Also in May, personal income declined 4.2%, according to the report. The drop — following a record spike in the previous month — "primarily reflected a decrease in government social benefits to persons as payments made to individuals from federal economic recovery programs in response to the COVID-19 pandemic continued, but at a lower level than in April," according to the report.
Spending in goods and services both contributed to the $892.6 billion increase in consumer spending in May. The leading contributor to the $590.4 billion jump in goods was spending on motor vehicles and parts, recreational goods, and vehicles. The $363.8 billion increase in services spending was led by healthcare, as well as food services and accommodations.
The personal savings rate, which surged in April, was 23.2% in May. The rate is personal savings as a percentage of disposable income. Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please emailfrom Business Insider Intelligence on how COVID-19 is affecting industries.
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