Personal income increased $47.3 billion, or 0.4 percent, and disposable personal income (DPI)increased $37.6 billion, or 0.4 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $52.0 billion, or 0.5 percent. In April, personalincome decreased $27.2 billion, or 0.2 percent, DPI decreased $29.7 billion, or 0.3 percent, and PCE increased $50.7 billion, or 0.5 percent, based on revised estimates.
Private wage and salary disbursements increased $24.9 billion in May, in contrast to a decreaseof $36.4 billion in April. The April decrease reflected an adjustment of $50.0 billion at an annualrate to the months of the first quarter for unusually large bonus payments and the exercise of stock options. This first quarter adjustment was not carried forward in theestimates of wage and salary disbursements for April and subsequent months.
These types of irregular payments are not accounted for in the primary monthly source data for wages and salaries. Goods-producing industries' payrolls increased $2.4 billion in May, compared with an increase of $3.5 billion in April; manufacturing payrolls decreased $0.9 billion, in contrast to an increase of $2.8 billion. Services-producing industries' payrolls increased$22.4 billion, in contrast to a decrease of $39.8 billion. Government wage and salary disbursements increased $3.2 billion, compared with an increase of $3.6 billion.
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