Keeping you up to date on the latest data releases.
- Personal Income
Nominal personal income rose 0.3 percent (non-annualized) in May, after similar increases in March and April. On a year-over-year basis, personal income is up 4.2 percent. Disposable personal income increased 0.2 percent in May, following a downwardly revised 0.3 percent increase in April. After adjusting for price changes, “real” disposable personal income ticked up 0.1 percent in May, reversing a 0.1 percent decrease in April. Real disposable income hasn't posted a gain above 0.1 percent so far this year, and is up just 0.6 percent over the past 12 months. Real personal consumption expenditures fell 0.1 percent in May, matching a downwardly revised 0.1 percent decrease in April. However, the release noted that much of the softness in consumption over the last two months was tied to purchases of motor vehicles and parts (likely impacted by supply disruptions connected to the Japanese tsunami). Still, abstracting from durables purchases, the 6-month annualized trend in both nondurables and services is somewhat pessimistic, up just 0.2 percent and 1.3 percent, respectively. Overall consumption expenditures are up just 1.1 percent over the past 6 months, and 2.1 percent over the past year.