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The U.S. Bureau of Economic Analysis (BEA) reported last week that personal income increased 0.4 percent in May after increasing 0.2 percent in April. Wages and salaries, the largest component of personal income, increased 0.3 percent in May, the same increase as in April.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.4 percent in May after increasing 0.3 percent in April. Real DPI, income adjusted for taxes and inflation, increased 0.2 percent in May after increasing 0.1 percent in April.

Real consumer spending (PCE), spending adjusted for price changes, was unchanged in May after increasing 0.3 percent in April. Spending on durable goods increased 0.3 percent in May after decreasing 0.2 percent in April.

PCE prices increased 0.2 percent in May, the same increase as in April. Excluding food and energy, PCE prices increased 0.2 percent in May, the same increase as in April.

Personal saving as a percent of DPI was 3.2 percent in May following 3.0 percent in April.

For more information, read the full report.