Personal income increased $54.9 billion (0.2 percent at a monthly rate) in June, 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 $48.3 billion (0.2 percent), and personal consumption expenditures (PCE) increased $65.2 billion (0.3 percent).

Personal outlays —the sum of PCE, personal interest payments, and personal current transfer payments—increased $70.0 billion in June. Personal saving was $646.1 billion in June, and the personal saving rate —personal saving as a percentage of DPI—was 2.7 percent.

The increase in current-dollar personal income in June primarily reflected increases in compensation, personal income receipts on assets, and government social benefits that were partly offset by a decrease in farm proprietors’ income.

The $65.2 billion increase in current-dollar PCE in June reflected increases of $58.2 billion in spending on services and $7.0 billion in spending on…