The Commerce Department's Bureau of Economic Analysis reported that tax rebate checks and economic stimulus payments have boosted personal income, disposable income and personal consumption expenditures significantly since April.
Personal income increased $225.7 billion, or 1.9 percent, and disposable personal income increased $600.3 billion, or 5.7 percent, in May. Personal consumption expenditures increased $77.4 billion, or 0.8 percent. In April, personal income increased $33.5 billion, or 0.3 percent, DPI increased $39.8 billion, or 0.4 percent, and PCE increased $41.1 billion, or 0.4 percent, based on revised estimates.
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