U.S. Personal Income and Spending Increase in May

Following a flat reading in April, U.S. personal income climbed 0.7% month‑over‑month in May, outpacing the 0.4% rise that markets had forecasted. The gain was led by stronger wages and salaries, and by an uptick in farm proprietors’ income as payments from the 2025 American Relief Act increased. When adjusted for inflation, real personal income also rose modestly, underscoring a broadening of household earnings.

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