WASHINGTON, DC – Today, the Joint Economic Committee released its Monthly Expenditures Update for May. From April to May, headline personal consumption expenditures (PCE) price index inflation was 0.45 percent, slightly above the 0.40 percent from March to April. Core PCE price index inflation, which excludes food and energy prices, was 0.32 percent up from 0.24 percent from March to April.

In the same period, spending increased while savings held steady. Real PCE increased by 0.26 percent, or $43.82 billion. Real PCE on all services increased by 0.17 percent, or $18.98 billion. Real PCE on all goods increased by 0.46 percent, or $26.28 billion, and the nominal personal savings rate remained unchanged with a net change of 0 percentage points to 3.0 percent.

From May 2025 to May 2026, headline PCE price index inflation was 4.07 percent up from April’s ending of 3.77 percent, which is higher than the Federal Reserve’s target of 2 percent, and core PCE price index inflation was 3.41 percent.

Month-over-month, headline personal income increased by 0.68 percent, or $181.58 billion, while real disposable personal income per capita increased by 0.23 percent, which means that after tax income rose more quickly than prices.

For the full Monthly Expenditures Update, visit: https://www.jec.senate.gov/public/index.cfm/republicans/expenditures-update

Additionally, the Joint Economic Committee released its Gross Domestic Product (GDP) Update of Q1 2026, Third Estimate. Real GDP growth from 2025 Q4 to 2026 Q1 increased by 2.09 percent. Current-dollar GDP increased by 5.76 percent or $443.195 billion, to a level of $31.866 trillion, the current size of the U.S. economy.

For the full GDP Update, visit: https://www.jec.senate.gov/public/index.cfm/republicans/gdp-update

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