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FRIDAY June 29, 2007 PERSONAL INCOME TURNS UP IN MAY Personal income, a broad current-dollar measure, rose 0.4 percent in May, after declining 0.2 percent in April. Wages and salaries, the largest component of personal income, increased 0.4 percent after decreasing 0.5 percent; the decline in April reflected unusually large bonus payments and exercises of stock options in January–March. Apr. Real disposable personal income (DPI), the after-tax amount available for spending or saving, decreased 0.1 percent, compared with a decrease of 0.6 percent increase in April. Real consumer spending (personal consumption expenditures) increased 0.1 percent, after increasing 0.2 percent in April. May Personal Income –0.2% 0.4% 0.5% Real DPI –0.6% –0.1% 0.3% Real PCE 0.2% 0.1% 0.2% PCE Prices 0.3% 0.5% 0.2% Prices, as measured by the personal consumption expenditures price index, increased 0.5 percent, after increasing 0.3 percent in April. Excluding food and energy, prices increased 0.1 percent, the same increase as in April. Apr. Personal saving as a percent of disposable personal income was –1.4 percent in May. Average growth, last 12 months Personal Saving Rate May –1.2% 12-month average –1.4% –1.1 Real Disposable Personal Income and Real Consumer Spending Percent change (monthly) 1.0 0.5 0.0 -0.5 -1.0 May Jun Jul Aug Sep Oct Real Disposable Personal Income Nov Dec Jan Feb Mar Apr May Real Consumer Spending BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: As part of the annual revision of the national income and product accounts, revised estimates of personal income and outlays covering January 2004 through May 2007 will be released along with preliminary estimates for June 2007 on July 31. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce