U.S. personal income dropped 0.4 percent in May, totaling a $109.6 billion decrease, according to the Bureau of Economic Analysis. Disposable personal income fell 0.6 percent, while personal consumption expenditures decreased by 0.1 percent. The decline in income stemmed largely from reduced government benefits and farm income. Despite the income decrease, personal saving remained at $1.01 trillion, representing a 4.5 percent saving rate. The PCE price index rose 0.1 percent month-over-month and 2.3 percent year-over-year.

Prepared by Christopher Adams and reviewed by editorial team.