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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Thursday, June 25, 2026 Technical: Media: Lisa Mataloni (Personal Income) Harvey Davis (PCE) Connie O'Connell 301-278-9083 301-278-9719 301-278-9003 BEA 26–31 PINIWD@bea.gov PCE@bea.gov Connie.OConnell@bea.gov Personal Income and Outlays, May 2026 Personal income increased $181.6 billion (0.7 percent at a monthly rate) in May, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). Disposable personal income (DPI)— personal income less personal current taxes—increased $164.9 billion (0.7 percent), and personal consumption expenditures (PCE) increased $156.1 billion (0.7 percent). Disposable Personal Income, Outlays, and Saving Percent change from prior period Percent 1.2 1.0 0.8 0.6 0.4 0.2 0.0 –0.2 6.0 5.0 4.0 3.0 2.0 1.0 0.0 –1.0 Nov. Dec. 2025 DPI Jan. Feb. Mar. Apr. May 2026 Outlays Personal saving as a percent of DPI DPI Disposable personal income U.S. Bureau of Economic Analysis Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $159.9 billion in May. Personal saving was $704.2 billion in May, and the personal saving rate—personal saving as a percentage of DPI—was 3.0 percent. The increase in current-dollar personal income in May primarily reflected increases in farm proprietors’ income and compensation. The $156.1 billion increase in current-dollar PCE in May reflected increases of $94.3 billion in spending on services and $61.8 billion in spending on goods. Changes in Monthly Consumer Spending May 2026 Consumer spending increased $156.1 billion Goods Services Financial services and insurance Health care Housing and utilities Gasoline and other energy goods Other services Other nondurable goods Recreational goods and vehicles Motor vehicles and parts Food and beverages Recreation services Furnishings and durable household equipment Transportation services Other durable goods Clothing and footwear Food services and accommodations Final expenditures of nonprofit institutions U.S. Bureau of Economic Analysis 28.4 22.3 22.3 21.1 14.6 13.7 7.0 5.4 4.6 4.5 4.1 3.5 3.1 2.9 0.4 –1.7 Billions of dollars, seasonally adjusted annual rates Real PCE increased $43.8 billion (0.3 percent at a monthly rate) in May. From the preceding month, the PCE price index for May increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent. From the same month one year ago, the PCE price index for May increased 4.1 percent. Excluding food and energy, the PCE price index increased 3.4 percent from one year ago. PCE Price Indexes, Percent Change From Month One Year Ago PCE PCE, excluding food and energy 5.0 4.0 3.0 2.0 1.0 0.0 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2025 PCE Personal consumption expenditures U.S. Bureau of Economic Analysis Page 2 of 5 2026 Personal Income and Related Measures [Percent change from preceding month] April Current-dollar personal income 0.0 Current-dollar DPI -0.1 Real DPI -0.5 Current-dollar PCE 0.4 Real PCE 0.0 PCE price index 0.4 PCE price index excluding food and energy 0.3 May 0.7 0.7 0.3 0.7 0.3 0.4 0.3 Annual Update of the National and Regional Economic Accounts With improvements in concurrent production of BEA statistics, the 2026 annual updates of national, industry, and regional data will begin on the same day for the first time: September 30, 2026. The annual update of the National Economic Accounts (NEAs) includes gross domestic product (GDP), gross domestic income, GDP by industry, monthly personal income and outlays, and related statistics in the National Income and Product Accounts (NIPAs) and the Industry Economic Accounts. The update of the Regional Economic Accounts includes GDP by state and by county, personal income by state and by county, and related statistics. Improvements incorporated as part of the annual updates impact all three sets of accounts. For details, refer to "Information on 2026 Annual Updates to the National, Industry, State, and County Statistics." For definitions, statistical conventions, updates to personal income and outlays, and more information about these statistics, visit “Additional Information." Next release: July 30, 2026, at 8:30 a.m. EDT Personal Income and Outlays, June 2026 Page 3 of 5 Technical Notes Changes in personal income and outlays for May The May increase of $181.6 billion in personal income primarily reflected increases in farm proprietors’ income and compensation. • The increase in farm proprietors’ income reflected an increase in payments from the American Relief Act of 2025. In May, The U.S. Department of Agriculture issued a second round of Supplemental Disaster Relief Program payments to producers. • Within compensation, the increase was led by private wages and salaries based on U.S. Bureau of Labor Statistics (BLS) Current Employment Statistics (CES). Legal services prices The PCE price index for legal services was adjusted for the months of January and March. No adjustment was made for February, April, or May. For more information on why BEA sometimes adjusts source data, refer to the FAQ "Does BEA adjust source data that are used to estimate GDP and related measures?". Revisions to personal income Estimates have been updated for January through April reflecting updated BLS CES data. The revisions to Social Security benefits reflect revised payment data from the Social Security Administration. The revision to Medicaid benefits reflects updated information from the Centers for Medicare & Medicaid Services. Page 4 of 5 Related Data Tables For the statistics highlighted in this release, as well as historical time series for these estimates, see the following data tables in BEA’s Interactive Data Application. Table 2.6. Personal Income and Its Disposition Table 2.8.1. Percent Change From Preceding Period in Real PCE by Major Type of Product Table 2.8.5. PCE by Major Type of Product Table 2.8.6. Real PCE by Major Type of Product Table 2.8.7. Percent Change From Preceding Period in Prices for PCE by Major Type of Product Table 2.8.11. Real PCE by Major Type of Product: Percent Change From Month One Year Ago Note. With the next release of PIO, today’s data will be superseded, and the links above will reflect the latest data. The original data featured in this release can then be accessed in BEA’s Data Archive. Page 5 of 5