Statement from U.S. Commerce Department Chief Economist Mark Doms on Personal Income and Outlays in May 2011
WASHINGTON – The U.S. Commerce Department’s Bureau of Economic Analysis today released data on personal income and outlays for May 2011. Personal income rose 0.3 percent in May, slightly below private-sector forecasts of a 0.4-percent increase. Wages and salaries, the largest component of income, rose 0.2 percent, supported by a gain in hourly earnings. Real consumer spending declined 0.1 percent, compared to private-sector expectations of a 0.1-percent increase, pulled down by a drop in motor vehicle purchases partly attributable to supply disruptions from the tsunami in Japan.