earlier, the Commerce Department said Thursday. That marked the biggest increase since August 2009. Spending rose 0.1% in April, a revision from the government’s initial estimate of no growth.
The boost came amid another healthy bump in Americans’ paychecks. Personal income, including wages and government aid, climbed 0.5% in May after rising at the same pace in April. That marked the best two-month increase in incomes since early 2014 and suggested a firming labor market is leading employers to slowly raise wages.
Economists surveyed by The Wall Street Journal had expected spending to grow 0.7% and incomes to rise 0.5%.
Read more: http://www.wsj.com/articles/u-s-consumer-spending-soared-in-may-1435235495
From the Bureau of Economic Analysis:
PERSONAL INCOME AND OUTLAYS, MAY 2015
BEA 15-30
Technical: James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov
Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
Media: Jeannine Aversa (202) 606-2649
PERSONAL INCOME AND OUTLAYS, MAY 2015
Personal income increased $79.0 billion, or 0.5 percent, and disposable personal income (DPI) increased $65.5 billion, or 0.5 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $105.9 billion, or 0.9 percent. In April, personal income increased $69.6 billion, or 0.5 percent, DPI increased $57.0 billion, or 0.4 percent, and PCE increased $8.5 billion, or 0.1 percent, based on revised estimates.
Real DPI increased 0.2 percent in May, compared with an increase of 0.4 percent in April. Real PCE increased 0.6 percent, compared with an increase of less than 0.1 percent.
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Upcoming Annual Revision of the National Income and Product Accounts
As part of the annual revision of the national income and product accounts, revised estimates of personal income and outlays will be released in conjunction with preliminary estimates for June 2015 on August 3, 2015. In addition to the regular revision of estimates for the most recent 3 years and for the first 5 months of 2015, personal income and select components will be revised back further. The June Survey of Current Business will contain an article that previews the annual revision, and the August Survey will contain an article that describes the results.
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Next release – August 3, 2015 at 8:30 A.M. EDT for Personal Income and Outlays for June
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